Group 1 - Beijing Yuanchuang Green Energy Technology Co., Ltd. has been established with Xu Xinxia as the legal representative, focusing on artificial intelligence application software development, software development, and biomass energy technology services [1][2] - The company is wholly owned by Changqing Group (002616), indicating a strong backing from an established entity in the industry [1][2] - The registered capital of the company is 5 million yuan, and it is located in Haidian District, Beijing [2] Group 2 - The company operates in the technology promotion and application service industry, which is a growing sector in China [2] - The business scope includes a wide range of services such as energy management, environmental protection equipment sales, and carbon reduction technology research and development [2] - The company is registered with the Beijing Haidian District Market Supervision Administration, ensuring compliance with local regulations [2]

（编辑 王雪儿） 证券日报网讯 长青集团9月4日在互动平台回答投资者提问时表示，目前第三批CCER方法学尚处于征求 意见阶段。依据该方法学计算，预计单个装机规模为30MW的农林生物质热电联产项目每年有可能获得 12万吨以上的自愿碳减排量。碳市场的交易价格信息也可于公开市场获得。 ...

证券日报网讯长青集团9月4日在互动平台回答投资者提问时表示，公司2023年度向全体股东每10股派发 现金红利1.00元，共计派发现金股利74195845.80元；公司近期发布了2025年半年度利润分配方案，拟向 全体股东每10股派发现金红利1.5元。该方案将在股东大会审议通过后按期实施。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][20]. Core Views - The construction of the national carbon market is progressing, promoting urban green and low-carbon transformation [1][13]. - The "14th Five-Year Plan" is concluding, while the "15th Five-Year Plan" is in the drafting stage, focusing on energy and electricity policy directions [2][15]. - The report emphasizes the importance of energy security, technological innovation, and green low-carbon development in future policies [16][19]. Summary by Sections Market Review - In August, the CSI 300 index rose by 10.33%, while the public utilities index increased by 2.53% and the environmental index by 5.28% [1][21]. - The environmental sector saw a 5.28% increase, with sub-sectors like thermal power up by 4.69% and new energy generation up by 2.26% [1][22]. Important Events - The Central Committee and State Council issued opinions on advancing green low-carbon transformation and strengthening the national carbon market, aiming for comprehensive coverage of major industrial emissions by 2027 [13][14]. - Policies to promote high-quality urban development include energy conservation and carbon reduction in production sectors [14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [3][20]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [3][20]. - In the environmental sector, companies like China Everbright Environment and Zhongshan Public Utilities are recommended due to improving cash flows [3][20]. Key Company Earnings Forecasts and Investment Ratings - Huadian International: Outperform, EPS 0.49 in 2024, PE 10.8 [7]. - Longyuan Power: Outperform, EPS 0.76 in 2024, PE 22.0 [7]. - China Nuclear Power: Outperform, EPS 0.43 in 2024, PE 20.9 [7]. - China Everbright Environment: Outperform, EPS 0.55 in 2024, PE 8.0 [7]. Industry Dynamics - The report notes that the renewable energy sector is expected to grow, with cumulative installed capacity reaching 1.41 billion kilowatts by the end of 2024, a 33.9% year-on-year increase [18]. - The transition to a market-oriented mechanism for renewable energy is highlighted, indicating a shift from guaranteed purchase to market trading [19].

Group 1 - The core viewpoint of the news is that Changqing Group's stock has shown a year-to-date increase of 33.47%, despite a recent decline of 2.30% over the last five trading days [1] - As of September 4, the stock price reached 6.38 CNY per share, with a total market capitalization of 4.734 billion CNY [1] - The company has experienced net outflows of main funds amounting to 1.1122 million CNY, with significant buying and selling activities recorded [1] Group 2 - Changqing Group operates in the public utility sector, specifically in electricity and other energy generation, with its main business segments being biomass cogeneration, waste-to-energy, and centralized coal heating [2] - For the first half of 2025, the company reported operating revenue of 1.873 billion CNY, a year-on-year decrease of 1.74%, while net profit attributable to shareholders increased by 46.23% to 121 million CNY [2] - The company has a total of 24,800 shareholders as of June 30, with an average of 18,968 circulating shares per shareholder [2] Group 3 - Since its A-share listing, Changqing Group has distributed a total of 828 million CNY in dividends, with 74.1958 million CNY distributed over the past three years [3]

收入小幅下滑，利润大幅增长。2025H1 公司营业收入18.73 亿元，同比下降1.74%，主要系燃煤价格下 行、煤气价联动机制影响所致。电力业务收入同比增长8.41%，达到10.95 亿元；而热力业务收入同比 下降13.20%至7.35 亿元。同期公司实现归母净利润1.21 亿元，同比增长46.23%，主要得益于燃料成本 的下降以及资源综合利用增值税优惠政策的落实。由于出售鱼台项目产生了-3310 万的投资亏损，公司 的扣非归母净利润高达1.46 亿元，同比大增150%。 毛利率提升明显，费用率小幅下降。2025H1 公司综合毛利率23.04%，同比提升2.63pct。其中供电业务 毛利率提升7pct 至21.78%；供热业务毛利率下降2.06pct 至18.73%；供暖业务毛利率提升2.69pct 至 23.63%。 风险提示：原材料价格上涨风险、生物质电价补贴政策变动风险、应收账款回收不及预期风险。 投资建议：维持"优于大市"评级。近期煤价/生物质原料价格仍低位运行，我们上调25-27 年盈利预测， 预计2025-2027 年归母净利润3.12/3.55/3.88亿元（原值为2.80/3.08/3.34 ...

Core Viewpoint - Guangdong Changqing (Group) Co., Ltd. held an investor relations event, attracting numerous institutions, to discuss its financial performance and future strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 1.873 billion, a slight decrease compared to the same period last year, primarily due to a reduction in steam prices linked to coal prices, leading to decreased heating revenue [1]. - The company's net profit excluding non-recurring items reached 146 million, a year-on-year increase of 150.33%, driven by lower fuel costs and an increase in the number of biomass projects benefiting from VAT incentives [1]. - The company plans to distribute a cash dividend of 110 million for the first time in the mid-term [1][2]. Group 2: Operational Insights - The company has implemented measures to enhance the value of fuel output, including sourcing local fuel resources, controlling quality, and developing diverse fuel types [2]. - Revenue composition shows that electricity generation accounts for nearly 60% of total revenue, while heating revenue constitutes about 40% [2]. - Twelve projects are included in the subsidy directory, with only two projects remaining unlisted [2]. Group 3: Future Strategies and Collaborations - The company is preparing for CCER (China Certified Emission Reduction) applications for biomass projects, with expectations of generating over 120,000 tons of voluntary carbon reduction annually from a single 30MW biomass project [2]. - A new team has been established for the joint venture with Zhongke Xinkong, focusing on smart upgrades for biomass projects, with potential expansion into other areas [2]. - The mid-term dividend payout ratio is set at 92.3%, reflecting the company's operational performance, cash flow, and development plans [2].

| | 特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | 业绩说明会 | | 类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | | | | 其他：线上会议 | | | | | 2025 年 8 月 国信证券 | 31 刘汉轩 | 日晚上（线上调研）： | | | 华创证券 | 霍鹏浩 | 李清影 | | | 天风证券 | 胡冰清 | | | | 信达证券 | 郭 雪 | 张 弛 | | | 申万宏源 | 莫龙庭 | | | 参与单位名称 | 广发证券 | 荣凌琪 | | | | 招商证券 | 宋盈盈 | | | | 国投证券 | 朱昕怡 | | | | 兴业证券 | 史一粟 | | | | 国泰海通 | 顾一格 | | | | 中泰证券 | 周冰倩 | | | | 财通证券 郑惠文 | | --- | --- | | | 2025 年 9 月 1 日上午（线上调研）： | | | 长江证券 贾少波 徐 科 | | | 国泰基金 曾攀水 | | | 鹏华基金 王禹萱 | | | 睿郡资产 丁晨霞 ...

2025年8月30日，长青集团(002616.SZ)发布2025年中报。 公司营业总收入为18.73亿元。归母净利润为1.21亿元，较去年同报告期归母净利润增加3813.43万元， 实现3年连续上涨，同比较去年同期上涨46.23%。经营活动现金净流入为-1.67亿元。 公司最新资产负债率为71.96%，较上季度资产负债率减少1.45个百分点，较去年同期资产负债率减少 1.96个百分点。 公司最新毛利率为23.04%，较去年同期毛利率增加2.63个百分点，实现3年连续上涨。最新ROE为 4.12%，在已披露的同业公司中排名第49，较去年同期ROE增加1.03个百分点。 公司摊薄每股收益为0.16元，较去年同报告期摊薄每股收益增加0.05元，实现3年连续上涨，同比较去年 同期上涨46.22%。 公司最新总资产周转率为0.18次，在已披露的同业公司中排名第25。最新存货周转率为5.25次。 公司股东户数为2.48万户，前十大股东持股数量为5.01亿股，占总股本比例为67.46%，前十大股东持股 情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | N H | 何启强 | ...

Core Viewpoint - Changqing Group reported a mixed financial performance for the first half of 2025, with a slight decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.873 billion yuan, a decrease of 1.74% year-on-year [1]. - Net profit attributable to shareholders reached 121 million yuan, an increase of 46.23% year-on-year [1]. - In Q2 2025, total revenue was 912 million yuan, down 0.05% year-on-year, while net profit was 39.58 million yuan, up 49.36% year-on-year [1]. - Gross margin improved to 23.04%, up 12.9% year-on-year, and net margin increased to 6.51%, up 47.93% year-on-year [1]. - Earnings per share rose to 0.16 yuan, a 46.22% increase year-on-year [1]. Cash Flow and Investment Summary - Cash flow from operating activities showed a significant decline of 252.89%, attributed to the timing of electricity bill collections [3]. - Cash flow from investing activities increased by 241.47%, due to higher proceeds from equity sales [3]. - Cash and cash equivalents increased by 33.53%, driven by improved cash flow from investing activities [3]. Debt and Receivables Summary - Accounts receivable increased by 13.05%, primarily due to an increase in pending subsidy electricity bill collections [3]. - The company’s interest-bearing debt rose slightly by 0.77% [1]. - The ratio of accounts receivable to profit reached 1634.21%, indicating potential concerns regarding receivables management [5]. Historical Performance and Ratios - The company's return on invested capital (ROIC) was 5.8%, with a historical median ROIC of 5.44% over the past decade [4]. - The net profit margin for the previous year was 5.79%, suggesting average value addition from products or services [4]. - The company has reported one loss year since its IPO, indicating a need for careful analysis of its financial history [4]. Analyst Expectations - Analysts project that the company will achieve a net profit of 330 million yuan in 2025, with an average earnings per share estimate of 0.44 yuan [5].