Core Viewpoint - High Energy Environment (603588.SH) is expected to achieve impressive financial results in 2025, with a projected net profit of 750 million to 900 million yuan, representing a year-on-year growth of 55.7% to 86.8% [4][5]. Group 1: Financial Performance - The company anticipates a significant increase in net profit, with a non-recurring net profit growth forecast of 131.6% to 178.0% [4]. - In the first half of 2025, the solid waste and hazardous waste resource utilization business generated revenue of 5.205 billion yuan, contributing nearly 80% of total revenue [6]. - The overall revenue for the first half of 2025 was approximately 6.7 billion yuan, with a gross profit margin of 18.21%, despite a year-on-year decrease of 11.20% [8]. Group 2: Business Model and Growth Drivers - High Energy Environment's main business involves the resource utilization of hazardous waste, focusing on the recovery of valuable metals such as copper, nickel, and precious metals [9][10]. - The company is positioned to benefit from the rising prices of metals, particularly copper, which is expected to maintain high levels due to supply-demand imbalances [13][15]. - The company has expanded its hazardous waste processing capacity to 96,035 tons per year, with new projects contributing to this growth [26]. Group 3: Market Conditions and Future Outlook - The copper market is projected to remain strong, with prices expected to exceed 12,000 USD/ton by the end of 2025, driven by increased demand from electric vehicles and AI data centers [15][16]. - High Energy Environment's resource utilization model, while less profitable than traditional mining, offers advantages in flexibility and expansion potential [24][25]. - The company is preparing for an IPO in Hong Kong to support its international expansion and alleviate debt pressures, with significant short-term borrowings reported [29].

Group 1 - The company, Beijing GaoNeng Times Environmental Technology Co., Ltd., has won the bid for the "Jinzhou Kitchen Waste Treatment Project" as the general contractor for the EPC project [1][2] - The project includes the construction of a kitchen waste treatment plant and a collection system for kitchen waste and waste oil [1] - The bid amount for the project is approximately 71.49 million yuan, with a construction period of 365 calendar days [7] Group 2 - The project is expected to have a positive impact on the company's future operating performance, although it will not affect the independence of the company's business operations [2]

Core Viewpoint - The company, GaoNeng Environment, has been awarded the contract for the "Jinzhou Kitchen Waste Treatment Project" with a bid amount of 714.8797652 million yuan [2] Group 1 - The company received a notice of winning the bid from the bidding agency, Liaoning Yufeng Project Management Co., Ltd. [2] - The winning bid was confirmed by the client, Jinzhou GaoNeng Beiwei Ecological Environment Technology Co., Ltd. [2] - The total contract amount for the project is approximately 714.88 million yuan [2]

证券代码：603588 证券简称：高能环境 公告编号：2026-004 北京高能时代环境技术股份有限公司 关于中标锦州市餐厨垃圾处理项目的公告 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。 二、中标项目对公司业绩影响 公司收到中标通知书后将与招标人洽谈签订上述项目合同事宜。上述项目预 计将对公司未来经营业绩产生积极的影响，但不影响公司业务、经营的独立性。 三、风险提示 1、上述项目的具体内容以公司与招标人签订的正式合同为准。 2、上述项目建设实施可能受极端天气或其他自然灾害影响，请投资者注意 投资风险。 今日，北京高能时代环境技术股份有限公司（以下简称"公司"）收到招标 代理机构辽宁昱丰项目管理有限责任公司发来的，经招标人锦州高能北威生态 环境科技有限公司确认的《中标通知书》，公司为"锦州市餐厨垃圾处理项目总 承包EPC"的中标人，详情如下： 一、中标基本情况 1、项目名称：辽宁省锦州市餐厨垃圾处理项目总承包 EPC 5、建设内容：包括餐厨垃圾处理厂区、餐厨垃圾及废油脂收运系统。 《中标通知书》。 特此公告。 北京高能时代环 ...

Core Viewpoint - The company has been awarded the contract for the "Jinzhou Kitchen Waste Treatment Project" with a bid amount of 71.488 million yuan [1] Group 1 - The company received a notice of winning the bid from the bidding agency Liaoning Yufeng Project Management Co., Ltd. [1] - The project is confirmed by the client Jinzhou Gaoneng Bewei Ecological Environment Technology Co., Ltd. [1] - The contract is for the total general contracting (EPC) of the kitchen waste treatment project [1]

证券代码：603588 证券简称：高能环境 公告编号：2026-004 北京高能时代环境技术股份有限公司 关于中标锦州市餐厨垃圾处理项目的公告 一、中标基本情况 1、项目名称：辽宁省锦州市餐厨垃圾处理项目总承包 EPC 5、建设内容：包括餐厨垃圾处理厂区、餐厨垃圾及废油脂收运系统。 二、中标项目对公司业绩影响 公司收到中标通知书后将与招标人洽谈签订上述项目合同事宜。上述项目预 计将对公司未来经营业绩产生积极的影响，但不影响公司业务、经营的独立性。 三、风险提示 1、上述项目的具体内容以公司与招标人签订的正式合同为准。 2、上述项目建设实施可能受极端天气或其他自然灾害影响，请投资者注意 投资风险。 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。 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 今日，北京高能时代环境技术股份有限公司（以下简称"公司"）收到招标 代理机构辽宁昱丰项目管理有限责任公司发来的，经招标人锦州高能北威生态 环境科技有限公司确认的《中标通知书》，公司为"锦州市餐厨垃圾处理项目 总承包EPC"的中标人，详情如下： 2、中标人名称：北京高能时代环境技术股份有限 ...

Group 1 - The company, High Energy Environment (603588), announced on January 14 that it has won the bid for the "Jinzhou Kitchen Waste Treatment Project General Contracting EPC" [1] - The bid amount is 71.488 million yuan, and the project duration is set for 365 days [1]

Core Viewpoint - The report emphasizes the critical role of Sustainable Aviation Fuel (SAF) in aviation decarbonization, highlighting the scarcity and price increase of waste oil resources during the SAF production expansion cycle [1][3]. Investment Recommendations - Key recommendations include companies such as Huanlan Environment (600323), Longjing Environmental Protection (600388), and others in the environmental sector [2]. - Companies to watch include Dayu Water-saving (300021) and Lian Tai Environmental Protection (603797) [2]. Industry Insights - SAF is identified as the only feasible solution for aviation decarbonization, with a focus on the HEFA route using waste oil (UCO) as raw material. The EU mandates increasing SAF blending ratios from 2% in 2025 to 70% by 2050, with projected SAF demand reaching 3,662 million tons by 2050 [3]. - By the end of 2025, domestic SAF production capacity is expected to reach 1.2 million tons per year, with total planned capacity of 4.4 million tons per year [3]. - The price of SAF is projected to rise significantly due to supply constraints, with a potential increase of over 50% from the beginning of the year [3]. Policy Tracking - The government is set to invest over 1 billion yuan in the Yangtze River protection projects from 2025 to 2027, with a focus on sewage pipeline construction and ecological restoration [4]. - Investment suggestions include companies involved in water treatment and sewage management, such as Bihui Source and Energy Conservation Guozhen (300388) [4]. Strategic Outlook for 2026 - The strategy focuses on value and growth, emphasizing the importance of marketization and efficiency improvements in the solid waste sector, with potential dividend increases [5]. - The report highlights the significance of the dual carbon drive, with recommendations for companies involved in renewable resources and waste oil production [6]. Industry Tracking - In the sanitation equipment sector, sales of new energy sanitation vehicles increased by 64.01% year-on-year, with a penetration rate of 18.60% [7]. - The price of biodiesel has decreased, leading to a decline in profit margins, while lithium battery recycling shows improved profitability due to rising lithium prices [7].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the importance of the SAF (Sustainable Aviation Fuel) expansion cycle and the value addition of waste oil resources, alongside significant funding for ecological restoration and pipeline construction in the Yangtze River protection initiative [1][12] - The 2026 strategy for the environmental sector focuses on a dual approach of value and growth resonance, driven by carbon neutrality goals [20] Summary by Sections Industry Trends - The SAF market is projected to see a significant increase in demand, with EU mandates requiring a gradual rise in SAF usage from 2% in 2025 to 70% by 2050, translating to a demand of 3.662 million tons by 2050 [12] - Domestic SAF production capacity is expected to reach 1.2 million tons per year by the end of 2025, with planned capacity of 4.4 million tons [12] - The report highlights a 50%+ increase in SAF prices compared to the beginning of the year, indicating a tightening supply situation [12] Investment Opportunities - The report suggests focusing on companies involved in waste oil resource utilization, such as Shanhigh Environmental and Longkun Technology, as the value of waste oil is expected to rise due to increased SAF demand [14] - Companies in the water treatment sector, such as BWS and Energy Conservation Guozhen, are recommended due to the ongoing construction of sewage pipelines and ecological restoration projects funded by over 100 billion yuan [19] Market Performance - The report notes a 64.01% year-on-year increase in sales of new energy sanitation vehicles, with a penetration rate of 18.6% [26] - The average price of biodiesel has decreased to 8,000 yuan per ton, with a corresponding drop in profitability [35] - Lithium battery recycling profitability is improving, with lithium carbonate prices rising by 18.1% week-on-week [36]

1月9日，高能环境涨1.98%，成交额9.53亿元。两融数据显示，当日高能环境获融资买入额1.13亿元， 融资偿还8693.57万元，融资净买入2645.22万元。截至1月9日，高能环境融资融券余额合计8.00亿元。 融资方面，高能环境当日融资买入1.13亿元。当前融资余额7.98亿元，占流通市值的5.65%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，高能环境1月9日融券偿还3.18万股，融券卖出1.97万股，按当日收盘价计算，卖出金额18.24 万元；融券余量25.75万股，融券余额238.44万元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，高能环境十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股4694.56万股，相比上期增加1781.69万股。 资料显示，北京高能时代环境技术股份有限公司位于北京市海淀区秋枫路36号院1号楼高能环境大厦， 成立日期1992年8月28日，上市日期2014年12月29日，公司主营业务涉及从事固体废物污染防治技术研 究和应用,在垃圾处理、矿山能源、煤化工、石油化工、水利生态和环境修复等领域提供固体废物污染 防治系 ...