Core Viewpoint - The power battery recycling sector has shown a positive performance, with a 0.53% increase, ranking seventh among concept sectors, indicating growing investor interest and potential opportunities in this area [1][2]. Group 1: Market Performance - As of October 30, the power battery recycling concept saw 37 stocks rise, with notable gainers including Xinwangda (up 10.14%), Tianqi Lithium (up 9.67%), and Fangyuan Co. (up 9.05%) [1]. - The sector experienced a net inflow of 1.92 billion yuan, with 43 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow [2]. Group 2: Key Stocks - Tianqi Lithium led the net inflow with 1.382 billion yuan, followed by Huayou Cobalt (410 million yuan), Ganfeng Lithium (387 million yuan), and Fulongma (377 million yuan) [2]. - The highest net inflow ratios were observed in Kangsheng Co. (29.02%), Yuanda Environmental Protection (22.44%), and Tianqi Lithium (14.14%) [3]. Group 3: Sector Comparison - The power battery recycling sector's performance contrasts with other sectors, such as the military equipment restructuring concept, which fell by 2.91%, and the optical packaging concept, which decreased by 2.87% [2].

Market Overview - The environmental governance sector declined by 0.9% compared to the previous trading day, with Deepwater Haina leading the decline [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Top Performers - Fulongma (603686) saw a significant increase of 10.01%, closing at 28.13 with a trading volume of 1.15 million shares and a transaction value of 3.08 billion [1] - Yuanda Environmental (600292) rose by 9.98%, closing at 66.61 with a trading volume of 624,900 shares and a transaction value of 863 million [1] - Sanfeng Environment (601827) increased by 4.60%, closing at 8.64 with a trading volume of 275,800 shares and a transaction value of 238 million [1] Underperformers - Deepwater Haina (300961) experienced a decline of 5.82%, closing at 16.03 with a trading volume of 109,900 shares and a transaction value of 178 million [2] - Haixia Environmental (603817) fell by 5.16%, closing at 6.80 with a trading volume of 431,400 shares and a transaction value of 297 million [2] - Yuhua Tian (300815) decreased by 4.78%, closing at 22.91 with a trading volume of 147,900 shares and a transaction value of 344 million [2] Capital Flow - The environmental governance sector saw a net outflow of 485 million from institutional investors, while retail investors had a net inflow of 395 million [2][3] - The top stock, Fulongma, had a net inflow of 281 million from institutional investors, while it faced a net outflow of 78.32 million from speculative funds [3] - Yuanda Environmental had a net inflow of 158 million from institutional investors but a significant outflow of 1.33 billion from speculative funds [3]

Core Insights - The company reported a total operating revenue of 2.936 billion yuan for Q3 2025, ranking 22nd among disclosed peers, which is a decrease of 160 million yuan or 5.16% year-on-year [1] - The net profit attributable to shareholders was 56.0255 million yuan, ranking 47th among peers, reflecting a decline of 32.3412 million yuan or 36.60% year-on-year [1] - The net cash inflow from operating activities was 272 million yuan, ranking 26th among peers, down by 145 million yuan or 34.79% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 44.38%, ranking 32nd among peers, which is an increase of 2.93 percentage points from the previous quarter and 4.48 percentage points from the same period last year [3] - The latest gross profit margin is 14.61%, ranking 72nd among peers, with an increase of 0.38 percentage points from the previous quarter and 0.56 percentage points year-on-year [3] - The latest return on equity (ROE) is 1.08%, ranking 57th among peers, which is a decrease of 0.62 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.07 yuan, ranking 54th among peers, down by 0.04 yuan or 36.36% year-on-year [3] - The latest total asset turnover ratio is 0.30 times, ranking 12th among peers, which is a decrease of 0.02 times or 7.37% year-on-year [3] - The latest inventory turnover ratio is 11.31 times, ranking 32nd among peers, with an increase of 0.25 times, marking five consecutive years of growth, up by 2.28% year-on-year [3] Shareholder Structure - The number of shareholders is 47,600, with the top ten shareholders holding 452 million shares, accounting for 57.94% of the total share capital [3] - The largest shareholder is State Power Investment Corporation with 43.7% of shares, followed by Chongqing Urban Construction Investment Group with 8.58% [3]

Group 1 - Company Yuantai Environmental Protection reported a revenue of approximately 2.936 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 5.16% [1] - The net profit attributable to shareholders of the listed company was approximately 56.03 million yuan, a year-on-year decrease of 36.6% [1] - The basic earnings per share were 0.07 yuan, down 36.36% year-on-year [1] Group 2 - As of the report date, the market capitalization of Yuantai Environmental Protection is 9.9 billion yuan [2]

Core Insights - The company reported a slight increase in revenue and a notable rise in net profit for the third quarter, indicating stable financial performance amidst ongoing restructuring efforts [1][2] - The completion of the major asset restructuring is expected to enhance the company's operational efficiency and expand its business scope in the hydropower sector [2] Financial Performance - The company achieved operating revenue of 1.11 billion yuan in Q3, a year-on-year increase of 0.12% [1] - The net profit attributable to shareholders was 40.72 million yuan, reflecting a year-on-year growth of 12.26% [1] - The net profit after deducting non-recurring items was 39.75 million yuan, up by 9.47% year-on-year [1] Asset Restructuring - The company has received approval from the CSRC for its major asset restructuring, which includes issuing approximately 2.017 billion shares to China Power International Development Limited, 1.184 billion shares to Hunan Xiangtou International Investment Co., Ltd., and 398 million shares to State Power Investment Corporation Guangxi Electric Power Co., Ltd. [1] - The restructuring aims to acquire 100% equity of Wuling Power and 64.93% equity of Changzhou Hydropower, with a plan to raise up to 5 billion yuan in supporting funds [1] Strategic Development - Post-restructuring, the company will expand into hydropower and integrated development operations of watershed hydropower stations, enhancing its business footprint [2] - The support from State Power Investment Group is expected to facilitate the company's transformation and improve asset quality, operational efficiency, and core competitiveness, laying a solid foundation for sustainable development [2]

Core Viewpoint - The company reported a slight increase in revenue and a significant growth in net profit for the third quarter of 2025 compared to the same period last year [1] Financial Performance - The company achieved a revenue of 1,109,867,672.94 yuan in the third quarter of 2025, representing a year-on-year growth of 0.12% [1] - The net profit attributable to shareholders of the listed company was 40,717,714.33 yuan, showing a year-on-year increase of 12.26% [1]

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 ...