业内人士普遍认为，国有控股上市公司并购重组提速，一方面源于今年是国有企业改革深化提升行动的 收官之年，各地积极推动国资国企改革，通过并购重组等方式加大国资整合力度；另一方面，国有控股 上市公司依托资本市场，利用并购重组做优做强国有资本，是推进国有资本布局优化和结构调整的重要 举措。预计未来一段时间，国资国企并购重组将持续活跃。 央国企重组步伐加快 在国有企业改革深化提升行动冲刺收官和国企市值管理加快落地的背景下，当前从中央企业到地方国企 都在加大并购重组力度。 8月18日，A股最大煤炭企业中国神华股票复牌。在8月15日晚间，中国神华披露向控股股东国家能源投 资集团有限责任公司收购资产的交易预案。本次交易共涉及13家标的公司，业务覆盖煤炭、坑口煤电、 煤化工、物流服务等多个领域。 "通过资本市场力量推动资源整合，既服务国家战略，又实现企业高质量发展，中国神华的此次重组案 例将为央国企提供可复制的改革路径。"国家能源集团相关负责人对《华夏时报》记者称，此次多项核 心优质资产注入中国神华，将大幅提高上市公司资源储备规模与核心业务产能，进一步优化全产业链布 局，进而实现"1+1>2"的战略倍增效应，对筑牢国家能源基石 ...

Core Viewpoint - The company, Yuanda Environmental Protection (600292.SH), expects a significant decline in its net profit for the first half of 2025, projecting a decrease of approximately 70% compared to the same period last year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company of 15.31 million yuan for the first half of 2025, down from a profit of 51 million yuan in the same period last year, representing a decrease of 36.79 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be 9.38 million yuan, which is a reduction of 40.90 million yuan, reflecting an 81% decrease year-on-year [1]

（文章来源：每日经济新闻） 远达环保8月18日晚间发布业绩预告，公司预计2025年半年度实现归属于母公司所有者的净利润为1531 万元左右，与上年同期相比，将减少3679万元，同比下降70%左右。业绩变动主要原因是，公司控股子 公司国家电投集团远达环保工程有限公司近日获悉其大冶项目工程合同的工程总包单位江苏鲲鹏环保工 程技术有限公司已于2025年7月24日被江苏省宜兴市人民法院裁定受理破产清算。鉴于此，远达工程对 鲲鹏环保的应收款项存在重大回收风险。根据《企业会计准则》，基于谨慎性原则，远达工程拟对鲲鹏 环保应收款项进行单项认定并全额计提减值准备。进行单项认定后，本报告期需补提减值准备3295万元 左右，影响公司2025年半年度归属于上市公司股东的净利润2739万元左右。该减值事项将导致2025年半 年度盈利出现大幅下降。 ...

[I. Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant year-on-year decrease in net profit attributable to parent company shareholders for H1 2025, with net profit at approximately 15.31 million CNY and non-recurring adjusted net profit at 9.38 million CNY 2025 Half-Year Performance Forecast | Indicator | Estimated Amount (CNY million) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 15.31 | ↓ Approx. 70% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 9.38 | ↓ Approx. 81% | - This performance forecast is a preliminary estimate based on the company's operating conditions and has not yet been audited by an accounting firm[4](index=4&type=chunk) [II. Operating Performance and Financial Status for the Same Period Last Year](index=2&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Status%20for%20the%20Same%20Period%20Last%20Year) In H1 2024, the company reported net profit of 52.10 million CNY and non-recurring adjusted net profit of 50.28 million CNY, with basic EPS of 0.07 CNY 2024 Half-Year Key Financial Data | Indicator | Amount (CNY million) | | :--- | :--- | | Total Profit | 98.29 | | Net Profit Attributable to Listed Company Shareholders | 52.10 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 50.28 | | Basic Earnings Per Share | 0.07 CNY | [III. Main Reasons for the Current Period's Performance Reduction](index=2&type=section&id=III.%20Main%20Reasons%20for%20the%20Current%20Period's%20Performance%20Reduction) The performance decline is primarily due to Yuanda Engineering's full impairment provision of approximately 32.95 million CNY for accounts receivable from bankrupt general contractor Kunpeng Environmental, impacting H1 net profit by 27.39 million CNY - The direct cause of the performance reduction is the court's acceptance of bankruptcy liquidation for 'Kunpeng Environmental', the general contractor of controlling subsidiary 'Yuanda Engineering', leading to significant recovery risk for Yuanda Engineering's receivables[6](index=6&type=chunk) - Based on the principle of prudence, the company plans to individually recognize and fully accrue an impairment provision for receivables from Kunpeng Environmental. An additional impairment provision of approximately **32.95 million CNY** is required for this reporting period, expected to impact the company's 2025 half-year net profit attributable to parent company shareholders by approximately **27.39 million CNY**[6](index=6&type=chunk) - This impairment event expanded the year-on-year decrease in the company's 2025 half-year net profit attributable to parent company shareholders from an initially estimated **18%** to approximately **70%**, triggering the supplementary disclosure conditions for the performance reduction announcement[6](index=6&type=chunk) [IV. Risk Warning](index=3&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this unaudited performance forecast is preliminary, with final financial data subject to the official half-year report, urging investors to be aware of investment risks - The company states that this performance forecast is a preliminary estimate, unaudited, and is not expected to contain significant uncertainties affecting the accuracy of the forecast content[7](index=7&type=chunk) - The company reminds investors that specific financial data will be subject to the officially disclosed 2025 half-year report, and to be aware of investment risks[8](index=8&type=chunk)

Group 1 - The latest stock price of Yuanda Environmental is 12.05 yuan, which increased by 0.04 yuan compared to the previous trading day [1] - The stock opened at 11.97 yuan, reached a high of 12.05 yuan, and a low of 11.94 yuan, with a trading volume of 56,143 hands and a transaction amount of 0.67 billion yuan [1] - Yuanda Environmental operates in the environmental protection industry, with main business activities including environmental engineering, manufacturing of environmental equipment, and operation of environmental facilities [1] Group 2 - As a significant environmental enterprise in the Chongqing region, the company has participated in multiple environmental project constructions [1] - The net outflow of main funds for Yuanda Environmental on that day was 5.3961 million yuan, with a cumulative net outflow of 28.7172 million yuan over the past five trading days [1] - The current stock price is below the five-day moving average, indicating a shrinking market trading activity [1]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

Group 1 - The board of directors of State Power Investment Corporation Yuanda Environmental Protection Co., Ltd. held its 29th temporary meeting on July 25, 2025, with all 10 directors present, and the meeting complied with relevant laws and regulations [1][2] - The board unanimously approved the proposal to establish a joint venture with China Coal Xi'an Design Engineering Co., Ltd., with a voting result of 10 in favor, 0 against, and 0 abstentions [1][2] - The board also recommended Mr. Yao Xiaoyan as a candidate for the board of directors to ensure compliance with the company's governance structure, with the same voting result of 10 in favor, 0 against, and 0 abstentions [2] Group 2 - Mr. Yao Xiaoyan, born in November 1971, holds a master's degree and is a senior engineer with extensive experience in various leadership roles within the State Power Investment Corporation [3] - His previous positions include Chairman of Wiling Power Co., Ltd., General Manager of State Power Investment Hunan Branch, and various leadership roles in hydropower and renewable energy sectors [3]

证券代码 ：600292 证券简称：远达环保 编号：临 2025－045 号 国家电投集团远达环保股份有限公司 关于公司参股与中煤西安设计工程有限公司设立合资公司 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 重要内容提示： 设立公司名称：中煤西南环保科技有限公司（暂定，以 工商注册为准，以下简称"合资公司"） 投资金额：合资公司初始注册资本金为 500 万元，后续 根据项目投资进度，注册资本金增至 1.2 亿元。国家电投集团远 达环保股份有限公司（以下简称"远达环保"或"公司"）持股 比例 49%，出资额 5,880 万元（初始出资 245 万元）。股东按照 实缴出资比例行使表决权。本次投资的合资公司不纳入公司合并 报表范围。 根据《上海证券交易所股票上市规则》、《上市公司重 大资产重组管理办法》上述投资事项无须提交股东大会审议，也 不构成关联交易和重大资产重组。 一、对外投资概述 （一）公司第十届董事会第二十九次（临时）会议审议通过 《关于审议远达环保参股与中煤西安公司合作成立合资公司》， 实施中煤集团所属燃煤 ...

二、审议通过了《关于推荐姚小彦先生为公司董事会董事候选人 的议案》 证券代码：600292 证券简称：远达环保 编号：临 2025－044 号 国家电投集团远达环保股份有限公司 第十届董事会第二十九次（临时）会议决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 国家电投集团远达环保股份有限公司第十届董事会第二十九次 （临时）会议通知于 2025 年 7 月 18 日以邮件方式发出，会议于 2025 年 7 月 25 日 14:00 在公司 12 楼会议室召开，应到董事 10 人，实到 董事 10 人；监事会成员 2 人、高管人员 4 人列席了会议。会议的召 集、召开程序符合《中华人民共和国公司法》等法律法规、规章、规 范性文件和《公司章程》的有关规定。会议由公司董事长陈斌先生主 持，经董事认真审议及表决，全体与会董事一致通过了如下决议： 一、审议通过了《关于审议远达环保参股与中煤西安设计工程有 限公司设立合资公司实施方案的议案》 表决结果：赞成 10 票，反对 0 票，弃权 0 票，回避 0 票。 本议案在提交董事 ...

Group 1 - The core point of the article is that Yuanda Environmental (600292) has established a joint venture with China Coal Xi'an Design Engineering Co., Ltd. to focus on environmental technology related to coal-fired power plants and water services [1] - The initial registered capital of the joint venture is 5 million yuan, which will increase to 120 million yuan based on project investment progress [1] - Yuanda Environmental holds a 49% stake in the joint venture with an investment of 5.88 million yuan, while China Coal Xi'an holds a 51% stake with an investment of 6.12 million yuan [1] Group 2 - The joint venture aims to expand the business of flue gas treatment and water service concessions for China Coal Group, with plans to extend services beyond China Coal Group in the future [1]