收到国家电网附加补助资金，持续创新加快产业升级

收到国家电网附加补助资金，持续创新加快产业升级 Received additional subsidy funds&Continuously innovates and accelerates industrial upgrading 最新动态 ➢首个国补到期项目实现扭亏为盈。回收补助资金的基本情况：2025年7月1日至2025年8月31日，集团下属33间公司，涉及生物质综合利用、光伏发电及风电项目，已收到国家电网公司关于附加补助资金结算通知。根据该通知，附加补助资金结算金额总计约人民币20.64亿元，集团已于2025年9月5日全数收讫。对集团的影响：上述附加补助资金的回收将改善公司生物质综合利用、光伏发电及风电项目及集团的现金流，减低集团负债，对集团未来生物质综合利用、光伏发电及风电项目的运营产生积极影响。砀山生物质项目，作为公司第一个面临国家补贴到期的项目，基于自身资源禀赋及产业特点，将热电联供确立为转型发展的最优路径；25H1，通过深耕清洁供热市场，筑牢燃料成本优势，挖潜机组效能等攻坚方略，砀山生物质项目首次实现扭亏为盈，走出了一条创新突破路径，为公司生物质板块的转型奠定坚实基础。 ➢精准施策，多措减亏。公司积极克服危固废市场总体产废量下降、竞争加剧等不利因素，充分发挥规模化及精细化管理优势；公司针对不同危固废处置项目的实际情况，实施“一企一策”工作方针，开展定点帮扶及处置工作，减少低效无效资产带来的发展拖累；公司深耕管理效能提升，通过多项切实措施，不断降低环保耗材使用量及电费成本；公司持续巩固“大市场、大客服”机制成效，实施极限降本措施主动应对持续下行的市场挑战。 动向解读 ➢持续创新的姿态加快产业升级。公司紧扣国家绿色发展战略，保持战略定力，深化“两化一型”（科技化、国际化、生态型），以持续创新的姿态加快产业升级，强化传统优势业务与新兴业务板块的协同发展，提升公司高质量发展的韧性与活力。1）生物质综合利用：公司巩固现有生物质综合利用项目的优势，以技术创新为驱动，推动生物质高值化利用，实现生物质行业盈利模式的新突破；重点布局生物质制气、制糖、制醇等高值化利用项目；持续夯实生物质行业龙头地位，并引领生物质高值化发展方向。2）新能源：公司将基于“源网荷储一体化”模式，着力布局一批以“光储充、冷热电、氢云碳”为核心的“零碳园区+虚拟电厂”项目；统筹全系统内各类生物质及新能源项目的“绿电、绿汽、绿氢、绿肥”资源，持续技术创新及模式创新，打造成为公司发展的第二增长曲线。3）轻资产：公司加快绿色电力交易、环境修复工程、生物有机肥等轻资产业务的高效快速发展；进一步实现公司“轻重并举”的发展格局。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为0.11亿港元、0.12亿港元、0.14亿港元，参考同行业公司，给予公司2026年0.40倍PB，对应目标价1.87港元，首次覆盖给予“买入”评级。 风险提示 ➢应收账款回款风险、资产减值的风险、政策退坡的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law