Major Events - Huahong Company plans to acquire 97.4988% equity of Huali Micro through a combination of share issuance and cash payment, with stock resuming trading on September 1, 2025, pending shareholder and regulatory approvals [1] - Dongxin Co. intends to invest approximately 211 million yuan in Shanghai Lisan, increasing its stake to 35.87%, as part of a total investment of around 500 million yuan in Lisan Technology [1] - Huaxin Cement is planning to integrate its overseas assets into a subsidiary for potential listing on an overseas stock exchange to enhance financing channels and operational capabilities [2] - *ST Tianmao is voluntarily terminating its A-share listing due to business restructuring uncertainties and will initiate a cash option for shareholders [2] - Meikailong's Vice President Che Guoxing has resigned for personal reasons, with no adverse impact on daily operations [3] - China Rare Earth announced that there are no undisclosed significant matters affecting its stock, despite recent price fluctuations [3] - Maiwei Bio has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange [4][5] Shareholding Changes - Gao Neng Environment's controlling shareholder Li Weiguo plans to reduce his stake by up to 3% to repay debts, with the reduction period set from September 23 to December 22, 2025 [6] - Hu Dian Co.'s senior executive Li Minggui intends to sell up to 0.0083% of the company's shares within three months following the announcement [6] Financing Activities - Maohua Shihua plans to raise no more than 532 million yuan through a private placement at a price of 3.41 yuan per share, with proceeds aimed at enhancing liquidity [7] Major Contracts - Junxin Co.'s subsidiary 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, with a planned processing capacity of at least 2,000 tons per day and an investment of no less than 145 billion tenge (approximately 28 million USD) [8]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. is accelerating its international business, having signed an investment agreement for a solid waste disposal power generation project in Almaty, Kazakhstan, marking a significant achievement in its expansion in Central Asia [1][3]. Group 1: Project Details - The total investment for the Almaty solid waste disposal power generation project is no 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 [3]. - The project will include the establishment of a green power, green heat, and green computing center, with local government support for land and tax incentives [3]. Group 2: Market Context - Kazakhstan is the largest economy and the largest country by area in Central Asia, with Almaty being its largest city and a key economic, financial, cultural, educational, technological, and transportation center [3]. - Almaty ranks first among Central Asian cities in the 2025 Oxford Economic Global Cities Index, indicating strong development potential [3]. Group 3: Environmental Impact - The project aims to address the increasing demand for urban solid waste management in Almaty, significantly improving the urban living environment and converting waste into clean energy [3][4]. Group 4: Company Expansion - Junxin Environmental Protection has achieved significant results in overseas market expansion, particularly in Central Asia, with ongoing projects in Kyrgyzstan and plans for further growth [4]. - The company is actively pursuing a listing on the Hong Kong Stock Exchange, which, if successful, will make it the first "A+H" listed private environmental company in China, enhancing its international influence and market competitiveness [4].

Core Viewpoint - The company has signed an investment agreement for a solid waste technology disposal power generation project in Almaty, Kazakhstan, which is expected to positively impact its future operating performance [1] Group 1: Project Details - The project in Almaty is planned to handle a minimum of 2,000 tons of municipal waste per day [1] - This agreement marks another significant achievement in the company's expansion into overseas markets, particularly in Central Asia [1] Group 2: Strategic Implications - Successful implementation of the project will provide new growth points for the company, especially in a domestic market that is relatively saturated and competitive [1] - The project is expected to enhance the company's international brand influence and improve its profitability and core competitiveness [1]

Core Viewpoint - The company has signed an investment agreement for a solid waste treatment and power generation project in Almaty, Kazakhstan, which is expected to positively impact its future operating performance [1] Group 1: Project Details - The project involves a solid waste treatment capacity of no less than 2,000 tons per day [1] - The investment amount is no less than 145 billion tenge, equivalent to at least 280 million USD [1] - The implementation period for the project is 24 months, with a possible extension of up to 6 months [1] Group 2: Technical Specifications - The project includes a power generation unit with an installed capacity of 60 megawatts [1] - Emission standards will comply with the 2010/75/EU directive set by the European Union [1] Group 3: Expected Impact - Successful implementation of the project is anticipated to have a positive effect on the company's subsequent operating performance [1]

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]