证券代码：601033 证券简称：永兴股份 公告编号：2025-037 广州环投永兴集团股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●拟聘任的会计师事务所名称：广东中职信会计师事务所（特殊普通合 伙）（以下简称"中职信"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 名称：广东中职信会计师事务所（特殊普通合伙） 成立日期：2020 年 6 月 28 日 组织形式：特殊普通合伙 中职信及其从业人员近三年不存在因执业行为受到刑事处罚，受到证监会 及其派出机构、行业主管部门的行政处罚、监督管理措施，或受到证券交易场 所、行业协会等自律组织的自律监管措施、纪律处分的情况。 （二）项目信息 注册地址：广州市天河区珠江东路 11 号 1001 室（自编 01-04、06 单元） 首席合伙人：聂铁良 截至 2024 年度末，中职信合伙人数量 31 人，注册会计师 183 人，签署过 证券服务业务审计报告的注册会计师 16 人。 2024 年度，中职信经审计的收 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-039 广州环投永兴集团股份有限公司 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●股东会召开日期：2025年11月17日 ●本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 （一）股东会类型和届次 2025年第三次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 30 分 召开地点：广州市越秀区流花路 121 号越秀国际会议中心南塔公司会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 有关上述议案的具体情况，请参见公司 2025 年 8 月 27 日及 10 月 29 日披露 在《上海证券报》《中国 ...

证券代码：601033 证券简称：永兴股份 公告编号：2025-036 广州环投永兴集团股份有限公司 第二届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、董事会会议审议情况 一、董事会会议召开情况 广州环投永兴集团股份有限公司（以下简称"公司"）第二届董事会第二 次会议通知于2025年10月24日以电子邮件方式发出，并于2025年10月28日以现 场会议方式召开。本次会议由公司董事长张雪球先生主持，应当出席董事7名， 实际出席董事7名，公司高级管理人员列席了会议。本次会议的召开和表决程序 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》等有关规 定。 （一）审议通过《关于公司<2025年第三季度报告>的议案》 本议案经董事会审计委员会审议通过。 具体内容详见公司于2025年10月29日在《上海证券报》《中国证券报》 《证券日报》《证券时报》和上海证券交易所网站（www.sse.com.cn）披露的 公司《2025年第三季度报告》。 表决结果：7票同意、0票反对、0票弃权。 （二）审议通 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥1,185,618,050.77, representing a year-on-year increase of 23.36%[4] - The total profit for the quarter was ¥329,790,262.32, reflecting a growth of 28.66% compared to the same period last year[4] - Net profit attributable to shareholders was ¥284,335,430.82, which is a 25.61% increase year-on-year[4] - The basic earnings per share for the quarter was ¥0.32, up by 28.00% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥3,250,469,891.44, an increase of 16.3% compared to ¥2,794,914,276.18 in the same period of 2024[17] - Operating profit for the first three quarters of 2025 was ¥865,440,956.93, compared to ¥726,650,538.74 in 2024, indicating an increase of 19.1%[17] - Net profit for the first three quarters of 2025 was ¥865,525,524.36, up from ¥726,739,907.36 in 2024, representing a growth of 19.1%[17] - The net profit for the first three quarters of 2025 reached CNY 758,410,205.74, an increase of 15.4% compared to CNY 656,864,566.04 in the same period of 2024[18] - The basic and diluted earnings per share for the current period were CNY 0.83, up from CNY 0.73 in the previous year, reflecting a growth of 13.7%[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥25,617,274,583.16, marking a 5.74% increase from the end of the previous year[5] - Non-current assets totaled ¥21,041,127,501.33 as of September 30, 2025, an increase from ¥19,773,229,306.72 at the end of 2024, reflecting a growth of 6.4%[14] - Total assets reached ¥25,617,274,583.16 as of September 30, 2025, compared to ¥24,226,716,821.26 at the end of 2024, marking an increase of 5.7%[14] - Current liabilities amounted to ¥4,105,407,401.78 as of September 30, 2025, a decrease from ¥4,264,022,598.54 at the end of 2024, indicating a reduction of 3.7%[15] - Long-term borrowings increased to ¥9,768,053,625.26 as of September 30, 2025, compared to ¥8,826,692,050.41 at the end of 2024, reflecting a rise of 10.7%[15] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,479,826,135.52, showing a 7.43% increase[4] - Cash flow from operating activities for the first three quarters of 2025 was CNY 1,479,826,135.52, compared to CNY 1,377,463,654.26 in the same period of 2024, indicating an increase of 7.4%[20] - The company reported a total operating cash inflow of CNY 3,199,083,936.82, compared to CNY 2,809,209,647.16 in the previous year, marking an increase of 13.9%[20] - The total cash inflow from investment activities was CNY 671,547,590.15, significantly higher than CNY 31,991,564.86 in the previous year[20] - The net cash flow from financing activities was negative at CNY -1,343,655,698.74, a decrease from a positive CNY 278,516,058.46 in the same period of 2024[21] - The total cash and cash equivalents at the end of the period stood at CNY 1,245,070,456.76, down from CNY 1,919,594,553.57 at the end of the previous year[21] Shareholder Information - The company had a total of 29,360 common shareholders at the end of the reporting period[10] - The company received government subsidies amounting to ¥10,906,558.01 during the quarter, contributing positively to the financial results[7] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥120,711,396.90, compared to ¥101,884,721.68 in 2024, showing an increase of 18.5%[17] Accounting Standards - The company did not apply new accounting standards for the current reporting period[22]

Core Viewpoint - Yongxing Co., Ltd. reported a significant increase in both revenue and net profit for the third quarter and the first three quarters of the year, indicating strong financial performance and growth potential in the market [1] Financial Performance - The revenue for the third quarter reached 1.186 billion yuan, representing a year-on-year growth of 23.36% [1] - The net profit for the third quarter was 284 million yuan, showing a year-on-year increase of 25.61% [1] - For the first three quarters, the total revenue amounted to 3.25 billion yuan, with a year-on-year growth of 16.30% [1] - The net profit for the first three quarters was 746 million yuan, reflecting a year-on-year increase of 15.00% [1]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a "Buy" recommendation for several companies within these industries [3][4]. Core Insights - The second industry is the main driver of electricity consumption growth, with a notable increase in electricity demand due to seasonal factors and high temperatures in Q3 [4][9]. - Global gas prices are rebounding, and expectations of a cold winter may enhance gas sales growth [18][19]. - The report highlights various investment opportunities across different energy sectors, including hydropower, green energy, nuclear power, thermal power, and gas [16][40]. Summary by Sections 1. Electricity: Q3 Second Industry Drives National Electricity Consumption - In September, total electricity consumption reached 888.6 billion kWh, a year-on-year increase of 4.5% [10]. - The second industry contributed significantly to this growth, with a 5.1% increase in electricity consumption, accounting for 51% of the total growth [4][9]. - The cumulative electricity consumption from January to September was 7767.5 billion kWh, reflecting a 4.6% year-on-year growth [13]. 2. Gas: Global Gas Price Rebound and Cold Winter Expectations - As of October 24, the Henry Hub spot price was $3.21/mmBtu, showing a weekly increase of 13.96% [19][20]. - The report notes a seasonal demand increase and geopolitical factors supporting gas prices, particularly in Europe [25][37]. - The anticipated La Niña phenomenon may lead to colder winter conditions, potentially boosting gas consumption [37]. 3. Weekly Market Review - The report indicates that the power equipment sector outperformed the Shanghai and Shenzhen 300 index, while the public utility, gas, and environmental protection sectors lagged [42]. 4. Company and Industry Dynamics - The report discusses significant developments in the energy sector, including the launch of innovative products in wind energy and updates on national energy policies [50][51]. - It highlights the performance of major companies, such as Huadian International, which reported a decrease in electricity generation due to increased renewable energy capacity [57].

Market Overview - The environmental governance sector increased by 1.58% on October 21, with Donghu Gaoxin leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Gainers in Environmental Governance Sector - Donghu Gaoxin (600133) closed at 10.86, up 10.03% with a trading volume of 951,100 shares and a transaction value of 1.024 billion [1] - Fulongma (603686) closed at 25.11, up 9.99% with a trading volume of 757,200 shares and a transaction value of 1.828 billion [1] - Wuhan Holdings (600168) closed at 5.62, up 9.98% with a trading volume of 200,100 shares and a transaction value of 112 million [1] Other Notable Performers - Xianglong Electric (600769) closed at 14.35, up 7.17% with a transaction value of 426 million [1] - Tongyuan Environment (688679) closed at 24.03, up 6.90% with a transaction value of 105 million [1] - Huicheng Environmental Protection (300779) closed at 173.80, up 4.70% with a transaction value of 747 million [1] Market Capital Flow - The environmental governance sector saw a net inflow of 548 million from institutional investors, while retail investors experienced a net inflow of 67.88 million [2] - The sector had a net outflow of 616 million from speculative funds [2] Individual Stock Capital Flow - Fulongma (603686) had a net inflow of 301 million from institutional investors, but a net outflow of 134 million from speculative funds [3] - Donghu Gaoxin (600133) saw a net inflow of 233 million from institutional investors, with significant outflows from both speculative and retail investors [3] - Huicheng Environmental Protection (300779) had a net inflow of 104 million from institutional investors, while also experiencing outflows from speculative and retail investors [3]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].

Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].