Company Overview - Sanfeng Environment (SH 601827) announced its third board meeting for the year 2025, which took place on October 29, 2025, in Chongqing [1] - The company reported a market capitalization of 13.8 billion yuan [1] Revenue Composition - For the year 2024, the revenue composition of Sanfeng Environment is as follows: - Power production accounts for 64.1% - Engineering contracting and design accounts for 32.01% - Sanitation business accounts for 3.69% - Other businesses account for 0.19% [1]

Core Viewpoint - Sanfeng Environment reported a decline in revenue for Q3 2025, while net profit showed significant growth, indicating a mixed performance in financial results [1] Financial Performance - For Q3 2025, the company achieved operating revenue of 1.308 billion yuan, a year-on-year decrease of 5.62% [1] - The net profit attributable to shareholders for Q3 2025 was 426 million yuan, reflecting a year-on-year increase of 23.94% [1] - Basic earnings per share for Q3 2025 stood at 0.25 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported total operating revenue of 4.155 billion yuan, down 8.03% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.104 billion yuan, which is a year-on-year increase of 9.31% [1] - Basic earnings per share for the first three quarters were 0.66 yuan [1]

Market Performance - The Chongqing state-owned enterprise reform sector rose by 0.89% compared to the previous trading day, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up by 0.7%, while the Shenzhen Component Index closed at 13691.38, up by 1.95% [1] Stock Performance - Qianli Technology (601777) closed at 11.65, with a gain of 2.10% and a trading volume of 381,600 shares, amounting to a transaction value of 441 million yuan [1] - Southwest Securities (600369) closed at 4.87, up by 1.67%, with a trading volume of 635,200 shares and a transaction value of 307 million yuan [1] - Chongqing Water (601158) closed at 4.79, with a slight increase of 0.63% [1] - Chongqing Port (600279) and Sanfeng Environment (601827) had minimal gains of 0.18% and 0.12%, respectively [1] Capital Flow - The Chongqing state-owned enterprise reform sector saw a net inflow of 50.26 million yuan from institutional investors, while retail investors contributed a net inflow of 5.73 million yuan [2] - Speculative funds experienced a net outflow of 55.98 million yuan [2] Individual Stock Capital Flow - Qianli Technology had a net inflow of 24.34 million yuan from institutional investors, but a net outflow of 31.32 million yuan from speculative funds [3] - Southwest Securities also saw a net inflow of 23.01 million yuan from institutional investors, with a net outflow of 16.22 million yuan from speculative funds [3] - Chongqing Water had a net inflow of 2.68 million yuan from institutional investors, while speculative funds recorded a net outflow of 2.99 million yuan [3]

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Core Points - The company, Chongqing Sanfeng Environment Group Co., Ltd., will hold a performance briefing for the third quarter of 2025 on October 30, 2025 [3][4] - The briefing aims to provide investors with a comprehensive understanding of the company's operational results and financial status as of the third quarter of 2025 [3] - The event will be conducted via the Shanghai Stock Exchange's online platform, allowing for interactive communication with investors [4][6] Meeting Details - The performance briefing is scheduled for October 30, 2025, from 10:00 AM to 11:00 AM [2][4] - The location for the meeting is the Shanghai Stock Exchange "Roadshow Center" online platform [2][4] - Key personnel attending the meeting include the Chairman, Vice Chairman, Independent Directors, and the CFO [4] Investor Participation - Investors can participate in the briefing by logging into the Shanghai Stock Exchange's online platform on the day of the event [6] - A pre-questioning period is available from October 23 to October 29, 2025, where investors can submit questions via the platform or email [6] - After the briefing, the main content and outcomes will be accessible on the online platform [6]

| 证券代码：601827 | 证券简称：三峰环境 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 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 关于召开 2025 年第三季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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 10 月 30 日（星期四）上午 10:00-11:00 会议召开地点：上海证券交易所"上证路演中心"网络平台（网址： http://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 23 日 （星期四） 至 10 月 29 日 （星 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The demand for waste incineration in Southeast Asia and Central Asia is urgent, driven by rapid urbanization and rising consumer spending, leading to a significant increase in municipal solid waste generation [6][17]. - Most Southeast Asian countries have a waste incineration treatment ratio below 10%, while Central Asia is even more lagging, with nearly 100% reliance on landfill disposal as of the end of 2024 [6][19]. - Chinese companies have established a competitive advantage in overseas waste incineration projects due to their technological strength and comprehensive solution capabilities, with over ten new contracts signed in 2023, totaling nearly 27,000 tons/day of capacity [7][28]. - The waste incineration sector is characterized by high certainty and steady growth, making it a premium absolute return sector [8][35]. Summary by Sections Waste Incineration Demand in "Belt and Road" Countries - The increase in waste generation is significant, with cities like Ho Chi Minh City producing about 9,700 tons of waste daily, of which only 33% is treated through incineration and composting [6][21]. - Indonesia faces severe waste management challenges, with over 35% of waste unprocessed and directly entering waterways, prompting government plans for incineration plants in 30 cities [6][21]. Economic Conditions Favoring Incineration Technology - By 2024, the GDP per capita in major Southeast Asian countries is projected to be between $4,000 and $10,000, indicating readiness for the adoption of incineration technology [6][24]. - Countries like Thailand and Malaysia have GDPs of $7,345 and approximately $11,867, respectively, which are comparable to China's GDP levels when it began promoting waste incineration [6][24]. Active Project Bidding and High Participation of Chinese Companies - The trend of regular and large-scale project bidding in Southeast Asia and Central Asia is evident, with Chinese companies dominating the competitive landscape [7][28]. - In 2023, Chinese firms signed contracts for waste incineration projects with a combined capacity of nearly 27,000 tons/day, primarily in Vietnam, Thailand, Indonesia, and Uzbekistan [7][28]. Growth Potential and Investment Strategy - Southeast Asia is expected to remain a core market, with project bidding continuing to increase, while Central Asia is in the early stages of development [8][35]. - The integration of waste incineration with new business models such as energy storage and digital capabilities is anticipated to create additional value-added services in overseas environmental projects [8][35]. Recommended Industry Leaders - Key industry leaders recommended include Huanlan Environment, China Everbright, Weiming Environmental, Yongxing Co., Green Power, Junxin Co., Sanfeng Environment, Xirong Environment, and Hongcheng Environment [8][36].

Core Viewpoint - Sanfeng Environment reported on October 16 that the company's production and operational conditions are good, with no significant difficulties or serious negative issues present [2] Group 1 - The company does not face any major risks [2] - Sanfeng Environment maintains continuous and effective communication with various investors in the securities market [2] - Market participants have a stable expectation regarding the company's operational development and major information disclosures [2]

Core Viewpoint - Sanfeng Environment has conducted extensive research on solid waste assets available for sale in the market and has created a list of relevant assets while performing due diligence on several key projects [1] Group 1 - The company is considering the possibility of continuing investments and acquisitions in the solid waste industry chain, provided that risk control and alignment with the company's development strategy are ensured [1]

Core Viewpoint - The company is actively exploring the integration of waste incineration power generation with intelligent computing centers, maintaining ongoing communication and validation with investment partners and computing power demand parties [1] Group 1 - The company expressed continuous attention and exploration regarding the concept of combining waste incineration power generation with intelligent computing centers [1] - Future efforts will include ongoing follow-up and monitoring of this integration concept [1]