旺能环境股份有限公司 内幕信息知情人登记管理制度 旺能环境股份有限公司 内幕信息知情人登记管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范旺能环境股份有限公司（以下简称"公司"）内幕信息管理，完善 内、外部信息知情人管理事务，加强内幕信息保密工作，避免内幕交易，维护信息披露 的公平原则，保护广大投资者的合法权益，根据《中华人民共和国公司法》《中华人民 共和国证券法》《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》《上市公司信息披露管理办法》《上市公司监 管指引第5号——上市公司内幕信息知情人登记管理制度》等法律、法规和《公司章程》 的有关规定，并结合公司实际情况，制定本制度。 第二条 公司董事会是内幕信息的管理机构，董事长为主要责任人，董事会秘书负 责办理公司内幕信息知情人的登记入档事宜。证券部协助董事会秘书做好各方内幕信息 知情人档案的汇总。 第三条 公司证券部是公司的信息披露机构，未经董事会批准同意，公司任何部门 和个人不得向外界泄露、报道、传送有关涉及公司内幕信息及信息披露的内容。 第四条 本制度规定的内幕信息知情人应做好内幕信息的 ...

Group 1 - The company reported a revenue of 1.701 billion yuan for the first half of 2025, representing a year-on-year growth of 7.00% [1] - The net profit for the same period was 382 million yuan, showing a year-on-year increase of 5.24% [1] - The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares based on a total of 425 million shares [1]

旺能环境股份有限公司 2025 年半年度报告全文 旺能环境股份有限公司 2025 年半年度报告 0 旺能环境股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人单超、主管会计工作负责人姜晓明及会计机构负责人(会计主 管人员)姜晓明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的发展战略及计划等前瞻性陈述，不构成公司对投资者 的实质性的承诺，投资者及相关人士均应当对此保持足够的风险认识，并且 应当理解计划、预测与承诺之间的差异。敬请投资者注意投资风险。 公司在本报告期第三节"管理层讨论与分析"中"十、公司面临的风险 和应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬 请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 424,618,137 股为基 数，向全体股东每 10 股派发现金红利 2 元（含税），送红股 0 股（含税） ...

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is a leading player in the solid waste treatment industry, focusing on expanding its operations both domestically and internationally, while also exploring synergies with data centers [4][9] - The company has a strong operational foundation with a significant increase in revenue and net profit in Q1 2025, indicating a positive trend despite previous years of decline [4][16] - The company is actively pursuing innovative business models, including collaborations with data centers and international project expansions, which are expected to drive future growth [4][7] Summary by Sections Company Overview - The company, Wangen Environment, has been deeply involved in the solid waste industry for nearly two decades, with a focus on garbage incineration and kitchen waste treatment [4][9] - As of Q1 2025, the company has an operational garbage incineration capacity of 21,820 tons/day and kitchen waste capacity of 2,810 tons/day, primarily concentrated in Zhejiang Province [4][34] Financial Performance - The company experienced a revenue decline in 2023-2024 due to reduced BOT project construction income and losses in the recycling segment, but it achieved a revenue growth of 11.1% and a net profit growth of 10.62% in Q1 2025 [4][16] - The operational business (garbage incineration and kitchen waste treatment) contributed over 80% of total revenue and 104% of gross profit, highlighting its stable operational attributes [4][20] Profitability and Margins - The company's garbage incineration business has a gross margin of 48% in 2024, which is above the industry average of 43.4%, attributed to high capacity utilization and operational efficiency [4][40] - The company maintains a capacity utilization rate of around 120%, which is among the highest in the industry, supporting its profitability [4][40] Strategic Initiatives - The company is exploring a new model that combines garbage incineration with data centers, having completed the approval for the "Zero Carbon Intelligent Computing Center" in Huzhou [4][7] - The company has signed a contract with the Vietnamese government to build a 600 tons/day waste treatment project, marking a significant step in its international expansion strategy [4][7] Future Projections - Revenue projections for 2025-2027 are estimated at 3.239 billion, 3.406 billion, and 3.631 billion yuan, with corresponding net profits of 694 million, 760 million, and 809 million yuan [4][6]

Group 1 - The controlling shareholder, Meixin Da Group, plans to increase its stake in Wangneng Environment starting from March 13, 2025, for a period of six months through centralized bidding on the Shenzhen Stock Exchange [1] - As of August 15, 2025, Meixin Da Group has cumulatively increased its holdings by 5,724,356 shares, representing 1.32% of the total share capital, with a total transaction amount of 100.019 million yuan [1] - Following this increase, Meixin Da Group's shareholding will rise from 142,866,210 shares to 148,590,566 shares, increasing its ownership percentage from 33.52% to 34.24% of the total share capital [1]

Core Viewpoint - The controlling shareholder, Meixin Da Group, has completed its shareholding increase plan for Wangneng Environment Co., Ltd., demonstrating confidence in the company's long-term investment value and aiming to boost investor confidence [2][5]. Group 1: Shareholding Increase Plan - Meixin Da Group initiated a shareholding increase plan on March 13, 2025, with a total investment amount between RMB 100 million and RMB 200 million, without a set price range [2]. - As of August 15, 2025, Meixin Da Group had cumulatively increased its shareholding by 5,724,356 shares, representing 1.32% of the company's total share capital, with a total transaction amount of RMB 100,001,927.42 [5]. - The increase in shareholding was executed through the Shenzhen Stock Exchange's centralized bidding system [2][5]. Group 2: Progress of Shareholding Increase - By April 8, 2025, Meixin Da Group had acquired 989,056 shares, accounting for 0.23% of the total share capital, with a transaction amount of RMB 18,334,507 [3]. - By April 30, 2025, the total shares acquired increased to 1,995,556, representing 0.46% of the total share capital, with a transaction amount of RMB 35,296,754 [3]. - By June 30, 2025, the total shares acquired reached 3,306,756, accounting for 0.76% of the total share capital, with a transaction amount of RMB 58,206,143 [4]. Group 3: Compliance and Future Commitments - The shareholding increase plan complies with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [7]. - Meixin Da Group and its concerted actors have committed not to reduce their shareholding within six months following the completion of the increase plan [7].

格隆汇8月19日丨旺能环境(002034.SZ)公布，公司收到美欣达集团出具的《关于增持计划实施完成的告 知函》，截至2025年8月15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5,724,356股，占公司目前总股本的1.32%，成交总金额为人民币100,001,927.42元（不含交易费 用等），本次增持计划实施完成。 ...

Core Viewpoint - The controlling shareholder, Meixin Da Group, has completed its share buyback plan, demonstrating confidence in the company's long-term value and aiming to boost investor confidence [1][2][3] Group 1: Buyback Plan Details - Meixin Da Group initiated a share buyback plan on March 13, 2025, with a total investment between RMB 100 million and RMB 200 million, without a set price range [1] - As of April 8, 2025, Meixin Da Group had acquired 989,056 shares, representing 0.23% of the total share capital, for a total amount of RMB 18,334,507 [1] - By April 30, 2025, the total shares acquired increased to 1,995,556, accounting for 0.46% of the total share capital, with a total investment of RMB 35,296,754 [2] Group 2: Progress of Share Acquisitions - As of May 31, 2025, the total shares acquired reached 2,817,756, which is 0.65% of the total share capital, with an investment of RMB 49,057,132 [2] - By June 30, 2025, the total shares acquired increased to 3,306,756, representing 0.76% of the total share capital, with a total investment of RMB 58,206,143 [2] - As of July 31, 2025, the total shares acquired were 4,953,356, accounting for 1.14% of the total share capital, with an investment of RMB 86,664,402 [3] Group 3: Final Acquisition Status - By August 15, 2025, Meixin Da Group had acquired a total of 5,724,356 shares, which is 1.32% of the current total share capital, with a total investment amounting to RMB 100,000,000 [3] - The shareholding structure before and after the buyback indicates that Meixin Da Group's total shares increased from 227,489,536 (53.37%) to 233,213,892 (53.74%) [3][4] - The company assures that the buyback will not lead to a change in control and commits to not reducing its shareholding for six months post-completion of the buyback plan [4]

Core Viewpoint - The legal opinion from Grandall Law Firm confirms that the controlling shareholder of Wangneng Environment Co., Ltd., Meixin Da Group, has the qualifications to increase its shareholding in the company and has complied with relevant laws and regulations during the process [2][5][11]. Group 1: Shareholder Increase Details - Meixin Da Group plans to increase its shareholding by no less than RMB 100 million and no more than RMB 200 million within six months starting from March 13, 2025 [5][7]. - From March 13, 2025, to August 15, 2025, Meixin Da Group acquired a total of 5,724,356 shares, representing 1.32% of the company's total share capital, with a total transaction amount of RMB 100,001,927.42 [5][11]. - After the completion of the share increase, Meixin Da Group directly holds 148,590,566 shares, accounting for 34.24% of the total share capital [6][11]. Group 2: Compliance and Commitments - Meixin Da Group has committed to comply with relevant regulations regarding stock trading and has promised not to engage in insider trading or short-term trading during the share increase period [7][11]. - The legal opinion confirms that Meixin Da Group does not fall under any prohibitive conditions outlined in the Acquisition Management Measures, thus qualifying for the share increase [5][11]. Group 3: Information Disclosure - The company has fulfilled its information disclosure obligations regarding the share increase, including announcements of the planned increase and progress updates [8][9][11]. - The legal opinion verifies that all necessary disclosures have been made in accordance with the requirements of the Securities Law and the Acquisition Management Measures [11].