Group 1 - The company Wangneng Environment (002034) announced that it will hold the third extraordinary general meeting of shareholders on December 31, 2025 [1]

Group 1 - The core point of the article is that Wangneng Environment (SZ 002034) announced the convening of its 15th meeting of the 9th board of directors on December 15, 2025, to discuss the proposal for the third extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the revenue composition of Wangneng Environment is entirely from the ecological protection and environmental governance industry, accounting for 100.0% [1] - As of the time of reporting, the market capitalization of Wangneng Environment is 6.9 billion yuan [1] Group 2 - The article also highlights a separate issue regarding a company related to the "童颜针" (youthful needle) product, which has annual sales of 300 million yuan, and raises concerns about the legitimacy of associated parties [1]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-98 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 关于为联合体投标提供担保额度的公告 本公司及董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。 旺能环境股份有限公司（以下简称"公司"或"旺能环境"）于 2025 年 12 月 15 日召开第九届董事会第十五次会议，审议通过《关于为联合体投标提供担 保额度的议案》。本次担保事项尚须提交公司股东会审议。 一、担保情况概述 旺能环境计划与印尼当地公司 PT Adyawinsa Electrical and Power（以下 简称"AEP"）组成联合体"Wangneng Adyawinsa Energi"（以下简称"联合体"） 参加印尼主权财富基金 Danantara Indonesia 发起的 4 个地区的垃圾发电项目招 标，其中联合体股权占比为旺能环境持有 98%，AEP 持有 2%。 根据招标文件要求，旺能环境作为联合体牵头方，以联合体名义开具投标保 函，投标保函总金额为 1,200 亿印尼盾 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-99 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 4、会议时间： 一、召开会议的基本情况 （1）现场会议时间：2025 年 12 月 31 日 14:45 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 31 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 12 月 31 日 9:15 至 15:00 的任意时间。 1、股东会届次：2025 年第三次临时股东会 5、会议的召开方式：现场表决与网络投票相结合。 2、股东会的召集人：董事会 6、会议的股权登记日：2025 年 12 月 24 日 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券 ...

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-97 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 一、董事会会议召开情况 旺能环境股份有限公司（以下简称"公司"）第九届董事会第十五次会议通知于 2025 年 12 月 9 日以电子邮件及微信的方式向全体董事发出，会议于 2025 年 12 月 15 日下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，公司全体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： 1、审议通过《关于为联合体投标提供担保额度的议案》 表决结果：同意票：9 票，反对票：0 票，弃权票：0 票。 董事会同意以联合体名义开具投标保函，投标保函总金额为 1,200 亿印尼盾(以 2025 年 12 月 15 日汇率折合人民币约 5,064 万元，实际金额将以发生时汇率进行折算)。 由公司提供全额担保，担保类型 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the construction of an energy powerhouse, accelerating the establishment of a new energy system and expanding green electricity applications, indicating a significant shift in China's energy development strategy [1] Group 1: Company Strategy and Transformation - Wangneng Environment is transitioning from a single waste incineration model to a "comprehensive environmental energy station" model, integrating various waste disposal and resource recycling functions to enhance efficiency and maximize resource recovery [1] - The company has established a diversified business matrix for waste disposal, including household and kitchen waste, with a total designed disposal capacity of 23,170 tons/day for incineration projects and 3,720 tons/day for kitchen waste projects across multiple regions [2] - Wangneng Environment is actively extending its industrial chain to include resource recovery from ash and plastics, aiming to enhance collaborative benefits [2] Group 2: Market Expansion and Internationalization - The company has signed a principle contract with the Vietnamese government to invest in a modern waste incineration plant with a daily processing capacity of at least 600 tons, marking a key step in technology export and international expansion [3] - Wangneng Environment is exploring international markets, focusing on countries like Vietnam, Malaysia, Thailand, and Saudi Arabia, with 15 overseas projects currently tracked [3] Group 3: Green Electricity Development - The company is expanding its energy value conversion paths, with a project in Huzhou that will supply green electricity directly to high-energy-consuming users, supported by recent policy changes [4] - The "zero-carbon intelligent computing center" project is expected to leverage the stable processing capacity of 2,150 tons/day to provide reliable green electricity, transitioning the company's supply model from government to direct enterprise supply [4]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-96 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于可转换公司债券2025年付息公告 本公司及董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。 特别提示： 旺能环境股份有限公司（以下简称"公司"）经中国证券监督管理委员会证 监许可[2020]2770号文核准，公司于2020年12月17日公开发行了1,400万张可转 换公司债券，每张面值100元，发行总额14亿元。 经深交所"深证上[2021]26 号"文同意，公司14亿元可转换公司债券已于 2021年1月18日起在深圳证券交易所挂牌交易，债券简称"旺能转债"，债券代 码"128141"。根据《旺能环境股份有限公司公开发行可转换公司债券募集说明 书》（以下简称"《募集说明书》"）和《旺能环境股份有限公司公开发行可转 换公司债券上市公告书》的有关条款规定，在"旺能转债"的计息期内，每年付 息一次，现将"旺能转债"2024年12月17日至2025年12月16日期间的付息事 ...

证券日报网讯12月9日，旺能环境（002034）在互动平台回答投资者提问时表示，截至2025年11月28 日，本公司股东数为16491户。 ...

Core Insights - The overall performance of companies in the environmental protection industry is strong, with significant profit growth and cash flow improvement observed in waste incineration and biofuel sectors [1] Waste Incineration Companies - Major waste incineration companies reported significant growth in net profit for Q3, with notable increases from Junxin Co. (+47.6%), Huanlan Environment (+28.1%), Yongxing Co. (+25.6%), and others [2] - Key factors for profit growth include project commissioning, asset acquisitions, improved capacity utilization, and expansion into heating services, contributing an additional profit of approximately 80 yuan per ton of waste [2] - Cash flow from operating activities for waste incineration companies improved due to increased capacity and government subsidy repayments, with Green Power's Q3 subsidy repayments being particularly favorable [2] Water Companies - Profitability among water companies showed significant variation in Q3, with notable declines in net profit for Chuangye Environmental (-10.4%) and Shou Chuang Environmental (-78.4%), while others like Hongcheng Environment (+2.1%) and Chongqing Water (+2.7%) experienced growth [3] - The sharp decline in Shou Chuang Environmental's profit was primarily due to a one-time investment gain from the sale of a Singapore company in the previous year [3] Biofuel Companies - Biofuel companies experienced substantial profit growth in Q3, driven by rising export prices and sales volume, with UCO export prices increasing by $150-$200 per ton compared to the previous year [4] - Companies like Shangaohuan Energy and Langkun Technology reported significant profit increases, with Shangaohuan achieving a net profit of 0.1 billion yuan in Q3, up from a loss of 0.2 billion yuan in the same period last year [4] - The SAF segment also saw profitability improvements, with Jiaao Environmental turning a profit of 0.5 billion yuan in Q3, attributed to increased sales volume and prices [5] Investment Recommendations - The report suggests focusing on waste incineration companies with high dividends and growth potential, such as Guangda Environment, Huanlan Environment, Yongxing Co., and Junxin Co. [6] - Biofuel companies benefiting from overseas carbon reduction policies, including Shangaohuan Energy, Jiaao Environmental, and others, are also recommended for investment [7] - High dividend assets in the water sector, such as Beikong Water Group and Yuehai Investment, are highlighted as potential investment opportunities [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights significant profit growth in waste incineration power generation companies, with cash flow further improving. Major companies like Junxin Co. (+47.6%), Hanlan Environment (+28.1%), and Yongxing Co. (+25.6%) reported substantial increases in net profit for Q3 2025 [5][10] - The report indicates that the profitability of water companies shows significant differentiation, with some companies like Chuangye Environmental and Shouchuang Environmental experiencing declines in net profit, while others like Hongcheng Environment and Chongqing Water reported growth [7][24] - In the biofuel sector, companies experienced substantial profit growth due to rising prices and increased sales volumes, particularly in UCO and SAF [28][39] Summary by Sections 1. Municipal Environmental Protection - Waste incineration power generation companies saw significant profit increases, with cash flow improving. Key reasons include project expansions, increased waste processing volumes, and enhanced project profitability through heat supply [5][10][12] - Water companies displayed profit differentiation, with notable declines in net profit for Chuangye Environmental and Shouchuang Environmental, while others like Hongcheng Environment and Chongqing Water showed growth [7][24] 2. Biofuels - Major biofuel companies reported significant profit growth in Q3 2025, driven by rising UCO and SAF prices. UCO export prices increased by 16.7%-22.2%, while SAF prices surged by 42.16% [28][39] - Companies like Shanhai Environmental and Langkun Technology turned losses into profits, with Shanhai achieving a net profit of 0.1 billion yuan in Q3 2025, compared to a loss of 0.2 billion yuan in the same period last year [35][39]