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].

证券代码：002266 证券简称：浙富控股 公告编号：2025-037 浙富控股集团股份有限公司 关于全资子公司申能环保对申联环保集团 提供担保的公告 （一）被担保人基本情况 | 名称 | 浙江申联环保集团有限公司 | | | | --- | --- | --- | --- | | 统一社会信用代码 | 91330183MA27WGXR6F | | | | 法定代表人 | 董庆 | | | | 公司类型 | 有限责任公司（自然人投资或控股的法人独资） | | | | 注册资本 | 80,853.3333 万元人民币 | | | | 成立时间 | 2015 年 16 日 | 12 | 月 | | 登记机关 | 杭州市富阳区市场监督管理局 | | | | 住所 | 浙江省杭州市富阳区富春街道江滨西大道 57 号 905 室 | | | - 1 - 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。 | | 一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术 | | --- | --- | | | 推广；资源再生利用技术研发；常用有色金属冶炼；贵金属冶炼； ...

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [9]. Core Views - The company's revenue showed steady growth, with a total revenue of 20.91 billion yuan in 2024, representing a year-on-year increase of 10.35%. However, the net profit attributable to the parent company decreased by 5.28% to 971 million yuan, and the net profit after deducting non-recurring gains and losses also fell by 7.09% to 751 million yuan [2][6]. - In Q1 2025, the company achieved a revenue of 4.94 billion yuan, a year-on-year increase of 10.86%, but the net profit attributable to the parent company decreased by 12.88% to 271 million yuan. The net profit after deducting non-recurring gains and losses, however, increased by 46.2% to 116 million yuan, indicating significant volatility in performance due to non-recurring items [2][6]. - The company has completed a share buyback plan, repurchasing shares worth 173 million yuan, which will be used for employee stock ownership plans or equity incentives to enhance employee motivation [6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 20.91 billion yuan, with a net profit of 971 million yuan, down 5.28% year-on-year. The net profit after deducting non-recurring items was 751 million yuan, down 7.09% [2][6]. - The fourth quarter of 2024 saw a revenue of 5.65 billion yuan, a year-on-year increase of 20.63%, with a net profit of 196 million yuan, up 401.23% [6]. - For Q1 2025, the company reported a revenue of 4.94 billion yuan, a 10.86% increase year-on-year, while the net profit decreased by 12.88% to 271 million yuan [6]. Business Segments - The hazardous waste resource recovery business generated 19.79 billion yuan in revenue, a year-on-year increase of 9.92%, accounting for 94.62% of total revenue. The clean energy equipment revenue increased by 20.35% to 1.055 billion yuan [6]. - The gross profit margin for 2024 was 12.04%, a decrease of 0.98 percentage points, primarily due to a decline in the gross margin of hazardous waste disposal and resource recovery products [6]. Cash Flow and Financial Health - The company maintained a high cash collection ratio of 106.11%, with a net cash flow from operating activities of 1.54 billion yuan, a year-on-year increase of 20.35%. The free cash flow was 714 million yuan [6]. - The asset-liability ratio stood at 53.42%, an increase of 3.61 percentage points year-on-year [6]. Future Outlook - The company is expected to focus on hazardous waste disposal and resource recovery, with projected net profits for 2025, 2026, and 2027 estimated at 1.06 billion yuan, 1.13 billion yuan, and 1.18 billion yuan, respectively, corresponding to PE ratios of 15.2x, 14.3x, and 13.7x [6].

Core Viewpoint - The company reported revenue growth in 2024, with a total revenue of 20.91 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 5% to 0.97 billion yuan [2][4] Financial Performance - In 2024, the company achieved an operating revenue of 20.91 billion yuan, a 10% increase year-on-year, and a net profit of 0.97 billion yuan, down 5% year-on-year [2] - For Q1 2025, the company reported an operating revenue of 4.94 billion yuan, an 11% year-on-year increase, with a net profit of 0.27 billion yuan, down 13% year-on-year [2] Business Segments - The clean energy equipment segment generated revenue of 1.06 billion yuan, a 20% increase year-on-year, with a gross margin improvement of 0.39 percentage points to 40.12% [2] - The hazardous waste disposal and resource recovery segment achieved revenue of 19.79 billion yuan, a 10% increase year-on-year, but with a gross margin decline of 1.13 percentage points to 10.37% [2] Cash Flow - The company's operating cash flow improved significantly, reaching 1.54 billion yuan, a 20% increase year-on-year [2] Hazardous Waste Resource Recovery - The company, through its subsidiary, engages in hazardous waste treatment and resource recovery, utilizing advanced third-generation disposal technology, which allows for the recovery of various metals [3] - In the reporting period, the subsidiary generated revenue of 19.80 billion yuan and a net profit of 0.89 billion yuan, with significant production and sales of metals such as copper, gold, silver, and nickel [3] Clean Energy Equipment Orders - The company experienced a continuous increase in new orders for clean energy equipment, with total new orders in the hydropower sector amounting to 2.1 billion yuan [4] - Notable contracts include a 265 million yuan project for hydropower generator sets and a 595 million yuan project for a pumped storage power station [4] - The company is a key manufacturer of nuclear reactor control rod drive mechanisms and has secured new orders worth 420 million yuan in the nuclear power sector [4] Profit Forecast - The company is projected to achieve revenues of 23.03 billion yuan, 25.36 billion yuan, and 27.92 billion yuan for 2025-2027, with year-on-year growth rates of approximately 10% [4] - Net profits are expected to be 1.12 billion yuan, 1.28 billion yuan, and 1.45 billion yuan for the same period, with growth rates of 15.7%, 14.01%, and 12.85% respectively [4]

内部控制审计报告 天健审〔2025〕7991 号 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，浙富控股公司于 2024 年 12 月 31 日按照《企业内部控制基本规 第 1 页 共 2 页 浙富控股集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙富控股集团股份有限公司（以下简称浙富控股公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是浙富 控股公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—4 页 非经营性资金占用及其他关联资金往来情况的 为了更好地理解浙富控股公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 浙富控股公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业 务办理（2024 年修订）》（深证上〔2024〕397 号）的规定编制汇总表，并保证 其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 4 页 专项审计说明 天健审〔2025〕7992 号 浙富控股集团股份有限公司全体股东： 我们接受委托，审计了浙富控股集团股份有限公司（以下简称浙富控股公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，20 ...

Core Insights - Zhejiang Fuhua Holdings (浙富控股) reported a revenue of 20.912 billion yuan for 2024, marking a year-on-year increase of 10.35%, while net profit decreased by 5.25% to 971 million yuan [1] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares (tax included) [1] - The company maintains a leading position in hazardous waste resource utilization and clean energy equipment sectors, benefiting from technological advancements and favorable policies [1] Revenue Breakdown - Clean energy equipment business generated 1.055 billion yuan in revenue, up 20.35% year-on-year [1] - Hazardous waste disposal and resource utilization products achieved 19.788 billion yuan in revenue, an increase of 9.92% year-on-year [1] R&D Investment - Zhejiang Fuhua Holdings invested 940 million yuan in R&D, reflecting a growth of 17.49% [1] - The company holds a total of 355 patents in its business areas, including 276 utility model patents and 79 invention patents [1] Subsidiary Performance - Shunlian Environmental Protection Group, a wholly-owned subsidiary, reported a revenue of 19.798 billion yuan and a net profit of 894 million yuan [2] - The subsidiary efficiently recovered 181,500 tons of copper, 482,970 grams of gold, and 10,770 kilograms of silver during the reporting period [2] Equipment Business - Zhejiang Fuhua Holdings' subsidiary, Zhejiang Fuhua Hydropower, secured new hydropower orders totaling 2.1 billion yuan [2] - The nuclear power equipment business, through Huadu Company, signed new orders worth 420 million yuan [2] - The company made significant progress in developing the 600MW fourth-generation commercial fast reactor liquid metal nuclear pump, with successful trial operation of the prototype [2][3]