Core Viewpoint - Yuan Da Environmental Protection (600292.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 2.936 billion yuan, representing a year-on-year decrease of 5.16% [1] - The net profit attributable to shareholders was 56.0255 million yuan, down 36.6% year-on-year [1] - The basic earnings per share stood at 0.07 yuan [1]

一、通过了《关于审议公司 2025 年第三季度报告的议案》 表决结果：赞成 11 票，反对 0 票，弃权 0 票，回避 0 票。 证券代码：600292 证券简称：远达环保 编号：临 2025－069 号 国家电投集团远达环保股份有限公司 第十届董事会第三十四次会议决议公告 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三十四次 会议通知于 2025 年 10 月 19 日以邮件方式发出，会议于 2025 年 10 月 29 日 9:30 在公司 12 楼会议室召开，应到董事 11 人，实到董事 11 人；高管 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： 本议案在提交董事会前已经董事会审计与风险委员会审议通过。 会战略投资与可持续发展委员会实施细则（2025 年修订）》的议案 表决结果：赞成 11 票，反对 0 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,109,867,672.94, representing a year-on-year increase of 0.12%[4] - The total profit for the quarter was CNY 59,660,739.76, an increase of 18.14% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 40,717,714.33, reflecting a year-on-year increase of 12.26%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 39,752,603.78, up by 9.47% year-on-year[4] - Total operating revenue for the first three quarters of 2025 was CNY 2,935,793,543.50, a decrease of 5.2% compared to CNY 3,095,521,387.41 in the same period of 2024[26] - Total operating costs for the first three quarters of 2025 were CNY 2,829,374,047.50, down 4.7% from CNY 2,967,249,940.77 in the previous year[26] - The company reported a net profit of CNY 106,484,175.75 for the first three quarters of 2025, compared to CNY 100,458,713.40 in the same period of 2024[25] - Net profit for the first three quarters of 2025 was CNY 72,838,150.77, a decrease of 33.94% compared to CNY 110,319,239.47 in the same period of 2024[28] - Operating profit for the first three quarters of 2025 was CNY 111,210,074.94, down from CNY 153,049,433.36 in 2024, reflecting a decline of 27.38%[28] - Total comprehensive income for the first three quarters of 2025 was CNY 73,085,962.41, compared to CNY 114,154,252.89 in 2024, representing a decrease of 36.14%[28] Cash Flow and Assets - The cash flow from operating activities for the year-to-date was CNY 271,862,795.38, down by 34.79% compared to the previous year[5] - The company's cash and cash equivalents as of September 30, 2025, amounted to CNY 644,105,288.53, an increase from CNY 606,487,787.38 at the end of 2024[22] - Cash flow from operating activities for the first three quarters of 2025 was CNY 271,862,795.38, a decrease of 34.69% compared to CNY 416,907,716.99 in 2024[30] - Cash flow from investing activities showed a net outflow of CNY 846,594,735.58 in 2025, compared to a net outflow of CNY 192,415,600.14 in 2024, indicating increased investment activity[30] - Cash flow from financing activities resulted in a net inflow of CNY 588,274,563.85 in 2025, contrasting with a net outflow of CNY 252,531,762.12 in 2024, highlighting improved financing conditions[30] - The total cash and cash equivalents at the end of September 2025 amounted to CNY 584,930,570.78, down from CNY 666,816,910.67 at the end of September 2024[31] - Total current assets decreased to CNY 412,698,579.27 as of September 30, 2025, down from CNY 664,881,384.32 at the end of 2024, a reduction of about 38%[34] - Total non-current assets increased to CNY 5,018,081,322.74 as of September 30, 2025, compared to CNY 4,824,715,043.31 at the end of 2024, showing a growth of approximately 4%[34] Liabilities and Equity - Total liabilities increased to CNY 4,492,275,424.11 as of September 30, 2025, from CNY 3,918,384,895.50 at the end of 2024[24] - The company's total equity decreased slightly to CNY 5,127,646,389.66 as of September 30, 2025, from CNY 5,131,351,148.59 at the end of 2024, a marginal decline of about 0.07%[35] - Total liabilities decreased to CNY 303,133,512.35 as of September 30, 2025, down from CNY 358,245,279.04 at the end of 2024, a decline of about 15.4%[35] Investments and Projects - The company reported a significant increase in construction projects, with "large thermal power" project investments rising by 429.27%[9] - The company experienced a 51.66% increase in short-term borrowings due to increased bank loans during the reporting period[9] - The company received approval from the China Securities Regulatory Commission for a major asset restructuring plan, allowing it to issue shares to purchase assets and raise matching funds[14] - The company has established a joint venture with China Coal Xi'an Company, holding 49% of the venture, with an initial registered capital of RMB 5 million, which may increase to RMB 120 million based on project investment progress[16] - The company has completed the registration of its joint venture, which focuses on flue gas treatment and water management services[16] Corporate Governance and Compliance - The company has revised its articles of association and related rules in accordance with legal regulations and its actual situation, which have been disclosed on the Shanghai Stock Exchange[15] - The company has adjusted its board committees, including changes in the Audit and Risk Committee and the Strategic and Investment Committee[17] - The company held an online investor meeting to discuss its half-year performance and the progress of its major asset restructuring[15] - The company has implemented changes to its accounting policies in line with new guidelines issued by the Ministry of Finance[18] Impairments and Financial Risks - The company recognized a significant impairment provision of RMB 32.95 million for receivables from a bankrupt client, impacting the net profit attributable to shareholders by RMB 27.39 million for the first half of 2025[20] - The company reported a credit impairment loss of CNY -46,937,275.58 for the first three quarters of 2025, compared to CNY -9,011,103.87 in 2024, indicating a significant increase in credit risk[28] Employee and Operational Expenses - Research and development expenses for the first three quarters of 2025 were CNY 34,845,619.04, up from CNY 27,658,026.99 in the previous year[26] - Cash paid for employee compensation was $44.01 million, slightly down from $45.63 million[38]

| 序 | 原条款 | 修订条款 | | --- | --- | --- | | 号 | | | | | 第二条 董事会战略投资与可持续 | 第二条 董事会战略投资与可持续发 | | | 发展委员会是董事会按照股东会 | 展委员会是董事会按照股东会决议 | | | 决议设立的专门工作机构，主要负 | 设立的专门工作机构，主要负责对公 | | | 责对公司长期发展战略和重大投 | 司长期发展战略和重大投资决策进 | | 1 | 资决策进行研究并提出建议。 | 行研究并提出建议。负责谋划、协调 | | | | 推动公司社会责任工作重要事项，指 | | | | 导推动公司及所属单位高标准履行 | | | | 社会责任，保障社会责任工作顺利开 | | | | 展，提升公司可持续发展能力。 | | 2 | 第五条 战略投资与可持续发展委 | 第五条 战略投资与可持续发展委员 | | | 员会设主任委员（召集人）一名， | 会设主任委员（召集人）一名，由董 | | --- | --- | --- | | | 负责主持委员会工作；主任委员在 | 事长担任，负责主持委员会工作；主 | | | 委员内选举，并报请董事会批准产 ...

国家电投集团远达环保股份有限公司 董事会战略投资与可持续发展委员会实施细则 （2025 年修订） 经公司第十届董事会第三十四次会议审议通过 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争 力，健全投资决策程序，提高决策科学性，完善公司治理结 构，根据《中华人民共和国公司法》《上市公司治理准则》《公 司章程》及其他有关规定，公司特设立董事会战略投资与可 持续发展委员会，并制定本实施细则。 第二条 董事会战略投资与可持续发展委员会是董事会 按照股东会决议设立的专门工作机构，主要负责对公司长期 发展战略和重大投资决策进行研究并提出建议；负责谋划、 协调推动公司社会责任工作重要事项，指导推动公司及所属 单位高标准履行社会责任；保障社会责任工作顺利开展，提 升公司可持续发展能力。 第二章 人员组成 第三条 战略投资与可持续发展委员会成员由五名董事 组成。 第四条 战略投资与可持续发展委员会委员由董事长、 二分之一以上独立董事或者全体董事的三分之一提名，并由 董事会选举产生。 第五条 战略投资与可持续发展委员会设主任委员（召 集人）一名，由董事长担任，负责主持委员会工作；主任委 员在委员内选举，并报请董事 ...

国家电投集团远达环保股份有限公司 市值管理办法（2025 年制定） 经公司第十届董事会第三十四次会议审议通过 第一章 总则 第一条 为加强国家电投集团远达环保股份有限公司 （以下简称"公司"或"上市公司"）市值管理工作，进一 步规范公司市值管理行为和推动公司投资价值提升，增强投 资者回报，切实维护公司、投资者及其他利益相关者的合法 权益，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所股票上市规则》《上市公司监管指引 第 10 号-市值管理》等法律法规及《公司章程》有关规定， 结合公司实际情况，制定本办法。 第二条 本办法所称市值管理，是指公司以提高公司质 量为基础，为提升公司投资价值和股东回报能力而实施的战 略管理行为。 第三条 本办法适用于公司及各控股子公司。 第二章 市值管理的目的与基本原则 第四条 市值管理的主要目的是通过充分且合规的信息 披露及投资者关系管理，提升公司透明度，并适时运用并购 重组、股权激励、员工持股计划、现金分红、股份回购等方 式，持续推动公司投资价值合理反映公司质量，建立稳定和 优质的投资者基础，最终实现公司整体利益与股东回报的可 持续共同发展。 公司在开展市 ...

第二章 人员组成 第三条 审计与风险委员会成员由董事会从董事会不 国家电投集团远达环保股份有限公司 董事会审计与风险委员会实施细则 （2025 年修订） 经公司第十届董事会第三十四次会议审议通过 第一章 总则 第一条 为强化国家电投集团远达环保股份有限公司 （以下简称"公司"）董事会决策功能，确保董事会对经营 管理层的有效监督，完善公司治理结构，保护公司和公司股 东的合法权益，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第 1 号—规范运作》《上 市公司独立董事管理办法》等有关法律法规、规范性文件要 求，及《公司章程》的相关规定，公司特设立董事会审计与 风险委员会（以下简称"审计与风险委员会"），并制定本 实施细则。 第二条 审计与风险委员会是董事会按照股东会决议 设立的专门委员会，对董事会负责，向董事会报告工作。公 司董事会审计与风险委员会主要负责审核公司财务信息及 其披露、监督及评估内外部审计工作和内部控制等工作。 1 在公司担任高级管理人员的董事中任命，并由 3 名或以上成 员组成，其中独立董事占多数，委员中至少有 1 名独立 ...

国家电投集团远达环保股份有限公司 关于制定《国家电投集团远达环保股份有限公司市值管 理办法（2025 年制定）》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个别及连带责任。 国家电投集团远达环保股份有限公司（以下简称公司）于 2025 年 10 月 29 日召开第十届董事会第三十四次会议审议通过了关于制定《国 家电投集团远达环保股份有限公司市值管理办法（2025 年制定）》的议 案。现将具体情况公告如下： 证券代码：600292 证券简称：远达环保 编号：临 2025－072 号 为加强公司市值管理工作，进一步规范公司市值管理行为，切实维 护公司、投资者特别是中小投资者及其他利益相关方的合法权益，提升 公司投资价值，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上海证券交易所股票上市规则》《上市公司监管指引第 10 号—市 值管理》等有关法律法规及《公司章程》，结合公司实际情况，公司制 定了《国家电投集团远达环保股份有限公司市值管理办法（2025 年制 定）》。 特此公告。 国家电投集团远达环保股份有限公司董事会 二 ...

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个别及连带责任。 公司已于2025年第四次（临时）股东大会审议通过了修订《公司 章程》的议案，为做好相应的衔接，根据《公司章程》《上市公司治 理准则》《上市公司审计委员会工作指引》等内容，公司于 2025年 10月29日召开第十届董事会第三十四次会议，审议通过了关于修订 《国家电投集团远达环保股份有限公司董事会审计与风险委员会实 施细则（2025年修订）》的议案。主要修订内容公告如下： 证券代码：600292 证券简称：远达环保 编号：临 2025－070 号 国家电投集团远达环保股份有限公司 关于修订《国家电投集团远达环保股份有限公司董事会 审计与风险委员会实施细则（2025 年修订）》 的公告 | | | 会会议职责时，召集和主持股东会会 | | --- | --- | --- | | | | 议； | | | | （十四）行使《中华人民共和国公司法》 | | | | 规定的监事会的职权； | | | | （十五）负责法律法规、公司章程和董 | | | | 事会授权的其他事宜。 | | ...

Core Insights - The futures concept sector experienced a decline of 0.36% on October 28, with the leading drop from Wuchan Zhongda [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - Notable gainers in the futures concept sector included: - Ruida Futures (002961) with a closing price of 24.29, up 5.75%, and a trading volume of 354,300 shares, totaling 861 million yuan [1] - Xiamen Guomao (600755) closed at 6.81, up 5.26%, with a trading volume of 1,649,200 shares, totaling 1.117 billion yuan [1] - Yuanda Environmental (600292) closed at 12.83, up 3.05%, with a trading volume of 301,900 shares, totaling 389 million yuan [1] - Major decliners included: - Wuchan Zhongda (600704) closed at 5.88, down 4.70%, with a trading volume of 2,257,700 shares, totaling 1.336 billion yuan [2] - Zhongjin Lingnan (000060) closed at 5.50, down 3.51%, with a trading volume of 1,289,500 shares, totaling 716 million yuan [2] - Zhongke Jincai (002657) closed at 30.78, down 2.75%, with a trading volume of 295,100 shares, totaling 903 million yuan [2] Capital Flow - The futures concept sector saw a net outflow of 705 million yuan from main funds, while retail funds experienced a net inflow of 296 million yuan [2][3] - Notable capital flows included: - Ruida Futures had a main fund net inflow of 150 million yuan, but retail funds saw a net outflow of 91.24 million yuan [3] - Yong'an Futures (600927) had a main fund net inflow of 43.91 million yuan, with retail funds experiencing a net outflow of 22.76 million yuan [3] - Yuanda Environmental had a main fund net inflow of 37.84 million yuan, with retail funds seeing a net outflow of 26.08 million yuan [3]