Core Viewpoint - The company has successfully completed its share repurchase plan by November 7, 2025, with a total of 9.9492 million shares repurchased, representing 2.29% of the total share capital [1] Summary by Relevant Sections Share Repurchase - From December 4, 2024, to November 7, 2025, the company repurchased a total of 9.9492 million shares at a maximum price of 20.20 yuan per share and a minimum price of 14.00 yuan per share, with a total transaction amount of 160 million yuan [1] Impact on Company - The share repurchase is not expected to have a significant impact on the company [1] Shareholding Increase - The controlling shareholder, Meixin Da Group, increased its stake in the company by acquiring 5.7244 million shares from March 13, 2025, to August 15, 2025, which accounted for 1.32% of the total share capital at that time, with a transaction amount of 100 million yuan [1]

Core Viewpoint - Wangneng Environment (002034.SZ) has successfully completed its share repurchase program, acquiring a total of 9,949,200 shares, which represents 2.29% of the company's total share capital, within the specified timeframe [1] Summary by Relevant Sections Share Repurchase Details - The company initiated its share repurchase from December 4, 2024, to November 7, 2025, using a dedicated securities account for centralized bidding [1] - The highest transaction price was 20.20 CNY per share, while the lowest was 14.00 CNY per share [1] - The total amount spent on the repurchase reached 159,983,122 CNY, excluding transaction fees, exceeding the lower limit of the repurchase fund of 100 million CNY but remaining below the upper limit of 200 million CNY [1] Compliance and Regulations - The share repurchase was conducted in accordance with the established repurchase plan, repurchase report, and relevant legal regulations [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a draft implementation plan for renewable energy consumption targets, marking a shift from policy encouragement to mandatory planning indicators for renewable energy consumption [1] Group 1: Policy Changes and Industry Impact - The new policy aims to establish minimum consumption targets for renewable energy in both electricity and non-electric sectors, which will accelerate the consumption of renewable energy and promote the development of carbon markets and green electricity [1] - The garbage incineration power generation industry is expected to benefit from this policy shift, presenting new development opportunities [1] Group 2: Company Performance and Market Position - Wangneng Environment (002034) leads the industry in compliance, efficiency, and reliability, benefiting from the new policy that ensures consumption guarantees and market demand expansion [2] - The company has established a capacity of 23,170 tons/day across nine provinces and has expanded into Vietnam, with 21 operational plants totaling 21,820 tons/day, maintaining a leading position in the domestic market [2][5] - In the first half of 2025, Wangneng Environment achieved a revenue of 1.252 billion yuan and a net profit of 428 million yuan from its waste treatment business [2] Group 3: Strategic Developments - The company is capitalizing on the "green electricity direct connection" policy, allowing waste incineration plants to supply green electricity directly to high-energy-consuming users, thus opening new market opportunities [2][3] - Wangneng Environment is transitioning its business model from government supply to direct supply to enterprises, enhancing cash flow efficiency and profitability through green electricity [3] Group 4: Technological Innovations and Operational Efficiency - The company is integrating advanced technologies, such as AI and big data, to improve the efficiency of waste-to-energy conversion and reduce secondary pollution risks [3] - The establishment of a "smart factory" system at the South Taihu project has significantly improved operational efficiency and overall effectiveness [3] Group 5: Comprehensive Environmental Strategy - Wangneng Environment is evolving from a single waste incineration model to a "comprehensive environmental energy station" model, enhancing waste treatment efficiency and resource recovery [4][6] - The company has already integrated heating services into 14 waste-to-energy projects, positioning itself for stable revenue growth [4] Group 6: Regulatory and Market Opportunities - The ongoing improvement of the renewable energy consumption guarantee mechanism and the implementation of green electricity policies are creating dual development opportunities for the waste incineration power generation industry [5][6] - As a leading enterprise in the industry, Wangneng Environment is well-positioned to leverage these market and policy advantages for growth [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a 7.61% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, with a net profit of 5.51 billion yuan [1] - The operating revenue for the first three quarters reached 25.55 billion yuan, reflecting a growth of 5.18% year-on-year [1] - The company has signed new projects in the catering kitchen sector, which are expected to enhance core business revenue [3] - The financial structure continues to improve, with a 13.69% decrease in financial expenses year-on-year [3] - The company is actively exploring overseas markets and new business opportunities, including a strategic cooperation agreement for a zero-carbon computing center project [3] - Profit forecasts for 2025-2027 are projected at 32.39 billion, 34.06 billion, and 36.31 billion yuan in revenue, with net profits of 6.94 billion, 7.6 billion, and 8.01 billion yuan respectively [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross profit margin of 41.26%, up by 2.3 percentage points year-on-year [3] - The net profit margin was 21.81%, an increase of 1.3 percentage points year-on-year [3] - The weighted return on equity (ROE) was 7.87%, reflecting a year-on-year increase of 0.15 percentage points [3] - The basic earnings per share (EPS) for the first three quarters was 1.29 yuan, an increase of 8.40% year-on-year [1] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 32.39 billion, 34.06 billion, and 36.31 billion yuan respectively [5] - Net profit projections for the same years are 6.94 billion, 7.6 billion, and 8.01 billion yuan [5] - The company’s gross margin is expected to be around 38.8% in 2025, with a slight decrease in subsequent years [5]

Core Viewpoint - Wangneng Environment (002034) announced the repurchase of shares, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Company Actions - As of October 31, 2025, the company has repurchased a total of 9,792,200 shares through a dedicated securities account via centralized bidding, which represents 2.26% of the company's current total share capital [1]

Group 1 - The company, Wangneng Environment, announced on November 3 that it has repurchased approximately 9.79 million shares, accounting for 2.26% of its total share capital, through a special securities account via centralized bidding [1] - The highest transaction price for the repurchased shares was 20.2 yuan per share, while the lowest was 14 yuan per share [1] - The total amount spent on the share repurchase was approximately 157 million yuan [1]

Core Viewpoint - Wangneng Environment (002034.SZ) has repurchased a total of 9,792,200 shares, representing 2.26% of the company's total share capital, in compliance with its share repurchase plan and relevant laws and regulations [1] Summary by Category - **Share Repurchase Details** - The company conducted the share repurchase through a dedicated securities account via centralized bidding [1] - The highest transaction price was 20.20 CNY per share, while the lowest was 14.00 CNY per share [1] - The total amount spent on the repurchase was 157,242,537 CNY (excluding transaction fees) [1]

Core Viewpoint - Wangneng Environment (002034.SZ) has completed a share buyback program, acquiring a total of 9,792,200 shares, which represents 2.26% of the company's total share capital, with a total expenditure of approximately RMB 157.24 million [1] Summary by Categories Share Buyback Details - The company has repurchased shares through a dedicated securities 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 buyback, excluding transaction fees, was RMB 157,242,537 [1] Compliance and Regulations - The buyback is in accordance with the company's share repurchase plan and relevant laws and regulations [1]

Core Viewpoint - The company announced a share repurchase plan aimed at incentivizing employees and enhancing shareholder value, with a total budget of 100 to 200 million yuan and a maximum repurchase price set at 22 yuan per share, later adjusted to 21.71 yuan and 21.51 yuan due to equity distribution [1] Summary by Sections Share Repurchase Plan - The company plans to repurchase shares on November 26, 2024, with a budget of 1 to 2 billion yuan for employee stock incentives and other purposes [1] - The maximum repurchase price was initially set at 22 yuan per share but was subsequently adjusted to 21.71 yuan and 21.51 yuan due to equity distribution [1] Repurchase Execution - As of October 31, 2025, the company has repurchased a total of 9.7922 million shares, representing 2.26% of the total share capital [1] - The highest transaction price recorded was 20.20 yuan per share, while the lowest was 14 yuan per share, with a total transaction amount of 157 million yuan [1] - The company will continue to implement the repurchase plan in accordance with regulations and will disclose relevant information [1]

因 2024 年度权益分派实施，公司对回购股份价格上限进行调整，由 22.00 元/股调整至 21.71 元/股，自 2025 年 7 月 11 日生效。具体内容详见刊登于 2025 年 7 月 4 日《证券时报》《证券日报》《上海证券报》及巨潮资讯网上的《关于 调整回购股份价格上限的公告》（2025-56）。 因 2024 年半年度权益分派实施，公司对回购股份价格上限进行调整，由 21.71 元/股调整至 21.51 元/股，自 2025 年 10 月 21 日生效。具体内容详见刊 登于 2025 年 10 月 14 日《证券时报》《证券日报》《上海证券报》及巨潮资讯 | | | 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 ...