关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 圣元环保股份有限公司（以下简称"公司"）分别于 2025 年 4 月 16 日和 5 月 9 日召开第十届董事会 2025 年第三次会议和 2024 年度 股东大会，审议通过了《关于续聘 2025 年度审计机构的议案》，同意 续聘容诚会计师事务所（特殊普通合伙）（以下简称"容诚所"）为公 司 2025 年度审计机构。具体内容详见公司于 2025 年 4 月 18 日在证 监会指定信息披露网站巨潮资讯网披露的《关于续聘 2025 年度审计 机构的公告》（公告编号：2025-020）。 近日，公司收到容诚所出具的《关于变更圣元环保股份有限公司 签字注册会计师的说明函》。现将有关事项具体公告如下： 证券代码：300867 证券简称：圣元环保 公告编号：2025-049 圣元环保股份有限公司 姚斌星，2005 年成为中国注册会计师，2004 年开始从事上市公 司审计业务，2019 年开始在容诚会计师事务所执业，2025 年开始为 圣元环保股份有限公司提供审计服务；近三年签署或复核过多家上市 ...

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Market Overview - The environmental governance sector increased by 0.33% on November 27, with Xuelang Environment leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Xuelang Environment (300385) closed at 6.93, up 7.94% with a trading volume of 331,300 shares [1] - Fuan Co., Ltd. (603315) closed at 15.05, up 6.89% with a trading volume of 257,100 shares [1] - Shengyuan Huai Bao (300867) closed at 22.93, up 6.55% with a trading volume of 293,500 shares [1] - Other notable gainers include Zhongshan Public Utility (000685) and *ST Taihe (605081) with increases of 5.56% and 5.04% respectively [1] Underperformers - ST New Power (300152) closed at 2.40, down 4.00% with a trading volume of 360,500 shares [2] - Dechuang Environmental (603177) closed at 12.26, down 3.84% with a trading volume of 122,200 shares [2] - Other notable decliners include Zhongzhi Holdings (603903) and Feima International (002210) with decreases of 3.60% and 3.11% respectively [2] Capital Flow - The environmental governance sector experienced a net outflow of 381 million yuan from institutional investors, while retail investors saw a net inflow of 358 million yuan [2] - Speculative funds had a net inflow of approximately 22.24 million yuan [2] Individual Stock Capital Flow - Shengyuan Environmental (300867) had a net inflow of 60.79 million yuan from institutional investors, while retail investors experienced a net outflow of 72.10 million yuan [3] - Fuan Co., Ltd. (603315) saw a net inflow of 54.38 million yuan from institutional investors, with retail investors also facing a net outflow of 51.45 million yuan [3] - Zhongshan Public Utility (000685) had a net inflow of 38.87 million yuan from institutional investors, while retail investors faced a net outflow of 26.88 million yuan [3]

Robotics - Lingyi Zhi Zao has signed strategic cooperation agreements with several leading embodied intelligence companies to promote the hardware manufacturing of embodied robots [1] - Luxshare Precision is expected to ship 3,000 humanoid robots this year [1] Batteries - Tiannai Technology claims that single-wall products are the best choice for fast-charging batteries, with fourth-generation and pure single-wall products significantly enhancing battery rate and cycle life [1] - Ninebot reports that fluctuations in lithium carbonate prices have not directly impacted product pricing; the company has preemptively stocked multiple new electric bicycle products that meet new national standards [1] Chips - Xidi Micro has successfully integrated its high-performance power management chip products into the Meta supply chain through ODM manufacturers [1] - Silan Micro has launched four key analog chips for AI computing power [1] Electronics - BOE Technology Group indicates that the overall supply and demand in the industry is under pressure, with a forecasted decline in the shipment volume of foldable products in the second half of the year [1] - Luxshare Precision anticipates mass production of microchannel technology next year [1] - Zhihui Power, as a first-tier supplier to Google, provides mobile-related components through Foxconn and Taiwan's Compal [1] Others - Jinli Permanent Magnet holds indirect shares in Muxi Co., Ltd [1] - Chunhui Zhikong has begun bulk supply of satellite release devices to satellite manufacturers [1] - Nandu Property holds indirect shares in Yundongchu through the Saizhi Zhudragon Fund [1] - Chuangyuan Technology's subsidiary Suzhou Bearing supplies mainly needle bearing products for the commercial aerospace sector, although the supply volume is relatively small [1] - Shengyuan Environmental Protection has indirectly participated in investment in Moore Threads by subscribing to fund shares [1] - Shengyang Co., Ltd has launched full immersion liquid cooling energy storage systems and solutions into the market [1] - Weichai Power does not have a gas turbine business [1]

Core Viewpoint - The company is focusing on its core business in waste-to-energy while actively exploring new industries for future growth opportunities [2] Group 1: Current Operations - The company's main revenue is derived from the waste-to-energy sector, specifically through waste incineration power generation [2] - The company is currently developing new projects, including taurine raw material and Xiamen Ruiji Hotel, which are still under construction and not yet operational [2] Group 2: New Business Initiatives - In the hydrogen energy sector, the company has established partnerships with various institutions, including Xiamen University and Southwest Chemical Research Design Institute, to collaborate on technology research and project implementation [2] - The company will comply with information disclosure requirements if new business initiatives meet the relevant standards [2] Group 3: Asset Management - The sale of the wastewater business assets is pending approval from local government authorities, and the company is actively working to expedite this process [2]

Core Viewpoint - Shengyuan Environmental Protection has confirmed that its 40,000-ton annual production project for taurine, a chemical raw material (food), is currently in the equipment installation and decoration phase, with the project expected to rank among the top three in domestic capacity upon completion [1] Group 1 - The company is actively working on the taurine production project, which is a significant step in expanding its production capabilities [1] - The project is anticipated to achieve full production capacity, contributing to the company's competitive position in the market [1] - The specific timeline for the project's official launch will be communicated by the company at a later date [1]

证券代码：300867 证券简称：圣元环保 圣元环保股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 广发证券股份有限公司：陈龙、荣凌琪 | | 及人员姓名 | | | 时间 | 2025 年 11 月 20 日 | | 地点 | 南安垃圾焚烧发电厂； | | | 全资子公司南安市圣元环保电力有限公司会议室 | | 上市公司接待 | 1、董事会秘书 陈文钰 | | 人员姓名 | 2、证券事务代表 何玖玖 | | | 公司董事会秘书陈文钰首先向本次调研人员简要 | | | 介绍了公司主要业务布局、发展战略以及 年三季 2025 | | | 报相关情况。 | | 投资者关系活 | 调研人员就公司情况进行提问，董事会秘书就提问 | | 动主要内容介 绍 | 一一进行解答。本次调研交流主要内容如下： | | | 问 1：公司 2025 年三季报较去年同期增长超过 | | | 1 ...

Core Insights - The environmental governance sector saw a slight increase of 0.45% on November 20, while the Shanghai Composite Index decreased by 0.4% and the Shenzhen Component Index fell by 0.76% [1] Group 1: Market Performance - The environmental governance sector's main stocks experienced mixed performance, with the leading stock being Beijete [1] - The Shanghai Composite Index closed at 3931.05, and the Shenzhen Component Index closed at 12980.82 [1] Group 2: Capital Flow - The environmental governance sector experienced a net outflow of 93.23 million yuan from main funds, while retail investors saw a net outflow of 73.20 million yuan [2] - Conversely, speculative funds recorded a net inflow of 166 million yuan [2] Group 3: Individual Stock Performance - Huicheng Environmental had a main fund net inflow of 97.52 million yuan, while retail investors had a net outflow of 86.75 million yuan [2] - Shengyuan Environmental saw a main fund net inflow of 86.25 million yuan, with a retail net outflow of 12.70 million yuan [2] - Beijete recorded a main fund net inflow of 75.07 million yuan, but faced a retail net outflow of 33.78 million yuan [2] - Other notable stocks included Fulongma, Sandamembrane, and Dechuang Environmental, each with varying levels of net inflows and outflows from different investor categories [2]

证券日报网讯 圣元环保11月19日在互动平台回答投资者提问时表示，公司通过认购中原前海股权投资 基金（有限合伙）3亿元人民币的基金份额，间接参与了摩尔线程和沐曦集成的投资。根据基金合伙协 议，该基金的经营期限为8年，其中前4年为投资期，后4年为赎回期。目前，该基金正处于赎回期的第 一年。前述投资标的的成功上市，预计将对公司的整体投资收益产生积极的贡献。具体的收益金额，将 取决于最终的退出时机、价格和市场情况，请届时以公司官方发布的公告为准。 （编辑 姚尧） ...

Core Viewpoint - The environmental governance sector experienced a slight decline of 0.09% on November 14, with the Shanghai Composite Index closing at 3990.49, down 0.97%, and the Shenzhen Component Index at 13216.03, down 1.93% [1]. Group 1: Stock Performance - The top-performing stock in the environmental governance sector was Shengyuan Huibao (300867), which closed at 22.75, up 13.86% with a trading volume of 543,100 shares and a transaction value of 1.239 billion yuan [1]. - Haixia Environmental Protection (603817) followed with a closing price of 8.68, up 10.01%, and a trading volume of 439,600 shares [1]. - Other notable performers included Zhongchi Co., Ltd. (603903) at 15.29, up 7.22%, and ST Kaise (300899) at 33.76, up 5.11% [1]. Group 2: Capital Flow - The environmental governance sector saw a net outflow of 613 million yuan from institutional investors and a net outflow of 112 million yuan from speculative funds, while retail investors contributed a net inflow of 724 million yuan [3].