Fundraising Plan - The company plans to raise a total of up to 385.135 million yuan through a private placement of A-shares, which will be used to supplement working capital and repay loans after deducting issuance costs [1][2] Necessity and Feasibility of Fundraising - The necessity of the fundraising is highlighted by the company's core business of providing centralized heating for industrial parks, which has seen good growth due to increasing demand and economic development in recent years [1][2] - The company has relied on external financing, primarily bank loans, to meet its funding needs, with short-term loan balances increasing from 160.3365 million yuan to 302.6775 million yuan over the past three years [2] - The fundraising will enhance the company's financial strength, increase total assets and net assets, reduce the debt-to-asset ratio, and improve the capital structure [2][5] Impact on Company Control and Market Confidence - The entire subscription of the new shares will be made by the controlling shareholder, Nanchang Baitong Environmental Technology Co., Ltd., which will increase the control ratio of the actual controller, Zhang Chunlong, thereby stabilizing company control [3] - This move reflects the controller's confidence in the company's future, which is expected to boost market confidence and recognition of the company's value [3] Management of Raised Funds - The company has established a fundraising management system in compliance with regulatory requirements, ensuring proper storage, usage, and supervision of the raised funds [4] Impact on Financial Status - The issuance will lead to an increase in total assets and net assets, improve liquidity ratios, and enhance short-term debt repayment capacity [5] - Although there may be a temporary dilution of net asset return and earnings per share due to the increase in total shares, the long-term operational capacity is expected to strengthen with the effective use of raised funds [5] Regulatory Compliance - The fundraising does not involve any project approval matters such as environmental impact assessments, thus avoiding the need for additional regulatory approvals [5] Conclusion on Feasibility - The fundraising plan is deemed necessary and feasible, aligning with relevant laws and regulations, and is expected to meet the company's funding needs while enhancing overall strength and profitability [5]

证券研究报告 | 2025年05月26日 长青集团（002616.SZ） 优于大市 行稳致远的生物质发电龙头，携手中科系推动数字+智能转型 公司为民营生物质发电龙头企业。公司 1993 年成立，以燃气具制造业务起 家，2004 进入垃圾焚烧发电领域，2007 年进入农林生物质发电领域。2021 年公司剥离制造业务成为 A 股市场上独树一帜的以农林生物质资源化利用 为主攻方向的上市公司。截至 2024 年末，公司农林生物质发电项目业务总 装机容量 491MW，仅次于国能生物和光大绿色环保位居行业第三。 生物质发电行业：经营状况承压，补贴欠款问题亟待解决。截至 2024 年底， 全国生物质发电装机容量达到 4599 万千瓦，新增装机 185 万千瓦。但 包括南网能源、华能国际、九洲集团在内的多家上市公司均对生物质发 电资产计提了资产减值损失，我们认为这与电价补贴拖欠和原材料价格 上涨等因素有关，但长青集团却依靠精细化管理业绩实现逆势增长。 核心竞争优势：风险管控+经营效益。风险管控优势：公司从项目选址到客 户选择再到产品布局均有考量，紧密跟踪《可再生能源电价附加补助资金 管理办法》修订动态，13 个项目成功纳入国 ...