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 ...

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]

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [11]. Core Insights - The environmental protection sector showed a slight increase in net profit, with a year-on-year growth of 1.32% in the first half of 2025, despite a slight decline in revenue [6][22]. - The performance of waste incineration and water services remains stable, while the overall growth of the sector is hindered by declines in air quality and recycling resources [6][22]. - The industry is transitioning towards a ToB model, which is expected to accelerate valuation recovery [9]. Summary by Sections Performance Overview - In H1 2025, the environmental protection sector achieved revenue of 142.1 billion yuan, a decrease of 0.20% year-on-year, and a net profit of 13.7 billion yuan, an increase of 1.32% [6][22]. - The gross profit margin improved to 28.7%, up by 0.30 percentage points year-on-year [6][22]. Income Statement - The sector's net profit growth is primarily driven by stable performance in waste incineration and water operations, while the recycling and air quality segments experienced declines [22][24]. - Waste incineration saw revenue growth of 1.81% and net profit growth of 9.31% in H1 2025 [23]. - Water operations reported a slight revenue decline of 1.38% but a net profit increase of 1.79% [30]. Balance Sheet - The environmental protection sector's debt ratio was 57.7%, showing a slight increase of 0.27 percentage points year-on-year [7]. - Accounts receivable and related assets continue to rise, indicating potential cash flow challenges [7]. Cash Flow Statement - The cash collection ratio improved to 93.5%, up by 3.9 percentage points year-on-year, with net cash flow from operating activities reaching 10.44 billion yuan, an increase of 13.8% [8]. - Investment activities showed a net expenditure of 27.4 billion yuan, primarily directed towards waste incineration and water operations [8]. Investment Strategy - The report recommends continued investment in waste incineration and water services, highlighting that the sector can support a price-to-earnings ratio of 14x-16x, while many quality stocks are currently trading at 10x-12x [9]. - The report suggests potential growth opportunities in various segments, including testing services and energy conservation [9].

Group 1 - The company has signed an investment agreement with the Ministry of Ecology and Natural Resources of Kazakhstan for a solid waste disposal power generation project in Almaty, which is expected to positively impact the company's future operating performance [1][10] - The project plans to process a minimum of 2,000 tons of municipal solid waste per day, marking a significant achievement in the company's expansion into overseas markets, particularly in Central Asia [1][10] - The investment amount for the project is not less than 145 billion tenge, equivalent to approximately 28 million USD, with a construction period of 24 months [4][5] Group 2 - The agreement includes tax incentives such as a 100% corporate income tax exemption for up to 10 years and a 0% property tax rate for up to 8 years for assets used in the project [6][7] - The project aims to convert waste into energy, providing a sustainable energy source while improving the local living environment [10][11] - The signing of this agreement aligns with the company's strategic development plan and the Belt and Road Initiative, enhancing its international influence and competitiveness [10][11]

Core Points - The company has signed an investment agreement for a solid waste disposal and power generation project in Almaty, Kazakhstan, marking its first such project in the country and a significant achievement in expanding its market presence in Central Asia [1][2] - The total investment for the Almaty project is not less than $280 million, with a planned waste processing capacity of at least 2,000 tons per day and an installed capacity of 60 megawatts [1] - The project aims to address the urgent need for waste management in Almaty, which is experiencing rapid economic growth and urbanization, and will convert waste into clean energy [1] Company Strategy - The signing of this agreement reflects the company's commitment to promoting "China-Central Asia spirit" and aligns with the Belt and Road Initiative, enhancing cooperation between China and Kazakhstan [2] - The company has been expanding its market presence in Central Asia, with ongoing projects in Kyrgyzstan, including a waste disposal project in Bishkek expected to be operational by the end of this year [2] - The company is also preparing for a listing on the Hong Kong Stock Exchange, which, if successful, will make it the first private environmental company in China to be listed in both A-share and H-share markets, thereby increasing its international influence and competitiveness [2] Industry Position - As a leading enterprise in the solid waste treatment and green energy sector, the company operates one of the largest and highest standard environmental industrial parks in China, which has received widespread acclaim [3] - The company has been actively engaging with governments and social organizations in countries participating in the Belt and Road Initiative, showcasing its solutions for local environmental management and industrial development [3] - The company plans to continue implementing its international strategy to promote more solid waste treatment and green energy projects in Belt and Road countries, contributing positively to global environmental governance [3]