证券代码：301109 证券简称：军信股份 公告编号：2025-152 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 并使用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。 近日，公司控股子公司湖南仁和环保科技有限公司使用1,000万元的自有资金向中国建设 银行股份有限公司长沙兴湘支行购买结构性存款产品；公司控股子公司湖南仁和环境科技有限 公司分别使用15,000万元、2,000万元的自有资金向中国建设银行股份有限公司长沙湘江支行 购买结构性存款、七天通知存款产品，并已签署相关协议。现就相关事宜公告如下： | 委托方 | 受托方 | 产品 | 产品 | 购买金额 | 起息日 | 到期日 | 预期年化 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 名称 | 性质 | （万元） | | | 收益率 | 来源 | | 湖南仁和 环保科技 有限公司 | 中国建设银 行股份有限 公司长沙兴 | 中国建设银行 湖南省分行单 位人民 ...

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].

证券代码：301109 证券简称：军信股份 公告编号：2025-151 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 公司与长沙银行股份有限公司望城支行、长沙银行股份有限公司硅谷支行不存在关联关系。 并使用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.c ...

Summary of Junxin Co., Ltd. Conference Call Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Solid waste management and green energy - **Key Facility**: Changsha Comprehensive Environmental Park, the largest single-unit park in China with a design capacity of 10,000 tons per day and a utilization rate of 90% [2][3] Core Insights and Arguments - **Operational Efficiency**: - The Changsha incineration project has a daily processing capacity of 5,000 tons and has been the national leader since its launch in 2018 [2][3] - In the first three quarters, the company generated 479 million kWh of electricity from waste, with an oil recovery rate of 7.1%, a gross margin of 60%, and a net profit margin close to 40% [2][3] - **Dividend Policy**: - Average dividend yield over the past three years is 5.4%, with a projected payout ratio of 95% for 2024 and a commitment to maintain a payout ratio of no less than 50% in the future [2][3][6] - Expected payout ratio for 2025 is between 60% and 70% [6] - **International Expansion**: - The company is actively expanding into overseas markets, with ongoing projects in East Asia capable of processing 9,000 tons per day [2][3] - The Bishkek project in Kyrgyzstan is expected to commence operations by the end of next month, contributing profits starting in 2026 [6] - The Almaty project is in discussions with local government regarding pricing and revenue agreements, with an expected internal rate of return (IRR) of approximately 8% [2][8] Additional Important Insights - **Future Projects**: - The Changsha Phase III project is anticipated to be operational around 2030, with stable revenue expected from waste processing fees and electricity sales [4][12] - The company is also considering expanding its capacity in Changsha to 4,000 tons per day [6] - **Financial Performance**: - The company expects to generate approximately 2.2 to 2.3 billion yuan in net profit for the year, with a projected single-digit growth for the following year [4][22] - The company’s operational cash flow for the first three quarters was 1.16 billion yuan, with an annual forecast of 1.4 to 1.5 billion yuan [6] - **Accounts Receivable**: - Major clients include the Changsha Municipal Urban Management Bureau and the State Grid, with a significant portion of accounts receivable expected to be settled by the end of the year [23][24] - **Market Competition**: - The company faces intense competition in the East Asian market but holds a competitive advantage in Central Asia due to its early entry and successful project implementations [26][27] - **Investment Costs**: - The estimated total investment for a 1,000-ton project is around 100 million yuan, with specific costs for equipment and construction detailed [11] - **Future Growth Potential**: - Internal growth potential includes maintaining a 90% capacity utilization rate and increasing electricity generation, alongside rising processing fees [15] This summary encapsulates the key points discussed in the conference call, highlighting Junxin Co., Ltd.'s operational strengths, financial outlook, and strategic initiatives in both domestic and international markets.

Group 1 - The core point of the news is that Junxin Co., Ltd. experienced a decline of 5.04% in its stock price, closing at 14.50 yuan per share, with a trading volume of 160 million yuan and a turnover rate of 4.80%, resulting in a total market capitalization of 11.442 billion yuan [1] - Junxin Co., Ltd. is primarily engaged in waste incineration power generation, sludge disposal, leachate treatment, and landfill operations, with its main business revenue composition being: waste incineration and power generation (26.68%), municipal waste transfer processing (24.48%), waste incineration and sludge co-processing (21.86%), kitchen waste collection and anaerobic fermentation (7.43%), industrial-grade mixed oil (6.90%), sludge treatment (4.30%), fly ash landfill treatment (3.55%), leachate treatment (2.75%), landfill operation (1.02%), interest income (0.67%), other (0.21%), and biogas power generation (0.14%) [1] Group 2 - From the perspective of fund holdings, one fund under Western Benefit Fund has a significant position in Junxin Co., Ltd., specifically the Western Benefit Value Return Mixed A Fund (020979), which held 45,400 shares, accounting for 1.25% of the fund's net value, ranking as the fourth largest holding [2] - The Western Benefit Value Return Mixed A Fund has a total scale of 4.27 million, with a year-to-date return of 21.41%, ranking 3539 out of 8134 in its category, and a one-year return of 23.18%, ranking 3472 out of 8056 [2]

Core Viewpoint - The article discusses the potential for asset value reassessment in the context of franchise rights, particularly focusing on the solid waste management industry and the performance of Junxin Co., Ltd. amid industry challenges [1][3]. Group 1: Industry Challenges - The waste incineration industry is facing saturation and subsidy reductions, leading to a slowdown in growth, prompting some companies to seek cross-industry transformations [3]. - Junxin Co., Ltd. stands out with a different growth trajectory, reporting a revenue of 2.16 billion yuan in the first three quarters of 2025, a year-on-year increase of 23.2% [5]. Group 2: Company Performance - The company achieved a net profit of 610 million yuan, up 48.7%, significantly outpacing revenue growth, indicating strong profit quality with low non-recurring gains [7]. - The acquisition of Hunan Renhe Environment is identified as the primary driver of this performance improvement [9]. Group 3: Acquisition and Financing - Junxin Co., Ltd. acquired 63% of Hunan Renhe Environment through a combination of share issuance and cash payment, which allowed for consolidation of the new business segments [11]. - The company conducted two rounds of private placements in late 2024 and early 2025, raising a total of 2.54 billion yuan [12]. - Post-acquisition, the company's asset scale increased by 40%, net assets by 33%, revenue by 55%, and net profit by 29% [14]. Group 4: Dividend Policy - The company has maintained a high dividend payout ratio, exceeding 70%, with a planned distribution of 510 million yuan in 2024, resulting in a dividend payout ratio of 95% [17][18]. Group 5: Business Model and Market Position - Junxin Co., Ltd. operates primarily in waste incineration, sludge disposal, leachate treatment, and landfill, utilizing BOT and TOT franchise models, which require significant upfront capital investment [26][27]. - The company holds a dominant market share in Changsha, with its top two clients contributing 96.1% of revenue, indicating a strong reliance on government contracts [28][29]. Group 6: Growth Opportunities - The company faces limitations in regional expansion due to local government restrictions on new projects, necessitating further acquisitions and potential overseas expansion [30]. - Junxin Co., Ltd. is actively pursuing international projects, including a waste disposal project in Kyrgyzstan with a total processing capacity of 7,000 tons per day [30]. Group 7: Future Considerations - The company is preparing for an H-share listing to enhance its financial capacity for growth [33]. - There is speculation on whether the franchise-based business model could lead to a reassessment of asset prices, similar to REITs [33].

证券代码：301109 证券简称：军信股份 公告编号：2025-150 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 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-149 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。 2 | 收益金额 | 湖南银行股份有限 单位定期存款 公司总行营业部 | 保本固定收 益型 | 20,000 | 2025/01/16 | 2025/04/16 （已到期， | 自有 资金 | 公司 | | --- | --- | --- | --- | --- | --- | --- | --- | | 650,000.00元 | | | | | 赎回） | | | | 收益金额 416,438.36元 | 中国建设银行湖南 中国建设银行股份 省分行单位人民币 有限公司长沙华兴 定制型结构性存款 支行 | 保本浮动收 益型 | 20,000 | 2025/01/17 | 2025/02/24 （已到期， | 自有 资金 | 公司 | | | | | | | 赎回） | | | | 收益金额 | 兴业银行企业金融 兴业银行股份有限 人民币结构性存款 公司长沙分行劳动 | ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

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 证券代码：301109 证券简称：军信股份 公告编号：2025-148 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 ...