投资者关系 活动类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位 名称 国信证券 刘汉轩 崔佳诚 广发基金 姚绪增 重要提示：线上调研的参会人员为电话或网络接入，上市公司无 法保证参会单位名称的完整性和准确性，敬请投资者注意。 时间 2026 年 1 月 27 日下午 地点 腾讯会议 上市公司接 待人员姓名 副总裁、董事会秘书：何骏 先生 证券事务代表：苏慧仪 女士 投资者关系 活动主要内 容介绍 一、业绩回顾：2025 年前三季度营收 27.23 亿元，同比略降， 主要是工业园区燃煤集中供热项目蒸汽售价因燃煤价格下调而同 步下调使供热收入有所减少；扣非净利润 2.28 亿元，同比增长 128.42%，主要是燃料成本下降及取得资源综合利用增值税优惠政 策的生物质项目数量增加；资产负债率 71.72%，同比下降 2.31%， 因第四季度提前完成了可转债转股，预计资产负债率将进一步下 降。 | | 二、互动交流：在信息披露规定允许的范围内，就投资者关 | | --- | --- | | | 心的问题进行了回答（同类问题已作汇总整理，近 ...

Core Viewpoint - The newly issued methodology for voluntary greenhouse gas emission reduction projects in renewable energy hydrogen production aims to standardize emission accounting for electrolysis projects, enabling them to monetize their emission reductions in the carbon market, thus supporting the commercialization and scaling of the hydrogen industry in China [1][2]. Group 1: Methodology Overview - The methodology is the first of its kind in China's hydrogen sector, providing a unified standard for calculating emission reductions from eligible electrolysis hydrogen production projects [1]. - It is designed specifically for new projects, excluding existing projects undergoing modifications or upgrades, and requires that renewable energy used for hydrogen production comes from the project's own renewable energy sources [2][3]. Group 2: Industry Development and Potential - China's hydrogen production capacity is projected to exceed 50 million tons per year by the end of 2024, with over 600 planned renewable energy electrolysis hydrogen projects, positioning China as a global leader in this sector [4]. - Currently, fossil fuel-based hydrogen production accounts for 98% of the market, while renewable energy electrolysis hydrogen represents only about 1%, indicating significant potential for growth and decarbonization [4]. Group 3: Economic Impact and Commercialization - The implementation of the methodology is expected to create a second core revenue stream from carbon asset income for green hydrogen projects, significantly improving their economic models and accelerating commercialization [6]. - Existing renewable energy electrolysis hydrogen projects are generally unprofitable, with costs typically 2 to 3 times higher than fossil fuel hydrogen production, highlighting the need for market incentives to enhance economic viability [7]. Group 4: Broader Industry Benefits - The methodology will benefit not only individual hydrogen projects but also the broader hydrogen industry chain, including project owners and renewable energy power plants, by expanding market demand and alleviating renewable energy consumption challenges [8]. - It is anticipated that the methodology will stimulate the release of green hydrogen capacity, providing stable sources for downstream industrial users, thereby supporting deeper decarbonization efforts [8].

Investment Rating - The report suggests a positive outlook for the renewable energy electrolysis hydrogen production sector, indicating it as a significant opportunity for investment [4]. Core Insights - The renewable energy electrolysis hydrogen methodology is the first CCER methodology in the hydrogen sector, converting emission reductions from clean hydrogen projects into tradable carbon assets, which is crucial for promoting hydrogen utilization and achieving carbon neutrality goals [4][11]. - The profitability of CCER restoration projects is highlighted, with a specific project in Inner Mongolia showing a total investment of approximately 1 billion yuan and an annual hydrogen production of over 7,000 tons. The project's payback period is expected to shorten from 9.21 years to 8.62 years when considering CCER income [4][11]. Summary by Sections CCER Methodology - The CCER methodology provides a unified standard for calculating emission reductions from new renewable energy electrolysis hydrogen projects, facilitating their commercialization [11]. - Eligible projects must be newly built, utilize self-owned renewable energy sources, and comply with various regulatory requirements [11]. Market Potential - As of the end of 2024, over 600 renewable energy electrolysis hydrogen projects are planned in China, with more than 90 completed, resulting in an annual capacity of approximately 125,000 tons, primarily located in North and Northwest China [11]. - The project in Inner Mongolia, with a net cash flow of 109 million yuan per year without CCER income, shows a significant improvement in investment returns when CCER income is factored in [11]. Investment Recommendations - The report recommends focusing on green hydrogen operations and electrolysis equipment, as the profitability of green hydrogen projects is expected to improve, driving demand for electrolysis equipment [4][11].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

Core Viewpoint - The release of the "Renewable Energy Electrolysis Hydrogen Production Methodology" marks a significant step in China's hydrogen energy sector, aiming to promote decarbonization and enhance the trading of carbon assets through clean hydrogen production [1][2]. Group 1: Importance of Renewable Hydrogen - Hydrogen is recognized as a clean and efficient energy source, essential for future energy systems, with global hydrogen consumption projected to reach 105 million tons by 2024 [2]. - China produces over 36.5 million tons of hydrogen, accounting for 24% of global production, but 98% of this is derived from fossil fuels, highlighting the need for renewable hydrogen production [2]. - The new methodology aims to convert emission reductions from clean hydrogen projects into tradable carbon assets, significantly impacting sectors like steel, chemicals, and transportation in achieving carbon neutrality goals [2]. Group 2: Current Development Status - The electrolysis hydrogen production industry in China is rapidly developing, with over 600 planned projects and more than 90 completed projects, yielding an annual capacity of approximately 125,000 tons [3]. - Alkaline electrolysis technology is currently dominant, while proton exchange membrane technology is catching up; however, the cost of green hydrogen remains significantly higher than traditional fossil fuel methods [3]. - The application of hydrogen is expanding from transportation to industrial sectors, exploring integrated projects that combine renewable energy with hydrogen production [3]. Group 3: Policy Support - The Chinese government has prioritized hydrogen energy, including it in the 2024 government work report and the Energy Law, with plans for large-scale applications in industries by 2027 [4]. - Policies are designed to support the hydrogen industry, particularly in industrial applications, providing clear guidance for development and investment [4]. Group 4: Project Eligibility and Potential - The methodology applies to new renewable energy electrolysis hydrogen projects that primarily use self-owned wind or solar power, excluding existing facilities and projects using purchased green certificates [5]. - Current eligible projects are estimated to have an annual emission reduction potential of about 1.57 million tons of CO2 equivalent, with projections suggesting this could rise to 6 million tons by 2030 [5]. Group 5: Economic Viability - Participation in the voluntary carbon market through emission reduction credits (CCER) is seen as a key method to enhance project economics, with significant potential to shorten investment recovery periods [8]. - For example, a project in Inner Mongolia with an investment of approximately 1 billion yuan could see its payback period reduced from 9.21 years to 8.77 years with CCER income [8]. Group 6: Data Quality and Monitoring - The methodology emphasizes high standards for data quality, requiring real-time monitoring of key parameters and ensuring traceability of data through connections to national carbon trading platforms [11]. - Project owners must establish robust internal data management systems and maintain comprehensive records to ensure compliance and data integrity [11]. Group 7: Challenges in Project Development - Key challenges include ensuring project compliance, maintaining the uniqueness of environmental benefits, and establishing a comprehensive monitoring and quality control system from the outset [12]. - Projects must also navigate resource management and ecological constraints, ensuring that water usage does not impact local communities and ecosystems [12].

Industry Overview - The carbon quota allocation mechanism is linked to production output without a total carbon emission cap, focusing on intensity-based dynamic adjustments [1][2] - The allocation mechanism is based on the experience of the power generation industry, implementing free quota distribution based on carbon emission intensity control, with total quotas dynamically associated with industry production levels [2] - New key emission units in the steel, cement, and aluminum smelting industries must complete the first quota clearance for 2024 by 2025 [1][2] Company Tracking - Longking Environmental has seen significant shareholding increases from Zijin Mining, with stable leadership transitions expected to enhance Longking's business [3] - China Water Affairs reported a revenue of HKD 5.183 billion for FY26H1, a decrease of 12.9% year-on-year, with a net profit of HKD 571 million, down 24.4% year-on-year, primarily due to a decline in connection and construction activities [3] - The company has reduced capital expenditures by 31.8% to HKD 1.243 billion in FY26H1, while maintaining a dividend of HKD 0.13 per share, resulting in a dividend yield of 4.8% [3] Solid Waste Sector Insights - The solid waste sector has shown strong fundamentals in Q3 2025, with a 12% increase in net profit and a 2.7 percentage point increase in gross margin [3] - Free cash flow in the solid waste sector reached RMB 13.3 billion in Q1-Q3 2025, a year-on-year increase of 28%, with capital expenditures down 12% [3] - The average waste incineration companies' output per ton increased by 1.8% year-on-year in H1 2025, indicating operational efficiency improvements [3] Water Sector Insights - The water sector is expected to experience a cash flow turnaround, with significant increases in free cash flow anticipated starting in 2026 [4] - Recent water price reforms in major cities like Guangzhou and Shenzhen are expected to enhance revenue and profitability for water companies [5] - Recommended companies in the water sector include Yuehai Investment and Xingrong Environment, with a focus on improving cash flow and dividend payouts [5] Industry Tracking - The sales of new energy sanitation vehicles increased by 61.32% year-on-year in the first ten months of 2025, with a penetration rate of 18.02% [6] - The average price of biodiesel remained stable, while net profits per ton have declined [6] - Lithium carbonate prices have risen, improving profitability in lithium battery recycling [6]

Group 1: Company Strategy and Product Development - The company has initiated a strategic direction called "Manufacturing Industry Restart" since 2024, focusing on the R&D of various smart distribution network devices, including modular UPS systems and high-voltage DC power systems [2][3] - The company is developing solid-state transformer (SST) products and has a strong technical background, having exported high-voltage frequency converter technology in 2012 [2][3] - The company has established a new R&D center in Jiangsu to enhance product competitiveness and reduce transportation costs [4] Group 2: Financial Performance - As of Q3 2025, the company reported total revenue of CNY 947 million, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders was CNY 43.12 million, down 41.09% [3][4] - The company achieved a significant increase in non-recurring net profit, which rose by 170.88% to CNY 48.01 million [3] - Operating cash flow improved significantly, exceeding CNY 300 million, a year-on-year increase of 320% [3][4] Group 3: Market and Sales Strategy - The company aims for a 20% increase in orders for its manufacturing sector in 2025, with a detailed sales plan in place [4] - The company is focusing on large clients and has begun establishing an overseas sales team to enhance international sales capabilities [4] - The distribution of smart distribution network equipment orders is approximately 1/3 from the grid and 2/3 from outside the grid, with a gross margin of about 20% and a net margin of around 3% [4] Group 4: Renewable Energy and New Projects - The company has received over CNY 200 million in national subsidies for renewable energy this year, with a faster repayment speed [3][5] - The company is developing a new business model combining decentralized wind power and heating, with over 300 MW of wind power indicators reserved [5][6] - The projected internal rate of return for the decentralized wind power and clean energy heating projects is over 10% [5][6] Group 5: Future Outlook and Goals - The company has set revenue growth targets for 2025: 20% for smart distribution networks, 10% for renewable energy, and 10% for comprehensive smart energy [6] - The company is exploring overseas business opportunities, particularly in Central Asia and ASEAN countries, and has successfully bid for a key energy storage project [6]

Core Viewpoint - The recent policies released by national authorities regarding renewable energy consumption and voluntary greenhouse gas reduction are expected to create a strong synergistic effect, promoting the development of China's green hydrogen industry [2][9]. Group 1: Policy Overview - The "Minimum Proportion Target for Renewable Energy Consumption" establishes a mandatory minimum proportion target for renewable energy consumption, including non-electric renewable energy consumption such as hydrogen production [4][5]. - Key energy-intensive industries, such as steel and chemicals, will likely need to procure or produce green hydrogen to meet regulatory requirements, thus creating a rigid market demand for green hydrogen [4][5]. Group 2: Demand-Side and Supply-Side Dynamics - The demand-side policy aims to create a strong market pull for green hydrogen by integrating it into a mandatory assessment system for energy consumption [4][5]. - The supply-side policy, through the "Voluntary Greenhouse Gas Reduction Project Methodology," provides a framework for quantifying the carbon reduction benefits of green hydrogen production, enhancing its economic viability [7][9]. Group 3: Economic Implications - The new policies will allow green hydrogen projects to generate additional revenue through carbon asset benefits, which can help offset the high production costs associated with green hydrogen [7][9]. - The combination of mandatory market demand and carbon value benefits is expected to accelerate the growth of China's green hydrogen industry, contributing to a cleaner and more efficient energy system [9].

Group 1: Company Overview and Financial Performance - The company reported a revenue of 1.873 billion CNY for the first half of 2025, a slight decrease year-on-year due to reduced heating income from industrial park coal-fired centralized heating projects [3] - The non-recurring net profit reached 146 million CNY, representing a year-on-year increase of 150.33%, attributed to lower fuel costs and an increase in biomass project numbers benefiting from VAT policy [3] - The company announced its first interim cash dividend of 110 million CNY [3] Group 2: Future Outlook and Strategic Initiatives - The company aims to advance two transformation strategies: non-electric revenue transformation and asset-light transformation, in collaboration with strategic partners [4] - The third batch of CCER methodology is expected to create three revenue streams for biomass cogeneration projects: electricity generation, heating, and CCER trading [4] Group 3: CCER Participation and Benefits - The company has provided professional opinions for the third batch of CCER methodology as an industry representative [5] - Projects under the new CCER methodology could potentially yield over 120,000 tons of voluntary carbon reduction annually for a 30MW biomass cogeneration project, although this is an estimated figure based on pure electricity generation [8] - The CCER application process allows for a maximum duration of 10 years for individual projects [9] Group 4: Collaboration with Zhongke - The partnership with Zhongke Hongyuan is based on mutual recognition of future development prospects and investment value [12] - The company acquired 49% of Zhongke Xinkong's big data company to enhance operational efficiency and reduce costs [13] Group 5: Operational Insights and Market Position - The decline in fuel costs significantly contributed to profit growth, particularly from the biomass fuel segment [16] - The company is planning to expand the Maoming project to meet customer demand, which is expected to increase heating capacity [17] Group 6: Shareholder Engagement and Market Value - The company is preparing sufficient funds to address the maturity of convertible bonds, including proceeds from project sales [18] - The management's decision for interim dividends is based on improved cash flow and development plans, adhering to shareholder return policies [19]

Group 1 - The company hosted a research event with 19 institutions and individual investors, showcasing the operations of its waste-to-energy plant and discussing its business strategy and financial performance for the first half of 2025 [1] - The company has received multiple national subsidies, contributing positively to its third-quarter profits, with the Ministry of Finance allocating a budget of 46.183 billion yuan for renewable energy subsidies, including 3.942 billion yuan for biomass power generation [1] Group 2 - The company is actively expanding its steam supply and heating business, with contracts signed for new projects at prices starting from 205 yuan per ton, and has supplied 56,200 tons of steam and 508,600 GJ of heat in the first half of 2025 [2] - The company anticipates significant profit growth from its waste-to-energy projects through various initiatives, including technological upgrades, improved receivables collection, and green electricity trading [2] Group 3 - The company is constructing a taurine production project with an annual capacity of 40,000 tons, expected to rank among the top three in China upon completion, with stable raw material supply secured through a partnership with a local petrochemical company [2] - The company has established a marketing department for taurine derivatives, launching various "taurine+" products and utilizing both online and offline marketing strategies to promote them [3] Group 4 - The company is developing a hotel project in Xiamen, which has reached the structural completion stage and is on track for completion and trial operation by the end of 2026, with plans for professional management by a subsidiary of Marriott International [3]