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]

Core Viewpoint - The article discusses the IPO of a waste incineration power generation company in Changsha, Hunan, which has a market value of 11.3 billion [1] Group 1: Company Overview - The company specializes in waste incineration power generation, contributing to environmental sustainability and energy production [1] - The IPO is expected to enhance the company's capital structure and support its expansion plans in the waste management sector [1] Group 2: Market Context - The waste management industry is experiencing growth due to increasing urbanization and environmental regulations [1] - The company's entry into the public market reflects a broader trend of investment in green energy solutions [1]

Core Viewpoint - The company Junxin Environmental Co., Ltd. (军信股份) is seeking to go public on the Hong Kong Stock Exchange after three years of being listed on the Shenzhen Stock Exchange, focusing on waste incineration power generation and related services [1][3]. Company Overview - Junxin Environmental, headquartered in Changsha, Hunan, specializes in waste incineration power generation, sludge disposal, sewage treatment, landfill, and ash treatment [1][3]. - The company has a total market capitalization of 11.3 billion RMB as of August 18 [1]. - The company has distributed over 1.2 billion RMB in dividends over the past three years [3]. Financial Performance - The company's revenue has shown a growth trend, with reported revenues of approximately 1.55 billion RMB in 2022, 1.84 billion RMB in 2023, and 2.41 billion RMB in 2024 [10]. - Net profits for the same years were approximately 587 million RMB, 653 million RMB, and 686 million RMB, respectively [10]. - The gross profit margin has fluctuated, decreasing from 55.9% in 2022 to 41.5% in 2024, before rising to 53.9% in the first quarter of 2025 [11]. Business Segments - The company’s revenue sources include electricity sales, waste disposal fees, and service fees from various waste management projects [5]. - The proportion of electricity sales revenue decreased from 42.7% in 2022 to 29.4% in the first quarter of 2025, while waste disposal service revenue also declined from 51.9% to 32.9% during the same period [5][6]. Market Dynamics - The waste incineration power generation market in China is expected to grow, with an estimated compound annual growth rate (CAGR) of 7% from 2025 to 2029, reaching over 300 million tons by 2029 [11]. - The market for kitchen waste treatment and resource utilization is projected to grow at a CAGR of 20.1% from 2025 to 2029, reaching 63.9 billion RMB by 2029 [13]. Competitive Landscape - The company ranks fourth in national waste incineration capacity and third in kitchen waste treatment capacity, with the highest oil recovery rate in the country [14]. - The industry is characterized by low concentration, with the top ten companies holding only 30% of the market share [13][15]. Risks and Challenges - The company faces high customer concentration risk, with over 93% of revenue generated from five major clients, primarily local government agencies and power grid companies [9]. - The company has seen a rising trend in trade receivables, which may pose liquidity risks if clients fail to meet payment obligations [9][16]. - The company plans to expand internationally, with projects in Kyrgyzstan and Kazakhstan, but faces potential risks related to local policies and currency fluctuations [16].

格隆汇8月6日丨博盈特焊(301468.SZ)在投资者关系中表示，国内市场的需求较去年基本持平。国外市 场针对垃圾焚烧发电领域的需求正在提升，目前主要还是集中于欧洲等发达地区，而印度等这类人口密 集的国家的垃圾焚烧炉的建设需求空间很大。 ...

Group 1 - The domestic market demand for 博盈特焊 (301468.SZ) remains stable compared to last year [1] - There is an increasing demand in the international market for waste-to-energy projects, particularly in developed regions like Europe [1] - Countries with high population density, such as India, present significant opportunities for the construction of waste incineration plants [1]

Company Overview - Founded in 2007, Guangdong Boying Special Welding Technology Co., Ltd. started with marine drilling platform welding for U.S. clients and has since focused on anti-corrosion and anti-wear welding [1] - Successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023 [1] - Recognized as a global leader in anti-corrosion and anti-wear welding manufacturing, with a core manufacturing base for boiler pipes in China [1] Technology and Innovation - The company has developed patented digital pulse MIG welding technology, certified in multiple countries including China, Canada, Japan, and Europe, showcasing strong innovation capabilities [2] - Plans to continue focusing on core welding technologies, increasing R&D investment, and expanding product applications [2] Market Demand - Domestic demand for waste incineration power generation remains stable compared to last year, while international demand, particularly in developed regions like Europe and densely populated countries like India, is increasing [3] Production and Procurement - The company employs a "sales-driven production" model, customizing production schedules based on client requirements and project specifications [4] - Utilizes a "production-driven procurement" model, aligning procurement plans with customer contracts and production schedules [5] Competitive Advantages - **R&D Advantage**: Strong focus on welding technology, addressing key technical challenges in large-area welding [6][7] - **First-Mover Advantage**: Early application of industrial anti-corrosion and anti-wear welding equipment in the waste incineration power generation sector [7] - **Scale Production Advantage**: Improved production efficiency and reduced costs through process optimization [7] - **Brand and Customer Advantage**: Established a strong brand image and accumulated a rich client base, enhancing competitive edge [7] - **Lean Management Advantage**: Implemented project-based management to enhance efficiency and customer satisfaction [7][9] - **Talent Advantage**: Focus on human resources, building a skilled team with industry experience [8][9] Impact of Trade Policies - The impact of U.S.-China trade tariffs on the company's U.S. business is minimal, as revenue from the U.S. market is relatively small and tariffs are generally borne by clients [10] Overseas Market Strategy - Established a wholly-owned subsidiary in Hong Kong and is investing in a production base in Vietnam to expand international market presence [11] - Plans to form a joint venture with Wilham Company to explore oil and gas markets and establish overseas manufacturing bases [11] - Committed to a strategy of expanding product types, application areas, and international markets to enhance competitiveness [11]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - Yongxing Co., Ltd. is the sole investment and operation entity for waste incineration power generation projects in Guangzhou, with a total operational capacity of 32,090 tons/day as of the end of 2024. The company has no ongoing construction projects, and its revenue from construction has significantly declined to 0.15 million in 2023, with no contributions expected in 2024. The quality of revenue and profit is high [3][7][25]. - The company benefits from a favorable project location, low national subsidy ratio, high calorific value, and large individual project sizes, leading to excellent cash flow performance. The cash collection ratio for 2024 is 100%, and the net cash ratio is 232% [8][13][70]. - The company operates under a government procurement service model, which is akin to perpetual operation, providing a stable revenue stream. The majority of its projects are located in Guangzhou, ensuring a steady supply of waste [13][60]. Summary by Sections Company Overview - Yongxing Co., Ltd. was established in 2009 and is controlled by the Guangzhou Environmental Investment Group. It focuses on waste incineration power generation and has expanded into biomass processing since 2021. The company operates 14 waste incineration projects and 4 biomass processing projects, with a total operational capacity of 32,090 tons/day for incineration and 2,590 tons/day for biomass [7][18][25]. Financial Performance - The company achieved a revenue of 35.36 billion in 2023, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 7.35 billion, up 2.7%. For 2024, the projected revenue is 37.65 billion, with a growth of 6.4%, and a net profit of 8.21 billion, reflecting an 11.7% increase [25][26]. Competitive Advantages - The company has several competitive advantages over its peers, including: - High-quality project locations with low national subsidy ratios and high calorific values, leading to superior cash flow performance [8][60]. - A government procurement service model that ensures stable operations and revenue [13][60]. - Strong support from its major shareholder, which guarantees sufficient waste collection and enhances operational efficiency [13][60]. - Opportunities for growth in waste processing volume due to population inflow and expansion of waste sources [13][60]. Profitability Forecast and Valuation - The company is expected to see a steady increase in net profit from 9.0 billion in 2025 to 11.0 billion in 2027, with corresponding price-to-earnings ratios of 16.0x, 14.1x, and 13.2x. The "Buy" rating reflects the company's perpetual operation characteristics and location advantages that support earnings per share growth [9][10].

1栋4层401-199房） 广州环投永兴集团股份有限公司 Grandtop Yongxing Group Co.,Ltd （广州市白云区广州民营科技园科泰二路13-19号高新区产业创新园 首次公开发行股票并在主板上市 招股说明书 （注册稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年八月 保荐人（主承销商） 广州环投永兴集团股份有限公司 招股说明书（注册稿） 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，均不表明其对发行 人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》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，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广州环投永兴集团股份有限公司 招股说明书（注册稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 ...

广州环投永兴集团股份有限公司 Grandtop Yongxing Group Co.,Ltd （广州市白云区广州民营科技园科泰二路13-19号高新区产业创新园 1栋4层401-199房） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年七月 保荐人（主承销商） 广州环投永兴集团股份有限公司 招股说明书（上会稿） 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，均不表明其对发行 人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》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，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广州环投永兴集团股份有限公司 招股说明书（上会稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 ...

广州环投永兴集团股份有限公司 Grandtop Yongxing Group Co.,Ltd （广州市白云区广州民营科技园科泰二路13-19号高新区产业创新园 1栋4层401-199房） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年二月 保荐人（主承销商） 广州环投永兴集团股份有限公司 招股说明书（申报稿） 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，均不表明其对发行 人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》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，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 广州环投永兴集团股份有限公司 招股说明书（申报稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 ...