Core Viewpoint - The company Junxin Environmental Co., Ltd. (军信股份) is seeking to go public on the Hong Kong Stock Exchange after three years of being listed on the Shenzhen Stock Exchange, focusing on waste incineration power generation and related services [1][3]. Company Overview - Junxin Environmental, headquartered in Changsha, Hunan, specializes in waste incineration power generation, sludge disposal, sewage treatment, landfill, and ash treatment [1][3]. - The company has a total market capitalization of 11.3 billion RMB as of August 18 [1]. - The company has distributed over 1.2 billion RMB in dividends over the past three years [3]. Financial Performance - The company's revenue has shown a growth trend, with reported revenues of approximately 1.55 billion RMB in 2022, 1.84 billion RMB in 2023, and 2.41 billion RMB in 2024 [10]. - Net profits for the same years were approximately 587 million RMB, 653 million RMB, and 686 million RMB, respectively [10]. - The gross profit margin has fluctuated, decreasing from 55.9% in 2022 to 41.5% in 2024, before rising to 53.9% in the first quarter of 2025 [11]. Business Segments - The company’s revenue sources include electricity sales, waste disposal fees, and service fees from various waste management projects [5]. - The proportion of electricity sales revenue decreased from 42.7% in 2022 to 29.4% in the first quarter of 2025, while waste disposal service revenue also declined from 51.9% to 32.9% during the same period [5][6]. Market Dynamics - The waste incineration power generation market in China is expected to grow, with an estimated compound annual growth rate (CAGR) of 7% from 2025 to 2029, reaching over 300 million tons by 2029 [11]. - The market for kitchen waste treatment and resource utilization is projected to grow at a CAGR of 20.1% from 2025 to 2029, reaching 63.9 billion RMB by 2029 [13]. Competitive Landscape - The company ranks fourth in national waste incineration capacity and third in kitchen waste treatment capacity, with the highest oil recovery rate in the country [14]. - The industry is characterized by low concentration, with the top ten companies holding only 30% of the market share [13][15]. Risks and Challenges - The company faces high customer concentration risk, with over 93% of revenue generated from five major clients, primarily local government agencies and power grid companies [9]. - The company has seen a rising trend in trade receivables, which may pose liquidity risks if clients fail to meet payment obligations [9][16]. - The company plans to expand internationally, with projects in Kyrgyzstan and Kazakhstan, but faces potential risks related to local policies and currency fluctuations [16].

Core Viewpoint - The company Junxin Environmental Protection Co., Ltd. (军信股份) is planning to go public on the Hong Kong Stock Exchange after three years of being listed on the Shenzhen Stock Exchange, focusing on waste incineration power generation and related services [2][23]. Group 1: Company Overview - Junxin Environmental Protection, based in Changsha, Hunan, specializes in waste incineration power generation, sludge disposal, sewage treatment, landfill, and ash treatment [2][5]. - The company has a total market capitalization of 11.3 billion RMB as of August 18 [2]. - Junxin has distributed dividends totaling over 1.2 billion RMB in the past three years [5]. Group 2: Financial Performance - The company's revenue has shown a growth trend, with reported revenues of approximately 1.55 billion RMB in 2022, 1.84 billion RMB in 2023, and 2.41 billion RMB in 2024 [18]. - Net profits for the same years were approximately 587 million RMB, 653 million RMB, and 686 million RMB, respectively [18]. - The gross profit margin has fluctuated, decreasing from 55.9% in 2022 to 41.5% in 2024, before rising to 53.9% in the first quarter of 2025 [18]. Group 3: Business Operations - The company provides comprehensive waste treatment and resource utilization solutions, focusing on projects in Changsha, Liuyang, and Pingjiang [8][9]. - The revenue from electricity sales has decreased from 42.7% of total revenue in 2022 to 29.4% in the first quarter of 2025, while waste treatment service revenue has also declined [10]. - The company has a high customer concentration, with over 93% of revenue generated from five major clients, primarily local government agencies and power grid companies [15]. Group 4: Market and Industry Trends - The waste incineration power generation industry in China is expected to grow, with the volume of waste processed increasing steadily due to urbanization and the need to address historical landfill pollution [18][21]. - The market for kitchen waste treatment and resource utilization is projected to grow from 9.7 billion RMB in 2020 to 19.5 billion RMB in 2024, with a compound annual growth rate of 19.1% [21]. - The industry remains fragmented, with the top ten companies holding only 30% of the market share, indicating potential for consolidation [22]. Group 5: Future Plans and Risks - Junxin plans to use the funds raised from the IPO for domestic and international waste treatment projects, ongoing research and innovation, and general corporate purposes [22]. - The company has initiated four overseas expansion plans but faces risks related to local policy changes, cultural differences, and currency fluctuations [22][23].

| 委托 | 受托方 | 产品 | 产品 | 购买金额 | 起息日 | 到期日 | 预期年化 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 方 | | 名称 | 性质 | （万元） | | | 收益率 | 来源 | | 公司 | 中国银行 股份有限 | 人民币结构性 | 保本浮动 | 6,000 | 2025/08/1 | 2025/09/18 | 0.55%/1.60% | 自有 | | | 公司长沙 | 存款 | 收益型 | | 4 | | | 资金 | 1 关于使用闲置募集资金及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 ...

Core Viewpoint - The company, Junxin Co., Ltd. (军信股份), has submitted an application for the issuance of overseas listed foreign shares (H shares) and for listing on the Hong Kong Stock Exchange, with the application date being August 13, 2025 [1] Group 1 - The application for H shares is aimed at listing on the main board of the Hong Kong Stock Exchange [1] - The application materials for this issuance were published on the Hong Kong Stock Exchange's website on the same day [1]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. has submitted an application for the issuance and listing of overseas listed foreign shares (H shares) on the Hong Kong Stock Exchange [1][2] Group 1: Application Details - The application was submitted on August 13, 2025, and the relevant application materials were published on the Hong Kong Stock Exchange website on the same day [1] - The application materials are prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, and are subject to updates and revisions [1] Group 2: Subscription and Disclosure - The subscription for this issuance is limited to qualified overseas investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws and regulations [1] - The company will not publish the application materials on domestic securities exchanges or media that meet domestic regulatory conditions, but provides links for domestic investors to access the information [1] Group 3: Regulatory Approvals - The issuance is subject to approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, and is contingent on market conditions and other factors [2] - The company will fulfill its information disclosure obligations based on the progress of this matter [2]

Group 1 - The company, Junxin Co., Ltd. (301109.SZ), has submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on August 13, 2025 [1] - The application materials for this issuance were published on the Hong Kong Stock Exchange website on the same day [1]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange [1] Group 1 - The company is identified by its stock code 301109 [1]

智通财经APP讯，军信股份(301109.SZ)公告，公司已于2025年8月13日向中国香港联交所递交了发行境 外上市外资股(H股)股票并在联交所主板挂牌上市的申请，并于同日在联交所网站刊登了本次发行的申 请资料。 ...

Core Viewpoint - The company, Junxin Co., Ltd. (301109), has submitted an application for the issuance of overseas listed foreign shares (H-shares) and for listing on the main board of the Hong Kong Stock Exchange on August 13, 2025 [1] Group 1 - The application for H-share issuance was officially submitted to the Hong Kong Stock Exchange [1] - The application materials for this issuance were published on the Hong Kong Stock Exchange's website on the same day [1]

证券代码：301109 证券简称：军信股份 公告编号：2025-102 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行的相关信息而作出。 本公告以及公司刊登于香港联交所网站的申请资料不构成也不得视作对任何个人或实体收购、 购买或认购公司本次发行的境外上市外资股（H 股）的要约或要约邀请。 公司本次发行尚需取得中国证券监督管理委员会、香港证监会、香港联交所等相关政府 机关、监管机构、证券交易所的批准、核准或备案，并需综合考虑市场情况以及其他因素方 可实施，该事项仍存在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬 请广大投资者注意投资风险。 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"）已于 2025 年 8 月 13 日向香港联合交 易所有限公司（以下简称"香港联交所"）递交了发行境外上市外资股（H股）股票并在香港 联交所主板挂牌上市（以下简称"本次发行"）的申请，并于同日在香港联交所网站刊登了 本次发行的申请资料。该申请资料为公司按照香港证券及期货事务监察委员会（以下简称 "香港证监会"）及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作 出更新和修 ...