Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The hazardous waste disposal and utilization industry is experiencing structural overcapacity, with average load rates below 40% across various provinces, and some categories even below 15% [27][29] - In 2023, the total industrial hazardous waste generated in China reached 105.465 million tons, with a disposal utilization volume of 105.029 million tons, indicating a significant production and disposal gap [6][17] - The government is actively guiding the industry by categorizing projects into encouraged, cautious, and discouraged investment types, focusing on addressing overcapacity and promoting technological upgrades [8][35] Summary by Sections Hazardous Waste Supply and Demand - In 2023, the top five provinces for hazardous waste generation were Shandong, Jiangsu, Inner Mongolia, Hebei, and Guangdong, accounting for 37% of the national total [6][17] - As of May 2023, the total issued hazardous waste qualifications reached 200 million tons/year, with a year-on-year growth of 9.5% [6][17] - The resource utilization capacity is 131 million tons/year, making up 65.2% of the total qualifications [6][17] Structural Overcapacity in Hazardous Waste Disposal - The average load rate for hazardous waste disposal facilities is generally below 40%, with some provinces like Jiangxi showing a load rate of only 31% [27][29] - Shandong, the largest hazardous waste-producing province, has a utilization load rate of 22.3% [27][29] - The low load rates are attributed to rapid qualification expansion, mismatched types and regions of qualifications, and the mixing of non-hazardous waste in processing [28][29] Policy Guidance - The government encourages investment in areas with capacity gaps, such as the disposal of medical waste and certain hazardous materials, while being cautious about overcapacity in incineration and landfill projects [8][35] - Specific projects are categorized for investment encouragement, caution, or discouragement based on their potential for overcapacity and technological innovation [35][36] Investment Recommendations - Focus on leading companies in metal resource recovery, as they possess strong business development capabilities and are strategically located near raw material sources [9][38] - Companies like Zhejiang Fu Holdings and High Energy Environment are highlighted for their potential growth in the hazardous waste resource recovery sector [9][38]

Overview - Zhejiang Fuhua Holdings Group Co., Ltd. announced that its wholly-owned subsidiary, Zhejiang Shenlian Environmental Group Co., Ltd., has provided a guarantee for Jiangxi Zili Environmental Technology Co., Ltd. for a maximum amount of RMB 300 million (30,000 million) to meet operational needs [1][4]. Guarantee Details - The guarantee is structured as a joint liability guarantee for a loan application to CITIC Bank, with a guarantee period of three years from the debt fulfillment date [1][4]. - The guarantee has been approved by the shareholders of Shenlian Environmental Group and does not require further approval from the board of directors or shareholders' meeting [1][4]. Financial Information of Jiangxi Zili - Jiangxi Zili's total assets are reported at RMB 1,402,162.14 million (unaudited) and RMB 1,161,715.16 million (audited) [3]. - Total liabilities stand at RMB 723,156.18 million (unaudited) and RMB 485,201.00 million (audited) [3]. - Owner's equity totals RMB 679,005.96 million (unaudited) and RMB 676,514.16 million (audited) [3]. - The company reported operating income of RMB 335,446.53 million (unaudited) and RMB 1,421,293.03 million (audited) [4]. - Net profit is recorded at RMB 27,491.80 million (unaudited) and RMB 66,610.89 million (audited) [4]. Risk Management and Compliance - The financial risks associated with the guarantee are considered manageable by Shenlian Environmental Group, ensuring that the guarantee will not affect its normal operations [4]. - As of the announcement date, the total approved guarantee amount for subsidiaries is RMB 570,043.51 million, with no overdue guarantees or litigation-related guarantees reported [4][5].

证券代码：002266 证券简称：浙富控股 公告编号：2025-040 浙富控股集团股份有限公司 关于全资子公司申联环保集团对 二、被担保人基本情况 （一）被担保人基本情况 | 名称 | 江西自立环保科技有限公司 | | --- | --- | | 统一社会信用代码 | 91361000787294953H | | 法定代表人 | 叶建中 | | 公司类型 | 有限责任公司（非自然人投资或控股的法人独资） | | 注册资本 | 50000.000000 万人民币 | | 成立时间 | 2006 年 05 月 30 日 | | 登记机关 | 抚州市市场监督管理局 | | 住所 | 江西省抚州市临川区临川经济开发区抚北工业园自立路 1 号 | 为满足子公司生产经营需求，浙富控股集团股份有限公司（以下简称"公司"）全 资子公司浙江申联环保集团有限公司（以下简称"申联环保集团"）与中信银行股份有 限公司杭州富阳支行签署了《最高额保证合同》，对公司合并报表范围内的全资子公司 江西自立环保科技有限公司（以下简称"江西自立"）向该行申请的最高余额为 30,000 万元（大写：人民币叁亿元整）的债权提供连带责任保证，保证期间 ...

证券代码：002266 证券简称：浙富控股 公告编号：2025-042 浙富控股集团股份有限公司 关于母公司对全资子公司兰溪自立提供担保的公告 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： 本次被担保对象兰溪自立系公司全资子公司，最近一期资产负债率为70%以上， 公司合并报表范围内的子公司对其提供担保之事项已分别经公司第六届董事会第十八 次会议和2024年度股东大会审议通过。 截至本公告披露日，公司及控股子公司不存在对合并报表外单位提供担保的情形、 不存在逾期对外担保的情形、不存在涉及诉讼的对外担保的情形、亦不存在因担保被 判决败诉而应承担损失的情形。敬请投资者充分关注投资风险。 一、担保情况概述 为满足子公司生产经营需求，浙富控股集团股份有限公司（以下简称"公司"）近 日与中国进出口银行浙江省分行签署了《最高额保证合同》，对全资子公司兰溪自立环 保科技有限公司（以下简称"兰溪自立"）向该行申请的最高余额为 10,000 万元（大写： 人民币壹亿元整）的债权提供连带责任保证，保证期间为债务履行期限届满之日起三年。 案。 兰溪自立最近一期资产负债率 ...

证券代码：002266 证券简称：浙富控股 公告编号：2025-041 浙富控股集团股份有限公司 关于全资子公司江西自立对兰溪自立 提供担保的公告 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： 本次被担保对象兰溪自立系公司全资子公司，最近一期资产负债率为70%以上， 公司合并报表范围内的子公司对其提供担保之事项已分别经公司第六届董事会第十八 次会议和2024年度股东大会审议通过。 截至本公告披露日，公司及控股子公司不存在对合并报表外单位提供担保的情形、 不存在逾期对外担保的情形、不存在涉及诉讼的对外担保的情形、亦不存在因担保被 判决败诉而应承担损失的情形。敬请投资者充分关注投资风险。 一、担保情况概述 为满足子公司生产经营需求，浙富控股集团股份有限公司（以下简称"公司"）全 资子公司江西自立环保科技有限公司（以下简称"江西自立"）与中信银行股份有限公 司杭州富阳支行签署了《最高额保证合同》，对公司合并报表范围内的全资子公司兰溪 自立环保科技有限公司（以下简称"兰溪自立"）向该行申请的最高余额为 20,000 万元 （大写：人民币贰亿元整）的债权提 ...

证券代码：002266 证券简称：浙富控股 公告编号：2025-039 浙富控股集团股份有限公司 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、本次股东大会召开期间无增加、变更或否决提案的情况。 2、本次股东大会不存在涉及变更以往股东大会已通过决议的情况。 3、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开日期和时间 1、现场会议召开时间：2025 年 5 月 19 日（星期一）下午 14 时 30 分； 2、网络投票的具体时间为：2025 年 5 月 19 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 5 月 19 日 9:15—9:25，9:30—11:30 和 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 5 月 19 日上 午 9:15 至下午 15:00 期间任意时间。 3、现场会议地点：浙江省杭州市余杭区绿汀路 21 号浙富控股大厦 3 楼会议室 4、会议召开方式：本次会议采取现场投票与网络投票相结合的方式 20 ...

浙江星韵律师事务所 关于浙富控股集团股份有限公司 2024 年度股东大会的法律意见书 致：浙富控股集团股份有限公司 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》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）及《浙富控股集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，浙江星韵律师事务所（以下简称"本所"）受浙富控股集团股份有限公司 （以下简称"浙富控股"或"公司"）的委托，委派律师（以下简称"本所律师"）出 席2025年5月19日下午召开的浙富控股2024年度股东大会（以下简称"本次股东大会"）， 对会议现场进行律师见证，并出具本法律意见书。 律师声明事项： 1. 本法律意见书是本所律师根据出席本次股东大会所掌握的法律事实及浙富控股 提供的有关资料发表法律意见。 2. 浙富控股已向本所律师保证和承诺，其所提供的所有文件正本及副本均为真实、 完整，浙富控股已向本所律师披露一切足以影响本法律意见书出具的事实和文件，且无 任何隐瞒、疏漏之处。 3. 本所律师按照《股东大会规则》的要求，对浙富控股提供的本次股东大会召集和 召开 ...

证券代码：002266 证券简称：浙富控股 公告编号：2025-038 浙富控股集团股份有限公司 关于召开 2024 年度股东大会 暨投资者接待日活动的提示性公告 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。 浙富控股集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开的第六 届董事会第十八次会议审议通过了《关于召开 2024 年度股东大会的议案》，并于 2025 年 4 月 26 日在《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）上登载了《关 于召开 2024 年度股东大会暨投资者接待日活动的通知》（公告编号：2025-034）。为保 护广大投资者合法权益，保证股东行使股东大会表决权，现发布关于召开 2024 年度股 东大会暨投资者接待日活动的提示性公告。 一、投资者接待日活动基本情况 1、活动时间：2025 年 5 月 19 日上午 10:00 — 11:30 2、活动地点：浙江省杭州市余杭区绿汀路 21 号浙富控股大厦公司 302 会议室 3、公司拟参与人员：董事长孙毅先生，董事会秘书王芳东女士，财务 ...

Group 1: Financial Performance - In Q1 2025, the company's operating revenue reached 4.937 billion yuan, an increase of 10.86% compared to the same period last year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.16 billion yuan, up 46.20% year-on-year [3] Group 2: Business Expansion and Innovation - The company plans to enhance profitability through overseas expansion and improving hazardous waste disposal and metal resource recovery [2] - The introduction of intelligent welding robots aims to transform traditional welding processes, improving product quality and production efficiency [3] Group 3: Industry Position and Capabilities - Zhejiang Fu Holdings is the only company in China with a complete hazardous waste deep resource recycling industry chain [4] - The company has established a strong position in hazardous waste treatment and resource recovery, effectively converting waste into valuable resources [4] Group 4: Future Projects and Market Trends - The company is involved in significant projects like the 1400MW pumped storage power station in Zhejiang, aligning with national energy goals [4] - The national target for pumped storage capacity is set to exceed 62 million kilowatts by 2025, and the company is positioned to meet this demand [4] Group 5: Value Management Initiatives - The company has implemented a value management system to enhance investment value through improved information disclosure and investor communication [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 3.92 RMB [6][7]. Core Insights - The company reported a revenue of 20.91 billion RMB in 2024, a year-on-year increase of 10.35%, while the net profit attributable to shareholders was 971 million RMB, down 5.28% year-on-year [1][2]. - The company has a strong order intake in the clean energy equipment sector, with new orders totaling 2.55 billion RMB in 2024, indicating potential revenue growth in the future [3]. - The overall gross margin for 2024 was 12.04%, a decrease of 0.97 percentage points year-on-year, primarily due to increased competition in hazardous waste disposal [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.94 billion RMB, up 10.86% year-on-year, but the net profit was 271 million RMB, down 12.88% year-on-year, slightly below expectations due to unexpected asset impairment losses [1][3]. - The company’s clean energy equipment gross margin improved by 0.39 percentage points to 40.12% in 2024 [2]. Order Intake and Future Prospects - The company signed new orders worth 2.1 billion RMB for hydropower equipment and 420 million RMB for nuclear power equipment in 2024, contributing to the total new clean energy equipment orders of 2.55 billion RMB [3]. - The financial expenses for 2024 were 93 million RMB, a decrease of 36.54% year-on-year, indicating effective cost control [3]. Valuation and Estimates - The report adjusts the 2025-2026 nuclear power revenue estimates down by 32% and 42%, respectively, leading to a reduction in net profit estimates for the same period by 12% and 15% to 1.08 billion RMB and 1.13 billion RMB [4]. - The target price of 3.92 RMB is based on a projected PE ratio of 19x for 2025, reflecting the anticipated growth in the clean energy equipment sector [4].