Group 1 - The core message emphasizes the success of Shanghai's waste classification efforts, highlighting significant increases in the daily average of recyclable and organic waste while reducing dry waste [1][6] - Shanghai's waste classification has become a new trend, with a survey indicating that 96% of citizens rated the initiative positively [1] - The city has implemented various technological solutions, such as smart waste bins, to enhance the waste disposal experience and encourage participation [3][4] Group 2 - The introduction of a "holiday waste disposal model" has shown positive results, with extended hours leading to a decrease in litter around disposal points [5] - Transparency in waste disposal processes has increased public trust, with the establishment of multiple waste treatment facilities to handle the city's waste effectively [6] - The city is actively promoting the value of waste classification as part of a broader circular economy initiative, aiming to reduce carbon emissions through resource recycling [7][8]

转自：北京日报客户端 记者从5月16日举行的"添彩城市文明 分享绿色生活——北京市生活垃圾分类五周年主题宣传活动"了解 到，全市近1.3万个居住小区已全面实施生活垃圾分类，居民垃圾分类参与率提高25.3%，垃圾资源化处 理能力显著提升，彻底扭转了以往"超负荷""紧平衡"运行态势。此外，全市组建的363支垃圾分类专业 志愿服务队伍已在全市16区及经开区全面铺开。 在活动现场，面向社会征集的北京市垃圾分类志愿服务总队logo也正式亮相。Logo整体呈散射状，四个 条形色块从色彩上分别以"绿色、灰色、蓝色、红色"代表"厨余垃圾、其他垃圾、可回收物以及有害垃 圾"，从形态上，代表四个水滴汇聚到一起。中心是图形化的志愿者人物形象，形态生动，辨识度高。 蓝绿色渐变象征自然、成长与可持续性，寓意垃圾分类新时尚，低碳环保，深入人心，充分诠释了志愿 服务的温暖内核与团队精神。 活动现场为北京市垃圾分类志愿服务队授旗 本次活动由市城市管理委、市委网信办、首都精神文明办、市委社会工作部、团市委联合举办。 记者从市城市管理委了解到，截至目前，全市近1.3万个居住小区、3000余个行政村、11.7万个垃圾分类 管理责任人和广大群众全面 ...

记者 陈玺撼 2024年，在全体市民的共同努力下，上海生活垃圾分类实效总体保持良好态势，小区（村）、单位 分类达标率稳定在95%以上。一种呼声随之响起：垃圾分类后，能否让扔垃圾变得方便些？ 日前上海绿化市容部门回应，倡议全市试行"节假日投放模式"，各小区根据自身实际情况尽可能延 长投放点位开放时间，具备条件的，24小时开放，或从早上开放到晚间。效果如何？ 不再"制造不方便" 好消息是，上海正在全力推进垃圾分类投放点的专项更新，智能化改造恰好是专项更新的主要方 向。仅徐汇区就在2024年推进了993个投放点的微更新，配置固定洗手池，以及通风除臭、遮阳防雨、 照明等功能装置；推进了269个垃圾箱房的专项更新，配建非接触式投放口、智能监测设备，实现了垃 圾桶满溢、垃圾落地实时预警。今年，该区计划再完成524个垃圾箱房的专项更新。黄丽娟告诉记者， 刚接到绿化市容部门的通知，徐虹路南丹路路口的垃圾箱房可以列入专项更新计划，相关更新资金可向 市、区两级绿化市容部门申请。 避免另一种"一刀切" "五一"假期，徐虹路南丹路路口垃圾箱房的开放时间，从每天7时至9时、18时至20时30分，改为24 小时开放。汇站居民区党总支书记 ...

Core Insights - Beijing has implemented a direct recycling model that enhances convenience for residents, making waste sorting a new standard of urban civilization [1][6] Recycling Model - The introduction of smart recycling bins allows residents to receive instant cash rewards of 0.6 yuan per kilogram for recyclable materials, including paper, plastics, and metals [2][3] - The smart recycling bins have a capacity of over 30 kilograms and can collect an average of 70 kilograms of recyclable materials daily, with higher volumes during holidays [2][3] - Over 600 smart recycling bins are deployed across Beijing, with more than 300 located in the Tongzhou District [3] Waste Management Statistics - The daily average of recyclable materials collected has increased from over 3,000 tons to over 7,450 tons in five years, achieving a recycling utilization rate of 42% [6] - The total daily waste processing volume has decreased from 27,700 tons to 21,700 tons, representing a reduction rate of over 20% [6] - The capacity for waste incineration and biogas treatment has increased significantly, with the total amount of green electricity generated from incineration rising from 2 billion kWh to over 3 billion kWh, a 50% increase [6] Community Engagement - Community recycling events, such as "Recycling Day," allow residents to bring old items for collection, promoting active participation in waste management [4][5] - The introduction of door-to-door collection services for large waste items has improved convenience for residents, with 161 designated units for large waste collection [5][6] Environmental Impact - The implementation of these recycling initiatives has led to a 28% reduction in carbon emissions from landfill gas and biogas treatment [6] - The focus on detailed sorting of recyclable materials has increased their value, with specific items like plastic bottles seeing a price increase from 2,000 yuan to 3,000 yuan per ton after sorting [3]

Group 1 - The first "Classification New Fashion" themed restaurant in Hangzhou has officially opened, marking a new phase in the integration of waste sorting into the dining industry [2] - The restaurant features a 3-meter tall giant cup sleeve art installation and introduces an innovative public welfare project that creates surprise blind boxes from edible near-expiry ingredients, reducing food waste while enhancing consumer engagement [2] - The project will initially be piloted in five dining establishments in the Cuiyuan Street area, with an online service platform expected to launch in June via a WeChat mini-program [2] Group 2 - The restaurant serves as a model for public-private partnerships, aiming to reshape the environmental experience by integrating waste sorting knowledge into customer interactions [3] - The event included a "Everything Can Be Recycled" themed market with various interactive areas, such as smart recycling devices and fun waste sorting games, encouraging citizens to participate in resource recycling initiatives [2] - The Hangzhou Municipal Administration of Comprehensive Law Enforcement emphasizes the importance of the restaurant industry in promoting standardized and refined waste sorting practices to achieve the city's waste reduction and resource utilization goals [3]

在牛奶盒回收环节，居民们纷纷拿出家中积攒的牛奶盒，有序排队投放至专门设置的回收箱内。不少家长带着孩子一同参与，身体力行地为孩子树立环保 榜样，小朋友们也格外积极，用实际行动践行环保理念，最后，根据每个人积攒的牛奶盒数量可以兑换到新的牛奶。据统计，活动当天共回收牛奶盒200 余个，数量颇为可观。 近日，一场垃圾分类牛奶盒回收活动在苏州市姑苏区沧浪街道桂花社区教育中心内热烈开展，吸引了众多居民与环保爱好者踊跃参与，为推动社区环保事 业注入新活力，旨在提升公众对垃圾分类的认知，强化牛奶盒等可回收物的有效回收利用。 除了回收与知识普及，活动还设有牛奶盒创意手工展示区。各类由回收牛奶盒制作而成的精美手工艺品琳琅满目，有造型别致的小书架、实用的收纳盒， 还有栩栩如生的动物摆件，让大家直观感受到废弃物"变废为宝"的神奇过程，激发了大家对环保创意的无限遐想。 活动现场，垃圾分类志愿者通过生动有趣的讲解，向参与者普及垃圾分类知识，尤其详细介绍了牛奶盒回收的重要性。牛奶盒看似普通，实则由纸、塑料 和铝箔等多种材料复合而成，若能合理回收，这些材料可被循环利用，转化为纸张、塑料颗粒等新产品，大大节约资源与能源。为了让大家更好地理解， ...

Summary of Yongxing Co., Ltd. Conference Call Company Overview - Yongxing Co., Ltd. operates in the waste incineration industry, primarily based in Guangzhou, with over 20 years of operational experience. The company controls 14 incineration projects with a total capacity of 32,000 tons per day and 4 biomass treatment projects with a designed capacity of 2,600 tons per day. In January 2025, the company plans to increase its stake in a solid waste treatment project to 50% to strengthen its industry position [4][8]. Core Business Logic - The core logic for Yongxing's sustained value growth and cash flow enhancement lies in its significant resource advantages and ample capital expenditure. The company's capacity utilization rate is approximately 70% in 2023, indicating substantial growth potential. The company does not rely on government subsidies but aims to enhance its valuation through improved asset quality, profitability, and cash flow. In 2023, free cash flow turned positive, with a commitment to a dividend payout ratio of no less than 60% [3][4]. Financial Performance - From 2019 to 2023, Yongxing achieved a compound annual growth rate (CAGR) of 25% in revenue and 55% in net profit. Although recent growth has slowed due to all projects entering the operational phase, long-term growth potential remains strong. The company expects to recognize over 100 million yuan in subsidy income once the Guangzhou Phase II project enters the national subsidy directory, indicating potential underestimation of profitability [4][9]. Revenue and Profitability - In 2023, Yongxing's revenue per ton was 417 yuan, and gross profit per ton was 190 yuan, both leading the industry. The weighted average return on equity (ROE) reached 9.3%. High profitability is attributed to elevated waste treatment fees and electricity income, along with efficient evaporation technology and Guangdong's benchmark coal-fired electricity price [4][15][16]. Capacity Utilization and Future Projections - The company anticipates an increase in capacity utilization from 71% in 2023 to 92% by 2026, with projected net profits of approximately 770 million, 910 million, and 1 billion yuan for 2024-2026, respectively. The company is expected to enjoy a higher price-to-earnings (PE) valuation due to its asset superiority [4][26]. Market Opportunities - Yongxing is actively engaging in the treatment of municipal and industrial waste, leveraging the substantial stock of municipal waste in Guangzhou (approximately 70 million tons) to fill capacity gaps. The company is also exploring partnerships with high-quality clients, such as data centers, to expand its energy supply and heating services [5][7][21]. Challenges and Risks - The company faces challenges such as depreciation pressure and potential impacts from changes in accounting policies. However, opportunities exist in expanding waste resources and enhancing heating services, which are expected to drive continued growth [10][11]. Cash Flow and Dividend Policy - Yongxing's cash flow structure is robust, with a healthy balance between waste treatment fees (36%), benchmark electricity prices (51%), and provincial subsidies (7%). The company has a low reliance on national subsidies compared to industry averages, enhancing cash flow security. The dividend payout ratio for 2023 was 64%, with a dividend yield exceeding 3% [12][19]. Geographic Advantages - Guangzhou's status as a population inflow area provides a stable and growing source of waste for Yongxing. The city's waste generation is projected to grow at a compound annual growth rate of approximately 7% from 2025 to 2035, which will support increased capacity utilization [14][20]. Future Growth Directions - Yongxing plans to focus on expanding its waste processing capacity and improving heating services. The company is also exploring opportunities in solid waste management in various regions and has outlined plans for emergency landfill projects [21][22]. Valuation and Market Position - Yongxing's asset superiority allows it to command a premium in valuation. The company is expected to see its price-to-book (PB) ratio increase as capacity utilization and ROE improve. The current overall PE level is around 14 times, higher than the industry average of 12 times, with potential for further upward movement [26][27].

首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 创业板风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风 险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳市朗坤环境集团股份有限公司 Shenzhen Leoking Environmental Group Company Limited （深圳市龙岗区坪地街道高桥社区坪桥路 2 号 13 楼） （深圳市福田区福田街道福华一路 111 号） 深圳市朗坤环境集团股份有限公司 首次公开发行股票并在创业板上市招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策 ...