本资产评估报告依据中国资产评估准则编制 浙江物产环保能源股份有限公司拟收购 股权涉及的湖州南太湖电力科技有限 公司股东全部权益价值评估项目 资 产 评 估 报 告 坤元评报〔2025〕618 号 （共一册 第一册） 坤元资产评估有限公司 2025 年 6 月 13 日 | 报告编码: | 3333020001202500630 | | --- | --- | | 合同编号: | H-HZ25-000275 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 坤元评报(2025) 618号 | | 报告名称: | 浙江物产环保能源股份有限公司拟收购股权涉及的湖州南大湖电 力科技有限公司股东全部权益价值评估项目资产评估报告 | | 评估结论: | 1,532,050,000.00元 | | 评估报告日: | 2025年06月13日 | | 评估机构名称: | 坤元资产评估有限公司 | | 签名人员: | 柴山 (资产评估师) 正式会员 编号:33000013 | | | 潘华锋 (资产评估师) 正式会员 编号:33050001 | | | 柴山、潘华锋已实名认可 | 浙江物产环保能源股份有限 ...

证券代码：603071 证券简称：物产环能 公告编号：2025-032 浙江物产环保能源股份有限公司 关于收购湖州南太湖电力科技有限公司 全部股权的公告 本公司董事会、全体董事及相关股东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： 交易内容：浙江物产环保能源股份有限公司拟收购美欣达欣旺能源有限 公司持有的湖州南太湖电力科技有限公司 100%股权（以下简称"标的股权"）， 标的股权的股权转让价款为人民币 145,730 万元。 | 资金来源 | √自有资金 √银行贷款 | □募集资金 | | --- | --- | --- | | | □其他：____________ | | | 支付安排 |  全额一次付清，约定付款时点： | | | | √分期付款，约定分期条款：详见本公告第五部分"股 | | | | 权转让协议的主要内容"第二款"股权转让价款及支付 | | | | 安排"。 | | | 是否设置业绩对赌条款 | 是 √否 | | （二）董事会审议情况 风险提示：本次交易需在协议约定的交割条件满足后方可达成，因此本 次交易能 ...

证券代码：603071 证券简称：物产环能 公告编号：2025-033 浙江物产环保能源股份有限公司 关于召开2025年第四次临时股东大会的通知 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： 一、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 召开的日期时间：2025 年 8 月 1 日 14 点 30 分 召开地点：杭州市庆春路 137 号华都大厦会议室 网络投票起止时间：自2025 年 8 月 1 日 至2025 年 8 月 1 日 股东大会召开日期：2025年8月1日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第四次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大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 (五)网络投票的系统、 ...

一、董事会会议召开情况 证券代码：603071 证券简称：物产环能 公告编号：2025-031 浙江物产环保能源股份有限公司 第五届董事会第十三次会议决议公告 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。 （一）审议通过《关于收购湖州南太湖电力科技有限公司全部股权的议案》 表决结果：11 票赞成、0 票反对、0 票弃权 具体内容详见公司同日披露的《浙江物产环保能源股份有限公司关于收购湖州 南太湖电力科技有限公司全部股权的公告》。 本议案尚需提交公司股东大会审议。 表决结果：11 票赞成、0 票反对、0 票弃权 浙江物产环保能源股份有限公司（以下简称"公司"）第五届董事会第十三次会 议于 2025 年 7 月 15 日在公司会议室以通讯方式召开。本次会议通知于 2025 年 7 月 10 日以电子邮件等方式发出。本次会议应出席董事 11 名，实际出席 11 名，会议由董 事长陈明晖先生主持召开，部分监事及高级管理人员列席会议。会议召开符合《公司法》 等法律法规及《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 ...

物产环能：拟14.57亿元收购南太湖科技100%股权 智通财经7月16日电，物产环能(603071.SH)公告称，公司拟以自筹资金14.57亿元受让美欣达欣旺能源有 限公司持有的湖州南太湖电力科技有限公司100%股权。南太湖科技为浙江省内热电联产领域的成熟企 业，物产环能看好热电联产行业及标的公司发展前景，提升公司在热电联产领域的市场占有率。本次交 易不构成关联交易，也不构成重大资产重组，需提交公司股东大会审议。 ...

Investment Rating - The report rates the industry as "Overweight" indicating a positive outlook for the sector [3][4]. Core Insights - The introduction of a provincial capacity pricing mechanism in Gansu is expected to enhance the profitability stability of coal power plants, aligning with the public utility attributes [4]. - The capacity pricing mechanism will allow for a higher capacity fee for coal power plants, which is anticipated to increase from the previous standard of 100 yuan/kW·year to a more favorable rate, thus improving long-term profitability stability [4]. - The report highlights that the new pricing mechanism could serve as a model for other provinces, potentially accelerating the implementation of similar capacity pricing structures nationwide [4]. - The report emphasizes the importance of energy storage systems in stabilizing the grid and enhancing the consumption rate of renewable energy, as they will now receive guaranteed revenue from capacity fees [4]. - Coal power is positioned as a stabilizing force in the energy structure, allowing for a more significant share of renewable energy generation while optimizing the overall energy mix in China [4]. Summary by Sections Capacity Pricing Mechanism - Gansu province has introduced a capacity pricing mechanism for compliant coal power plants and grid-side new energy storage, with fees determined by a formula involving declared capacity and capacity price [4]. - The national standard for coal power fixed costs is set at 330 yuan/kW·year, with a recovery ratio expected to be higher in Gansu compared to the national average [4]. Renewable Energy and Storage - The report notes that the rapid increase in renewable energy installations necessitates energy storage systems to manage intermittency and enhance grid stability [4]. - The new capacity fee for energy storage is expected to improve investment stability and reduce the curtailment rate of renewable energy [4]. Investment Recommendations - For green energy, the report suggests focusing on companies like Xintian Green Energy and Funiu Co., which are expected to benefit from the increasing share of renewable energy generation [4]. - For coal power, companies such as Huadian International and Jiantou Energy are recommended due to favorable policies enhancing profitability [4]. Valuation Table - The report includes a valuation table for key companies in the utility sector, indicating buy or hold ratings for various firms based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [5][6].

Group 1 - The core viewpoint of the news is that Yong'an Guofu recently conducted research on a listed company, focusing on its operational performance and future strategies [1] - The company Wuchan Huaneng is projected to achieve an operating income of 3.135 billion yuan in 2024, with the heating business contributing the highest revenue at 65% [1] - In 2024, Wuchan Huaneng plans to maintain a dividend payout ratio of 45.32%, with total cash dividends over the next three years expected to be no less than 40% of the net profit after deducting non-recurring gains and losses [1] Group 2 - Wuchan Huaneng's heating supply includes 8.6338 million tons of steam, 1.519 billion kWh of electricity, 29.46 billion m³ of compressed air, and 77.42 million tons of sludge disposal [1] - The company has a high-temperature, high-pressure circulating fluidized bed boiler with low nitrogen combustion and self-desulfurization capabilities, meeting ultra-low emission standards [1] - Wuchan Huaneng aims to deepen strategic cooperation with coal resource providers and downstream customers, while promoting tire pyrolysis technology to enhance the circular economy [1]

Core Viewpoint - The A-share market showed positive performance today, with the Shanghai Composite Index rising by 0.58% and trading volume increasing by 13.14% compared to the previous trading day [1] Industry Performance - The construction materials, electronics, and electrical equipment sectors experienced the highest gains, with increases of 2.38%, 2.36%, and 2.28% respectively [1] - Conversely, the utilities, agriculture, forestry, animal husbandry, and transportation sectors faced the largest declines, with decreases of 0.54%, 0.15%, and 0.13% respectively [1] Trading Data - Total trading volume reached 704.97 billion shares, with a total transaction value of 8853.31 billion yuan [1] - Among individual stocks, 3918 stocks rose, including 55 hitting the daily limit up, while 1246 stocks fell, with 7 hitting the daily limit down [1] Leading Stocks - In the construction materials sector, "International Composite Materials" led with a gain of 20.00% [1] - In the electronics sector, "N Yi Tang" surged by 148.52%, marking the highest increase [1] - "Shouhang New Energy" in the electrical equipment sector also rose by 20.00% [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company, Wuchan Zhongda Energy, is a state-owned enterprise in Zhejiang Province, transitioning from coal circulation to an integrated environmental energy service provider. It has a history dating back to 1950 and has expanded into the renewable energy sector since 2022 [4][14]. - The coal circulation business is stable, with the company leveraging its procurement advantages and technological capabilities to provide integrated services to suppliers and customers [36]. - The company operates six thermal power plants with a total installed capacity of 407 MW, focusing on stable demand in the Zhejiang region. It is also exploring waste disposal technologies [5][43]. - In the renewable energy sector, the company is advancing molten salt energy storage technology, which is expected to see significant growth in the coming years [49]. Summary by Sections Company Overview - Latest closing price: 12.77 CNY - Total shares: 5.58 billion - Total market capitalization: 71 billion CNY - Debt-to-asset ratio: 44.0% - Price-to-earnings ratio: 9.67 [3]. Business Segments - **Coal Circulation**: The primary revenue driver, accounting for 92.8% of revenue in 2024. The business is characterized by low margins but high turnover [26][36]. - **Thermal Power Generation**: The company has a stable demand in the Zhejiang region, with significant sales growth in steam and electricity [43][45]. - **Renewable Energy**: Focused on molten salt storage technology, with expected growth in installed capacity and investment [49]. Financial Forecasts - Projected revenues for 2025-2027 are 452.7 billion, 458.2 billion, and 463.6 billion CNY, respectively. Net profits are expected to be 7.9 billion, 8.5 billion, and 9.1 billion CNY, with a CAGR of 7.5% [6][57]. - The diluted EPS for the same period is forecasted at 1.42, 1.52, and 1.64 CNY [6][57]. Valuation and Rating - The company’s stock is expected to trade at PE multiples of 9, 8, and 8 times for the years 2025-2027, respectively. The report suggests a "Buy" rating based on the potential for further value expansion in thermal power assets [59].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [5]. Core Insights - The global sustainable aviation fuel (SAF) market is projected to experience rapid growth due to regulatory requirements and voluntary commitments from airlines, with demand expected to reach 15.5 million tons by 2030 and 196 million tons by 2050 [20][30]. - The supply side is anticipated to face a significant shortfall of approximately 26 million tons by 2035, primarily due to limitations in feedstock availability for the dominant HEFA technology [34][37]. - China is actively promoting SAF through various policies and pilot applications, with expectations for domestic SAF production capacity to reach 2.5 million tons per year by the end of 2025 [39][45]. Summary by Sections 1. Weekly Topic: Embracing the Global Biojet Fuel Blue Ocean Market - The International Civil Aviation Organization (ICAO) and the International Air Transport Association (IATA) aim for net-zero emissions by 2050, with SAF being a crucial component for carbon reduction in aviation [20]. - Global SAF demand is projected to grow significantly, with 133 out of 193 ICAO member countries submitting action plans related to SAF [22]. - The report highlights specific regulatory requirements for SAF blending in various countries, including the EU's ReFuelEU Aviation Regulation, which mandates a minimum SAF content of 2% by 2025 [25][26]. 2. Market Review - The Shanghai Composite Index rose by 3.35% from June 23 to July 4, while the environmental index increased by 4.79%, outperforming the composite index [2][50]. 3. Industry Dynamics - National electricity load reached a historical high of 1.465 billion kilowatts on July 4, 2025, indicating robust demand in the energy sector [11]. - The report discusses various policies aimed at promoting renewable energy and SAF, including the "14th Five-Year Plan" for green development in civil aviation [42]. 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with established SAF production capabilities, such as Jiaao Environmental, Pengyao Environmental, and Haixin Energy Technology, due to their potential in the growing SAF market [49]. - In the public utility sector, it recommends investing in coal-fired power companies like Sheneng Co. and Zhejiang Energy, as well as renewable energy firms involved in integrated power solutions [12]. 5. Environmental Sector Insights - The report emphasizes the potential for growth in the waste incineration sector, with companies like Weiming Environmental and Junxin Co. expected to benefit from improved cash flow and new revenue streams [13]. - Water service companies are also highlighted for their potential profitability as residential water prices gradually adjust [13].