| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 关于签订日常经营合同的公告 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。 特别提示： 1、合同的重大风险及重大不确定性：合同虽然已对双方权利及义务、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 武汉天源集团股份有限公司（以下简称"公司"）和上海康恒环境股份有 限公司（以下简称"上海康恒"）组成的联合体为岑溪市生活垃圾焚烧发电项 目（以下简称"项目"）中标供应商。公司于2025年5月28日与上海康恒在岑溪 市共同设立项目公司岑溪丰源环保能源有限公司（以 ...

| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 关于回购注销部分限制性股票的公告 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。 武汉天源集团股份有限公司（以下简称"公司"）于2025年7月15日召开第 六届董事会第十七次会议和第六届监事会第十三次会议，分别审议通过了《关 于回购注销部分限制性股票的议案》，同意根据公司《2022年限制性股票与股 票期权激励计划（草案）》（以下简称"《激励计划（草案）》"）的相关规 定，回购注销1名已离职激励对象所持有的已获授但尚未解除限售的限制性股票 168,000股，现将有关情况公告如下： 一、2022年限制性股票与股票期权激励计划（以下简称"本次激励计划"） 已履行的相关审批程序 1、2022年5月11日，公司召开第五届董事会第十二次会议，审议通过了与 本次激励计划有关的议案，包括《关于公司〈2022年限制性股票与股票期权激 励计划（草案）〉及其摘要的议案》《 ...

| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 关于暂不召开股东会的公告 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。 武汉天源集团股份有限公司（以下简称"公司"）于2025年7月15日召开第 六届董事会第十七次会议、第六届监事会第十三次会议，分别审议通过了《关 于回购注销部分限制性股票的议案》，具体内容详见公司于同日在巨潮资讯网 上披露的相关公告。 基于公司的总体工作安排，公司董事会决定暂不提请召开股东会审议相关 事项。公司董事会将择机另行发布召开股东会的通知并将相关议案提交股东会 审议。 特此公告。 武汉天源集团股份有限公司 董事会 2025年7月15日 ...

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].

Group 1 - As of July 7, the biomass power generation concept increased by 2.83%, ranking second among concept sectors, with 40 stocks rising, including Shaoneng Co., Huaguang Huaneng, and Shimao Energy hitting the daily limit [1] - Leading stocks in the biomass power generation sector included Shaoneng Co. with an increase of 10.07%, Shimao Energy at 10.01%, and Feima International at 1.34% [3] - The sector experienced a net outflow of 428 million yuan, with 15 stocks seeing net inflows, and Shaoneng Co. leading with a net inflow of 65.18 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio were Shaoneng Co. at 66.58%, Shimao Energy at 38.91%, and Weili at 16.00% [3] - Stocks with significant declines included ST Xindong down by 2.69%, ST Huaxi down by 1.82%, and Wuhan Tianyuan down by 1.81% [1][4] - The biomass power generation sector's performance was contrasted with other sectors, such as the shipbuilding sector which rose by 5.23% [2]

Group 1 - A new company named Urumqi Xiangyuan Green Logistics Technology Co., Ltd. has been established with a registered capital of 3 million yuan [1] - The legal representative of the company is Deng Yongfei, and its business scope includes leasing services and road freight transportation [1] - The company is wholly owned by Wuhan Tianyuan (301127) through indirect shareholding [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned for multi-faceted growth through environmental protection, energy, digital technology, and equipment manufacturing, with a strong focus on expanding its business model since its establishment in 2009 [8][13]. - The company has experienced rapid revenue and profit growth, with total revenue projected to reach 2,766 million yuan in 2025, reflecting a year-on-year increase of 39.34% [1][19]. - The company is actively expanding its project operations, with a significant increase in both engineering and franchise orders, indicating a robust pipeline for future revenue [8][42]. Summary by Sections 1. Environmental Protection as a Source of Growth - The company has evolved from a core business in landfill leachate treatment to a diversified model encompassing energy, digital technology, and equipment manufacturing [8][13]. - Revenue has grown from 550 million yuan in 2020 to an expected 2,766 million yuan in 2025, with a compound annual growth rate (CAGR) of 53.05% from 2023 to 2024 [1][19]. 2. Abundant Environmental Orders and Accelerated Project Operations - The company has a strong order backlog, with engineering orders increasing from 322 million yuan in 2021 to 460 million yuan in 2024, while franchise orders surged from 806 million yuan to 3,672 million yuan in the same period [42][46]. - The company is shifting its focus from water treatment to solid waste management, particularly in the garbage incineration sector, which is becoming a new growth driver [48][53]. 3. New Growth Curves in Energy, Digital, and Equipment - The company is strategically investing in high-quality renewable energy projects, including a 2GW photovoltaic project, with 1GW already under construction [8][49]. - The company is also responding to the national "East Data West Computing" strategy by optimizing its computing power resource layout across various regions [8][39]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 500 million yuan, 608.81 million yuan, and 749.05 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 50%, 21.71%, and 23.04% [1][8].

证券代码：301127 证券简称：武汉天源 债券代码：123213 债券简称：天源转债 中天国富证券有限公司 关于 武汉天源集团股份有限公司 向不特定对象发行可转换公司债券 2025 年第五次临时受托管理事务报告 债券受托管理人 二零二五年六月 1 重要声明 本报告依据《可转换公司债券管理办法》《武汉天源环保股份有限公司与中 天国富证券有限公司关于创业板向不特定对象发行可转换公司债券受托管理协 议》（以下简称"《债券受托管理协议》"）、《武汉天源环保股份有限公司创业板 向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 及其他相关信息披露文件等，由本次债券受托管理人中天国富证券有限公司（以 下简称"中天国富证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所 作的承诺或声明。在任何情况下，未经中天国富证券书面许可，不得用作其他 任何用途。 2 一、核准文件和核准规模 武汉天源环保股份有限公司（更名后的公司名称为"武汉天源集团股份有限 公司"，以下简称"公司"或"武汉天源"）向不特定对象发行可 ...

关于2025年第二季度可转债转股结果暨股份变动公告 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。 特别提示： | 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 2、2025年第二季度，共有1,897,325张"天源转债"完成转股（面值金额共计 18,973.25万元人民币），合计转为26,572,746股"武汉天源"股票。 3、截至2025年第二季度末，"天源转债"剩余3,303,795张，剩余票面总金额为 33,037.95万元人民币。 根据《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15号——可转换公司债券》等有关规定，武汉天源集团股份有限公司 （以下简称"公司"）现将2025年第二季度可转换公司债券转股及公司股份变动的 情况公告如下： 1、"天源转债"（债券代码：123213）转股期为2024年2月5日起至2029年7月27 日止；截至本公告披露日，"天源转债 ...

| 证券代码：301127 | 证券简称：武汉天源 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：123213 | 债券简称：天源转债 | | 武汉天源集团股份有限公司 关于股份回购进展情况的公告 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。 武汉天源集团股份有限公司（以下简称"公司"）于2025年4月24日分别召 开第六届董事会第十四次会议和第六届监事会第十次会议，审议并通过了《关 于回购公司股份方案的议案》。公司拟使用自有资金和股票回购专项贷款以集 中竞价交易方式回购部分公司已发行的人民币普通股（A股）股票，用于后期公 司实施股权激励或员工持股计划。在回购股份价格不超过人民币25.43元/股（含 本数）的条件下，按照本次回购金额上限人民币20,000万元进行测算，回购股 份数量约为7,864,726股，回购数量约占公司截至2025年3月31日总股本的1.22%； 按照本次回购金额下限人民币10,000万元进行测算，回购股份数量约为 3,932,364股，回购数量约占公司截至2025年3月31日总股本的0.61% ...