本报讯 （记者肖伟）8月20日，岳阳林纸股份有限公司（以下简称"岳阳林纸"）在公司官方微信公众号 上发布消息称，近日，生态环境部发布第三批CCER方法学征求意见的通知，将为生物质发电等相关产 业链带来政策利好。岳阳林纸作为率先进行碳汇开发布局的企业，其全资子公司湖南骏泰新材料科技有 限责任公司（以下简称"骏泰科技"）的农林生物质发电项目完全符合第三批CCER方法学要求，将有利 于提升发电项目的经济性，进一步推动企业新能源的可持续发展。 骏泰科技作为岳阳林纸旗下专注于生物基材料和生物质能的重要子公司，2024年生物质发电量达5.4亿 度，成为企业重要的收益增长点和成本节降关键。骏泰科技的农林生物质发电与第三批CCER方法学完 美契合，意味着其在碳减排核算、技术规范、运营管理等方面达到更高标准，将在未来碳交易市场中获 得更广阔的发展空间。骏泰科技通过高效利用农林废弃物转化为绿色电能，不仅缓解能源供需矛盾，还 极大减少温室气体排放，为地方绿色发展贡献力量。 面对全球碳市场的广阔前景，岳阳林纸已将目光投向境外市场。公司计划依托自身在碳汇开发领域的技 术优势、项目经验和品牌影响力，积极拓展国际合作渠道，参与国际碳交易市 ...

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment is the largest waste-to-energy operator in China, holding approximately 16% market share in 2023, significantly ahead of competitors [2][4] - The waste-to-energy sector is characterized by a land-grabbing nature, where early positioning in quality locations can yield higher electricity prices [10] Company Performance and Financials - The environmental energy segment contributed 52% of the company's revenue, 96% of EBITDA, and 97% of net profit in 2024, indicating it as the core profit source [2][4] - The company experienced a rapid capacity expansion from 2010 to 2020, with a capacity growth rate of 30%, particularly through the PPP model from 2016 to 2022 [2][7] - In 2024, operational revenue is expected to account for 64% of total revenue, with the energy and environmental segment contributing 61% [2][14] - The overall operational cash flow is approximately 8.9 billion HKD, with a pure cash flow of about 7 billion HKD [2][14] Cash Flow and Dividends - The waste-to-energy industry is projected to achieve positive free cash flow in 2024, improving from a negative 400 million HKD in 2023 to a positive 600 million HKD [3] - The dividend payout ratio has steadily increased to 34%, up by 7 percentage points year-on-year [3] - Long-term free cash flow is estimated at around 2 billion HKD, which exceeds the total dividends for 2024, indicating sustainability even without subsidies [15][18] Market Position and Competitive Advantage - Guangda Environment's single project capacity is approximately 900 tons per day, above the industry average, with a power generation efficiency of 330 kWh per ton, reflecting high operational efficiency and technological advantages [9] - The company maintains a strong market position in waste-to-energy, with a market share of 16%, while its wastewater treatment segment holds about 3% market share [6][4] Challenges and Future Outlook - The green environmental segment, including agricultural biomass power generation and hazardous waste treatment, faces challenges due to reduced demand and profitability [12][13] - The water business is expected to perform steadily, with a gross margin of about 42%, close to the industry average, benefiting from improved local fiscal conditions and potential increases in residential water prices [11] - Future focus areas include the Hunan region, which is anticipated to become a key area for expansion, with a projected market share of 9% [10] Investment Considerations - The company's current PE ratio is approximately 6.8, with a dividend yield of 6.5%, indicating strong long-term investment value [18] - Despite fluctuations in public fund holdings, southbound capital has been increasing, suggesting long-term investment interest [17]