绿色动力环保集团股份有限公司 （于中华人民共和国注册成立之股份有限公司） 章程 （2016 年 4 月 18 日经公司 2016 年第一次临时股东大会通过，2017 年 12 月 22 日经公司 2017 年第二次临时股东大会修订，2018 年 10 月 19 日经公司 2018 年 第二次临时股东大会修订，2020 年 5 月 22 日经公司 2019 年年度股东大会修订， 司 2025 年【】股东大会修订） 目 录 - II - - III - 绿色动力环保集团股份有限公司 公司章程 第一章 总 则 第一条 为维护绿色动力环保集团股份有限公司（以下简称"公司"）、公司 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和 国公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证 券法》"）、《中国共产党章程》、《关于调整适用在境外上市公司召开股东大会通 知期限等事项规定的批复》 （国函[2019]97 号）、 《上市公司章程指引》和其他公司 股票上市地的上市规则等有关规定，制定本章程。 第二条 公司是依照《公司法》和国家其他有关法律、行政法规或规范性文 件成立 ...

Core Viewpoint - The stock price of Haixia Environmental Protection closed at 5.97 yuan on August 6, 2025, reflecting a decline of 1.32% from the previous trading day [1] Company Overview - Haixia Environmental Protection primarily engages in wastewater treatment, waste management, and other environmental services, making it a significant player in the environmental infrastructure investment and operation sector in Fujian Province [1] - The company's business scope includes wastewater treatment, leachate treatment, and sludge disposal [1] Financial Information - According to the company's announcement, the annual equity distribution plan for 2024 includes a cash dividend of 0.027 yuan per share (tax included), with the record date set for August 13, 2025, and the ex-dividend date and cash dividend payment date on August 14, 2025 [1] - On August 6, 2025, the net outflow of main funds was 3.2575 million yuan, with a cumulative net outflow of 11.5993 million yuan over the past five trading days [1]

Core Viewpoint - The report from Cinda Securities highlights that Yongxing Co., Ltd. has a high dividend yield that creates a safety margin, and the profitability of its quality assets is expected to be released [1] Company Overview - Yongxing Co., Ltd. has a waste incineration capacity of 32,000 tons per day and holds a monopoly position in the Guangzhou area [1] - The company is the leading player in solid waste management in Guangzhou, with stable main business profitability [1] Growth Potential - The blending of aged waste is expected to enhance capacity utilization rates, thereby increasing the company's profitability [1] - There is potential for upward performance elasticity due to the increase in capacity utilization driven by the blending of aged waste [1] Financial Performance - Capital expenditures are narrowing, and free cash flow has turned positive, with dividends remaining stable at over 60% [1] - Revenue projections for 2025-2027 are estimated at 4.134 billion, 4.387 billion, and 4.751 billion yuan, respectively, while net profit attributable to shareholders is forecasted at 932 million, 1.06 billion, and 1.183 billion yuan [1] - Based on the closing price on August 4, the corresponding price-to-earnings ratios (PE) are 14.85x, 13.05x, and 11.7x for the years 2025, 2026, and 2027, respectively [1] Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]

Group 1 - The core viewpoint of the report is a "buy" rating for Yongxing Co., supported by its government backing and asset injection for expansion [2] - Yongxing Co. has a waste incineration capacity of 32,000 tons per day, holding a monopoly position in the Guangzhou region [2] - The company is expected to enhance its profitability through co-incineration of aged waste, which may improve capacity utilization [2] - Yongxing Co. is entering a stable operational phase, committing to a dividend payout ratio of 60%, with a projected dividend yield of 4% by 2025 [2]

Investment Rating - The report assigns a "Buy" rating to the company [2]. Core Views - The company is backed by the Guangzhou government and has expanded its scale through asset injections from its parent company, Guangzhou Environmental Investment Group [5][10]. - The company operates a waste incineration capacity of 32,000 tons per day, holding a monopoly position in the Guangzhou area [5][10]. - The company has a high operational efficiency, with a projected revenue of 400 RMB per ton of waste in 2024, outperforming industry peers [5][38]. - The blending of aged waste is expected to enhance capacity utilization and profitability, with potential revenue increases of 6 billion RMB if 4 million tons of aged waste are processed annually [5][7]. - The company is entering a stable operational phase, committing to a dividend payout ratio of 60%, with a forecasted dividend yield of 4% for 2025 [5][28]. Summary by Sections 1. Company Overview - The company is the only waste incineration and biomass treatment platform under Guangzhou Environmental Investment Group, which is the largest waste management service operator in Guangzhou [10][13]. - The company has undergone significant restructuring and asset injections to solidify its market position [10][13]. 2. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 45.54% in net profit from 2019 to 2024, with net profit expected to reach 932 million RMB in 2025 [6][17]. - The company’s revenue is primarily derived from operational activities, with a gross margin consistently above 40% [21][49]. - The company’s free cash flow is projected to turn positive in 2024, supported by reduced capital expenditures as major projects have been completed [26][28]. 3. Operational Efficiency - The company has a waste incineration capacity of 32,090 tons per day, with a significant portion of its operations in Guangzhou [33][34]. - The company benefits from high waste calorific values and large project scales, leading to superior operational efficiency compared to industry peers [38][39]. - The average waste treatment fee for the company was 152.6 RMB per ton in 2023, higher than the industry average [47]. 4. Future Growth Drivers - The ongoing blending of aged waste is expected to significantly improve capacity utilization, with estimates suggesting an increase in revenue by 1.6 billion RMB for every 1 million tons of aged waste processed [5][7]. - The company is also exploring opportunities in heat supply services to further enhance revenue streams [5][7].

Group 1 - The company announced the election of new board members, Mr. Zhang Weiyi and Mr. Peng Song, during the first extraordinary shareholders' meeting of 2025, with their terms lasting until the end of the 11th board's tenure [1] - In the fiscal year 2024, the company's revenue composition is as follows: 78.79% from the power generation sector, 18.41% from the coal sector, 1.45% from the transportation sector, 0.94% from waste treatment, and 0.22% from construction services [1] Group 2 - A warning was issued by a German executive regarding the dangers of free autonomous driving services, indicating that such practices could lead to disastrous consequences for the entire industry [1]

Core Insights - The province has established 105 new construction waste facilities this year, marking a significant development in the construction waste management system from non-existence to a structured approach [1] Group 1: Construction Waste Management - The construction waste management system in the province has transitioned from non-existence to a fully operational framework with the establishment of 105 new facilities [1] Group 2: Waste Management Strategy - The housing and urban-rural development department is coordinating the operation of 8 waste incineration power plants to manage seasonal fluctuations in waste volume, ensuring stable operation during peak tourist seasons [1] - Regular safety inspections and checks will be conducted on existing landfill facilities, and efforts will be made to manage and rehabilitate existing landfill sites to ensure safety and ecological protection [1]

历时三年时间，中节能环境完成了200吨/日小型生活垃圾焚烧样机的设计与制造，具备了生活垃圾焚烧系 统、烟气净化系统、污水处理系统等装备的设计制造加工能力，形成了一套集投资、建设、运营为一体的 小型化生活垃圾处理新模式，拓展了中节能环境在分散式生活垃圾处理领域的全链条服务能力，为我国偏 远地区生活垃圾处理提供了可复制经验，为生态文明建设和乡村振兴工作作出了积极贡献。 7月22日，中国节能所属中节能环境（300140）牵头实施的小型垃圾焚烧重大技术装备攻关工程应用项目 成功投产。 项目位于云南省玉溪市元江县，设计日处理量为200吨，年处理能力7.3万吨。该项目采用机械炉排炉焚烧 技术，配套建设完善的烟气净化系统和渗滤液处理设施，排放指标全面优于国家标准，每年可节约标准煤 5382吨，减少二氧化碳排放1.4万吨，通过"变废为电"，实现"绿水青山"和"金山银山"的双向转化，解决了 元江县长达12年的原生生活垃圾处理难题。 ...

Group 1 - The article highlights the increasing garbage collection demands in Hangzhou due to a surge in tourism during the summer, with an average daily collection of 7,899 tons since July, which is over 20 tons more than in June [2] - The environmental group under the municipal energy group is responsible for managing waste collection, with specific challenges noted in high-traffic areas like Gao Yin Street, where nearly 5 tons of garbage are collected daily from a single point [2][3] - The working conditions for garbage collection workers are harsh, with high temperatures and unpleasant odors, yet they continue to perform their duties diligently, showcasing their commitment to maintaining urban cleanliness [3][4] Group 2 - The story of Li Dianliang, a garbage collection driver, exemplifies the dedication of many workers in this field, who endure extreme conditions to support city sanitation [3][4] - Local businesses show appreciation for the workers by providing refreshments, highlighting a sense of community and support amidst challenging working conditions [3] - The narrative emphasizes the importance of these workers in upholding the city's environmental standards and contributing to the overall quality of urban life [4]

| | | 绿色动力环保集团股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》， 绿色动力环保集团股份有限公司（以下简称"公司"）现将公司垃圾处理业务 2025 年第二季度主要经营数据公告如下： | | 上网电价（元/度） | 0.391-0.65 | 0.391-0.65 | | --- | --- | --- | --- | | | 结算电量（万度） | 38,565.92 | 76,083.06 | | | 垃圾进厂量（万吨） | 49.21 | 90.85 | | | 发电量（万度） | 17,175.77 | 31,679.49 | | 华北 | 上网电量（万度） | 14,101.81 | 26,036.90 | | | 上网电价（元/度） | 0.526-0.65 | 0.526-0.65 | | | 结算电量（万度） | 13,459.51 | 25,306.26 | | | 垃圾进厂量（万吨） ...