Core Viewpoint - The company reported a significant increase in revenue but a substantial decline in net profit for the third quarter, primarily due to foreign exchange losses and the impact of non-recurring expenses from the previous year [2][6]. Financial Performance - Revenue for the reporting period increased by 17.48% compared to the same period last year, attributed to the execution of existing orders and increased revenue recognition [2]. - Net profit attributable to shareholders decreased by 45.88% year-on-year, with a net loss of 4.32 million yuan, largely due to foreign exchange losses of 7.17 million yuan [2][6]. - The net cash flow from operating activities fell by 200.69% compared to the previous year, driven by increased payments for bank guarantees and higher costs associated with order execution [2]. Corporate Governance Changes - The company announced the cancellation of its supervisory board and the revision of its articles of association to enhance governance and compliance with legal requirements [6][8]. - The responsibilities of the supervisory board will be transferred to the audit committee of the board of directors [6][7]. - The revised articles of association will remove references to the supervisory board and update governance structures in accordance with regulatory standards [8][9]. Upcoming Approvals - The proposed changes to the articles of association and governance systems will require approval from the company's shareholders at the upcoming general meeting [9][10].

Group 1 - The core point of the article is that 德创环保 (Dechuan Environmental Protection) reported its Q3 2025 results, highlighting the institutional ownership and changes in shareholding patterns [1] - As of October 30, 2025, six institutional investors hold a total of 129 million shares of 德创环保, representing 62.39% of the total share capital [1] - The institutional ownership decreased by 1.79 percentage points compared to the previous quarter [1] Group 2 - The report mentions 14 public funds that did not disclose holdings in the current period, including 中信保诚多策略混合 (CITIC Prudential Multi-Strategy Mixed) A and 诺安多策略混合 A [1] - Two new foreign institutions disclosed their holdings this quarter, namely MORGAN STANLEY & CO. INTERNATIONAL PLC. and 高盛公司有限责任公司 (Goldman Sachs) [1]

Core Viewpoint - 德创环保 reported a revenue of 793 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 17.48% while the net profit attributable to shareholders decreased by 45.88% to 13.11 million yuan, with basic earnings per share at 0.06 yuan [1] Financial Performance - The company achieved an operating revenue of 793 million yuan, which is a 17.48% increase compared to the previous year [1] - The net profit attributable to the parent company's shareholders was 13.11 million yuan, showing a significant decline of 45.88% year-on-year [1] - Basic earnings per share stood at 0.06 yuan [1]

Core Viewpoint - Dechuan Environmental Protection is a leading comprehensive service provider in flue gas treatment in China, with advanced environmental protection technology and rich project experience, demonstrating strong competitiveness in the flue gas treatment sector [1] Group 1: Business Performance - In Q3 2025, Dechuan Environmental Protection reported revenue of 793 million yuan, ranking third among eight companies in the industry, with the industry leader, Yuanda Environmental Protection, generating 2.936 billion yuan [2] - The main business composition includes flue gas treatment engineering at 217 million yuan (44.16%), denitration catalysts at 149 million yuan (30.20%), and desulfurization equipment at 78.61 million yuan (15.97%) [2] - The net profit for the same period was 7.41 million yuan, ranking sixth in the industry, with the industry leader's net profit at 72.84 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Dechuan Environmental Protection's debt-to-asset ratio was 79.63%, higher than the previous year's 76.94% and above the industry average of 56.37% [3] - The gross profit margin for Q3 2025 was 21.27%, lower than the previous year's 23.61% but higher than the industry average of 16.98% [3] Group 3: Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 1.71% to 12,100, while the average number of circulating A-shares held per household increased by 1.74% to 16,800 [5] - By September 30, 2025, two funds, CITIC Prudential Multi-Strategy Mixed (LOF) A and Nu'an Multi-Strategy Mixed A, exited the top ten circulating shareholders list [5] Group 4: Executive Compensation - The chairman, Jin Meng, received a salary of 817,300 yuan in 2024, an increase of 20,600 yuan from 2023 [4] - The general manager, Zhao Bo, earned 759,200 yuan in 2024, up by 25,100 yuan from the previous year [4]

Core Insights - Dechang Environmental Protection reported a revenue of 793 million yuan for the first three quarters of 2025, representing a year-on-year increase of 17.48% [1] - The company's net profit attributable to shareholders was 13.11 million yuan, a decline of 45.88% year-on-year, while the net profit excluding non-recurring items was 5.4 million yuan, down 73.12% year-on-year [1][2] - The basic earnings per share stood at 0.06 yuan [1][2] Financial Performance - The gross profit margin for the first three quarters of 2025 was 21.27%, a decrease of 2.34 percentage points year-on-year, while the net profit margin was 0.93%, down 2.56 percentage points from the previous year [2] - In Q3 2025, the gross profit margin was 17.65%, showing a year-on-year decline of 1.89 percentage points and a quarter-on-quarter decline of 3.87 percentage points; the net profit margin was -2.04%, down 3.67 percentage points year-on-year and 3.53 percentage points quarter-on-quarter [2] - Operating expenses for the period amounted to 149 million yuan, an increase of 25.36 million yuan year-on-year, with an expense ratio of 18.82%, up 0.47 percentage points from the previous year [2] Business Overview - Dechang Environmental Protection, established on September 6, 2005, and listed on February 7, 2017, is located in Shaoxing, Zhejiang Province, and specializes in flue gas treatment products and services [3] - The revenue composition includes flue gas treatment projects (44.16%), denitration catalysts (30.20%), desulfurization equipment (15.97%), dust removal equipment (4.00%), waste salt and slag resource utilization (3.36%), hazardous waste treatment (2.00%), and others (0.32%) [3] - The company operates within the environmental protection industry, specifically in air pollution control, and is categorized under several concept sectors including micro-cap stocks, small-cap stocks, QFII holdings, solid waste treatment, and the Belt and Road Initiative [3]

浙江德创环保科技股份有限公司 关联交易管理制度 第一章 总则 第一条 为进一步加强浙江德创环保科技股份有限公司（以下简称"本公司" 或"公司"）关联交易管理，明确管理职责和分工，维护公司股东和债权人的合 法利益，特别是中小投资者的合法利益，保证公司与关联方之间订立的关联交易 合同符合公平、公正、公开的原则，根据中国证监会有关规范关联交易的文件规 定、《上海证券交易所股票上市规则》（以下简称"《上市规则》"）、《上海 证券交易所上市公司自律监管指引第5号——交易与关联交易》及《浙江德创环保 科技股份有限公司章程》（以下简称"《公司章程》"）的规定，特制定本制度。 第二条 公司的关联交易，是指公司、控股子公司及控制的其他主体与公司关 联人之间发生的转移资源或者义务的事项，包括： （一）购买或出售资产； （二）对外投资（含委托理财，委托贷款，对子公司、合营企业、联营企业 投资，投资交易性金融资产、可供出售金融资产、持有至到期投资等）； （三）提供财务资助（含有息或者无息借款、委托贷款等）； 1 （四）提供担保（含对控股子公司担保等）； （五）租入或租出资产； （六）委托或者受托管理资产和业务； （七）赠与或者受赠财 ...

浙江德创环保科技股份有限公司 非日常经营事项决策制度 第一条 为促进公司健康稳定发展，控制公司经营风险，使公司规范运作， 根据《中华人民共和国公司法》《浙江德创环保科技股份有限公司章程》（以下 简称"《公司章程》"）及相关法律法规的规定，特制定本制度。 第二条 本制度适用于公司下列非日常经营事项的决策： 8、债权或债务重组； 1、购买或出售资产； 2、对外投资(含委托理财、对子公司、联营企业、合营企业投资，投资交易 性金融资产、可供出售金融资产、持有至到期投资等)； 3、提供财务资助（含有息或者无息借款、委托贷款等）； 4、提供担保（含对控股子公司担保等）； 9、签订许可使用协议； 5、租入或租出资产； 6、委托或者受托管理资产和业务； 10、转让或者受让研究与开发项目； 11、放弃权利（含放弃优先购买权、优先认缴出资权等）； 7、赠与或受赠资产； 第四条公司非日常经营交易事项应综合考虑下列标准确定相应的决策程序： 第三条 公司日常经营经常性发生的交易行为、关联交易行为、对外担保行 为以及融资行为的决策按照公司相应的专门制度执行，不适用本制度规定。 1、交易涉及的资产总额占公司最近一期经审计总资产的比例(交易 ...

第一条 为完善浙江德创环保科技股份有限公司法人治理结构，规范公司选举 董事的行为，维护公司中小股东的利益，切实保障社会公众股东选择董事的权利， 根据《中华人民共和国公司法》、《上市公司治理准则》和《浙江德创环保科技 股份有限公司章程》（以下简称"《公司章程》"）等有关规定，特制定本实施 细则。 第二条 股东会就选举董事进行表决时，根据《公司章程》的规定或者股东会 的决议，可以实行累积投票制。公司单一股东及其一致行动人拥有权益的股份比 例在百分之三十以上的，或者股东会选举两名以上独立董事的，应当采用累积投 票制。 浙江德创环保科技股份有限公司 累积投票制实施细则 第一章 总则 本实施细则所称累积投票制，是指股东会选举董事时，股东所持每一股份拥 有与应选出董事人数相等的投票权，股东拥有的投票表决权总数等于其所持有的 股份与应选董事人数的乘积。股东可以按意愿将其拥有的全部投票表决权集中投 向某一位或几位董事候选人，也可以将其拥有的全部投票表决权进行分配，分别 投向各位董事候选人的一种投票制度。 第三条 本实施细则所称董事包括独立董事和非由职工代表担任的非独立董 事。由职工代表担任的董事由公司工会或职代会或其他形式民 ...

浙江德创环保科技股份有限公司 内部审计制度 第一章 总则 第一条 为进一步规范浙江德创环保科技股份有限公司（以下称"公司"）内 部审计工作，提高内部审计工作质量，提升公司内部管理水平，保护公司及全体 投资者的合法权益，根据《中华人民共和国公司法》《中华人民共和国审计法》 《企业内部控制基本规范》《上市公司治理准则》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及其他有关规定， 结合公司内部审计工作的实际情况，特制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构或人员依据国家有关 法律法规、财务会计制度和公司内部管理规定，对内部控制和风险管理的有效性、 财务信息的真实性和完整性以及经营活动的效率和效果等开展的一种评价活动。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； 第五条 公司董事会设审计委员会，董事会审计委员会下设内部审计机构， 对公司业务活动、风险管理、内部控制、财务信息等事项进行监督检查。 内部审计机构对董事会负责，向董事会审计委员会 ...

证券代码：603177 证券简称：德创环保 公告编号：2025-053 浙江德创环保科技股份有限公司 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2025 年 11 月 12 日（星期三）下午 15：00-16：00 会议召开地点：上海证券交易所上证路演中心（网址： https://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 11 月 5 日（星期三）至 11 月 11 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱（securities@zj-tuna.com）进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 （一）会议召开时间：2025 年 11 月 12 日（星期三）下午 15:00-16:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 关于召开 2025 年第三季度业绩说 ...