Beijing GeoEnviron Engineering & Technology, Inc. 北京高能時代環境技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦不 發表任何意見，並明確表示概不就因本申請版本全部或任何部分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。 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接 納並向北京高能時代環境技術股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例向香港公司註冊處處長註冊之前，本公司不會 向香港公眾提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司 註冊處處長登記的本公司招股章程作出投資決定；招股章程的文 ...

Investment Rating - The investment rating for the environmental sector is "Positive" [2] Core Insights - The report highlights the deployment of comprehensive hydrogen energy pilot applications by three departments, indicating a broad expansion of hydrogen energy application fields [3][18] - By 2030, the average terminal hydrogen price is expected to drop below 25 yuan per kilogram, with a target of 10 million fuel cell vehicles in the country, doubling the number from 2025 [19] - The policy aims to shift hydrogen applications from solely fuel cell vehicles to a dual focus on transportation and industrial sectors, promoting a comprehensive ecosystem for hydrogen energy applications [19] Market Performance - As of March 20, the environmental sector declined by 5.59%, underperforming the broader market, which saw a 3.38% drop in the Shanghai Composite Index [3][10] - The water management sector fell by 3.06%, while the waste-to-energy sector decreased by 5.05% [3][13] Industry Dynamics - On March 20, a joint implementation plan for high-quality development of energy-saving equipment was issued, focusing on enhancing the efficiency of energy-saving equipment in key industries [32] - A seminar on "waste-free parks" and "waste-free enterprises" was held to promote resource utilization and environmental protection in industrial production [33] Investment Recommendations - The report suggests maintaining a positive outlook on energy-saving and resource recycling sectors, with specific recommendations for companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in performance driven by resource utilization, with a 74% increase in net profit for 2025. The company is also expanding into mining and pursuing international projects [1][7] - The revenue for 2025 reached 14.732 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 838.1 million yuan, reflecting a year-on-year growth of 73.94% [7] - The company is focusing on resource recycling, with a notable increase in gross profit and gross margin, indicating strong operational efficiency [7] Financial Summary - Total revenue forecast for 2024 is 14.5 billion yuan, with projections increasing to 28.027 billion yuan by 2028, reflecting a compound annual growth rate [8] - The net profit attributable to shareholders is expected to grow from 481.82 million yuan in 2024 to 1.700 billion yuan in 2028, with a significant increase in earnings per share from 0.32 yuan to 1.12 yuan over the same period [1][8] - The company’s gross margin is projected to be 18.96% in 2025, with a gradual decline expected in subsequent years, indicating a focus on maintaining profitability despite increasing revenue [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's net profit attributable to shareholders increased by 73.94% year-on-year to 838 million yuan in 2025, driven by the release of capacity in the metal resource recycling sector [1][3] - The revenue for 2025 was 14.732 billion yuan, a 1.60% increase from the previous year, with a significant improvement in profitability [1][3] - The operating cash flow reached 1.173 billion yuan, reflecting a 54.50% year-on-year growth, indicating enhanced earnings quality [3] Summary by Relevant Sections Financial Performance - In 2025, the company achieved total revenue of 14.732 billion yuan, with a year-on-year growth of 1.60% [1][5] - The net profit attributable to shareholders was 838 million yuan, marking a 73.94% increase compared to the previous year [1][5] - The gross profit margin improved by 4.53 percentage points to 18.96% [3] Business Segments - The resource recycling segment was the main driver of performance, contributing 11.899 billion yuan in revenue, a 6.84% increase, and accounting for 80.77% of total revenue [3] - The company strategically reduced its environmental engineering services segment, which saw a revenue decline of 31.90%, while maintaining a gross margin of 49.89% in the environmental operation segment [3] Strategic Initiatives - The company is expanding its "mining + overseas" strategy, acquiring exploration rights for four gold mines in Hunan Province and successfully signing projects in Mexico and Thailand [3] - The strategic transformation towards metal resource recycling has shown significant results, with core subsidiaries achieving notable profitability [3] Future Projections - Revenue projections for 2026, 2027, and 2028 are estimated at 17.459 billion yuan, 19.665 billion yuan, and 21.644 billion yuan respectively, with net profits expected to reach 1.189 billion yuan, 1.316 billion yuan, and 1.447 billion yuan [4][5]

Company and Industry Summary Company Overview - **Company**: 高能环境 (GaoNeng Environment) - **Industry**: Resource Recycling and Environmental Services Key Financial Performance - **2025 Revenue**: 14.732 billion RMB, with a net profit of 838 million RMB, representing a year-on-year growth of 73.94% [3] - **Cash Flow**: Net cash flow from operating activities reached 1.173 billion RMB, up 54.5% year-on-year [3] - **Gross Margin**: Overall gross margin improved to 19%, with the resource recycling segment achieving a gross margin of 14.7%, up 5.5 percentage points [6] Business Segments Performance - **Resource Recycling Segment**: Contributed over 80% of total revenue, with significant growth from 金昌高能 (Jinchang GaoNeng) and 江西新科 (Jiangxi Xinke) [3] - **Jinchang GaoNeng**: Revenue of 1.9 billion RMB and net profit of 360 million RMB, marking a turnaround from a loss in 2024 [7] - **Jiangxi Xinke**: Revenue of 5.17 billion RMB, with net profit exceeding 150 million RMB, despite a decline in revenue from the previous year [7] - **Environmental Operations**: 13 waste incineration power projects processed 4.09 million tons of waste, generating 1.52 billion kWh of electricity, a 5 million kWh increase year-on-year [3] Growth Drivers and Future Outlook - **Capacity Expansion**: Jiangxi Xinke's capacity release is currently at 40%, with expectations to reach 10 billion RMB in monthly revenue by 2026 [2] - **International Expansion**: Secured projects in Thailand and Mexico, with overseas waste-to-energy projects expected to yield returns significantly higher than domestic projects [2][4] - **AI Integration**: Automation in waste incineration has exceeded 90%, improving operational efficiency [2] Financial Structure and Debt Management - **Debt Reduction**: Interest-bearing debt decreased from 13.5 billion RMB to 12.5 billion RMB, with an asset-liability ratio of 60.4% [6] - **Accounts Receivable Management**: Total accounts receivable decreased by over 400 million RMB due to improved collection efforts [6] Strategic Initiatives - **Mining Rights Acquisition**: Acquired mining rights for four gold mines in Hunan, aiming for production by 2027-2028 [2] - **H Share Listing**: Plans to complete H share listing in 2026 to raise funds for technological upgrades and international projects [2][14] Key Risks and Considerations - **Market Volatility**: Fluctuations in metal prices could impact profitability, with a noted decrease in net profit in Q3 due to price volatility [5] - **Operational Risks**: Expansion into international markets carries inherent risks, including political and operational uncertainties [17] Conclusion - **2025 as a Turning Point**: The year marked a significant recovery and growth phase for the company, with strong performance across key segments and a robust outlook for 2026 driven by capacity expansion and international projects [8][13]

Investment Rating - The report maintains a "Positive" investment rating for the environmental sector [2][4]. Core Insights - The report highlights the upcoming "retirement wave" of photovoltaic (PV) modules starting in 2025, with a significant increase in waste expected by 2030, reaching approximately 18GW or 140,000 tons. By 2040, the cumulative waste is projected to reach 253GW, equating to around 20 million tons. The market for PV recycling is anticipated to grow to approximately 26 billion yuan by 2030 and 420 billion yuan by 2050 [4][18][24]. - The introduction of new national standards for the recycling of PV modules is expected to drive the industry towards formalization, addressing the current lack of large-scale enterprises and the predominance of illegal recycling channels [4][24]. - The report emphasizes the importance of environmental quality and industrial green development as part of the national "14th Five-Year Plan," suggesting that energy conservation and environmental protection will maintain high levels of prosperity [4][48]. Summary by Sections Market Performance - As of February 27, the environmental sector saw a 7.0% increase, outperforming the broader market, with the Shanghai Composite Index rising by 2.0% to 4162.88 [4][11]. Industry Dynamics - The report discusses the establishment of international standards for urban wastewater treatment facilities, which aims to enhance energy efficiency management in the context of carbon neutrality goals and high energy prices [29]. - The new environmental air quality standards released by the Ministry of Ecology and Environment are set to tighten limits on particulate matter and other pollutants, enhancing public health protections [30][31]. Recycling Market Insights - The report notes that the current recycling capacity for PV modules is insufficient, with only about 20 qualified recycling companies in China capable of processing 300,000 tons annually, leaving a gap of 900,000 tons that is likely to flow into illegal channels [24][21]. - The report outlines the three main recycling technologies: physical, chemical, and pyrolysis methods, each with its advantages and limitations [21][23]. Investment Recommendations - The report recommends focusing on companies such as Huanlan Environment, Xingrong Environment, and Hongcheng Environment, while suggesting attention to companies like Wangneng Environment and Junxin Co. [48].

Core Viewpoint - The newly revised "Technical Specification for Pollution Control in the Treatment of Waste Electrical and Electronic Products" (HJ527-2026) will be implemented on March 1, 2026, expanding the scope of waste electrical and electronic products to include various new categories such as smart devices and medical service equipment [2][3]. Group 1: Overview of the New Technical Specification - The new specification includes pollution control and environmental management requirements for the storage, dismantling, and disposal of waste electrical products, applicable to enterprises engaged in waste electrical product treatment [3]. - It aims to enhance resource recycling standards, broaden the coverage of management objects, and clarify pollution control requirements at each stage of waste electrical product recovery and treatment [4]. Group 2: Historical Context and Need for Revision - China is the world's largest manufacturer and consumer of electrical and electronic products, with the annual regulated dismantling volume of waste products increasing from over 10 million units in 2012 to approximately 100 million units by 2025 [3]. - The previous version of the specification, issued in 2010, had limitations in terms of regulatory alignment, coverage of waste product categories, and comprehensive technical requirements, necessitating the revision to meet the growing challenges of waste electrical product management [3][4]. Group 3: Future Directions and Enforcement - The Ministry of Ecology and Environment will ensure that treatment enterprises fulfill their responsibilities and continuously improve pollution prevention facilities for waste electrical product recovery and treatment [4]. - There will be ongoing monitoring of the implementation of the new specification, addressing emerging issues in the waste electrical product recovery process, and enhancing public participation and social supervision to combat illegal disposal practices [4].

Core Viewpoint - A Chinese company plans to invest in a plastic bottle recycling processing plant in Bati District, Takaev Province, converting waste plastic bottles into various daily products [1][3] Group 1: Investment Details - The company has extensive experience in plastic bottle recycling and reuse in China, with stable partnerships and advanced technology for transforming plastic waste into consumer goods [3] - The plant is expected to procure approximately 15 tons of plastic bottles monthly as production raw materials [3] Group 2: Government Support and Environmental Impact - The provincial governor, Vey Somnang, expressed full support for the project, highlighting the ongoing development in Takaev Province and the increasing use of modern materials leading to a growing plastic waste issue [3] - Establishing the recycling plant will promote resource circularity, improve the ecological environment, and enhance the cleanliness and aesthetics of the province [3] Group 3: Economic Benefits - The project is anticipated to create more job opportunities locally, reduce labor outflow, increase household income levels, and stimulate local economic development [3]

Core Viewpoint - Greeenme's production facility in Jingmen operated continuously during the Spring Festival, achieving significant output and setting the stage for a strong first quarter in 2025 [1][3]. Group 1: Financial Performance - Greenme expects to achieve a net profit attributable to shareholders of between 1.429 billion and 1.735 billion yuan in 2025, representing a year-on-year growth of 40% to 70% [4][5]. - The company anticipates total revenue for 2025 to exceed 35 billion yuan, marking a historical high, with a year-on-year revenue growth of 10.55% in the first three quarters of 2025 [5]. - The expected net profit, even at the lower end, will set a new historical record for the company [5]. Group 2: Production and Operations - During the Spring Festival, Greenme maintained 24-hour production, with 14,301 employees on-site and a manufacturing output exceeding 400 million yuan from the first to the fifth day of the festival [1][3]. - The company’s nickel resource project is projected to ship over 110,000 tons of nickel metal in 2025, a year-on-year increase of over 110% [6]. - Greenme's recycling of tungsten resources is expected to exceed 10,000 tons in 2025, establishing it as a leading green tungsten resource industry base [7]. Group 3: Market and Strategic Position - Despite a challenging overall market environment in 2025, Greenme has leveraged its technological advantages and global production capabilities to achieve significant growth in key metal recycling and high-end new energy materials [4]. - The company is enhancing its supply chain resilience through flexible internal supply and external sales systems, ensuring cost competitiveness amid nickel price fluctuations and complex global trade conditions [6][7]. - A recent report from Huaxin Securities indicates that Greenme's self-supply capability for nickel and cobalt is strengthening, predicting sustained revenue growth from 2025 to 2027, supported by structural upgrades in demand for ternary materials [7].

Core Insights - The production and sales of new energy vehicles in China are expected to grow by nearly 30% by 2025, while the volume of retired batteries is also increasing significantly [1] - By 2028, the retired volume of power batteries in China is projected to exceed 4 million tons, with the waste battery recycling industry expected to exceed 280 billion yuan in value [1] - The current standardized recycling rate of waste power batteries in China is still below 50%, indicating both pressure for recycling and significant market opportunities [1] Group 1: Policy and Regulatory Framework - In 2018, the Ministry of Industry and Information Technology introduced interim measures for the recycling and utilization of new energy vehicle power batteries, establishing a battery coding traceability system and designating automobile manufacturers as the main entities responsible for recycling [2] - The State Council approved an action plan in February 2025 to improve the recycling system for power batteries, emphasizing the need for a standardized, safe, and efficient recycling process [2] - The upcoming interim measures for the management of waste power battery recycling and comprehensive utilization, effective April 1, aim to create a full lifecycle regulatory system for power batteries [2] Group 2: Industry Development and Market Opportunities - The construction of a waste power battery recycling system is crucial, requiring a closed-loop model that integrates production, use, recycling, and regeneration [3] - The comprehensive utilization of waste power batteries in China is expected to exceed 400,000 tons by 2025, reflecting a year-on-year growth of 32.9%, driven by market demand and technological advancements [3] - The application of digital traceability technology is transforming traditional recycling models, while innovations in production processes are reducing costs and improving recovery efficiency [3] Group 3: Market Environment and Competition - The recycling of power batteries has transcended industrial boundaries, becoming a battleground for global strategic resource competition [3] - A standardized and orderly market environment is essential to prevent a large number of waste batteries from flowing into informal recycling channels, thereby promoting the transformation of waste battery recycling into a new industry with significant commercial value [3]