90MW 并全面进入商业运营。该项目是中国企业截至目前在海外投资的 最大垃圾焚烧发电厂，其成功扩容显著提升了项目的运营效能和盈利 水平，巩固了公司在越南及东南亚市场的领先地位。此外，公司在越 南清化省、富寿省的项目也稳步推进中。 关于增量目标的落实，在海外市场方面，公司紧跟"一带一路" 倡议，积极拓展东南亚、欧洲等地区市场，凭借技术优势和项目经验 获取更多 BOT 及 EPC 项目订单；在项目能效提升方面，公司通过精细 化管理、智能化升级提升现有垃圾焚烧项目的处理效率和能源产出， 并在此基础上探索新的业务模式，实现商业模式创新与盈利结构优化， 持续增强板块竞争力与增长动力。 2）公司近期签署的 5600 万欧元法国项目合同具备怎么样的战略 意义？ 答：新斩获的法国图卢兹市米拉利尔区垃圾焚烧发电项目，公司 作为关键设备供应商，主要提供焚烧炉与锅炉设计施工，合同总价款 达 5600 万欧元。该订单的取得不仅彰显了公司在环保装备制造领域的 技术实力和集成能力，获得了欧洲环保市场的高度认可，更标志着公 司在深化国际化布局、提升全球品牌影响力方面迈出关键一步。 通过与国际环保行业领军企业苏伊士集团的深度合作，公司进一 ...

证券日报网12月10日讯中国天楹在12月10日回答调研者提问时表示，今年8月，公司越南河内朔山生活 垃圾焚烧发电项目完成扩容COD验收，项目总装机容量从75MW提升至90MW并全面进入商业运营，进 一步巩固了公司在越南环保能源市场的领先地位。该项目作为中国企业在海外投资的最大垃圾焚烧发电 厂，是绿色标志性工程。此外，公司在越南清化省、富寿省等地的新项目继续稳步推进，未来将借助标 杆项目的示范效应，持续开拓东南亚市场。除此之外，公司的环保设备制造与环卫服务也协同发力，完 善产业生态。作为国家级制造业单项冠军企业，公司拥有世界顶级环保装备制造能力，核心炉排炉技术 连续多年保持高市场认可度，设备出口覆盖法国、新加坡、马尔代夫等多个国家。随着业务持续高速发 展，公司未来将致力于成为具有全球竞争力的环保新能源综合服务商。 （文章来源：证券日报） ...

公告称，该项目是高能环境中标的第一个海外垃圾焚烧发电项目，有助于拓展"一带一路"国家的垃圾焚 烧发电业务。 经过多年发展，高能环境已形成以固废危废资源化利用、环保运营服务、环境治理工程为核心业务板块 的综合型环保服务平台，在市场上具有卓越竞争力。 长江商报记者注意到，高能环境积极回购，提振市场信心。19日晚间，高能环境发布公告，宣布公司股 份回购方案实施完毕。本次回购累计斥资约1.48亿元，回购股份1923.27万股，占公司总股本的1.26%， 回购股份将用于后续股权激励计划或员工持股计划。 中标海外垃圾焚烧发电项目 11月18日晚间，高能环境发布公告，近日，公司控股孙公司北大年府清洁合资企业收到泰国北大年府亚 穆乡行政办公室发出的中标公告，北大年府清洁合资企业为"亚穆乡行政办公室（北大年府亚灵县）社 区生活垃圾焚烧发电项目"的中标单位。据悉，高能环境通过高能环境（泰国）有限公司持有北大年府 清洁合资企业80%股权。 长江商报消息 ●长江商报记者 徐阳 A股固废行业的龙头企业高能环境（603588.SH）获好消息。 11月18日晚，高能环境公告称，中标4.27亿元泰国垃圾焚烧发电项目，处理规模为500吨/天， ...

Core Viewpoint - The company has won its first overseas waste-to-energy project in Thailand, showcasing its comprehensive capabilities in waste incineration technology, equipment manufacturing, project investment, construction, and operation [1] Group 1: Project Details - The project is awarded by the Administrative Office of Yamu Subdistrict, North Bangkok, for the community waste incineration power generation project [1] - The total investment for the project is not to exceed 1,950,000,000 Thai Baht, approximately 427 million RMB at the current exchange rate [1] Group 2: Strategic Implications - This project reflects the company's strength in waste-to-energy technology and is expected to help expand its business in Belt and Road Initiative countries [1] - The successful bid is likely to facilitate the company's entry into the overseas waste-to-energy market [1]

该项目为公司中标的第一个海外垃圾焚烧发电项目，体现出公司垃圾焚烧发电技术研发、设备制造、项 目投资、建设、运营方面的综合实力，有助于公司拓展一带一路国家的垃圾焚烧发电业务，进而有利于 拓展海外垃圾焚烧发电市场。 格隆汇11月18日丨高能环境(603588.SH)公布，公司控股孙公司北大年府清洁合资企业收到泰国北大年 府亚穆乡行政办公室发出的中标公告，北大年府清洁合资企业为"亚穆乡行政办公室（北大年府亚灵 县）社区生活垃圾焚烧发电项目"的中标单位。项目总投资不超过1,950,000,000泰铢（按当前汇率折 算，约合人民币4.27亿元）。 ...

高能环境：控股孙公司中标4.27亿元泰国垃圾焚烧发电项目。 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Core Viewpoint - The company is in the process of addressing competition issues related to its major asset restructuring, with commitments from its parent companies to resolve these issues within five years after the restructuring is completed [2] Group 1: Major Asset Restructuring - The company announced on November 5, 2023, that there are still some projects not injected into the listed company during the major asset restructuring [2] - China Energy Conservation and Environmental Protection Group and China Environmental Protection Group have committed to resolving the industry competition issues within five years after the completion of the major asset restructuring [2] Group 2: Project Management and Communication - The company is actively promoting communication and management improvements related to the injection of waste-to-energy projects that involve industry competition [2] - Preparatory work is underway for the injection of relevant projects, which are expected to be managed by the listed company as per the delegation from China Environmental Protection Group [2] Group 3: Market Opportunities - The company is also exploring other suitable acquisition targets in the market [2]

Core Viewpoint - The company held an investor relations event on September 19, 2025, to discuss its performance and business development, highlighting significant growth in its non-recurring net profit and strategic focus on new business areas [1][2]. Group 1: Financial Performance - The company reported a significant increase in non-recurring net profit by 89.64% in the first half of the year, attributed to the synergy between solid waste disposal and new energy businesses [2]. - The company achieved a revenue of 371 million yuan in the first half of the year, representing a year-on-year growth of 13.60%, and a net profit attributable to shareholders of 71.73 million yuan, up by 4.96% [2]. Group 2: Business Strategy - The company is focusing on the operation management of quality energy assets and resource utilization, while also exploring emerging technologies to create a new ecosystem of "AI + AR industrial intelligence" [2]. - The establishment of a global "pollution reduction and carbon reduction headquarters R&D center" aims to enhance the company's technological advantages and deepen the integration of environmental protection and new energy businesses [2][3]. Group 3: Investor Relations - During the investor meeting, the company addressed concerns regarding the major shareholder's stock pledge and stock price decline, stating that the pledge is intended to support the company's development and has not materially affected operations [1]. - The management emphasized that short-term stock price fluctuations are influenced by market sentiment, and the best return for investors comes from solid operational performance [1].

Core Viewpoint - The company, China National Machinery Industry Corporation, has made significant strides in overseas engineering contracting and investment operations, focusing on sustainable development and innovative financing methods while facing some revenue fluctuations in the first half of the year [2]. Group 1: Overseas Engineering Contracting - The company has achieved remarkable results in overseas business expansion since the 14th Five-Year Plan, including signing the Iraq Nine Zone Oil and Gas Central Processing Facility project, which set a record for the shortest construction period and achieved 18 million consecutive safe working hours, earning the "Outstanding Contractor" award from the Iraqi Prime Minister [2]. - The company is focusing on industrial construction overseas, signing multiple projects in new markets such as Guyana and Iraq, and establishing a sustainable development model [2]. Group 2: Investment and Operations - The "Engineering Investment and Operation" sector is a key development area for the company during the 14th Five-Year Plan, with a focus on environmental engineering, cableway engineering, and clean energy projects, including two waste-to-energy projects in Uzbekistan with a total investment of approximately $475 million and an expected post-tax internal rate of return of no less than 8% [2]. - The company has successfully passed national inspections for its cableway projects and plans to continue tracking quality opportunities along the Belt and Road Initiative [2]. Group 3: Financing Innovations - The company has a strong asset position with a debt ratio lower than the industry average and has explored diversified financing methods, such as the first RMB sovereign commercial loan project in Uzbekistan and the first RMB sovereign commercial loan project in Latin America [2]. Group 4: Financial Performance - In the first half of the year, the company reported operating revenue of 4.788 billion yuan and a total profit of 226 million yuan, showing a year-on-year decline due to the completion of several projects that were at their execution peak last year [2]. - The company's gross profit margin improved to 18.6%, with a debt ratio of 52.55%, both exceeding industry averages, and net cash flow from operating activities reached 797 million yuan [2]. - As of June 30, 2025, the company signed new contracts totaling $2.139 billion, a year-on-year increase of 33%, with a backlog of contracts amounting to $9.545 billion [2]. Group 5: Equipment Manufacturing - The company has enhanced its international operational capabilities in advanced engineering technology equipment, signing multiple overseas cableway projects and expanding into domestic automated waste steel handling [2]. Group 6: Market Value Management - The company has established a market value management system as part of its long-term strategic management, distributing cash dividends of 155 million yuan to shareholders in 2024, accounting for 42.8% of the annual net profit attributable to the parent company [2]. - Cumulatively, the company has distributed dividends amounting to 3.24 billion yuan since its listing [2]. Group 7: Future Development Goals - Looking ahead to the 15th Five-Year Plan, the company aims to become a technology-driven professional engineering firm, focusing on enhancing the value of the entire engineering industry chain and core competitiveness while serving national strategic initiatives [2].