| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-40 | | --- | --- | --- | | 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》 ...

Investment Rating - The report maintains a rating of "Increase" for the industry [5] Core Insights - The MCP (Model Context Protocol) opens new possibilities for function calls, driving the further improvement of the AI agent system [10][11] - Major internet companies are integrating MCP to develop agents, with both vertical and general agents expected to continue upgrading their functionalities [20] - The report suggests focusing on companies involved in AI agents and computing power, highlighting a range of specific companies across various sectors [41] Summary by Sections MCP and AI Agents - MCP is an open protocol that allows AI models to connect with different tools, similar to a USB-C port for AI applications, facilitating the integration of various data sources and tools [10][11] - The advantages of MCP include simplified development, flexibility, real-time response, security, and scalability [13][14] Development of Vertical and General Agents - Traditional functional apps are evolving into agents, enhancing user experiences with new functionalities [21] - Examples include: - Feizhu's AI agent "Ask Me" for personalized travel planning [22][24] - Tongcheng's AI agent "Chengxin AI" for comprehensive travel services [25][26] - DingTalk's AI assistant for office tasks [28] - Feishu's intelligent partner for personalized user assistance [29] - General agents are emerging, such as Quark, which aggregates multiple AI functionalities [30][31] and Baidu's Xinxiang, which utilizes multi-agent collaboration for complex tasks [32] Investment Recommendations - The report recommends attention to companies in the AI agent space, including Kingsoft Office, Kingdee International, and others in the computing power sector like Cambricon and Alibaba [41][42]

Investment Rating - The investment rating for 旺能环境 (002034) is not explicitly stated in the report [1]. Core Views - The report highlights that the company's performance is under short-term pressure due to impairment provisions, while the operational efficiency of waste incineration is continuously improving [1][3]. - In 2024, the company achieved total revenue of 3.173 billion yuan, a slight decrease of 0.17% year-on-year, and a net profit attributable to shareholders of 561 million yuan, down 6.9% year-on-year [1][3]. - The first quarter of 2025 showed a positive trend with total revenue of 874 million yuan, an increase of 11.12% year-on-year, and a net profit attributable to shareholders of 201 million yuan, up 10.62% year-on-year [1][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.173 billion yuan, a decrease of 0.17% year-on-year, primarily due to a reduction in BOT project construction revenue [3]. - The net profit attributable to shareholders was 561 million yuan, a decline of 6.9%, influenced by increased bad debt provisions and asset disposal losses [3]. - The gross profit margin improved to 38.54%, up 1.2 percentage points year-on-year [3]. Business Segments - The main business segments generated the following revenues in 2024: - Municipal solid waste operations: 2.296 billion yuan (+3.5%) - Kitchen waste operations: 462 million yuan (+27.29%) - BOT project construction: 31 million yuan (-88.18%) - Rubber recycling: 187 million yuan (+81.45%) - Lithium battery recycling: 57 million yuan (-33.89%) [3]. - The gross profit margins for these segments were 47.89%, 31.33%, 0%, -5.64%, and -59.9%, respectively [3]. Operational Efficiency - The company has 21 operational waste-to-energy plants with a total capacity of 21,820 tons, including the South Taihu Phase V project, which has improved its thermal efficiency from 22% to 30% [3]. - In 2024, the total power generation was 3.036 billion kWh, with an average on-grid electricity price of 0.53 yuan per kWh [3]. Future Outlook - The company forecasts revenues of 3.359 billion yuan in 2025, with a growth rate of 5.9%, and net profits of 693 million yuan, reflecting a growth rate of 23.5% [6]. - The cash flow from operating activities for 2024 was 1.596 billion yuan, a 26.75% increase from 2023, supporting a high dividend payout [6].

Investment Rating - The investment rating for 旺能环境 (002034) is not explicitly stated in the report [1]. Core Insights - The report highlights that the company's performance is under short-term pressure due to impairment provisions, while the operational efficiency of waste incineration is continuously improving [1][3]. - In 2024, the company achieved total revenue of 3.173 billion yuan, a slight decrease of 0.17% year-on-year, and a net profit attributable to shareholders of 561 million yuan, down 6.9% year-on-year [1][3]. - The first quarter of 2025 showed a positive trend with total revenue of 874 million yuan, an increase of 11.12% year-on-year, and a net profit of 201 million yuan, up 10.62% year-on-year [1][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.173 billion yuan, a decrease of 0.17% from 2023, primarily due to a reduction in BOT project construction revenue [3]. - The net profit attributable to shareholders was 561 million yuan, a decline of 6.9%, influenced by increased bad debt provisions and asset disposal losses [3]. - The gross profit margin improved to 38.54%, up 1.2 percentage points year-on-year [3]. Business Segments - The main business segments generated the following revenues in 2024: - Municipal solid waste operations: 2.296 billion yuan (+3.5%) - Kitchen waste operations: 462 million yuan (+27.29%) - BOT project construction: 31 million yuan (-88.18%) - Rubber recycling: 187 million yuan (+81.45%) - Lithium battery recycling: 57 million yuan (-33.89%) [3]. - The gross profit margins for these segments were 47.89%, 31.33%, 0%, -5.64%, and -59.9%, respectively [3]. Operational Efficiency - As of the end of 2024, the company had 21 operational waste-to-energy plants with a total capacity of 21,820 tons, including the South Taihu Phase V project, which achieved a thermal efficiency increase from 22% to 30% [3]. - In Q1 2025, the waste incineration power generation projects generated revenue of 656 million yuan, a year-on-year increase of 7.52% [3]. Future Outlook - The company forecasts revenues of 3.359 billion yuan, 3.428 billion yuan, and 3.592 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 5.9%, 2.0%, and 4.8% [6]. - The net profit attributable to shareholders is expected to be 693 million yuan, 753 million yuan, and 795 million yuan for the same years, with growth rates of 23.5%, 8.7%, and 5.5% [6].

Financial Performance - In Q1 2025, the company achieved a revenue of 874 million yuan, a year-on-year increase of 11.12% [2] - Net profit for the same period was 200 million yuan, up by 10.62% [2] - Basic earnings per share reached 0.47 yuan, reflecting a growth of 11.90% [2] - Total assets amounted to 14.426 billion yuan, with equity attributable to shareholders at 6.877 billion yuan [2] Growth Drivers - The company focuses on four key growth areas: 1. Resource utilization with six new projects expected to generate additional profits in 2024 [2] 2. Steam heating optimization, with a business yield significantly higher than traditional power generation [2] 3. Activation of existing assets through green certificate trading and carbon reduction projects [2] 4. Expansion into overseas markets, particularly in Thailand and Vietnam, aligned with the Belt and Road Initiative [2] Strategic Challenges - The decline in 2024's performance was attributed to prolonged accounts receivable aging leading to bad debt losses and fixed asset impairments [3] - The company is addressing challenges through smart upgrades and expansion of high-margin overseas projects [4] Shareholder Returns - The company has outlined a three-year shareholder return plan (2024-2026) with a minimum dividend payout ratio of 30% [4] - Plans to adjust dividends based on cash flow and capital expenditures while enhancing long-term value through share buybacks [4] Market Management - The company emphasizes the importance of market value management and investor relations, integrating these principles into daily governance [5] - Currently, there is no separate market value management policy disclosed, but related management concepts are applied [5] Business Adjustments - The company is cautiously adjusting its strategy for battery recycling due to a sluggish market, with potential exit measures being considered for the lithium battery recycling business [8]

证券代码：002034 证券简称：旺能环境 旺能环境股份有限公司投资者关系活动记录表 编号：2025-01 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他 （电话会议） 参与单位名称 广发环保、兴证全球基金、富安达基金、长江环保、东吴环保、 立本私募基金、华泰资管、久盈资管、华泰环保、合道资管、 前海百创资管、睿远基金、国泰君安、睿郡资管、中银基金、 杭银理财、路博迈基金、广发基金、太平基金、光大保德信、 元葵资管、上海南土资管、光大理财、博时基金、渤海人寿、 天风证券、华泰证券、宁波三登资管、北京安途资管、上海度 势投资 时间 2025 年 4 月 30 日 地点 线上电话会议 上市公司接待人 员姓名 董事会秘书：林春娜 投资者关系活动 主要内容介绍 2025年4月30日电话会议纪要： 一、公司董事会秘书林春娜女士介绍公司发展历史、公司业 务基本情况，并对《2024年年度报告》及《2025年第一季度报告》 进行解读。 二、问答环节 出席活动的投资者就其关注的公司经营情况、公司治理以及 持续发展等问题与公司董事会秘书进 ...

Group 1 - The biomass power generation sector experienced a decline of 0.90%, ranking among the top losers in the concept sector, with ST Xindong and ST Huaxi hitting the limit down [1][2] - Notable declines within the sector included Shengyuan Environmental Protection and Shaoneng Co., with significant losses, while 15 stocks saw price increases, led by Wangneng Environment, Fulongma, and Wuhan Tianyuan, which rose by 10.00%, 5.63%, and 3.58% respectively [1][2] - The sector saw a net outflow of 81 million yuan from main funds, with 26 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, with Shaoneng Co. leading the outflow at 51.68 million yuan [2][3] Group 2 - The top stocks with net outflows included Shengyuan Environmental Protection, Jinhua Industrial, and China Tianying, with outflows of 41.22 million yuan, 25.02 million yuan, and 15.43 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflows were Fulongma, Wangneng Environment, and Jiuzhou Group, with inflows of 35.52 million yuan, 35.52 million yuan, and 25.35 million yuan respectively [2][3] - The trading activity indicated that the biomass power generation sector had a significant turnover rate, with stocks like Shaoneng Co. and Shengyuan Environmental Protection showing turnover rates of 15.20% and 13.22% respectively [3]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-39 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 2025年第一季度主要经营数据公告 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。 旺能环境股份有限公司（以下简称"公司"）按照《深圳证券交易所上市公司自 律监管指引第 3 号—行业信息披露》的要求，现将运营项目 2025 年一季度主要经营数 据公告如下： 2025 年第一季度，公司下属相关子公司合计完成发电量 73,874.39 万度，上网电 量 62,090.62 万度，平均上网电价 0.53 元/度（不含税），累计完成已结算电量 62,090.62 万度，垃圾入库量 227.94 万吨（含生活、餐厨等垃圾，其中生活垃圾入库量 210.49 万 吨）。公司有 14 个项目同时进行供热，合计供热量为 45.17 万吨，较去年同期 35.06 万吨增长 28.84%。餐厨第一季度共提取油脂量 7,064.38 吨，较去年同期 6,701.60 吨 增长 5 ...

第九届监事会第七次会议决议公告 表决结果：同意票：3 票，反对票：0 票，弃权票：0 票。 | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-37 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 本公司及监事会全体成员保证公告内容真实、准确、完整，不存在虚假记载、误导性 陈述或重大遗漏。 一、监事会会议召开情况 旺能环境股份有限公司（以下简称"公司"）第九届监事会第七次会议通知 于 2025 年 4 月 24 日以电子邮件及微信的方式向全体监事发出，会议于 2025 年 4 月 29 日上午在公司总部三楼会议室以现场形式召开。本次会议由监事会主席 杨瑛女士主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召开符合 有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 经与会监事认真讨论，审议并通过以下事项： 审议通过《公司2025年第一季度报告》 第九届监事会第七次会议决议 旺能环境股份有限公司监事会 2025 年 4 月 30 日 2 经审核，《公司2025年 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-36 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司（以下简称"公司"）第九届董事会第十次会议通知于 2025 年 4 月 24 日以电子邮件及微信的方式向全体董事发出，会议于 2025 年 4 月 29 日上 午在公司总部三楼会议室以现场加通讯形式召开。本次会议由董事长单超先生主持， 会议应出席董事 9 名，实际出席董事 9 名，其中 3 名独立董事以通讯表决形式参加会 议，公司全体监事、高管列席了本次会议。会议的召开和表决程序符合《公司法》和 《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事认真审议，本次会议一致通过以下事项： 审议通过《公司2025年第一季度报告》 本议案已经公司董事会审计委员会事前核查并审议通过。 旺能环境股份有限公司 第九届董事会第十次会议决议公告 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、董事会会议召开情况 表决结果：同意票：9 票，反对票：0 票，弃权票：0 ...