| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-025 | | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | 根据《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 15 号——可转换公司债券》的有关规定，广东长青（集团）股份有限公 司（以下简称"公司"）现将自 2025 年 4 月 1 日到 2025 年 6 月 30 日可转换公司 债券（以下简称"可转债"）转股及公司股份变动的情况公告如下： 一、"长集转债"发行上市基本概况 经中国证券监督管理委员会"证监许可[2019]2009 号"文核准，公司于 2020 年 4 月 9 日公开发行了 800 万张可转换公司债券，每张面值 100 元，发行总额 8.00 亿元。 广东长青（集团）股份有限公司 经深交所"深证上[2020]372 号"文同意，公司 8.00 亿元可转换公司债券 于 2020 年 5 月 13 日起在深交所挂牌交易，债券简称"长集转债"，债券代码 "128105"。 关于 2025 年二季度可转债转股结果暨股本变动公告 本公司及董事会全体成员保证信息披露内容的真实 ...

Group 1: Company Overview - The company, Guangdong Changqing (Group) Co., Ltd., reported a revenue of 3.786 billion yuan last year, marking the second-highest since its listing in 2011 [2] - The net profit attributable to shareholders was 217 million yuan, the second-highest in the past five years [2] - Operating cash flow reached 592 million yuan, the highest in the last five years [3] Group 2: Recent Performance and Developments - In Q1 of this year, the net profit attributable to shareholders was 81 million yuan, showing significant growth [3] - The company received 139 million yuan from the sale of the Yutai project and has invested in a 49% stake in Zhongke Xinkong Big Data as part of its digital transformation strategy [3] Group 3: Investor Interaction and Concerns - The company has established a coal-steam price linkage mechanism, which has led to a decrease in steam prices due to falling coal prices, affecting heating revenue [3] - The proportion of central and local subsidies for the biomass project varies by province, and investors are advised to refer to the National Development and Reform Commission's guidelines [3] - The sale of the Yutai project was a strategic decision to optimize financial structure and enhance risk resistance [3] Group 4: Revenue Sources - The majority of the company's heating revenue comes from industrial heating, with residential heating contributing a small proportion [4] Group 5: Risk Disclaimer - The information provided does not constitute a commitment or guarantee from the company regarding industry forecasts or development strategies, and investors are advised to make rational decisions and be aware of investment risks [5]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 10th and 22nd in terms of performance [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy Environmental for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][7]. Core Views - The report highlights the ongoing pilot projects for hydrogen energy initiated by the National Energy Administration, focusing on large-scale hydrogen production integrated with renewable energy sources [2][14]. - The waste incineration industry is entering a mature phase, with a significant increase in cash flow for listed companies, indicating a positive trend in financial health [15][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and comprehensive energy management [25][26]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.25%, while the public utility index rose by 0.26%, and the environmental index dropped by 1.19% [1][13]. - Among the 31 first-level industry classifications, public utilities and environmental sectors ranked 10th and 22nd in terms of growth [1][27]. Important Events - The National Energy Administration has launched pilot projects in the hydrogen energy sector, focusing on large-scale hydrogen production in areas rich in wind, solar, hydro, nuclear, and biomass resources [2][14]. Specialized Research - The report analyzes the free cash flow of 15 major A-share listed companies in the waste incineration sector, noting that many have achieved positive cash flow by 2024 [15][22]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][25]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydroelectric stocks like Yangtze Power [3][25]. - In the environmental sector, it recommends companies like China Science Instruments and Shandong High Energy for their growth potential [26]. Company Profit Forecasts and Investment Ratings - A detailed table lists various companies with their investment ratings, market capitalization, earnings per share (EPS), and price-to-earnings (PE) ratios, indicating a generally positive outlook for the sector [7][23].

广东长青(集团)股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0408 号 广东长青(集团)股份有限公司 2025 年度跟踪评级报告 广东长青(集团)股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 9 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交 ...

Group 1 - The core viewpoint of the news is that Kaifeng Investment has conducted research on Changqing Group, highlighting its operational highlights and development goals for 2024, including non-subsidy revenue growth and reduced fuel costs [1] - Changqing Group's first-quarter performance growth is attributed to decreased fuel costs and increased VAT refunds, with biomass fuel procurement prices declining due to reduced market competition and sufficient supply [1] - The company is optimistic about the future development of biomass heating, supported by national policies promoting environmental requirements that encourage enterprises to shift towards centralized heating [1] Group 2 - Changqing Group is focusing on the "green electricity direct connection" model, potentially using projects with expired subsidies as pilot cases [1] - The company is collaborating with Zhongke Xinkong to advance digital transformation, while the share transfer agreement with the controlling shareholder to Zhongke Hongyuan is still under review [1]

Summary of Changqing Group Conference Call Company Overview - Changqing Group has transformed its business model by acquiring biomass power plants and divesting from gas appliance manufacturing, now operating solely as a power generation company. The main revenue sources are heating and electricity supply, with projected electricity sales of 3.3 billion kWh and steam production exceeding 7 million tons in 2024, contributing over 95% of total revenue [2][5]. Core Business Logic - The core business logic of Changqing Group includes: 1. Improvement in profitability due to falling coal prices, which have decreased over 20% since early 2025, positively impacting the cost structure as straw prices are linked to coal prices, leading to a 45% year-on-year increase in net profit for Q1 [3][7]. 2. Strategic collaborations with Zhongke System enterprises, including a 5% equity stake in a listed company and a strategic cooperation agreement with Zhongzhong Technology, enhancing opportunities for digital and intelligent transformation [3][10]. 3. Expansion of the carbon trading market, which increases demand for carbon quotas and CCERs, potentially generating nearly 100 million yuan in profit elasticity if all biomass projects are developed into CCERs [3][11]. Financial Performance - Since its listing, Changqing Group has generally seen annual revenue growth, although 2021 experienced a decline due to the divestment of the gas appliance business and high coal prices, resulting in a significant drop in profits due to a 150 million yuan asset impairment loss [6]. - The company has returned to a growth trajectory from 2022 to 2023 as coal prices stabilized, but revenue growth has stagnated in 2024 and Q1 2025 due to a lack of new projects and high accounts receivable, primarily related to renewable energy subsidies [6]. Impact of Coal and Straw Prices - The decline in coal prices has a significant positive impact on Changqing Group's profitability, with a correlation coefficient of 0.8 between coal and straw prices. A 10 yuan decrease in straw price can increase net profit by approximately 1.5 percentage points for a 30 MW biomass power project [7][8]. - Straw prices, which account for 40% of total costs, are highly sensitive to fluctuations, enhancing the company's earnings elasticity [8]. Future Performance Expectations - The company anticipates improved performance in Q2 2025, with both year-on-year and quarter-on-quarter growth expected due to the ongoing decline in coal prices [9]. Collaborations and Strategic Initiatives - Changqing Group has engaged in multiple agreements with Zhongke System, including a 5% equity transfer valued at approximately 190 million yuan and the establishment of a joint venture, Zhongke Xinkong Big Data Co., Ltd., indicating a commitment to further collaboration in digital and intelligent sectors [10]. Carbon Trading Opportunities - The company operates three coal-fired power plants that save carbon quotas for sale due to their operational efficiency. The biomass power plants are also potential carbon reduction projects, which could yield significant carbon trading income if included in the national CCER issuance list [11]. Future Outlook - The future outlook for Changqing Group is positive, with improving fundamentals and an upward trend in EPS for 2025. The strategic partnerships and potential carbon trading revenues further enhance its investment appeal, making it a noteworthy entity to monitor [12].

Group 1: Company Overview - The company is positioned as a full industry chain platform for the utilization of agricultural and forestry biomass resources in the A-share market [3] - Development strategy focuses on high-efficiency, low-emission thermal power projects primarily based on non-subsidy income, while also transitioning towards energy and material utilization [3] - In 2024, the company achieved its second-highest revenue since listing, with operating cash flow reaching a five-year high, and a 15% year-on-year increase in non-subsidy income [3] Group 2: Financial Performance - Significant growth in Q1 2025 was driven by a decrease in fuel costs and an increase in VAT refunds, alongside improved operational efficiency of thermal power projects [4] - The company aims for non-electricity business to achieve double-digit annual growth in scale and revenue by 2025 [3] Group 3: Market and Industry Insights - The company sees growth potential in biomass heat and power generation, supported by national policies promoting orderly development and transition to combined heat and power [6] - Currently, 11 projects have achieved combined heat and power generation, with expectations for more projects to follow in the current year [6] Group 4: Strategic Initiatives - The company is exploring the "green electricity direct connection" model, prioritizing biomass projects nearing the end of their subsidy periods as potential pilots [7] - A strategic partnership with Zhongke Xinkong is underway to enhance digital transformation and smart upgrades, aiming to reduce costs and improve efficiency [8] Group 5: Shareholder Updates - The transfer of shares from the controlling shareholder to Zhongke Hongyuan is currently under compliance review by the exchange, with a commitment to a 12-month lock-up period post-transfer [9] Group 6: Investor Relations - The investor relations activity on June 5, 2025, included participation from 85 investors, with the company emphasizing that the completeness and accuracy of participant names cannot be guaranteed [2]

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] 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][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-024 | | --- | --- | | 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 关于子公司股权转让事项的进展公告 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。 特别提示： 本次交易处于重启协商阶段，所涉及的具体事项包括交易金额等尚需交易各 方另行签订正式的股权转让协议确定。正式协议能否签订取决于后续的尽职调查 和根据审计、评估结果进一步协商谈判，以及履行必要的决策和批准程序，因此 该事项存在较大不确定性。 公司将按照相关法律法规的要求，对本次交易后续进展依法履行信息披露义 务。敬请广大投资者理性投资，注意投资风险。 一、股权转让事项概况 三、对公司的影响 1、截至本公告披露日，公司尚未与交易对方签署正式股权转让协议，在正 式股权转让协议生效及执行前，本次交易不会对公司 2025 年度业绩产生重大影 响。 2、本次交易不会对公司财务状况及持续经营能力产生不利影响，不存在损 害公司中小股东利益的情形。 1、2023 年 6 月 30 日，广东长青 ...