证券代码：301175 证券简称：中科环保 公告编号：2025-059 北京中科润宇环保科技股份有限公司 关于"质量回报双提升"行动方案的公告 公司是业内为数不多的国家级专精特新"小巨人"企业。公司多年来不断加 大研发投入，推动产业化落地，最近 5 年研发投入复合增长率 61%。自主研发的自 动燃烧控制系统（ACC）被认定为"国内领先"水平，部分关键设备达到"国际先 进"水平；所参与的《废弃物焚烧与钢铁冶炼二恶英污染控制技术与对策》获国 家科学技术进步二等奖。"垃圾焚烧发电多效合一烟气净化技术"荣获中国城市 环境卫生协会"科技进步一等奖"，"基于垃圾焚烧飞灰的高性能保温材料制备 关键技术研发及应用示范"荣获中国城市环境卫生协会"科技进步二等奖"。 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。 北京中科润宇环保科技股份有限公司（以下简称"公司"）为践行以"投资 者为本"的上市公司发展理念，提振投资者信心，维护全体股东利益，促进公司 可持续健康发展，结合公司发展战略及实际经营情况，制定了"质量回报双提升" 行动方案。具体内容如下： 一、加强党建引领，促进党建业务 ...

证券代码：301175 证券简称：中科环保 公告编号：2025-094 北京中科润宇环保科技股份有限公司 关于召开2025年第一次临时股东会的通知 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。 北京中科润宇环保科技股份有限公司（以下简称"公司"）第二届董事会第十九次 会议于2025年6月19日召开，会议定于2025年7月7日（周一）召开公司2025年第一次临时 股东会。现将会议有关事项提示如下： 一、召开会议的基本情况 1.股东会届次：2025年第一次临时股东会。 2.股东会的召集人：董事会。 公司于2025年6月19日召开第二届董事会第十九次会议，审议通过了《关于提请召 开2025年第一次临时股东会的议案》。 3.会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、部门规 章、规范性文件、深圳证券交易所业务规则及《公司章程》等规定。 4.会议召开的日期、时间： （1）现场会议召开时间：2025年7月7日（周一）14:30 （2）网络投票时间：2025年7月7日 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年7月7日的交易时 间， ...

证券代码：301175 证券简称：中科环保 公告编号：2025-050 北京中科润宇环保科技股份有限公司 第二届监事会第十四次会议决议公告 本公司及监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。 一、监事会会议召开情况 北京中科润宇环保科技股份有限公司（以下简称"公司"）第二届监事会第 十四次会议通知于 2025 年 6 月 13 日以电子邮件方式发出，会议于 2025 年 6 月 19 日以现场会议形式召开。会议应到监事 3 名，实到 3 名。会议由监事会主席 李延生主持，公司董事会秘书及证券事务代表列席了会议。本次会议的召集、召 开程序符合有关法律法规和《公司章程》的规定。 二、监事会会议审议情况 北京中科润宇环保科技股份有限公司 监事会 2025 年 6 月 20 日 审议并通过《关于废止〈监事会议事规则〉的议案》 根据《中华人民共和国公司法》（2023 年修订）的相关规定，以及中国证券 监督管理委员会发布的《关于新〈公司法〉配套制度规则实施相关过渡期安排》， 同意废止《监事会议事规则》。 具体内容详见公司同日披露于信息披露指定网站的《关于修订〈公司章程〉 等制 ...

证券代码：301175 证券简称：中科环保 公告编号：2025-049 北京中科润宇环保科技股份有限公司 第二届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 北京中科润宇环保科技股份有限公司（以下简称"公司"）第二届董事会第 十九次会议通知于 2025 年 6 月 13 日以电子邮件方式发出，增加临时议案的会议 补充通知于 2025 年 6 月 16 日以电子邮件方式发出，会议于 2025 年 6 月 19 日以 现场会议结合腾讯会议形式召开。会议应到董事 9 名，实到 9 名，其中委托出席 董事 1 人（董事沈波先生因工作原因未能亲自出席本次会议，委托董事李波先生 代为出席会议并行使表决权）。董事罗祁峰、王琪、程汉涛、张学以腾讯会议形 式参会。会议由董事长栗博主持，公司监事、部分高级管理人员及证券事务代表 列席了会议。本次会议的召集、召开程序符合有关法律法规和《公司章程》的规 定。 二、董事会会议审议情况 （一）审议并通过《关于选举副董事长的议案》 根据公司实际经营需要，结合《公司章程》的有关规定，由董事 ...

Group 1: Company Performance Overview - The company reported a capital expenditure of approximately CNY 540 million for project construction and acquisitions in 2024, with an expected expenditure of CNY 1-1.3 billion in 2025, where 30% will be funded by internal resources and 70% through project loans [3] - As of the end of 2024, accounts receivable aging shows that about 74.6% of receivables are expected to be collected within one year, indicating a strong financial position [4] - The company has successfully completed a 72+24 hour full-load trial run for the Yuxi project, which has now entered the production phase [2] Group 2: Heating Supply and Market Expansion - The company has been focusing on green thermal energy utilization since 2010, with significant growth potential in heating supply due to stable demand from surrounding industrial enterprises [6] - The company’s heating projects in Ningbo and Hebei have covered over 50 industrial users, with plans to expand heating capacity and enhance collaboration with large chemical enterprises [8] - The company aims to accelerate the construction of heating networks in various regions, including Mianyang and San Tai, to improve heating efficiency and market coverage [8] Group 3: Investor Relations and Communication - The investor relations activity held on June 12, 2025, involved in-depth communication between the company and investors, focusing on operational highlights and future projects [1] - The company emphasized that the communication did not involve any undisclosed significant information, adhering strictly to regulatory requirements [8]

Core Insights - The launch of an AI office intelligence system by Zhongke Environmental Protection and S&P Zhiyuan marks a significant step towards integrating green development with digital technology [1][3] - The AI system features a matrix of four core components: office assistant, health and safety expert, operational expert, and training expert, aimed at enhancing efficiency and compliance in the environmental sector [1][3] Group 1 - The AI system will undergo a three-month public testing phase, accessible to all employees via the corporate WeChat platform until September 30 [1] - The project leverages three core technological capabilities: multi-model access, multimodal knowledge base, and intelligent agent development, ensuring seamless integration with mainstream models like DeepSeek and Tongyi Qianwen [1] - The system is designed to support localized deployment, private custom training, and comprehensive data lifecycle security, ensuring precise service for environmental business scenarios [1] Group 2 - An intuitive one-click feedback mechanism is embedded in the AI interaction design to encourage employee participation in model optimization and iteration [3] - The integrated management and feedback learning mechanism allows the system to continuously evolve and improve its understanding of environmental business logic [3] - The establishment of the "AI Smart Employee" foundation signifies a crucial step for the company in its transformation towards intelligence, low carbon, and precision, aligning with its smart environmental strategy [3]

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]

Group 1: Company Performance Overview - The company reported a net cash inflow from operating activities of approximately 682 million yuan in 2024, a year-on-year increase of 65.27% [2] - The asset-liability ratio was 47.76% at the end of 2024, indicating a relatively low level compared to the industry [2] - The company plans to maintain a cash dividend payout ratio of no less than 60% from 2024 to 2028 [3] Group 2: Capital Expenditure and Financing - Projected capital expenditures for 2024 are approximately 540 million yuan, with 1 billion to 1.3 billion yuan expected for 2025 [2] - Self-funding will account for 30% of the capital expenditures, while project loans will cover 70% [2] - The company aims to utilize various financing tools, including green bonds and project loans, to meet funding needs [2] Group 3: Project Developments - The company has completed the acquisition of 100% equity in the Jinzhou project, which has a total scale of 1000t/d [4] - The Yuxi project has successfully completed a 72+24 hour full-load trial run and has entered production [5] - Ongoing projects in Hengyang, Jiangyou, and other locations are expected to be completed and operational in the near future [5] Group 4: Market Expansion and Demand - The company sees significant growth potential in heat supply, particularly in industrial areas surrounding its projects [6] - The company is expanding its heat supply scale in the Ningbo area, which is one of the largest comprehensive green thermal energy centers in China [6] - The company plans to enhance heat supply efficiency and market coverage in various regions, including Hebei and Sichuan [7] Group 5: Pricing Mechanism - The pricing for waste incineration heat supply will be based on local market guidance and user demand [7] - The cost of waste incineration heat supply is significantly lower than that of coal and gas heating, providing a competitive advantage [7]

证券代码：301175 证券简称：中科环保 公告编号：2025-048 北京中科润宇环保科技股份有限公司 2024 年度分红派息实施公告 3.本次实施的利润分配方案与股东大会审议通过的利润分配方案及其调整原则 一致。 4.本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 公司 2024 年度利润分配方案为：以公司目前总股本 1,471,880,000 股为基数， 向全体股东每 10 股派发 1.350000 元人民币现金（含税；扣税后，通过深股通持有 股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券投资基金 每 10 股派 1.215000 元；持有首发后限售股、首发后可出借限售股、股权激励限售 股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所 得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、 首发后可出借限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税， 对香港投资者持有基金份额部分按 10%征收，对内地投资者持有基金份额部分实行差 别化税率征收）。 【注：根据先进先出的原则，以投 ...

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]