Summary of the Conference Call for Chengnan Environmental Protection Company Overview - Chengnan Environmental Protection is planning an H-share listing with an issuance scale of approximately 1 billion RMB, with 80% of the raised funds allocated for overseas project expansion, including Almaty, Issyk-Kul, and 20 projects, with a construction cycle of about two years [2][4] Key Financial Highlights - The company reported a revenue growth rate of 48% for the first three quarters of the year, with expectations to maintain this growth rate for the entire year [3] - The company anticipates a one-time profit recognition of 150 million RMB from the second phase of the national subsidy project in 2026, significantly contributing to next year's performance [3] - As of the end of Q3, accounts receivable from national subsidies amounted to approximately 160 million RMB, with total receivables including waste treatment fees and electricity fees around 1.9 billion RMB [4][18] Project Developments - The Biketek project is expected to commence power generation on December 28, with a total investment of 95 million USD and an expected internal rate of return (IRR) of 8% [11] - The company plans to expand its warehousing and purchasing business in surrounding cities like Zhuzhou and Xiangtan, with an expected 50% increase in production if successful [12] Competitive Advantages and Market Position - Chengnan Environmental Protection has a first-mover advantage in Central Asia, with the Biketek waste treatment project providing a high-credit, fast-construction, and high-quality case for government collaboration [7] - The government focuses on the creditworthiness of partners, construction speed, and quality standards [7] Overseas Project Insights - The overseas projects in Almaty, Issyk-Kul, and 20 projects are expected to yield returns comparable to or slightly higher than similar domestic projects [6] - The payment cycle in Central Asia is similar to domestic practices, with a focus on prioritizing civil engineering projects [8] Future Growth and Capital Expenditure - The company’s capital expenditure is projected to be around 150 million USD in 2026, increasing to 200 million USD in 2027 as new projects come online [10] - Future development will focus on stabilizing operations in Kazakhstan and Kyrgyzstan while evaluating new opportunities in Southeast Asia and the Middle East [9] Profitability and Utilization Rates - The capacity utilization rates for the Pingjiang and Liuyang projects were close to 85% in the first three quarters of 2025, contributing several million and approximately 10 million RMB in profits, respectively [16] Dividend Policy - The company has maintained a historical dividend payout ratio of no less than 70%, with expectations to sustain a payout ratio above 65% in the future [4][19] - The impact of the release of shares from Renhe Environmental on the stock price is expected to be minimal, with investors focusing more on stable dividends and growth potential [20]

中信证券股份有限公司关于 并上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"、"独立财务顾问"）担任 湖南军信环保股份有限公司（以下简称"军信股份"或"公司"）发行股份及支 付现金购买资产并募集配套资金（以下简称"本次交易"）的独立财务顾问，根 据《上市公司重大资产重组管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等有关规定的要求，对本次交易部分限售股份解除限售情况进行了核查，具体情 况如下： 一、本次解除限售股份的基本情况 根据中国证券监督管理委员会《关于同意湖南军信环保股份有限公司发行股 份购买资产并募集配套资金注册的批复》（证监许可〔2024〕1105 号），公司 向湖南仁联企业发展有限公司等 19 名交易对方发行 A 股股票 105,615,853 股。 其中，公司向青岛松露股权投资企业（有限合伙）（以下简称"青岛松露"）发 行股份数量为 2,127,303 股，向青岛高信明远投资合伙企业（有限合伙）（以下 简称"青岛高信"）发行股份数量为 1,842,776 股，向长沙润合企业管理合伙企 业（有限合伙）（以下 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-160 湖南军信环保股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易之部分限售股份解除限售 并上市流通的提示性公告 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、本次解除限售的股份为湖南军信环保股份有限公司（以下简称"公司"或"军信股 份"）2024年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(以下简称"本次重大 资产重组")中向交易对方发行的部分股份。 2、本次解除股份限售的股东为青岛松露股权投资企业（有限合伙）（以下简称"青岛松 露"）、青岛高信明远投资合伙企业（有限合伙）（以下简称"青岛高信"）及长沙润合企 业管理合伙企业（有限合伙）（以下简称"长沙润合"），解除限售股份的合计数量为 7,196,132股，占公司总股本的0.9119%。本次解除限售的股份不存在被质押、冻结的情形。 3、本次解除限售股份可上市流通日为2025年12月18日（星期四）。 一、本次解除限售股份的基本情况 根据中国证券监督管理委员会《关于同意湖南军信环保股份有限公司发行 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

证券代码：301109 证券简称：军信股份 公告编号：2025-159 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到期赎回 并继续进行现金管理的公告 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。 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：20 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

湖南军信环保股份有限公司 关于使用闲置募集资金及自有资金进行现金管理到期赎回 并使用闲置募集资金及自有资金继续进行现金管理的公告 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。 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）。 近日，公司及公司控 ...

Core Viewpoint - The company, Junxin Co., Ltd. (301109), reports low bad debt risk due to its primary clientele being local governments in provincial capital cities, indicating a stable financial outlook [1] Financial Performance - In the first three quarters of 2025, the company's operating cash flow net amount increased by 60.26% year-on-year, reflecting a positive trend in financial performance [1] Accounts Receivable Management - The implementation of national debt reduction policies is expected to gradually alleviate the company's accounts receivable pressure, with the company actively monitoring policy developments and managing collections [1]

证券代码：301109 证券简称：军信股份 公告编号：2025-156 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 ...

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"）近日收到股东湖南品信投资咨询合伙企 业（有限合伙）（以下简称"品信投资"）关于完成证券非交易过户的告知函，本次非交易过 户前，品信投资持有公司股份2,126,250股，占公司总股本比例为0.2695%。截至本公告披露日， 品信投资所持有的公司股份，已全部通过证券非交易过户的方式登记至各合伙人名下，并已取 得中国证券登记结算有限责任公司出具的《证券过户登记确认书》。具体情况公告如下： | 序号 | 过出方 | 过入方 | 过户数量 （股） | 占公司总股本 比例（%） | 占剔除回购股 份后总股本 | 股份性质 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 比例（%） | | | 1 | | 何英品 | 252,000 | 0.0319 | 0.0321 | 无限售流通股 | | 2 | | 戴 敏 | 110,250 | 0.0140 | 0.0140 | 无限售流通股 | | 3 | | 邱柏霖 | ...