Core Insights - The Chongqing Sanfeng Yulin Environmental Power Plant has transformed the perception of waste incineration facilities, showcasing a clean and intelligent approach to waste management [1][2] - The plant has achieved a 100% harmless disposal rate for municipal waste in Chongqing's central urban area since its commercial operation began in 2021 [1] - The facility processes waste through a highly automated system, minimizing human intervention and ensuring compliance with stringent environmental standards [1] Summary by Sections Facility Overview - The plant is responsible for waste disposal in Yubei, Jiangbei, and Liangjiang New Area, with operations starting from 2018 and commercial use from 2021 [1] - It features a cloud café at 79 meters high, providing a stark contrast to traditional perceptions of waste treatment facilities [1] Waste Processing Technology - Waste is transported in sealed trucks, weighed, unloaded, and processed through fermentation before being incinerated in a controlled manner [1] - The incineration process generates steam to drive turbines for electricity generation, with the plant capable of supplying 1.7 million kilowatt-hours of electricity daily, enough for 150,000 households [1] Environmental Impact - The facility employs advanced technology to control combustion temperatures and gas retention times, significantly reducing dioxin emissions [1] - Emissions from the plant are treated through multiple purification steps, ensuring they are well below EU standards [1][2]

Core Viewpoint - The company reported a robust revenue growth driven by the improvement in core business efficiency, with a revenue of 848 million yuan and a net profit of 196 million yuan for the first half of 2025, marking a 4% and 20% year-on-year increase respectively [2] Revenue and Profit Performance - In the first half of 2025, the company achieved an operating income of 848 million yuan, a 4% increase year-on-year, and a net profit attributable to shareholders of 196 million yuan, a 20% increase year-on-year [2] - The core business of municipal solid waste treatment saw a revenue of 691 million yuan, a 14.81% increase year-on-year, with a gross margin improvement of 1.27 percentage points to 52.57% [2] - The waste treatment volume reached 2.1363 million tons, a 10.07% increase year-on-year, and the heating supply volume was 877,500 tons, a 12.01% increase year-on-year [2] Strategic Initiatives - New operational and acquisition projects contributed significantly, with the Yuxi project achieving profitability in its first month of operation and the newly acquired Jinzhou project turning profitable in its first month post-acquisition [2][3] - The company is executing a "short-term reliance on green energy for optimization" strategy, with the green energy business as a core competitive advantage, achieving a heating supply volume of 877,500 tons, a 12.01% increase year-on-year [2] Expansion and Growth Drivers - The company is expanding its business footprint through both acquisitions and internal development, completing the acquisition of the Jinzhou project and successfully replicating the experience from the Shijiazhuang project [3] - The company has also acquired the Guigang project (1500 tons/day) and the Pingnan project (1200 tons/day) to strengthen its strategic presence in South China [3] - Ongoing projects include the Yuxi project, which commenced operations in May and achieved profitability in its first month, and the comprehensive construction of the Hengyang project [3] Financial Forecast - The company is expected to achieve operating revenues of 1.911 billion yuan, 2.173 billion yuan, and 2.442 billion yuan for 2025-2027, with year-on-year growth rates of 14.93%, 13.69%, and 12.37% respectively [3] - The net profit attributable to shareholders is projected to be 404 million yuan, 487 million yuan, and 550 million yuan for the same period, with year-on-year growth rates of 25.87%, 20.54%, and 13.04% respectively [3]

Group 1: Company Performance - The company achieved a net profit of 196 million yuan in the first half of 2025, representing a year-on-year growth of 19.83% [3] - The net profit, excluding share-based payments, was 227 million yuan, with a year-on-year increase of 23.03% [3] - Operating cash flow reached 298 million yuan, up 24.52% year-on-year [3] - Return on equity (ROE) stood at 5.37%, while the debt-to-equity ratio was 50.68% [3] Group 2: Business Strategy and Expansion - The company is focused on expanding its industrial heating capabilities and diversifying into mobile heating, residential heating, compressed air, and cooling sectors [3] - Key green energy centers are being developed in Zhejiang, Hebei, Sichuan, and Guangxi to strengthen competitive advantages [3] - The company is actively pursuing strategic partnerships with large chemical enterprises in the Ningbo project to enhance heating capacity [3] Group 3: Project Development and Financial Management - The company plans to invest approximately 540 million yuan in project construction and acquisitions in 2024, with an estimated total investment of 1-1.3 billion yuan for 2025 [9] - Financing will be structured with 30% from self-funding and 70% from project loans [9] - The company is exploring various financing options, including green bonds and project loans, to optimize its debt structure [8] Group 4: Tax and Subsidy Management - Several projects, including Jin Cheng, Hai Cheng, San Tai, and the newly launched Yu Xi project, are awaiting input tax deductions before benefiting from VAT refunds [6] - Once included in the national subsidy list, projects will recognize renewable energy subsidy income from the date of production [7]

"企业通过超前引进垃圾焚烧技术并率先实现国产化，持续推动垃圾减量化、资源化、无害化处理，推动一揽子垃圾焚烧工艺及设备从重庆走 向全国、全球。"三峰环境集团党委副书记卢钟妮介绍，近年企业围绕"降碳、减污、扩绿、增长"这4个关键词，在绿色发展方面实现"大踏 步"前进。 降碳方面，企业通过攻关小型垃圾焚烧装备技术、飞灰资源化与减量化技术研究与应用等课题，在行业内率先研究开发垃圾焚烧发电运营仿真 系统，参与编制国家及行业标准21项。 三峰环境 集团垃圾焚烧炉设备生产线。（记者周奇摄） 从1998年创立以来，截至去年底，通过垃圾焚烧发电累计处理垃圾超1.24亿吨，相当于减少二氧化碳排放约4336万吨、新栽树木14.8亿棵，并 累计提供 绿色电力 445亿度。这是位于大渡口区的 重庆水务 环境集团所属三峰环境集团（下称"三峰环境集团"）实施绿色化发展取得的亮 眼"成绩单"。 8月12日，"活力中国调研行?重庆"采访团走进三峰环境集团，"零距离"触碰这家致力于垃圾焚烧发电项目投资、设备制造和运营管理全产业链 服务环保企业的高质量发展"脉搏"。 减污方面，企业采用先进的污染防治技术和严格的污染防治标准，跻身为全球领先的垃圾焚 ...

Group 1 - The company, Weili, has recently won a bid for the Shenyang Tiger Chong landfill leachate treatment reconstruction project [1] - The project has a designed treatment capacity of 1,100 tons per day [1] - The winning bid price is set at 158.60 yuan per ton, with an expected total revenue of approximately 610 million yuan (including tax) over a 10-year operational period [1] Group 2 - The project will be executed under the ROT (Reconstruction-Operation-Transfer) model [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]

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].

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]

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） ...