Group 1: Business Operations - The company's waste incineration project operates with a daily processing capacity of over 50,000 tons, handling more than 20 million tons of solid waste annually, and generating over 5 billion kWh of electricity each year. This accounts for approximately 7%-8% of the national waste incineration capacity [2] - The company plans to enhance market development, promote mergers and acquisitions, implement refined management, and diversify income sources to improve profitability in the waste incineration sector [2] Group 2: Project Developments - The integration of waste incineration projects from China Environmental Protection into the company is currently in the preparatory phase, focusing on stakeholder communication and management improvements [2] - The market promotion of the company's "county-level small waste incineration equipment technology" has been implemented in two pilot projects [2] Group 3: Financial Performance - The environmental equipment segment faced losses last year due to intensified industry competition leading to decreased profit margins, and the transformation of the Tangshan equipment business, which has not secured new orders [3] - As of the end of 2024, accounts receivable primarily consist of waste disposal fees and government subsidies, with expectations for improved recovery due to government debt reduction measures [3] Group 4: Strategic Planning - The company is exploring overseas markets, particularly in regions aligned with the Belt and Road Initiative, focusing on countries with favorable policies, strong economic growth, and urgent environmental needs [3] - In Q1 2025, the company achieved a year-on-year net profit increase of over 40%, driven by collaborative business market expansion and cost management [3]

Group 1: Market Performance and Stock Management - The company's stock price has been declining, with a significant drop from 60 to 5 [9] - The company emphasizes enhancing development quality and value creation as the foundation for market value management [10] - In 2024, the company plans to distribute cash dividends exceeding 60% of the net profit attributable to shareholders [3][10] Group 2: Financial Performance - In 2024, the company achieved operating revenue of 5.919 billion yuan, remaining stable year-on-year [4] - The total profit for 2024 was 846 million yuan, reflecting a year-on-year increase of 2.57% [4] - The net profit for 2024 was 629 million yuan, with a 11.22% increase in the first quarter of 2025 compared to the same period last year [9][10] Group 3: Industry Position and Future Outlook - The company operates in a stable industry, with a significant market share in waste incineration, processing over 20 million tons of waste annually [8] - The waste incineration sector is expected to grow positively, driven by national ecological initiatives and the "dual carbon" goals [6] - The company aims to expand its revenue sources through market development, mergers, and resource utilization [7][8]

证券代码：300140 证券简称：节能环境 公告编号：2025-20 中节能环境保护股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接待日暨 中节能环境保护股份有限公司董事会 2025 年 5 月 13 日 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市公司 投资者集体接待日暨 2024 年度业绩说明会"。 届时，公司相关高管人员将通过互动平台与投资者进行网络沟通和交流，欢 迎广大投资者踊跃参加！ 活动时间：2025年5月20日15:00-17:00。 活动地址："全景路演"。 网址：http://rs.p5w.net。 特此公告。 2024 年度业绩说明会"的公告 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。 ...

Core Viewpoint - The company has undergone a significant asset restructuring in 2023, enhancing its operational capacity and financial stability through the integration of waste-to-energy assets and the introduction of new shareholders [1][2]. Group 1: Asset Restructuring and Financial Performance - In 2023, the company completed a major asset restructuring with China Environmental Protection, injecting waste-to-energy assets into the listed company and raising 3 billion yuan through a private placement [1]. - The company reported a Q1 2025 revenue of 1.422 billion yuan, a slight decrease of 0.16% year-on-year, while net profit attributable to shareholders increased by 42.72% to 282 million yuan [9]. Group 2: Project Expansion and Operational Strategy - The current operational scale of the company's waste incineration projects exceeds 50,000 tons per day, with plans for further expansion through mergers, overseas market development, and small-scale project development [2]. - The company is actively pursuing the integration of its waste management projects and is preparing for the injection of projects currently operated by its controlling shareholder [2]. Group 3: Revenue and Cost Management - The company has seen a steady increase in revenue from collaborative waste treatment services, with a focus on cost management leading to a reduction in operating costs [7]. - The company has a significant portion of its accounts receivable tied to government subsidies, accounting for approximately 28% of total receivables [5]. Group 4: Strategic Positioning and Future Outlook - The company is positioned as a key platform for solid waste management and resource recycling within the controlling shareholder's ecosystem, receiving strong support from China Energy Conservation [7]. - The company plans to maintain a dividend payout ratio exceeding 60% in 2024, with future shareholder return strategies to be aligned with operational performance [8].

Group 1: Major Asset Restructuring - In 2023, the company underwent a significant asset restructuring with China Environmental Protection, injecting waste-to-energy assets into the listed company, completing a capital increase of 3 billion CNY [2] - New shareholders include Guoxin Jianyuan, Guoxin Development, and the National Green Development Fund, enhancing the company's development quality [2] Group 2: Project Scale and Expansion Plans - The current operational scale of waste incineration projects exceeds 50,000 tons per day [2] - Future expansion plans include mergers and acquisitions, overseas market development, small-scale project development, existing project enhancement, and full industry chain exploration [2] Group 3: Financial Performance and Revenue Structure - The management of 23 subsidiaries under a trust agreement generates an annual income of 6.1 million CNY, with a reduction of 200,000 CNY for each subsidiary removed [2] - As of the end of 2024, accounts receivable primarily consist of waste disposal fees and national subsidies, with national subsidies accounting for approximately 28% [3] Group 4: Challenges and Strategic Responses - The probability of default on national subsidy receivables is low, but the recovery progress is subject to government settlement cycles [3] - The environmental equipment sector experienced a significant revenue decline in 2024 due to intensified industry competition and ongoing business transformation [3] Group 5: Asset Impairment and Management - In 2024, the company recognized an asset impairment loss of 105.95 million CNY, mainly due to goodwill impairment of 56.45 million CNY for Zhaosheng Environmental [3] - The company anticipates that while the aging of receivables may increase bad debt provisions, proactive collection management could mitigate some risks [3] Group 6: Shareholder Returns and Market Management - The company’s mid-year and annual dividend payout ratio exceeded 60% in 2024, with plans to continue enhancing shareholder returns [4] - As a central enterprise, the company is required to conduct market value management and assessments in accordance with relevant regulations [4]

Core Viewpoint - The capital story of China Energy Conservation and Environmental Protection Group Co., Ltd. (referred to as "China Energy Conservation") and its core listed platform, Energy Conservation Environment (300140.SZ), has experienced significant ups and downs, with a notable turnaround in 2023 due to a major restructuring in the waste incineration power generation sector, leading to a return to profitability after four consecutive years of losses [2][6][12]. Group 1: Financial Performance - In 2024, the company achieved a net profit of 6.05 billion yuan, a decrease of 14.49% year-on-year, while its operating revenue fell by 3.67% to 59.19 billion yuan [12][21]. - The company's non-recurring net profit reached 5.88 billion yuan, marking a substantial increase of 166.65% compared to the previous year [12][21]. - The fourth quarter of 2024 saw a significant loss, with a net profit loss of 583.9 million yuan, attributed to various impairment losses and asset disposals [12][15]. Group 2: Business Segments - The solid waste treatment segment accounted for over 80% of the company's revenue, becoming the core pillar of its performance, while the environmental equipment segment's revenue declined by 40% year-on-year [6][16][19]. - The company processed a total of 2,015,870 tons of solid waste in 2024, including 1,921,560 tons of municipal waste, generating 5.365 billion kWh of green electricity [16][21]. - The environmental equipment segment's revenue was only 2.19 billion yuan, representing just 3.70% of total revenue, with a negative gross margin of -34.65% [16][19]. Group 3: Market Position and Challenges - The company has become a leading player in the domestic waste incineration power generation industry, managing over 40 waste incineration projects with a daily processing capacity exceeding 50,000 tons [6][11]. - Despite the turnaround, the company faces challenges such as increasing accounts receivable, which rose to 51.09 billion yuan, representing 16.75% of total assets, and a receivable-to-revenue ratio that increased from 65% to 77% [21][22]. - The introduction of a new PPP mechanism is expected to attract more private enterprises into the sector, leading to intensified competition in new projects [21][23].

中信证券股份有限公司 关于 中节能环境保护股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易 之 2024年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二五年五月 声 明 中信证券股份有限公司（以下简称"本独立财务顾问"）接受中节能环境保 护股份有限公司（以下简称"上市公司""公司""节能环境"）的委托，担任 其 2023 年度发行股份及支付现金购买资产并募集配套资金暨关联交易的独立财 务顾问。 根据《中华人民共和国公司法》《中华人民共和国证券法》和《上市公司重 大资产重组管理办法》等法律规范的有关规定，按照证券行业公认的业务标准、 道德规范，本着诚实信用、勤勉尽责的态度，本独立财务顾问经过审慎核查，结 合上市公司 2024 年年度报告，出具本持续督导意见。 1、本持续督导意见所依据的文件、材料由交易各方提供，本次交易各方均 已向本独立财务顾问保证：其所提供的有关本次资产重组的相关信息真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本持续督导意见不 ...

Core Viewpoint - The company,节能环境, reported significant growth in its 2024 annual results, with a revenue of 5.919 billion yuan and a net profit of 605 million yuan, reflecting a year-on-year increase of 166.65% in net profit [1][4]. Business Segments Waste-to-Energy Business - The company focuses on providing comprehensive waste management services, aligning with national ecological and environmental strategies, and has developed a profitable model centered on waste treatment and electricity generation [1][4]. - The company is expanding its services to include the treatment of kitchen waste, sludge, and the harmless disposal of dead livestock, enhancing economic efficiency [1]. Environmental Equipment Business - The subsidiary, 中节能兆盛环保有限公司, is a leading manufacturer in the wastewater treatment equipment sector, involved in the design, research, manufacturing, and sales of various environmental equipment [2]. - The company has engaged in research for small-scale waste incineration technology and has completed prototype manufacturing for this equipment [2]. Electrical Equipment Business - The subsidiary, 中节能西安启源机电装备有限公司, produces various electrical equipment and is advancing towards smart manufacturing solutions [3]. - The company has supplied over 2,600 units of equipment to nearly 500 enterprises, maintaining a leading market share and exporting to over 50 countries [3]. Financial Performance - In 2024, the company achieved a total solid waste treatment volume of 20.1587 million tons and generated 5.365 billion kWh of electricity [4]. - The company plans to distribute a total cash dividend of 372 million yuan for the year [1]. Innovation and R&D - The company increased its R&D investment to 169 million yuan, with a research intensity of 2.86% [5]. - It has received multiple national and provincial-level recognitions for its technological advancements and has filed 216 patents, including 58 invention patents [5]. Future Development Strategy - The company has established a business development framework centered on waste incineration, supported by multi-source waste treatment and equipment manufacturing [6]. - It aims to enhance its core competitiveness in waste management while adhering to green and low-carbon development principles [6].

证券代码：300140 证券简称：节能环境 公告编号：2025-19 中节能环境保护股份有限公司 关于召开 2024 年年度股东大会的通知 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、召开会议的基本情况 1、股东大会届次：公司2024年年度股东大会 2、会议召集人：公司第八届董事会。公司第八届董事会第八次会议审议并 通过了《关于提议召开公司2024年年度股东大会的议案》，同意召开本次股东大 会。 3、会议召开的合法、合规性 本次股东大会审议的事项已经公司第八届董事会第八次会议、第八届监事会 第六次会议审议通过，审议事项符合法律、行政法规、部门规章、规范性文件及 《公司章程》的有关规定，提交股东大会审议事项的相关资料完整。 4、会议召开的日期、时间 （1）现场及视频会议召开时间：2025年5月20日（星期二）下午15：30时 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025年5月20日 9:15-9:25、9:30-11:30 和 13:00-15:00；通过深圳证券交易所 互联网系统投票的具体时间为2025年5月20日 9: ...

央企平台叠加技术优势，主打板块毛利率超40% 4月27日晚间，节能环境(300140)披露2025年一季报，报告期内公司实现营业收入为14.2亿元，同比下降 0.2%；归母净利润为2.82亿元，同比上升42.7%；扣非归母净利润为2.79亿元，同比上升44.7%；经营现 金流净额为3.27亿元，同比增长7.2%。从单季度看，2025年一季度净利润创下了近7个季度以来的新 高。 披露的2024年度利润分配预案显示，公司拟以总股本为基数，向全体股东每10股派发现金红利0.6元 （含税），预计总派发金额为1.86亿元。合并中期现金分红金额，2024年度全年派发现金红利为3.72亿 元，占2024年度归属于上市公司股东的净利润的比例为61.42%。 公司的业务领域为以生活垃圾焚烧发电为核心的固废综合处置、节能环保装备及电工装备等产业，拥有 独立完整业务运营系统。公司的主要产品是固废综合处理、电工装备、环保装备、建造服务。 固废综合处理是公司的主打业务，其营收占总营收比例为85.64%，2024年该业务板块毛利率大幅提升 至40%以上，主要系公司运营效率大幅提升，相较上年营收增长而成本下降。 2023年6月，公司收购中 ...