香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 概 不 會 就 因 本 公 告 全 部 或 部 分內 容 而產生 或 因 倚賴 該 等內容 而 引 致的 任 何損失 承 擔 任何 責 任。 DONGJIANG ENVIRONMENTAL COMPANY LIMITED* 東江環保股份有限公司 ( 於 中 華 人 民 共 和國註 冊 成 立之 股 份有限 公 司 ) ( 股份代號： 0 0 8 9 5 ) 董事會會議通告 承 董 事 會命 東 江 環 保 股 份有 限公 司 董事長 王碧安 中 國 ， 深圳 市 二零二 六年 三 月六日 於 本 公 告 日 期 ， 本 公 司 董 事 會 由 三 位 執 行 董 事 王 碧 安 先生、 李向利 先 生 及 朱 林 濤 先生； 三 位 非 執 行 董 事 王 石 先 生 、 劉 曉 軒 先 生 及 賈國榮 先 生 ； 及 三 位 獨 立 非 執 行董 事 李國棟 先 生 、 李 ...

Group 1: Financial Performance - The company has experienced significant losses in the past two years, primarily due to intense price competition in the hazardous waste treatment industry, resulting in low profit margins [2][3] - The current book value of goodwill has significantly decreased, and its potential impact on future performance is expected to diminish gradually [3] Group 2: Industry Competition - The hazardous waste treatment industry is currently in a bottom cycle, with oversupply due to previous rapid capacity expansion; however, there are positive signals as smaller, non-compliant companies are exiting the market [3] - Some regional treatment prices have fallen below cost, limiting further decline; structural adjustments and market clearing are expected to gradually return prices to reasonable levels [3] Group 3: Revenue Composition - Industrial hazardous waste treatment remains the company's primary business, accounting for approximately 70% of revenue as of the first half of 2025; precious metal recovery contributes about 20% [3] - Other segments, including municipal services and electronic waste dismantling, have lower revenue contributions [3] Group 4: Strategic Transformation - The company acknowledges that strategic transformation requires time; currently, new business contributions to overall performance are minimal [3] - The company aims to accelerate transformation according to its "15-5" plan, focusing on high-end differentiation in hazardous waste and precious metal sectors, and promoting new business development for scale efficiency [3] Group 5: Market Management and M&A Plans - The company places high importance on market value management and aims to enhance investor relations through comprehensive strategies and communication [4] - In terms of mergers and acquisitions, the company is actively seeking opportunities in environmental protection and new materials sectors that can synergize with its main business [4] Group 6: International Expansion - International expansion is a key strategic direction, with the establishment of a dedicated overseas team focusing on leveraging existing shareholder resources [4] - Several projects are in reserve, particularly in Southeast Asia, with a cautious approach to asset investment, emphasizing management experience and technical services while assessing geopolitical and currency risks [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東江環保股份有限公司（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00895 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 2. 股份分類 | 普 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector [2][4]. Core Insights - The report highlights the upcoming "retirement wave" of photovoltaic (PV) modules starting in 2025, with a significant increase in waste expected by 2030, reaching approximately 18GW or 140,000 tons. By 2040, the cumulative waste is projected to reach 253GW, equating to around 20 million tons. The market for PV recycling is anticipated to grow to approximately 26 billion yuan by 2030 and 420 billion yuan by 2050 [4][18][24]. - The introduction of new national standards for the recycling of PV modules is expected to drive the industry towards formalization, addressing the current lack of large-scale enterprises and the predominance of illegal recycling channels [4][24]. - The report emphasizes the importance of environmental quality and industrial green development as part of the national "14th Five-Year Plan," suggesting that energy conservation and environmental protection will maintain high levels of prosperity [4][48]. Summary by Sections Market Performance - As of February 27, the environmental sector saw a 7.0% increase, outperforming the broader market, with the Shanghai Composite Index rising by 2.0% to 4162.88 [4][11]. Industry Dynamics - The report discusses the establishment of international standards for urban wastewater treatment facilities, which aims to enhance energy efficiency management in the context of carbon neutrality goals and high energy prices [29]. - The new environmental air quality standards released by the Ministry of Ecology and Environment are set to tighten limits on particulate matter and other pollutants, enhancing public health protections [30][31]. Recycling Market Insights - The report notes that the current recycling capacity for PV modules is insufficient, with only about 20 qualified recycling companies in China capable of processing 300,000 tons annually, leaving a gap of 900,000 tons that is likely to flow into illegal channels [24][21]. - The report outlines the three main recycling technologies: physical, chemical, and pyrolysis methods, each with its advantages and limitations [21][23]. Investment Recommendations - The report recommends focusing on companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, while suggesting attention to companies like Wangneng Environment and Junxin Co. [48].

Core Viewpoint - Dongjiang Environmental's stock price has shown a fluctuating consolidation trend, influenced by overall market sentiment and fund flows in the environmental protection sector [1] Group 1: Stock Performance - As of February 13, Dongjiang Environmental's A-share closed at 4.56 yuan, down 2.15% for the day, with a trading volume of approximately 28.05 million yuan and a turnover rate of 0.67% [1] - The Hong Kong stock (00895.HK) closed at 2.15 HKD on February 20, experiencing a slight decline of 0.46% [1] Group 2: Market Sentiment and Institutional Views - Institutional attention towards Dongjiang Environmental is generally moderate, with the latest market sentiment being neutral [1] - As of February 21, institutional ratings are predominantly neutral, and the fund holding ratio is low at 0.02% [1] Group 3: Industry Context - Analysts indicate that the company is currently in a phase of consolidation without significant improvement in fundamentals, although there is long-term support from policies for the hazardous waste treatment industry [1] - The overall holding ratio in the environmental protection sector has slightly increased, with a higher focus on the solid waste management sub-sector, but Dongjiang Environmental has not yet become a key target for fund allocation due to performance pressures [1]

Core Insights - The article discusses the significance of recycled silver, which is extracted from silver-containing waste materials across various industries, including photography, jewelry, electronics, and healthcare. Recycled silver has become a crucial component of the silver supply chain, especially as global silver supply is primarily dependent on mining, with over 80% of silver reserves found alongside other metals [1][5][6]. Group 1: Recycled Silver Overview - Recycled silver is derived from waste materials and undergoes multiple processes such as sorting, cleaning, and smelting to be reused [1][2]. - The global supply of silver is characterized by a "mining-dominant, recycling-supplementary" model, with recycled silver becoming an essential source due to the long cycles of new mining capacity [1][6]. Group 2: Global Recycled Silver Production - Global recycled silver production is projected to increase from 4,861 tons in 2016 to 6,009 tons by 2025, raising its share of total silver supply from 14.8% to 18.7% [1][6]. - The top five countries for recycled silver production in 2024 are the United States (1,572 tons), China (1,233 tons), India (533 tons), Germany (377 tons), and Russia (332 tons) [1][8]. Group 3: Sources of Recycled Silver - The primary sources of recycled silver include industrial applications (56.5% of production), jewelry (18.9%), and silverware (13.9%) [1][10]. - Industrial applications, particularly the recycling of silver catalysts, are a significant contributor to the growth of recycled silver production [1][10]. Group 4: China's Recycled Silver Industry - China's recycled silver supply has been expanding, with production surpassing 1,000 tons in 2021 and projected to reach approximately 1,250 tons by 2025, maintaining over 20% of global production [1][12]. - The growth in China's recycled silver production is driven by supportive policies, increased raw material availability, and advancements in recycling technology [1][12]. Group 5: Industry Policies and Trends - The development of a circular economy is a key strategy for China's economic growth, with various policies aimed at promoting resource recycling and utilization [1][11]. - The recycled silver market is expected to face limited short-term growth but has significant long-term potential due to increasing demand for precious metals and advancements in recycling technologies [1][15].

Investment Rating - The report maintains a positive outlook on the environmental industry, indicating an "Overweight" investment rating for the sector, suggesting it will outperform the overall market [2][11]. Core Insights - The environmental industry is experiencing a continuous differentiation in performance, with stable operational assets. The report anticipates steady growth in net profits for various segments in 2025, with specific companies showing significant year-on-year increases [2][3]. - Municipal water services are stable, benefiting from strategic expansions and water price adjustments, while the demand for sewage engineering is declining [2]. - The waste incineration sector is also stable, with operational improvements despite a slowdown in new projects and tenders. Different companies are experiencing varied profit growth due to factors like historical revenue recognition and depreciation [2][3]. - The sanitation market remains stable, with profit growth influenced by impairment and the introduction of automated sanitation orders [2]. - Equipment products are facing a widening performance gap due to varying impacts from downstream sectors, with some companies expected to see declines in net profit growth [2]. Summary by Segment Municipal Water Services - Overall operations are stable, with net profit growth expected to be steady in 2025. Key companies include: - Zhongshan Public Utilities: 2025 net profit expected to increase by 67% to 2,000 million [3]. - Jiangnan Water: 3% increase to 415 million [3]. - Xingrong Environment: 8% increase to 2,150 million [3]. - Hongcheng Environment: 1% increase to 1,200 million [3]. Waste Incineration - The sector is stable with operational improvements. Key companies include: - Green Power: 23% increase to 720 million [3]. - Hanlan Environment: 20% increase to 2,000 million [3]. - Junxin Co.: 49% increase to 800 million [3]. Sanitation - The market is stable, with profit growth influenced by impairment and automation. Key companies include: - Yingfeng Environment: 36% increase to 700 million [3]. - Yuhua Tian: 4% increase to 600 million [3]. Equipment Products - Performance varies significantly across companies. Key companies include: - Longjing Environmental: 32% increase to 1,100 million [3]. - Qinda Environmental: 88% increase to 175 million [3]. - Woton Technology: 26% increase to 250 million [3]. Investment Recommendations - Municipal Environmental: Stable profitability with improving cash flow and opportunities in environmental assets. Recommended companies include Zhongshan Public Utilities, Junxin Co., Hanlan Environment, and others [2]. - Automated Sanitation: Growth potential in the field of sanitation robots. Recommended companies include Yingfeng Environment and Yuhua Tian [2]. - Green Methanol and SAF: Benefiting from EU policies, with recommended companies including CIMC Anrui and others [2].

I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東江環保股份有限公司（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2026年2月4日 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00895 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 2. 股份分類 | 普 ...

Core Viewpoint - China, as the largest developing country and greenhouse gas emitter, has made significant progress in low-carbon economic development, aiming to peak carbon emissions by 2030 and achieve carbon neutrality by 2060 through green energy and clean technology initiatives [1][12]. Low-Carbon Economy Overview - The low-carbon economy is based on low energy consumption, low emissions, and low pollution, focusing on technological innovation, institutional reform, industrial transformation, and renewable energy development [3][4]. Industry Development History - The concept of a low-carbon economy emerged in the UK in 2003, with significant milestones including the 2006 Stern Report advocating for global transition to low-carbon economies and China's first national climate change assessment report [4][6]. Industry Policies - A series of policies have been implemented to promote low-carbon economic development, including the 2025 government work report emphasizing the acceleration of green low-carbon economy development and the establishment of a national carbon market [7][8]. Industry Chain - The low-carbon economy industry chain includes upstream low-carbon energy supply and technology research, midstream low-carbon enterprises, and downstream applications such as green buildings and renewable energy generation [8]. Current Industry Status - The national carbon trading market is a key component of the low-carbon economy, with significant growth in trading volume and value, reaching a cumulative transaction volume of 865 million tons and a transaction value of 57.663 billion yuan by the end of 2025 [9][10]. Key Enterprises - Major companies in China's low-carbon economy include Dongjiang Environmental Protection, Ningde Times, BYD, and others, each focusing on various aspects of environmental services, clean energy, and technology innovation [14][15]. Industry Development Trends - Technological innovation is crucial for low-carbon economic growth, with advancements in renewable energy and storage technologies driving down costs and improving efficiency [17]. - Government support through policies and funding will continue to encourage research and development in low-carbon technologies [18]. - Increasing market demand for low-carbon products, driven by consumer awareness and global climate governance, will further stimulate growth in the low-carbon economy [18].

Core Viewpoint - Dongjiang Environmental Protection (00895.HK) has announced a capital increase of RMB 8 million to be invested in Jushen Intelligent, aligning with its strategy to enhance operational efficiency through digitalization and intelligence [1] Group 1: Investment Rationale - The capital increase is part of the company's strategy to become a leading comprehensive environmental service provider and resource recycling industry leader [1] - The investment will help the company integrate into provincial industrial innovation ecosystems and leverage shareholder resource advantages [1] - The collaboration with Jushen Intelligent is expected to generate valuable solutions that meet both internal production efficiency and external market expansion needs [1] Group 2: Future Outlook - The company views this investment as an attractive opportunity to acquire equity in Jushen Intelligent at a low valuation and investment cost [1] - There is confidence in Jushen Intelligent's strong future growth prospects, which could provide long-term returns for shareholders [1] - The project will adhere to state-owned asset management requirements, indicating that associated risks are manageable [1]