Core Viewpoint - Dongwu Securities reports that Green Power (601330) is a model for solid waste sector dividend increases and ROE enhancement, with potential for further dividend growth due to accelerated national subsidies and reduced capital expenditures [1] Financial Performance - For the first three quarters of 2025, the company's revenue reached 2.582 billion yuan (up 1.49% year-on-year), with a net profit attributable to shareholders of 626 million yuan (up 24.39%) [2] - The weighted ROE increased by 1.27 percentage points to 7.57% [2] - In Q3 2025, the company reported a revenue of 898 million yuan (up 1.64%) and a net profit of 249 million yuan (up 24.24%) [2] Revenue Growth - In the first three quarters of 2025, waste processing volume was 10.9219 million tons (up 2.00%), electricity generation was 3.867 billion kWh (up 1.17%), and heat supply volume was 788,100 tons (up 111.91%) [3] - In Q3 2025, waste processing volume was 3.7676 million tons (up 1.82%), electricity generation was 1.328 billion kWh (up 0.31%), and heat supply volume was 272,600 tons (up 105.12%) [3] Cost Reduction - Operating costs for the first three quarters of 2025 were 1.326 billion yuan (down 0.62 million yuan), with financial expenses decreasing by 17% [4] - In Q3 2025, financial expenses were 94 million yuan (down 0.14 million yuan year-on-year) [4] Cash Flow and Dividends - Operating cash flow for the first three quarters of 2025 was 1.323 billion yuan (up 25.46%), with free cash flow increasing by 45.98% to 1.113 billion yuan [5] - The increase in national subsidy recoveries significantly contributed to the rise in free cash flow [5] Equity Incentive Plan - The company updated its equity incentive plan, maintaining growth targets for net profit attributable to shareholders for 2026-2028 at no less than 711 million, 742 million, and 773 million yuan respectively [6]