Group 1 - The core viewpoint of the article is that Hunan Junxin Environmental Protection Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange for the second time, with CICC and CITIC Securities as joint sponsors [1] - Junxin Environmental Protection specializes in comprehensive waste treatment and resource utilization solutions, including investment, management, and operation of green environmental energy projects [1] - According to Frost & Sullivan, Junxin's main operational site, the Changsha Environmental Industry Park, is one of the largest comprehensive environmental parks in China based on project scale [1] Group 2 - The company’s core business includes: (i) clean waste incineration power generation; (ii) comprehensive treatment of various wastes (including sludge, wastewater, leachate, fly ash, and others); (iii) transfer, compression, and transportation of municipal solid waste; and (iv) collection, harmless treatment, and resource utilization of kitchen waste [1] - The projects at the Changsha Environmental Industry Park are measured primarily by designed waste treatment capacity, which is a common industry metric for assessing comprehensive environmental parks and individual treatment projects [1]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Hunan Junxin Environmental Protection Co., Ltd. 湖南軍信環保股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港投資者提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載 ...

Core Viewpoint - Junxin Co., Ltd. is a leading company in the waste management industry, providing comprehensive waste treatment and resource utilization solutions, including green energy projects [2][3]. Business Overview - The company operates the largest environmental comprehensive park in China, located in Changsha, which includes various projects related to waste incineration and comprehensive waste treatment [2]. - Core business activities include: 1. Waste incineration power generation 2. Comprehensive treatment of various wastes (including sludge, wastewater, leachate, fly ash, etc.) 3. Transfer, compression, and transportation of municipal solid waste 4. Collection, harmless treatment, and resource utilization of kitchen waste [2]. Strategic Expansion - As part of its overseas expansion strategy, Junxin has established operations in Central Asia, signing service concession agreements in Kyrgyzstan and framework agreements for similar projects in Osh and Issyk-Kul regions [2]. - The company has also signed a memorandum of understanding to develop similar projects in Almaty, Kazakhstan [2]. Market Position - In 2024, Junxin's Changsha waste incineration project ranked fourth in the country for daily processing capacity among solid waste incineration projects and ranked first for average electricity generation per ton of waste [3]. - The Changsha transfer project is ranked first in the country for waste transfer and transportation, while the kitchen waste project ranks third for daily processing capacity [3]. Financial Performance - Revenue figures for the company are as follows: - 2022: Approximately 1.55 billion RMB - 2023: Approximately 1.84 billion RMB - 2024: Approximately 2.41 billion RMB - Q1 2025: Approximately 697 million RMB [3][5]. - Profit figures for the same periods are: - 2022: Approximately 588 million RMB - 2023: Approximately 653 million RMB - 2024: Approximately 686 million RMB - Q1 2025: Approximately 236 million RMB [3][5].

Core Viewpoint - Junxin Co., Ltd. is a leading company in the waste management industry, providing comprehensive waste treatment and resource utilization solutions, including green energy projects [2] Business Overview - Junxin Co., Ltd. operates the largest environmental comprehensive park in China, located in Changsha, which includes various projects related to waste incineration and comprehensive waste treatment [2] - The company's core business includes: 1. Waste incineration power generation 2. Comprehensive treatment of various wastes (including sludge, wastewater, leachate, fly ash, etc.) 3. Transfer, compression, and transportation of municipal solid waste 4. Collection, harmless treatment, and resource utilization of kitchen waste [2] Strategic Expansion - As part of its overseas expansion strategy, Junxin Co., Ltd. has established operations in Central Asia, signing service concession agreements in Kyrgyzstan for green energy projects in Bishkek and Osh City, as well as a memorandum of understanding for similar projects in Almaty, Kazakhstan [2] Market Position - In 2024, Junxin Co., Ltd.'s Changsha waste incineration project ranked fourth in the country for daily processing capacity among all solid waste incineration projects and ranked first in average electricity generation per ton of waste among all waste incineration companies in China [3] - The Changsha transfer project ranked first in the country for waste transfer and transportation, while the kitchen waste project ranked third for daily processing capacity [3] Financial Performance - The company reported revenues of approximately RMB 1.548 billion, RMB 1.837 billion, RMB 2.411 billion, and RMB 697 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively [3][5] - The net profits for the same periods were approximately RMB 588 million, RMB 653 million, RMB 686 million, and RMB 236 million [3][5] - The gross profit margin decreased from 55.9% in 2022 to 41.5% in 2024, while the operating profit margin also showed a decline [6]

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. (301109.SZ) has submitted an application to list on the Hong Kong Stock Exchange, with China International Capital Corporation and CITIC Securities as joint sponsors [1]. Company Overview - Junxin Environmental Protection is a leading company in providing comprehensive waste treatment and resource utilization solutions, including investment, management, and operation of green energy projects [4]. - The company's main operational base, Changsha Environmental Industry Park, is one of the largest comprehensive environmental parks in China, focusing on projects related to waste incineration power generation and various waste treatments [4]. Business Operations - Core business activities include: 1. Waste incineration power generation 2. Comprehensive treatment of various wastes (including sludge, wastewater, leachate, fly ash, and others) 3. Transfer, compression, and transportation of municipal waste 4. Collection, harmless treatment, and resource utilization of kitchen waste [4]. - As part of its overseas expansion strategy, the company is establishing operations in Central Asia, having signed service concession agreements in Kyrgyzstan and a memorandum of understanding in Kazakhstan [4]. Market Position - According to Frost & Sullivan, Junxin's Changsha waste incineration project ranks fourth in national solid waste incineration projects by daily processing capacity and first in average electricity generation per ton of waste among all waste incineration companies in China [5]. - The Changsha transfer project ranks first in the country for waste transfer and transportation, while the kitchen waste project ranks third by daily processing capacity [5]. Financial Performance - Revenue figures for the company are as follows: - 2022: Approximately 1.548 billion RMB - 2023: Approximately 1.837 billion RMB - 2024: Approximately 2.411 billion RMB - Q1 2025: Approximately 697 million RMB [5]. - Profit figures for the same periods are: - 2022: Approximately 588 million RMB - 2023: Approximately 653 million RMB - 2024: Approximately 686 million RMB - Q1 2025: Approximately 236 million RMB [5].