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: 证券代码：603177 证券简称：德创环保 公告编号：2026-005 浙江德创环保科技股份有限公司 关于公司控股股东部分股份质押的公告 二、股东累计质押股份情况 | | | | | | 占其 | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股比例 | 本次质押 前累计质 | 本次质押 后累计质 | 所持 股份 | 占公司 总股本 | 已质押 股份中 | 已质押 股份中 | 未质押 股份中 | 未质押 股份中 | | 名称 | （万股） | （%） | 押数量 | 押数量 | 比例 | 比例 | 限售股 | 冻结股 | 限售股 | 冻结股 | | | | | （万股） | （万股） | （%） | （%） | 份数量 | 份数量 | 份数量 | 份数量 | | | | | | | | | （万 ...

浙江德创环保科技股份有限公司 关于公司控股股东部分股份解除质押的公告 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。 证券代码：603177 证券简称：德创环保 公告编号：2026-004 重要内容提示: 截至公告披露日，浙江德创环保科技股份有限公司（以下简称"公司"、"本公 司"）控股股东浙江德能产业控股集团有限公司（以下简称"德能控股"）持有 公司股份 8,794.75 万股，占公司总股本的 43.07%，质押公司股份数量为 3,805 万股，占公司总股本 18.63%，占其持有公司股份总数的 43.26%。德能控股 及其一致行动人绍兴德忻企业管理有限公司（以下简称"绍兴德忻"）、香 港融智集团有限公司（以下简称"香港融智"）合计持有公司股份 11,933.4 万股，占公司总股本的 58.44%，质押公司股份数量为 3,805 万股，占公司总 股本的 18.63%，占其持有公司股份总数的 31.89%。 2026 年 3 月 17 日，公司收到控股股东德能控股通知，德能控股将其质押给 浙江绍兴恒信农村商业银行股份有限公司马 ...

关于公司控股股东部分股份质押的公告 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: 截至公告披露日，浙江德创环保科技股份有限公司（以下简称"公司"、"本公 司"）控股股东浙江德能产业控股集团有限公司（以下简称"德能控股"）持有 公司股份 8,794.75 万股，占公司总股本的 43.07%，质押公司股份数量为 6,055 万股，占公司总股本的 29.65%，占其持有公司股份总数的 68.85%。德能控 股及其一致行动人绍兴德忻企业管理有限公司（以下简称"绍兴德忻"）、 香港融智集团有限公司（以下简称"香港融智"）合计持有公司股份 11,933.4 万股，占公司总股本的 58.44%，质押公司股份数量为 6,055 万股，占公司总 股本的 29.65%，占其持有公司股份总数的 50.74%。 2026 年 3 月 13 日，公司收到控股股东德能控股通知，德能控股将其持有的 公司流通股股票 1,985 万股（占公司总股本的 9.72%，占其持有公司股份总数的 22.57%）质押给浙江绍兴恒信农村商业银行股份有限公司 ...

Core Viewpoint - The article discusses the contrasting trends in the jewelry market, highlighting the significant decline in diamond and silver prices while gold continues to rise, impacting consumer behavior and company performance in the industry [5][8][25]. Group 1: Diamond Market - The price of natural diamonds is projected to drop by 20% by December 2025, with De Beers experiencing a decline in performance since the end of the pandemic, leading to two price reductions totaling approximately 25% [5][9][11]. - De Beers, which once controlled 85% of the diamond market, now holds 63% of the global supply but has faced losses since 2023, indicating a broader crisis in the diamond industry [9][12]. - The rise of lab-grown diamonds, which accounted for 63% of global production in 2024, has further pressured natural diamond prices, prompting De Beers to cut production by 23% in an attempt to stabilize the market [11][12]. Group 2: Silver Market - The silver market, particularly brands like Pandora, has struggled due to rising raw material costs, with silver prices increasing by 163% over the past year, leading to significant cost pressures on silver jewelry brands [14][20]. - Pandora's revenue from the Chinese market has drastically decreased, and the company plans to shift towards platinum jewelry to mitigate reliance on the volatile silver market [20][24]. - The high gross margin of silver jewelry brands (around 75%) is contrasted with the low resale value, leading to a 90% depreciation rate for silver jewelry, which is not seen as an investment [14][18]. Group 3: Gold Market - Gold prices have surged, enhancing its perception as a safe investment, which has influenced consumer purchasing decisions, making gold jewelry more appealing compared to diamonds and silver [25][28]. - Companies like Lao Pu Gold and Chow Tai Fook have reported significant revenue growth, with Lao Pu Gold's performance expected to increase by 217% over 25 years, reflecting the strong demand for gold jewelry [5][26]. - The article notes that the pricing strategy of gold jewelry is closely tied to gold prices, allowing brands to maintain profitability even as gold prices fluctuate [15][28].

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

Core Viewpoint - Zhejiang Dechuang Environmental Technology Co., Ltd. is forecasting a significant decline in net profit for the year 2025, projecting a loss of approximately 28 million yuan, which represents a 222.46% decrease compared to the previous year [2][4]. Group 1: Performance Forecast - The company expects to achieve a net profit attributable to shareholders of approximately -28 million yuan for the fiscal year 2025, a decrease of 50.87 million yuan from the previous year [2][4]. - The projected net profit, excluding non-recurring gains and losses, is expected to be around -38 million yuan, reflecting a decrease of 44.12 million yuan, or 721.31%, compared to the previous year [2][4]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 21.68 million yuan, with a net profit attributable to shareholders of 22.87 million yuan, and a net profit excluding non-recurring gains and losses of 6.12 million yuan [6]. Group 3: Reasons for Performance Decline - The absence of share-based payment reversal fees in the current reporting period, which amounted to 15.97 million yuan in 2024, is a contributing factor to the projected loss [7]. - The company has incurred significant foreign exchange losses due to the depreciation of the US dollar and Indian rupee against the Chinese yuan, impacting profits by approximately -16 million yuan [7]. - Investment losses from the associate company, Zhejiang Tianchuang Environmental Technology Co., Ltd., due to poor operational performance, are expected to affect profits by about -15 million yuan [7]. - An increase in accounts receivable due to business growth has led to higher provisions for bad debts, resulting in credit impairment losses impacting profits by approximately -18 million yuan [7].

Core Viewpoint - Dechuan Environmental Protection (603177.SH) expects a significant decline in net profit for the fiscal year 2025, projecting a loss of approximately 28 million yuan, which represents a decrease of 50.87 million yuan compared to the previous year, marking a year-on-year decline of 222.46% [1] Financial Projections - The company anticipates a net profit attributable to shareholders of approximately -28 million yuan for 2025, a reduction of 50.87 million yuan from the previous year [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be around -38 million yuan, which is a decrease of 44.12 million yuan year-on-year, reflecting a decline of 721.31% [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of approximately -28 million yuan for 2025, a decrease of 50.87 million yuan compared to the previous year, representing a year-on-year decline of 222.46%[3] - The projected net profit attributable to shareholders after deducting non-recurring gains and losses is approximately -38 million yuan, a decrease of 44.12 million yuan compared to the previous year, reflecting a year-on-year decline of 721.31%[3] - The total profit for the previous year was 21.68 million yuan, with a net profit attributable to shareholders of 22.87 million yuan, and a net profit after deducting non-recurring gains and losses of 6.12 million yuan[5] Expenses and Losses - The company did not have any share-based payment reversal expenses in the current reporting period, unlike the previous year which had 15.97 million yuan[7] - The company incurred significant foreign exchange losses due to the depreciation of the US dollar and Indian rupee against the yuan, impacting profits by approximately -16 million yuan[7] - Investment losses from the associate company, Zhejiang Tianchuang Environmental Technology Co., Ltd., due to poor management, affected profits by approximately -15 million yuan[7] - Increased accounts receivable due to business growth led to higher provisions for bad debts, impacting profits by approximately -18 million yuan[7] Earnings Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[8] - The forecast data is preliminary and has not been audited by a registered accountant; the final financial data will be disclosed in the official 2025 annual report[9] - The announcement was made by the board of directors on January 30, 2026[11]

Core Viewpoint - Dechang Environmental Protection is expected to report a significant net loss for the year 2025, with a projected net profit attributable to shareholders of approximately -28 million yuan, representing a year-on-year decrease of 222.46% [1] Financial Performance - The projected net profit excluding non-recurring gains and losses for 2025 is expected to be around -38 million yuan, reflecting a year-on-year decline of 721.31% [1] - The main reasons for the anticipated loss include: - No share-based payment reversal expenses in the current reporting period, compared to 15.97 million yuan in 2024 [1] - Exchange losses due to the depreciation of the US dollar and Indian rupee against the Chinese yuan, impacting profits by approximately -16 million yuan [1] - Significant investment losses from the associate company Zhejiang Tianchuang Environmental Technology Co., Ltd., affecting profits by about -15 million yuan [1] - Increased bad debt provisions due to a rise in accounts receivable, leading to credit impairment losses impacting profits by approximately -18 million yuan [1]

Group 1 - The core viewpoint of the article is that Dechuan Environmental Protection is currently conducting ongoing amplification tests for kilowatt-level single fuel cells [2] Group 2 - The company responded to investor inquiries on its interactive platform regarding the status of its testing [2]