Group 1 - The company, Longjing Environmental Protection, announced that its wholly-owned subsidiary, Zijin Longjing Clean Energy Co., Ltd., plans to invest in the construction of the Mami Cuo Source Network Integrated Energy Station project [1] - The project will have a total scale of 420 MWp photovoltaic capacity, 412.5 MW/1650 MWh electrochemical energy storage, and 30 MW of biomass power generation [1] - The total investment for the project is approximately 2.391 billion yuan, which will be self-funded by the company [1] Group 2 - The project is expected to be operational by the second quarter of 2026 and has a planned service life of 20 years [1] - The anticipated annual power generation is approximately 761 million kWh [1]

Core Viewpoint - The company, Fujian Longking Environmental Protection Co., Ltd., is set to hold an investor briefing on October 16, 2025, to discuss its 2025 semi-annual performance and financial status, allowing for interactive communication with investors [2][3][4]. Group 1: Meeting Details - The investor briefing will take place on October 16, 2025, from 13:00 to 14:00 [2][5]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [2][5]. - Investors can submit questions from October 9 to October 15, 2025, through the Roadshow Center website or via the company's email [2][4][6]. Group 2: Participation and Interaction - The briefing will be conducted in an interactive online format, allowing the company to address common investor concerns within the scope of information disclosure [3][4]. - Investors can participate by logging into the Roadshow Center on the scheduled date and time [4][5]. - After the meeting, the main content and outcomes will be available for review on the Roadshow Center [6].

Group 1 - The company Longking Environmental Protection announced that it will hold a semi-annual performance briefing on October 16, 2025, from 13:00 to 14:00 [2]

证券代码：600388 证券简称：龙净环保 公告编号：2025-050 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 09 日 （星期四） 至 10 月 15 日 （星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@longking.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 福建龙净环保股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 10 月 16 日（星期四）13:00-14:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 福建龙净环保股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： （二 ...

Company Overview - Longking Environmental Protection Co., Ltd. is located in Longyan City, Fujian Province, established on February 23, 1998, and listed on December 29, 2000. The company's main business includes dust removal, desulfurization, denitrification, material transportation, desulfurization operation, and power plant engineering contracting [2]. Stock Performance - As of September 4, the stock price of Longking Environmental Protection increased by 2.05%, reaching 12.45 CNY per share, with a trading volume of 21.88 million CNY and a turnover rate of 0.14%. The total market capitalization is 15.81 billion CNY [1]. - Year-to-date, the stock price has risen by 0.65%, with a 0.00% change over the last five trading days, a 3.66% increase over the last 20 days, and a 5.51% increase over the last 60 days [2]. Financial Performance - For the first half of 2025, Longking Environmental Protection achieved a revenue of 4.683 billion CNY, representing a year-on-year growth of 0.24%. The net profit attributable to shareholders was 445 million CNY, with a year-on-year increase of 3.27% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders is 44,300, a decrease of 0.52% from the previous period. The average circulating shares per person increased by 0.53% to 28,642 shares [2]. - The company has distributed a total of 3.184 billion CNY in dividends since its A-share listing, with 1.03 billion CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, the fifth-largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 40.23 million shares, unchanged from the previous period. The tenth-largest shareholder is the Southern CSI 1000 ETF, which is a new entrant with 9.39 million shares [3].

Group 1 - The environmental equipment sector experienced a decline of 2.1% on September 3, with 聚光科技 leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] - Notable performers in the environmental equipment sector included 美埃科技, which rose by 6.66% to a closing price of 49.17, and 亚米股份, which increased by 4.67% to 19.06 [1] Group 2 - The net outflow of main funds in the environmental equipment sector was 34.01 million yuan, while retail funds saw a net inflow of 9.70 million yuan [3] - The overall fund flow indicates a mixed sentiment, with speculative funds net inflowing 24.32 million yuan [3]

Core Viewpoint - The environmental monitoring instrument industry in China has rapidly developed into one of the largest markets globally, driven by national policies and market demand, with significant growth expected in production and sales in the coming years [1][2][3]. Industry Definition and Classification - Environmental monitoring involves analyzing and monitoring toxic substances in air, water, and soil, with specialized instruments used for assessing environmental quality across various sectors [1]. Current Development Status - China has over 2,000 production companies in the environmental monitoring instrument sector, with approximately 350 large-scale manufacturers. The sales of specialized instruments are projected to grow from 253,000 units in 2023 to 290,000 units in 2024, and further to 330,000 units in 2025 [1][3]. Industry Chain - The industry chain includes upstream components like sensors and materials, midstream manufacturing of monitoring instruments, and downstream applications in government, enterprises, and research [3]. Policy Environment - The government has introduced policies to support the establishment of a modern ecological monitoring system, promoting the development of high-tech monitoring instruments and their application in various environmental assessments [5]. Competitive Landscape - The market is characterized by low concentration and intense competition, with major players including 聚光科技 (Juguang Technology), 雪迪龙 (Xuedilong), and others. The high-end monitoring market is still dominated by foreign products, although domestic companies are closing the technology gap [6][8]. Major Companies - 聚光科技 (Juguang Technology) is a leading enterprise in high-end analytical instruments, with a projected output of 29,300 units in 2024 [6][7]. - 雪迪龙 (Xuedilong) focuses on smart equipment and has provided over 50,000 environmental monitoring devices, with an expected revenue of 747 million yuan in 2024 [8]. Development Trends - The industry is moving towards increased domestic production, driven by technological advancements and policy support. Future trends include the integration of IoT, big data, and cloud computing, leading to smarter, more portable, and collaborative monitoring solutions [9].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.683 billion yuan for the first half of 2025, a year-on-year increase of 0.2%, with a net profit attributable to shareholders of 445 million yuan, up 3.3% year-on-year. In Q2 alone, revenue reached 2.718 billion yuan, reflecting a 13.5% increase year-on-year, and net profit was 260 million yuan, up 12.0% year-on-year [2][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 4.683 billion yuan, with a net profit of 445 million yuan and a non-recurring net profit of 416 million yuan, marking increases of 0.2%, 3.3%, and 6.6% respectively. Q2 figures showed a revenue of 2.718 billion yuan and a net profit of 260 million yuan, with respective year-on-year growth rates of 13.5% and 12.0% [2][4]. Business Segments - The company’s flue gas treatment business showed revenue fluctuations, but the gross profit margin improved. The clean energy segment reported nearly 100 million yuan in net profit, with ongoing projects both domestically and internationally progressing smoothly. The energy storage segment has begun to turn a profit, and mining equipment capabilities are rapidly developing [2][4]. Operational Efficiency - The company is focused on enhancing operational quality and efficiency, with a steady increase in gross profit margins for its main business. Cash flow is expected to improve, and the interest-bearing debt ratio remains low. The company has seen continued support from major shareholders, indicating confidence in its long-term development [2][4]. Market Position - The company secured new orders worth 5.370 billion yuan in H1, with a stable order backlog of 19.971 billion yuan, reflecting a year-on-year increase of 2.22%. The company is actively managing contract quality and controlling project margins, which supports future performance [2][4]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 1.103 billion yuan, 1.402 billion yuan, and 1.701 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.8%, 27.1%, and 21.4%. The corresponding PE ratios are projected to be 14.6x, 11.5x, and 9.4x [2][4].

Core Viewpoint - The company reported steady growth in performance, with significant contributions from the new energy business, achieving operating revenue of 4.683 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 445 million yuan, a year-on-year increase of 3% [2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.683 billion yuan, which is essentially flat year-on-year [2] - The net profit attributable to shareholders reached 445 million yuan, reflecting a year-on-year growth of 3% [2] - The net profit after deducting non-recurring items was 416 million yuan, showing a year-on-year increase of 7% [2] Group 2: New Energy Business - The rapid development and profitability improvement of the new energy business were the main drivers of performance growth, with nearly 1 billion yuan in net profit generated from this segment in the first half of the year [2] - The energy storage cell business achieved full production and sales through deepened cooperation with Yiwei Lithium Energy, significantly improving operational conditions [2][3] - The company is executing a "dual-drive strategy" of "environmental protection + new energy," with the new energy business entering a fast development phase [3] Group 3: Environmental Business - The traditional environmental protection business remains stable and healthy, providing a solid performance foundation, with new environmental equipment engineering contracts totaling 5.370 billion yuan during the period [2] - The company’s traditional air pollution control business maintains a leading position, with a balanced business structure, where the power industry accounted for 61.61% of new orders [4] - The company is proactively responding to the clean and efficient transformation of coal power and the ultra-low emission renovation needs of non-electric industries [4] Group 4: Strategic Initiatives - The company is strategically entering emerging sectors, having acquired a 20% stake in Zhejiang Jitai Intelligent Technology Co., aiming to penetrate the special robot sector in the energy field [4] - This move is intended to leverage the company's extensive customer resources in power plants and form strategic synergies with Jitai Intelligent in technology and channels [4] - The company is also focusing on the electrification opportunities in mining trucks, with independent research and development of electric mining trucks progressing smoothly [3] Group 5: Profit Forecast - The company is expected to achieve operating revenues of 12.033 billion yuan, 14.009 billion yuan, and 16.360 billion yuan for 2025-2027, with year-on-year growth rates of 20.09%, 16.43%, and 16.78% respectively [4] - The net profit attributable to shareholders is projected to be 1.226 billion yuan, 1.423 billion yuan, and 1.705 billion yuan for the same period, with year-on-year growth rates of 47.69%, 16.05%, and 19.77% respectively [4] - Based on the closing price on August 27, 2025, the corresponding PE ratios are expected to be 12.88, 11.10, and 9.27 times, with EPS of 0.97, 1.12, and 1.34 yuan respectively [4]