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： 董事长姜桂廷因个人原因未能亲自出席本次董事会。 一、董事会会议召开情况 景津装备股份有限公司（以下简称"公司"）第四届董事会第二十一次（临 时）会议于 2025 年 10 月 15 日上午在德州经济开发区晶华路北首公司会议室以 现场表决方式召开。经公司过半数董事共同推举，本次会议由董事张大伟主持。 本次会议通知和材料已于 2025 年 10 月 11 日以专人送达或电子邮件方式发出。 应出席本次会议的公司董事 6 人，实际出席本次会议的公司董事 6 人（其中：1 名非独立董事委托出席）。非独立董事、董事长姜桂廷因个人原因未能亲自出席 本次会议，书面委托公司非独立董事杨名杰代为出席并行使表决权。公司监事列 席了本次会议。第四届董事会独立董事候选人姜英华现场出席本次会议，就其履 职能力等情况进行说明。本次会议的出席人数、召集、召开及表决程序均符合《中 华人民共和国公司法》（以下简称"《公司法》"）等法律、行政法规、部门规章、 规范性文件及《公司章程》的相关规定。 二、 ...

Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].

Investment Rating - The report rates the environmental protection industry as "Overweight" for the third quarter of 2025, indicating an expectation for the industry to outperform the overall market [2][9]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansions and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies are experiencing varied profit growth due to factors like historical electricity revenue recognition and depreciation from new capacity [3]. - The sanitation market remains stable, with an increase in orders for unmanned sanitation services, indicating a shift towards digital transformation in urban services [3]. - Equipment performance is diverging based on downstream influences, with conventional equipment facing margin pressure while power environmental equipment and water treatment equipment are expected to see significant profit growth [3]. Summary by Category Municipal Water Services - Overall operations are stable, with projected net profit growth for major companies: Tianyuan Environmental +18%, Xingrong Environment +5%, Hongcheng Environment +3%, and Zhongshan Public +32% for Q1-3 2025 [3][4]. Waste Incineration - The sector is expected to see varied profit growth among major companies: Hanlan Environment +16%, Green Power +15%, Junxin Co. +47%, Chengfa Environment +13%, and Yongxing Co. +8% for Q1-3 2025 [3][4]. Sanitation - Major companies are projected to have stable net profit growth: Yingfeng Environment +3% and Yuhua Tian +5% for Q1-3 2025 [3][4]. Equipment Products - Conventional equipment is expected to see a slight decline in net profit growth, with Jingjin Equipment projected at -25%. In contrast, power environmental equipment like Qingda Environmental is expected to grow by +255% [3][4]. Investment Recommendations - The report recommends focusing on municipal environmental companies such as Zhongshan Public, Junxin Co., Hanlan Environment, and others due to stable profitability and improving cash flow [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted for their potential in the digital transformation of urban services [3]. - The report also suggests monitoring suppliers of bio-aviation fuel and green methanol, as well as companies involved in reverse osmosis membrane technology due to ongoing market trends [3].

证券代码：603279 证券简称：景津装备 公告编号：2025-025 景津装备股份有限公司 关于召开 2025 年半年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法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 29 日 （星期一） 09:00-10:00 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 09 月 22 日（星期一）至 09 月 26 日（星期五）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 jjhbzqb@163.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。 景津装备股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公 司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度 经营成果、财务状况，公司计划于 ...

Group 1 - The company announced the resignation of independent director Zhang Yuhong, effective September 11, 2025 [2] - Zhang Yuhong has served as an independent director since September 12, 2019, completing a six-year term [2] - Following her resignation, Zhang will no longer hold any positions within the company or its subsidiaries [2]

证券代码：603279 证券简称：景津装备 公告编号：2025-024 重要内容提示： 景津装备股份有限公司（以下简称"公司"）董事会于 2025 年 9 月 11 日收 到独立董事张玉红女士提交的书面辞职报告。根据《上市公司独立董事管理办法》 的相关规定，独立董事连续任职不得超过六年，张玉红女士自 2019 年 9 月 12 日起担任公司独立董事至今已满六年。 公司董事会于 2025 年 9 月 11 日收到独立董事张玉红女士提交的书面辞职报 告。根据《上市公司独立董事管理办法》的相关规定，独立董事连续任职不得超 过六年，张玉红女士自 2019 年 9 月 12 日起担任公司独立董事至今已满六年。因 此，张玉红女士辞去公司第四届董事会独立董事职务，同时辞去第四届董事会审 计委员会主任委员（召集人）、第四届董事会薪酬与考核委员会主任委员（召集 人）、第四届董事会提名委员会委员职务。辞职生效后，张玉红女士将不再担任 公司及其子公司任何职务。张玉红女士确认与公司及公司董事会无任何意见分歧， 姓名 离任职务 离任时 间 原定任 期到期 日 离任原因 是否继续在 上市公司及 其控股子公 司任职 具体职务 （如适用） ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [7][12]. Core Views - The company's performance in the first half of 2025 was impacted by a decrease in demand from the new energy sector, leading to a revenue decline of 9.62% year-on-year to 2.826 billion yuan and a net profit drop of 28.51% to 328 million yuan [4][5]. - Despite short-term challenges, the company is actively developing its supporting equipment market, which has seen continuous growth in orders and revenue, although at lower margins [5]. - The company has initiated partial production of its second phase of complete equipment, which is expected to contribute to future growth [6]. Financial Summary - For the first half of 2025, the company's revenue from various sectors was as follows: minerals and processing (32.81%), environmental protection (29.78%), new energy (13.39%), and chemicals (9.02%) [5]. - The gross margin decreased by 3.53 percentage points to 25.89%, while the expense ratio increased slightly to 9.43% [5]. - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 425.07 million yuan, up 59.04% year-on-year [6]. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are 5.811 billion yuan, 6.442 billion yuan, and 7.255 billion yuan, with year-on-year growth rates of -5.20%, 10.86%, and 12.63% respectively [7][10]. - The expected net profit for the same period is 685 million yuan, 784 million yuan, and 918 million yuan, with growth rates of -19.24%, 14.46%, and 17.03% respectively [7][10]. - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 12.98, 11.34, and 9.69 [7][10].

Group 1 - The core viewpoint of the article highlights the performance of various companies in the first half of 2025, focusing on revenue and profit changes due to market conditions and operational strategies [5][6][9][7][8][4]. Group 2 - Oriental Shenghong (000301.SZ) reported a revenue of 609 billion, down 16.4% year-on-year, with a net profit of 3.86 billion, up 21.2% year-on-year. Q2 revenue was 306 billion, down 15.2% year-on-year, and net profit was 0.45 billion, down 37.1% year-on-year [5]. - China Railway Construction (601186.SH/1186.HK) achieved a revenue of 489.2 billion and a net profit of 10.7 billion in H1 2025, with Q2 revenue at 232.4 billion, down 3.6% year-on-year [6]. - Haili Wind Power (301155.SZ) saw significant growth with H1 revenue of 2.03 billion, up 461.08% year-on-year, and a net profit of 205 million, up 90.61% year-on-year. Q2 revenue reached 1.59 billion, up 570.63% year-on-year [6]. - Jingjin Equipment (603279.SH) reported H1 revenue of 2.83 billion, down 9.6% year-on-year, and a net profit of 330 million, down 28.5% year-on-year. Q2 revenue was 1.42 billion, down 12.3% year-on-year [7]. - Bertley (603596.SH) had H1 revenue of 5.16 billion, up 30.0% year-on-year, with a net profit of 520 million, up 14.2% year-on-year [8]. - Bull Group (603195.SH) reported H1 revenue of 8.17 billion, down 2.6% year-on-year, and a net profit of 2.06 billion, down 8.0% year-on-year. Q2 revenue was 4.25 billion, down 7.4% year-on-year [9]. - Mengniu Dairy (2319.HK) achieved H1 revenue of 41.57 billion, down 6.95% year-on-year, with a net profit of 2.05 billion, down 16.37% year-on-year, with liquid milk revenue down 11.2% [9].

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, primarily due to weakened market demand for its core product, filter presses [4][5]. Financial Performance - In H1 2025, the company achieved revenue of 2.83 billion, a year-on-year decrease of 9.6%, and a net profit attributable to shareholders of 330 million, down 28.5% year-on-year [4]. - For Q2 2025, revenue was 1.42 billion, a year-on-year decline of 12.3%, with a net profit of 160 million, down 30.0% year-on-year [4]. - The overall gross margin decreased by 3.5 percentage points to 25.9%, while the net profit margin fell by 3.1 percentage points to 11.6% [5]. Market Demand and Sales - The demand for filter presses has weakened, leading to pressure on both sales volume and profit margins [5]. - Revenue from the new energy sector decreased significantly, with its contribution to total revenue dropping by 9.1 percentage points to 13.4% [5]. - Domestic revenue accounted for 95.8% of total revenue, amounting to 2.71 billion, down 9.0% year-on-year, while international revenue was 120 million, down 21.4% [5]. Strategic Initiatives - The company is actively promoting new products and expanding into new markets, focusing on technological innovation and product upgrades [6]. - Orders and revenue from supporting equipment have been increasing, although their lower gross margins limit their contribution to overall net profit [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6][14]. Core Views - The company reported a revenue of 2.83 billion yuan in H1 2025, a year-on-year decline of 9.6%, with a net profit attributable to shareholders of 330 million yuan, down 28.5% year-on-year [2][3]. - The decline in performance is attributed to weak market demand for filter presses, leading to reduced sales volume and profit margins. The gross margin decreased by 3.5 percentage points to 25.9% [3]. - The company is actively expanding into new markets and promoting product innovation, with a focus on complete filtration equipment, although the contribution to net profit remains limited due to lower margins [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.42 billion yuan, a decrease of 12.3% year-on-year, while net profit was 160 million yuan, down 30% year-on-year [2][3]. - The gross margin for H1 2025 was 25.9%, reflecting a decline of 3.5 percentage points compared to the previous year, while the net profit margin fell to 11.6%, down 3.1 percentage points [3]. Market Dynamics - The company faced significant pressure from the overall demand for filter presses, particularly in the renewable energy sector, where revenue contribution dropped by 9.1 percentage points to 13.4% [3]. - Domestic revenue accounted for 95.8% of total revenue in H1 2025, amounting to 2.71 billion yuan, a decline of 9.0% year-on-year, while international revenue was 120 million yuan, down 21.4% [3]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates revised down to 731 million yuan for 2025, a 19% decrease [4][5]. - The report suggests that despite current challenges, the company’s long-standing position as a leader in the filter press market and its ongoing efforts in product development may sustain future growth [4].