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。 特别提示： 1、调整前回购股份价格上限和数量：30.57 元/股；按回购股份价格上限 30.57 元/股测 算，预计回购股份数量为 6,542,362 股至 9,813,542 股。 证券代码：301109 证券简称：军信股份 公告编号：2025-070 湖南军信环保股份有限公司 关于2024年年度权益分派实施后 调整回购股份价格上限和数量的公告 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"）。本次回购的股份将用 于实施员工持股计划或股权激励，回购股份的价格不超过人民币 30.57 元/股，具体内容详见 公司 2025 年 4 月 22 日和 2025 年 5 月 6 日分别披露于巨潮资讯网（www.cninfo.com.cn） ...

Group 1 - The core viewpoint of the article highlights the active cash dividend distribution among listed companies, with a total of 3,676 companies proposing distribution plans for the 2024 fiscal year, and 3,671 of them including cash dividends totaling 1.64 trillion yuan [1][2] - The implementation of dividend distribution is concentrated around two key dates: the ex-dividend date and the record date, with 1,948 companies having already implemented their distribution plans [1] - Companies with significant cash dividends include Perlay, which offers 11.90 yuan per 10 shares, followed by Anji Food and Zhengqi Co., with 10.15 yuan and 9.20 yuan per 10 shares respectively [1][2] Group 2 - Among the companies distributing dividends today, Shanke Intelligent, Nanling Technology, and Junxin Co. have the highest stock transfer ratio of 4.00 shares for every 10 shares [2] - The stock performance of companies with dividend distributions shows that Yingli Automotive has the highest increase over the past five days, with a rise of 33.33%, followed by Deyi Culture and Hengbao Co. [2][3] - A detailed list of companies and their respective dividend distributions and stock performance is provided, indicating various payout amounts and recent price changes [3][4]

证券代码：301109 证券简称：军信股份 公告编号：2025-069 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 an "Accumulate" rating for the waste incineration sector [1] Core Insights - The report emphasizes analyzing waste incineration assets from a cash flow perspective, highlighting that improvements in asset quality are reflected in increased free cash flow and enhanced ROE. The marginal changes in cash flow represent variations in asset valuation within DCF models, supporting the potential for increased dividends [10][1] - The waste incineration sector is expected to see a steady increase in dividend potential due to declining capital expenditures and improved cash flow management, with projected dividends for 2024 showing significant increases across various companies [3][24] Summary by Sections Cash Flow Analysis - The waste incineration sector has experienced a decline in capital expenditures, leading to a positive trend in free cash flow. The operating cash flow net amount for 2024 is projected to be 15% higher than the previous year, reaching 157 billion [21][19] - Free cash flow is expected to increase significantly, from 27 billion in 2023 to 66 billion in 2024, indicating a robust capacity for dividend distribution [21][24] ROE and Profitability - The report notes a recovery in ROE and PB ratios, with 2024 ROE projected at 11.53%, a slight increase from 11.32% in 2023. This recovery is attributed to reduced capital expenditures and improved operational efficiency [2][40] - The waste incineration sector's total revenue for 2024 is estimated at 457 billion, with a 1% increase year-on-year, and a net profit of 88 billion, reflecting a 13% growth [30][35] Investment Recommendations - The report suggests that the solid waste sector has significant potential for increased dividends, with companies like Green Power and Hanlan Environment expected to raise their dividends substantially in 2024 [3][24] - The analysis indicates that several companies within the sector could achieve dividend potentials exceeding 100%, with specific companies identified for their strong dividend capabilities [15][14]

证券代码：301109 证券简称：军信股份 公告编号：2025-068 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：2025-067 湖南军信环保股份有限公司 2024年年度权益分派实施公告 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"）2024年年度权益分派方案已获2025 年5月26日召开的2024年年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、2024年年度股东大会审议通过的2024年度利润分配及资本公积金转增股本方案 为：以公司现有总股本563,643,459股为基数，向全体股东每10股派发现金红利9元（含 税）,共计派发现金人民币507,279,113.10元，不送红股；同时，以资本公积金向全体股 东每10股转增4股，合计转增225,457,383股，转增后公司总股本为789,100,842股（最终 以中国证券登记结算有限责任公司深圳分公司登记为准）。本次利润分配后，公司剩余可 供分配利润结转以后年度分配。 本次利润分配及资本公积金转增股本方案实施时，若公司董事会、股东大会审议通过 利润分配及资本公 ...

Core Viewpoint - The article highlights the transformation of municipal solid waste into clean energy at the Changsha Black Mifeng Solid Waste Treatment Plant, showcasing advanced technology and environmental benefits. Company Overview - The Changsha Black Mifeng Solid Waste Treatment Plant, operated by Hunan Junxin Environmental Protection Co., Ltd., is the only environmental park in China to have received two Luban Awards, the highest construction engineering award in the country [2]. - The plant has a daily waste processing capacity of nearly 20,000 tons of municipal solid waste and over 1,000 tons of sludge, generating approximately 5 million kilowatt-hours of electricity daily, sufficient to meet the needs of 1.37 million urban residents [2]. Technological Advancements - The facility employs a 5G cloud platform for visual detection and traceability of waste, achieving a 99.8% automation rate across the plant [4]. - Real-time monitoring of key equipment performance and emissions is conducted, with all emission indicators significantly exceeding national and EU standards [4]. Environmental Impact - The plant contributes to significant carbon reduction, achieving over 1 million tons of carbon emissions reduction annually [2]. - The waste classification system in Changsha aims for a recycling rate of 41.47% and a resource utilization rate of 86.60% by 2024, with a 100% harmless treatment rate [6]. Waste Management Strategy - The city focuses on source reduction, recycling, community education, and facility openness to enhance waste classification efforts [6].

Core Viewpoint - The report from Cinda Securities highlights the increasing demands for environmental quality and low-carbon industrial development during the 14th Five-Year Plan, indicating that energy conservation, environmental protection, and resource recycling are expected to maintain high prosperity levels [1] Group 1: Market Performance - As of June 6, the environmental protection sector rose by 0.46%, underperforming the broader market; the water governance sector increased by 1.38%, while the waste incineration sector declined by 0.31% [2] - The air governance sector saw an increase of 1.01%, while the solid waste sanitation sector dropped by 6.55% [2] Group 2: Industry Dynamics - The Ministry of Ecology and Environment released the "2024 China Ecological Environment Status Bulletin," indicating continuous improvement in national ecological environment quality, with an increase in the proportion of days with good air quality and a decrease in heavy pollution days [2] - A joint implementation plan for ecological protection compensation mechanisms along major rivers was announced, aiming for a stable operation by 2027 and comprehensive coverage by 2035 [2] Group 3: Policy Developments - The National Development and Reform Commission and the National Energy Administration issued a notice promoting the development of green electricity direct connection, which supports the integration of renewable energy production and consumption [3] - This policy is expected to optimize grid allocation and facilitate collaboration between waste incineration power generation and data centers, with several environmental companies actively exploring this new model [3] Group 4: Recommended Companies - Key recommendations include: Huanlan Environment (600323.SH), Xingrong Environment (000598.SZ), and Hongcheng Environment (600461.SH) for their stable profitability and positive cash flow [1] - Companies to watch include: Wangneng Environment (002034.SZ), Junxin Co., Ltd. (301109.SZ), Wuhan Holdings (600168.SH), and others [1]

证券代码：301109 证券简称：军信股份 公告编号：2025-066 湖南军信环保股份有限公司 关于使用部分闲置自有资金进行现金管理到期赎回 并使用部分闲置募集资金及自有资金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 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its strong asset quality and growth potential [6][10]. Core Views - The company holds core solid waste assets in Changsha, with stable profitability and improving cash flow, committing to a long-term dividend payout ratio of no less than 50% under certain conditions [6][12]. - The company has a robust operational performance, with its Changsha waste incineration project achieving industry-leading metrics in terms of revenue and profit per ton [6][12]. - The acquisition of Renhe Environment is expected to enhance operational efficiency and profitability, with significant revenue contributions anticipated from both domestic and international projects [6][12]. Summary by Sections Market Performance - As of June 4, 2025, the closing price is 21.79 CNY, with a market capitalization of 12,281.79 million CNY and a circulating market value of 2,149.60 million CNY [4]. Financial Data - The company has maintained a stable dividend of 0.9 CNY per share over the past three years, resulting in a current dividend yield of 4.1% [6][26]. - The projected revenues for 2025-2027 are 32.2 billion CNY, 33.1 billion CNY, and 35.9 billion CNY, with corresponding net profits of 7.52 billion CNY, 8.02 billion CNY, and 8.44 billion CNY, reflecting growth rates of 40.3%, 6.62%, and 5.25% respectively [7][10]. Investment Logic - The company focuses on solid waste management in Hunan, with a comprehensive service capability across the entire waste management industry chain [12][15]. - The acquisition of Renhe Environment is expected to enhance the company's operational capabilities in waste transfer and kitchen waste processing, contributing to stable profits [12][44]. - The company is actively expanding into overseas markets, with a current project reserve of 7,000 tons/day, which is anticipated to provide continuous growth [12][56]. Profitability and Cash Flow - The company has demonstrated strong cash flow performance, with a cash flow from operations increasing from 7.5 billion CNY in 2020 to 9.7 billion CNY in 2024 [24][26]. - The company’s collection ratio has remained around 1, indicating effective receivables management and lower bad debt risk compared to industry peers [40][47]. Strategic Initiatives - The company is pioneering the integration of waste incineration power generation with data center (IDC) operations, which is expected to enhance profitability and cash flow stability [59][65]. - The collaboration with data centers is aligned with national policies aimed at reducing energy consumption and increasing the use of renewable energy sources [59][64].