香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不作任何陳述，並明確聲明概不承擔因本公告全部或任何部分內容而產生或因 倚賴該等內容所引致之任何損失之任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：1372） 自願公告 業務發展最新情況 本公告乃由中國碳中和發展集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 作出之自願性公告，以知會本公司股東及有意投資者關於本集團業務之最新消息。 一、再生資源業務 本集團與中國鐵塔、中國再生資源、億緯鋰能等頭部企業合作，共同推動鋰電循環經濟 生態圈建設，落實國家「雙碳」戰略目標。結合線上平台「尋鋰網」與區塊鏈溯源技術，共 建規範化、高效率的鋰電池回收體系。目前「尋鋰網」正加速構建以「9 個綜合處理基地、 80 個中心倉、5,000 個回收網點」為骨架的全國性線上線下一體化回收網絡，已覆蓋湖北、 湖南、河南、江西、廣東、浙江等多個重點區域。預測年廢電池及黑粉回收量可達 5 萬噸； 與多家電芯廠商合作，每月交易量可達 80 萬支；废旧锂电池綜合利用月資金規模已超過 3,000 萬元人民幣，預計年資金規模達 5 億元人 ...

Core Viewpoint - The company reported a significant increase in revenue for the fiscal year 2025, with total revenue surpassing 3.54 billion yuan, marking a year-on-year growth of 21.08% [1] Financial Performance - The company's revenue for the fourth quarter reached a record high of 957 million yuan, reflecting a year-on-year increase of 38.23% [1] - The net profit attributable to the parent company's owners was 301 million yuan, a decrease of 2.10% compared to the same period last year [1] - After excluding share-based payments, the net profit attributable to the parent company's owners was 314 million yuan, showing a year-on-year growth of 3.41% [1] Project Developments - The second phase of the Quang Hoa project in Vietnam was successfully put into production, leading to efficient capacity release [1] - The third phase of the Quang Hoa project is progressing as planned, providing crucial capacity support for the company's ongoing expansion in overseas markets [1]

Core Insights - The company reported a resilient performance for the fiscal year 2025, with total revenue surpassing 3.54 billion yuan, marking a year-on-year increase of 21.08% [1] - The fourth quarter showed particularly strong growth, with revenue reaching 957 million yuan, a significant year-on-year increase of 38.23% [1] - 2025 is highlighted as a year of achievement for the company's globalization strategy, with key progress in the construction of the Vietnam production base [1] Group 1 - The company has successfully launched the second phase of its Vietnam production base, achieving efficient capacity release, while the third phase is progressing as planned [1] - This strategic layout optimizes the global supply chain and enhances delivery assurance in overseas markets, building a solid foundation for coping with market fluctuations and improving global competitiveness [1] Group 2 - The company is deepening its industrial structure adjustment while solidifying its traditional business advantages, focusing on four core business matrices: finished frames, decorative building materials, recycled plastics, and environmental equipment [2] - The decorative building materials segment is expected to accelerate its growth as the company's "second growth curve," contributing to a collaborative and steady development of the four main businesses [2] - The company has strengthened direct supply partnerships with large retailers across over 130 countries, enhancing channel operational efficiency and effectively diversifying potential risks from single markets [2] Group 3 - Despite achieving record revenue, the company's net profit attributable to shareholders slightly decreased by 2.10% to 301 million yuan due to asset impairment provisions and increased exchange losses [2] - Excluding the impact of share-based payments, the net profit attributable to shareholders was 314 million yuan, reflecting a 3.41% year-on-year growth, indicating robust profitability in core operations [2] - The company aims to strengthen its foundation for long-term high-quality development and continuously enhance its global market competitiveness [2]

Core Viewpoint - The company, Yingke Recycling (688087.SH), has announced the need to assess and analyze potential impairment of asset values based on prudence principles, leading to a total impairment provision of 49.134 million yuan for the year 2025 [1] Financial Assessment - The company conducted an evaluation of its consolidated financial statements as of December 31, 2025, in accordance with the relevant accounting standards and policies [1] - The impairment provision includes provisions for credit impairment losses that may be reversed [1]

Fundraising Overview - The company was approved to publicly issue 33,258,134 shares at a price of 21.96 RMB per share, raising approximately 730.35 million RMB, with a net amount of about 656.86 million RMB after deducting issuance costs [2] Change in Fund Usage - The company decided to change the use of part of the raised funds from a "100,000 tons/year multi-category plastic bottle high-quality recycling project" to a "5 million m² new decorative building materials project," reallocating 142.64 million RMB, which is 21.72% of the net amount raised [3][4] New Fund Management Agreements - The company established new special accounts for the raised funds and signed tripartite supervision agreements with its underwriter and banks to ensure compliance with regulations and protect investor interests [4][5][13] Special Account Details - As of February 9, 2026, the special account for the new project had a balance of approximately 22.64 million RMB, and the funds are strictly designated for the specified projects [5][13] Monitoring and Compliance - The underwriter is responsible for supervising the use of the raised funds, with provisions for regular audits and reporting to ensure adherence to the agreements [6][12][16] Reporting Obligations - The bank is required to provide monthly account statements to the company and the underwriter, ensuring transparency in fund management [11][16]

Group 1 - The core viewpoint of the articles highlights the proactive approach taken by the Sujiatun District to facilitate the development of key livelihood projects, such as the Biyoute Supermarket, by addressing various inter-departmental issues on-site [1][2] - The district has established a "project service team" composed of multiple departments to provide on-the-ground support, ensuring that project approvals and necessary services are streamlined and efficient [1] - A new initiative called "Key Project Approval Service Open Day" has been launched to enhance communication between government and enterprises, allowing for direct interaction and clarification of the entire project approval process [2] Group 2 - The district has adopted a "project-oriented" philosophy, focusing on optimizing the pre-approval process to ensure projects are launched and operational as quickly as possible [1] - As of now, 53 out of 80 key new projects have completed all preliminary procedures, achieving a completion rate of 66.25% [2] - The government’s commitment to providing "one-stop" and "nanny-style" services has been positively received by project leaders, who feel reassured by the support and guidance offered [1]

Core Viewpoint - The article emphasizes the growing trend of green consumption in China, supported by government initiatives aimed at promoting sustainable practices across various sectors, including food, clothing, housing, transportation, and tourism [1][3]. Group 1: Green Product Supply - The notification highlights the need to enrich the supply of green products, including increasing the availability of green agricultural products, promoting energy-efficient home appliances, and encouraging green vehicle consumption [3]. - The "old-for-new" policy for consumer goods has effectively stimulated demand for green products, with projections for 2024-2025 indicating 18.3 million vehicle exchanges, with nearly 60% being new energy vehicles, and 192 million home appliances, with over 90% being top-tier energy and water efficiency products [3]. - The notification also sets clear requirements for the entire supply chain of green agricultural products, emphasizing the importance of consumer trust in identifying and purchasing these products [3]. Group 2: Service Consumption Upgrade - The notification focuses on the green upgrade of service consumption, proposing the development of green dining, accommodation, and housekeeping services [5]. - New trends in green consumption are reshaping lifestyles, with restaurants offering smaller portion sizes and hotels providing refillable water options, although some businesses express concerns about consumer experience and competition [6]. Group 3: Circular Economy and Recycling - The notification outlines the construction of a green recycling system, aiming to reduce single-use plastic products and promote the recycling and reuse of waste materials [6][10]. - A three-tier recycling system is proposed to support high-value utilization projects for recycled resources, encouraging financial institutions to provide green credit support for these initiatives [10][11]. - The article highlights successful examples of transforming waste into valuable products, such as bamboo products in Anhui and recycled plastic materials, while also addressing challenges in the recycling industry [8][10]. Group 4: Innovative Green Consumption Models - The notification encourages the development of innovative green consumption models, including green supply chains, green consumption points, and shared consumption [11]. - The rental market is gaining traction, with various sectors, including digital equipment and clothing, seeing significant growth in rental services, indicating a shift towards sustainable consumption practices among younger consumers [13]. Group 5: Collaborative Efforts for Green Consumption - The article stresses the importance of collaboration among government, businesses, and consumers to promote green consumption, highlighting the need for policies that integrate green concepts into daily life [14]. - The successful implementation of green consumption initiatives is seen as crucial for driving industry transformation and contributing to high-quality development during the 14th Five-Year Plan period [14].

Group 1 - The company approved a share repurchase plan using its own funds and a special loan for share buyback, with a maximum price of RMB 41.44 per share and a total repurchase amount between RMB 40 million and RMB 80 million, within a period of up to 12 months [1] Group 2 - After the 2024 annual equity distribution, the maximum repurchase price was adjusted to RMB 41.38 per share [2] - Following the 2025 semi-annual equity distribution, the maximum repurchase price was further adjusted to RMB 41.28 per share [2] Group 3 - As of January 31, 2026, the company repurchased 1,424,200 shares, accounting for 0.73% of the total share capital, with a total expenditure of RMB 40,000,176.40, at a maximum price of RMB 30.39 per share and a minimum price of RMB 25.43 per share [3] Group 4 - The share repurchase is in compliance with legal regulations and the company's repurchase plan [4] Group 5 - The company will make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [5]

Investment Rating - The report rates the environmental operation industry as stable, with specific segments rated as follows: waste incineration power generation - stable, hazardous waste disposal - negative, and recycling of renewable resources - stable [5] Core Insights - The environmental industry is undergoing a structural transformation driven by both policy and market forces, with waste incineration power generation transitioning towards a market-driven model despite challenges such as regional supply-demand imbalances and reliance on policy for profitability [4][21] - The hazardous waste disposal sector is experiencing profound changes, with persistent overcapacity and intense price competition, leading to pressure on profits and a need for technological breakthroughs and increased industry concentration [22][23] - The recycling of renewable resources is expanding in scale while facing internal challenges, with a focus on technological advancements and efficiency improvements expected to accelerate transformation by 2026 [4][21] Summary by Sections Industry Fundamentals - The waste incineration power generation sector is shifting towards a market-driven model, characterized by trends such as network collaboration, market-oriented operations, intelligent upgrades, and international competition [9][20] - The hazardous waste disposal industry is marked by structural overcapacity and low-price competition, with a need for rational behavior among market participants and a focus on resource recovery and digital regulation [22][23] - The recycling industry is experiencing both expansion and structural upgrades, with leading companies expected to gain advantages through core technologies and specialization in emerging sectors [4][21] Financial Performance - Waste incineration companies are benefiting from market-oriented operations and international orders, leading to improved cash flow and reduced leverage [7] - Hazardous waste disposal companies are facing increased operational pressures, with many reporting significant losses and negative cash flow [7] - The financial performance of recycling companies varies widely, with overall profitability remaining moderate and leverage levels slightly increasing [7] Conclusion - The waste incineration sector is expected to achieve a balance between supply and demand through regional collaboration and raw material optimization, with a shift towards diversified revenue models and enhanced technological integration [20][21] - The hazardous waste sector is anticipated to continue facing challenges related to overcapacity and competition, necessitating a focus on high-value resource recovery and digital regulation [22][23] - The recycling industry is projected to undergo significant transformation driven by technological advancements and efficiency improvements, with leading firms positioned to capitalize on these trends [4][21]

Group 1 - The core viewpoint of the news is that Yingke Recycling has experienced a decline in stock price and trading volume, with significant financing and margin trading activities indicating investor sentiment and market positioning [1][2]. - On January 29, Yingke Recycling's stock fell by 5.05%, with a trading volume of 84.19 million yuan. The financing buy-in amount was 9.89 million yuan, while the financing repayment was 9.64 million yuan, resulting in a net financing buy of 0.25 million yuan [1]. - As of January 29, the total balance of margin trading for Yingke Recycling was 1.09 billion yuan, which is 1.84% of its circulating market value, indicating a low financing balance compared to the past year [1]. Group 2 - As of September 30, Yingke Recycling had 7,443 shareholders, a decrease of 3.27% from the previous period, while the average circulating shares per person increased by 3.39% to 25,022 shares [2]. - For the period from January to September 2025, Yingke Recycling achieved an operating income of 2.583 billion yuan, representing a year-on-year growth of 15.76%, and a net profit attributable to shareholders of 226 million yuan, up 16.29% year-on-year [2]. - Yingke Recycling has distributed a total of 120 million yuan in dividends since its A-share listing, with 93.13 million yuan distributed over the past three years [3].