| 2.46% | 1.76% | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本报告期末 | | | 上年度末 | | | 本报 | | 总资产（元） | 告期末比上年度末增减 | | 8,456,005,190.19 | | | | | | | 8,541,174,554.79 | | -1.00% | | | | | | | | 归属于上市公司股东的净资产（元） | | | | 4,157,696,634.90 | | | | | | 4,099,207,751.48 | | 1.43% | | | | | | | | | | | | | | | | 单 | | 位：股 | | | | | | | | | | 报告期末普通股股东总数 | | 40,280 | | | 报告期末表决权恢复的优先股股东总数（如 | | | | | 有） | | 0 | | | | | | | | 10 | 前 | | 名股东持股情况（不含通过转融通出借股份） | | | | | | | | | | | | | 持有有限 ...

Business Overview - The company's business has expanded from combined heat and power (CHP) to include "CHP + solid waste (hazardous waste) resource utilization + environmental monitoring and governance" [2] - Main products include clean thermal energy and clean electricity, providing centralized heating services while selling excess electricity [2] Resource Utilization and Growth - In 2024, the company added copper and electrolytic copper to its resource utilization business, optimizing its industrial chain [3] - Plans for new projects include a 50,000-ton general solid waste resource utilization project and a 30,000-ton zinc-rich dust production line [3] - The company aims to enhance product value and improve market competitiveness through technological upgrades and production line expansions [3] Market and Cost Management - Coal price fluctuations significantly impact the company's operations, as coal is a primary raw material for its CHP business [4] - The company adjusts steam prices based on coal price changes and employs strategies like centralized procurement to ensure stable coal supply [4] Technological Advancements - The smart power plant project has shown promising results, reducing boiler operation frequency from over 2000 to around 100, thus enhancing safety and operational efficiency [4] Financial Performance - In Q1 2025, the company achieved a net profit of 95.73 million yuan, a 403.14% increase year-on-year, driven by lower raw material costs and increased demand [5] - The company expects to maintain stable operations and positive financial results moving forward [5]

Meeting Overview - The company will hold the second extraordinary general meeting of shareholders in 2025 on June 23, 2025, at 15:00 [1] - The meeting will include both on-site and online voting options for shareholders [2] Voting Procedures - Shareholders can vote through the Shenzhen Stock Exchange trading system or the internet voting system during specified times on June 23, 2025 [2][8] - Each shareholder can only choose one voting method, and duplicate votes will be counted based on the first submission [2] Attendance and Registration - All shareholders registered with the China Securities Depository and Clearing Corporation Limited by June 16, 2025, at 15:00 are eligible to attend the meeting [2] - Both individual and corporate shareholders must provide specific documentation for registration [5][6] Agenda Items - The meeting will discuss a proposal regarding the extension of the commitment period for resolving competition issues by the controlling shareholder, which has been approved by the supervisory board [4] - The voting results for this proposal will be disclosed publicly, especially considering its impact on minority investors [4] Additional Information - The company has provided detailed instructions for online voting procedures, ensuring shareholders can participate effectively [8] - The meeting will be held at the company's office located in Hangzhou, Zhejiang Province [6]

Financial Performance - In 2024, the company achieved a revenue of CNY 5.253 billion, representing a year-on-year growth of 18.29% [2] - The net profit attributable to shareholders was CNY 241 million, with a year-on-year increase of 22.71% [2] - For Q1 2025, the company reported a revenue of CNY 1.123 billion, up 12.82%, and a net profit of CNY 95.74 million, showing a significant growth of 403.14% [2] Business Operations - The company’s total profit for 2024 was CNY 423 million, reflecting a growth of 14.31% [2] - The revenue from the heat and power generation segment decreased by 3.5% to CNY 2.661 billion in 2024, primarily due to a drop in coal prices affecting clean heat pricing [6] - The company plans to enhance its operational efficiency through smart power plant projects and expand its capacity with two ongoing projects, expected to add 43 MW of installed capacity [6] Research and Development - R&D investment in 2024 increased by 11.11%, with plans to further boost R&D spending in the future to drive innovation [3] - The company emphasizes technology innovation as a core driver for long-term competitiveness [3] Market and Strategic Outlook - The company is actively evaluating potential mergers and acquisitions, although no immediate plans have been confirmed [4] - The management believes the stock price is influenced by market conditions but maintains a strong fundamental performance [3] - The company is focused on upgrading its main business, extending its industrial chain, and pursuing technological innovations to create additional value [3] Challenges and Risks - The company faced a one-time loss of CNY 61.71 million in 2024 due to government-related demolition activities [5] - The overall gross margin decreased by 1.56 percentage points to 16.24%, attributed to the expansion of lower-margin businesses [5] - The company’s subsidiary, Platinum Energy, reported a loss of CNY 40.52 million, impacted by economic fluctuations and reduced order volumes [7]