证券代码：301109 证券简称：军信股份 公告编号：2025-142 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。 一、回购公司股份的进展情况 截至 2025 年 10 月 31 日，公司通过股份回购专用证券账户以集中竞价交易方式实施回购 股份数量为 3,603,180 股，占公司目前总股本（未扣除公司回购专用证券账户中的股份）的 比例为 0.46%，最高成交价为 14.29 元/股，最低成交价为 13.86 元/股，已支付的资金总额 为人民币 50,992,125.26 元（不含交易费用）。本次回购符合公司回购股份方案、回购股份 报告书及相关法律法规的要求。 二、其他说明 （一）公司回购股份的时间、回购股份数量及集中竞价交易的委托价格、委托时段等符 合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》（2025 年修订）及公司 回购股份方案的相关规定。 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 ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, driven by both internal growth and the consolidation of Renhe Environment's profits [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.163 billion yuan, a year-on-year increase of 23.21% [1] - The net profit attributable to shareholders was 605 million yuan, up 48.69% year-on-year [1] - The net profit excluding non-recurring items was 584 million yuan, reflecting a 55.54% increase year-on-year [1] - In Q3 2025, revenue reached 685 million yuan, growing 6.23% year-on-year [1] - The net profit for Q3 was 205 million yuan, an increase of 47.64% year-on-year [1] - The net profit excluding non-recurring items for Q3 was 199 million yuan, up 48.53% year-on-year [1] Growth Drivers - The integration of Renhe Environment since December 1, 2024, significantly boosted the company's profits, contributing to a 43.5% increase in net profit attributable to shareholders compared to the previous year [2] - Internal growth was supported by improved operational efficiency in waste incineration and contributions from the Liuyang and Pingjiang projects [2] - The company processed 2.7004 million tons of municipal waste from January to September 2025, a 7.89% increase year-on-year [2] - The electricity generated was 1.294 billion kWh, up 17.53% year-on-year [2] - The electricity generated per ton of waste was 479.10 kWh, reflecting a 4.72% increase year-on-year [2] - The collection of kitchen waste reached 305,700 tons, and the transfer processing of municipal waste was 2.4318 million tons [2] - Sales of industrial-grade mixed oil amounted to 22,600 tons [2] Cash Flow and Dividends - The net cash flow from operating activities for the first three quarters of 2025 was 1.158 billion yuan, a 60.26% increase year-on-year, primarily due to the contribution from Renhe Environment [3] - Capital expenditures were 491 million yuan, a decrease of 11.9% year-on-year, mainly due to spending on the Bishkek project in Kyrgyzstan [3] - The company generated free cash flow of 667 million yuan, significantly up from 165 million yuan in the same period last year [3] - The company maintained a dividend of 0.90 yuan per share from 2022 to 2024, with dividend payout ratios of 79.2%, 71.8%, and 94.6% respectively [3] - A long-term dividend return plan was announced, committing to a minimum payout ratio of 50% [3] New Projects and Market Expansion - New domestic projects in Liuyang (1,200 tons/day) and Pingjiang (600 tons/day) are expected to be operational by the end of 2024 to early 2025, driving growth in 2025 [4] - The company has signed agreements for waste treatment projects in Kyrgyzstan with a total processing capacity of 7,000 tons/day, with the first phase expected to be operational by the end of 2025 [4] - A preliminary tripartite agreement was signed with Almaty, Kazakhstan, for an investment of approximately 280 million USD to build solid waste power generation facilities [4] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 767 million yuan, 833 million yuan, and 902 million yuan for 2025, 2026, and 2027 respectively [4] - The expected EPS growth rates are -25.7% (due to dilution from a private placement), 8.6%, and 8.3% for the respective years [4] - Corresponding P/E ratios are estimated at 15.6x, 14.3x, and 13.2x [4] - The company maintains a "Buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 6.85 billion yuan in Q3 2025, representing a year-on-year growth of 6.23%. The net profit attributable to the parent company was 2.05 billion yuan, up 47.64% year-on-year. The net profit excluding non-recurring items was 1.99 billion yuan, an increase of 48.53% year-on-year. The impressive performance is attributed to the consolidation of Renhe Environment and stable organic growth, with significant improvements in waste incineration efficiency and contributions from the Liuyang and Pingjiang projects [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 21.63 billion yuan, a year-on-year increase of 23.21%. The net profit attributable to the parent company was 6.05 billion yuan, up 48.69% year-on-year, while the net profit excluding non-recurring items reached 5.84 billion yuan, growing by 55.54% year-on-year [6]. Operational Highlights - The company has seen a significant increase in operational efficiency, with a 7.89% rise in the amount of household waste processed, totaling 2.7004 million tons. The electricity generated from waste increased by 17.53% to 1.294 billion kWh, with a notable 4.72% increase in electricity generated per ton of waste [13]. Strategic Developments - The company is actively expanding into overseas markets, having signed an agreement with the Kyrgyz Republic for a total processing capacity of 7,000 tons per day. This includes a project in Bishkek with a planned capacity of 3,000 tons per day, expected to commence operations by the end of 2025 [13]. Cash Flow and Dividends - The net cash flow from operating activities for the first three quarters of 2025 was 11.58 billion yuan, a 60.26% increase year-on-year. The company has maintained a consistent dividend payout, with a commitment to a minimum dividend ratio of 50% [13]. Profit Forecast and Valuation - The company is projected to achieve net profits attributable to the parent company of 7.67 billion yuan, 8.33 billion yuan, and 9.02 billion yuan for the years 2025 to 2027, with corresponding EPS growth rates of -25.7%, 8.6%, and 8.3% [13].

Core Viewpoint - The company reported significant revenue and profit growth in the first three quarters of 2025, driven by the consolidation of Renhe Environment and improved operational efficiency [2][4]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.163 billion yuan, a year-on-year increase of 23.21% - The net profit attributable to shareholders reached 605 million yuan, reflecting a year-on-year growth of 48.69% - The non-recurring net profit attributable to shareholders was 584 million yuan, up 55.54% year-on-year [1][2]. Operational Highlights - Renhe Environment's stable operations contributed to the overall performance, processing 305,700 tons of kitchen waste and producing 22,600 tons of industrial-grade mixed oil - The increase in product prices was supported by rising overseas UCO prices, leading to better performance [2]. - The company processed 2.7004 million tons of municipal waste, a 7.89% increase year-on-year, and generated 1.294 billion kWh of electricity, up 17.53% year-on-year [2]. Cash Flow and Management - Operating cash flow net increased significantly by 60.26% to 1.158 billion yuan, aided by accelerated government subsidy payments [2]. International Expansion - The company is successfully expanding its overseas business, with the Bishkek project in Kyrgyzstan on track for completion by year-end, expected to contribute to revenue [3]. - Agreements have been signed for waste-to-energy projects in Kazakhstan and additional projects in Kyrgyzstan, indicating a robust pipeline for international projects [3]. Strategic Initiatives - The company is exploring a new model combining environmental protection and computing power, partnering with Changsha Digital Group to provide stable, low-cost energy for a computing center [3]. - The company is actively managing accounts receivable and has engaged with local governments to improve cash flow [3]. Profit Forecast - Revenue projections for 2025-2027 are 2.925 billion, 3.074 billion, and 3.236 billion yuan, with year-on-year growth rates of 20.33%, 5.12%, and 5.27% respectively - Net profit forecasts for the same period are 802 million, 837 million, and 888 million yuan, with growth rates of 49.48%, 4.42%, and 6.10% respectively [4].

Core Viewpoint - The company, Junxin Co., Ltd. (军信股份), reported strong growth in its Q3 2025 financial results, with significant increases in both revenue and net profit, indicating robust profitability and growth potential [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.163 billion yuan, a year-on-year increase of 23.21% - The net profit attributable to shareholders reached 605 million yuan, reflecting a year-on-year growth of 48.69% [1]. Operational Efficiency - The company processed 2.7004 million tons of municipal solid waste, marking a 7.89% increase year-on-year - The electricity generated from waste reached 1.294 billion kWh, up 17.53% year-on-year - The sales volume of industrial-grade mixed oil was 22,600 tons, with an oil yield of approximately 7% - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, a 4.72% increase year-on-year, showcasing high-quality operational management and potential for efficiency [2]. International Expansion - The company has made significant strides in international project expansion, establishing a multi-country presence in Central Asia - The Bishkek project in Kyrgyzstan is the first waste-to-energy project in the region, with construction progressing well and expected to commence operations by the end of this year - The company has signed framework agreements for waste technology disposal projects in Osh and Issyk-Kul, and an investment agreement for a waste disposal project in Almaty, Kazakhstan, which could drive future growth [2]. Strategic Initiatives - To accelerate its international strategy, the company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025 - This move is expected to enhance the company's international capital platform, increasing its global influence and competitiveness [3]. - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has exceeded performance commitments for 2023 and 2024, contributing positively to the company's growth - The acquisition has allowed the company to extend its business vertically into waste transfer and horizontally into kitchen waste management, creating an integrated operational model of "waste transfer + comprehensive solid waste treatment + green energy" [3]. Future Outlook - The company aims to continue expanding its domestic and international solid waste treatment and green energy markets - It plans to explore the integration of waste-to-energy with new technologies and business models, enhancing its core competitiveness and long-term investment value, contributing to the construction of a "Beautiful China" and global environmental governance [3].

Financial Performance - The company achieved a revenue of 2.163 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.21% [2] - The net profit attributable to shareholders reached 605 million yuan, with a year-on-year increase of 48.69% [2] - The volume of household waste processed reached 270,040 tons, up 7.89% year-on-year [2] - The electricity generated from waste was 1.294 billion kWh, reflecting a growth of 17.53% [2] - The electricity generated per ton of waste was 479.10 kWh, an increase of 4.72% [2] Overseas Projects - The Bishkek waste-to-energy project in Kyrgyzstan is expected to be completed by the end of 2025, with a planned processing capacity of 3,000 tons per day [3] - Framework agreements for waste disposal projects have been signed in Osh and Issyk-Kul, with each project planned for 2,000 tons per day [3] - An investment agreement for a waste disposal project in Almaty, Kazakhstan, has also been established [3] Dividend Policy - The company has maintained a stable cash flow, with dividends in the last two years exceeding 70% of the net profit attributable to shareholders [3] - A long-term dividend plan has been established, ensuring at least 50% of the net profit will be distributed in cash annually [3] Accounts Receivable - Accounts receivable primarily stem from service fees owed by local governments and national subsidies for waste-to-energy projects [4] - Approximately 81 million yuan in national subsidies was collected in the first three quarters, with expectations for improved collection in the future [4] Energy Efficiency - The company maintains a leading position in electricity generation per ton of waste due to advanced equipment and continuous technological innovations [4][5] - Future improvements in energy efficiency are anticipated through ongoing technological upgrades and operational optimizations [5] Hong Kong Listing Progress - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025 [5] Synergy and Future Growth - The acquisition of Hunan Renhe Environmental Technology has led to significant operational synergies and exceeded performance commitments for 2023 and 2024 [5] - Future growth is expected from increased capacity utilization, technological innovations, and the development of overseas projects [5] - Strategic cooperation agreements have been signed to explore new areas such as "waste-free cities" and digitalization in the environmental industry [5]

Core Insights - Hunan Junxin Environmental Protection Co., Ltd. reported strong financial performance for the first three quarters of 2025, with revenue of 2.163 billion yuan, a year-on-year increase of 23.21%, and net profit attributable to shareholders of 605 million yuan, up 48.69% [1] Financial Performance - The company processed 2.7004 million tons of municipal solid waste, a 7.89% increase year-on-year [1] - The electricity generated from waste incineration reached 1.294 billion kWh, growing by 17.53% [1] - Sales of industrial-grade mixed oil amounted to 22,600 tons, with an oil yield of approximately 7% [1] - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, reflecting a 4.72% year-on-year increase [1] Strategic Expansion - The company is expanding its overseas projects, particularly in Central Asia, with significant progress on the Bishkek project in Kyrgyzstan, expected to commence operations by the end of this year [2] - Agreements have been signed for waste management projects in Osh and Issyk-Kul in Kyrgyzstan, as well as an investment agreement for a waste-to-energy project in Almaty, Kazakhstan [2] - The company submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its international capital platform and competitiveness [2] Mergers and Acquisitions - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has contributed positively to the company's performance, exceeding performance commitments for 2023 and 2024 [2][3] - The acquisition has allowed the company to extend its business vertically into waste transfer and horizontally into kitchen waste management, creating an integrated operational model [3] Future Outlook - The company aims to align with national "dual carbon" strategies and the "Belt and Road" initiative, focusing on expanding domestic and international waste management and green energy markets [3] - Plans include exploring the integration of waste-to-energy with green computing and smart city technologies to enhance core competitiveness and long-term investment value [3]

Core Insights - Hunan Junxin Environmental Protection Co., Ltd. reported a revenue of 2.163 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.21% [1] - The net profit attributable to shareholders reached 605 million yuan, marking a significant increase of 48.69% year-on-year [1] Financial Performance - The company processed 2.7004 million tons of municipal solid waste, an increase of 7.89% compared to the previous year [1] - The electricity generated from waste incineration was 1.294 billion kWh, up by 17.53% year-on-year [1] - The sales volume of industrial-grade mixed oil was 22,600 tons, with an oil yield of approximately 7% [1] - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, reflecting a year-on-year increase of 4.72% [1] Business Expansion - The waste incineration power generation project in Bishkek, Kyrgyzstan, is expected to commence operations by the end of this year [1] - The company signed framework agreements for waste technology disposal projects in Osh City and Issyk-Kul region, Kyrgyzstan, and an investment agreement for solid waste technology disposal power generation in Almaty, Kazakhstan [1] - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025, to enhance its international capital platform and competitiveness [1] Strategic Developments - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has exceeded performance commitments for 2023 and 2024, contributing positively to the company's performance [2] - This acquisition has allowed the company to extend its business vertically to the front end of the industry chain (waste transfer) and horizontally into the kitchen waste sector, forming an integrated operational model [2] - The company signed a strategic cooperation agreement with Changsha Digital Group in June 2025 to develop a demonstration project combining waste incineration power generation and green computing [2] - Future plans include expanding domestic and international solid waste treatment and green energy markets, while exploring the integration of waste incineration power generation with new business models such as smart cities [2]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company's operating revenue for the first three quarters reached 2.163 billion yuan, representing a year-on-year increase of 23.21% [1] - The net profit attributable to shareholders of the listed company was 605 million yuan, showing a year-on-year growth of 48.69% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 584 million yuan, reflecting a year-on-year increase of 55.54% [1] - Basic earnings per share were reported at 0.7748 yuan [1]