证券代码：301109 证券简称：军信股份 公告编号：2025-080 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 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-079 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 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-078 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 ...

Summary of Key Points from the Conference Call Industry Overview - The domestic humanoid robot industry is entering a significant investment opportunity period, driven by major capital movements from leading companies like Zhiyuan Robotics and Yushu Technology, which are expected to stimulate industry development and potentially ignite a new wave of investment [1][2][5]. Core Companies and Their Roles - **Zhiyuan Robotics** is set to acquire a controlling stake in Shangwei New Materials, which is anticipated to lead to substantial market capitalization growth and position it as a leader in the domestic humanoid robot industry [1][3][4]. - **Yushu Technology** plans to submit IPO materials in the second half of 2025, which is expected to have a profound impact on the entire humanoid robot supply chain [5][11]. - **Shangwei New Materials** is expected to benefit significantly from the acquisition by Zhiyuan Robotics, with projections indicating a potential market cap increase from approximately 3 billion to around 30 billion RMB [4][3]. - **Henggong Precision**, a shareholder and supplier to Zhiyuan Robotics, is actively positioning itself within the humanoid robot ecosystem, with a projected market space of 17 billion RMB by 2027 [1][18]. Financial Performance and Projections - **Yushu Technology** reported revenues of 300 million RMB in 2024, with expectations to exceed 1 billion RMB in 2025, driven by strong sales in humanoid robots and robotic dogs [10][11]. - **Zhiyuan Technology** aims to sell 5,000 humanoid robots in 2025, positioning itself among global leaders in the sector [12]. Market Dynamics and Competitive Landscape - The recent 120 million RMB order from a subsidiary of China Mobile for humanoid robots marks a significant milestone, indicating accelerated industrialization and setting the stage for larger future orders [6][2]. - Domestic companies are gaining ground as international competitors face downturns, with projections indicating potential market cap increases of 8 to 10 times for leading domestic firms [7]. Supply Chain Beneficiaries - Key beneficiaries within the supply chain include Henggong Precision, Zhongdali De, and Huazhong Precision, which are expected to gain from the increasing demand for humanoid robots [8][21]. - **Huazhong Precision** is positioned as a critical supplier for Yushu Technology, with expectations of significant revenue growth from its integrated tool solutions for humanoid robots [22][25]. Market Outlook and Investment Recommendations - The humanoid robot market is projected to reach a shipment volume of 1 million units by 2027, with significant market opportunities for companies like Henggong Precision and Huazhong Precision, which are expected to capture substantial market shares [18][26]. - Investment in **Huazhong Precision** is strongly recommended due to its anticipated market cap growth in the humanoid robot tool sector, projected to reach 9 billion RMB by 2027 [27]. Additional Insights - The upcoming humanoid machinery forum hosted by Huazhong Precision is expected to showcase collaborations with leading companies, further solidifying its position in the market [9]. - The competitive landscape between Zhiyuan and Yushu is intensifying, fostering innovation and development within the domestic humanoid robot sector [14][16].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The report emphasizes the improvement in cash flow and dividend potential due to reduced capital expenditures in the waste management sector, alongside enhanced return on equity (ROE) through quality improvements in heating and IDC collaborations [1][11][15]. Summary by Sections Industry Trends - The environmental protection sector is experiencing a significant shift with a 9% increase in the sector's performance compared to the Shanghai and Shenzhen 300 indices [3]. - The report highlights a 73% increase in sales of new energy sanitation vehicles, with a penetration rate rising to 14.95% [25]. Key Recommendations - The report recommends several companies for investment, including Huaneng Environment, Green Power, and Yongxing Co., among others, due to their strong dividend potential and operational efficiency [5][11]. - It suggests focusing on companies like Yuehai Investment and Xingrong Environment for their robust cash flow and high dividend yields [17]. Policy Tracking - The Ministry of Ecology and Environment has issued a notice to enhance the quality of law enforcement, which is expected to improve operational efficiency and compliance in the industry [9][10]. - The report notes that the government is concentrating on environmental governance funding for 2025, which may positively impact the sector [7]. Financial Performance - The waste management sector is projected to see a significant increase in free cash flow, with dividends expected to rise as capital expenditures decrease [11][12]. - Specific companies are highlighted for their dividend growth, such as Junxin Co. with a 37% increase in cash dividends and Green Power with a 100% increase [12][13]. Market Dynamics - The report discusses the trend of garbage incineration and IDC collaborations as a new growth avenue, emphasizing the advantages of clean and efficient energy generation [14]. - The water utility sector is also highlighted for its stable growth and high dividends, with ongoing water price reforms expected to enhance profitability [15][17]. Sector Performance - The environmental protection and public utilities index rose by 2.69% during the week of July 7-11, 2025, outperforming the broader market indices [45].

证券代码：301109 证券简称：军信股份 公告编号：2025-077 湖南军信环保股份有限公司 关于使用闲置募集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：2025-076 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 并继续进行现金管理的公告 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：20 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-075 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 如下： 并继续进行现金管理的公告 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。 近日，公司使用闲置自有资金进行现金管理的产品已到期赎回，现将有关情况公告如下： 1 委托方 受托方 产品 名称 产品 性质 购买金额 （万元） 起息日 到期日 资金 来源 产品 收益 率 收益 金额 （元） 公司 招商银行股 份有限公司 长沙分行 招商银行智 汇系列看跌 两层区间32 天结构性存 款 保本浮动 收益型 24,000 2025/06/06 2025/07/08 自有 资金 1.75% 368,219. 18 公司 长沙银行股 份有限公司 硅谷支行 2025年第611 期公司结构 性存款 保本浮动 收益型 10,050 2025/06/06 2025/07/07 自有 资金 0.80% 68,284.94 公司 长沙银行股 份有限公司 硅谷支行 2025年第612 期公司结构 性存款 保本浮动 收益型 10,150 2025/06 ...

Investment Rating - The report rates the environmental industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansion and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, but performance varies among companies due to factors such as historical electricity revenue recognition and increased depreciation from new capacity. Major companies are expected to show varied net profit growth in Q1-Q2 2025 [3]. - The sanitation market remains stable, with no significant profit contribution from automation technologies yet. Major companies are expected to see steady net profit growth [3]. - Equipment performance is diverging due to different downstream impacts. Conventional equipment companies may face margin pressure, while power environmental equipment is benefiting from increased demand [3]. Summary by Category Municipal Water Services - Overall operations are stable, with net profit growth expected for major companies: Tianyuan Environmental (+50%), Xingrong Environment (+8%), and Hongcheng Environment (+4%) in Q1-Q2 2025 [3][4]. Waste Incineration - The sector is stable, with varied net profit growth: Huanlan Environment (+1%), Junxin Co. (+42%), Green Power (+25%), Chengfa Environment (+10%), and Yongxing Co. (+7%) [3][4]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies: Yingfeng Environment (+5%) and Yuhua Tian (+7%) [3][4]. Equipment - Conventional equipment companies are facing competitive pressure, with expected declines in net profit growth: Jingjin Equipment (-15%). In contrast, power environmental equipment companies are seeing significant growth: Qingda Environmental (+359%) and water treatment equipment companies like Wotton Technology (+23%) [3][4]. Investment Recommendations - Municipal environmental companies are recommended for their stable profitability and improving cash flow, including Junxin Co., Huanlan Environment, Xingrong Environment, Green Power, Hongcheng Environment, Yongxing Co., Yuehai Investment, and Guangda Environment [3]. - Companies in the unmanned sanitation sector, such as Yingfeng Environment and Yuhua Tian, are recommended for their potential in digital transformation [3]. - SAF suppliers and raw material providers are highlighted for their growth potential due to EU policies [3]. - Wotton Technology is recommended for its ongoing import substitution in reverse osmosis membranes [3].

Core Points - The company is established as Hunan Junxin Environmental Protection Co., Ltd., registered in Changsha, with a registered capital of RMB 789.100842 million [2][4][6] - The company aims to improve the environment through technology, serving society and benefiting the public [4][12] - The company’s business scope includes wastewater treatment, sludge disposal, solid waste management, and technical training related to these services [4][12] Chapter Summaries Chapter 1: General Provisions - The company is formed under the Company Law and Securities Law of the People's Republic of China [2] - The company’s legal representative is the chairman [3] - The company’s assets are divided into equal shares, and shareholders are liable only to the extent of their subscribed shares [3][4] Chapter 2: Business Objectives and Scope - The company’s business objectives focus on environmental improvement through technology [12] - The registered business scope includes wastewater treatment, sludge disposal, and solid waste management [4][12] Chapter 3: Shares - The company issues shares in the form of stocks, with equal rights for each type of share [14][15] - The total number of shares is 789,100,842 [19] - The company can increase capital through various methods, including public offerings and stock dividends [21][22] Chapter 4: Shareholders and Shareholder Meetings - Shareholders have rights to dividends, voting, and supervision of company operations [30][31] - The company must hold annual shareholder meetings within six months after the end of the fiscal year [44] - Special resolutions require a two-thirds majority vote, while ordinary resolutions require a simple majority [76][77] Chapter 5: Shareholder Rights and Obligations - Shareholders must comply with laws and the company’s articles of association [37] - Shareholders holding more than 5% of shares must report any pledges of their shares [38] - The company’s controlling shareholders must not harm the interests of the company or minority shareholders [39]