Group 1 - The project led by Tianjin Yihejiaye Medical Technology Co., Ltd. won the first prize of Tianjin Science and Technology Progress Award for the research and clinical application of non-invasive respiratory system key technologies [1] - Respiratory diseases have become the third largest chronic disease in China, following cardiovascular diseases and diabetes, with chronic obstructive pulmonary disease and obstructive sleep apnea being the most typical [1] - The non-invasive ventilator is currently the most effective medical device for treating respiratory diseases, with significant technological barriers existing in China compared to developed countries [1] Group 2 - The project achieved breakthroughs in core technologies, key equipment, system platforms, and international standards, possessing complete independent intellectual property rights [1] - A multi-center randomized controlled study was conducted in collaboration with 30 hospitals, focusing on the impact of high-intensity and low-intensity non-invasive positive pressure ventilation on the need for intubation in patients with acute exacerbations of chronic obstructive pulmonary disease [1] - The research results will be published in the Journal of the American Medical Association in 2024 [1] Group 3 - The project team also made advancements in the respiratory chronic disease management system, creating a respiratory data management cloud platform based on data from over 300,000 active users of non-invasive respiratory therapy [2] - The cloud platform connects patients, their families, and doctors, allowing real-time monitoring of sleep-related respiratory data and enabling remote adjustment of treatment parameters by doctors [2] - In 2023, the global market share of Ruimai Te's home non-invasive ventilator was 12.4%, ranking second, while its domestic market share was 30.6%, ranking first among domestic brands [2] Group 4 - As of January 2025, the cumulative sales of Ruimai Te's home ventilators exceeded 3 million units, and the cumulative sales of ventilation masks surpassed 10 million units [2]

Group 1: Seasonal Business Characteristics - The company's revenue is relatively low in Q1 and higher in Q4 due to seasonal factors, as clients often choose to replace equipment during holiday or maintenance periods [2][3] - The installation and testing of equipment typically take 3 to 6 months, leading to a delay in revenue recognition until Q4 when clients issue acceptance documents [2] Group 2: Overseas Market Expansion - The company is actively expanding into overseas markets, with new projects launched in Mexico, Saudi Arabia, Vietnam, Czech Republic, and Taiwan in 2024 [3] Group 3: Fundraising and Financial Strategy - The purpose of the recent private placement is to support business expansion, enhance risk resistance, and stabilize control [4] - The funds raised will be used to supplement working capital, reduce debt ratios, and improve liquidity [4] Group 4: Technological Innovations - The company is investing in AI and smart technologies to enhance product efficiency and maintenance [5][6] - Focus areas for R&D include high-efficiency centrifugal pumps and motors, as well as energy-saving combustion technologies [6] Group 5: Client Acquisition in Steel Industry - In 2024, the company signed contracts with over 27 steel enterprises, including 11 new clients [10] - The company has engaged with over 60 steel companies for project discussions, significantly expanding collaboration intentions [10] - Energy-saving solutions have achieved over 35% energy reduction in specific projects, enhancing client investment recovery [10] Group 6: Accounts Receivable Management - The company employs a policy based on expected credit losses to assess and prepare for bad debts, ensuring the adequacy and reasonableness of provisions [7][8]

Meeting Overview - The company will hold its 2024 Annual General Meeting (AGM) on June 16, 2025 [1] - The meeting will be convened by the Board of Directors and complies with relevant laws and regulations [1][2] - The registration date for shareholders to attend the meeting is June 9, 2025 [2] Voting Procedures - The AGM will utilize a combination of on-site and online voting methods [2] - Shareholders can choose either on-site or online voting, but not both [2] - Voting will be conducted from 9:15 AM to 3:00 PM on June 16, 2025 [1][2] Agenda Items - The AGM will review several proposals, including: - A proposal for the company and its subsidiaries to apply for a comprehensive credit limit from banks for 2025 [4] - Proposals regarding the remuneration of directors and supervisors for 2024 and the remuneration plan for 2025 [4][6] - A proposal for issuing shares to specific targets and related feasibility analyses [6][12] - A proposal for the company's dividend return plan for the next three years (2025-2027) [6][12] Registration and Attendance - Shareholders must register to attend the meeting, with specific documentation required for both individual and corporate representatives [7] - Registration will take place on June 12, 2025, from 9:00 AM to 12:00 PM and 1:30 PM to 5:00 PM [7] - The meeting will be held at the company's office in Shanghai [1][7] Additional Information - The company will separately count votes from small investors and disclose the results [7] - Detailed voting procedures and registration forms are provided in the attachments [9][11]

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。 证券代码：301273 证券简称：瑞晨环保 公告编号：2025-030 上海瑞晨环保科技股份有限公司（以下简称"公司"）于2025年4月27日召开 第三届董事会第五次会议，审议通过了《关于召开公司2024年年度股东大会的议 案》，现决定于2025年6月16日（星期一）召开2024年年度股东大会。现将相关情 况公告如下： 上海瑞晨环保科技股份有限公司 关于召开 2024 年年度股东大会的通知 一、召开会议的基本情况 （一）股东大会届次：2024年年度股东大会 （二）股东大会的召集人：公司董事会 （三）会议召开的合法、合规性：公司第三届董事会第五次会议审议通过了关 于召开本次股东大会的议案。本次股东大会的召集、召开程序符合《中华人民共和 国公司法》《深圳证券交易所创业板股票上市规则》等有关法律、行政法规、部门 规章、规范性文件及《上海瑞晨环保科技股份有限公司章程》的规定。 （四）会议召开的日期、时间 1、现场会议召开时间：2025年6月16日（星期一）下午14:30。 2、网络投票时间：通过深圳证券交易所交易系统进行 ...

证券代码：301273 证券简称：瑞晨环保 公告编号：2025-029 上海瑞晨环保科技股份有限公司 关于举办 2024 年度业绩说明会的公告 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。 重要内容提示： 上海瑞晨环保科技股份有限公司（以下简称"公司"）已于2025年4月29日在 巨潮资讯网上披露了《2024年年度报告全文》及《2024年年度报告摘要》。为便于 广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于2025年 5月28日（星期三）15:00-16:30在"价值在线"（www.ir-online.cn）举办上海瑞 晨环保科技股份有限公司2024年度业绩说明会，与投资者进行沟通和交流，广泛听 取投资者的意见和建议。 1 会议召开时间：2025 年 5 月 28 日（星期三）15:00-16:30 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集： 投 资 者 可 于 2025 年 5 月 28 日 前 访 问 网 址 https://eseb.cn/1os0vJRKpYk 或使用微信 ...

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]

5月10日，瑞晨环保（301273）发布2025年度向特定对象发行股票预案，本次向特定对象发行的对象为 公司实控人陈万东。 2022年公司违规超额度使用募集资金1.28亿元，暴露出内控缺陷。此次定增资金用途仅为"补充流动资 金"，而公司2024年末资产负债率仅19.48%，处于行业低位，资金必要性存疑。若资金再次被挪作他 用，中小股东如何维权？ 瑞晨环保近三年业绩呈现断崖式下滑：营业收入从2022年的4.39亿元降至2024年的2.82亿元，归母净利 润由盈转亏，2024年亏损3204万元，2025年一季度续亏2231万元。在此背景下，2.3亿元补流方案被质 疑。 （注：本文结合AI工具生成，不构成投资建议。市场有风险，投资需谨慎。） MACD金叉信号形成，这些股涨势不错！ 瑞晨环保此次向实控人陈万东定向增发2.3亿元，发行价定为17.68元/股，较公告前一日收盘价25.42元 折价30%。尽管该价格符合"不低于前20个交易日股价均价的80%"的监管要求，但其合理性仍引发市场 争议。 公司长期以来股价破发，当前股价较发行价37.89元已跌去33%。在股价长期低迷的情况下，以更低价 格向实控人增发，可能进一步打 ...

Core Points - The report provides a verification of the fundraising usage by Shanghai Ruichen Environmental Technology Co., Ltd. as of December 31, 2024, confirming compliance with relevant regulations [1][2] - The total amount raised through the public offering was 60,458.06 million RMB, with all funds received by October 13, 2022 [2][3] - The report details the allocation of raised funds, including expenditures on projects and temporary working capital [2][3] Fundraising Overview - The company issued 17,910,448 shares at a price of 37.89 RMB per share, resulting in a total fundraising amount of 60,458.06 million RMB [2] - As of December 31, 2024, the remaining balance in the fundraising account was 6,721.24 million RMB after accounting for various expenditures [2][3] Fund Usage Details - The actual usage of the raised funds totaled 48,236.99 million RMB, with specific allocations for project expenditures and working capital [3] - The company approved the use of 5,062.29 million RMB of raised funds to replace pre-paid issuance expenses, which was verified by an accounting firm [2] - Temporary use of excess funds for working capital was approved, with a total of 30,000.00 million RMB utilized for this purpose [2] Economic Benefits - The report indicates that the funds used for working capital cannot be directly linked to revenue generation, thus making it difficult to assess specific economic benefits [3] - The "High-efficiency Energy-saving Fan Industrialization Project" was completed by the end of 2024 but has not yet generated measurable benefits [3]

Core Viewpoint - The company is issuing shares to specific investors, which will dilute immediate returns but includes measures to compensate for this dilution and commitments from key stakeholders to ensure these measures are implemented [1][4][8]. Financial Impact - The total amount of funds raised from this issuance is estimated at 230 million yuan [2]. - The number of shares to be issued is 13,009,049, increasing the total share capital from 71,641,792 to 84,650,841 shares [2]. - Under three scenarios for 2025 net profit (1 million, 3 million, and 5 million yuan), the basic and diluted earnings per share will be affected, showing a potential increase in earnings per share as profits rise [3][5]. Measures to Mitigate Dilution - The company will enhance the management and use of raised funds to ensure effective utilization and risk mitigation [6]. - Improvements in corporate governance will be made to ensure shareholder rights are protected and management decisions are made judiciously [7]. - Operational efficiency will be increased through refined management processes, cost reduction, and talent acquisition [7]. - A profit distribution policy will be strictly followed to ensure stable returns to shareholders, particularly small investors [7]. Commitments from Stakeholders - The controlling shareholder and management have made commitments to uphold the measures aimed at compensating for the dilution of immediate returns, ensuring no interference in company operations and adherence to legal responsibilities [8].

Core Viewpoint - The company has established a three-year shareholder dividend return plan (2025-2027) to enhance its profit distribution policy and ensure stable returns to shareholders [1][2]. Group 1: Factors Considered in the Plan - The company focuses on strategic goals and sustainable development while considering industry characteristics, operational performance, future profitability, cash flow, investment needs, and financing environment [1]. - The plan aims to create a systematic arrangement for profit distribution to ensure continuity and stability in the profit distribution policy [1]. Group 2: Principles of the Plan - The company adheres to principles that prioritize overall interests and sustainable development when determining a reasonable profit distribution scheme [1]. Group 3: Profit Distribution Methods - The company may distribute profits in cash, stock, or a combination of both, with a preference for cash dividends when conditions allow [2]. - Specific conditions for cash dividends include positive distributable net profit, sufficient cash flow, and no major investment plans or cash expenditures [2]. Group 4: Cash Dividend Conditions and Proportions - Cash dividends will be distributed annually if the company is profitable and has positive undistributed profits, with a minimum of 30% of the average annual distributable profit over the last three years to be distributed in cash [3][4]. - The minimum cash dividend proportions vary based on the company's development stage and investment plans, ranging from 20% to 80% [4]. Group 5: Decision-Making Process - The profit distribution proposal is drafted by the chairman, reviewed by the board and supervisory committee, and submitted for shareholder approval [5]. - The company must communicate with shareholders, especially minority shareholders, to gather opinions on the cash dividend proposal [5]. Group 6: Adjustment Mechanism - The company may adjust its profit distribution policy based on operational conditions or changes in the external environment, with adjustments requiring board approval and shareholder voting [6]. - Detailed disclosures regarding the cash dividend policy and any adjustments must be included in the annual report [6]. Group 7: Miscellaneous - The plan is subject to compliance with relevant laws and regulations, and any conflicts with the company's articles of association will be resolved according to national laws [7].