证券代码：301109 证券简称：军信股份 公告编号：2025-117 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 ...

Company Overview - Hunan Junxin Environmental Protection Co., Ltd. (referred to as "Junxin") is a leading enterprise in the environmental protection sector in Hunan, focusing on solid waste treatment and green energy business, covering various waste types including municipal solid waste, kitchen waste, and municipal sludge [2][3] - The company has shown stable revenue and profit growth, with revenues of approximately 1.548 billion RMB in 2022, projected to reach 2.411 billion RMB in 2024 [2] Business Performance - Junxin's main revenue source is its waste-to-energy business, with a total daily processing capacity of 9,600 tons of municipal solid waste across multiple projects [3] - Revenue from the waste-to-energy segment was 661 million RMB in 2022, expected to be 685 million RMB in 2024, although its revenue share has decreased from 42.7% in 2022 to 28.5% in 2024 [3] - The company has seen significant growth in its construction services revenue, increasing from 83.7 million RMB in 2022 to 827 million RMB in 2024, with its share rising from 5.4% to 34.7% [3] Client Dependency and Market Expansion - Junxin's business is highly dependent on a few major clients, with revenue from the top five clients accounting for 99.9% of total revenue in 2022, indicating a concentration risk [4] - To mitigate this risk, Junxin is actively expanding into overseas markets, particularly in Central Asia, with agreements to develop green energy projects in Kyrgyzstan and Kazakhstan [4] Industry Outlook - The global solid waste generation is expected to increase from 1,894.1 million tons in 2020 to 2,619.1 million tons by 2029, driven by population growth and economic development [5][6] - In China, the amount of municipal solid waste is projected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024, with a significant increase in waste incineration capacity [5][6] - The waste-to-energy industry in China has a low concentration, with the top ten companies holding only 30% of the market share, indicating opportunities for growth and competition [8] Competitive Position - Junxin ranks first in China for average electricity generation per ton of waste processed and holds a strong position in various waste management categories, including being fourth in daily processing capacity for solid waste incineration projects [8] - The company’s technological expertise and scale advantages contribute to its stable performance and ongoing expansion efforts [8]

Group 1: Company Overview - Hunan Junxin Environmental Protection Co., Ltd. is a leading enterprise in the environmental protection sector in Hunan, focusing on solid waste treatment and green energy [2] - The company was established in 2011 and operates major projects in Changsha, Liuyang, and overseas [2] - Junxin's main business includes waste incineration power generation and comprehensive waste treatment, with its Changsha Environmental Industrial Park being one of the largest in China [2] Group 2: Financial Performance - The company has shown stable revenue and profit growth, with revenues of approximately 1.548 billion RMB in 2022, projected to reach 2.411 billion RMB in 2024 [2] - Net profits for the same periods were approximately 587 million RMB in 2022, increasing to 686 million RMB in 2024 [2] - The revenue from waste incineration power generation was 661 million RMB in 2022, but its revenue share decreased from 42.7% in 2022 to 28.5% in 2024 [3] Group 3: Market Position and Strategy - Junxin is expanding its market presence internationally, particularly in Central Asia, with agreements to develop green energy projects in Kyrgyzstan and Kazakhstan [4] - The company is ranked first in China for average electricity generation per ton of waste incinerated, indicating its operational efficiency [3][8] - The company faces a high customer concentration risk, with major clients including government agencies and State Grid Corporation, accounting for nearly all of its revenue [4] Group 4: Industry Outlook - The global solid waste generation is expected to increase from 1,894.1 million tons in 2020 to 2,619.1 million tons by 2029, indicating a growing market for waste management [5] - China's waste incineration capacity is projected to grow, with a compound annual growth rate of 7.0% from 2025 to 2029 [6] - The industry remains fragmented, with the top ten companies holding only 30% market share, suggesting opportunities for growth and consolidation [8]

证券代码：301109 证券简称：军信股份 公告编号：2025-116 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：2025-115 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].

Core Viewpoint - Junxin Co., Ltd. announced a share buyback plan, indicating confidence in its financial health and future prospects [1] Group 1: Share Buyback - As of August 31, 2025, Junxin Co., Ltd. plans to repurchase approximately 3.6 million shares, representing 0.46% of the total share capital [1] - The buyback will be conducted through a centralized bidding transaction, with a maximum price of 14.29 CNY per share and a minimum price of 13.86 CNY per share [1] - The total amount spent on the buyback is approximately 50.99 million CNY [1] Group 2: Revenue Composition - For the year 2024, the revenue composition of Junxin Co., Ltd. is as follows: 65.51% from energy-saving and environmental protection services, 34.43% from construction period service income, and 0.05% from other businesses [1] Group 3: Market Capitalization - As of the report date, Junxin Co., Ltd. has a market capitalization of 12.2 billion CNY [1]

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 ...