Overview - The increasing scale of agricultural production in China has led to a continuous rise in straw yield, with the straw treatment market becoming increasingly important due to strict regulations against traditional burning methods that cause air pollution [1][11] - The straw treatment market in China is projected to reach a market size of 60 billion yuan in 2024, with a year-on-year growth of 9.1% [1][11] Market Policies - The Chinese government has issued a series of policies to promote straw comprehensive utilization, including the "Air Quality Improvement Action Plan" and various guidelines aimed at enhancing the efficiency of straw utilization and encouraging enterprise participation [6][7] - Policies emphasize the importance of establishing a standardized and systematic straw collection and transportation service to improve the overall efficiency of straw utilization [7] Industry Chain - The straw treatment industry chain consists of upstream activities such as straw collection and transportation, midstream processing methods including fertilizer, feed, energy, raw material, and substrate processing, and downstream applications in agriculture, livestock feeding, and energy production [8][9] - In 2024, the theoretical resource amount of straw in China is estimated to be 994 million tons, with significant contributions from rice straw (222 million tons), wheat straw (175 million tons), and corn stalks (341 million tons) [9] Competitive Landscape - The straw treatment industry in China is characterized by a fragmented market with numerous participants, primarily small and medium-sized enterprises [13] - Key players in the industry include Guoneng Bioenergy Group, Wanhua Ecological Industry Group, Jinan Shengquan Group, and Changqing Group, among others [13][14] Development Trends - The straw treatment industry is expected to extend upstream to include straw collection and transportation equipment manufacturing, as well as related technology research and development [20] - There is a focus on forming straw treatment industry clusters in regions rich in straw resources to optimize resource utilization and enhance regional competitiveness through collaboration and innovation [20]

| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-022 | | --- | --- | | 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 关于控股股东、实际控制人及一致行动人拟协议转让公司部分股份 暨权益变动的进展公告 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。 一、权益变动的基本情况 1、2024 年 12 月 24 日，广东长青（集团）股份有限公司（以下简称"公司"、 "上市公司"或"长青集团"）控股股东、实际控制人及一致行动人何启强先生、 麦正辉先生与北京中科泓源信息技术有限公司（以下简称"北京中科泓源"）签 署了《股份转让协议》（以下简称"原协议"），何启强先生、麦正辉先生拟将两 人合计持有的长青集团非限售条件流通股份 37,098,130 股（占上市公司目前股 份总数的 5%）通过协议转让的方式转让给北京中科泓源。转让价格为 4.932 元/ 股，转让价款总额为 182,967,976.00 元。 具体情况详见公司于 2024 年 12 月 25 日披露的《关于控股股东、实际控制 人及一 ...

Group 1: Company Overview and Strategy - The company positions itself 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: Business Goals and Innovations - For 2025, the company aims for significant breakthroughs in non-electric business scale and revenue, targeting double-digit annual growth in non-subsidy income [3] - Plans to enhance operational quality through market-oriented circular economy initiatives and innovative financial tools to optimize asset structure [3] - The company is exploring artificial intelligence applications in thermal power control and carbon emission data verification to accelerate technological innovation and commercialization [3] Group 3: Investor Relations and Risk Management - The company acknowledges uncertainties in future operational environments and capital markets, emphasizing that these do not constitute performance commitments to investors [4] - In response to investor inquiries, the company is increasing investments in heating infrastructure for biomass projects and testing new heating models to expand service reach [4] - The company has completed a 49% equity change in Beijing Zhongke Xinkong Big Data Co., Ltd., aiming to collaborate on smart upgrades and deepening circular economy initiatives [5] Group 4: Financial Management and Debt Strategy - The company is preparing sufficient funding strategies to address the upcoming maturity of the "Changji Convertible Bond" within a year, including cash recovery from project sales [6] - The company plans to transition older projects towards combined heat and power generation models to maintain profitability after subsidy expiration [6]

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 7.23 to 7.60 CNY per share, indicating a potential upside of 26.6% to 33.1% from the current price of 5.71 CNY [5][3]. Core Views - The company is a leading private enterprise in the biomass power generation sector, focusing on the utilization of agricultural and forestry biomass resources. It has successfully transitioned from manufacturing to becoming a benchmark in low-carbon and environmentally friendly industries [12][2]. - The biomass power generation industry is currently facing operational pressures due to subsidy arrears and rising raw material costs. However, the company has achieved growth through refined management practices [1][2]. - The partnership with the Zhongke system is expected to enhance the company's digital and intelligent transformation, while the decline in coal prices is anticipated to improve raw material procurement costs and profitability [2][3]. Summary by Sections Company Overview - Founded in 1993, the company initially started with gas appliance manufacturing and later entered the waste incineration and biomass power generation sectors. It became a publicly listed company focused on agricultural and forestry biomass resource utilization after divesting its manufacturing business in 2021 [12][1]. Industry Analysis - As of the end of 2024, the total installed capacity of biomass power generation in China reached 45.99 million kW, with the company holding a capacity of 491 MW, ranking third in the industry [1][47]. - The biomass power generation sector is categorized into three types: agricultural and forestry biomass, waste incineration, and biogas power generation. The industry is supported by national policies aimed at promoting renewable energy [36][37]. Financial Performance - The company's revenue is projected to grow from 37.86 billion CNY in 2024 to 44.05 billion CNY by 2027, with a compound annual growth rate (CAGR) of 3.0% [4]. - The net profit attributable to the parent company is expected to increase from 217 million CNY in 2024 to 334 million CNY in 2027, reflecting a CAGR of 8.4% [4][3]. - The company's operating income from power supply and heating services accounted for 53.8% and 43.6% of total revenue in 2024, respectively [15][4]. Competitive Advantages - The company has established a competitive edge through effective risk management and operational efficiency, successfully integrating its manufacturing experience into environmental project operations [2][62]. - The company has successfully included 13 projects in the national subsidy list, indicating its proactive approach to project selection and management [2][5]. Future Outlook - The expansion of the carbon market is expected to provide additional revenue opportunities through carbon trading, further enhancing the company's financial performance [2][3]. - The partnership with Zhongke Xinkong is anticipated to facilitate the company's digital transformation and improve operational efficiency [2][12].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 7.23 to 7.60 CNY per share, indicating a potential upside of 26.6% to 33.1% from the current price of 5.71 CNY [5][3]. Core Views - The company is a leading private enterprise in the biomass power generation sector, focusing on the utilization of agricultural and forestry biomass resources. It has successfully transitioned from manufacturing to becoming a benchmark in low-carbon and environmentally friendly industries [1][12]. - The biomass power generation industry is currently facing operational pressures due to subsidy arrears and rising raw material costs. However, the company has achieved growth through refined management practices [1][2]. - The partnership with the Zhongke system is expected to enhance the company's digital and intelligent transformation, while the decline in coal prices is anticipated to improve raw material procurement costs, leading to a recovery in profitability [2][3]. Summary by Sections Company Overview - Founded in 1993, the company initially started with gas appliance manufacturing and later entered the waste incineration and biomass power generation sectors. It became a publicly listed company focused on biomass resource utilization after divesting its manufacturing business in 2021 [1][12]. Financial Performance - The company’s revenue is projected to reach 4.076 billion CNY in 2025, with a compound annual growth rate (CAGR) of 9.32% since its listing. The net profit attributable to shareholders is expected to grow to 280 million CNY in 2025, reflecting a year-on-year increase of 29.2% [4][22]. - The company’s operating income from power supply is expected to account for 53.8% of total revenue in 2024, while heating income will contribute 43.6% [15]. Industry Analysis - As of the end of 2024, the total installed capacity of biomass power generation in China reached 45.99 million kilowatts, with the company ranking third in the agricultural and forestry biomass sector with an installed capacity of 491 MW [1][44]. - The biomass power generation industry is characterized by its stable output and ability to adjust, making it suitable for base load and peak shaving functions in the power system. It aligns with national strategies for pollution control and rural revitalization [37][42]. Competitive Advantages - The company has established a competitive edge through effective risk management and operational efficiency. It has successfully integrated its manufacturing management experience into its environmental projects [2][62]. - The company has successfully included 13 projects in the national subsidy list, which is crucial for its financial performance, given the industry's reliance on government subsidies [2][61].

| 证券代码：002616 | 证券简称：长青集团 公告编号：2025-021 | | --- | --- | | 债券代码：128105 | 债券简称：长集转债 | 1、本次股东大会未出现增加、变更、否决议案的情形。 2、本次股东大会采取现场投票与网络投票相结合的方式进行。 3、为尊重中小投资者利益，提高中小投资者对公司股东大会决议的参与度， 公司将对中小投资者的投票表决情况单独统计，中小投资者是指以下股东以外的 其他股东：（1）上市公司的董事、监事、高级管理人员；（2）单独或者合计持 有上市公司5%以上股份的股东。 一、会议召开情况 1、会议召开时间： 1）现场会议召开时间：2025 年 5 月 16 日（星期五）下午 15：00 广东长青（集团）股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 2）网络投票时间：2025 年 5 月 16 日。 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 16 日上午 9：15-9：25，9：30-11：30，下午 13：00 至 1 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 北京市中伦（广州）律师事务所 关于广东长青（集团）股份有限公司 2024 年年度股东大会的法律意见书 致：广东长青（集团）股份有限公司 北京市中伦（广州）律师事务所（以下简称"本所"）受广东长青（集团） 股份有限公司（以下简称"公司"）委托，指派本所律师周昊臻、谢兵（以下简 称"本所律师"）出席公司 2024 年年度股东大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司股东会规则》等有关法律、法规、规范性文件及《广东长青（集团）股份有 限 ...

Group 1: Report Overview - The report is about a research on Changqing Group in the power industry, with a research date of May 15, 2025 [1][2] Group 2: Research Basic Information - The research object is Changqing Group, belonging to the power industry, and the reception time is May 15, 2025. The listed company's reception staff includes the chairman, president, vice - president and financial director, independent director, and vice - president and board secretary [16] Group 3: Detailed Research Institutions - The research institutions include investors who participated in the company's 2024 annual performance online briefing [19] Group 4: Main Content - The company has established a professional team to explore the green materials field by deepening cooperation and innovation with advanced scientific research forces based on existing thermoelectric projects. It will evaluate the market situation for product launch [23] - With the improvement of operating performance, the company's debt ratio has been effectively controlled and is gradually decreasing in the past two years. This year, it will continue to improve operation quality, reduce costs and increase efficiency, and strengthen communication with the capital market [23] - In the 2024 report, the construction - in - progress balance of 139 million yuan: the construction - in - progress of Maoming and other projects are mainly pipelines and supporting facilities of the commissioned projects, and the Xiongxian project is a previously invested project that has been suspended due to national planning and has had impairment provisions. None of them are new investment and development projects [23][24] - The reason for a certain situation (not specified in the question) is the year - on - year decrease in fuel costs and the increase in the amount of VAT refund [25]

Group 1: Company Overview - The company is Guangdong Changqing (Group) Co., Ltd., with stock code 002616 and bond code 128105 [1] - The annual performance briefing for 2024 was held online on May 15, 2025, from 9:00 to 10:00 [2] Group 2: Investor Relations Activities - The event included an online performance briefing attended by investors [2] - Key company representatives included Chairman He Qiqiang, President Mai Zhenghui, and Vice President Huang Rongtai [2] Group 3: Business Development and Financial Measures - The company is focusing on developing new materials through collaboration with advanced research teams, assessing market conditions for economically viable products [2] - The company has effectively controlled its debt ratio, which has been gradually decreasing over the past two years [3] - Measures to improve operational quality and reduce costs are being implemented to further lower the debt ratio [3] Group 4: Project Updates - As of the end of the reporting period in 2024, the balance of construction in progress is 139 million, with ongoing projects primarily related to previously invested projects [3] - The Xiong County project has been suspended due to national planning impacts and has been subject to impairment provisions, not classified as a new investment project [3] Group 5: Profit Growth Factors - The increase in profit for the first quarter is attributed to a decrease in fuel costs and an increase in VAT refunds [3] Group 6: Disclosure Compliance - The event did not involve the disclosure of any undisclosed significant information [3]