Group 1 - The company has approved a share repurchase plan using its own funds and special loan funds, with a maximum repurchase price of RMB 22.00 per share and a total amount between RMB 100 million and RMB 200 million [1] - The maximum repurchase price has been adjusted to RMB 21.71 per share effective from July 11, 2025, due to the implementation of the 2024 equity distribution [2] - As of July 31, 2025, the company has repurchased a total of 9,366,000 shares, accounting for 2.16% of the total share capital, with a total transaction amount of RMB 149,979,140 [2] Group 2 - The company will continue to implement the share repurchase plan according to market conditions and relevant regulations, ensuring compliance with the Shenzhen Stock Exchange's guidelines [3]

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 six months starting from March 13, 2025 [1][2] - As of July 31, 2025, Meixin Da Group has acquired a total of 4,953,356 shares, representing 1.14% of the company's total share capital, with a total transaction amount of RMB 86,664,402 [1][2] - Meixin Da Group currently holds 147,819,566 shares, accounting for 34.06% of the company's total share capital [2] Group 2 - The share purchase plan is not yet completed, and Meixin Da Group will continue to execute the plan as intended [2] - The implementation of the share purchase plan may face uncertainties due to changes in the capital market and potential delays in funding [2]

Core Viewpoint - Wangneng Environment announced the repurchase of 9,366,000 shares, representing 2.16% of the company's total share capital, through a special securities account via centralized bidding trading by July 31, 2025 [2] Summary by Category - **Share Repurchase Details** - The company has repurchased a total of 9,366,000 shares [2] - This repurchase accounts for 2.16% of the current total share capital [2] - The repurchase is set to be completed by July 31, 2025 [2]

Group 1 - The core point of the article is that Wangneng Environment (002034.SZ) announced a stock increase by Meixinda Group, which has acquired a total of 4,953,356 shares, representing 1.14% of the company's total share capital, with a total transaction amount of RMB 86.6644 million (excluding transaction fees) [1] - As of July 31, 2025, Meixinda Group holds a total of 147,819,566 shares in Wangneng Environment, accounting for 34.06% of the company's total share capital [1] - The stock increase plan by Meixinda Group is not yet completed, and the group will continue to increase its shareholding as per the plan [1]

Core Viewpoint - Wangneng Environment (002034.SZ) has repurchased a total of 9,366,000 shares, representing 2.16% of the company's total share capital, with a total transaction amount of approximately RMB 149.98 million [1] Summary by Category - **Share Repurchase Details** - The company repurchased shares through a dedicated repurchase account via centralized bidding [1] - The highest transaction price was RMB 20.20 per share, while the lowest was RMB 14.00 per share [1] - The total amount spent on the repurchase was RMB 149.98 million, excluding transaction fees [1]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-62 | | --- | --- | --- | | 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》 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-63 | | --- | --- | --- | | 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 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。 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。本次增持计 划不设定价格区间，美欣达集团将根据公司股票价格波动情况及资本市场整体趋势， 择机实施增持计划。 本次增持计划的具体内容详见公司于2025年3月13日在巨潮资讯网上披露的《关 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Viewpoints - Since 2024, some waste incineration and water service companies have announced reductions in loan interest rates and financial expenses, which are expected to contribute positively to their performance in a low-interest environment [2][16] - The report emphasizes the importance of focusing on companies with stable performance, increased dividends, valuation recovery, and declining borrowing costs in the waste incineration and water service sectors [6][40] Summary by Sections Debt Situation - Waste incineration and water service projects typically have a high debt financing ratio, often around 70%. These projects require significant upfront investment over 1-2 years, followed by a 20-30 year period to recover costs through operational income [4][17] - As of the end of 2024, the outstanding debt for major companies in the sector includes: - China Everbright International: 91.7 billion HKD - Conch Venture: 28.2 billion HKD - Hanlan Environment: 16.3 billion CNY - Beijing Enterprises Water Group: 75.5 billion CNY - Yuehai Investment: 23.9 billion HKD - Xingrong Environment: 14.8 billion CNY [4][17] Trends in Debt Ratios - The debt ratio for waste incineration companies has shown a declining trend over the past two years, while the increase in water service companies' debt ratios has slowed down [5][21] Impact of Borrowing Costs - Since 2018, interest rates have been on a downward trend, and as new project loan rates decrease, some companies are replacing high-interest loans. This could lead to further reductions in borrowing costs, positively impacting the performance of waste incineration and water service companies [6][31] - The report recommends focusing on companies in the waste incineration and water service sectors that exhibit stable performance and declining borrowing costs, highlighting companies such as Hanlan Environment, Xingrong Environment, China Everbright International, and others [6][40] Performance Sensitivity to Borrowing Costs - If the average borrowing cost decreases by 10, 30, or 50 basis points in 2025, the estimated profit elasticity for leading companies such as Beijing Enterprises Water Group, China Everbright International, and Green Power will be 3.62%, 10.86%, and 18.10% respectively [38] - If the average borrowing cost reaches 2.50% in 2025, the profit elasticity for top companies will be significantly higher, with estimates of 28.28% for Yuehai Investment and 20.57% for Beijing Enterprises Water Group [38] Industry Growth and Transformation - The waste incineration and water service sectors are experiencing steady growth, improved cash flow, and increased dividends. Recent market reforms are pushing the industry towards a transformation from government-oriented (To G) to business and consumer-oriented (To B, To C) models, which is expected to accelerate valuation recovery [6][40]

Summary of Key Points Core Viewpoint - The company has completed the cancellation of repurchased shares, resulting in a reduction of registered capital and total share capital, which has been officially registered with the relevant authorities [1][2]. Group 1: Company Capital Changes - The company held a board meeting on April 16, 2025, and a shareholder meeting on May 23, 2025, to approve the change in registered capital and amendments to the company’s articles of association [1]. - Following the cancellation of 3,289,951 repurchased shares, the registered capital decreased from 429,496,165 RMB to 426,206,214 RMB, and the total share capital reduced from 429,496,165 shares to 426,206,214 shares [1]. - The company has completed the business registration change and received a new business license reflecting the updated registered capital [2]. Group 2: Business License and Operations - The new registered capital is now recorded as "肆亿贰仟陆佰贰拾万陆仟贰佰壹拾肆元" [2]. - Other registration details in the business license remain unchanged, and the company continues to operate in various sectors including environmental governance and investment management [2].

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-61 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于公司完成工商变更登记的公告 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。 一、基本情况概述 旺能环境股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日召开第九届董事 会第九次会议及 2025 年 5 月 23 日召开 2024 年度股东大会，审议通过《关于变更公司 注册资本、修改公司章程和办理工商变更登记的议案》。鉴于公司 2024 年 11 月 12 日 在中国证券登记结算有限责任公司深圳分公司办理完毕3,289,951股回购股份的注销事 宜，同意注销完成后公司注册资本由 429,496,165 元人民币减少至 426,206,214 元人民 币；总股本由 429,496,165 股减少至 426,206,214 股。具体内容刊登于 2025 年 4 月 18 日《证券时报》《证券日报》及巨潮资讯网上的《关于变更公司注册资本、修改公 ...