Core Viewpoint - The stock of Yuanda Environmental has shown a positive trend with a 2.30% increase year-to-date and a market capitalization of 58.476 billion yuan as of January 8, 2023 [1]. Group 1: Stock Performance - As of January 8, 2023, Yuanda Environmental's stock price increased by 2.22% to 13.35 yuan per share, with a trading volume of 1.32 billion yuan and a turnover rate of 1.28% [1]. - The stock has experienced a 0.23% increase over the last five trading days, a 3.89% increase over the last 20 days, and a 5.20% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Yuanda Environmental reported a revenue of 2.936 billion yuan, a year-on-year decrease of 5.16%, and a net profit attributable to shareholders of 56.0255 million yuan, down 36.60% year-on-year [2]. - The company has distributed a total of 849 million yuan in dividends since its A-share listing, with 21.8629 million yuan distributed over the last three years [3]. Group 3: Business Overview - Yuanda Environmental, established on June 30, 1994, and listed on November 1, 2000, operates in energy-ecological integration, including air pollution control, industrial and municipal water treatment, hazardous waste treatment, and soil remediation [1]. - The company's main revenue sources include desulfurization and denitrification (57.93%), environmental engineering (18.66%), catalyst sales (11.67%), water treatment operations (10.50%), and other sources [1]. Group 4: Shareholder Information - As of December 19, 2022, the number of shareholders of Yuanda Environmental was 48,200, a decrease of 3.37% from the previous period, with an average of 16,213 circulating shares per shareholder, an increase of 3.49% [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 5.956 million shares, an increase of 2.6329 million shares from the previous period [3].

Capital Change Announcement - The company plans to change its registered capital from RMB 2,749,327,699 to RMB 3,481,035,016 by issuing 731,707,317 shares at a price of RMB 4.10 per share, raising a total of approximately RMB 3 billion [1][3] - The new shares are set to be listed on December 3, 2024, following approval from the China Securities Regulatory Commission [1][4] Board Meeting and Governance - The company's board of directors approved the amendment to the company’s articles of association during the 33rd meeting of the 10th board on July 16, 2025 [2][10] - The decision to amend the articles of association is aimed at improving corporate governance and aligning with the Company Law and relevant regulations [9][10] Related Transactions - The company plans to sign a sulfur dioxide and nitrogen oxide removal concession contract with its wholly-owned subsidiary, Han Chuan Company, to implement a third-party governance model for the Han Chuan Phase IV project [12][19] - The total static investment for the project is approximately RMB 706,884,000, with a reduction of RMB 32,212,000 due to the concession model [19][26] - The expected annual transaction amount between the company and the related party is approximately RMB 24,048,000, which includes payments for environmental services [20][26] Financial Implications - The company anticipates that the concession model will alleviate financial pressure and enhance the operational efficiency of the power plant [35] - The contract pricing is deemed fair and reasonable, ensuring no adverse impact on the company's daily operations or financial status [35][39] Independent Review - The independent directors unanimously approved the related transaction, confirming its compliance with national policies and its benefits for the company [38][39] - The sponsor, CITIC Securities, has verified that the decision-making process for the related transaction adheres to relevant regulations [39]