2025 年第四次临时股东大会决议公告 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： 1、本次股东大会未出现增加、变更、否决议案的情形。 证券代码：002616 证券简称：长青集团 公告编号：2025-084 广东长青（集团）股份有限公司 2、股权登记日：2025 年 11 月 10 日（星期一） 3、会议召开地点：广东省中山市小榄镇工业大道南 42 号公司会议室 4、会议召集人：公司董事会 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 11 月 17 日（星期一）下午 15：00 2）网络投票时间：2025 年 11 月 17 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 11 月 17 日上 ...

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]

Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

Group 1 - The stock price of Changqing Group (002616) closed at 6.32 yuan on November 14, 2025, down 1.1% with a turnover rate of 1.61% and a trading volume of 94,500 shares, amounting to a transaction value of 60.17 million yuan [1][2] - On November 14, 2025, the net outflow of main funds was 9.77 million yuan, while retail and speculative funds showed a net inflow of 5.09 million yuan and 4.68 million yuan respectively [2] - China Chengxin International terminated the credit rating for Guangdong Changqing Group and its related debt instruments due to the redemption condition being triggered for the "Changji Convertible Bond," which was fully redeemed and delisted on November 12, 2025 [1][2]

Core Points - The stock price of Changqing Group (002616) closed at 6.39 yuan on November 13, 2025, with a market capitalization of 5.49 billion yuan, reflecting a 0.16% increase from the previous trading day [1] - The company announced that China Chengxin International Credit Rating Co., Ltd. has decided to terminate the credit rating for Guangdong Changqing (Group) Co., Ltd. and its "Changji Convertible Bonds" [1] - The previous rating of AA- with a stable outlook was maintained on June 9, 2025, but the stock price triggered the redemption condition, leading the company to fully redeem the unconverted "Changji Convertible Bonds" [1] - The bonds were delisted from the Shenzhen Stock Exchange on November 12, 2025, and as of the announcement date, the company has no outstanding bonds rated by China Chengxin International [1] Summary by Category Stock Performance - The stock opened at 6.38 yuan, reached a high of 6.41 yuan, and a low of 6.33 yuan, with a trading volume of 66.07 million yuan and a turnover rate of 1.77% [1] Credit Rating - China Chengxin International decided to terminate the credit rating for the company and its related debt instruments due to the absence of any outstanding bonds rated by them [1] - The termination of the rating is effective immediately from the date of the announcement [1]

China Chengxin International Credit Rating Co.,Ltd. 北京市东城区朝阳门内大街南竹杆胡同 2 号银河 SOHO5 号楼 邮编：100010 电话：（8610）66428877 传真：（8610）66426100 Building5,GalaxySOHO,No.2Nanzhuganhutong,ChaoyangmenneiAvenue, DongchengDistrict,Beijing,100010 债项信用评级，自本公告发布之日起，上述评级结果失效，并将不再更新其信用 评级结果。 特此公告 [2025]367 中诚信国际关于终止广东长青(集团)股份有限公司 主体及相关债项信用评级的公告 广东长青(集团)股份有限公司（以下简称"广东长青"或"公司"）发行的 "长集转债"由中诚信国际信用评级有限责任公司（以下简称"中诚信国际"） 进行相关信用评级工作。中诚信国际于 2025 年 6 月 9 日出具了《广东长青(集 团)股份有限公司 2025 年度跟踪评级报告》，维持公司的主体信用等级为 AA-， 评级展望为稳定，维持"长集转债"的信用等级为 AA -，有效期为受 ...

Summary of Key Points Core Viewpoint The announcement details the redemption of the "Changji Convertible Bonds" by Guangdong Changqing (Group) Co., Ltd., following the fulfillment of conditions for early redemption due to the stock price exceeding the specified threshold. Group 1: Convertible Bond Basic Information - The company issued 8 million convertible bonds with a total value of 800 million yuan, each with a face value of 100 yuan, approved by the China Securities Regulatory Commission on April 9, 2020 [2][30]. - The bonds were listed on the Shenzhen Stock Exchange on May 13, 2020 [3][31]. - The conversion period for the bonds is from October 15, 2020, to April 8, 2026 [4][32]. Group 2: Conversion Price Adjustments - The conversion price was adjusted multiple times, including a decrease from 8.31 yuan to 8.11 yuan on June 3, 2020, and further adjustments down to 5.15 yuan by September 24, 2025 [5][6][35]. - The most recent adjustment occurred on September 18, 2024, setting the conversion price to 5.30 yuan [7][36]. Group 3: Redemption Conditions - The company has the right to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days or if the unconverted bond balance falls below 30 million yuan [8][36]. - The redemption was triggered as the stock price met the criteria from September 15 to October 13, 2025 [10][38]. Group 4: Redemption Implementation - The redemption price is set at 101.151 yuan per bond, including interest and tax [15][42]. - A total of 11,228 bonds will be redeemed, amounting to 1,135,723.25 yuan [20][49]. - The redemption date is November 4, 2025, with trading of the bonds ceasing on October 30, 2025 [17][47]. Group 5: Impact of Redemption - The total face value of the redeemed bonds is 1,122,800 yuan, representing 0.1404% of the total issuance, which will not significantly impact the company's financial status [22]. - The total share capital increased by 117,333,224 shares due to conversions, leading to a dilution of earnings per share in the short term [22][26]. Group 6: Delisting Arrangement - The bonds will be delisted from the Shenzhen Stock Exchange on November 12, 2025, following the complete redemption [25][49].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][9]. Core Views - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [1][15]. - The public utility and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector and comprehensive energy management, particularly in the context of carbon neutrality [11][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utility index increased by 2.42% and the environmental index by 2.71%, with respective relative returns of 1.60% and 1.89% [1][14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [1][30]. Important Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [1][15]. - A significant achievement in nuclear fuel conversion was reported, marking a milestone in the use of thorium-based molten salt reactors [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [3][27]. - The report suggests investing in leading renewable energy firms such as Longyuan Power and Three Gorges Energy, as well as companies involved in offshore wind energy [3][27]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][27]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes in a declining interest rate environment [3][27]. - In the environmental sector, companies like China Science Instruments and Shandong High Energy are recommended due to their growth potential [27]. Key Company Earnings Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5][9]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 yuan for 2024 and a PE ratio of 22.9 [9]. - Other recommended companies include Guangxi Energy, Funiu Co., and Zhongmin Energy, all rated "Outperform" [9][27].

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental sectors [5][11]. Core Insights - The report highlights the introduction of the "Ecological Environment Monitoring Regulations," which will enhance the automation, digitalization, and intelligence of ecological monitoring systems starting January 1, 2026 [15][17]. - The public utilities and environmental sectors have seen a decrease in fund holdings, with a total market value of 49.695 billion yuan, down 29.64% from the previous quarter [2][17]. - The report emphasizes investment opportunities in the renewable energy sector, particularly in companies like Longyuan Power and Three Gorges Energy, as well as in nuclear power and hydropower sectors [3][27]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.82%, while the public utilities index increased by 2.42% and the environmental index by 2.71% [14][29]. - Within the electricity sector, coal-fired power increased by 2.09%, hydropower by 2.00%, and renewable energy generation by 3.08% [30]. Important Policies and Events - The State Council announced the "Ecological Environment Monitoring Regulations," aimed at establishing a modern ecological monitoring system [15][17]. - A significant achievement in nuclear technology was reported with the successful conversion of thorium-uranium nuclear fuel at a molten salt reactor [16]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional electricity companies such as Shanghai Electric due to stable profitability [3][27]. - The report suggests focusing on companies in the renewable energy sector, including Longyuan Power and Three Gorges Energy, as well as nuclear power operators like China Nuclear Power and China General Nuclear Power [3][27]. - For the environmental sector, it recommends companies like China Tianying and Guangda Environment, which are positioned well in the mature water and waste incineration markets [27]. Fund Holdings Analysis - As of Q3 2025, the public utilities and environmental sectors had 122 stocks heavily held by funds, a decrease of 4 from the previous quarter [2][17]. - The total market value of holdings in the electricity sector was 42.276 billion yuan, down 30.82% from the previous quarter [17]. - The report identifies the top five companies with increased fund holdings in the electricity sector, including JinkoSolar and Longyuan Power [17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for key companies, including Huadian International with a projected EPS of 0.49 yuan for 2024 and a PE ratio of 10.3 [5]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated "Outperform" [9][5].