Core Viewpoint - The acceleration of mergers and acquisitions (M&A) among state-owned listed companies reflects a significant transformation in industrial logic during China's economic transition, driven by the deepening reform of state-owned enterprises (SOEs) and the need for capital market integration [1][2][3]. Group 1: M&A Activity and Trends - In 2023, there have been 636 state-owned listed companies disclosing M&A plans, totaling 1,029 transactions, representing a year-on-year increase of 10.29%. Notably, 32 of these transactions are major asset restructurings, up 68.42% from the previous year [1]. - The current wave of M&A is largely attributed to the final year of the SOE reform initiative, with local governments actively promoting the consolidation of state assets through M&A [2][4]. - Central and local SOEs are increasingly responding to government policies encouraging M&A, aiming to enhance their competitive advantages and promote industrial upgrades [4][8]. Group 2: Specific M&A Cases - China Shenhua (601088.SH) plans to acquire equity stakes in 13 core energy enterprises from its controlling shareholder, the State Energy Group, covering various sectors including coal, power, and logistics [3]. - Other companies, such as Zhenyang Development (603213.SH) and China Chemical (600500.SH), have also announced significant asset restructuring plans aimed at optimizing resource allocation and enhancing their core business areas [4][7]. Group 3: Strategic Implications - The restructuring efforts are expected to significantly enhance the resource reserves and core business capacities of companies like China Shenhua, thereby improving their market competitiveness and supporting national energy strategies [3][8]. - Local state-owned enterprises are focusing on strategic integration to overcome fragmentation and enhance their economic impact, as seen in recent restructuring initiatives in regions like Ningxia and Henan [7][8]. Group 4: Future Outlook - Analysts predict that the trend of active M&A among state-owned enterprises will continue, driven by the need for capital optimization and the pursuit of high-quality development [2][8]. - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of building a modern industrial system and fostering new pillar industries to support economic growth [8].

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]

证券代码：600292 证券简称：远达环保 编号：临 2025－046 号 ）预 计2025年半年度实现归属于母公司所有者的净利润1,531万元，与上年 同期相比，将减少3,679万元，同比下降70%左右。 ??公司预计2025年半年度实现归属于母公司所有者的扣除非经 常性损益的净利润为938万元，与上年同期相比，将减少4,090万元，同 比减少81%左右。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 国家电投集团远达环保股份有限公司 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。 重要内容提示: ? ??业绩预告的具体适用情形：实现盈利，且净利润与上年同期相 比下降50%以上。 ??国家电投集团远达环保股份有限公司（以下简称"公司" （一）利润总额：9,829 万元。归属于上市公司股东的净利润：5， 万元。 （二）基本每股收益：0.07 元。 三、本期业绩预减的主要原因 公司控股子公司国家电投集团远达环保工程有限公司 （以下简称"远 达工程"）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 ...

Core Viewpoint - The company, Yuanda Environmental Protection, anticipates a significant decline in net profit for the first half of 2025, projecting a profit of approximately 15.31 million yuan, which represents a decrease of about 70% compared to the same period last year [2] Financial Performance - The expected net profit for the first half of 2025 is around 15.31 million yuan, down from the previous year by 36.79 million yuan [2] - The decline in profit is primarily attributed to the bankruptcy of Jiangsu Kunpeng Environmental Engineering Technology Co., Ltd., the general contractor for Yuanda's Daye project, which was declared by the Yixing People's Court on July 24, 2025 [2] - As a result of this bankruptcy, there is a significant risk regarding the recovery of receivables from Kunpeng Environmental, leading the company to prepare for a full impairment of these receivables [2] Impairment and Adjustments - The company plans to recognize an impairment provision of approximately 32.95 million yuan for the receivables from Kunpeng Environmental, which will impact the net profit by about 27.39 million yuan for the first half of 2025 [2] - This impairment is in accordance with the prudence principle outlined in the Accounting Standards for Enterprises [2]

[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)

人民财讯8月18日电，远达环保（600292）8月18日晚间发布业绩预减公告，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，同比下降70%左右。业绩预减主要原因：公司控股子公 司远达工程近日获悉其大冶项目工程合同的工程总包单位鲲鹏环保已于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。远达工程对鲲鹏环保的应收款项存在重大回收风险。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。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。 ...

远达环保公告，预计2025年半年度实现归属于母公司所有者的净利润1531万元，与上年同期相比，将减 少3679万元，同比下降70%左右。此外，预计2025年半年度实现归属于母公司所有者的扣除非经常性损 益的净利润为938万元，与上年同期相比，将减少4090万元，同比减少81%左右。此次业绩预减主要由 于控股子公司远达工程对江苏鲲鹏环保工程技术有限公司的应收款项全额计提减值准备，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。 ...

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]

Market Overview - The futures concept sector experienced a decline of 0.69% on August 1, with Nanhua Futures leading the drop [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Individual Stock Performance - Notable gainers in the futures concept sector included: - Hongqiang Securities (601236) with a closing price of 8.84, up 1.96% and a trading volume of 845,200 shares, totaling 755 million yuan [1] - Chuangyuan Technology (000551) closed at 11.06, up 0.91% with a trading volume of 68,500 shares, totaling 75.6 million yuan [1] - Conversely, significant decliners included: - Nanhua Futures (603093) which closed at 21.88, down 4.12% with a trading volume of 212,500 shares, totaling 472 million yuan [2] - Zhongke Jin Cai (002657) closed at 28.58, down 3.45% with a trading volume of 443,700 shares, totaling 1.273 billion yuan [2] Capital Flow Analysis - The futures concept sector saw a net outflow of 843 million yuan from main funds, while retail investors contributed a net inflow of 627 million yuan [2] - The capital flow for individual stocks showed: - Hongta Securities (601236) had a net inflow of 75.37 million yuan from main funds, while retail investors had a net outflow of 37.94 million yuan [3] - Dahan Technology (600288) experienced a net inflow of 14.14 million yuan from main funds, with retail investors showing a net outflow of 0.65 million yuan [3]