Core Insights - Longjing Environmental Protection reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [1] Financial Performance - The company achieved a revenue of 3,174,643,918.08 yuan for the third quarter, representing a year-on-year growth of 60.16% [1] - The net profit attributable to shareholders of the listed company was 334,927,869.08 yuan, reflecting a year-on-year increase of 54.99% [1]

Core Insights - Longking Environmental (600388.SH) reported a revenue of 7.858 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 18.09% [1] - The net profit attributable to shareholders of the listed company reached 780 million yuan, with a year-on-year increase of 20.53% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 738 million yuan, showing a year-on-year growth of 26.19% [1]

Core Viewpoint - Longking Environmental Protection plans to conduct futures and derivatives hedging business to mitigate the risks associated with price fluctuations of lithium carbonate and cathode copper, thereby stabilizing production costs and enhancing competitiveness [1][4]. Group 1: Trading Overview - The purpose of the trading is to hedge against price fluctuations of lithium carbonate, which constitutes approximately 72% of the cost of producing lithium iron phosphate [2]. - The company plans to invest a maximum of 30 million yuan in the hedging business for lithium carbonate and cathode copper, with a total contract value not exceeding 300 million yuan [2]. - The funding for this hedging business will come from the company's own funds, and the trading will be conducted on the Shanghai Futures Exchange, Guangzhou Futures Exchange, and Shanghai International Energy Exchange [2]. Group 2: Approval Process - The company held the sixth meeting of the tenth Audit Committee on October 16, 2025, to review and approve the relevant proposal, which was subsequently approved by the Board of Directors [3]. - The matter falls within the Board's authority and does not require submission to the shareholders' meeting for approval [3]. Group 3: Risk Analysis and Control Measures - Although the company will only engage in hedging related to raw materials and not speculative trading, there are still risks such as price volatility, operational risks, technical risks, and policy risks [3]. - The company will implement risk control measures by matching hedging activities with contract projects, controlling the scale of funds, and ensuring compliance with laws and regulations [3]. Group 4: Impact and Accounting Treatment - Engaging in futures and derivatives hedging will help the company avoid risks from raw material price fluctuations and enhance its core competitiveness [4]. - The company will use its own funds for this business, ensuring that normal operations are not affected, and will apply hedge accounting in accordance with relevant accounting standards [4].

Core Points - Fujian Longking Environmental Protection Co., Ltd. revised its articles of association in October 2025 to clarify organizational structure, management, and shareholder rights, laying a foundation for stable development [1] - The company was established in 1998 and listed on the Shanghai Stock Exchange in December 2000, with a registered capital of 1.27 billion yuan [1] - The company’s business scope includes environmental equipment manufacturing, pollution control, resource recycling, power generation, and waste treatment [1] Shareholder and Share Structure - The total number of shares is 127,004,629.3 shares, with each share valued at 1 yuan, and the issuance follows principles of openness, fairness, and justice [1] - Share transfers are subject to restrictions, particularly for directors and senior management, with clear regulations on short-term trading profits [1] - Shareholders have rights such as information access, voting, and dividends, while also having obligations to comply with the articles and pay share capital [1] Board and Management - The board consists of 12 directors, including 7 non-independent directors, 4 independent directors, and 1 employee director, responsible for operational decisions and internal management [2] - Senior management, including the president and vice presidents, must meet qualification requirements and are accountable to the board [2] - The company has established a financial accounting system that emphasizes investor returns and policy continuity, with various profit distribution methods [2] Internal Audit and Notifications - An internal audit system is in place, executed by the audit committee and audit supervision department, with a clear process for appointing accounting firms [2] - Notifications can be issued through designated personnel, mail, or announcements, with specific media and websites chosen for public disclosures [2] - The revised articles also address matters such as mergers, divisions, capital increases, reductions, dissolution, and liquidation, significantly impacting the company's operational norms and long-term development [2]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 3.175 billion yuan, a year-on-year growth of 60.16%, and net profit attributable to shareholders at 335 million yuan, up 54.99% [1] - For the first three quarters of 2025, the company achieved a revenue of 7.858 billion yuan, representing an 18.09% increase, and a net profit of 780 million yuan, which is a 20.53% rise [1] Financial Performance - Q3 2025 revenue was 3.175 billion yuan, with a net profit of 335 million yuan and a net profit excluding non-recurring items of 322 million yuan [1] - For the first three quarters, the company reported a total revenue of 7.858 billion yuan and a net profit of 780 million yuan, with net profit excluding non-recurring items at 738 million yuan [1] - As of the end of the reporting period, the company's equity attributable to shareholders was 10.632 billion yuan, an increase of 4.51% from the beginning of the year, with a debt-to-asset ratio of 62.01% and a low interest-bearing debt ratio of 16.90% [1] Contract and Order Status - The company secured new environmental equipment engineering contracts worth 7.626 billion yuan, with the power industry accounting for 61.51% and the non-power industry for 38.49% [2] - The total backlog of environmental equipment engineering contracts stood at 19.741 billion yuan, indicating a strong order reserve [2] Business Segments and Growth Drivers - The company is a leader in air pollution control, benefiting from new coal power project constructions and existing unit environmental upgrades [2] - The green electricity business contributed nearly 170 million yuan in net profit, becoming a significant growth driver for the company [2] - The company has a strong partnership with EVE Energy, with a current energy storage cell production capacity of approximately 8.5 GWh and a cumulative delivery of 5.9 GWh in the first nine months, with over 95% for export [2] - The company is actively developing next-generation sodium-ion battery technology, having completed sample development and passed client testing, with core intellectual property patents granted [2]

Group 1 - The company Longjing Environmental Protection announced on October 17 that its 10th Board of Directors held its 18th meeting on October 16, 2025, at its headquarters in Longyan and Xiamen branch, using a combination of in-person and video communication [1] - The meeting reviewed documents including the "2025 Third Quarter Report" [1]

Core Insights - Longjing Environmental Protection (龙净环保) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 3.175 billion yuan, a year-on-year growth of 60.16%, and net profit attributable to shareholders at 335 million yuan, up 54.99% [1] - For the first three quarters of 2025, the company achieved a revenue of 7.858 billion yuan, representing an 18.09% increase, and a net profit of 780 million yuan, which is a 20.53% rise [1] Financial Performance - The company's net profit after deducting non-recurring gains and losses for Q3 was 322 million yuan, reflecting a 65.50% increase [1] - As of the end of the reporting period, the equity attributable to shareholders was 10.632 billion yuan, a 4.51% increase from the beginning of the year, with a debt-to-asset ratio of 62.01% and a low interest-bearing debt ratio of 16.90% [1] Contract and Order Status - The company secured new environmental equipment engineering contracts worth 7.626 billion yuan since the beginning of the year, with the power industry accounting for 61.51% and non-power industry for 38.49% [2] - The total value of contracts on hand at the end of the reporting period was 19.741 billion yuan, indicating a strong order reserve [2] Business Growth Drivers - The green electricity business contributed nearly 170 million yuan in net profit, becoming a significant growth engine for the company [2] - The company is collaborating with Yiwei Lithium Energy to capitalize on market opportunities, with current energy storage cell production capacity at approximately 8.5 GWh and cumulative deliveries of 5.9 GWh (over 95% for export) [2] Technological Advancements - The company is actively developing next-generation sodium-ion battery technology, having received support from the Fujian Provincial Department of Science and Technology for regional development projects [2] - Sodium-ion battery samples have been developed and passed testing and certification by potential clients, with core intellectual property patents officially authorized by the National Intellectual Property Administration [2]

福建龙净环保股份有限公司 内幕信息知情人登记管理制度 （2025年10月修订） 第一章 总则 第一条 为规范福建龙净环保股份有限公司（以下简称"公司"）内幕信息管 理，加强内幕信息保密工作，维护信息披露公平原则，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司信息披露管理办法》《上海证券交易所股票上市规则》《上市公司监管 指引第 5 号——上市公司内幕信息知情人登记管理制度（2025 年修订）》等法律、 法规和《福建龙净环保股份有限公司章程》的规定，制定本制度。 第二条 公司董事会应当保证内幕信息知情人档案真实、准确和完整。董事 长为主要负责人，董事会秘书负责办理公司内幕信息知情人的登记入档事宜，公 司董事会办公室为内幕信息的管理、登记、披露及备案的日常工作部门。董事长 与董事会秘书应当对内幕信息知情人档案的真实、准确和完整签署书面确认意 见。 第三条 本制度规定的内幕信息知情人均应做好内幕信息保密工作，做好内 幕信息知情人登记管理工作，不得泄露内幕信息，不得进行内幕交易或配合他人 操纵证券交易价格。 第四条 公司董事、高级管理人员和公司各 ...

第一条 为适应公司战略发展需要，增强公司的核心竞争力，贯彻执行公司 股东大会、董事会的决议，提高决策效率和决策质量，完善法人治理结构，根据 《中华人民共和国公司法》《上海证券交易所股票上市规则》《上市公司章程指引》 《公司章程》的规定，公司设立投资与决策委员会，并制定本细则。 第二条 投资与决策委员会是董事会下辖的内部管理与决策委员会，为董事 会管理下的常设机构，在董事会授权范围内履行职权，对董事会负责。 第二章 人员组成 第三条 投资与决策委员会由公司在任董事长及高级管理人员共同组成。 福建龙净环保股份有限公司 投资与决策委员会工作细则 （2025 年 10 月修订） 第一章 总则 （二）审核公司经营计划； 第四条 投资与决策委员会设主任委员一名，主任委员由公司董事长担任， 主任委员主持委员会工作。 第五条 投资与决策委员会任期与董事会任期一致，委员任期届满，连选可 以连任。期间若有委员不再担任本细则第三条规定的成员职务，则自动失去委员 资格，由剩余委员组成该委员会。如有补足人员的，则由剩余人员与补足人员共 同组成该委员会。 第六条 投资与决策委员会下设的办事机构为公司董事会办公室，负责委员 会工作资料的收 ...

募集资金管理制度 （2025 年 10 月修订） 第一章 总 则 第一条 为规范福建龙净环保股份有限公司（以下简称公司）的募集资金的存放、 管理和使用，提高募集资金使用效益，保护投资者的合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》、中国证券监督管理委员会（以下简称中国证监 会）发布的《上市公司证券发行注册管理办法》《上市公司募集资金监管规则》以及上 海证券交易所发布的《上海证券交易所股票上市规则》（以下简称《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》等法律、行政法规、 规章和规范性文件的规定，依照《福建龙净环保股份有限公司章程》（以下简称《公司 章程》），结合公司实际情况，制订本制度。 第二条 本制度所称募集资金是指公司通过发行股票或者其他具有股权性质的证 券，向投资者募集并用于特定用途的资金，但不包括公司实施股权激励计划募集的资 金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司募集资金应当专款专用。公司使用募集资金应当符合国家产业政策 和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主营业务， 有 ...