Core Viewpoint - The company plans to invest in the second phase of the Maoming Changqing cogeneration project and supporting pipeline engineering, with a total estimated investment of 571 million yuan [1] Investment Details - The total investment for the cogeneration project phase two is approximately 200 million yuan, while the supporting pipeline engineering is estimated at about 371 million yuan [1] - The investment aims to meet the steam demand from China Petroleum & Chemical Corporation's Maoming branch, which is expanding its production and supporting downstream industries [1]

Group 1 - The company, Changqing Group, announced the convening of its 32nd meeting of the 6th Board of Directors on September 25, 2025, to discuss the investment in the Maoming Changqing cogeneration project phase II and related pipeline engineering [1] - The A-share market reached a total market value of over 116 trillion yuan on the anniversary of the "9.24" event, indicating significant changes in the Chinese capital market [1]

Core Viewpoint - The company plans to invest 571 million yuan in the construction of the Maoming Changqing cogeneration project phase II and supporting pipeline engineering, aiming to meet the steam demand of China Petroleum & Chemical Corporation's Maoming branch and its downstream industries [1] Investment Details - The investment for the cogeneration project phase II is approximately 200 million yuan, while the supporting pipeline engineering will require about 371 million yuan [1] - The funding sources for the project will be the company's own funds and self-raised funds [1] Expected Impact - The implementation of the project is expected to have a positive impact on the company's future financial status and operational performance [1]

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 广东长青（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内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本项目概算投资总额为 5.71 亿元，其中热电联产项目二期工程投资额约 2 亿元，配套管网工程投资额约 3.71 亿元。 2、公司投资建设本项目主要为了满足茂名长青热电联产项目用汽客户中国石油 化工股份有限公司茂名分公司的扩产及其下游配套产业蒸汽需求。 3、由于双方在《蒸汽供应合同》中对基础用汽量和蒸汽价格计价方式等进行了 约定，预计本项目的实施将对公司未来的财务状况、经营业绩产生积极的影响。但 实际履约过程中可能因外部宏观环境重大变化、国家有关政策变化、交易对方需求 变化以及其他不可预见或不可抗力等因素，影响最终执行情况。 4、燃料价格的变化将影响本项目的供热收益。 5、本项目具体投资金额、收益率、回收期等应以项目可研报告及有关部门立项 批复、备案文件为准。公司将全力推动该项目实施 ...

| 证券代码：002616 | 证券简称：长青集团 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | | 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东长青（集团）股份有限公司（以下简称"公司"）第六届监事会第二十 五次会议于 2025 年 9 月 25 日在公司会议室以现场方式召开。本次会议通知和文 件于 2025 年 9 月 23 日以电子邮件等方式发出。会议应到监事 3 名，实到监事 3 名。会议由监事会主席高菁女士主持。会议的召集和召开符合有关法律、法规、 规章和《广东长青（集团）股份有限公司章程》的规定。 与会监事经审议，通过了以下议案： 一、审议通过《关于投资建设茂名长青热电联产项目二期及配套管网工程 的议案》 表决结果：同意 3 票、反对 0 票、弃权 0 票。 本议案详见 2025 年 9 月 26 日刊登于《证券时报》《中国证券报》《上海证券 报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《关于投资建设茂名长 青热电联产项目二期及配套 ...

| | | 广东长青（集团）股份有限公司 第六届董事会第三十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东长青（集团）股份有限公司（以下简称"公司"）第六届董事会第三十 二次会议通知于 2025 年 9 月 23 日以电子邮件等方式送达公司全体董事。本次会 议于 2025 年 9 月 25 日在公司会议室以现场与通讯方式召开。本次会议应到会董 事 5 人，实际到会董事 5 人，公司监事及高级管理人员列席了本次会议。本次会 议的召集、召开和表决程序符合有关法律、法规和《公司章程》的规定。会议由 董事长何启强先生主持，经与会董事认真审议，通过了以下议案： 一、审议通过《关于投资建设茂名长青热电联产项目二期及配套管网工程 的议案》 表决结果：同意 5 票、反对 0 票、弃权 0 票。 本议案详见 2025 年 9 月 26 日刊登于《证券时报》《中国证券报》《上海证券 报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《关于投资建设茂名长 青热电联产项目二期及配套管网工程的公告》。 特此公告。 1 备查文件： 1、公司第六届 ...

Group 1 - The core point of the news is that Changqing Group's stock has experienced a decline of 5.06% on September 23, with a total market value of 5.016 billion yuan and a cumulative drop of 4.3% over three consecutive days [1] - Changqing Group, established on August 6, 1993, and listed on September 20, 2011, operates in three main business segments: biomass cogeneration, waste-to-energy, and centralized coal heating for industrial parks [1] - The revenue composition of Changqing Group is as follows: electricity accounts for 58.48%, heating for 39.27%, and other sources for 2.25% [1] Group 2 - Taiping Fund has one fund heavily invested in Changqing Group, specifically Taiping Ruiying Mixed A (006973), which held 199,600 shares, representing 0.55% of the fund's net value, making it the fourth-largest holding [2] - The estimated floating loss for the fund today is approximately 71,900 yuan, with a floating loss of 63,900 yuan during the three-day decline [2] - Taiping Ruiying Mixed A was established on March 25, 2019, with a current size of 171 million yuan, yielding 8.98% this year, ranking 5916 out of 8172 in its category [2] Group 3 - The fund manager of Taiping Ruiying Mixed A is Shiyan Gang, who has a tenure of 13 years and 318 days, with a total asset scale of 7.714 billion yuan and a best fund return of 85.31% during his tenure [3] - The co-manager, Shao Chuang, has a tenure of 1 year and 257 days, managing assets of 217 million yuan, with a best fund return of 2.57% during his tenure [3]

Core Viewpoint - Changqing Group is undergoing a strategic transformation from a traditional model reliant on electricity price subsidies to a diversified income structure that includes power generation, heating, and future carbon emission rights sales [1] Group 1: Performance and Financials - In the first half of 2025, Changqing Group reported a revenue of 1.873 billion yuan, a slight year-on-year decrease, while the net profit excluding non-recurring items reached 146 million yuan, a year-on-year increase of 150.33% [2] - The growth in profit is attributed to two key factors: a decrease in fuel costs and an increase in the number of biomass projects benefiting from resource utilization VAT exemptions [2] - The company announced its first interim cash dividend of 110 million yuan, with a dividend payout ratio of 92.3%, reflecting management's confidence in cash flow and future development [2] Group 2: Revenue Structure and Diversification - Changqing Group is building a more diversified revenue structure to gradually reduce reliance on traditional electricity subsidies, with power generation currently accounting for nearly 60% of total revenue [3] - Heating revenue is approximately 40% of total revenue and shows an overall growth trend, with a compound annual growth rate of 18% from 2020 to 2024 [3] - The anticipated CCER trading income is expected to contribute new revenue, with each 30MW biomass power generation project potentially generating over 120,000 tons of voluntary carbon reduction annually [3] Group 3: Carbon Asset Opportunities - The release of the third batch of CCER methodology by the Ministry of Ecology and Environment on August 15 presents new growth opportunities for Changqing Group [4] - Eleven biomass projects launched after November 18, 2012, are eligible to apply for CCER, indicating a potential increase in industry demand for CCER trading [4] Group 4: Strategic Partnerships and Digital Transformation - Since December last year, Changqing Group has introduced Zhongke Hongyuan as a strategic shareholder and signed a strategic cooperation agreement with Zhongke Xinkong [5] - The partnership aims to enhance the digital and intelligent transformation of biomass projects, with ongoing research and development for operational efficiency improvements [6] Group 5: Asset Optimization and Future Growth - The company is committed to two transformation strategies: expanding non-electric revenue and gradually transitioning to a light asset model [7] - Recent asset sales, including the Yutai and Zhongshan projects, have generated liquidity for business expansion despite incurring a loss of 30.9 million yuan from the Yutai project [7] - The investment value of Changqing Group is highlighted by its potential for future growth driven by reduced fuel costs, new income from CCER trading, and efficiency gains from the partnership with Zhongke [8]

Core Viewpoint - Guangdong Changqing (Group) Co., Ltd. held an earnings briefing where management addressed investor inquiries regarding project progress and operational status [1] Group 1: Project Updates - Xiong'an Project: The company terminated the Xiong'an project in 2021 due to non-compliance with the Xiong'an New Area planning, resulting in a loss provision of 170 million yuan, which was subsequently added to the capital reserve. Future arrangements will consider project sustainability and shareholder interests [2] - Northeast Agricultural and Forestry Biomass Project: The company is focusing on improving the performance of the Northeast project through professional personnel support, new fuel varieties, and inventory management, with some positive results achieved. There is no clear response regarding the potential sale of the project to a local state-owned enterprise [2] - Zhongshan Project Equity Sale: The sale of equity in the Zhongshan project is expected to generate an investment income of approximately 210 to 220 million yuan (unaudited), with the final amount depending on the asset status of the target company on the equity transfer date [2] Group 2: Financial and Regulatory Matters - National Subsidy Situation: Projects that have entered the subsidy directory have started receiving renewable energy subsidy funds, but there are still outstanding payments that have not been fully settled [2] - Sale to Zhongshan Public Assets: The transaction is currently undergoing approval procedures with the Zhongshan Urban Management and Comprehensive Law Enforcement Bureau [2]

Group 1: Project Updates - The Xiong'an project has incurred a loss of CNY 170 million, with a corresponding capital reserve of CNY 170 million. The project is no longer in operation as it does not align with the new planning of the Xiong'an New Area, and the company ceased its implementation in 2021 [1] - The Northeast agricultural biomass project has been continuously losing money. The company is taking measures such as deploying specialized personnel and improving fuel inventory to enhance operational performance [1] - The Yutai project has resulted in an investment loss of over CNY 30 million after its sale [1] Group 2: Financial Projections - The expected investment return from the sale of the Zhongshan project equity is approximately CNY 210-220 million (unaudited), with the final amount depending on the asset condition at the time of equity transfer [2] - The company has started receiving renewable energy subsidy funds for projects that have entered the subsidy directory this year, but the full amount of overdue subsidies has not yet been settled [2] - The transaction for the asset sale to Zhongshan Public Utilities is currently undergoing approval procedures from the Zhongshan Urban Management and Comprehensive Law Enforcement Bureau [2]