Core Viewpoint - The company has developed solid-state hydrogen storage technology and is focusing on various applications of hydrogen energy in multiple sectors, including transportation and waste management [1]. Group 1: Hydrogen Energy Development - The company's hydrogen energy research institute has created demonstration products such as hydrogen-powered two-wheeled vehicles, sightseeing cars, and forklifts [1]. - Ongoing research includes solid-state hydrogen-fuel cell powertrains for urban garbage cleaning vehicles, garbage transport vehicles, engineering vehicles, and ships [1]. - The company is committed to the implementation plan of "technology breakthroughs + scenario landing" to achieve large-scale commercial applications of hydrogen energy across various fields [1].

Core Viewpoint - The Shanghai Stock Exchange will review the initial public offering (IPO) of Moore Threads on September 26, aiming to raise 8 billion yuan [1] Group 1: Company Overview - Moore Threads plans to list on the Sci-Tech Innovation Board and seeks to raise 8 billion yuan through its IPO [1] - The company has direct and indirect stakes in various sectors, including electronics, computers, and communications [1] - Directly invested companies include Heertai (002402) and Yingqu Technology (002925), while indirectly invested companies include Honglida, Chuling Information (300250), and Changfei Fiber (601869) [1] Group 2: Market Performance - As of September 19, the average annual increase for the directly or indirectly invested companies is nearly 35%, with Changfei Fiber and Heertai exceeding 100% [1] - Financing data shows that as of September 18, these companies have seen an overall increase of nearly 30% in financing from investors this year [1] - Six companies, including Changfei Fiber, Heertai, and Ruifeng New Materials (300910), have received over 30% increase in financing from investors [1] Group 3: Investment Backers - In addition to A-share companies, notable investors in Moore Threads include Tencent, Lenovo, Sequoia Capital, and Houshu Capital [1]

Group 1 - The company hosted a research event with 19 institutions and individual investors, showcasing the operations of its waste-to-energy plant and discussing its business strategy and financial performance for the first half of 2025 [1] - The company has received multiple national subsidies, contributing positively to its third-quarter profits, with the Ministry of Finance allocating a budget of 46.183 billion yuan for renewable energy subsidies, including 3.942 billion yuan for biomass power generation [1] Group 2 - The company is actively expanding its steam supply and heating business, with contracts signed for new projects at prices starting from 205 yuan per ton, and has supplied 56,200 tons of steam and 508,600 GJ of heat in the first half of 2025 [2] - The company anticipates significant profit growth from its waste-to-energy projects through various initiatives, including technological upgrades, improved receivables collection, and green electricity trading [2] Group 3 - The company is constructing a taurine production project with an annual capacity of 40,000 tons, expected to rank among the top three in China upon completion, with stable raw material supply secured through a partnership with a local petrochemical company [2] - The company has established a marketing department for taurine derivatives, launching various "taurine+" products and utilizing both online and offline marketing strategies to promote them [3] Group 4 - The company is developing a hotel project in Xiamen, which has reached the structural completion stage and is on track for completion and trial operation by the end of 2026, with plans for professional management by a subsidiary of Marriott International [3]

Group 1: Financial Performance and Contributions - The Ministry of Finance allocated a budget of 46.183 billion CNY for renewable energy price subsidies, with biomass power generation receiving 3.942 billion CNY. The company has already received multiple subsidy payments, positively impacting Q3 profits [3]. - The company’s cash flow from operating activities is strong, indicating potential for profit growth in the future through various factors including project upgrades and improved receivables [4]. Group 2: Business Operations and Development - The average selling price for steam supplied from the company’s waste-to-energy plants is over 200 CNY per ton, with new contracts signed for a price starting at 205 CNY per ton [3]. - In the first half of 2025, the company’s seven waste-to-energy plants supplied 50.86 GJ of heat [3]. Group 3: Project Updates - The taurine project, with an annual capacity of 40,000 tons, began construction in June 2024 and is expected to rank among the top three in China upon completion. The project adheres to high standards and will utilize advanced production processes [4]. - The Xiamen Ruiji Hotel project has completed its main structure and is currently undergoing interior renovations, with plans for completion and trial operations by the end of 2026 [6]. Group 4: Marketing and Product Development - The company has established a dedicated marketing team for its taurine products, launching various "taurine+" products across different food categories, with sales strategies implemented both online and offline [5].

证券代码：300867 证券简称：圣元环保 公告编号：2025-044 圣元环保股份有限公司 2025 年第二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的内容真实、准确、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否决议案的情形； 2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 圣元环保股份有限公司（以下简称"公司"或"圣元环保"）于 2025 年 9 月 12 日召开 2025 年第二次临时股东大会。会议召开及出席情况 如下： 1.会议召开时间 （1）现场会议时间：2025 年 9 月 12 日（星期五）下午 3:00； （2）网络投票时间：2025 年 9 月 12 日（星期五）； 其中，通过深圳证券交易所交易系统投票：2025 年 9 月 12 日上 午 9：15-9：25、9：30-11：30 和下午 13：00-15：00；通过深圳证 券交易所互联网系统（http://wltp.cninfo.com.cn）投票：2025 年 9 月 12 日上午 9：15 至下午 15：00 的任意时间。 2.现场会议召开地点 福建省 ...

北京市天元律师事务所 关于圣元环保股份有限公司 2025 年第二次临时股东大会的法律意见 京天股字（2025）第 549 号 致：圣元环保股份有限公司 圣元环保股份有限公司（以下简称"公司"）2025 年第二次临时股东大会 （以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，现 场会议于 2025 年 9 月 12 日在福建省泉州市丰泽区宝洲路宝洲污水处理厂数字集 控中心召开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派 本所律师参加本次股东大会现场会议，并根据《中华人民共和国公司法》、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）以及《圣元环保股份有限公司章程》（以下简 称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程序、出席现 场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意 见（以下简称"本法律意见"）。 为出具本法律意见，本所律师审查了《圣元环保股份有限公司第十届董事会 2025 年第五次会议决议公告》、《圣元环保股份有限公司第十届监事会 2025 年 第四次会议决议公告》、《 ...

Group 1 - The company invested 300 million RMB in the Zhongyuan Qianhai Equity Investment Fund in early 2021, indirectly participating in the investment in Moer Thread [2] - The total scale of the Zhongyuan Qianhai fund is 5 billion RMB [2] - The fund invested 29.735 million RMB in Moer Thread, representing an investment ratio of 0.2423% [2]

证券代码：300867 证券简称：圣元环保 公告编号：2025-043 圣元环保股份有限公司 关于召开2025年第二次临时股东大会通知的更正公告 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"）于 2025 年 8 月 27 日在 巨潮资讯网（http://www.cninfo.com.cn）披露了《圣元环保股份有限公 司关于召开 2025 年第二次临时股东大会的通知》（公告编号：2025-042）。 经事后核查发现，公告正文及附件中部分信息错误，现对相关内容更正 如下（更改部分加粗表示）： 原公告正文中第一条第五款中的网络投票 "同一表决票只能选择 现场、网络表决方式中的一种，同一表决权出现重复表决的以第二次有 效投票结果为准"，更正后为"同一表决票只能选择现场、网络表决方 式中的一种，同一表决权出现重复表决的以第一次有效投票结果为准"。 原公告正文中第一条第九款中"如果出现重复投票，表决结果以第 二次有效投票结果为准"，更正后为"如果出现重复投票，表决结果以 第一次有效投票结果为准"。 原公告附件 1《参加网络投票的 ...

Core Viewpoint - The company's revenue slightly declined due to a high base effect, while net profit showed robust growth driven by investment income and cost optimization [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 745 million yuan, a year-on-year decrease of 6% - The net profit attributable to shareholders reached 115 million yuan, a year-on-year increase of 12% - The revenue decline was primarily due to a one-time large income recognition from the Qianyang Phase II project in the previous year [2] - Non-operating gains significantly contributed to profit growth, with fair value changes from financial assets generating 8.37 million yuan in gains compared to a loss in the same period last year - Financial expenses decreased by 13.80% due to measures such as replacing low-interest loans, enhancing cost control - Operating cash flow remained strong, with a net amount of 281 million yuan, a year-on-year increase of 119.37% [2] Business Operations - The solid waste main business operated steadily, with a total waste received of 2.9041 million tons and electricity generation of 973 million kWh, remaining stable compared to the previous year - The company is enhancing its main business and actively expanding high-value-added services, with 7 waste-to-energy plants supplying 56,200 tons of steam and 508,600 GJ of heat [3] - The company is strategically developing a new health industry centered around taurine, with a 40,000-ton taurine raw material project set to start construction in June 2024, aiming for a leading capacity in China [3] Future Development - The company is advancing two major construction projects to build future growth engines, including the taurine project located in the Quangang Petrochemical Park, which has significant raw material cost and safety advantages - The Shengyuan Xiamen Ruiji Hotel project has completed the main structure and is expected to begin trial operations by the end of 2026, potentially becoming a new profit growth point [4] - The company is optimizing its asset structure by strategically divesting non-core businesses, having signed an agreement in February 2025 to sell four sewage treatment plants for 382 million yuan, representing a 37.29% increase over net asset value [4] Profit Forecast - The company is projected to achieve operating revenues of 1.640 billion yuan, 1.704 billion yuan, and 1.774 billion yuan for 2025-2027, with year-on-year growth rates of 3.66%, 3.92%, and 4.12% respectively - Net profits attributable to shareholders are expected to be 298 million yuan, 249 million yuan, and 280 million yuan, with growth rates of 63.87%, -16.65%, and 12.44% respectively - Based on the closing price on August 27, 2025, the corresponding PE ratios are projected to be 16.28, 19.53, and 17.37, with EPS of 1.10, 0.92, and 1.03 yuan respectively, suggesting continued attention [4]

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) reported a significant increase in revenue and net profit for the first half of 2025, indicating a positive growth trend in its financial performance [1][3]. Financial Performance - The company's total operating revenue reached 745 million yuan, ranking 27th among disclosed peers [1]. - The net profit attributable to shareholders was 115 million yuan, ranking 21st among disclosed peers, with a year-on-year increase of 12.07%, amounting to an increase of 12.36 million yuan [1]. - Operating cash flow was 281 million yuan, ranking 14th among disclosed peers, with a year-on-year increase of 119.37%, amounting to an increase of 153 million yuan [1]. Profitability Metrics - The latest asset-liability ratio stood at 57.04%, a decrease of 2.04 percentage points from the same period last year [3]. - The gross profit margin was 43.63%, ranking 5th among disclosed peers, with a year-on-year increase of 0.32 percentage points, marking three consecutive years of growth [3]. - The return on equity (ROE) was 3.04%, ranking 26th among disclosed peers, with a year-on-year increase of 0.19 percentage points [3]. Earnings Per Share - The diluted earnings per share were 0.42 yuan, ranking 11th among disclosed peers, with a year-on-year increase of 12.08%, amounting to an increase of 0.05 yuan [3]. Operational Efficiency - The total asset turnover ratio was 0.09 times [4]. - The inventory turnover ratio was 7.46 times, ranking 21st among disclosed peers [4]. Shareholder Structure - The number of shareholders was 24,800, with the top ten shareholders holding 141 million shares, accounting for 51.83% of the total share capital [4]. - The largest shareholder, Zhu Hengbing, holds 25.00% of the shares [4].