证券代码：300867 证券简称：圣元环保 圣元环保股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 广发证券股份有限公司：陈龙、荣凌琪 | | 及人员姓名 | | | 时间 | 2025 年 11 月 20 日 | | 地点 | 南安垃圾焚烧发电厂； | | | 全资子公司南安市圣元环保电力有限公司会议室 | | 上市公司接待 | 1、董事会秘书 陈文钰 | | 人员姓名 | 2、证券事务代表 何玖玖 | | | 公司董事会秘书陈文钰首先向本次调研人员简要 | | | 介绍了公司主要业务布局、发展战略以及 年三季 2025 | | | 报相关情况。 | | 投资者关系活 | 调研人员就公司情况进行提问，董事会秘书就提问 | | 动主要内容介 绍 | 一一进行解答。本次调研交流主要内容如下： | | | 问 1：公司 2025 年三季报较去年同期增长超过 | | | 1 ...

Core Viewpoint - Shengyuan Environmental Protection (300867) reported steady performance in its Q3 2025 results, with a slight decline in revenue but a significant increase in net profit, indicating effective cost management and improved cash flow [1][2]. Financial Performance - The company achieved operating revenue of 1.15 billion yuan, a year-on-year decrease of 0.67% [1]. - Net profit reached 213 million yuan, a substantial increase of 43.46% compared to the previous year, surpassing the total net profit of 184 million yuan for the entire previous year [1]. - Operating cash flow for 2024 was 505 million yuan, reflecting a year-on-year growth of 30.90% [1]. - In Q3 2025, the net cash flow from operating activities was 531 million yuan, marking a significant year-on-year increase of 75.02% [1]. Business Operations - The company has processed a total of 4.391 million tons of waste at its waste-to-energy plants, generating 1.488 billion kWh of electricity and treating 70.4267 million tons of sewage during the reporting period [2]. - Shengyuan is focusing on the comprehensive utilization of slag and expanding its steam supply business, which is expected to yield better economic benefits compared to traditional electricity generation [2]. - New projects in steam supply and heating are being developed, including Liangshan Shengyuan and ongoing projects in Putian, Caoxian, Anhui, and Jiangsu [2]. New Industry Development - The company is investing over 1.1 billion yuan to establish a taurine raw material and health industry park in the Fujian Quangang Petrochemical Park, which is anticipated to become one of the top three production capacities in China upon completion [2]. - The taurine production line utilizes advanced ethylene oxide methods and is progressing well, with construction and equipment installation currently underway [2]. - The company has developed various "taurine+" products for food, pharmaceuticals, health supplements, and pet food, with sales channels established both online and offline [3].

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]

Group 1: Financial Performance and Contributions - The Ministry of Finance allocated a budget of 46.183 billion CNY for renewable energy price subsidies, with biomass power generation receiving 3.942 billion CNY. The company has already received multiple subsidy payments, positively impacting Q3 profits [3]. - The company’s cash flow from operating activities is strong, indicating potential for profit growth in the future through various factors including project upgrades and improved receivables [4]. Group 2: Business Operations and Development - The average selling price for steam supplied from the company’s waste-to-energy plants is over 200 CNY per ton, with new contracts signed for a price starting at 205 CNY per ton [3]. - In the first half of 2025, the company’s seven waste-to-energy plants supplied 50.86 GJ of heat [3]. Group 3: Project Updates - The taurine project, with an annual capacity of 40,000 tons, began construction in June 2024 and is expected to rank among the top three in China upon completion. The project adheres to high standards and will utilize advanced production processes [4]. - The Xiamen Ruiji Hotel project has completed its main structure and is currently undergoing interior renovations, with plans for completion and trial operations by the end of 2026 [6]. Group 4: Marketing and Product Development - The company has established a dedicated marketing team for its taurine products, launching various "taurine+" products across different food categories, with sales strategies implemented both online and offline [5].

Core Viewpoint - Shengyuan Environmental Protection (300867) is strategically transforming into the health industry, focusing on taurine and its derivatives, which are expected to drive significant revenue growth for the company [1][2]. Group 1: Company Strategy and Developments - Shengyuan Environmental Protection held its 2024 annual shareholder meeting on May 9, approving 11 resolutions, including the 2024 Board of Directors' work report [1]. - The company has established a dual business model by expanding into the taurine market while consolidating its core waste management operations [1]. - The company is investing in a 40,000-ton annual production line for taurine in the Quangang Petrochemical Park, which is expected to commence production by the end of 2024 [2]. Group 2: Market Potential and Demand - The global taurine market is primarily dominated by China, which accounts for nearly 90% of the production capacity, while the U.S. relies heavily on imports due to a lack of domestic production [1][2]. - The demand for taurine is increasing in functional food and beverage sectors, particularly in energy drinks, as well as in pet food and feed additives [2]. - The aging population and rising chronic disease rates are further driving the demand for taurine in the pharmaceutical sector [2]. Group 3: Research and Policy Support - Recent scientific breakthroughs in taurine applications, including anti-aging and anti-cancer effects, have been reported in top-tier journals, indicating its growing market potential [1]. - The Chinese government has been increasingly supportive of the taurine industry, implementing policies to encourage the development of natural food additives and nutritional fortifiers [3]. - Shengyuan Environmental Protection is developing a comprehensive product matrix centered around taurine, including functional foods and health products, supported by a dedicated research institute [3].