证券代码：301109 证券简称：军信股份 公告编号：2025-115 湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 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。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 一、本 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is actively expanding its business through overseas projects and acquisitions, which is expected to enhance its growth trajectory and lead to a potential revaluation of its stock [1][2] - The company has signed multiple overseas waste-to-energy projects, including a significant investment agreement in Kazakhstan, which is projected to contribute to its second growth curve [2] - The acquisition of Renhe Environment has strengthened the company's operational synergies, leading to substantial revenue growth [3] Financial Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion RMB, representing a year-on-year increase of 33.07%, and a net profit of 400 million RMB, up 49.23% year-on-year [3] - The company reported a significant increase in operating cash flow, which rose by 59.81% year-on-year to 724 million RMB, attributed to the acquisition and increased business volume [4] - The company has adjusted its profit forecasts upward, projecting net profits of 785 million RMB, 836 million RMB, and 878 million RMB for 2025, 2026, and 2027 respectively, reflecting a 7% increase in estimates [5] Valuation - The target price for the company's stock has been raised to 19.21 RMB, based on a projected PE ratio of 19.4 times for 2025 [5] - The company is expected to maintain a high dividend payout ratio of at least 50% annually, enhancing shareholder returns [4]

格隆汇9月1日丨军信股份(301109.SZ)公布，截至2025年8月31日，公司通过股份回购专用证券账户以集 中竞价交易方式实施回购股份数量为3,603,180股，占公司目前总股本(未扣除公司回购专用证券账户中 的股份)的比例为0.46%，最高成交价为14.29元/股，最低成交价为13.86元/股，已支付的资金总额为人民 币5099.21万元(不含交易费用)。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company achieved a net profit attributable to shareholders of 400 million yuan in H1 2025, representing a year-on-year increase of 49.23%. In Q2 2025, the net profit was 227 million yuan, up 57.68% year-on-year [2][6]. - The integration of Renhe Environment contributed significantly to profits, with a contribution of 117 million yuan in H1 2025. The company also experienced stable organic growth, driven by improved operational efficiency in waste incineration and the contribution from the Liuyang and Pingjiang projects [11]. - The company is actively expanding into overseas markets, having signed an agreement with Kyrgyzstan for a total processing capacity of 7,000 tons per day, with expectations for profit growth from these overseas projects [2][11]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.478 billion yuan, a year-on-year increase of 33.07%. The net profit attributable to shareholders was 400 million yuan, up 49.23%. The basic earnings per share were 0.51 yuan, an increase of 10.13% [6][11]. - For Q2 2025, revenue was 711 million yuan, reflecting a year-on-year growth of 15.91%, while the net profit was 227 million yuan, up 57.68% [6]. Operational Highlights - The company’s waste processing volume reached 1.86 million tons in H1 2025, a 10.7% increase year-on-year. The electricity generated from waste was 886 million kWh, up 26.2% year-on-year [11]. - The company’s operational cash flow improved significantly, with a net cash flow from operating activities of 724 million yuan, a 59.81% increase year-on-year [11]. Market Expansion - The company has initiated new domestic projects in Liuyang (1,200 tons/day) and Pingjiang (600 tons/day), which are expected to drive growth in 2025. Additionally, it has made strides in international markets, including projects in Kyrgyzstan and Kazakhstan [11]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 767 million, 833 million, and 902 million yuan, respectively, with corresponding price-to-earnings ratios of 15.9x, 14.6x, and 13.5x [11].

每经AI快讯，军信股份（SZ 301109，收盘价：15.43元）9月1日晚间发布公告称，截至2025年8月31 日，公司通过股份回购专用证券账户以集中竞价交易方式实施回购股份数量约为360万股，占公司目前 总股本的比例为0.46%，最高成交价为14.29元/股，最低成交价为13.86元/股，已支付的资金总额为人民 币约5099万元。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ （记者 曾健辉） 2024年1至12月份，军信股份的营业收入构成为：节能环保服务业占比65.51%，建设期服务收入占比 34.43%，其他业务占比0.05%。 截至发稿，军信股份市值为122亿元。 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-114 湖南军信环保股份有限公司 关于回购公司股份的进展公告 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。 （一）公司回购股份的时间、回购股份数量及集中竞价交易的委托价格、委托时段等符 合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》（2025 年修订）及公司 回购股份方案的相关规定。 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发生之日或者 在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购公司股份符合下列要求： 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第三届董事 会第二次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使用不低于人民币 20,000 万元且不超过人民币 30,000 万元（均包含本数）的自有资金及其他自筹资金，以集 中竞价交易方式回购公司部分社会公众股份（以下简称"本次回购"）。本次回购的股份 ...

Group 1 - Weisheng Information won four projects in August with a total amount of 85.5377 million yuan, accounting for 3.12% of the company's total revenue for 2024 [1] - Longqi Technology's shareholder plans to reduce its stake by up to 4.09%, equating to a maximum of 19.1916 million shares [1] - Guojin Modern's subsidiary received a drug registration certificate for injectable Nicardipine, used for treating unstable angina [3][4] Group 2 - SAIC Motor reported a total vehicle sales of 363,400 units in August, a year-on-year increase of 41.04%, with new energy vehicle sales reaching 129,800 units, up 49.89% [5] - Kuka Home plans to invest 1.124 billion yuan to build a self-owned base in Indonesia, aiming to enhance its international strategy [6] - Samsung Medical's subsidiary signed a contract for an intelligent meter project in Egypt worth 58.8 million USD, approximately 419 million yuan [8] Group 3 - North Vehicle Blue Valley's subsidiary reported a total production of 10,587 units in August, a year-on-year decrease of 15.13%, while sales increased by 3.47% [12] - Xianghe Industrial signed contracts worth 400 million yuan for railway fastener system components [13] - Hengrui Medicine's HRS9531 injection has received acceptance for its marketing authorization application [14] Group 4 - Hualu Hengsheng resumed normal production after completing maintenance on production facilities [16] - Shanghai Pharmaceuticals' hydrochloride verapamil injection passed the consistency evaluation for generic drugs [18] - Shanghai Construction received approval for debt financing tools with a registration period of two years [20] Group 5 - Kangli Elevator terminated the sale of its wholly-owned subsidiary due to the buyer's failure to obtain necessary approvals [21] - Times Wan Heng appointed Li Zhizhong as the new deputy general manager [22] - Hanma Technology reported a total truck sales of 1,051 units in August, a year-on-year increase of 58.05% [24] Group 6 - Wenzhou Hongfeng's subsidiary received a utility model patent certificate for a servo adjustment device [26] - Yibin Technology received a project designation from a domestic new energy vehicle company, with an estimated total sales of 243 million yuan over five years [28] - Star Ring Technology's H-share issuance application was accepted by the China Securities Regulatory Commission [30] Group 7 - Microchip Bio's vice president resigned for personal reasons [31] - Zhongxin Co. announced the resignation of a non-independent director due to personal reasons [32] - Changcheng Military Industry's vice chairman resigned due to retirement [35] Group 8 - Jiukang Bio received four invention patent certificates related to detection reagents [36] - Meino Bio's subsidiary changed its registered address [37] - Kuangda Technology announced a potential change in control due to a share transfer [38] Group 9 - China Rare Earth confirmed no undisclosed significant matters amid stock price fluctuations [72]

丨证券研究报告丨 行业研究丨专题报告丨环保 [Table_Title] 业绩综述：2025H1 归母/扣非业绩同比增 1.32%/0.03%，垃圾焚烧&水务业绩表现良好 报告要点 [Table_Summary] 利润表：2025H1 归母/扣非归母净利润同比增 1.32%/0.03%，垃圾焚烧、水务运营业绩稳健。 资产负债表：负债率平稳略增，应收继续上行。现金流量表：2025H1 回款向好，除个别并购 外行业投融资强度显著下行。垃圾焚烧、水务资产仍值得配置；成长侧多重催化下，可适度乐 观。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 李博文 盛意 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SAC：S0490524080004 SAC：S0490525070006 SFC：BUV415 SFC：BUZ393 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 业绩综述：2]2025H1 归母/扣非业绩同比增 1.32%/0.03%，垃圾焚烧&水务业绩 ...

关于孙公司与哈萨克斯坦共和国生态与自然资源部签订 阿拉木图市固废科技处置发电项目投资协议的公告 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 证券代码：301109 证券简称：军信股份 公告编号：2025-113 湖南军信环保股份有限公司 载、误导性陈述或重大遗漏。 特别提示： 限公司近日与哈萨克斯坦共和国生态与自然资源部签署了《哈萨克斯坦共和国阿拉木图市固 废科技处置发电项目投资协议》(以下简称"投资协议"或"本投资协议")，双方就哈萨克 斯坦共和国阿拉木图市固废科技处置发电项目(以下简称"项目"或"本项目"）的投资事 宜达成了合作。若项目顺利实施，将对公司后续经营业绩产生积极影响。 克斯坦共和国最大城市，也是该国经济、金融、文教、科技、交通中心。投资协议明确阿拉 木图市固废科技处置发电项目规划生活垃圾处理规模为不少于 2000 吨/日，若项目后续顺利 推进，将是公司继 2024 年成功获得吉尔吉斯共和国首都比什凯克市垃圾科技处置发电项目 特许经营权、2025 年 3 月与吉尔吉斯共和国奥什市政府签订《奥什市垃圾科技处置项目框 架协议》、2025 年 5 月与吉尔吉斯共和国总统驻伊塞 ...

军信股份表示，未来公司将继续深入实施国际化战略，促进更多固废处理和绿色能源项目在共建"一带 一路"国家落地实施，为全球环境治理事业作出积极贡献，展现中国企业在全球绿色可持续发展实践中 的责任担当。（胡敏） 据介绍，本次签约不仅是军信股份大力弘扬"中国—中亚精神",积极响应第二届中国—中亚峰会阿斯塔 纳宣言提出的"加强清洁能源合作、践行绿色发展理念"的具体实践，更是落实国家"一带一路"倡议、深 化中哈两国友好合作的重要成果。 近年来，军信股份在海外尤其是中亚地区的市场范围持续扩大，形成了领先行业的发展格局，投资建设 的吉尔吉斯共和国首都比什凯克垃圾科技处置发电项目（一期）将于今年年底建成投产；今年上半年， 公司又先后与吉国奥什市、伊塞克湖州签订垃圾科技处置项目框架协议；此次签订阿拉木图固废处置发 电项目投资协议，将进一步扩大公司中亚市场版图。 值得关注的是，军信股份当前正积极推进在香港联交所上市的相关工作，若按计划顺利完成，将成为国 内首家"A+H"环保民营上市公司，进一步提升其国际影响力和市场竞争力。 作为国内固废处理和绿色能源领域的领先企业，军信股份建设运营的长沙黑麋峰固废处理场是全国规模 最大、标准最高的 ...