| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-023 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 重庆三峰环境集团股份有限公司 关于股东权益变动完成变更登记的公告 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个别及连带责任。 重要内容提示： 按照重庆市国资委下发的《重庆市国有资产监督管理委员会关于无偿划转重 庆水务环境控股集团有限公司 80%股权的通知》（渝国资﹝2023﹞351 号），重 庆市国资委将持有的水务环境 80%的股权无偿划转给渝富控股。详见公司于 2023 年 8 月、9 月披露的《关于股东权益变动的提示性公告》《关于收购报告书摘要 及股东权益变动的提示性公告》 ...

公司摊薄每股收益为0.24元，在已披露的同业公司中排名第15，较去年同报告期摊薄每股收益增加0.01元，实现3年连续上涨，同比较去年同期上涨4.35%。 公司最新总资产周转率为0.06次，在已披露的同业公司中排名第38，较去年同期总资产周转率持平，同比较去年同期上涨4.43%。最新存货周转率为1.42 次，较去年同期存货周转率增加0.44次，实现2年连续上涨，同比较去年同期上涨44.73%。 2025年4月30日，三峰环境(601827.SH)发布2025年一季报。 公司营业总收入为15.55亿元，在已披露的同业公司中排名第14，较去年同报告期营业总收入增加247.60万元，实现3年连续上涨，同比较去年同期上涨 0.16%。归母净利润为4.09亿元，在已披露的同业公司中排名第4，较去年同报告期归母净利润增加1924.60万元，实现3年连续上涨，同比较去年同期上涨 4.93%。经营活动现金净流入为5.33亿元，在已披露的同业公司中排名第3。 公司最新资产负债率为51.35%，在已披露的同业公司中排名第52，较去年同期资产负债率减少3.69个百分点。 公司最新毛利率为39.98%，在已披露的同业公司中排名第20， ...

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-022 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 重庆三峰环境集团股份有限公司 第三届监事会第三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 重庆三峰环境集团股份有限公司（以下简称公司）第三届监事会第三次会议 （以下简称本次会议）于 2025 年 4 月 29 日在重庆市大渡口区建桥大道 3 号公司 206 会议室以现场及通讯结合方式召开，会议通知于 2025 年 4 月 19 日以书面、 电话、邮件等方式送达。本次会议应出席监事 5 人，实际出席监事 5 人。本次会 议由韩明先 ...

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-021 | | --- | --- | --- | --- | --- | | 债券代码：240410 | 债券简称：GK | 三峰 | 01 | | | 债券代码：241970 | 债券简称：GK | 三峰 | R1 | | | 债券代码：242083 | 债券简称：GK | 三峰 | 02 | | | 债券代码：242610 | 债券简称：GK | 三峰 | 03 | | 重庆三峰环境集团股份有限公司 第三届董事会第三次会议决议公告 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个别及连带责任。 经会议审议，公司董事会同意披露公司 2025 年第一季度报告。 该项议案的相关内容已经公司第三届董事会审计委员会第三次会议审议通 过，公司董事会审计委员会全体委员均事前认可公司 2025 年第一季度报告并同 意将其提交公司董事会审议。 重庆三峰环境集团股份有限公司（以下简称"公司"）第三届董事会第三次 会议（以下简称"本次会议"）于 2025 年 4 月 2 ...

数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 三、分红送配方案情况 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2400 | 0.2300 | 4.35 | 0.2100 | | 每股净资产（元） | 6.94 | 6.46 | 7.43 | 5.96 | | 每股公积金(元) | 2.38 | 2.41 | -1.24 | 2.41 | | 每股未分配利润(元) | 3.26 | 2.82 | 15.6 | 2.38 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 15.55 | 15.52 | 0.19 | 15.46 | | 净利润(亿元) | 4.09 | 3.9 | 4.87 | 3.5 | | 净资产收益率(%) | 3.59 | 3.66 | -1.91 | 3.56 | 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 130197.55万股，累计占流通股比： ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,554,855,870.92, a slight increase of 0.16% compared to CNY 1,552,379,862.78 in the same period last year[4] - Net profit attributable to shareholders was CNY 409,314,694.87, reflecting a growth of 4.93% from CNY 390,068,679.26 year-on-year[4] - Basic earnings per share increased to CNY 0.24, up 4.35% from CNY 0.23 in the previous year[6] - The company reported a net profit margin improvement, with net income figures expected to be released in future reports, indicating positive operational efficiency trends[19] - Net profit for Q1 2025 reached CNY 427.81 million, a 4.3% increase from CNY 409.40 million in Q1 2024[20] - Operating profit for Q1 2025 was CNY 490.07 million, compared to CNY 465.71 million in the same period last year, reflecting a growth of 5.2%[20] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 26.86%, amounting to CNY 532,724,346.13 compared to CNY 728,385,381.93 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was CNY 532.72 million, down 26.8% from CNY 728.39 million in Q1 2024[24] - Total cash and cash equivalents at the end of Q1 2025 amounted to CNY 2.78 billion, an increase from CNY 2.69 billion at the end of 2024[25] - The company reported a significant increase in cash inflow from financing activities, totaling CNY 1.56 billion in Q1 2025, compared to CNY 149.58 million in Q1 2024[25] - The net cash flow from investing activities was 983,308,132.32, compared to a negative cash flow of -100,972,691.16 in the previous period[35] - The net increase in cash and cash equivalents for the period was 1,463,798,741.31, compared to 596,955,200.88 in the previous period[35] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 25,128,723,315.99, representing a 5.82% increase from CNY 23,747,277,803.69 at the end of the previous year[6] - Current assets increased significantly to RMB 6,984,437,813.69 as of March 31, 2025, compared to RMB 5,374,681,434.63 at the end of 2024, representing a growth of approximately 29.9%[14] - The company's total liabilities reached RMB 12,902,553,170.24 as of March 31, 2025, up from RMB 11,923,619,325.90 at the end of 2024, reflecting an increase of about 8.2%[16] - Non-current liabilities increased to RMB 8,813,187,017.46 as of March 31, 2025, compared to RMB 7,463,227,261.80 at the end of 2024, indicating a rise of approximately 18.1%[16] - Shareholders' equity attributable to the parent company was CNY 11,602,431,230.59, up 3.78% from CNY 11,180,319,999.10 at the end of the last year[6] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,375[10] - The largest shareholder, Chongqing Derun Environment Co., Ltd., holds 44.03% of the shares, totaling 736,099,000 shares[10] Research and Development - Research and development expenses increased significantly to CNY 18.31 million, up from CNY 7.22 million, marking a 153.5% rise year-over-year[20] Investment Activities - The company's investment activities resulted in a net cash outflow of CNY 307.63 million in Q1 2025, compared to a net outflow of CNY 239.74 million in Q1 2024[24] - The company's cash inflow from investment activities in Q1 2025 was CNY 983,604,353.02, a significant rise from CNY 35,293,892.84 in Q1 2024[34] - Investment income for Q1 2025 was CNY 82,526,996.00, compared to CNY 31,680,000.00 in Q1 2024, showing an increase of approximately 160.5%[34] Accounting Standards - The company will not apply new accounting standards starting from 2025[35]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Core Viewpoint - Sanfeng Environment has shown significant growth in equipment sales and is well-positioned for future projects, particularly in the context of the Belt and Road Initiative, despite external challenges such as tariffs from the US [1][2][3]. Group 1: Financial Performance - As of April 18, 2025, Sanfeng Environment's stock closed at 8.02 yuan, up 0.25% from the previous week, with a total market capitalization of 13.409 billion yuan [1]. - In 2024, the company achieved equipment sales revenue of approximately 1.57 billion yuan, representing a year-on-year increase of nearly 65%, with a gross margin of about 29% [1][5]. - The company anticipates an increase in EPC business revenue in 2025 as new projects like the Bishan and Youyang projects enter the main construction phase [1][5]. Group 2: Market Strategy and International Expansion - The majority of the company's overseas equipment sales and engineering business target developing countries along the Belt and Road Initiative, with no negative impact from US tariffs, which may even facilitate business expansion [2]. - Sanfeng Environment has established a strong competitive advantage in overseas markets, having successfully undertaken projects in Vietnam and Thailand, and signed multiple contracts for equipment supply in these regions [2]. Group 3: Technological and Operational Insights - The company is one of the earliest adopters of smart incineration technology in China, with plans to further develop and apply this technology in waste-to-energy projects [3]. - In 2024, the company received approximately 190 million yuan in renewable energy subsidies, a decrease from the previous year, and plans to manage accounts receivable effectively to mitigate risks [3][5]. Group 4: Debt Management and Financial Strategy - The company repaid 1 billion yuan in long-term loans in 2024 to optimize its asset-liability ratio and reduce debt, with no further plans for early repayment at this time [4][5]. - Future share repurchase plans will be considered based on market conditions and the company's financial status, emphasizing a commitment to stable cash profit distribution as a means of investor return [6].

Core Insights - Ruiyuan Fund disclosed its Q1 2025 report, showing significant adjustments in its portfolio with notable reductions in major holdings like China Mobile and Tencent Holdings compared to Q4 2024 [1][2] Fund Performance - Ruiyuan Growth Value Fund, managed by Fu Pengbo and Zhu Lin, reported net asset growth rates of 2.45% and 2.35% for its A and C shares, underperforming the benchmark by 0.16 and 0.26 percentage points respectively [2] - Ruiyuan Balanced Value Fund, managed by Zhao Feng, achieved a net asset growth of 5.79%, with Tencent Holdings as the largest holding at 9.51% [3][4] - Ruiyuan Stable Configuration Fund, managed by Rao Gang, outperformed its benchmark with growth rates of 3.01% and 2.94% for its A and C shares, respectively [5] Portfolio Adjustments - Ruiyuan Growth Value Fund increased its holdings in Shenghong Technology by 13.12 million shares, while reducing positions in major stocks like CATL and China Mobile [2][5] - Ruiyuan Stable Configuration Fund significantly reduced its stake in China Mobile by over 43%, holding 4.1 million shares at the end of Q1 2025 [5] - Ruiyuan Balanced Value Fund added new positions in stocks like Focus Media, while exiting from China Pacific Insurance [3][4] Market Outlook - The fund managers expressed optimism about the macroeconomic environment, anticipating government measures to stimulate domestic demand and economic growth [6][7] - They noted that the real estate market's downward trend is stabilizing, with signs of recovery in first-tier cities [7]

Investment Rating - The report maintains a "Positive" investment rating for the waste incineration industry [9]. Core Insights - Recent attention has been drawn to waste incineration projects supplying power to IDC (Internet Data Centers), highlighting the potential for these projects to effectively reduce energy consumption and improve cash flow for B-end enterprises [3][16]. - The transition from energy consumption dual control to carbon emission dual control is expected to enhance the demand for renewable energy, particularly from industrial enterprises, benefiting the waste incineration sector [7][36]. - The report emphasizes the feasibility of direct power supply from waste incineration projects to B-end enterprises, which could lead to valuation recovery for the industry [3][8]. Summary by Sections Energy Consumption Control and Approval Process - The tightening of energy consumption policies necessitates energy efficiency assessments for fixed asset investment projects, with significant variations in approval timelines across different regions [5][22]. - IDC projects are specifically required to undergo energy efficiency assessments due to their high energy consumption levels, which often exceed 10,000 tons of standard coal annually [6][25]. Expansion of Green Energy Applications - The application of green energy from waste incineration is anticipated to expand beyond IDC to B-end enterprises, driven by increasing renewable energy demands and regulatory shifts towards mandatory green electricity consumption [7][38]. - The report notes that the carbon market's expansion, now covering over 60% of national CO2 emissions, will further enhance the demand for green certificates from waste incineration companies [7][8]. Challenges and Opportunities in Direct Power Supply - The current limitations on direct power supply to B-end enterprises stem from unresolved pricing mechanisms, but pilot projects in certain regions are beginning to explore direct green electricity supply [8][36]. - The report suggests that overcoming these challenges could lead to a new trend in direct green electricity supply for industrial enterprises, benefiting all stakeholders involved [8][36]. Investment Recommendations - The report recommends focusing on leading companies in the waste incineration sector, including Hanlan Environment, Weiming Environmental, and others, as they are well-positioned to benefit from the anticipated cash flow improvements and valuation recovery [8].