龙净环保公告称，为满足麻米措项目建设需求，其拟为全资子公司紫金龙净清洁能源有限公司的全资子 公司西藏麻米紫金龙净清洁能源有限公司21亿元授信贷款提供担保。该事项已通过董事会审议，尚需股 东会批准。截至公告日，公司及控股子公司对外担保总额16.56亿元，占最近一期经审计净资产的 16.28%，无逾期担保。本次新增担保额度占最近一期净资产的20.64%，授权有效期自2026年第一次临 时股东会审议通过至2025年年度股东会召开。 ...

本报讯 （记者袁传玺）天眼查App显示，近日，海南紫金龙净清洁能源有限公司成立，注册资本1000万 元，经营范围含发电业务、输电业务、供（配）电业务，太阳能发电技术服务，风力发电技术服务，以 自有资金从事投资活动，通用设备制造，机械设备销售，新能源原动设备销售，光伏设备及元器件制造 等，由龙净环保（600388）（600388）全资持股。 ...

企查查APP显示，近日，海南紫金龙净清洁能源有限公司成立，法定代表人为张瑾，注册资本为1000万 元，经营范围包含：发电业务、输电业务、供（配）电业务；太阳能发电技术服务；风力发电技术服 务；新兴能源技术研发等。企查查股权穿透显示，该公司由龙净环保全资持股。 ...

证券日报网讯12月22日，龙净环保（600388）在互动平台回答投资者提问时表示，公司严格按照中国证 监会和上交所有关上市公司信息披露的规定，在定期报告中披露公司股东户数。 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The environmental protection industry is expected to benefit from tightening nickel quotas in Indonesia and increasing demand for air pollution control, particularly for companies like Longjing Environmental [1] - The report emphasizes the importance of the "15th Five-Year Plan" for achieving carbon neutrality and improving air quality, indicating a shift from end-of-pipe treatment to structural reduction [10][11] - The report highlights the growth potential in the waste management sector, particularly in overseas markets, and the expected acceleration in revenue recognition for companies like Weiming Environmental [19][21] Summary by Sections Industry Trends - The environmental protection industry is projected to experience a value and growth resonance driven by dual carbon goals [21] - The report notes a significant increase in sales of new energy sanitation vehicles, with a 61.32% year-on-year growth in the first ten months of 2025 [27] - The average price of biodiesel has decreased, leading to a decline in profit margins [39] Key Recommendations - Recommended companies include Longjing Environmental, Weiming Environmental, and others that are positioned to benefit from stricter air quality standards and increased demand for environmental services [1][21] - The report suggests focusing on companies with strong cash flow and market positioning in the water services sector, such as Yuehai Investment and Xingrong Environment [22] Market Dynamics - The report indicates that the tightening of nickel quotas in Indonesia could support nickel prices, benefiting companies involved in nickel production and processing [18] - The report also discusses the expected growth in the waste-to-energy sector in Indonesia, with significant investments planned for waste incineration plants [19] Financial Performance - Longjing Environmental reported a 1.1% year-on-year increase in new environmental equipment contracts, with a total of 76.26 billion yuan in new contracts for the first three quarters of 2025 [13] - The report projects that the free cash flow for the water services sector will improve significantly, enhancing dividend potential and PE valuation [22]

格隆汇12月22日丨龙净环保(600388.SH)在互动平台表示，公司当前储能电芯订单饱满，现有产能已满 产满销，排产期已至明年三季度。 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry, indicating a positive outlook for the sector in the medium to long term [1]. Core Insights - The revision of the environmental air quality standards is set to be implemented in phases, which will lead to a long-term increase in demand for air pollution control, benefiting companies like Longjing Environmental Protection [4]. - The new air quality standards will tighten limits on pollutants, with significant reductions in annual and daily concentration limits for PM2.5 and PM10, among others, compared to the current standards [4][5]. - The 2026 environmental protection special fund budget has been set at 52.8 billion yuan, with a notable increase in the proportion allocated to air pollution control, which is expected to accelerate investment in this area [4]. Summary by Sections Air Quality Standards - The revised air quality standards will implement stricter limits, with PM2.5 annual and daily secondary limits reduced to 25 µg/m³ and 50 µg/m³ respectively, representing a year-on-year decrease of 29% and 33% [4]. - The first phase of implementation (2026-2030) will have transitional limits, while the second phase (from 2031) will enforce the stricter revised limits [4]. Environmental Improvement Goals - The report highlights that air quality improvement is entering a quality enhancement phase, with significant progress made in reducing annual concentrations and the frequency of heavy pollution events [4]. - The goal is to achieve an average concentration of PM2.5 below 25 µg/m³ by 2035, aligning with the broader "Beautiful China" initiative [4]. Funding and Investment - The 2026 budget for environmental protection is significantly higher than in previous years, with air pollution control receiving 46% of the total budget, up from 21% in 2025 [4]. - The budget for air pollution control has increased by 19% year-on-year, indicating strong governmental support for environmental initiatives [4].

天眼查App显示，近日，海南紫金龙净清洁能源有限公司成立，法定代表人为张瑾，注册资本1000万人 民币，经营范围含发电业务、输电业务、供（配）电业务，太阳能发电技术服务，风力发电技术服务， 以自有资金从事投资活动，通用设备制造，机械设备销售，新能源原动设备销售，光伏设备及元器件制 造等，由龙净环保（600388）全资持股。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **environmental public utility sector** and its strategies for 2026, emphasizing the dual carbon (双碳) drive and the impact of European carbon tariffs and domestic renewable energy assessments on the industry [1][2]. Core Insights and Arguments - **Investment Opportunities**: The environmental sector is expected to see significant investment opportunities due to the implementation of carbon tariffs in Europe and strengthened assessments of non-electric renewable energy in China, which will enhance the dual carbon drive [2]. - **Profitability in Waste-to-Energy**: The waste incineration industry is projected to improve profitability due to increased garbage treatment fees, with current ROE in domestic waste-to-energy companies around 10-15%, compared to 30% overseas [3]. - **Rising Slag Prices**: An increase in slag prices is identified as a new growth point, with a price increase of 50 RMB leading to over 10% profit elasticity [3]. - **Cash Flow Improvement**: The cash flow situation in the waste incineration sector has significantly improved, with companies like Guangda Environment receiving substantial national subsidies, indicating a trend towards faster reimbursement of subsidies [12]. Emerging Growth Opportunities - **New Policies**: The introduction of green electricity direct connection policies is expected to enhance power supply capabilities for data centers, while the solid waste sector has vast overseas expansion potential, particularly in ASEAN markets [5]. - **Hydrogen and Biofuels**: Strengthened dual carbon constraints are creating investment opportunities in hydrogen production via electrolysis, biofuels (SAF), and green alcohol, with a notable demand for second-generation biofuels and SAF [6]. - **Equipment Sector Growth**: Companies like Meier Technology and Dingjin Equipment are benefiting from capital expenditures in semiconductors and lithium batteries, indicating a positive outlook for the equipment sector [7][8]. Notable Companies and Their Performance - **Key Players**: Companies such as Huanlan Environment and Green Power are highlighted for their strong cash flow performance in the solid waste sector, while Longjing Environmental is noted for its growth in green electricity due to strategic partnerships [9]. - **International Expansion**: Chinese companies like Kangheng Environment and China Tianying are successfully expanding into international markets, particularly in Indonesia, where significant projects are underway [17]. Financial Metrics and Projections - **Dividend Potential**: The sector's dividend potential is projected to increase from 100%-120% to 140% due to reduced capital expenditures and improved subsidy reimbursement rates [4][12]. - **Future Cash Flow**: The expected increase in waste treatment fees and market-driven pricing mechanisms will enhance overall profitability and cash flow for companies in the sector [20][21]. Challenges and Risks - **Market Dynamics**: The dual carbon policy is a significant driver for industry development, but companies will face stricter carbon emission assessments as more industries are included in the national carbon market [32][33]. - **Supply Chain Issues**: The supply-demand imbalance in the CCER market and the impact of European carbon tariffs on export-oriented companies pose risks that need to be managed [34][35]. Conclusion - The environmental public utility sector is poised for growth driven by regulatory changes, market dynamics, and international expansion opportunities. Companies that adapt to these changes and leverage their strengths in technology and market positioning are likely to thrive in the evolving landscape.

Summary of the Conference Call for Longking Environmental Protection Company Overview - **Company**: Longking Environmental Protection - **Industry**: Environmental Protection and Renewable Energy Key Points Shareholding and Management Changes - Zijin Mining increased its stake in Longking Environmental Protection to 33.76% with an investment of 2 billion RMB, enhancing synergy and stabilizing management expectations, positively impacting market confidence [2][4] - Current chairman Xie remains on Zijin Mining's board, while former chairman Lin is now the president of Zijin Mining, indicating stable management [5] Business Segments and Performance - **Flue Gas Treatment**: - Benefiting from strong thermal power investment and demand for upgrades in non-electric industries, with orders close to 20 billion RMB and a gross margin of approximately 26% [2][6] - The market for flue gas treatment is expected to grow due to increasing air quality standards in China [6] - **Green Energy**: - Significant progress in green energy projects, with the Mami Cuo solar project expected to contribute nearly 200 million RMB annually and the Congo hydropower project expected to contribute 350 to 400 million RMB [2][7] - Green energy projects have already impacted profits by 170 million RMB in the first three quarters [2][7] - **Energy Storage**: - Achieved profitability through collaboration with Yiwei, with current capacity at 8.5 GWh and expected profit contribution of 40 to 50 million RMB this year [2][8] - The energy storage segment is positioned as a stable profit-generating business despite market limitations [10] Future Growth Drivers - Key growth drivers include the expanding flue gas treatment market, high-margin green energy projects, emerging energy storage technologies, and enhanced synergy with Zijin Mining [2][9] - High gross margin and return on equity (ROE) from green energy projects are expected to significantly improve financial performance in the short term [9] Financial Performance and Projections - The company aims for a profit target of 1.1 billion RMB this year, with a projected growth rate of 26% leading to a target of 1.4 billion RMB next year [4][14] - The financial outlook is positive, with expected quarterly growth rates of 75% in Q4, driven by green energy and energy storage recovery [13][14] Long-term Investment Value - If the company meets its growth targets, it could achieve a compound annual growth rate of around 26%, indicating strong long-term investment potential [15] - The anticipated increase in ROE from 10% to 20% as green energy projects come online supports a price-to-earnings (PE) ratio of 15 to 20 times [15] Additional Insights - The electric mining truck business is being developed through subsidiary Lianhui Technology, with a focus on electric mining vehicle projects [11] - The company has invested in robotic technology for equipment maintenance, which could enhance operational efficiency and profitability [12] This summary encapsulates the key insights from the conference call, highlighting the company's strategic initiatives, financial outlook, and growth potential in the environmental protection and renewable energy sectors.