旺能环境股份有限公司 2025 年第四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 | | 13.98 | 元/股 | | | | | | | 转股期限：2021 | 年 | 6 月 | 23 日至 | 2026 | 年 | 12 | 月 | 16 日 | 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"公司"）现将 2025 年第四季度可转换公司债券（以下简称"可转债"）转股及公司股份变动情况公告 如下： | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-02 | | --- | --- | --- | | 债券代 ...

Meeting Overview - The third temporary shareholders' meeting of Wangneng Environment Co., Ltd. was held on December 31, 2025, with a half-day duration [2][3] - The meeting combined on-site voting and online voting, with the on-site meeting held at a specified location in Huzhou, Zhejiang Province [3] Attendance - A total of 72 shareholders and their proxies attended the meeting, representing 153,514,530 shares with voting rights, which is 36.2031% of the total shares [4] - Among them, 6 attended the on-site meeting, representing 151,462,284 shares (35.7191%), while 66 participated via online voting, representing 2,052,246 shares (0.4840%) [4][6] Small Shareholders - 66 small shareholders attended the meeting through online voting, representing 2,052,246 shares (0.4840%) [6] - No small shareholders attended the on-site meeting [6] Proposal Voting Results - The proposal to provide a guarantee limit for a joint bidding was approved with 153,202,450 votes in favor, accounting for 99.7967% of the valid votes [7] - Small shareholders voted 1,740,166 shares in favor, representing 84.7932% of the small shareholders' valid votes [7] Legal Opinion - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [9]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2026-01 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 2、本次股东会没有涉及变更以往股东会已通过的决议。 旺能环境股份有限公司 2025年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会没有出现否决议案的情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议时间：2025 年 12 月 31 日（星期三）下午 14：45，会期半天。 网络投票时间：2025 年 12 月 31 日。其中：通过深圳证券交易所交易系统进行 网络投票的具体时间为 2025 年 12 月 31 日上午 9:15-9:25，9:30-11:30，下午 13:00 -15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 12 月 31 日 9:15-15:00 的任意时间。 2、现场会议召开地点：浙江省湖州市吴兴区龙溪街道环山路 899 号 F 座三楼会 ...

国浩律师（杭州）事务所 关 于 旺能环境股份有限公司 2025 年第三次临时股东会的 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 国浩律师（杭州）事务所 关 于 旺能环境股份有限公司 2025 年第三次临时股东会的 法律意见书 致：旺能环境股份有限公司 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年十二月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所（以下简称"本所"）接受旺能环境股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2025 年第三次临时股东会（以下 简称"本次股东会"），并依据《中华人民 ...

Investment Rating - The report maintains an "Outperform" rating for the utility sector [3]. Core Viewpoints - The acceleration of solar thermal power construction, supported by scale enhancement and policy backing, is expected to secure returns [19]. - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power, aiming for a total installed capacity of approximately 15 million kilowatts by 2030, with investment expected to reach around 170 billion yuan [19][20]. Summary by Sections 1. Weekly Overview - From December 22 to December 26, the Shanghai Composite Index rose by 1.88%, the ChiNext Index increased by 3.9%, the utility index gained 0.83%, and the environmental index rose by 1.92% [27]. - In the utility sector, the thermal power segment increased by 2.45%, while the hydropower segment decreased by 0.77% [29]. 2. Utility Sector Dynamics 2.1. Electricity Tracking - In November 2025, the average transaction price in Jiangsu's centralized bidding was 355.95 yuan/MWh, up 4.45% month-on-month but down 13.60% year-on-year [39]. - The total electricity generation in November 2025 was approximately 779.2 billion kWh, a year-on-year increase of 3.96% but a month-on-month decrease of 2.62% [42]. 2.2. Water Conditions - As of December 26, the water level at the Three Gorges Reservoir was 170.95 meters, which is normal compared to 167.82 meters in the same period last year [55]. 2.3. Coal Price and Inventory Tracking - The CCI index for thermal coal was reported at 693 yuan/ton as of December 24, 2025, a decrease of 39 yuan/ton from December 17 [59]. - The inventory of thermal coal at Qinhuangdao Port was 7.02 million tons as of December 25, 2025, down by 110,000 tons from December 18 [65]. 2.4. Natural Gas Price Tracking - The LNG ex-factory price index in China was reported at 3937 yuan/ton as of December 25, 2025, a decrease of 3.39% from December 17 [70]. 3. Configuration Suggestions - Short-term recommendations include focusing on environmentally friendly public utility sectors that cater to residential demand, such as heating services and waste-to-energy projects [14]. - Long-term suggestions emphasize the importance of stable performance and attractive dividend yields in the current low-interest-rate environment, particularly for quality hydropower companies [14].

Core Viewpoint - The rapid increase in the number of scrapped vehicles in China, driven by the surge in car ownership, aging vehicles, and supportive policies, is significantly boosting the automotive recycling industry, transitioning from incremental to stock-based resource supply [1][4]. Group 1: Industry Definition and Processing Flow - The automotive recycling industry focuses on efficiently utilizing and recycling scrapped vehicles' parts and materials, adhering to the principles of reduction, reuse, and recycling [2][3]. - The processing flow begins with the end user of the scrapped vehicle and ends with final processing companies, involving key steps such as recovery, dismantling, remanufacturing, and shredding [3]. Group 2: Current Industry Status - The automotive recycling industry is closely linked to the expansion of the automotive sector and the promotion of environmental policies, having evolved through four stages: spontaneous, preliminary regulation, transformation, and high-quality development [4]. - In 2024, approximately 10.24 million vehicles are expected to be scrapped in China, with a recovery rate of 76.84%, projected to rise to 13.75 million vehicles and a recovery rate of 78.06% by 2025 [4][6]. Group 3: Recycling Volume and Value - The total dismantling weight of scrapped vehicles in 2024 is estimated at 10.831 million tons, with steel accounting for 78.5% and a recycling value of approximately 44.682 billion yuan [1][6]. - By 2025, the dismantling weight is expected to reach 14.77 million tons, with a recycling value of around 60.419 billion yuan [1][6]. Group 4: Industry Chain - The upstream of the recycling industry includes vehicle supply and initial recovery services, primarily from individual car owners and commercial operators [8]. - The midstream consists of the core processing industry, including dismantling and remanufacturing, while the downstream encompasses various applications of recycled products, particularly in the automotive manufacturing sector [8]. Group 5: Competitive Landscape - The market is currently undergoing dynamic adjustments, with a trend towards concentration among leading firms driven by policy and technological innovation [12]. - Key players in the industry include Huahong Technology, Tianqi Co., Huanxin Environmental Protection, and others, forming a competitive landscape characterized by state-owned leaders and emerging private firms [12]. Group 6: Future Development Trends - The transition from incremental to stock-based automotive markets will provide a continuous resource supply for the recycling industry, with stricter regulations encouraging vehicles to return to the formal market [12][13]. - The global push for green development and carbon reduction is creating significant market opportunities for the recycling industry, as it aligns with the demand for recycled materials in automotive manufacturing [13].

Core Viewpoint - Wangneng Environment highlighted that its main business segment "operation of municipal solid waste projects" includes multiple revenue sources such as waste-to-energy income, waste treatment service fees, and heating services, with waste-to-energy being a significant component of this business [1] Group 1 - The company operates in the municipal solid waste management sector, which encompasses various revenue streams [1] - Waste-to-energy generation is a key part of the company's operational revenue [1]

Core Viewpoint - Wangneng Environment (002034) has 14 heating projects currently in operation, but the financial data for heating business is not separately disclosed as it is included in the overall financial results of the waste treatment business [1] Group 1 - The company operates a total of 14 heating projects [1] - The operational performance of these projects varies [1] - Revenue and profit from the heating business are consolidated into the overall financial data of the waste treatment business, making it impossible to provide specific ratios or gross margin data [1]

Group 1 - The company has 14 heating projects currently in operation, but the revenue and profit from the heating business are consolidated into the overall financial data of the waste treatment business, making it impossible to provide specific ratios and gross margin data [1] - The company suggests investors refer to its periodic reports for more comprehensive financial information [1]

Core Viewpoint - Wangneng Environment announced the approval of several proposals during the 15th meeting of the 9th Board of Directors, including providing guarantee limits for consortium bidding and convening the third interim shareholders' meeting in 2025 [2] Group 1 - The company approved a proposal to provide guarantee limits for consortium bidding [2] - The company will hold the third interim shareholders' meeting in 2025 [2]