| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-55 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 2024 年年度权益分派实施公告 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、分红年度：2024年度 2、分配方案：分配总额固定 3、股权登记日：2025年7月10日；除权除息日：2025年7月11日 4、A股除权前总股本：433,984,137股；回购专户上已回购的股份数量： 9,366,000股 5、每10股派息（含税）：3.008441元；现金分红总额：127,743,865.80元；除 权后总股本：433,984,137股 6、按A股除权前总股本（含回购股份及其他不参与分红的股份）计算的每10股 派息（含税）：2.943514元 公司2024年年度权益分派方案已获2025年5月23日召开的2024年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司2024年度股东大会审议通过了《20 ...

Core Viewpoint - The announcement details the status and adjustments of the convertible bonds issued by Wangneng Environment Co., Ltd., including the issuance, trading, conversion, and price adjustments of the bonds [1][2][3]. Group 1: Convertible Bond Issuance and Trading - The company issued 14 million convertible bonds with a total value of RMB 1.4 billion, each with a face value of RMB 100, approved by the China Securities Regulatory Commission on December 17, 2020 [1]. - The bonds were listed on the Shenzhen Stock Exchange on January 18, 2021, under the name "Wangneng Convertible Bonds" and the code "128141" [2]. Group 2: Conversion Period and Price Adjustments - The conversion period for the bonds started on June 23, 2021, and will end on December 16, 2026 [2]. - The conversion price has been adjusted multiple times: from RMB 16.47 to RMB 15.97 on May 31, 2021; from RMB 15.97 to RMB 15.67 on May 31, 2022; from RMB 15.67 to RMB 15.17 on June 1, 2023; from RMB 15.17 to RMB 14.97 on November 23, 2023; and will be adjusted to RMB 14.67 on June 6, 2024 [2][3]. Group 3: Current Status of Convertible Bonds - As of June 30, 2025, the remaining amount of the convertible bonds is RMB 1,157,591,900, equivalent to 11,575,919 bonds [4]. - The total number of shares has increased to 433,984,137, with specific changes in the number of shares held by executives and under incentive plans [5].

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-54 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 2025 年第二季度可转换公司债券转股情况公告 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： | 证券代码：002034 | | | | | | | | | | 证券简称：旺能环境 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128141 | | | | | | | | | | 债券简称：旺能转债 | | 转股价格：人民币 | | 14.47 | | 元/股 | | | | | | | | 转股期限：2021 | 年 | 6 | 月 | 23 | 日至 | 2026 | 年 | 12 | 月 日 | 16 | 根据《深圳证券交易所股票上市规则》、《深圳证券交易所可转换公司债券业 务实施细则》等有关规定，旺能环境股份有限公司（以下简称" ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-52 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 二、增持计划的进展情况 截至2025年6月30日，美欣达集团通过深圳证券交易所交易系统以集中竞价交易 方式累计增持公司股票3,306,756股，占公司目前总股本的0.76%，成交总金额为人 民币58,206,143元（不含交易费用等）。 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 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-51 | | --- | --- | --- | | 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 二、回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，上市公司在回购期间应当在每个月的前三个交 易日内披露截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 截至 2025 年 6 月 30 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（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 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-53 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 旺能环境股份有限公司董事会 2025 年 7 月 2 日 1 关于权益分派期间"旺能转债"暂停转股的提示性公告 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： | 证券代码：002034 | | | | | | | | | 证券简称：旺能环境 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128141 | | | | | | | | | 债券简称：旺能转债 | | | | 转股起止时间：2021 | 年 | 6 | 月 | 23 | 日至 | 2026 | 年 | 12 | 月 | 16 | 日 | | 暂停转股时间：2025 | 年 | 7 | 月 | 3 | 日至 | 2024 | | | | | 年度权益分派股权 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection and testing sector [9] Core Insights - As of June 28, 2025, there are 23 convertible bonds listed in the environmental protection and testing sector, with a total issuance scale of approximately 233.9 billion yuan and a latest balance of 192.0 billion yuan. The sector features several low-price and low-premium convertible bonds, suggesting potential investment opportunities driven by profitability and conversion [2][4][20] - The report recommends focusing on convertible bonds such as Wei 22, Wei 24, Green Power, Yingfeng, Hongcheng, Wangneng, and Guojian, highlighting their potential for price appreciation due to underlying stock performance [6][30] Summary by Sections Convertible Bonds Overview - The environmental protection and testing sector has 23 convertible bonds currently trading, with a total remaining scale of 192 billion yuan. Among these, 1 bond is from a central enterprise, 3 from local state-owned enterprises, and 19 from private enterprises [4][20] - There is 1 convertible bond currently in the issuance application stage, with a scale of 4.93 billion yuan from Shengjian Technology [24] Issued and Delisted Convertible Bonds - As of June 28, 2025, 21 convertible bonds have been delisted from the environmental protection and testing sector, with a total issuance scale of 152.9 billion yuan. Five bonds were delisted in 2024, with an average time to maturity of 1.08 years [5][26] Investment Strategy - The report emphasizes two main drivers for investment: profitability and conversion. Profitability can be enhanced through capacity expansion and exploring new growth avenues, which may lead to stock price increases and higher conversion values. If the premium rate of convertible bonds remains stable or decreases slightly, their prices are expected to rise [30][32] - Conversion may be driven by increased capital expenditures for new projects or weakened cash flow from existing projects, potentially leading to adjustments in conversion prices and indirectly boosting bond prices [30][32] Financial Projections - The report includes financial forecasts for several companies in the sector, indicating expected growth in net profits and corresponding price-to-earnings (PE) ratios for the years 2024 to 2027 [31]

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]