伟明环保(603568):伟明环保2025年度环境、社会及公司治理（ESG）报告（英文版）
原标题:伟明环保:伟明环保2025年度环境、社会及公司治理（ESG）报告（英文版） 2025 Environmental, Social and Corporate Governance(ESG ) Report Zhejiang Weiming Environment Protection Co., Ltd. Environment Protection Group Weiming Environment Protection Group Co., Ltd.? Comparability: The report maintains consistency in the statistical and disclosure methods of quantitative Equipment Group Weiming Environment Protection Equipment Group Co., Ltd.indicators across different reporting periods. New Energy Group Zhejiang Jiawei New Energy Group Co., Ltd. ? Verifiability: All the sources and computation processes of quantitative data disclosed in this report are traceable and can be used for external verification. Reference Standards ? Clarity: This report is published in Simplified Chinese and English, with the Simplified Chinese version prevailing. Supplementary tables, diagrams, an ESG standards index, and a glossary are provided for ? The Shanghai Stock Exchange Self-Regulatory Guidelines for Listed Companies No. 14 – Sustainability reference. Reporting (Trial) , SSE Self-Regulatory Guidelines for Listed Companies No. 4 – Sustainability Report Preparation (Revised January 2026) Enterprise Sustainability Disclosure Standards – Basic Standards (Trial), ? Quantifiability: The report discloses key quantitative indicators and, where possible, provides comparable issued by the Ministry of Finance of China historical data. For details, refer to the appendix "2025 Key Performance Indicators (KPI) Table".? Global Reporting Initiative (GRI) Sustainability Reporting Standards (2021 Edition)Availability and Access ? United Nations Sustainable Development Goals (SDGs) The electronic version of this Report may be viewed and downloaded at the Shanghai Stock Exchange (http:// www.sse.com.cn), CNINFO (http://www.cninfo.com.cn) or the Zhejiang Weiming Environment Protection Co., ? IFRS S1 and IFRS S2 issued by the International Sustainability Standards Board (ISSB)Ltd. official website (https://www.cnweiming.com). ? The Ten Principles of the United Nations Global Compact Contact Information Report Overview Mailing Address: 16/F, Tongren Hengjiu Tower, No. 525 Shifu Road, Wenzhou, Zhejiang ProvinceThis Report is the 4th Environmental, Social and Governance (ESG) Report published by Weiming Environment Telephone: 0086-0577-86056018 Protection. It discloses to investors and other stakeholders the Company's principles, management approaches, Fax: 0086-0577-86051888 initiatives, and outcomes with respect to ESG topics in the course of its business operations. No. Honour Issuing Body Company was listed on the Shanghai Stock Exchange (SSE) in 2015 and has since been included as a constituent of the SSE Corporate Honours 380 Index and as a stock eligible under the Shanghai-Hong Kong Stock Connect programme. It has also been included in the China Energy News; China Energy Economy Re- 1 Top 500 Global New Energy Companies 2025 (Ranked 289th) MSCI China A-Share Index, the S&P Dow Jones Indices A-Share List, and the FTSE Russell A-Share List. The Company's principal search Institute business activities encompass environmental governance, equipment manufacturing, R&D, and manufacture of new energy 2 Top 500 Private Enterprises by Invention Patents 2025 (Ranked 284th) All-China Federation of Industry and Commerce materials, forming a three-segment business structure in which the Environmental Governance, Equipment Manufacturing, and 3 Leading Enterprise in Zhejiang Province's Service Industry Zhejiang Provincial GovernmentNew Energy Materials segments operate in a coordinated and mutually reinforcing manner.4 Zhejiang Province RCEP Innovative Practice Case Zhejiang Provincial Department of CommerceOutstanding Investor Returns Practice Case in Zhejiang Listed5 Zhejiang Listed Companies Association The Environmental Governance segment, managed by the Environment Protection Group, centers on WTE incineration for Companies for 2024 (Awarded in 2025) Capital Market Honours waste treatment facilities, alongside co-treatment services for food waste, sludge, and agricultural and forestry waste, as well as 1 27th Listed Company Golden Bull Award – Most Investable Company China Securities Journalwaste collection, transportation, and leachate treatment. The Equipment Manufacturing segment, managed by the Equipment 2 2025 SSE Eagle Gold Quality Award – Sustained Growth Award Shanghai Securities NewsGroup, conducts R&D and manufacture of environmental protection and new energy equipment, providing comprehensive 20th Board of Directors Golden Roundtable Award – Special Contribution 3 Board of Directors Magazine equipment contracting and EPC services through independently developed core complete waste treatment equipment and to Corporate Governance nickel metal processing equipment. 4 3rd ESG New Benchmark Enterprise Award Securities Star 2024 Listed Company CFO Jiefu Award – Outstanding Financial The New Energy Materials segment, managed by the New Energy Group, focuses on ternary cathode battery materials, including 5 Caishi China Management Award (Awarded in 2025) matte nickel, electrolytic nickel, battery precursor materials, and ternary cathode materials. The Company is constructing a 6 16th Listed Company Investor Relations Management Tianma Award Securities Times130,000-tonne matte nickel project in Indonesia and a 200,000-tonne lithium battery new materials project in China, establishing 2025 CGMA Global Management Accounting Annual Finance 7 CGMA (Chartered Global Management Accountant) an integrated operating system that links upstream and downstream activities and creates synergies with the other two Leadership Award segments to form a dual-engine development model of "environmental protection + new energy." Moving forward, the Company 8 ESG Impact Investing Best Practice Top 10 Xiang Guang AwardTechnology Innovation and Qualification Honours materials business to become an internationally advanced and domestically leading comprehensive low-carbon environmental National "Specialized, Sophisticated, Distinctive and Novel" (SSDN) Ministry of Industry and Information Technology of services provider. 1 Operational ? Environmental Governance Business: Performance 1. Waste-to-Energy Incineration No. Honour / Recognition Details New projects commissioned: The Fujin Project, Longnan Project and Zhijiang Project Included in the list of approved suppliers for In November 2025, the Company received formal notification from PT commenced formal operations. 1 environmentally friendly waste-to-energy Danantara Investment Management, the sovereign investment fund of projects in Indonesia Indonesia Operational scale: As at the end of the Reporting Period, the Company held investment and controlling interests in projects (including under trial operation).Audience with the Minister of Energy and 56 1 2 In September 2025, Minister Bahlil met with Chairman Xiang GuangmingMineral Resources of Indonesia 2. Food Waste Treatment Visit by the Minister of Investment and In August 2025, Minister Rosan Roeslani made a special visit to Weiming New projects: Longnan Food Waste Project commenced formal operations, while 3 Downstream Industries of Indonesia Environment Protection Yongqiang Kitchen Waste Project and Kunshan Kitchen Waste Project entered trial Audience with Indonesian President In May 2025, Vice President Xiang Yihao attended a China-Indonesia busi- operation. 4 Prabowo Subianto ness dinner as a representative of the new generation of entrepreneursOperational scale: As at the end of the Reporting Period, the Company held investment and controlling interests in projects (including under trial operation).22 2 ESG Rating Progress ? Equipment Manufacturing Business Rating Agency Rating Result Wind ESG Rating AA Product R&D: Newly developed products included autoclave agitators, double-kettle jig machines, grinding mills, diaphragm pump check valves, crane robots, intelligent Zhiding ESG Rating AA combustion control systems and the "Black Box" monitoring system.China Chengxin Green Finance ESG Rating A ? New Energy Materials Business SynTao Green Finance ESG Rating A The Indonesia Jiaman Company's metal-tonne-per-annum nickel matte project 40,000 CSI ESG Rating A is progressing well. Phase I, comprising a -tonne-per-annum production line, 20,000 is steadily ramping up capacity, generating operating revenue of RMB million 529 LSEG Refinitiv ESG Score B during the year. Weiming Shengqing Company's Wenzhou lithium battery new materials project has achieved positive progress. For electrolytic nickel, the Phase I -tonne MSCI ESG Rating B 25,000 production line has attained stable production, while the Phase II -tonne line is in 25,000 Sustainalytics Low Risk 25,000 has produced qualified tonne-scale trial batches, and the Phase II -tonne line has 25,000 entered the commissioning stage. Environmental 2025 Highlights ? Green power supply: Approximately billion kWh, substituting for fossil fuel-based 4.62 Performance power generation and contributing to the decarbonization of the electricity grid.? Greenhouse gas emission reductions: Approximately million tonnes of CO e in 4.61 2 Annual Performance Highlights greenhouse gas emissions avoided.? Waste treatment: Household waste received totalled million tonnes.13.45 Financial ? Wastewater treatment: Wastewater treated totalled million tonnes.? Revenue: RMB billion 18.09 6.24 Performance ? Net profit attributable to shareholders of the listed company: RMB billion2.21 Social ? Total number of employees: 4,256 ? Basic earnings per share: RMB per share 1.31 Performance ? Proportion of female directors: 18.18% ? Total assets: RMB billion 30.17
? In respect of topics with financial materiality, the Company conducts an in-depth review of stakeholder demands and ▲ Actual positive impacts: The Company optimises expectations regarding those topics, comprehensively identifies the impacts, risks, and opportunities associated with communication with government regulators, project communities and the public, enhancing disclosure transparency each topic, and summarises the findings across the various topics.and response efficiency. Through stable compliant operations, Social risk: NIMBY effects causing project public access to environmental facilities and environmental obstruction. ? Opening environmental education, it builds sound government–company relations facilities to the public Customer Direct operations and community trust, supporting a harmonious operating Compliance risk: Penalties for delayed Short-term Service and environment. ? Development of information disclosure. Long-term Risk Downstream Management Material Topic Value Chain Impacts Risks Opportunities environmental education Horizon ▼ Potential negative impacts: tial negative impacts: Failure to address residents’ environmental concerns, disclose public opinion. Environmental information or manage NIMBY effects may escalate community opposition, collective incidents or administrative litigation, ▲ Actual positive impacts: By substituting landfill with WtE Policy risk: Tightening controls on carbon affecting project approvals, social licence to operate and brand incineration, the Company reduces methane emissions; emission intensity and carbon allowance reputation. Climate revenue development of carbon assets, low-carbon economic benefits Direct operations Medium-term ▲ Actual positive impacts: The Company integrates intelligent Change Transition risk: Asset stranding arising from ? Green power premiumare created. Downstream Long-term operations and maintenance with full life-cycle environmental Response technology pathway iteration. ? Export of low-carbon risk management to enhance pollution control. Through ▼ Potential negative impacts: Inaccurate carbon accounting technology compliant emissions and stable operations, it meets regulatory Market risk: Carbon price volatility affecting Operational risk: Unplanned shutdowns. or poor carbon assets management may result in increased Upstream ? Smart environmental requirements and community expectations, safeguarding public revenue. compliance costs or credit risk in the carbon market. platform Product Safety Quality risk: Falsification of emissions data. Short-term and Quality Long-term ? Third-party governance ▲ Actual positive impacts: The application of the advanced Compliance risk: Automatic monitoring ▼ Potential negative impacts: Deficiencies in environmental Downstream market process of "SNCR + semi-dry acid gas removal + dry acid gas data exceeding permitted limits.Compliance risk: Pressure from tightening facility management or emissions control may cause pollution removal + activated carbon injection (ACI) + fabric filter" emission standards requiring retrofitting. incidents or work safety accidents, harming residents’ health ? Technical leadership achieves ultra-low emissions; the bottom ash resource and the ecological environment, and affecting the Company’s Direct operations advantage Pollutant Operational risk: Equipment failure leading to Short-term recovery rate reaches 100%. public image and sustainability. ▼ Potential negative impacts: Failure or non-compliant of hazardous waste business ▲ Actual positive impacts: The Company has established Talent succession risk: Retirement of core Reputational risk: Negative environmental emissions from flue gas treatment facilities may trigger Weiming Academy to develop technical talent in grate-type technical personnel. public opinion. environmental incidents, administrative penalties, and Upstream? Post-doctoral research incinerator technology and flue gas treatment, and co-built suspension of operations for rectification. workstation Talent Competitive risk: Poaching of talent by Medium-term Development industry peers. Long-term ? Participation in setting ▼ Potential negative impacts: Insufficient high-end technical ▲ Actual positive impacts: Power generation per tonne of waste Downstream industry talent standards Efficiency risk: Ageing equipment leading to Capability risk: Insufficient adaptability to talent reserves or an inadequate training system may constrain processed has been raised to above 400 kWh/t, with the auxiliary increased energy consumption. new technologies. technical innovation and project expansion. power consumption rate maintained below 15%; combined heat and power (CHP) projects have been developed, with an overall Energy Policy risk: Phase-down of renewable energy Technical risk: Excessively rapid iteration of Direct operations Medium-term energy efficiency rate exceeding 80%. ? Comprehensive energy Utilisation subsidies. technology pathways, creating the risk that services ▲ Actual positive impacts: Sustained R&D investment has ▼ Potential negative impacts: Low energy utilisation efficiency existing solutions may become obsolete or Technical risk: Bottlenecks in waste heat secured proprietary grate-type incinerator technology and may result in higher unit disposal costs and increased carbon Upstream ineffective. recovery technology. developed co-treatment technologies for food waste, sludge and Innovation- emission intensity, weakening market competitiveness. ? Technology licensing revenue Medium-term hazardous waste, extending the industry chain. Driven Own operations Research and development risk: Failure to Development convert research outcomes into commercial ▼ Potential negative impacts: Delayed technological innovation Downstream applications. or insufficient R&D may erode technological leadership and lead ▲ Actual positive impacts: The ISO 14001 Environmental to substitution by competitors. Management System has been established, achieving full- Talent risk: Loss of research and development ? Concessional environmental Compliance risk: Delays in tracking updates process compliance across Environmental Impact Assessment team members. credit loans Environmental ? Acquisition of Ecology- acceptance inspections; the environmental credit rating has Management risk: Inadequate oversight of Short-term GovernanceCompliance Own operations Oriented Development (EOD) been maintained at the integrity level. subsidiaries and branches. Long-term Management model projects ▲ Actual positive impacts: A standardised "three-meeting, Downstream ▼ Potential negative impacts: Incomplete environmental Financing risk: Downgrade of environmental ? Construction of in-house fly one-tier" governance structure has been established, with compliance procedures or missing management records may Governance risk: Appropriation of funds by a credit rating. ash disposal centres independent directors comprising over one-third of the Board; result in administrative penalties, project approval restrictions, controlling shareholder. information disclosure practices and market capitalization and financing constraints. ? Enhancement of ESG rating Corporate Short-term management have demonstrated material effectiveness. Own operations Compliance risk: Violations in information ▼ Potential negative impacts: Unfair pricing of related-party Social transactions or violations in information disclosure may result ESG risk: Downgrade of ESG rating. in regulatory penalties, investor litigation, and loss of market ▲ Actual positive impacts: Competitive industry remuneration capitalization.is provided; the mandatory social insurance and housing Talent risk: Loss of personnel in key technical provident fund (the "Five Social Insurances and One Fund") and ▲ Actual positive impacts: A full-process compliance positions. supplementary commercial insurance are fully administered; management system covering environmental protection, work Environmental risk: New regulations resulting Employee Own operations occupational health records are established and regular safety, taxation, and contracts has been established; digital in increased compliance costs. ? Share incentive scheme Compliance risk: Compliance with regulations Short-term Upstream Benefits and occupational health examinations are organised. tools are employed to achieve risk early warning and dynamic ? Digitalisation of compliance Compliance governing the use of labour dispatch workers. Medium-term ? Skills grading certification Downstream Tax risk: Dependence on tax preferential Short-term Rights monitoring. management and Risk Own operations ▼ Potential negative impacts: Remuneration and benefits below treatment. Medium-termSafety risk: Gaps in occupational health Management ? Risk consulting services ▼ Potential negative impacts: Inadequate compliance review industry standards or inadequate labour protection may result Downstream management. Contractual risk: Amendments to concession or failure of risk early warning mechanisms may result in in the loss of key technical personnel, recruitment difficulties, agreements. administrative penalties, contractual disputes, and material and labour disputes. ▲ Actual positive impacts: A clean business conduct system ▲ Actual positive impacts: A first-class work safety Operational risk: Management of hazardous has been established and supplier integrity commitments Criminal risk: Legal liability for bribery and standardisation system has been established, with advanced ? Intelligent safety supervision operation activities. have been implemented; a reporting hotline and protection corruption offences. occupational hazard protection facilities in place; zero serious systemUpstream ? Integrity-driven supply chain mechanisms have been established, fostering a culture of Occupational Own operations injuries and above have been achieved. Equipment risk: Safety of boilers and pressure ? Work safety culture brand Anti- Operational risk: Invalidity of project Short-term integrity within the enterprise. Health and Short-term Own operations vessels. demonstration Corruption contracts. Long-term Downstream ▼ Potential negative impacts: Inadequate management of ? Access to government clean Safety ▼ Potential negative impacts: Commercial bribery occurring confined space operations or high-temperature high-pressure ? Full life-cycle equipment procurement programmes Downstream Emergency risk: Response to sudden Reputational risk: Damage to commercial in project approval, equipment procurement, or construction (HTHP) equipment may lead to casualties and suspension of managementenvironmental incidents. credibility. contracting activities may result in criminal liability, project operations for rectification. cancellation, and market exclusion.
The Company has established a risk management organisational structure encompassing processes for risk identification, For members who violate laws or regulations, fail to discharge duties diligently, cause asset losses, or assessment, and monitoring, as well as a risk register and response strategies. Risk management is categorised into two broad are responsible for material work safety or environmental incidents, the Company will reduce or claw types — conventional risks and emerging risks — covering the identification and response to impacts and risks relating to the back performance-based annual salary and tenure-based incentive payments already disbursed. This Company's sustainable development. mechanism applies equally to those who have resigned or retired.Strategy ★ Internal Control and Risk Management A sound risk management framework and an effective internal control system are critical foundations for ensuring the Company's sustainable development and enhancing its market competitiveness. Drawing on its comprehensive risk Governance governance framework, the Company has established systematic mechanisms for risk identification, assessment, and Weiming Environment Protection places great importance on the effective operation of its risk management and internal monitoring. With a forward-looking management approach, risk management and internal controls are embedded into control systems. The Company has established an Internal Audit System and continuously explores and refines a risk business decision-making and operational processes, ensuring stable growth and the creation of long-term value in a complex management framework aligned with its operational objectives, providing a robust foundation for the Company's high-quality operating environment. development. The Board of Directors, as the highest governance body for risk management, is responsible for setting the Company's overall risk management objectives and overseeing the implementation of risk governance and internal controls. Within the Board's Management of Impacts, Risks and Opportunities governance framework, the Company has established a sound risk management organisational structure and has successfully The Company manages risks through a closed-loop process encompassing risk identification, risk assessment, risk response, built a systematic "three lines of defense" for risk management, effectively implementing coordinated management and and risk monitoring, and periodically reassesses risks and reviews response strategies to promote the Company's sustainable management-at-source mechanisms to ensure the efficient operation of the risk management framework and to underpin the 5 to strengthen the professional capabilities and operational standards of the internal audit department. Risk Assessment Methods 7 ? Tax Transparency Qualitative analysis, quantitative analysis, and combined analysis. The Company strictly complies with applicable national and local tax laws and regulations, pays all taxes — including Risk Response Measures corporate income tax and value-added tax — in full and on time, and is committed to tax compliance, providing complete For material risk events, risk response plans are disclosure of relevant information to tax authorities when required. The Company prohibits tax evasion. Under the supervision formulated and implemented, incorporating emergency of the finance department and the Audit Committee, the tax team manages tax costs and risks effectively. In addition, the response, recovery response, remedial response, and preventive response measures. Company actively applies for government-authorised tax incentive programmes to support research and development 6 activities, and provides detailed reporting in its reports on the Company's tax obligations and tax incentives enjoyed, ensuring Risk Control Strategies tax transparency. Four risk control strategies have been established: risk avoidance, risk transfer, ? Equal Treatment of SMEs risk mitigation, and risk acceptance. With respect to accounts payable to small and medium-sized enterprises (SMEs), the finance department and procurement The Company has established a closed-loop crisis management mechanism covering pre-event prevention, in-event response, department convene meetings periodically to review the status of accounts payable to SMEs and to take proactive and post-event review, along with a classification and tiering framework for responses. Procedures for the collection and management measures. By optimising payment processes and strengthening supply chain finance coordination, the Company disclosure of risk information are standardised, and tailored response measures have been developed for risks including has established a standardised and effective accounts payment mechanism, building a long-term, stable, and mutually changes in environmental protection policies, iteration of new energy technologies, and overseas investments, so as to beneficial cooperative ecosystem with its suppliers. employees and operations, while capturing opportunities arising from environmental management system certification, Management of Impacts, Risks and Opportunities proactive environmental information disclosure, enhanced stakeholder trust and green finance support. While maintaining operational efficiency, Weiming Environment Protection explores and implements energy conservation and emission reduction pathways. During the Reporting Period, its main energy sources included natural gas, diesel, electricity Metrics and Targets and petrol. Activities, including WtE incineration, wastewater treatment, fly ash landfill disposal, food waste treatment, waste The Company addresses environmental risks at source, sets environmental management red-line targets and indicators, collection, office operations, and investment and construction, are managed according to energy characteristics to reduce fulfils its primary environmental protection responsibility, and ensures all operations meet environmental standards. Going costs, minimise environmental impacts and capture green transition opportunities.forward, it will strengthen environmental management across all business areas, prevent material administrative penalties · Environmental Impact Analysis Across Business Activities ·and environmental incidents, and contribute to a Beautiful China.Energy Type Specific Energy Use Scenario Natural gas WtE incineration ★ Energy Utilisation Direct Fly ash landfill disposal; waste collection and transportation; investment and Diesel construction Energy Petrol Office operations; investment and construction Governance Wastewater treatment; fly ash landfill disposal; food waste treatment; office Purchased electricity Weiming Environment Protection strictly complies with applicable laws and regulations, including the Law of the People's operations; investment and construction Republic of China on Energy Conservation, and has established a comprehensive energy management system. The Company Self-generated electricity All business activities strictly implements its Climate Change Response Management Measures, requiring each project company to actively carry out Indirect (WtE incineration for power generation) Energy energy conservation and consumption reduction activities in accordance with actual conditions. Through the establishment Self-generated steam All business activities of an energy management organisational structure, clearly defined energy conservation responsibilities for each department, (steam supply from WtE incineration) and the decomposition of energy management targets across all business activities, the Company ensures the effective Solar PV power generation All business activities Transition risks Inclusion of the WtE Proactively develop carbon emission incineration industry in the reduction projects; actively advance energy Short-term National Carbon Market, Operating costs may increase conservation retrofitting to reduce unit Potential Business and Financial Impacts Strategic Resilience and Response MeasuresMedium-term leading to increased carbon carbon emission intensity and offset potential A single extreme weather event incidents; insure key operational assets with and other extreme weather may result in equipment damage, property insurance, business interruption events causing project Short-term The "Dual Carbon" strategy The scale of market treatment in the core solid waste treatment market, and driving increased demand capacity will continue to increase, Strengthen research, development, and of by-products such as bottom ash collaboration; advance the comprehensive Under the guidance of the "Dual Carbon" strategy, the core business of WtE incineration power generation serves as an (e.g., metal recovery, production of Circular economy and utilisation of downstream industrial chain important means of reducing and substituting carbon emissions, and the development opportunities faced by the business Medium-term environmentally sound construction extension of the resource resources; enhance the combined economic as a whole outweigh the challenges. The Company will need to continue strengthening its technical reserves and capacity Long-term materials) can generate additional recovery value chain and environmental benefits; and develop in areas such as energy efficiency improvement, renewable energy utilisation, and resource circularity, while systematically revenue streams and enhance the a circular economy product line with the assessing and managing physical risks to ensure the safety and resilience of assets and operations in the context of long-term overall environmental value and potential to command a "green premium" climate change. market reputation of projects Expansion of the monitoring and verification to establish a clear Present to 2030 Reduce greenhouse gas (GHG) emissions; National Carbon baseline; practise circular development principles; strengthen science and technology innovation R01 H M H Targets (policy) to increased compliance obligations; support; advance the enabling of digital compliance ③ Advance energy conservation retrofitting technology; drive the transition of the energy Company's carbon emission intensity. build a green and low-carbon supply chain. Sustained Decarbonisation ? Management Objectives ① Strengthen technical research and 2031 to 2040 Fully realise the enabling of digital technology; development reserves (e.g., higher-parameter Targets Tightening policies substantially increase the use of clean energy; boilers, intelligent control systems);and standards advance near-zero-carbon facility development ② Explore diversified low-carbon technology Transition risk R02 driving pressure M H H at plant sites; enhance carbon removal pathways; for technological upgrades procurement raw materials with the Company's existing assets and formulate medium-to-carbon emission reduction targets. long-term retrofitting and replacement plans.Targets Deep Decarbonisation ? Management Objectives ① Improve extreme weather emergency 2041 to 2060 Comprehensively apply clean energy and response plans and conduct regular drills; promote the application of relatively mature ② Optimise facility layout and flood / typhoon- / extreme Physical risk carbon removal technologies; strive to achieve resistance design standards; R03 rainfall causing M M M carbon neutrality. ③ Strengthen emergency material reserves (acute) operational and personnel training; disruption ④ Take out property insurance covering operational disruption losses. Fluctuations in energy Policy assumption：Heat supply business becomes a Market assumption： Liquidity in the Renewable ① Actively expand the use of renewable (particularly new growth lane in the industry; coordination between Energy Certificate (REC) market improves; green Transition risk energy (photovoltaic); R04 dependence on M M M computing power and electricity drives green power project power premium of 5%–10%.(market) ② Explore long-term agreements with clean coal-fired power) collaboration. energy suppliers to stabilise energy costs. or raw material Dependencies：Stability of government subsidy prices pressure and high-temperature high-pressure (HTHP) development of the carbon market.H: High M: Moderate grate-type incinerator technologies progressively mature; · Climate Resilience Development: · photovoltaic costs continue to decline. Revenue ▼ Identification Assessment Analysis Monitoring discharge unit despite its environmental Reputational Risk M establish proactive media p r o t e c t i o n b u s i n e s s , c r e a t i n g Credit risk ▲ Stricter environmental policies may Proac tively upgrade to ultra-low Market Risk require equipment retrofitting and Operating costs ▲M emissions and secure green financing.（未完）  |