2023 年度持续督导跟踪报告 | 保荐人名称：中天国富证券有限公司 | 被保荐公司简称：天源环保 | | --- | --- | | 保荐代表人姓名：钱亮 | 联系电话：0755-33522821 | | 保荐代表人姓名：陈定 | 联系电话：0755-33522821 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 次，保荐机构每季度查询了公司募集资金 4 | | | 专户情况 | | （2）公司募集资金项目进展是否与信息披露 文件一致 | 是 | | 4.公司 ...

中天国富证券有限公司 关于武汉天源环保股份有限公司 2023 年度定期现场检查报告 保荐机构名称：中天国富证券有限公司 被保荐公司简称：天源环保 保荐代表人姓名：钱亮 联系电话：0755-33522821 保荐代表人姓名：陈定 联系电话：0755-33522821 现场检查人员姓名：陈定、周诗明 现场检查对应期间：2023年度 现场检查时间：2024年4月11日-2024年4月13日 是 否 不适用 现场检查手段：查阅公司章程、三会会议文件、公开信息披露文件等；实地查看公司的主要经营 场所；对公司管理层进行访谈。 1.公司章程和公司治理制度是否完备、合规 √ 2.公司章程和三会规则是否得到有效执行 √ 3.三会会议记录是否完整，时间、地点、出席人员及会议内容等要 件是否齐备，会议资料是否保存完整 √ 4.三会会议决议是否由出席会议的相关人员签名确认 √ 5.公司董监高是否按照有关法律法规和本所相关业务规则履行职责 √ 6.公司董监高如发生重大变化，是否履行了相应程序和信息披露义 务 √ 7.公司控股股东或者实际控制人如发生变化，是否履行了相应程序和 信息披露义务 √ 8.公司人员、资产、财务、机构、业务等方面 ...

Investment Rating - Maintains an "Overweight" rating for the company [2] - Target price remains at CNY 15.14 [2] Core Views - The company's non-GAAP net profit increased by 47% YoY in 2023, meeting expectations [2] - High-end environmental equipment business improved significantly, with sufficient orders on hand [2] - The company's water environment and solid waste businesses are actively expanding, driving growth [2] - The company's comprehensive gross margin was 29.38%, slightly higher than 2022, while the net profit margin was 14.58%, down 1.37 percentage points YoY [2] - Sales and management expense ratios decreased slightly, with financial expenses increasing by 1 percentage point due to convertible bond issuance [2] - R&D expenses increased by 0.25 percentage points to 2.71%, reflecting increased R&D investment [2] Financial Performance - Revenue in 2023 reached CNY 1.947 billion, up 53% YoY [2] - Net profit attributable to shareholders was CNY 283 million, up 40% YoY [2] - Non-GAAP net profit was CNY 274 million, up 47% YoY [2] - EPS for 2023 was CNY 0.67, with forecasts for 2024-2026 at CNY 0.98, CNY 1.18, and CNY 1.41, respectively [2] - Operating profit margin remained stable at 18.5% in 2023 [2] - ROE increased to 10.9% in 2023, with forecasts for 2024-2026 at 14.5%, 15.4%, and 16.1%, respectively [2] Business Highlights - The company secured new contracts worth CNY 4.457 billion in 2023, a significant increase [2] - In the water environment sector, 33 new projects were signed, totaling over CNY 2.4 billion [2] - In the environmental energy sector, 6 new waste-to-energy projects were added, with a total daily waste processing capacity of 4,500 tons [2] - High-end environmental equipment manufacturing revenue reached CNY 156 million, returning to growth [2] - The company established a new energy industry partnership fund to explore opportunities in distributed wind, solar, and hydrogen energy [2] Market and Valuation - Current market capitalization is CNY 3.782 billion [2] - The stock price ranged between CNY 7.19 and CNY 11.99 over the past 52 weeks [2] - P/E ratio for 2023 was 13.4x, with forecasts for 2024-2026 at 9.1x, 7.6x, and 6.4x, respectively [2] - EV/EBITDA for 2023 was 10.63x, with forecasts for 2024-2026 at 7.69x, 6.37x, and 5.34x, respectively [2] Industry and Competitive Position - The company is a comprehensive environmental governance service provider, specializing in leachate and high-difficulty wastewater treatment [5] - It holds multiple certifications and patents, with 44 patents and 8 core technologies [5] - The company has a strong competitive advantage due to its technical expertise, experience, and full-industry-chain service capabilities [2]

| 证券代码：301127 | 证券简称：天源环保 | 公告编号：2024-032 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源环保股份有限公司 关于签订日常经营合同的公告 1 二、交易对手方介绍 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、合同的重大风险及重大不确定性：合同虽然已对各方权利及义务、违约 责任、争议解决方式等作出明确约定，但合同履行中存在受不可抗力等因素影 响造成的不确定性风险。敬请广大投资者注意风险。 2、对公司的影响：本次合同的签署属于公司日常经营行为。若合同顺利履 行，对公司未来的财务状况和经营成果将产生积极影响。相关项目利润的贡献 目前尚无法准确预计，相关财务数据的确认请以公司经审计的财务报告为准。 一、合同签署概况 武汉天源环保股份有限公司（以下简称"公司"）于2024年1月9日在巨潮 资讯网披露了《关于收到中标通知书的公告》，确定公司（联合体牵头人）与 中国市政工程华北设计研究总院有限公司（联合体成员）作为联合体，为"沾 益区第二污水处理厂新建工 ...

Business Strategy and Development - In 2024, the company aims to focus on "risk control, solidifying receivables, and profit orientation" while accelerating the development of the green energy industry[1]. - The company plans to enhance its environmental governance business by leveraging its technological, customer, brand, and platform advantages to achieve stable project operations[4]. - The company is accelerating the construction of waste incineration power generation projects and aims to expand overseas projects as a new growth point[4]. - The company will continue to innovate in technology research and development, focusing on new technologies and products related to sludge, fly ash, hydrogen energy, and charging stations[4]. - The company is committed to optimizing its development strategy and expanding its core industrial projects to ensure long-term sustainable growth[9]. - The company is actively investing in solid waste comprehensive disposal and has made significant R&D achievements in this area[13]. - The company is focusing on expanding its renewable energy segment, which has shown significant growth and is expected to continue driving revenue in the future[170]. Financial Performance - The company reported strong performance in Q3 2023, indicating a potential for sustained high growth[13]. - The company's total revenue for 2023 reached ¥1,947,120,092.64, representing a 53.05% increase compared to ¥1,272,187,257.75 in 2022[80]. - Net profit attributable to shareholders for 2023 was ¥282,725,634.60, a 39.91% increase from ¥202,129,241.46 in 2022[80]. - The net profit after deducting non-recurring gains and losses was ¥273,966,401.69, up 46.52% from ¥187,035,857.92 in the previous year[80]. - The company reported a net profit margin of approximately 14.5% for 2023, indicating improved profitability[80]. - The company’s net assets attributable to shareholders increased by 23.70% to CNY 260,032,940 by the end of 2023[127]. - The company’s water environment governance segment generated a revenue of CNY 1,293,032,531.66, with a gross margin of 28.73%[128]. - Renewable environmental energy revenue surged to ¥652,857,886.35, a remarkable increase of 251.15% compared to ¥185,918,008.67 in 2022[170]. Risk Management - The company acknowledges risks from macroeconomic changes and plans to monitor national policies and economic conditions closely to adjust strategies accordingly[5]. - The company faces intensified industry competition and will focus on technological innovation and market expansion to maintain its competitive edge[6]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future development plans[35]. - The company has faced various operational risks, which are discussed in the management's analysis section of the report[44]. Research and Development - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[43]. - The company has developed over 20 core technologies and holds 106 valid patents, enhancing its market competitiveness and industry influence[142]. - The company has increased its R&D investment year by year to enhance its future market competitiveness[142]. - The company invested CNY 52,756,213.72 in R&D in 2023, which is an increase of CNY 21,453,482.29 from the previous year[133]. - The R&D personnel now account for 23.61% of the total workforce, an increase from 13.29% in 2022[161]. - The company has developed key technologies for waste incineration fly ash detoxification and resource utilization, contributing to its innovative portfolio[144]. Governance and Transparency - The company emphasizes the importance of information disclosure and transparency, ensuring all investors have equal access to information[27]. - The company maintains a strong governance structure, ensuring independence from its controlling shareholders[21]. - The company is committed to balancing the interests of various stakeholders, promoting sustainable and healthy development[28]. - The company has established a transparent performance evaluation and incentive mechanism to enhance employee motivation and productivity[26]. Market Expansion and Contracts - The company has secured new orders and is focusing on the development of renewable energy projects[13]. - The company signed over 40 new sales contracts in 2023, doubling the contract amount compared to 2022[92]. - The company achieved 33 new water environment governance projects in 2023, with a total contract amount exceeding 2.4 billion[112]. - The company secured contracts worth 150 million for solid waste disposal projects, providing new profit growth points[94]. - The company has signed major contracts worth ¥293,268.19 million, indicating strong future revenue potential[173]. Cash Flow and Assets - The net cash flow from operating activities for 2023 was -¥104,163,920.45, a decrease of 189.57% compared to ¥116,294,335.63 in 2022[80]. - The total cash inflow from operating activities in 2023 was ¥614,392,244.60, a decrease of 15.13% compared to ¥723,906,842.75 in 2022[198]. - The net increase in cash and cash equivalents was ¥801,768,586.98 in 2023, a significant improvement from -¥96,657,255.02 in 2022, representing a 929.50% increase[198]. - As of the end of 2023, cash and cash equivalents amounted to ¥1,910,533,847.37, accounting for 33.48% of total assets[200]. - The total assets of the company increased by 79.17% year-on-year, reaching CNY 570,664,140[127].

关于武汉天源环保股份有限公司 非经营性资金占用及 其他关联资金往来情况 汇总表的专项审核报告 众环专字(2024) 0100377号 录 官 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1 起始页码 1-2 专项审核报告 传画 Fay· 027-85424329 关于武汉天源环保股份有限公司 非经营性资金占用及其他关联资金往来情况汇总表 的专项审核报告 众环专字(2024) 0100377 号 武汉天源环保股份有限公司全体股东: +我们接受委托,在审计了武汉天源环保股份有限公司(以下简称"天源环保")2023年 12 月 31 目合并及公司的资产负债表,2023年度合并及公司的利润表、合并及公司的现金流 量表和合并及公司的股东权益变动表以及财务报表附注的基础上,对后附的《上市公司 2023 年度非经营性资金占用及其他关联资金往来的情况汇总表》(以下简称"汇总表")进行了专 项审核。按照中国证券监督管理委员会印发的《上市公司监管指引第 8 号 -- 上市公司资金 往来、对外担保的监管要求》的规定,编制和披露汇总表、提供真实、合法、完整的审核证 据是天源环保管理层的责任,我们的责任是在执行审核工作的基 ...

武汉天源环保股份有限公司 内部控制鉴证报告 众环专字（2024）0100378号 目 录 门 Π 门 起始页码 1 鉴证报告 说明 内部控制有关事项的说明 1-11 F 门 n n 门 n I 电话 Tel: 027-86791215 传真 Fax: 027-85424329 内部控制鉴证报告 众环专字(2024) 0100378 号 武汉天源环保股份有限公司全体股东: 我们接受委托,审核了武汉天源环保股份有限公司(以下简称"天源环保")管理层对 2023 年 12 月 31 日与财务报表相关的内部控制有效性的认定。天源环保管理层的责任是建 立健全内部控制并保持其有效性,同时对 2023 年 12 月 31 日与财务报表相关的内部控制有 效性作出认定并确保该认定的真实性和完整性。我们的责任是对天源环保截至 2023 年 12 月 31 日止与财务报表相关的内部控制的有效性发表鉴证意见。 我们按照《中国注册会计师其他鉴证业务准则第3101号 -- 历史财务信息审计或审阅以 外的鉴证业务》并参照《内部控制审核指导意见》的规定执行了鉴证业务。上述规定要求我 们计划和执行鉴证工作,以对鉴证对象信息是否不存在重大错报获 ...

| 证券代码：301127 | 证券简称：天源环保 | 公告编号：2024-025 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 经公司及子公司对截至2023年12月31日存在可能发生减值迹象的资产进行 全面清查和资产减值测试后，计提各项减值准备共计-53,578,210.31元，计入的 报告期间为2023年1月1日至2023年12月31日，明细如下表： 单位：人民币元 武汉天源环保股份有限公司 关于2023年度计提信用及资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所创业板股票上市规则》的相关规定，武汉天源环保 股份有限公司（以下简称"公司"或"本集团"）依据《企业会计准则》以及 公司相关会计政策的规定，为真实、准确反映公司2023年年度财务状况、资产 价值与经营成果，公司及子公司对各类资产进行全面清查和减值测试，基于谨 慎性原则，对截至2023年12月31日合并报表范围内可能发生信用及资产减值损 失的有关资产计提信用及资产减值准备。现将具体事宜公告如下： 一、 ...

| 证券代码：301127 | 证券简称：天源环保 | 公告编号：2024-023 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源环保股份有限公司 关于2023年度利润分配预案的公告 （含税），剩余未分配利润结转至以后年度。转增股本前本公司总股本为 420,232,370股，转增股本后公司总股本增至586,266,530股。 在利润分配预案实施前，公司股本如发生变动，则以实施分配方案时股权 登记日的总股本为基数，公司将按照"现金分红分配总额不变"的原则对现金 分红比例进行调整，并将遵循"资本公积金转增股本总额固定不变"的原则对 转增股本比例进行调整。 二、2023年度利润分配预案的合理性、合规性 公司2023年度利润分配预案符合《公司法》《企业会计准则》、中国证监 会《关于进一步落实上市公司现金分红有关事项的通知》、中国证监会《上市 公司监管指引第3号——上市公司现金分红》《武汉天源环保股份有限公司未来 三年（2022年—2024年）股东分红回报规划》及《公司章程》等相关规定，符 合公司的利润分配政策、股东回报规划，该利润分配预案合法、合规。 ...

关于武汉天源环保股份有限公司 2023 年度内部控制自我评价报告的核查意见 中天国富证券有限公司 中天国富证券有限公司（以下简称"中天国富证券"或"保荐机构"）作为 武汉天源环保股份有限公司（以下简称"天源环保""上市公司"或"公司"）首 次公开发行股票并在创业板上市及向不特定对象发行可转换公司债券项目的保 荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等有关法律法规的要求，对天源环保 2023 年度内部控制自我评价报 告进行了审慎核查，具体情况如下： 一、天源环保内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。纳入评价范围的主要单位包括：公司及其分子公司汤阴豫源清污水处理 有限公司、汤阴永兴源污水净化有限公司、蚌埠开源环保有限公司、社旗永兴源 污水净化有限公司、德阳永兴源环保有限公司、汤阴天雨污水净化有限公司、黄 石丰源环保有限公司、广水永兴源环保有限公司、土默特右旗开源环保有限公司、 潜江开源环保有限公司、浠水开源环保有限 ...