2025 Annual Results Presentation March 2026 China Everbright Environment Group Limited Forward-looking Statement Financial Review 01 Financial Review This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of assumptions about the operations of China Everbright Environment (Group) Limited ("Everbright Environment" or the "Company", together with its subsidiaries, collectively the "Group") and factors beyond the Company's control and are subject to ...

Group 1 - The company has received approval for the expansion of the Hanoi Shoshang Waste-to-Energy Plant project, increasing waste processing capacity by 1,600 tons per day and generating an additional 45 MW of power [1][2] - The total investment for the expansion project is approximately 5.83 trillion VND, equivalent to 220 million USD, with the company’s subsidiaries contributing 1.17 trillion VND (44 million USD) [2] - This expansion is expected to strengthen the company's market presence in Vietnam's environmental sector and enhance operational efficiency, supporting local environmental management and low-carbon transition goals [3] Group 2 - The project is located in the Namshan garbage disposal area of Hanoi, Vietnam, and aims to maximize the utility of existing infrastructure [2][3] - The expansion aligns with the company's international development strategy and is crucial for deepening its business footprint in Southeast Asia, thereby enhancing competitiveness and brand influence [3]

Core Insights - Qinghai has achieved significant urban development since the 2015 Central Urban Work Conference, with improvements in new urbanization, planning, governance, ecological environment, and cultural heritage [1][2] Group 1: Urbanization and Economic Growth - The urbanization rate in Qinghai increased by 13.56 percentage points over the past decade, narrowing the gap with the national urbanization rate to 3.14 percentage points [1] - The urban economy contributes 82% to the regional GDP, which has nearly doubled since 2015 [1] - The integration of the Lanzhi urban agglomeration and the Xining-Haidong metropolitan area is accelerating, with regional center cities growing and urbanization in county towns being addressed [1] Group 2: Infrastructure and Environmental Improvements - The total area of urban and county built-up areas reached 451.1 square kilometers, a 20.2% increase since 2015 [1] - The urban sewage treatment rate is at 96.09%, and major cities have eliminated black and odorous water bodies [2] - The green coverage rate in urban areas is 36.71%, promoting a lifestyle where citizens frequently encounter greenery [2] Group 3: Cultural Heritage and Community Development - Qinghai has established a comprehensive system for the protection and transmission of urban and rural historical culture, including various national and provincial historical cultural cities and villages [2] - Significant improvements in living conditions have been made for nearly 500,000 residents through the renovation of old urban communities and shantytowns [2]

Core Insights - China's urbanization has rapidly advanced over the past decade, with an urbanization rate reaching 64%, indicating that 910 million people live in urban areas while 500 million remain in rural areas. The government is promoting new rural construction to balance urban-rural development and encourage urban workers to return to their hometowns for entrepreneurship [1] Group 1: Rural Development Initiatives - The government is investing in rural infrastructure, such as extending cement roads and establishing urban-rural public transport lines to improve connectivity [1] - To further narrow the urban-rural gap and enhance the quality of life for rural residents, a "charging" model for various services is expected to be implemented in rural areas [1] Group 2: Introduction of Fees - The introduction of water supply fees is anticipated as rural areas transition from well water, which is prone to pollution, to modern piped water systems, necessitating significant investment in infrastructure [1] - Garbage disposal fees will become standard practice to address environmental issues caused by improper waste management in rural areas, improving overall sanitation [3] - The implementation of pension insurance fees is crucial for providing financial security for rural residents in their old age, as the new rural social pension insurance system is rolled out [4] - Medical insurance fees will be collected annually for the new rural cooperative medical system, which is improving its coverage and reimbursement rates, thereby alleviating healthcare costs for rural residents [4] - Fees will be charged for exceeding the designated area for homesteads, as the "one household, one homestead" policy is enforced to regulate land use in rural areas [5]

| 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2026-004 | | --- | --- | --- | | 转债代码：113054 | 转债简称：绿动转债 | | 绿色动力环保集团股份有限公司 2025 年第四季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》， 绿色动力环保集团股份有限公司（以下简称"公司"）现将公司垃圾处理业务 2025 年第四季度主要经营数据公告如下： 据公司初步统计，2025 年第四季度公司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 ...

Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. (Junxin Co., 301109.SZ) is expanding its waste treatment and green energy business, with a focus on both domestic and international markets, including a significant project in Kyrgyzstan [3][4][9]. Group 1: Company Overview - Junxin Co. specializes in the treatment of municipal solid waste, kitchen waste, municipal sludge, leachate, and fly ash, positioning itself as a "waste-to-energy" green manufacturing company [3]. - The company operates the Changsha Heimi Peak Solid Waste Treatment Plant, which is the only environmental park in China to have won two Luban Awards, the highest construction engineering award in the country [3]. Group 2: International Expansion - During the first China-Central Asia Summit, Junxin Co. signed a memorandum of understanding with Kyrgyz Republic officials to establish the country's first waste incineration power generation project, leveraging its successful experience from Changsha [4]. - The company's future strategy is to "root in Hunan, radiate nationwide, and go global" [4]. Group 3: Project Financing - The project in Kyrgyzstan faces challenges such as language barriers, funding shortages, and legal constraints, which complicate cross-border financing [4]. - China Merchants Bank (CMB) formed a project team to support Junxin Co., leading to the creation of a cross-border syndicate loan solution [5][6]. - CMB successfully provided Junxin Co. with a cross-border syndicate loan of $6.42375 million, which is crucial for the project's construction and boosts the company's confidence in expanding overseas [7]. Group 4: Project Progress - With funding secured, the Bishkek waste-to-energy project in Kyrgyzstan is on track for completion, with operations expected to commence on December 27, 2025 [9]. - The project was recognized by the Kyrgyz Republic President, who awarded Junxin Co.'s chairman a friendship medal during the inauguration ceremony [10]. Group 5: Future Outlook - The story of Junxin Co.'s international expansion reflects the growing trend of green finance and the potential for similar enterprises to venture abroad [11].

Core Viewpoint - Wangneng Environment highlighted that its main business segment "operation of municipal solid waste projects" includes multiple revenue sources such as waste-to-energy income, waste treatment service fees, and heating services, with waste-to-energy being a significant component of this business [1] Group 1 - The company operates in the municipal solid waste management sector, which encompasses various revenue streams [1] - Waste-to-energy generation is a key part of the company's operational revenue [1]

Core Viewpoint - WM, North America's largest trash hauler, has faced a challenging year, leading to questions about its stock performance and long-term investment viability [1]. Performance Overview - Over the past year, WM's stock has declined by 10% in December 2024 and experienced another significant drop in late October, resulting in a total return of negative 3.2% when factoring in dividends [2][3]. - Compared to the S&P 500, which has grown by 13% (15% total return), WM's performance lags significantly, with an underperformance of 8.4 percentage points on an absolute basis and 11.8 percentage points on a total return basis [3][4]. Three-Year Performance - Despite the recent downturn, an investment in WM from December 1, 2022, has yielded a 29.6% increase, or 36.1% on a total return basis over the past three years [5]. - The S&P 500 has outperformed WM during this period, with a growth of 67.1% (75.3% total return), indicating that WM still trails behind the broader market [6]. Five-Year Performance - Over the last five years, WM shares have increased by 82.2% (98% total return), while the S&P 500 has risen by 88.4% (103.6% total return), showing that WM's performance is closer to the market, trailing by about six percentage points [7]. - For much of the five-year period, WM's returns outperformed the S&P 500, only recently slipping behind [8]. Investment Perspective - WM is characterized as a slow-growing dividend stock that requires patience from investors, but it has demonstrated reliable long-term outperformance [10].

Summary of the Conference Call for Guangda Environment Company Overview - Guangda Environment plans to return to the A-share market to leverage higher valuation advantages compared to the Hong Kong market, aiming to raise funds through the issuance of up to 11.5% of total shares (maximum of 800 million shares) for project expansion, research investment, and overseas project layout, particularly in Southeast Asia and the Middle East [2][3] Key Points Financial Performance - As of November 2025, the company recorded a free cash flow of 2 billion RMB in the first half of the year, benefiting from strict capital expenditure control, which decreased by over 1 billion RMB year-on-year [2][6] - The company received significant national subsidies in the second half of the year, totaling 32 to 33 billion RMB, far exceeding the previous year's total of 1.9 billion RMB [2][10] Internationalization and Technological Development - The company will focus on internationalization and technological advancement in the coming years, with capital expenditures expected to not exceed 5 billion RMB in 2026-2027, with 30%-40% from overseas projects [2][7] - Research and development efforts are concentrated on four main areas: high-value utilization of biomass, resource utilization of incineration ash, small furnace markets in county regions, and refined resource utilization without residue [2][11] Market Strategy and Operations - The company’s heating business, which began in 2019, aims to reach a total heating volume of 6 million tons by 2024, expanding its customer base in the environmental energy sector [4][15] - The green environmental sector showed good profit recovery in the first half of the year, with expectations for stability in the second half [4][17] Leadership and Management Changes - The new chairman emphasizes execution and has initiated a second entrepreneurial phase, promoting young talent and establishing new departments to enhance receivables management and expand B2B business [4][13] Future Financing and Dividend Plans - Returning to the A-share market is expected to improve financing capabilities, allowing the company to raise more funds with fewer shares, supporting debt repayment, dividends, and overseas expansion [8][14] - Although there are no specific dividend guidelines currently, the management has indicated an increase in absolute dividend amounts following the improvement in free cash flow [12] Challenges and Risk Management - The company faced challenges in the green environmental projects' receivables in the first half of the year, with overall collections being low, but managed to achieve a historical high in free cash flow due to the growth of non-national subsidy businesses [9][10] - The company has implemented refined management practices to enhance profitability, optimizing resource allocation across projects and improving operational efficiency [18] Additional Insights - The company is exploring strategic stock purchase incentives for employees to align management interests with capital market performance [14] - The focus on green methanol and biomass utilization indicates a commitment to sustainable practices and innovation in the energy sector [16]

Summary of Junxin Co., Ltd. Conference Call Company Overview - **Company**: Junxin Co., Ltd. - **Industry**: Waste management and energy generation Key Points Business Expansion and Projects - Junxin Co., Ltd. is making progress in expanding its overseas market, with a garbage treatment project in Bishkek, Kyrgyzstan, expected to commence operations by the end of the year, processing 1,000 tons of waste daily [2][3] - The company has also secured reserve projects in Almaty, Kazakhstan, and other locations in Kyrgyzstan, laying a foundation for future growth [2][3] Financial Performance - The company reported a nearly 50% increase in net profit for the third quarter, primarily due to the consolidation of Renhe Environment, contributing a net profit of 178 million RMB [2][5] - The rise in industrial mixed oil prices, currently around 7,100-7,200 RMB per ton, accounts for approximately 20%-25% of total revenue [2][5] Operational Efficiency - Junxin Co., Ltd. is enhancing its power generation efficiency by upgrading technology, increasing the capacity of its generator units from 25 MW to 33 MW [2][7] - The company aims to optimize integrated technology in new projects to further improve power generation efficiency [2][7] Cash Flow and Receivables - The company demonstrated strong cash flow performance, accelerating national subsidy collections to 81.5 million RMB in the third quarter [2][8] - However, there has been an increase in credit impairment losses due to receivables from budget-exceeding portions, with remaining national subsidy receivables around 110 million RMB [2][8] Government Subsidies and Financial Strategy - Junxin Co., Ltd. plans to apply for additional electricity subsidies from the government by the end of the year to compensate for the cancellation of national subsidies and delays in provincial subsidies [2][9] - The company aims to maintain a dividend payout ratio of no less than 50% while supporting overseas expansion and high dividend yield strategies through a planned Hong Kong listing [3][16] Future Growth Drivers - Key growth drivers include the gradual release of reserve projects, internal efficiency improvements, new business trials, and potential revenue from data centers and new heating projects [18] - The company is focusing on heavy asset expansion in Central Asia, Southeast Asia, and the Americas, while exploring light asset and technology output opportunities [17] International Projects and Investment Criteria - Junxin Co., Ltd. has signed an investment agreement in Kazakhstan and is negotiating operational agreements and pricing details [11] - The company prioritizes projects in politically stable regions with good relations with China and considers local economic conditions and competition levels when selecting overseas projects [23] Technology and Market Position - The company holds a competitive edge in operational efficiency, including increased power generation and environmental management, compared to overseas firms [24] - Junxin Co., Ltd. is also exploring the potential for co-burning industrial waste in overseas markets, where regulations are less stringent [15] Dividend Policy - The company plans to maintain its dividend payout at an average level consistent with previous years, with adjustments based on annual cash flow and capital expenditure [24] This summary encapsulates the key insights from the conference call, highlighting Junxin Co., Ltd.'s strategic initiatives, financial performance, and future growth prospects in the waste management and energy generation industry.