Core Viewpoint - CICC reports that Everbright Environment (00257) is expected to experience a slowdown in new project expansion in 2025, which may impact revenue performance, but optimization of existing assets is showing significant results, leading to improved asset quality and cash flow [1] Group 1: Financial Performance - The company is projected to achieve single-digit growth in profit year-on-year for 2025, with a significant improvement in cash flow [1] - Core business indicators are continuously improving, although one-time factors may still disrupt profit performance in 2025 [2] - The company’s core profit is steadily increasing, with key metrics such as tonnage output and heating supply showing ongoing improvement [2] Group 2: Capital Expenditure and Cash Flow - Capital expenditure is expected to decline, with a focus on overseas and water projects, potentially controlling capital expenditure within 3 billion yuan in 2025 [3] - Accelerated recovery of renewable energy subsidies in the second half of 2025 is anticipated to enhance the company’s cash inflow [3] - The company is expected to maintain positive free cash flow and improve its cash capabilities, which will enhance dividend levels and shareholder returns [3] Group 3: Profit Forecast and Valuation - The company’s profit forecasts for 2025 and 2026 have been revised down by 16.2% and 7.5% to 3.58 billion yuan and 4.08 billion yuan, respectively, with a new forecast for 2027 at 4.46 billion yuan [4] - The current stock price corresponds to a price-to-earnings ratio of 7.3x for 2026 and 6.7x for 2027, with an expected dividend yield of 6.0% and 6.6% for the adjusted years [4]

Core Viewpoint - Linyang Energy (601222) announced on September 5 that its subsidiary photovoltaic power generation project company received renewable energy subsidy funds of 203 million yuan in August 2025, indicating a significant increase in financial support for the company's operations [1] Summary by Relevant Categories Financial Performance - From January to August 2025, the company received a total of 306 million yuan in renewable energy subsidy funds, representing a year-on-year increase of 210.1% [1] - The subsidies received in the first eight months of 2025 accounted for 177.09% of the total renewable energy subsidies received in 2024 [1] Operational Impact - The recovery of the renewable energy subsidy funds is expected to improve the cash flow of the company's power stations, positively impacting the future operations of these stations [1]