格隆汇1月30日丨绿色动力环保(01330.HK)公告，截至2025年12月31日止3个月第四季度集团下属子公司 合计垃圾进厂量为380.76万吨，发电量为137,336.32万度，上网电量为115,299.32万度，供汽量为33.24万 吨。2025年下属子公司累计垃圾进厂量为1,472.96万吨，同比增长2.41%；累计发电量为524,008.60万 度，同比增长1.80%；累计上网电量为435,928.29万度，同比增长2.31%，累计供汽量为112.05万吨，同 比增长98.81%。 ...

绿色动力（601330）环保(01330)公布，于2025年第四季度集团下属子公司合计垃圾进厂量为380.76万 吨，发电量为137,336.32万度，上网电量为115,299.32万度，供汽量为33.24万吨。2025年下属子公司累 计垃圾进厂量为1,472.96万吨，同比增长2.41%;累计发电量为约52.4亿度，同比增长1.80%;累计上网电量 为约43.59亿度，同比增长2.31%，累计供汽量为112.05万吨，同比增长98.81%。 ...

智通财经APP讯，绿色动力环保(01330)公布，于2025年第四季度集团下属子公司合计垃圾进厂量为 380.76万吨，发电量为137,336.32万度，上网电量为115,299.32万度，供汽量为33.24万吨。2025年下属子 公司累计垃圾进厂量为1,472.96万吨，同比增长2.41%;累计发电量为约52.4亿度，同比增长1.80%;累计上 网电量为约43.59亿度，同比增长2.31%，累计供汽量为112.05万吨，同比增长98.81%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 截至二零二五年十二月三十一日止三個月 第四季度及截至二零二五年十二月三十一日止 十二個月未經審核營運數據公告 – 2 – 上 文 所 披 露 的 營 運 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 製，或 會 因 核 對 相 關 營 運 資 料 過 程 中 的 各 項 不 確 定 因 素 而 變 更，及 有 別 於 本 公 司 按 年、半 年 或 季 度 所 刊 發 經 審 核 或 未 經 審 核 綜 合 財 務 報 表 將 予 披 露 的 數 據。該 等 數 據 不 應 視 ...

绿色动力公告称，2025年第四季度，公司下属子公司合计垃圾进厂量380.76万吨，发电量137,336.32万 度，上网电量115,299.32万度，供汽量33.24万吨。2025年累计垃圾进厂量1,472.96万吨，同比增长 2.41%；累计发电量524,008.60万度，同比增长1.80%；累计上网电量435,928.29万度，同比增长2.31%； 累计供汽量112.05万吨，同比增长98.81%。此外，公告还披露了各区域主要经营数据。 ...

Group 1 - The core viewpoint of the article is that the company, Green Power, is expanding its steam supply business, which is expected to enhance the overall gross margin of its waste-to-energy projects [1] - By the third quarter of 2025, the steam supply revenue is projected to account for approximately 5% of the company's total operating income [1]

Group 1 - The company held its sixth extraordinary general meeting of shareholders on December 12, 2025, with no proposals rejected [1][2] - A total of 588 shareholders attended the meeting, representing 316,296,319 shares, which is 26.5305% of the total voting shares [8][10] - The meeting was conducted in compliance with relevant laws and regulations, and the chairman of the board, Mr. Yu Xuchun, presided over the meeting [7][8] Group 2 - The meeting approved the appointment of the auditing firm for the 2025 fiscal year, with 99.2632% of the votes in favor [14] - The proposal for a 400,000-ton annual production capacity recycling aluminum project was also approved, receiving 98.8377% of the votes in favor [15] Group 3 - The company plans to increase its alumina procurement from Zhejiang Jinlian International Trade Co., Ltd. to a maximum of 480,000 tons in 2026, with an estimated transaction amount of 1,392 million yuan [59][60] - The company also plans to sell up to 60,000 tons of electrolytic aluminum liquid to Jiaozuo Wanfang Group Co., Ltd. in 2026, with an estimated transaction amount of 1,222.82 million yuan [43][30] Group 4 - The company is in the process of issuing shares to acquire a 99.4375% stake in Cayman Aluminum (Sanmenxia) Co., Ltd., which constitutes a related party transaction and a major asset restructuring [36][40] - The transaction is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [37]

Group 1 - The core viewpoint of the article is that Shaoneng Co., Ltd. (000601) is focusing on expanding its steam supply business while maintaining its biomass power generation operations to improve cash flow [1] Group 2 - The company aims to increase the revenue share of its steam supply business [1] - The company is actively engaging with investors through interactive platforms to address inquiries [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the first three quarters of 2025, the company achieved operating revenue of 2.582 billion yuan, a year-on-year increase of 1.5%, and a net profit attributable to the parent company of 626 million yuan, a year-on-year increase of 24.4% [2][4]. - The third quarter continued the positive trend from the first half of the year, with a quarterly heating volume increase of 100% year-on-year and a net profit margin improvement of 4.09 percentage points [2][10]. - The company has entered a pure operation phase since January 2024, with stable processing capacity at 40,300 tons per day, and a cumulative waste volume of 10.9219 million tons in the first three quarters of 2025, a year-on-year increase of 2.00% [10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 899 million yuan, a year-on-year increase of 1.6%, and a net profit of 249 million yuan, a year-on-year increase of 24.2% [4][10]. - The gross profit margin in Q3 decreased slightly by 0.03 percentage points, but the overall gross margin for the first three quarters increased by 3.19 percentage points, indicating good efficiency improvements in the main business [10]. - The company’s operating cash flow in Q3 increased by 35.1% year-on-year, reaching 691 million yuan, supported by significant increases in government subsidy payments and cash received from sales [10]. Operational Efficiency - The company has actively expanded its sludge direct spray disposal, heating, and biogas purification businesses to generate incremental revenue [10]. - The financial expenses in Q3 decreased by 14.35 million yuan, mainly due to lower bank interest rates and reduced borrowing balances [10]. - The company’s asset-liability ratio and interest-bearing asset-liability ratio decreased by 1.7 percentage points and 0.8 percentage points year-on-year, respectively, indicating a trend of decreasing leverage [10]. Future Outlook - The company is expected to achieve net profits of 684 million yuan, 731 million yuan, and 776 million yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.8%, 6.94%, and 6.16% [10]. - Assuming a dividend payout ratio of 60%, 65%, and 70% for the respective years, the corresponding dividend yields are projected to be 3.99%, 4.63%, and 5.29% [10].

Core Insights - The company reported a revenue of 2.58 billion yuan for the first three quarters, representing a year-on-year increase of 1.5% [1] - The net profit attributable to shareholders reached 626 million yuan, showing a significant year-on-year growth of 24.4% [1] - Basic earnings per share stood at 0.45 yuan [1] Operational Performance - In the third quarter of 2025, the total waste processed by the company's subsidiaries amounted to 3.7676 million tons, with electricity generation reaching 1,327.5431 million kWh [1] - The total electricity sold to the grid was 1,092.9822 million kWh, and steam supply was 272,600 tons [1] - For the first three quarters of 2025, the cumulative waste processed was 10.9219 million tons, reflecting a year-on-year growth of 2.0% [1] - Cumulative electricity generation for the same period was 38,667.228 million kWh, with a year-on-year increase of 1.17% [1] - The cumulative electricity sold to the grid was 32,062.897 million kWh, showing a year-on-year growth of 1.46% [1] - Cumulative steam supply reached 788,100 tons, marking a substantial year-on-year increase of 111.91% [1]