香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2520） 建議變更所得款項的用途 茲提述山西省安裝集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 日期為2023年11月10日的招股章程（「招股章程」），內容有關（其中包括）本公司全球 發售（「全球發售」）的所得款項淨額及其用途；本公司日期為2023年11月21日的公 告，內容有關全球發售的發售價及配發結果；本公司日期為2023年12月15日的公 告，內容有關部分行使超額配股權（統稱「該等公告」）；及本公司2024年年度報告 （「2024年年度報告」）。除另有界定者外，本公告所用詞匯與招股章程及2024年年度 報告所界定者具有相同涵義。 建議變更所得款項用途 誠如2024年年度報告及該等公告所述，經扣除包銷佣金及本公司就本公司全球發 ...

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. (Junxin Co.) reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust development resilience and growth potential [1][2]. Financial Performance - The company achieved operating revenue of 1.478 billion yuan, a year-on-year increase of 33.07% [1]. - Net profit attributable to shareholders reached 400 million yuan, reflecting a year-on-year growth of 49.23% [1]. Operational Achievements - Junxin Co. processed 1.861 million tons of municipal waste, up 10.7% year-on-year [1]. - The company generated 886 million kWh of electricity, marking a 26.21% increase compared to the previous year [1]. - Average electricity generation per ton of waste was 476.27 kWh, a 9.7% increase year-on-year [1]. Research and Development - The company invested 33.9915 million yuan in R&D, representing a 6.79% increase [1]. - As of the end of the reporting period, Junxin Co. held a total of 453 authorized national patents, including 86 invention patents [1]. Mergers and Acquisitions - Junxin Co. acquired a 63% stake in Hunan Renhe Environmental Technology Co., Ltd., which exceeded profit commitments for 2023 and 2024 [2]. - Renhe Environmental reported net profits of 496 million yuan and 540 million yuan for the respective years, contributing positively to Junxin Co.'s revenue and profit growth [2]. International Expansion - The company is actively expanding its international business, with projects in Kyrgyzstan and agreements in Kazakhstan [2]. - Junxin Co. has submitted an application for H-share listing on the Hong Kong Stock Exchange to support its international growth strategy [2]. Strategic Partnerships - A strategic cooperation agreement was signed with Changsha Digital Group to develop a "waste-to-energy + green computing center" project [3]. - This collaboration aims to enhance the company's capabilities in green energy and digital upgrades, potentially creating new revenue streams [3]. Future Outlook - Junxin Co. plans to continue expanding its domestic and international solid waste treatment and green energy markets [3]. - The company aims to integrate waste incineration power generation with new technologies to enhance its core competitiveness and brand influence [3].

Group 1 - The company emphasizes its commitment to "green, circular, low-carbon, and environmentally friendly" principles [2] - The company focuses on building a recycling system and aims to become a competitive and influential service operator in the "waste-free city" construction [2] - The company will continuously monitor policy developments and enhance its overall competitiveness in line with its business [2]

Core Viewpoint - Zhejiang Qianjiang Biochemical Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a shift in financial dynamics due to changes in subsidiary control and operational adjustments [2][17]. Financial Summary - The company's operating income for the first half of 2025 was CNY 779.54 million, a decrease of 9.64% compared to the same period last year [2]. - Total profit reached CNY 128.77 million, an increase of 45.64% year-on-year [2]. - Net profit attributable to shareholders was CNY 107.12 million, up 30.24% from the previous year [2]. - The net cash flow from operating activities surged by 1,298.31%, amounting to CNY 105.87 million, primarily due to increased cash inflow from engineering sales [2]. - Total assets decreased by 7.08% to CNY 7.02 billion, while net assets attributable to shareholders increased by 3.19% to CNY 3.38 billion [2]. Business Segments Overview Water and Environmental Protection - The water and environmental protection segment generated CNY 632 million in revenue, accounting for 81.03% of total revenue, but saw an 11.85% decline year-on-year [17]. - The company operates multiple wastewater treatment plants and has significant market presence in regions such as Jiangsu, Gansu, and Inner Mongolia [5][11]. - The company aims to enhance its market position by expanding its service offerings and participating in regional water projects [11][19]. Biological Manufacturing - The biological manufacturing segment achieved revenue of CNY 141 million, representing an increase of 6.82% compared to the previous year [17]. - The market for biological pesticides, particularly microbial and plant-derived products, is expected to grow significantly, with a projected compound annual growth rate exceeding 25% [8]. - The company is focusing on product innovation and expanding its market reach, particularly in the domestic rice seed production market [17][10]. Industry Trends - The water and environmental protection industry is transitioning towards a green and low-carbon economy, with policies aimed at reducing pollution and enhancing resource utilization [4][5]. - The biological pesticide market is experiencing a shift towards environmentally friendly products, driven by regulatory changes and increasing demand for sustainable agricultural practices [8][9]. - The overall agricultural chemical market is facing challenges such as overcapacity and intense competition, leading to price declines for many pesticide products [16].

Core Insights - The article highlights the challenges of large waste disposal in urban areas, particularly in Shenzhen, where the government is implementing a free collection service for large items like mattresses and sofas to address this issue [1][2][3] Group 1: Government Initiatives - Shenzhen is incorporating large waste disposal into district budgets, allowing for free collection services through government procurement of third-party services [1][2] - A budget of 513,600 yuan is allocated for 2025 in Pingshan District to cover the disposal of old furniture [1] - The city has established 4,500 temporary waste storage points to facilitate easy access for residents [1][2] Group 2: Recycling and Resource Utilization - Shenzhen achieves over 95% recycling rate for large waste through professional dismantling and resource recovery processes [2] - The city’s waste recycling rate is projected to reach 48.5% in 2024, with a daily recycling volume exceeding 11,000 tons [2] - The closed-loop processing model aligns with low-carbon goals and reduces landfill pressure [2] Group 3: Lessons for Other Cities - Shenzhen's experience suggests a shift from market-driven approaches to a model of "government-led + technology-enabled + public participation" for effective waste management [3] - The model emphasizes the importance of feasibility and resident involvement in waste disposal policies [3] - There is potential for improvement in service accessibility for individual users and transient populations, such as renters [3]

Group 1: Air Quality Improvement - The "14th Five-Year Plan" emphasizes precise pollution control, leading to significant improvements in air quality, with PM2.5 levels expected to drop to 29.3 µg/m³ by 2024 and good air quality days reaching 87.2% [2][3] - The steel industry, particularly companies like Shougang, has implemented comprehensive measures for ultra-low emissions, enhancing the living quality of surrounding communities [2][3] - The Ministry of Ecology and Environment has been actively promoting the "Air Quality Continuous Improvement Action Plan," resulting in the completion of ultra-low emission transformations for approximately 80% of the national crude steel production capacity [3] Group 2: Water Quality Management - Zhejiang province has adopted innovative pearl farming techniques that minimize pollution, showcasing a successful green transformation in the aquaculture industry [4] - By the end of 2024, over 33,000 river discharge outlets and 57,000 sea discharge outlets have been identified, with remediation completion rates of 90% and 84% respectively [4][5] - The proportion of surface water with good quality is projected to reach 90.4% by 2024, marking a significant improvement in water quality management [5] Group 3: Soil and Waste Management - The Chongqing Sanfeng Baiguoyuan Environmental Power Company utilizes AI to optimize waste processing, handling 4,500 tons of waste daily, which accounts for 40% of the city's waste [6] - The national safety utilization rate of contaminated arable land has reached 92%, with significant progress in rural environmental remediation and wastewater treatment [6] - A nationwide initiative for "zero waste cities" is underway, with enhanced capabilities for hazardous waste management and resource utilization [6][7]

Core Viewpoint - The article discusses the implementation of the "Waste-Free Cell" construction guidelines in Hainan Province, aiming to promote sustainable waste management practices and enhance the "Waste-Free Island" initiative [2] Group 1: Guidelines Overview - The "Waste-Free Cell" construction guidelines were jointly issued by multiple departments in Hainan, including the Ecological Environment Department and the Development and Reform Commission [2] - The guidelines define the objectives, requirements, and procedures for establishing "Waste-Free Cells," which are essential components of the broader "Waste-Free Island" initiative [2] Group 2: Implementation Measures - The guidelines advocate for the adoption of effective technologies, engineering solutions, and management practices to promote green production and lifestyle [2] - A total of 14 types of "Waste-Free Cells" are identified, including factories and industrial parks, focusing on reducing solid waste at the source, resource utilization, and harmless disposal [2] Group 3: Compliance and Standards - Entities involved in the "Waste-Free Cell" construction must be legally established and comply with relevant laws, regulations, standards, and policy documents during their operation [2] - Organizations with pollutant emissions are required to ensure that their discharges consistently meet established standards, and those with significant safety, environmental, or quality incidents in the past three years are excluded from participation [2]

Core Viewpoint - The acquisition of Zhejiang Tiger Waste Management Co., Ltd. by Dadi Ocean marks a significant step in enhancing the environmental protection industry chain and advancing the "waste-free city" initiative [2] Group 1: Acquisition and Business Expansion - Dadi Ocean has completed the equity transfer registration for Tiger, which is a key milestone in its strategic layout [2] - The acquisition allows Dadi Ocean to extend its business from industrial waste treatment to residential waste recycling, forming a complete "recycling-disassembly-utilization" industry chain [4] Group 2: Tiger's Business Model and Performance - Tiger has been engaged in waste recycling for 10 years, integrating internet, IoT, and big data technologies into its operations, creating a comprehensive waste recycling system [2] - In 2024, Tiger achieved a revenue of 466 million yuan and a net profit of 54.31 million yuan, demonstrating strong development capabilities and promising profitability [2] Group 3: Environmental Impact and Community Engagement - Tiger's household waste recycling service has covered 2 provinces, 5 cities, and 7 districts, recycling nearly 200,000 tons of household waste annually, resulting in a carbon reduction of 80,000 tons and a resource utilization rate exceeding 95% [2] - The company has conducted over 1,600 green public classes, engaging 137,000 students and promoting ecological civilization awareness in the community [3]

Core Viewpoint - The article highlights the innovative waste management practices of Chongqing Conch Cement Co., which transforms waste into valuable resources, showcasing a model for green and sustainable urban development in Chongqing [1][10]. Group 1: Waste Management Practices - Chongqing Conch Cement has established a waste disposal system with a daily capacity of 200 tons for municipal waste and 60 tons for kitchen waste, achieving 100% disposal of kitchen waste in the region [5]. - The company employs a unique method of waste treatment that combines biological degradation and high-temperature incineration, allowing for the conversion of waste into oil and organic fertilizer within two hours [7]. - The resource recovery rates are impressive, with 0.63% of waste iron, 6.46% of waste slag for cement production, 6% of oil for industrial use, and a 23% yield of organic fertilizer, leading to an overall resource utilization rate exceeding 95% [7][10]. Group 2: Environmental Impact - The waste management project has significantly reduced landfill usage by over 1,000 acres and eliminated the risks associated with leachate pollution of soil and groundwater [7]. - The project has achieved a 100% harmless treatment rate for waste and aims for zero landfill by the end of the year, contributing to the ecological protection of the Yangtze River Economic Belt [7]. - The operations have resulted in a carbon reduction of 11.5 million tons and a saving of 4.2 million tons of standard coal, reflecting the company's commitment to environmental sustainability [10].

Core Points - The Hainan Provincial Department of Ecology and Environment, along with other departments, has issued the "Hainan Province 'Waste-Free Cell' Construction Guidelines (Trial)" to promote the concept of a "Waste-Free City" and enhance the overall "Waste-Free Island" initiative [1] Group 1 - The guidelines specify the objectives, requirements, and procedures for constructing "Waste-Free Cells," which include various units such as factories and parks, totaling 14 types [1] - The construction units must be legally established and comply with laws, regulations, standards, and policy documents during their operation [1] - Units that have pollutant emissions must ensure that these emissions meet stable and compliant discharge standards [1]