Core Viewpoint - The company's solid waste business is performing steadily, with revenue growth in waste incineration and kitchen waste management, alongside an improvement in gross profit margins [1]. Financial Performance - The company maintains a "Buy" rating, with projected net profits for 2025-2027 at 688 million, 718 million, and 754 million yuan, corresponding to EPS of 1.59, 1.66, and 1.74 yuan. A target price of 23.45 yuan is set based on a 15x PE ratio for 2025 [2]. - For the first half of 2025, the company achieved revenue of 1.701 billion yuan, a year-on-year increase of 7%. The net profit attributable to shareholders was 382 million yuan, up 5%, while the net profit excluding non-recurring items was 379 million yuan, a 4% increase. The net cash flow from operating activities was 624 million yuan, also up 5% [2]. Solid Waste Business Overview - The waste incineration segment has a total capacity of 23,200 tons, with 21,800 tons already operational. Projects under construction include a 750-ton expansion in Anji and a 600-ton project in Vietnam. For H1 2025, the revenue from household waste treatment was 1.252 billion yuan, with a net profit of 428 million yuan and a gross margin increase of 1.85 percentage points to 49.89% [3]. - The kitchen waste management segment has a total capacity of 3,720 tons, with 2,810 tons operational and three projects under construction totaling 710 tons. For H1 2025, revenue from kitchen waste treatment was 211 million yuan, with a net profit of 44.65 million yuan and a gross margin increase of 3.41 percentage points to 36.07% [3]. - The waste rubber recycling segment has an established capacity of 90,000 tons per year, generating revenue of 104 million yuan in H1 2025, but incurred a net loss of 19.76 million yuan [3]. - The waste battery recycling segment is currently inactive, focusing on personnel layoffs and inventory management, with revenue of 18.03 million yuan and a net loss of 20.23 million yuan in H1 2025 [4]. Recycling Business Performance - The overall gross margin for the recycling business segment decreased by 2.38 percentage points to 8.59% [5]. AIDC Collaboration - The company is actively exploring AIDC collaboration, having completed the registration of the "Zero Carbon Intelligent Computing Center" in Huzhou on March 4, 2025. It has passed the provincial expert review and will be included in the provincial computing infrastructure project list. The company is working on customer engagement, leveraging its 2,150 tons per day processing capacity to provide stable green electricity for data centers [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002034 证券简称：旺能环境 公告编号：2025-73 债券代码：128141 债券简称：旺能转债 旺能环境股份有限公司关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、回购股份的基本情况 旺能环境股份有限公司（以下简称"公司"）于2024年11月26日召开第九届董事会第八次会议，审议通过 《关于回购公司股份方案的议案》，同意公司使用自有资金、专项贷款资金等合法资金以集中竞价交易 方式回购部分公司已发行的人民币普通股（A 股）股票，本次回购股份将用于股权激励计划、员工持股 计划或可转换公司债券转股。若公司未能在本次回购实施完成之日起36个月内将已回购的股份用于前述 用途的，未使用部分的回购股份应予以注销。本次回购股份的价格不超过人民币22.00元/股，回购总金 额不低于人民币10,000万元且不超过人民币20,000万元。具体内容详见刊登于2024年11月28日、2024年 12月5日《证券时报》《证券日报》及巨潮资讯网上的《关于回购公司股份方案暨取得金融机构回购专 项贷 ...

（编辑 楚丽君） 证券日报网讯 9月1日晚间，旺能环境发布公告称，截至2025年8月31日，公司通过回购专用证券账户以 集中竞价交易方式累计回购公司股份9，366，300股，占公司目前总股本的2.16%。 ...

| | | 旺能环境股份有限公司 关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、回购股份的基本情况 旺能环境股份有限公司（以下简称"公司"）于 2024 年 11 月 26 日召开第 九届董事会第八次会议，审议通过《关于回购公司股份方案的议案》，同意公司 使用自有资金、专项贷款资金等合法资金以集中竞价交易方式回购部分公司已发 行的人民币普通股（A 股）股票，本次回购股份将用于股权激励计划、员工持股 计划或可转换公司债券转股。若公司未能在本次回购实施完成之日起 36 个月内 将已回购的股份用于前述用途的，未使用部分的回购股份应予以注销。本次回购 股份的价格不超过人民币 22.00 元/股，回购总金额不低于人民币 10,000 万元且 不超过人民币 20,000 万元。具体内容详见刊登于 2024 年 11 月 28 日、2024 年 12 月 5 日《证券时报》《证券日报》及巨潮资讯网上的《关于回购公司股份方 案暨取得金融机构回购专项贷款承诺函的公告》（2024-96）、《回购报告书》 （2024-99）。 因 2024 年度权益分 ...

Core Viewpoint - The company reported steady revenue growth driven by improved efficiency in its core waste disposal business, achieving a revenue of 1.701 billion yuan and a net profit of 382 million yuan in the first half of 2025, representing a year-on-year increase of 7% and 5% respectively [2] Revenue and Profit Performance - In the first half of 2025, the company's revenue reached 1.701 billion yuan, with a net profit attributable to the parent company of 382 million yuan, indicating stable performance [2] - The growth in profit is primarily attributed to the refined operations and efficiency improvements in the core business of municipal solid waste and kitchen waste disposal [2] - The municipal solid waste disposal business generated revenue of 1.252 billion yuan, a year-on-year increase of 3.5%, with a gross margin increase of 1.85 percentage points to 49.89% [2] - The kitchen waste disposal business achieved revenue of 211 million yuan, a year-on-year growth of 6.69%, with a gross margin increase of 3.41 percentage points to 36.07% [2] Operational Efficiency and Cash Flow - The company achieved operational efficiency improvements through internal measures, including price adjustments for waste disposal fees in various projects [2] - Operating cash flow remained strong, with a net amount of 624 million yuan, reflecting a year-on-year increase of 5%, providing solid support for ongoing dividends [2] Business Expansion and New Growth Points - The company is actively exploring collaborative business opportunities to enhance asset value, with 14 waste-to-energy projects already integrated with heating services [2] - A supply heat agreement was signed with the government of Yucheng City, ensuring stable incremental revenue from a green soybean product industrial park [3] - The company has extended its industrial chain with resource recycling projects in multiple locations, processing 380,000 tons of slag in the first half of the year [3] International Expansion and Domestic Projects - The company has made significant progress in international markets, signing a contract for a 600 tons/day waste-to-energy project in Vietnam [4] - The profitability of overseas projects is expected to be higher than domestic ones, with 15 overseas projects being tracked in Vietnam, Malaysia, and Thailand [4] - Domestically, the company continues to expand its business footprint, successfully winning bids for various waste treatment projects [4] Profit Forecast - The company is projected to achieve revenues of 3.331 billion yuan, 3.516 billion yuan, and 3.729 billion yuan for 2025-2027, with year-on-year growth rates of 4.99%, 5.55%, and 6.05% respectively [4] - Net profits attributable to the parent company are expected to be 687 million yuan, 721 million yuan, and 776 million yuan for the same period, with growth rates of 22.43%, 5.07%, and 7.54% respectively [4]

Financial Performance - In the first half of 2025, the company achieved revenue of 1.701 billion CNY, a year-on-year increase of 7.00% [2] - Net profit attributable to shareholders reached 382 million CNY, up 5.24% year-on-year [2] - Operating cash flow was 624 million CNY, reflecting a growth of 5.00% [2] Business Growth Drivers - Core waste incineration power generation business generated a profit of 428 million CNY, contributing significantly to overall profits [2] - The company improved efficiency through technology upgrades, increasing steam output per ton of waste, with heat supply volume growing over 24% year-on-year [2] - The kitchen waste treatment business expanded rapidly, generating revenue of 211 million CNY and net profit of 44.64 million CNY [2] - Resource recycling business showed strong growth, particularly in slag recycling, while efforts to reduce losses in the rubber recycling segment were noted [2] Capacity and Utilization - The current capacity utilization rate at Nantong Hui Li is approximately 40%, with a total operational capacity of 90,000 tons per year [3] - The company is actively working to enhance operational levels and profitability by expanding customer resources and optimizing product structure [3] International Expansion - The company is focusing on Southeast Asia for international market development, with projects in Macau, Thailand, and Vietnam already underway [4] - A total of 15 project leads are being pursued in various countries, including Vietnam, Malaysia, and Thailand, with strict risk assessments in place [4] Project Development - Key projects include the expansion of waste incineration in Anji (750 tons/day) and a project in Vietnam (600 tons/day) [4] - New waste incineration projects typically have a construction cycle of about 24 months, while expansions take around 18 months [5] Shareholder Returns - The company maintains a stable dividend policy with a payout ratio of approximately 30% [6] - Annual cash flow is expected to reach 1.3 to 1.4 billion CNY, supporting capital expenditure and shareholder returns [6] Heating Supply Plans - The company has 14 waste incineration projects providing external heating, with a total heating volume of 747,300 tons in the first half of 2025, a growth of over 24% year-on-year [7] - A new heating agreement with the government of Yichang aims to enhance the company's combined heat and power service capabilities [7]

8月28日，旺能环境（002034）股份有限公司(002034)正式发布2025年半年度报告。报告显示，公司上 半年实现营业收入17.01亿元，同比增长7.00%；归属于上市公司股东的净利润达3.82亿元，同比增长 5.24%。在宏观经济环境复杂多变、环保行业竞争加剧的背景下，旺能环境凭借其成熟的运营能力、技 术优势和多元业务布局，继续保持稳健增长态势，展现出行业领军企业的韧性与潜力。 旺能环境主营业务涵盖生活垃圾焚烧发电、餐厨垃圾处理、废旧橡胶再生三大板块，是国内领先的城市 环境治理服务商。截至2025年6月30日，公司总资产达142.54亿元，归属于上市公司股东的净资产为 70.47亿元，加权平均净资产收益率为5.49%，基本每股收益为0.90元。经营活动产生的现金流量净额为 6.24亿元，同比增长5.00%，为公司持续高比例分红提供了坚实保障。 报告期内，湖州南太湖环保能源有限公司完成"零碳智算中心"备案，并已通过省级算力基础设施专家评 审。依托公司2,150吨/日的垃圾处理能力，该项目可为数据中心提供稳定绿电，实现"To B直供"新模 式，不仅提升了能源利用效率，也开辟了新的盈利渠道。此外，公司还、在 ...

Core Insights - The company, Wangneng Environment, reported a total revenue of 1.701 billion yuan for the first half of 2025, representing a year-on-year increase of 7.0% [1] - The net profit attributable to shareholders reached 382 million yuan, up 5.24% compared to the previous year [1] - The company's gross margin improved by 1.4% to 42.14%, while the net margin increased by 1.86% to 22.76% [1] Financial Performance - Total revenue for Q2 2025 was 828 million yuan, showing a year-on-year growth of 2.98% [1] - Q2 net profit attributable to shareholders was 181 million yuan, slightly down by 0.15% year-on-year [1] - The company's operating cash flow per share increased by 3.91% to 1.44 yuan [1] Cost Management - Total selling, administrative, and financial expenses amounted to 219 million yuan, accounting for 12.89% of revenue, a decrease of 5.83% year-on-year [1] - The company reported a decrease in interest-bearing liabilities by 11.86% to 5.314 billion yuan [1] Investment Metrics - The company's return on invested capital (ROIC) was 6.27% last year, with a historical median of 7.85% over the past decade [3] - The net profit margin was reported at 17.32%, indicating a high value-added in products or services [3] - The cash flow situation is a point of concern, with cash and cash equivalents covering only 42.93% of current liabilities [3] Shareholder Insights - Various funds have adjusted their holdings in Wangneng Environment, with some increasing their positions while others have reduced their stakes [4]

Summary of Wangneng Environment Conference Call Company Overview - **Industry**: Waste-to-energy and waste management - **Core Business**: Waste incineration power generation with 21 plants and a total processing capacity of 23,170 tons, operating near full capacity [2][4] Key Points and Arguments Financial Performance - **2025 H1 Results**: Revenue reached 700 million RMB, a 7% year-on-year increase; net profit was 328 million RMB, up 5.4% [3] - **Cash Flow**: Operating net cash flow improved to 624 million RMB [3] - **Dividend Policy**: Stable dividend payout ratio of approximately 30%, with a mid-year dividend yield of 3.3% [3][14] Business Segments - **Core Segment**: Waste incineration power generation contributed 1.252 billion RMB in revenue and 428 million RMB in net profit [4] - **Second Growth Curve**: Kitchen waste processing with a total processing capacity of 3,720 tons, winning multiple project bids [2][4] - **Debt and Receivables**: Approximately 1.5 billion RMB in receivables, primarily from government subsidies and waste disposal fees, with timely repayments for provincial subsidies [10] Capital Expenditure and Investment - **Future Capital Expenditure**: Estimated at 1.5 billion RMB over the next three years, focusing on projects in Vietnam and kitchen waste processing [6][15] - **Overseas Expansion**: Targeting markets in Vietnam, Thailand, and Macau, with expected higher returns on investment (IRR) compared to domestic projects [7][8] Profitability and Market Dynamics - **Profitability Comparison**: Domestic plants have lower profitability, with an IRR of 8-10%, while overseas projects can achieve an IRR of 18-30% [9][8] - **Electricity Pricing**: Domestic electricity prices are around 0.4-0.5 RMB, while overseas can reach 0.71 RMB [9] Risk Management and Financial Health - **Debt Levels**: Current debt ratio is low at approximately 49.7%, with manageable receivables and strict impairment standards [18][19] - **Impairment Pressures**: Minimal impairment pressure on receivables, with strict provisioning standards [19] Strategic Initiatives - **Green Energy Initiatives**: Exploring direct supply of green electricity to enhance cash flow and value [4][23] - **AI Data Center Development**: Completed registration for an AI data center, aiming to improve cash flow and reduce receivables [23][24] Pricing and Revenue Impact - **Subsidy Adjustments**: Pricing adjustments based on cost increases and inflation, with successful applications expected to positively impact revenue [21][22] Additional Important Information - **Market Demand**: Current domestic demand for AI computing power is not urgent, leading to a cautious approach in investment [24] - **Collaboration Models**: Two main models for collaboration with data centers, focusing on operational efficiency and reduced investment pressure [25][26][27] - **Electricity Pricing Strategy**: Current pricing strategies aim to maximize revenue while considering market conditions and competition [28] This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic direction, and market positioning.

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-72 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于向全资子公司提供贷款担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 1 注册资本：5,000万元 2025年8月28日，旺能环境股份有限公司(以下简称"公司")与杭州银行股份有限 公司湖州分行(以下简称"杭州银行")签署了14,960万元人民币的《最高额保证合同》， 在额度范围内为全资子公司湖州旺能再生能源开发有限公司(以下简称"湖州再生") 向杭州银行申请的借款提供连带责任保证，担保的债权确定期间为2025年8月20日至 2029年6月30日。同日，湖州再生与杭州银行签署了《借款合同》。 公司于2025年4月16日召开的第九届董事会第九次会议、第九届监事会第六次会议、 2025年5月23日召开的2024年度股东大会上，审议通过了《关于预计2025年度提供担保 额度的议案》，同意为全资子公司湖州再生提供总额不超过人民币19,500万元的 ...