公司状况 公司于2026年1月20日董事会审议通过以1.29亿元收购河南新密市通用新能90%股权，该项目设计日处 理垃圾1000吨，旨在强化区域协同。此外，股权激励计划设定了2026-2028年扣非归母净利润考核目标 (不低于7.11/7.42/7.73亿元)，叠加2025年供热量同比增长112%及财务费用下降17%，市场关注其长期业 绩兑现潜力。 以上内容基于公开资料整理，不构成投资建议。 经济观察网绿色动力（601330）环保(601330/01330.HK)近期关注事件：公司发行的"绿动转债"将于 2026年2月25日支付利息，票面利率1.50%。此外，公司以1.29亿元收购河南新密市通用新能90%股权， 并设定了2026-2028年股权激励的扣非归母净利润考核目标。 近期事件 截至2026年2月12日，绿色动力环保股票有以下即将发生的事件值得关注：公司发行的"绿动转债"(代码 113054)将于2026年2月25日支付自2025年2月25日至2026年2月24日期间的利息。本期票面利率为1.50% (含税)，即每张面值100元的可转债派发利息1.50元。这是该转债第四年付息，涉及尚未转债的余额约 23 ...

智通财经APP讯，绿色动力环保(01330)发布公告，绿色动力环保集团股份有限公司于2022年2月25日发 行的可转换公司债券将于2026年2月25日开始支付自2025年2月25日至2026年2月24日期间的利息。根据 公司《募集说明书》的约定，本次付息为绿动转债第四年付息，本计息年度票面利率为1.50%(含税)， 即每张面值100元的可转债派发利息为1.50元人民币(含税)。 ...

绿色动力（601330）环保(01330)发布公告，绿色动力环保集团股份有限公司于2022年2月25日发行的可 转换公司债券将于2026年2月25日开始支付自2025年2月25日至2026年2月24日期间的利息。根据公司 《募集说明书》的约定，本次付息为绿动转债第四年付息，本计息年度票面利率为1.50%(含税)，即每 张面值100元的可转债派发利息为1.50元人民币(含税)。 ...

Core Points - The company held its 19th meeting of the fifth board of directors on January 20, 2026, where several key resolutions were passed [1][2][3] Group 1: Acquisition and Internal Restructuring - The company approved the acquisition of 90% equity in Xinmi General New Energy Co., Ltd. for RMB 129.2785 million to strengthen its waste-to-energy business [1] - The company agreed to transfer 80% equity of Huludao Lvy Environmental Service Co., Ltd. to its wholly-owned subsidiary Huludao Lvdong Environmental Co., Ltd. without compensation to enhance operational efficiency [2] Group 2: Capital Changes and Corporate Governance - The company decided to change its registered capital and amend its articles of association based on the conversion of convertible bonds and the registration of restricted stock [3][6] - The company issued 23.6 million convertible bonds in February 2022, with a total amount of RMB 236 million, and has seen a conversion of RMB 10,000 worth of bonds into 1,092 shares by the end of 2025, increasing registered capital by RMB 1,092 [7][8] - The company completed the registration of 37.13 million shares under its A-share restricted stock incentive plan, increasing registered capital by RMB 37.13 million, resulting in total registered capital changing from RMB 1,393,453,258 to RMB 1,430,584,350 [9][10]

绿色动力公告称，因A股限制性股票激励计划首次与预留部分（第一批）授予的限制性股票登记完成， 增发新股3713万股，"绿动转债"转股价格将调整。调整前为9.05元/股，调整后为8.89元/股，调整实施日 期为2025年12月26日。"绿动转债"将于2025年12月25日全天停牌，停止转股，26日起恢复转股。该转债 发行总额23.6亿元，初始转股价格为9.82元/股。 ...

Group 1 - The company will hold its third extraordinary general meeting of shareholders on November 19, 2025 [2][6] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The location for the meeting is set at 2nd Floor, Jiuzhou Electric Building, No. 7, Keji South 12th Road, Nanshan District, Shenzhen [2][6] Group 2 - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [3][5] - Shareholders must register for the meeting between 9:00 AM and 5:00 PM on November 14, 2025 [17] - The company will remind small and medium-sized investors about the meeting through SMS notifications [8] Group 3 - The company has announced an adjustment to the conversion price of its convertible bonds, "Green Dynamic Convertible Bonds," from 9.15 CNY to 9.05 CNY effective November 11, 2025 [25][28] - This adjustment is due to the company's mid-year profit distribution plan, which includes a cash dividend of 0.1 CNY per share [32][35] - The total cash dividend to be distributed amounts to 139,345,413 CNY based on the total share capital [35][36]

Core Viewpoint - The company has updated its A-share restricted stock incentive plan, adjusting the number of incentive targets, the number of restricted stocks to be granted, and related expressions concerning the supervisory board to better implement the plan [40][59]. Summary by Sections 1. Adjustment Methods for Grant Price of Restricted Stocks - The adjustment methods for the grant price of restricted stocks include calculations based on capital reserve transfers, stock dividends, stock splits, rights issues, reverse stock splits, and cash dividends [1][2][3][4][5]. 2. Accounting Treatment of Restricted Stocks - The company will adjust the expected number of restricted stocks that can be released based on the latest information on the number of employees eligible for release and performance indicators, in accordance with accounting standards [6][10][11]. 3. Implementation Procedures of the Incentive Plan - The implementation of the restricted stock incentive plan requires approval from the board of directors and must be reviewed by the shareholders' meeting [14][15][16]. 4. Updates to the Incentive Plan - The number of initial grant targets has been reduced from 220 to 195, and the total number of restricted stocks to be granted has been adjusted from 41.8 million shares to 40.35 million shares, which is approximately 2.90% of the company's total share capital [46][52]. 5. Impact on Financial Performance - The incentive costs arising from the plan will be recorded in regular profits and losses, with an estimated share payment cost of 3.20 yuan per share based on the closing price on the day before the announcement [11][55]. 6. Legal and Financial Opinions - Legal and independent financial advisors have concluded that the updated incentive plan complies with relevant laws and regulations and will not adversely affect the company's financial status or operating results [61][62].

Core Viewpoint - The significant conversion of Pudong Development Bank's convertible bonds indicates a strong investor confidence despite a slight decline in the bank's stock price during the conversion period [1][3]. Group 1: Convertible Bond Performance - Pudong Development Bank's convertible bonds had a redemption value of 110 yuan, with the last trading days showing a price of 110.8 yuan, leading rational investors to sell rather than wait for redemption [3]. - As of the last conversion date, 99.64% of the convertible bonds had been converted into shares, a drastic change from a remaining scale of 500 billion yuan just four months prior [1]. - The stock price of Pudong Development Bank experienced a minor decline of 0.7% from June 26 to October 27, raising questions about the high conversion rate despite the stock's performance [1]. Group 2: Other Convertible Bonds - Various convertible bonds are undergoing different actions, such as East Time Convertible Bonds proposing a down adjustment, while Guanzhong Convertible Bonds are not being forcibly redeemed [4][6]. - The table of convertible bonds shows their current prices, redemption prices, last trading days, last conversion days, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stock [8][10].

Core Points - Green Power announced that the period for triggering the "Green Dynamic Convertible Bond" price adjustment clause will start from September 30, 2025 [2] - If the company's A-share stock closing price is below 85% of the current conversion price (7.78 yuan/share) for 10 trading days after September 30, 2025, and remains below this threshold for 5 out of 20 consecutive trading days, it may trigger the downward adjustment clause [2] - The company will determine whether to adjust the conversion price based on the conditions set forth in the prospectus and relevant laws and regulations, and will fulfill its information disclosure obligations in a timely manner [2]

Core Insights - The convertible bond market is expected to experience short-term volatility due to external risks, but medium-term growth is anticipated, particularly in structural opportunities within the market [3][4][19] - The current valuation of convertible bonds is considered reasonable, driven by underlying stocks, with a potential decrease in supply due to an increase in new issuances [3][4][57] - The market is shifting towards a more passive investment approach, with a notable increase in ETF holdings, which may amplify short-term market fluctuations [80][82] Group 1: Market Performance - In September, convertible bonds underperformed compared to underlying stocks, with high-priced and small-cap convertible bonds leading the market [3][6][13] - The technology sector continued to outperform, while bank and non-bank convertible bonds recorded the worst performance of the year [13][19] - The overall market for convertible bonds is characterized by a strong stock nature, with high-priced and small-cap bonds performing better during the recent volatility [14][19] Group 2: Valuation and Supply Dynamics - The current median price of convertible bonds is at a historical high of 132 yuan, with a significant number of high-priced bonds in the market [45][44] - The supply of convertible bonds is expected to increase, with a notable rise in issuance proposals since July, indicating a potential easing of the tight supply situation [60][64] - The market is witnessing a decline in the number of low-priced bonds, with only two bonds priced below their debt floor [45][57] Group 3: Institutional Behavior - In September, insurance institutions and securities asset management firms significantly reduced their holdings in convertible bonds, returning to historical low levels [21][24][70] - Public funds have increased their holdings in convertible bonds, now accounting for approximately 39% of the total market, reflecting a significant rise since the beginning of the year [71][77] - The overall market size of convertible bonds has decreased, but the market value to face value ratio has increased, influenced by concentrated conversions of specific bonds [66][70]