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]

证券代码：603177 证券简称：德创环保 公告编号：2026-002 浙江德创环保科技股份有限公司 2025 年度业绩预告 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： 1、本期业绩预告适用情形：净利润为负值。 2、浙江德创环保科技股份有限公司（以下简称"公司"）预计 2025 年度实 现归属于上市公司股东的净利润约为-2,800.00 万元，与上年同期（法定披露数据） 相比，将减少 5,086.55 万元，同比下降 222.46%。 3、公司预计 2025 年度实现归属于上市公司股东的扣除非经常性损益的净利 润约为-3,800.00 万元，与上年同期（法定披露数据）相比，将减少 4,411.61 万元， 同比下降 721.31%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经公司财务部门初步测算，公司预计 2025 年度实现归属于上市公司股东 的净利润约为-2,800.00 万元，与上年同期（法定披露数据）相比，将 ...

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]

Group 1 - The core viewpoint of the article is that Dechuan Environmental Protection (603177) has indicated that its revenue from the EU region is not significant in the overall business income [1] - The company primarily exports to EU customers through domestic entities [1]

Core Viewpoint - Dechuan Environmental Protection has shown a positive stock performance with a year-to-date increase of 7.82% and a recent rise of 4.99% over the last five trading days, indicating strong market interest in the company [2]. Group 1: Stock Performance - As of January 14, the stock price of Dechuan Environmental Protection rose by 2.04% to 12.00 CNY per share, with a trading volume of 18.33 million CNY and a turnover rate of 0.76% [1]. - The company has experienced a stock price increase of 4.35% over the past 20 days and 0.84% over the past 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Dechuan Environmental Protection reported a revenue of 793 million CNY, representing a year-on-year growth of 17.48%. However, the net profit attributable to shareholders decreased by 45.88% to 13.11 million CNY [2]. - The company has distributed a total of 48.65 million CNY in dividends since its A-share listing, with 8.25 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Dechuan Environmental Protection increased to 24,100, marking a 98.74% rise compared to the previous period. The average number of circulating shares per shareholder decreased by 49.68% to 8,470 shares [2]. - Notably, two funds, CITIC Prudential Multi-Strategy Mixed (LOF) A and Nuoan Multi-Strategy Mixed A, have exited the list of the top ten circulating shareholders [3]. Group 4: Business Overview - Dechuan Environmental Protection, established on September 6, 2005, and listed on February 7, 2017, specializes in flue gas treatment products and services. Its revenue composition includes flue gas treatment projects (44.16%), denitrification catalysts (30.20%), desulfurization equipment (15.97%), dust removal equipment (4.00%), waste salt resource utilization (3.36%), hazardous waste treatment (2.00%), and others (0.32%) [2]. - The company operates within the environmental protection industry, specifically focusing on air pollution control, and is associated with concepts such as sodium batteries, micro-cap stocks, carbon neutrality, and solid waste treatment [2].

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。 一、 关联交易概述 证券代码：603177 证券简称：德创环保 公告编号：2026-001 浙江德创环保科技股份有限公司 关于控股子公司宁波甬德完成对华鑫环保 40%股权 收购暨完成工商变更登记的公告 特此公告。 浙江德创环保科技股份有限公司董事会 2026 年 1 月 10 日 浙江德创环保科技股份有限公司（以下简称"公司"）控股子公司宁波甬德 环境发展有限公司（以下简称"宁波甬德"）向浙江明崟资产管理有限公司（以 下简称"明崟资产"）购买绍兴华鑫环保科技有限公司（以下简称"华鑫环保"）40% 股权，交易价格 67,640,000.00 元。前述事项已分别经公司 2025 年 8 月 26 日召 开的第五届董事会第五次会议和第五届监事会第五次会议以及 2025 年 9 月 12 日召开的 2025 年第一次临时股东大会审议通过。具体内容详见公司于 2025 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）及公司指定法披媒体刊登的 相关公告及后续披露 ...

Core Viewpoint - Dechuan Environmental Protection is a leading player in industrial flue gas treatment in China, focusing on expanding its overseas business while optimizing its domestic operations [2][3][4][5] Group 1: Company Overview - Dechuan Environmental Protection, founded in 2005, has evolved from a local enterprise in Shaoxing to a comprehensive environmental technology company, providing desulfurization, denitrification, and dust removal equipment and services [2] - The company has expanded its operations internationally, entering markets in India, Indonesia, Vietnam, and others, and has established an overseas factory in India [2] Group 2: Industry Trends - The Chinese environmental protection industry has maintained a revenue scale of over 2 trillion yuan, but the growth model is shifting from "incremental expansion" to "stock optimization" due to the completion of facilities in air, water, and solid waste treatment [3] - Despite the rapid development of renewable energy, coal power remains irreplaceable, with approximately 31 GW of coal power capacity approved in the first half of 2025, maintaining a high level compared to the same period in 2024 [3] Group 3: Business Strategy - Dechuan Environmental Protection is adjusting its business structure by reducing heavy asset EPC projects and increasing more stable cash flow from equipment orders, while also exploring new markets in marine exhaust denitrification [3] - The company has established hazardous waste management as a second growth curve since 2019, acquiring 100% of Feile Environmental Protection in 2023 to enter the hazardous waste landfill sector [4] Group 4: Financial Performance - In the first three quarters of 2025, Dechuan Environmental Protection achieved a revenue of 793 million yuan, representing a year-on-year increase of 17.48% [4] Group 5: Global Expansion - Dechuan Environmental Protection delivered its first set of plate-type denitrification catalysts for a 2×660 MW coal-fired power plant in India in July 2025, marking a significant breakthrough in the South Asian market [5] - The company has maintained over 40% of its revenue from overseas markets, with expectations that this will exceed 50% in 2025 as it continues to focus on international expansion, particularly in India and Indonesia [5]