Group 1 - The company has pre-won a sanitation service project in Henan Province with a first-year service fee of 25.307 million yuan, accounting for 0.50% of the company's audited revenue for 2024 [1] - The total contract amount for the project is 75.9211 million yuan, which is expected to positively impact the company's operating performance in 2025 and beyond [1] - As of the announcement date, the company has won a total of 27 sanitation service projects this year, with a total first-year amount of 434.1092 million yuan and a total contract amount of 1.245895 billion yuan [1] Group 2 - The annualized contract amount for the sanitation service projects currently being executed by the company is 4.032 billion yuan, with a total contract amount of 33.463 billion yuan, including extended service years and supplementary contracts for already won projects [2]

Group 1 - The company, Fulongma, announced on September 1 that it has pre-won one sanitation service project in August, with a first-year service fee amounting to 25.307 million yuan, accounting for 0.50% of the company's audited revenue for 2024 [1] - The total contract amount for the pre-won project is 75.9211 million yuan. As of the announcement date, the company has won 27 sanitation service projects this year, with a total first-year amount of 434.1092 million yuan and a total contract amount of 1.245895 billion yuan, which will positively impact the company's operating performance in 2025 and beyond [1] - The annualized contract amount for the sanitation service projects currently being executed by the company is 4.032 billion yuan, with a total contract amount of 33.463 billion yuan, including project extension service contract amounts and supplementary contract amounts for already won projects [1] Group 2 - For the year 2024, the company's revenue composition is as follows: sanitation industry services account for 75.88%, sanitation equipment manufacturing accounts for 21.4%, other main businesses account for 1.76%, and other businesses account for 0.96% [1] - As of the time of reporting, the company's market capitalization is 7.7 billion yuan [2]

Core Viewpoint - Fulongma (603686.SH) has announced a new sanitation service project with a first-year service fee of 25.307 million yuan, which represents 0.50% of the company's audited revenue for 2024 [1] Group 1: Project Wins and Financial Impact - The company has won a total of 27 sanitation service projects this year, with a total first-year amount of 434.1092 million yuan and a total contract amount of 1.245895 billion yuan, which is expected to positively impact the company's operating performance in 2025 and beyond [1] - As of the announcement date, the annualized contract amount for the sanitation service projects being executed by the company is 4.032 billion yuan, with a total contract amount of 33.463 billion yuan, including contract amounts for extended service years and supplementary contracts for already won projects [1]

证券代码：603686 证券简称：福龙马 公告编号：2025-053 福龙马集团股份有限公司 关于2025年8月环卫服务项目中标的提示性公告 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 担个别及连带责任。 福龙马集团股份有限公司（以下简称"公司"）2025年 8月预中标了河南省的环卫服务项目。公司以临时公告形式 对本月主要中标的环卫服务情况进行自愿性信息披露，具体 内容如下： 一、项目中标对公司的影响 2025 年 9 月 2 日 公司本月预中标的环卫服务项目数1个，合计首年服务 费金额为2,530.70万元（占公司2024年度经审计营业收入的 0.50%），合同总金额为7,592.11万元。截至本公告披露日， 公司本年度环卫服务项目中标数27个，合计首年年度金额为 43,410.92万元，合同总金额为124,589.50万元，这将对公 司2025年及以后的经营业绩产生积极影响。 截至本公告披露日，公司在履行的环卫服务项目年化合 同金额40.32亿元，合同总金额334.63亿元（含项目顺延服 务年限合同金额及已中标项目补充合同金额）。 ...

Market Overview - On August 29, the environmental governance sector declined by 0.18%, with Hai Tian Co. leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers in Environmental Governance Sector - DeChuang Environmental (603177) closed at 14.50, up 10.02% with a trading volume of 65,700 shares and a turnover of 95.21 million yuan [1] - Feima International (002210) closed at 3.53, up 9.97% with a trading volume of 3 million shares and a turnover of 1.041 billion yuan [1] - Yi Yi (603200) closed at 75.74, up 7.19% with a trading volume of 135,900 shares and a turnover of 1.010 billion yuan [1] Underperformers in Environmental Governance Sector - Hai Tian Co. (603759) closed at 7.97, down 7.86% with a trading volume of 204,900 shares and a turnover of 165 million yuan [2] - Zhonghang Taida (836263) closed at 16.79, down 7.29% with a trading volume of 169,900 shares and a turnover of 288 million yuan [2] - Wenbululu (301259) closed at 46.89, down 7.06% with a trading volume of 129,400 shares and a turnover of 618 million yuan [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 58.54 million yuan [2][3] - Feima International had a net inflow of 31.8 million yuan from institutional investors, but a net outflow of 15.5 million yuan from speculative funds [3] - Wuhan Holdings (600168) had a net inflow of 17.07 million yuan from institutional investors, with a net outflow of 11.86 million yuan from speculative funds [3]

Market Overview - The environmental governance sector experienced a slight decline of 0.08% on August 28, with Fulongma leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Performers in Environmental Governance Sector - Dechuang Environmental (603177) saw a significant increase of 10.02%, closing at 13.18 with a trading volume of 36,600 lots and a transaction value of 48.19 million [1] - Zhongyuan Huibao (000544) rose by 6.35%, closing at 8.88 with a trading volume of 367,300 lots and a transaction value of 323 million [1] - Fujie Environmental (688335) increased by 4.68%, closing at 15.22 with a trading volume of 60,200 lots and a transaction value of 91.62 million [1] Underperformers in Environmental Governance Sector - Fulongma (603686) led the decline with a drop of 5.59%, closing at 18.07 with a trading volume of 651,200 lots and a transaction value of 1.18 billion [2] - Jiankong Repair (300958) fell by 4.98%, closing at 12.98 with a trading volume of 98,600 lots and a transaction value of 12.9 million [2] - Chao Yue Technology (301049) decreased by 3.90%, closing at 22.42 with a trading volume of 40,500 lots and a transaction value of 91.11 million [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 744 million from institutional investors, while retail investors saw a net inflow of 357 million [2][3] - The top three stocks with significant net inflows from retail investors include Xingrong Environment (000598) with 54.57 million, and Qing Shui Yuan (300437) with 12.07 million [3] - The stocks with the highest net outflows from institutional investors include Huicheng Environmental (300779) with 62.02 million and Yuhua Tian (300815) with 55.80 million [3]

Core Viewpoint - The company's performance is under short-term pressure but remains stable in operations, with significant improvement in cash flow [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.423 billion yuan, a year-on-year decrease of 2% - The net profit attributable to shareholders was 94 million yuan, a year-on-year decrease of 1% [1] Business Segments - The environmental sanitation service business generated revenue of 1.866 billion yuan, with 25 new sanitation service projects won during the reporting period, totaling 1.132 billion yuan in contract value - The total amount of contracts to be performed reached 19.751 billion yuan, providing a solid foundation for future revenue [2] Cash Flow and Financial Health - The net cash flow from operating activities was 34.86 million yuan, a significant improvement from a negative 168 million yuan in the same period last year, mainly due to enhanced fund recovery and positive effects from national debt reduction policies [2] Market Position and Growth - In the first half of 2025, domestic sales of new energy sanitation vehicles increased by 91.27%, with a penetration rate of 15.87% - The company sold 517 units of new energy sanitation equipment (including city service robots), a year-on-year increase of 37.14%, accounting for 32.85% of total sales, with a market share of 8.27%, ranking third in the industry [3] Innovation and Development - The company is advancing the development and implementation of unmanned sanitation robots, creating a "human-machine collaboration" model - The core products FLMSD15 and FLMSD22 have undergone continuous iteration, with significant improvements in key functions such as edge cleaning and obstacle recognition [3][4] Future Outlook - The company aims to build an integrated solution of "cloud analysis - intelligent driving - human-machine collaboration - fleet operation" - The transition from labor-intensive to technology-intensive sanitation services is being promoted to address issues like aging population and labor shortages [4] Profit Forecast - The company is expected to achieve operating revenues of 5.509 billion, 6.022 billion, and 6.586 billion yuan for 2025-2027, with year-on-year growth rates of 9.30%, 9.33%, and 9.35% - The net profit attributable to shareholders is projected to be 186 million, 211 million, and 238 million yuan, with growth rates of 28.11%, 12.99%, and 13.05% respectively [4]

Group 1 - The core viewpoint of the news is that Fulongma Group Co., Ltd. has shown a slight decline in revenue and net profit in its latest financial report, while also experiencing a positive stock performance on the trading day mentioned [1][3]. - As of August 25, 2025, Fulongma's stock closed at 20.01 yuan, up 3.89%, with a turnover rate of 13.66% and a trading volume of 567,300 hands, amounting to a transaction value of 1.103 billion yuan [1]. - The company reported total operating revenue of 2.423 billion yuan for the first half of 2025, a year-on-year decrease of 1.55%, and a net profit attributable to shareholders of 93.74 million yuan, a decrease of 0.93% year-on-year [1]. Group 2 - Fulongma's non-recurring net profit was 91.39 million yuan, showing a year-on-year increase of 0.32% [1]. - The company's liquidity ratios are reported as a current ratio of 1.972 and a quick ratio of 1.867, with a debt-to-asset ratio of 42.76% [1]. - Fulongma Group has made investments in 67 companies and participated in 5,000 bidding projects, holding 98 trademark registrations and 862 patents, along with 165 administrative licenses [2].

证券研究报告 福龙马 (603686 CH) 有望受益于环卫电动化和智能化 基本数据 目标价(人民币): 22.46 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 huangbo@htsc.com +(86) 755 8249 3570 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 胡知* 研究员 SAC No. S0570523120002 huzhi019072@htsc.com 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 | 目标价 (人民币) | 22.46 | | --- | --- | | 收盘价 (人民币 截至 8 月 22 日) | 19.26 | | 市值 (人民币百万) | 8,001 | | 6 个月平均日成交额 (人民币百万) | 701.89 | | 52 周价格范围 (人民币) | 7.22-19.71 | | BVPS (人民币) | 8.12 ...

Core Viewpoint - The recent financial report of Fulongma (603686) indicates a slight decline in revenue and net profit for the first half of 2025, but an improvement in profitability metrics such as gross margin and net margin [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 2.423 billion yuan, a decrease of 1.55% year-on-year [1]. - Net profit attributable to shareholders was 93.74 million yuan, down 0.93% year-on-year [1]. - In Q2 2025, total revenue was 1.258 billion yuan, a decline of 1.37% year-on-year, while net profit increased by 2.23% to 30.25 million yuan [1]. - Gross margin improved to 22.79%, an increase of 8.64% year-on-year, and net margin rose to 5.26%, up 0.77% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 281 million yuan, representing 11.58% of revenue, an increase of 4.57% year-on-year [1]. Key Financial Metrics - Earnings per share remained stable at 0.23 yuan [1]. - Cash flow from operating activities per share increased significantly by 120.79% to 0.08 yuan [1]. - The company's net asset value per share rose by 2.53% to 8.12 yuan [1]. - Accounts receivable increased by 11.99% to 2.386 billion yuan, while cash and cash equivalents decreased by 30.96% to 549 million yuan [1]. Changes in Financial Items - A significant decrease of 43.72% in accounts receivable financing was noted due to a reduction in notes receivable [3]. - Non-current financial assets decreased by 100% due to the redemption of private equity funds [2]. - Construction in progress decreased by 35.87% as projects were completed [3]. - Short-term borrowings increased by 79.53% due to additional bank loans [3]. - Financial expenses surged by 1390.09% due to reduced interest income and increased interest expenses [3]. Business Evaluation - The company's return on invested capital (ROIC) was 4.84%, indicating weak capital returns, with a historical median ROIC of 12.65% since its listing [4]. - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [4]. - The cash flow situation is concerning, with cash and cash equivalents covering only 52.45% of current liabilities [4]. - Accounts receivable have reached 1640.2% of profit, highlighting potential liquidity issues [4].