中信证券股份有限公司 关于湖南军信环保股份有限公司 2024 年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》对湖南军信环保股份有 限公司（以下简称"军信股份"或"公司"）进行了 2024 年度持续督导培训，报告 如下： 一、本次持续督导培训的基本情况 （一）保荐机构：中信证券股份有限公司 （二）保荐代表人：杨巍巍、姚伟华 三、本次持续督导培训的结论 保荐机构按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 1 务》的相关要求，对公司进行了 2024 年度持续督导培训。 （三）培训时间：2025 年 4 月 18 日 （四）培训地点：湖南省长沙市望城区桥驿镇军信股份办公楼会议室 （五）培训人员：姚伟华 （六）培训对象：董事、监事、高级管理人员、中层以上管理人员、上市公 司控股股东代表、实际控制人及其他相关人员 （七）培训内容：本次培训重点介绍了内幕交易监管要求、信息披露基本要 求、上市公司在持续督导期间需配合持续督导机构的主要事项及重点关注事项。 二、上市公司的配合情况 保 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-052 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 一、本次使用闲置自有资金购买现金管理产品的基本情况 近日，公司使用20,000万元、2,000万元、8,200万元的自有资金分别向湖南银行股份有限 公司总行营业部、长沙农村商 ...

湖南军信环保股份有限公司 关于使用闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 证券代码：301109 证券简称：军信股份 公告编号：2025-051 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的公告》（公告编号：2025-042）。 一、本 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-049 一、基本情况 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第三届董事会 第二次会议，审议通过了《关于变更公司注册资本暨修订<公司章程>部分条款并办理工商变更 登记的议案》，同意公司注册资本（总股本）由 410,010,000 股变更为 563,643,459 股，具体 内容详见公司 2025 年 4 月 22 日披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于变 更公司注册资本暨修订<公司章程>部分条款并办理工商变更登记的公告》（公告编号：2025- 041 号）。 二、工商变更登记情况 近日，公司完成了相关的工商变更登记及《公司章程》的备案手续，并取得了长沙市市场 监督管理局换发的《营业执照》，新取得的营业执照基本情况如下： 1、统一社会信用代码：9143000058277032XM 湖南军信环保股份有限公司 关于完成注册资本变更登记暨换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 2、企业名称：湖南军 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-050 湖南军信环保股份有限公司 关于回购股份事项前十名股东和 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第三届董事 会第二次会议，审议通过了《关于回购公司股份方案的议案》，具体内容详见公司 2025 年 4 月 22 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公 告编号：2025-048）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定，现将公司 第三届董事会第二次会议决议公告的前一个交易日（即 2025 年 4 月 21 日）登记在册的前十 名股东和前十名无限售条件股东情况公告如下： 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的直接持股数量。 1 序号 股东名称 持有股份总数量 （股） 占总股本比例 1 湖南军信环保集团有限公司 255,155,217 45.27% 2 湖南仁景商业管理有限公司 31,436,369 ...

军信股份 2025042320250416 Q&A 健友股份 2025 年和 2026 年的经营增长主要来源是什么？ 健友股份 2025 年一季度归母净利润增长接近 40%，主要来源于并购的人和环 境公司，贡献了 4,100 万元。此外，公司新建的资源回收利用项目也符合预期， 预计全年利润增长将达到 35%至 40%。公司垃圾焚烧项目的上网电量保持较 高水平，去年吨上网电量为 459 度每吨，今年预计继续维持并有小幅增长。餐 厨垃圾处理量去年增长 3%，今年预计继续维持。公司长期分红规划不低于当 期净利润的 50%，2024 年度分红接近 95%。未来几年将继续保持稳定分红政 策，并根据现金流及生产经营状况决定具体比例。同时，公司发布了 2 到 3 亿 元的回购计划。 • 2025 年度资本性开支集中在海外项目，总计约 5 亿元。2026 年若顺利推 进，将增加 20 个新项目，总投资规模超 10 亿元，每年资本性开支预计 5- 6 亿元。未来两年基本开支预计每年 5 亿元左右，经营性现金流预计 12- 13 亿元。 • 垃圾焚烧与 IDC 合作项目获政府支持，市场需求旺盛。公司提供绿电、蒸 汽、厂房、土地和 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown steady growth in operational business and is leading the promotion of collaborative computing power centers [1] - The company reported a revenue of 2.431 billion yuan in 2024, a year-on-year increase of 30.86%, and a net profit attributable to shareholders of 536 million yuan, up 4.36% year-on-year [6] - The company has successfully integrated Renhe Environment and launched new waste incineration capacity, contributing to revenue growth [6] - The company is expanding its overseas market presence with significant projects in Kyrgyzstan, which are expected to enhance future revenue streams [6] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of around 50%, with a current dividend yield of approximately 4.5% [6] Financial Data and Profit Forecast - Total revenue is projected to reach 3.254 billion yuan in 2025, with a year-on-year growth rate of 33.9% [5] - The net profit attributable to shareholders is expected to be 750 million yuan in 2025, reflecting a growth rate of 39.9% [5] - The company’s gross margin is forecasted to be 47% in 2025, with a return on equity (ROE) of 9.6% [5] - The company’s capital expenditures (capex) are expected to decrease significantly following the completion of new projects [6]

Financial Performance - In 2024, the company achieved operating revenue of 2.431 billion CNY, a year-on-year increase of 30.86% [4] - The net profit attributable to shareholders was 536 million CNY, up 4.36% year-on-year [4] - The operating cash flow net amount reached 971 million CNY, reflecting an 11.78% increase [5] - In Q1 2025, the company reported operating revenue of 767 million CNY, a 54.23% increase year-on-year, with a net profit of 173 million CNY, up 39.41% [4] Operational Highlights - The company processed 3.2 million tons of municipal solid waste in 2024, generating 1.473 billion kWh of electricity, a 0.82% increase [4] - The electricity generated per ton of waste was 459.94 kWh, a 1.85% increase year-on-year [4] - The growth in performance was primarily driven by the acquisition of Renhe Environment and the commissioning of new projects, adding 1,800 tons/day of waste incineration capacity [4] Strategic Initiatives - The company plans to maintain a cash dividend ratio of no less than 50% of the net profit attributable to shareholders [6] - A cash dividend of 9 CNY per 10 shares (before tax) is proposed for 2024, continuing the previous two years' policy [6] - Future growth points include expanding operational capacity, leveraging core technologies in waste treatment, and pursuing new project developments in Kyrgyzstan [8] Industry Positioning - The company leads the industry in electricity generation per ton of waste due to advanced equipment and operational stability [4] - The synergy between waste incineration and data center (IDC) construction is highlighted, with a focus on renewable energy and stable power supply [6] - The company aims to expand into sustainable waste management projects in regions along the Belt and Road Initiative [8]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 2.431 billion RMB in 2024, representing a year-over-year increase of 30.86%, with a net profit attributable to shareholders of 536 million RMB, up 4.36% year-over-year. The results are in line with expectations [1][4]. - The company completed the acquisition of Renhe Environment and initiated the Pingjiang project, which is expected to drive growth through enhanced operational capacity and integration [2][3]. - The company has maintained a high dividend payout, with a dividend per share (DPS) of 0.90 RMB, reflecting a dividend yield of 4.6% based on the closing price as of April 22 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 675 million RMB, a year-over-year increase of 39.73%, and a net profit of 129 million RMB, up 16.75% year-over-year [1]. - For 1Q25, the company achieved a revenue of 767 million RMB, representing a year-over-year increase of 54.23%, with a net profit of 173 million RMB, up 39.41% year-over-year [1]. Operational Highlights - The company processed 3.2026 million tons of waste in 2024, a slight decrease of 1.01% year-over-year, while the electricity generated was 1.473 billion kWh, an increase of 0.82% year-over-year [2]. - The integration of Renhe Environment is expected to significantly enhance the company's operational capacity and drive revenue growth in 2025 [2]. Cash Flow and Dividends - The company's operating cash flow for 2024 was 971 million RMB, an increase of 11.78% year-over-year, with capital expenditures reaching 920 million RMB, up 61.78% year-over-year [3]. - The company has a long-term dividend policy to maintain a cash dividend payout ratio of no less than 50% [3]. Valuation and Price Target - The target price for the company is set at 24.57 RMB, based on a projected price-to-earnings (PE) ratio of 18.9 for 2025, reflecting the company's strong asset quality and leading position in the industry [4][6]. - The report has adjusted the net profit estimates for 2025 and 2026 to 733 million RMB and 782 million RMB, respectively, indicating a growth trajectory [4].

Summary of Conference Call Records Company Overview - The company discussed its commitment to maintaining a minimum dividend payout ratio of 50%, with a planned payout ratio of 95% for 2024, and intends to use 200-300 million yuan for share buybacks, reflecting confidence in long-term development [1][2][18]. Financial Performance - The company's net profit attributable to shareholders increased by 4.36% year-on-year in 2024, with a significant growth of 39.4% in the first quarter of 2025 [2]. - By the end of 2024, accounts receivable and notes reached 1.803 billion yuan, an increase of approximately 1 billion yuan year-on-year, primarily from the consolidation of Renhe Environment (contributing about 900 million yuan) and new business from the listed company (contributing about 100 million yuan) [1][2]. Project Contributions - The Renhe Environment consolidation contributed an additional profit of approximately 14 million yuan in 2024, with a net profit contribution of about 41 million yuan in the first quarter of 2025 [1][4]. - The utilization rate of the Liuyang and Pingjiang projects is close to 85%-90%, with online electricity generation exceeding 400 degrees [1][4]. Cash Flow and Capital Expenditure - Operating cash flow in the first quarter of 2025 decreased year-on-year, mainly due to a significant recovery of 130 million yuan in the same period last year, along with increased credit impairment losses and rising accounts receivable [1][6]. - Capital expenditure for 2025 is expected to be around 500 million yuan, with net cash flow projected at 1.2 to 1.3 billion yuan, primarily driven by cash flow from Renhe projects [1][19]. Project Developments - The second phase of the Changsha waste incineration project showed steady revenue growth, while the first phase experienced a slight decline of about 5% due to production technology upgrades and internal waste allocation differences [3][10]. - The Bishkek project is expected to commence operations by the end of 2025, with an anticipated return rate of 7%-8%, slightly below the domestic average but higher than the Liuyang project [3][10]. Market Outlook - The company maintains an optimistic outlook on accounts receivable for 2025, primarily from the Changsha municipal government, which has committed to addressing these issues [7][8]. - The growth in Renhe Environment's performance is driven by the increase in the volume and price of waste processing, with the price of kitchen waste and transfer waste adjusted annually based on the Changsha consumer price index [8]. Strategic Initiatives - The company plans to transition towards heating services, with new projects including the Changsha third phase and overseas DIAGNOS projects incorporating heating facilities [17]. - The company is confident in its ability to maintain high dividend payouts while managing capital expenditures and operational cash flow effectively [18][21]. Risks and Challenges - The company faces potential risks related to overseas projects, including accounts receivable and electricity price subsidy recovery, but overall risks are considered manageable [10][11]. Conclusion - The company is positioned for continued growth, driven by its strong project pipeline and operational efficiencies in waste management and energy generation, with a commitment to shareholder returns through dividends and share buybacks [21].