Core Insights - The company reported a steady growth in net profit, with significant acceleration in Q3 profitability. For the first three quarters of 2025, the company achieved operating revenue of 2.555 billion yuan, a year-on-year increase of 5.18%, and a net profit attributable to shareholders of 551 million yuan, up 7.61% year-on-year [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.555 billion yuan and a net profit attributable to shareholders of 551 million yuan, with a non-recurring net profit of 546 million yuan, reflecting a year-on-year growth of 4.43% [2]. - The company's Q3 net profit reached 170 million yuan, marking a year-on-year increase of 13.36% [2]. - Operating cash flow for the first three quarters was 1.178 billion yuan, up 5.61% year-on-year [2]. Business Operations - The company has effectively enhanced its operational efficiency in the waste incineration sector, particularly in high-value-added services such as heating and slag resource utilization, contributing to profit growth [2]. - The waste disposal segment generated revenue of 1.898 billion yuan in the first three quarters, a year-on-year increase of 3.63% [2]. - The heating business has 14 projects operational as of the first half of 2025, providing stable development support during the industry transition [2]. - The slag resource utilization business has become a significant profit growth point, with five projects having a combined processing capacity of 3,100 tons/day already operational [2]. International Expansion - The company's overseas strategy has made substantial progress, with projects in Thailand and Vietnam moving into the initial construction phase [3]. - The company is exploring markets in Vietnam, Malaysia, Thailand, Saudi Arabia, Mongolia, South Africa, Uzbekistan, and Cambodia, tracking 15 overseas projects [3]. Future Outlook - Revenue projections for 2025-2027 are 3.331 billion yuan, 3.516 billion yuan, and 3.729 billion yuan, with year-on-year growth rates of 4.99%, 5.55%, and 6.05% respectively. Net profit forecasts for the same period are 687 million yuan, 722 million yuan, and 776 million yuan, with growth rates of 22.43%, 5.08%, and 7.54% respectively [3].

Core Viewpoint - Wangneng Environment is a leading enterprise in the domestic waste incineration power generation sector, focusing on waste incineration power generation with significant investment value due to its full industry chain advantages and technological barriers [1] Group 1: Business Performance - For Q3 2025, Wangneng Environment reported revenue of 2.555 billion yuan, ranking 16th among 35 peers, below the industry average of 3.334 billion yuan [2] - The net profit for the same period was 557 million yuan, ranking 12th in the industry, exceeding the average net profit of 369 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 49.43%, lower than the previous year's 53.68% and below the industry average of 50.06%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 41.26%, up from 39.01% year-on-year and higher than the industry average of 25.02%, reflecting good profitability [3] Group 3: Executive Compensation - The chairman, Shan Chao, received a salary of 791,600 yuan in 2024, a decrease of 240,900 yuan from 2023 [4] - The general manager, Song Ping, saw an increase in salary from 629,700 yuan in 2023 to 665,500 yuan in 2024, an increase of 35,800 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.12% to 16,700, while the average number of circulating A-shares held per shareholder decreased by 1.11% to 25,800 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 5.1176 million shares, a decrease of 3.2799 million shares from the previous period [5] Group 5: Business Highlights - Wangneng Environment's waste incineration projects are mostly operational, achieving organic growth through "quality improvement and efficiency enhancement" [5] - The company has seen steady growth in revenue and gross profit margin from household and kitchen waste disposal [5] - The company is expanding into diverse sectors, with the completion of the "Zero Carbon Intelligent Computing Center" filing for the South Taihu project and signing a contract for a waste incineration plant project in Vietnam [5] Group 6: Analyst Ratings - Guotai Junan Securities maintains a "buy" rating, projecting net profits of 597 million, 631 million, and 678 million yuan for 2025-2027, with a target price of 21.39 yuan based on a 15.5x PE ratio [5] - Haitong Securities also maintains an "overweight" rating, expecting net profits of 688 million, 718 million, and 754 million yuan for the same period, with a target price of 23.45 yuan based on a 15x PE ratio [6]

Core Viewpoint - Wangneng Environment reported steady growth in revenue and net profit for the first three quarters of 2025, reflecting its strong position in the urban waste incineration sector and proactive expansion into various environmental management fields [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.555 billion yuan, a year-on-year increase of 5.18% - The net profit attributable to shareholders was 551 million yuan, up 7.61% year-on-year - The net cash flow from operating activities reached 1.178 billion yuan, growing by 5.61% year-on-year - In Q3 2025, revenue was 854 million yuan, a 1.74% increase year-on-year, while net profit was 170 million yuan, up 13.36% year-on-year [1]. Business Expansion and Diversification - Wangneng Environment has expanded its service areas to include kitchen waste treatment, sludge treatment, water treatment, and rubber recycling, in addition to its core waste incineration business - Revenue from waste disposal, kitchen waste treatment, recycling business, and BOT project construction for the first three quarters of 2025 were 1.898 billion yuan, 328 million yuan, 229 million yuan, and 100 million yuan, respectively, with year-on-year growth rates of 3.63%, 7.65%, 0.55%, and 53.38% [1][2]. Industry Recognition and Competitive Advantage - The company has been recognized as one of the "Top Ten Influential Enterprises in China's Solid Waste Industry" and has established a high-standard certification system that creates a competitive moat - Wangneng Environment has achieved the highest level of certification for waste incineration plant operation, with only about 10% of incineration enterprises nationwide passing this certification [2]. Technological Innovation - The company is integrating advanced technologies such as artificial intelligence and big data into its waste-to-energy processes, enhancing operational efficiency and reducing secondary pollution - The implementation of a "smart factory" system at the Huzhou South Taihu project has significantly improved operational efficiency [3]. Policy Support and Market Opportunities - The National Development and Reform Commission and the Energy Administration issued a notice in May 2025 allowing waste incineration power plants to supply green electricity directly to high-energy-consuming users, providing significant business expansion opportunities for the company - Wangneng Environment is transitioning from a traditional "ToG" (government) power supply model to a "ToB" (business) direct supply model, enhancing cash flow efficiency and profitability [4]. Resource Utilization and Sustainability - The company is actively pursuing resource recovery from waste incineration by expanding into projects for the recycling of slag, fly ash, and plastics, thereby increasing collaborative revenue and enhancing overall profitability - As of the first half of 2025, Wangneng Environment has successfully launched five slag resource recovery projects with a total processing capacity of 3,100 tons per day [5][6]. Future Growth Potential - With the ongoing transformation of the industry and the implementation of the "dual carbon" strategy, Wangneng Environment is well-positioned to capture industry growth opportunities and expand its market share, aiming for sustainable high-quality growth [7].

Core Viewpoint - The company has disclosed its third-quarter financial report and operational data, emphasizing the accuracy and completeness of the information provided, while also detailing significant operational agreements and governance changes [1][2][11]. Financial Data - The third-quarter financial report has not been audited [3][10]. - The company reported a total revenue from power generation of 79,750.24 million kWh for Q3, with an average on-grid electricity price of 0.53 yuan/kWh [23]. - For the first nine months of 2025, the total power generation reached 231,630.85 million kWh, maintaining the same average on-grid electricity price [23]. Operational Highlights - The company signed a concession agreement for kitchen waste disposal in Luoyang, increasing processing capacity by 200 tons/day, with a total investment of approximately 37.94 million yuan [5]. - A supplementary agreement was signed with the Dazhu County government for kitchen waste processing, with a project scale of 100 tons/day and a service fee of 240 yuan/ton [6]. - The company is undergoing bankruptcy reorganization for its subsidiary, Zhejiang Lixin New Materials Technology Co., Ltd. [7]. Shareholder Information - The major shareholder, Meixin Da Group Co., Ltd., completed a share buyback of 5,724,356 shares, accounting for 1.32% of the total share capital, with a total transaction amount of approximately 100 million yuan [8]. - The company has repurchased a total of 9,463,900 shares, representing 2.18% of the total share capital, with a total transaction amount of approximately 151.63 million yuan [9]. Governance Changes - The company has decided to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors [21]. - Several internal management systems were approved to enhance corporate governance, including the General Manager's Work Guidelines and the Information Disclosure Management System [15][17]. Key Agreements - The company has entered into various agreements to enhance its operational capabilities in waste management and energy production, reflecting its strategic focus on sustainability and efficiency [5][6][7].

Core Viewpoint - Wangneng Environment (002034.SZ) reported a revenue of 2.555 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.18% [1] - The net profit attributable to shareholders of the listed company reached 551 million yuan, marking a year-on-year increase of 7.61% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 546 million yuan, showing a year-on-year growth of 4.43% [1] Financial Performance - Revenue for the first three quarters: 2.555 billion yuan, up 5.18% year-on-year [1] - Net profit attributable to shareholders: 551 million yuan, up 7.61% year-on-year [1] - Net profit after deducting non-recurring gains and losses: 546 million yuan, up 4.43% year-on-year [1]

| 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-89 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 第九届董事会第十四次会议决议公告 2、逐项审议通过《关于制定公司部分管理制度的议案》 2.1 审议通过《总经理工作细则》 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 旺能环境股份有限公司（以下简称"公司"）第九届董事会第十四次会议通知于 2025 年 10 月 23 日以电子邮件及微信的方式向全体董事发出，会议于 2025 年 10 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，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《公司2025年第三季度报告》 表决结果：同意票：9 票，反对票：0 票，弃权票：0 票。 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥853,682,755.32, representing a 1.74% increase year-over-year, while the total revenue for the first nine months reached ¥2,555,046,795.18, up 5.18% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥169,626,842.60, a 13.36% increase year-over-year, with a year-to-date net profit of ¥551,283,796.06, reflecting a 7.61% growth[4] - The basic earnings per share for Q3 2025 was ¥0.39, an increase of 8.33% compared to the same quarter last year, while the diluted earnings per share rose by 9.09% to ¥0.36[4] - Total operating revenue for the current period reached ¥2,555,046,795.18, an increase of 5.2% compared to ¥2,429,125,509.05 in the previous period[24] - Net profit for the current period was ¥557,250,626.18, representing a growth of 11.8% from ¥498,312,118.68 in the previous period[24] - Basic earnings per share increased to ¥1.29 from ¥1.19, indicating a rise of 8.4%[26] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥14,257,422,027.62, a decrease of 1.54% from the end of the previous year[4] - Total assets decreased to ¥14,257,422,027.62 from ¥14,480,477,986.91, a decline of 1.5%[22] - Total liabilities decreased to ¥7,047,621,956.92 from ¥7,713,848,483.97, a reduction of 8.6%[22] - Non-current assets totaled ¥11,692,189,625.18, down from ¥12,042,287,743.94, a decrease of 2.9%[22] - Long-term borrowings decreased to ¥3,033,222,029.13 from ¥3,542,336,385.21, a decline of 14.4%[22] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥1,177,966,341.16, showing a 5.61% increase[4] - Operating cash flow for the current period was CNY 1,177,966,341.16, an increase of 5.4% compared to CNY 1,115,444,933.98 in the previous period[27] - Total cash inflow from operating activities reached CNY 2,682,270,946.72, up from CNY 2,491,191,823.19, reflecting a growth of 7.7%[27] - Cash outflow from investing activities was CNY 381,159,046.01, a decrease of 38.5% compared to CNY 619,026,156.86 in the previous period[28] - Net cash flow from investing activities was -CNY 376,612,503.01, improving from -CNY 548,933,013.55 year-over-year[28] - Cash inflow from financing activities totaled CNY 731,911,428.54, an increase of 16.1% from CNY 630,514,258.10[28] - Net cash flow from financing activities was -CNY 765,499,106.78, worsening from -CNY 316,938,203.67 in the previous period[28] - The ending cash and cash equivalents balance was CNY 671,973,779.29, compared to CNY 632,151,874.44 at the end of the previous period, reflecting an increase of 6.3%[28] Investments and Projects - The company reported a significant increase in construction in progress, which rose by 68.77% to ¥329,051,305.94, primarily due to ongoing investments in projects[8] - The company signed a concession agreement for a kitchen waste treatment project in Luoyang, increasing processing capacity by 200 tons per day, with a total investment of approximately RMB 37.94 million[14] - The company has established a project company in Quxian for kitchen waste treatment services, with a processing capacity of 100 tons per day and a service fee of RMB 240 per ton[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,733, with the largest shareholder holding 34.24% of the shares[12] - The company completed a share buyback of 9,463,900 shares, accounting for 2.18% of the total share capital, with a total transaction amount of RMB 151,629,481[17] - The major shareholder, Meixinda Group, completed a share increase of 5,724,356 shares, representing 1.32% of the total share capital, with a total investment of RMB 100,001,927.42[16] Other Financial Activities - The company received government subsidies amounting to ¥2,314,677.39 in Q3 2025, contributing to its non-operating income[5] - The company reported an investment loss of ¥538,609.43 compared to a gain of ¥10,756,864.31 in the previous period[24] - The company received CNY 1,695,695.87 in cash from investment income, up from CNY 828,483.31 in the previous period[27] - Cash received from other investment activities was CNY 2,633,297.13, down from CNY 10,858,800.00 in the previous period[28] Corporate Governance - The company has revised its articles of association, eliminating the supervisory board and transferring its responsibilities to the audit committee of the board of directors[18] - The company is applying for bankruptcy reorganization of its subsidiary, Zhejiang Lixin New Materials Technology Co., Ltd., as part of its debt management strategy[15] Audit Information - The company did not conduct an audit for the third quarter financial report[29]

为进一步完善公司治理结构，规范公司运作，根据《中华人民共和国公司法》 （2023 年修订）、《上市公司章程指引》（2025 年修订）、《深圳证券交易所股 票上市规则》（2025 年修订）、《深圳证券交易所上市公司自律监管指引第 1 号 ——主板上市公司规范运作》（2025 年修订）等相关法律法规和规范性文件的规 定，公司本次新制定部分管理制度，具体情况如下： | 序号 | 制度名称 | 审议机构 | 备注 | | --- | --- | --- | --- | | 1 | 《总经理工作细则》 | 董事会 | 制定 | | 2 | 《董事会秘书工作细则》 | 董事会 | 制定 | | 3 | 《信息披露暂缓与豁免业务内部管理制度》 | 董事会 | 制定 | | 4 | 《互动易平台信息发布及回复内部审核制度》 | 董事会 | 制定 | | 5 | 《舆情管理制度》 | 董事会 | 制定 | | 证券代码：002034 | 证券简称：旺能环境 | 公告编号：2025-91 | | --- | --- | --- | | 债券代码：128141 | 债券简称：旺能转债 | | 旺能环境股份有限公司 关于制定公司部分 ...

旺能环境股份有限公司 董事会秘书工作细则 旺能环境股份有限公司 董事会秘书工作细则 （2025年10月制定） 第一章 总则 第一条 为规范公司行为，明确董事会秘书的职责权限，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所股票上市规则》 等法律、行政法规、规范性文件以及《旺能环境股份有限公司章程》（以下简称"《公 司章程》"）的规定，特制定本细则。 第二条 公司设董事会秘书一名，作为公司与深圳证券交易所之间的指定联络人。 董事会秘书为公司的高级管理人员，对董事会负责。 第三条 法律、法规及《公司章程》对公司高级管理人员的有关规定，适用于董事 会秘书。证券部为公司的信息披露部门，由董事会秘书负责管理。 （五）最近三十六个月受到证券交易所公开谴责或三次以上通报批评的； - 1 - 旺能环境股份有限公司 董事会秘书工作细则 第四条 公司董事会秘书和证券事务代表均应遵守本细则的规定。 第二章 任职资格 第五条 董事会秘书应当具备履行职责所必需的财务、管理、法律专业知识，具有 良好的职业道德和个人品 ...

旺能环境股份有限公司 舆情管理制度 旺能环境股份有限公司 舆情管理制度 （2025 年 10 月制定） 第一章 总则 第一条 为进一步提高旺能环境股份有限公司（以下简称"公司"）的舆情管理能力， 建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司正常生产经营活动、商 业信誉、投资价值等造成的影响，切实保护公司和投资者合法权益，根据《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等相关法律法规和规范性文件，以及《旺能环境股份有限公司章程》（以下 简称"《公司章程》"）的规定，结合公司实际情况，制定本制度。 第二条 本制度所称舆情，包括但不限于： （一）报刊、电视、网络等媒体及自媒体（以下合称"媒体"）对公司进行的负面 报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资取向，造成公司股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品价格产生较大影响的事 件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动，使公 司已 ...