Core Viewpoint - The credit rating agency maintains the credit rating of Wangneng Environmental Co., Ltd. at AA with a stable outlook, reflecting the company's strong performance in waste incineration power generation and its financial stability [3][29]. Company Overview - Wangneng Environmental focuses on waste incineration power generation, with a significant number of projects located in Zhejiang Province, which provides a scale advantage [6][10]. - The company has a total of 21 operational waste incineration power plants with a combined design capacity of 21,820 tons per day [12][14]. Financial Performance - The company's total assets as of March 2025 are approximately 144.26 billion, with total liabilities of 74.62 billion, indicating a healthy balance sheet [25]. - The net profit for 2022 was 7.33 billion, with a slight increase in operating income in 2024 [6][24]. - The EBITDA for 2022 was 16.28 billion, reflecting a stable operational performance [24]. Operational Efficiency - The capacity utilization rate of the waste incineration projects remains high, and the efficiency of power generation has improved, contributing to a favorable profit margin [10][13]. - The company has increased waste treatment fees in several projects, which has positively impacted profitability [13][19]. Business Segments - The company is expanding its business into kitchen waste treatment, which has shown good growth and complements its core waste incineration operations [16][21]. - The lithium battery recycling business has been underperforming, leading the company to consider shutting down or selling related assets [4][16]. Market Position - Wangneng Environmental holds a strong position in the waste management industry, with its core business of waste incineration being well-established and profitable [10][22]. - The company is also exploring international markets and has secured contracts for projects in Macau and Thailand [16][28]. Future Outlook - The company is expected to maintain stable revenue and profit levels in 2025, with a focus on improving operational efficiency and managing capital expenditures [26][27]. - The overall credit quality is anticipated to remain strong, supported by the company's solid operational performance and financial management [29].

旺能环境股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0455 号 旺能环境股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 13 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中诚信国际 ...

Group 1 - The National Development and Reform Commission and the National Energy Administration have issued a notice to promote the development of green electricity direct connection, providing strong momentum for the integration of renewable energy production and consumption [1] - The green electricity direct connection policy allows renewable energy sources like wind, solar, and biomass to supply electricity directly to single users, creating a new model for physical traceability of electricity [2] - The policy opens up collaboration opportunities between waste-to-energy projects and data centers, with a requirement for new data centers to source over 80% of their electricity from green energy [2] Group 2 - The direct connection policy is expected to shift the waste-to-energy business model from ToG (government) to ToB (business), potentially leading to a revaluation of companies in this sector [3] - Accounts receivable issues have historically impacted cash flow for waste-to-energy companies, but supplying power to data centers could improve profitability and cash flow, reducing impairment risks [3] Group 3 - Wangneng Environment, a leading company in the solid waste industry, is transforming into a green technology service provider, leveraging its waste-to-energy capacity to support the "Zero Carbon Intelligent Computing Center" project [4] - The South Taihu project, set to process 2,150 tons of waste per day and generate over 3.036 billion kWh of clean electricity annually, will significantly reduce coal consumption [4] - The project employs innovative technology to enhance thermal efficiency, doubling the power generation per ton of waste compared to industry averages [4] Group 4 - The solid waste and environmental protection industry is projected to reach a scale of 15 trillion yuan by 2030, indicating a broad market outlook for companies like Wangneng Environment [5] - Wangneng Environment is developing a differentiated path by integrating solid waste management, computing power, and smart factories, positioning itself as a comprehensive solution provider for low-carbon and intelligent transformation in traditional manufacturing [5]

Group 1 - The controlling shareholder, Meixin Da Group, plans to increase its stake in Wangneng Environment by investing between RMB 100 million and RMB 200 million within a six-month period from March 13, 2025, to September 12, 2025, to boost investor confidence [1][2] - As of June 12, 2025, Meixin Da Group has acquired 2,817,756 shares, representing 0.65% of the total share capital, with a total transaction amount of RMB 49,057,132 [2][3] - Meixin Da Group currently holds 145,683,966 shares, which is 33.57% of the total share capital, and intends to continue the share purchase plan [3] Group 2 - The share purchase plan is subject to market conditions and regulatory compliance, and the group has committed to not sell any shares during the purchase period and for six months thereafter [3]

关于控股股东增持公司股份计划实施期限过半的进展公告 公司控股股东美欣达集团有限公司保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-50 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 旺能环境股份有限公司（以下简称"公司"）于2025年3月13日披露了《关于控 股股东增持公司股份计划暨获得增持专项贷款承诺函的公告》（公告编号：2025-08）， 公司控股股东美欣达集团有限公司（以下简称"美欣达集团"）基于对公司未来持 续稳定发展的坚定信心及对公司长期投资价值的认可，同时为了提振投资者信心， 计划自2025年3月13日起6个月内（即2025年3月13日至2025年9月12日），通过深圳 证券交易所交易系统以集中竞价交易方式增持公司股份，增持总金额不低于人民币1 亿元，不超过人民币2亿元。 截至2025年6月12日，本次增持计划实施期限已过半，美欣 ...

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

Group 1 - The core point of the news is that Wangneng Environment's major shareholder, Meixin Da Group, has increased its stake in the company, signaling confidence in the company's future prospects and enhancing its market image [1] - As of now, Meixin Da Group's shareholding has increased from 33.12% to 33.57%, and combined with the actual controller and other parties, they hold 53.07% of the total shares [1] - The increase in shareholding is expected to strengthen the company's control, leading to more efficient strategic decision-making and stable long-term development [1] Group 2 - In 2024, the company achieved a record operating cash flow of 1.596 billion, a year-on-year increase of 26.75% [2] - For the first quarter of 2025, the company reported revenue of 874 million, up 11.12%, and a net profit of 200 million, up 10.62%, indicating strong core business performance [2] - The company is actively engaging in the green electricity direct connection project, leveraging its waste incineration capacity to support sustainable energy solutions [3] Group 3 - Wangneng Environment holds nearly half of the capacity in the Zhejiang region, showcasing significant regional advantages [3] - The company is transitioning from scale expansion to high-quality operations and innovation, focusing on four key areas: high-value resource utilization, green electricity value enhancement, light asset transformation, and international expansion [3] - The company aims to replicate its successful models in Southeast Asia along the Belt and Road Initiative, opening up new growth opportunities [3]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-47 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 截至 2025 年 5 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 9,366,000 股，占公司目前总股本的 2.16%，最高成交价为 20.20 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 ...

公司控股股东美欣达集团有限公司保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-48 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于控股股东增持公司股份计划的进展公告 截止2025年5月31日，美欣达集团共持有公司股票145,683,966股，占公司目前 总股本的33.57%。 本次增持计划尚未实施完毕，美欣达集团将继续按照计划增持股份。 1 一、计划增持主体的基本情况 旺能环境股份有限公司（以下简称"公司"）控股股东美欣达集团有限公司（以 下简称"美欣达集团"）基于对公司未来持续稳定发展的坚定信心及对公司长期投 资价值的认可，同时为了提振投资者信心，计划自2025年3月13日起6个月内（即2025 年3月13日至2025年9月12日），通过深圳证券交易所交易系统以集中竞价交易方式 增持公司股份，增持总金额不低于人民币1亿元，不超过人民币2亿元。本次增 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-49 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于公司签署越南太平项目原则性合同的公告 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。 特别提示： 1. 合同的生效条件：双方签字盖章后生效。 2. 垃圾处理费价格存在不确定性：目前原则性合同仅列明暂定价格，最终价格需 要项目建成后，由政府审定最终价格。 3. 合同的履行对公司 2025 年度经营业绩不会产生重大影响，但项目的实施将对公 司未来业务发展产生积极影响。 一、合同签署情况概述 地址：越南社会主义共和国太平省太平市李洪峰坊黎利路 01 号。 1 近日，旺能环境股份有限公司（以下简称"公司"）、控股子公司龙兴绿色能源有 限公司（以下简称"龙兴能源"）、合资方 Dragonventures 投资开发股份公司和越南 社会主义共和国太平省人民委员会代表太平省农业与环境厅（以下简称"太平省农业与 环境厅"）在太平省共同签署了《生活固体废物处理服务原则性合 ...