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 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 载、误导性陈述或重大遗漏。 特别提示： 1、湖南军信环保股份有限公司(以下简称"公司")的孙公司军信环保（阿拉木图）有 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。 2、哈萨克斯坦共和国是中亚地区最大的经济体和面积最大的国家，阿拉木图市是哈萨 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 ...

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克湖州全权代表处签订《伊塞克湖州垃圾科技处置项目框架协议(卡拉科 尔市和巴雷克奇市)》后，在海外市场特别是中亚市场拓展中取得的又一重大成果，有助于扩大公司海 外业务版图，在国内市场相对饱和、竞争激烈的市场环境中找到新的突破口，为公司提供新的业绩增长 点，扩大公司品牌国际影响力，提升公司的盈利能力和核心竞争力。 智通财经APP讯，军信股份(301109.SZ)发布公告，公司的孙公司军信环保(阿拉木图)有限公司近日与哈 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》，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。 ...

Core Insights - The company reported significant revenue and profit growth for the first half of 2025, with operating income reaching 1.478 billion yuan, a year-on-year increase of 33%, and net profit attributable to shareholders at 400 million yuan, up 49% [1][2]. Group 1: Financial Performance - The company's operating income for H1 2025 was 1.478 billion yuan, with a net profit of 400 million yuan, and a non-recurring net profit of 386 million yuan, reflecting a 59% year-on-year growth [2]. - Cash flow from operating activities reached 724 million yuan, marking a 59.81% increase year-on-year, indicating a healthy financial status [2]. Group 2: Growth Drivers - The growth was driven by two main factors: the contribution from the acquisition of Renhe Environment and improvements in internal operations, with power generation increasing by 26.21% to 886 million kWh [2]. - The company is expanding its overseas business, particularly in Central Asia, with significant projects in Kyrgyzstan and agreements in Kazakhstan, aligning with the Belt and Road Initiative [3]. Group 3: Strategic Initiatives - The company is pursuing a dual development strategy of "waste incineration + IDC," aiming to create a green energy complex and collaborate with Changsha Digital Group on a "green low-carbon + artificial intelligence" project [4]. - The company plans to leverage policies supporting direct electricity supply to users, transitioning from a "service provider" to an "energy supplier," which may open new revenue streams [4]. Group 4: Future Projections - Revenue projections for 2025-2027 are 3.394 billion, 3.567 billion, and 3.755 billion yuan, with expected growth rates of 39.63%, 5.10%, and 5.27% respectively [4]. - Net profit forecasts for the same period are 764 million, 814 million, and 863 million yuan, with growth rates of 42.54%, 6.45%, and 6.04% respectively, indicating a positive outlook for the company [4].

Core Insights - The company achieved a revenue of 1.478 billion yuan in H1 2025, representing a year-on-year growth of 33.07%, and a net profit attributable to shareholders of 400 million yuan, up 49.23% [1] - The growth in revenue and profit is primarily driven by the consolidation of Renhe Environment and contributions from new projects in Liuyang and Pingjiang [1] Revenue Breakdown - Revenue from waste incineration and power generation reached 368 million yuan, a year-on-year increase of 23.77%, accounting for 24.89% of total revenue, with a gross margin of 64.84% [1] - Revenue from waste incineration, power generation, and sludge treatment was 301 million yuan, up 8.51%, making up 20.39% of total revenue, with a gross margin of 70.19% [1] - Revenue from municipal solid waste transfer processing was 338 million yuan, with a gross margin of 52.93% [1] - Other business revenues, including sludge treatment and landfill services, totaled 471 million yuan, accounting for 31.87% of total revenue [1] Operational Metrics - The company processed 1.861 million tons of municipal solid waste in H1 2025, a 10.70% increase year-on-year [1] - The electricity generated was 886 million kWh, up 26.21% year-on-year, with a per-ton electricity generation of 476.27 kWh, an increase of 9.70% [1] - The company also reported a collection of 395,100 tons of kitchen waste and 1.6069 million tons of municipal solid waste transfer [1] Market Expansion - The company maintains a domestic waste incineration capacity of 11,800 tons per day, positioning itself as a leader in Hunan's environmental sector [2] - Internationally, the company is expanding its market presence with projects in Kyrgyzstan, totaling a planned capacity of 7,000 tons per day [2] - The integration of Renhe Environment, which processes 8,000 tons of other waste and 2,000 tons of kitchen waste daily, enhances the company's operational synergy [2] Cash Flow and Dividends - The company reported a net operating cash flow of 724 million yuan in H1 2025, a year-on-year increase of 59.81% [3] - Free cash flow surged by 156.74% to 423 million yuan, indicating strong financial health [3] - The company has committed to a long-term dividend policy with a cash dividend ratio of no less than 50% [3] Profit Forecast - The company's net profit forecasts for 2025-2027 have been adjusted upwards to 769 million, 826 million, and 871 million yuan, respectively, reflecting the benefits from strategic projects and operational efficiencies [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved revenue growth of 33.07% year-on-year in H1 2025, with a net profit increase of 49.23% [7] - The significant increase in free cash flow by 157% indicates strong operational performance and long-term dividend sustainability [7] - The integration of Renhe Environment contributed 29% to the company's net profit, enhancing the synergy across the industry chain [7] Financial Performance Summary - Total revenue for 2023 is projected at 1,857 million yuan, with a year-on-year growth of 18.26% [1] - The net profit attributable to the parent company is expected to reach 513.85 million yuan in 2023, reflecting a growth of 10.21% [1] - The earnings per share (EPS) for 2025 is estimated at 0.97 yuan, with a corresponding P/E ratio of 16.01 [1] Business Operations Summary - The company has a daily waste incineration capacity of 11,800 tons, positioning it as a leader in the environmental protection sector in Hunan [7] - The overseas expansion includes projects in Kyrgyzstan with a total planned capacity of 7,000 tons per day [7] - The company’s operational data shows a 10.70% increase in waste processing volume and a 26.21% increase in electricity generation [7]

Group 1 - The stock of Junxin Environmental Co., Ltd. increased by 2.43% on August 28, with a trading volume of 366 million yuan [1] - On the same day, the financing buy amount was 30.18 million yuan, while the financing repayment was 40.16 million yuan, resulting in a net financing outflow of 9.98 million yuan [1] - As of August 28, the total financing and securities lending balance for Junxin was 162 million yuan, which is 4.93% of its market capitalization and above the 90th percentile of the past year [1] Group 2 - Junxin Environmental Co., Ltd. was established on September 22, 2011, and went public on April 13, 2022, focusing on waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - The company's revenue composition includes: construction services (34.43%), waste incineration and power generation (24.99%), sludge treatment (22.85%), and other services [2] - For the first half of 2025, Junxin reported a revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% year-on-year [2] Group 3 - Since its A-share listing, Junxin has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while some previous shareholders have exited the top ten list [3]

Group 1: Financial Performance - The company achieved a revenue of 1.478 billion yuan in the first half of 2025, representing a year-on-year increase of 33.07% [2] - The net profit attributable to shareholders reached 400 million yuan, with a year-on-year growth of 49.23% [2] - The earnings per share and total assets also showed an upward trend [2] Group 2: Operational Efficiency - The amount of household waste processed reached 1.861 million tons, a year-on-year increase of 10.7% [3] - The electricity generated from waste was 886 million kWh, growing by 26.21% [3] - The electricity generated per ton of waste was 476.27 kWh, reflecting a year-on-year increase of 9.7% [3] - The company also handled 395,100 tons of kitchen waste and 1.6069 million tons of municipal waste transfer [3] Group 3: International Projects - The company is constructing a waste disposal power generation project in Bishkek, Kyrgyzstan, expected to be operational by the end of this year [3] - Framework agreements for waste disposal projects have been signed with Osh City and Issyk-Kul region in Kyrgyzstan, as well as preliminary agreements with Kazakhstan [3] - The Bishkek project has a planned waste processing capacity of 3,000 tons per day, with the first phase set at 1,000 tons per day [3] Group 4: Dividend Policy - The company has maintained stable operating performance and cash flow, supporting a consistent dividend plan [4] - The dividend payout ratio for the last two years exceeded 70% of the net profit attributable to shareholders, higher than industry peers [4] - A long-term dividend return plan was established, ensuring at least 50% of the net profit is distributed in cash annually [4] Group 5: Accounts Receivable - The primary source of accounts receivable comes from service fees owed by local governments for waste treatment and subsidies for waste-to-energy projects [4] Group 6: Technological Advancements - The company’s high electricity generation per ton of waste is attributed to advanced equipment and continuous technological innovations [5] - Improvements include optimized waste pit management, boiler capacity upgrades, and low-nitrogen combustion technology [5] - The operational efficiency is enhanced by the scale of the waste-to-energy projects located in Changsha [5] Group 7: Hong Kong Listing Progress - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025, and is actively advancing related work [6]

Group 1 - The core viewpoint of the news is the disclosure of military trust shares' half-year report for 2025, highlighting significant institutional ownership and changes in public fund holdings [1][2] Group 2 - As of August 27, 2025, a total of 15 institutional investors hold 508 million shares of military trust, accounting for 64.32% of the total share capital [1] - The top ten institutional investors collectively hold 63.64% of the shares, with a slight decrease of 0.26 percentage points compared to the previous quarter [1] Group 3 - Three new public funds disclosed their holdings in military trust this period, including E Fund Value Growth Mixed, Southern CSI 1000 ETF, and CMB CSI Shanghai Environmental Exchange Carbon Neutrality ETF [1] - Two public funds were no longer disclosed compared to the previous quarter, namely GF Technology Innovation Mixed A and GF Growth Navigation One-Year Holding Mixed A [1] Group 4 - One new social security fund disclosed its holdings in military trust, specifically the National Social Security Fund 502 Portfolio [2] - One insurance fund increased its holdings, namely Ruizhong Life Insurance Co., Ltd. - Own Funds, with a slight increase in shareholding [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a strong performance in H1 2025, with revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% year-on-year, slightly exceeding expectations [7] - The integration of Renhe Environment and operational efficiency improvements are key drivers of growth, with significant contributions from Renhe Environment [7] - The company is advancing in overseas markets, having signed a project agreement in Kyrgyzstan for a 7,000 tons/day capacity, with the first phase expected to be operational by the end of 2025 [7] - The company is exploring innovative business models by combining waste incineration with data centers, enhancing the value of its electricity assets [7] - Operating cash flow significantly improved, reaching 724 million yuan in H1 2025, a year-on-year increase of 59.81%, supported by stable cash inflows from Renhe Environment [7] - The company has committed to a long-term dividend plan with a payout ratio of no less than 50% and initiated a share buyback plan of 200-300 million yuan [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 2.431 billion yuan in 2024 to 3.254 billion yuan in 2025, reflecting a year-on-year growth rate of 33.9% [5] - Net profit attributable to the parent company is expected to increase from 536 million yuan in 2024 to 807 million yuan in 2025, with a growth rate of 50.5% [5] - The company’s earnings per share are forecasted to be 1.02 yuan in 2025, with a gross margin of 50% [5] - The projected price-to-earnings ratios for 2025-2027 are 15, 14, and 12 respectively, indicating a favorable valuation [7]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. (Junxin Co.) reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust development resilience and growth potential [1][2]. Financial Performance - The company achieved operating revenue of 1.478 billion yuan, a year-on-year increase of 33.07% [1]. - Net profit attributable to shareholders reached 400 million yuan, reflecting a year-on-year growth of 49.23% [1]. Operational Achievements - Junxin Co. processed 1.861 million tons of municipal waste, up 10.7% year-on-year [1]. - The company generated 886 million kWh of electricity, marking a 26.21% increase compared to the previous year [1]. - Average electricity generation per ton of waste was 476.27 kWh, a 9.7% increase year-on-year [1]. Research and Development - The company invested 33.9915 million yuan in R&D, representing a 6.79% increase [1]. - As of the end of the reporting period, Junxin Co. held a total of 453 authorized national patents, including 86 invention patents [1]. Mergers and Acquisitions - Junxin Co. acquired a 63% stake in Hunan Renhe Environmental Technology Co., Ltd., which exceeded profit commitments for 2023 and 2024 [2]. - Renhe Environmental reported net profits of 496 million yuan and 540 million yuan for the respective years, contributing positively to Junxin Co.'s revenue and profit growth [2]. International Expansion - The company is actively expanding its international business, with projects in Kyrgyzstan and agreements in Kazakhstan [2]. - Junxin Co. has submitted an application for H-share listing on the Hong Kong Stock Exchange to support its international growth strategy [2]. Strategic Partnerships - A strategic cooperation agreement was signed with Changsha Digital Group to develop a "waste-to-energy + green computing center" project [3]. - This collaboration aims to enhance the company's capabilities in green energy and digital upgrades, potentially creating new revenue streams [3]. Future Outlook - Junxin Co. plans to continue expanding its domestic and international solid waste treatment and green energy markets [3]. - The company aims to integrate waste incineration power generation with new technologies to enhance its core competitiveness and brand influence [3].