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]

证券代码：301109 证券简称：军信股份 公告编号：2025-074 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。 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、2025 年 4 月 30 日和 2025 年 5 月 6 日分别披露于巨潮资讯网 （www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号：2025-048）、《关 于取得金融机构股票回购专项贷款承诺函的公告》（公告编号：2025-053）和《回购股份报 告书》（公告编号：2025-0 ...

湖南军信环保股份有限公司 章 程 二〇二五年五月 1 | 第一章 | 总则 | | 3 | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | | 4 | | 第三章 | 股 份 | | 4 | | 第四章 | 股东和股东大会 | | 7 | | 第五章 | 董事会 | | 23 | | 第六章 | 总经理及其他高级管理人员 | | 31 | | 第七章 | 监事会 | | 33 | | 第八章 | 财务会计制度、利润分配和审计 | | 35 | | 第九章 | 通知和公告 | | 39 | | 第十章 | 合并、分立、增资、减资、解散和清算 | | 40 | | 第十一章 | 修改章程 | | 43 | | 第十二章 | 附则 | | 43 | 第一章 总则 第一条 为维护湖南军信环保股份有限公司（以下简称公司）、股东和债权 人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》(以下 简称"《公司法》")、《中华人民共和国证券法》（以下简称"《证券法》"） 和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公司 是由原 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-073 湖南军信环保股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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日召开第三届董事会第 二次会议和2025年5月26日召开2024年年度股东大会，审议通过了《关于2024年度利润分配及 资本公积金转增股本预案的议案》，具体内容详见公司于2025年4月22日、2025年5月26日在 巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 目前，公司已完成2024年年度权益分派，公司总股本增至789,100,842股，具体内容详见 公司2025年6月9日披露于巨潮资讯网（http://www.cninfo.com.cn）的《2024年年度权益分 派实施公告》（公告编号：2025-067）。公司已于近日完成了工商变更登记手续及《湖南军 信环保股份有限公司章程》的备案手续，取得了长沙市市场监督管理局换发的《营业执 照》。变更后的《营业执照》登记信息如下： 一、营 ...

Group 1 - The company has approved a share repurchase plan to buy back a portion of its public shares, with a maximum repurchase price set at RMB 30.57 per share [1][2] - The annual equity distribution plan for 2024 includes a cash dividend of RMB 9 per 10 shares and a capital reserve conversion of 4 shares for every 10 shares held, resulting in a total of 225,457,383 new shares issued [2][3] - The adjusted maximum repurchase price is recalculated to be RMB 21.19 per share, effective from June 17, 2025, following the equity distribution [3] Group 2 - The total amount allocated for the share repurchase is between RMB 200 million and RMB 300 million, with an estimated repurchase quantity ranging from approximately 9,438,415 shares to 14,157,621 shares, depending on the price [3] - The company will continue to fulfill its information disclosure obligations during the repurchase period [3][4]