Core Viewpoint - The report highlights the accelerating growth of orders for automated sanitation equipment, indicating a trend of scattered volume increase in the market for unmanned sanitation solutions [1][4]. Investment Highlights - The automation and intelligence of urban sanitation operations are achieved through unmanned equipment, categorized into small-tonnage and large-tonnage devices, as well as humanoid robots for closed-loop scenarios [2]. - Small-tonnage unmanned devices are expected to be more economical, with one unit plus one operator potentially replacing 3-4 workers, leading to significant cost savings [2]. - The market for unmanned sanitation equipment is projected to reach a scale of hundreds of billions, with varying estimates based on the adoption rate of unmanned operations [3]. Market Space Estimation - The market space for small and large-tonnage unmanned devices is estimated at 575 billion to 1,522 billion yuan, depending on the adoption rate of 20%, 30%, or 40% [3]. - The report emphasizes the need for active participation and strategic positioning by various stakeholders in the unmanned sanitation sector to address labor shortages and enhance mechanization rates [4]. Order Growth and Trends - The number of awarded projects for automated sanitation is expected to increase significantly, with 82 projects worth 4.87 billion yuan in 2024 and over 90 projects worth 5.58 billion yuan in the first half of 2025 [1][4]. - The estimated total for awarded projects in 2025 is projected to exceed 180, with a total value of approximately 11.16 billion yuan, reflecting a year-on-year growth of about 129% [1][4]. Economic Analysis - The economic viability of small-tonnage unmanned devices is highlighted, with a price point of 300,000 yuan per unit, which could become economically advantageous as prices decrease to 200,000 yuan [2]. - Large-tonnage unmanned vehicles currently lack economic feasibility but could become viable if prices drop to 600,000 yuan [2]. Company Participation - Various companies are actively developing and deploying unmanned sanitation solutions, including 盈峰环境, 宇通重工, 福龙马, and others, indicating a robust competitive landscape [4]. - The report suggests that the transition to unmanned sanitation will help companies reduce costs and increase profitability, with projected performance elasticity for several companies ranging from 76% to 296% [5].

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Viewpoints - The automation and intelligence of urban sanitation operations are being achieved through unmanned sanitation equipment, which can be categorized into small-tonnage, large-tonnage, and humanoid robots [4][10] - Small-tonnage unmanned equipment is expected to be more economical and will likely see earlier market adoption [4][13] - The market potential for unmanned sanitation and driving equipment is estimated to reach a trillion yuan level, with various scenarios predicting market sizes ranging from 575 billion to 1,522 billion yuan depending on the adoption rates [4][15] - The industry is actively engaging in the layout of intelligent and unmanned solutions, addressing labor shortages and aging workforce issues in the sanitation sector [4][18] - Orders for unmanned sanitation equipment are accelerating, showing a trend of scattered volume growth, with significant government contracts [4][40] Summary by Sections 1. Automation and Intelligence in Sanitation - Unmanned sanitation equipment utilizes advanced technologies for automation and intelligence, categorized into small-tonnage, large-tonnage, and humanoid robots [10] - Small-tonnage equipment serves semi-enclosed areas, while large-tonnage equipment is designed for open environments [12] 1.2 Economic Analysis - Small-tonnage unmanned equipment can replace 3-4 workers, with a current price of around 300,000 yuan, becoming economically viable as prices drop to 200,000 yuan [13] - Large-tonnage unmanned vehicles currently lack economic viability but could become competitive if prices decrease to 600,000 yuan [13] 1.3 Market Potential - The market for unmanned sanitation equipment is projected to be substantial, with estimates of 575 billion yuan under conservative assumptions and up to 1,522 billion yuan under optimistic scenarios [15] 2. Active Participation in Unmanned Solutions - Various companies are actively developing and deploying unmanned sanitation solutions, addressing labor challenges and enhancing mechanization rates [18][19] 3. Order Growth Trends - The number of contracts for unmanned sanitation projects is increasing, with projections indicating a 129% year-on-year growth in total contract value for 2025 [40][41]

金融界消息 截至2025年8月5日收盘，福龙马（603686）报收于17.35元，上涨0.23%，换手率9.68%，成 交量40.21万手，成交金额6.98亿元。 天眼查商业履历信息显示，福龙马集团股份有限公司，成立于2007年，位于龙岩市，是一家以从事专用 设备制造业为主的企业。企业注册资本41543.0404万人民币，实缴资本10000万人民币。公司法定代表 人为张西泠。 通过天眼查大数据分析，福龙马集团股份有限公司共对外投资了67家企业，参与招投标项目5000次，知 识产权方面有商标信息98条，专利信息861条，此外企业还拥有行政许可166个。 资金流向方面，今日主力资金净流出1892.56万元，占比成交额2.71%。其中，超大单净流出2536.20万 元、占成交额3.63%，大单净流入643.63万元、占成交额0.92%，中单净流出流出3032.15万元、占成交 额4.34%，小单净流入4924.71万元、占成交额7.05%。 来源：金融界 福龙马最新一期业绩显示，截至2025一季报，公司营业总收入11.64亿元、同比减少1.75%，归属净利润 6349.03万元，同比减少2.37%，扣非净利润626 ...

证券之星消息，8月1日环境治理板块较上一交易日上涨0.82%，金科环境领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688466 | 我的不错 | 21.63 | 11.27% | 4.93万 | | 1.06亿 | | 603686 | 福龙马 | 16.85 | 6.51% | 61.30万 | | 10.17亿 | | 688335 | 复洁坏保 | 14.14 | 4.90% | 4 3.86万 | | 5418.25万 | | 605069 | 正和生态 | 11.34 | 4.81% | 15.95万 | | 1.80亿 | | 000685 | 中山公用 | 9.78 | 4.26% | 24.52万 | | 2.37亿 | | 301259 | 文布鲁 | 41.64 | 4.26% | 6.54万 | | 2.70亿 | | ...

福龙马7月31日报收15.82元，较前一交易日下跌0.65元，跌幅3.95%。当日开盘价为16.47元，最高触及 16.55元，最低下探至15.73元，成交量为37.95万手，成交金额达6.11亿元。 福龙马主营业务涵盖环卫产业服务和环卫装备制造两大领域。2024年度财报显示，公司75.88%营收来 自环卫产业服务业，21.4%来自环卫装备制造业。公司在海南、天津、河北等地新设多家子公司，已完 成工商登记手续。 公司公告显示，7月预中标河北省环卫服务项目1个，首年服务费1272.08万元，合同总金额3816.25万 元。2025年以来累计中标环卫项目26个，合同总金额达11.7亿元。目前在履行环卫服务项目年化合同金 额40.66亿元，合同总金额335.46亿元。 7月31日主力资金净流出8786.14万元，占流通市值1.34%。 风险提示：股市有风险，投资需谨慎。 ...

Group 1 - The company has pre-won a sanitation service project in Hebei Province with a first-year service fee of 12.7208 million RMB, accounting for 0.25% of the company's audited revenue for 2024 [1] - The total contract amount for the project is 38.1625 million RMB, contributing positively to the company's operating performance in 2025 and beyond [1] - As of the announcement date, the company has won 26 sanitation service projects this year, with a total first-year amount of 408.8022 million RMB and a total contract amount of 1.169974 billion RMB [1][2] Group 2 - The company has an annualized contract amount of 4.066 billion RMB for the sanitation service projects it is currently executing, with a total contract amount of 33.546 billion RMB [2] - The company has established subsidiaries in Hainan, Tianjin, and Hebei, completing the necessary business registration procedures [5] - The newly established subsidiaries include Fulongma Environmental Services (Haikou Longhua) Co., Ltd., Tianjin Wuqing Longhuan Environmental Engineering Co., Ltd., and Fulongma Environmental Services (Guangping) Co., Ltd., with registered capital of 0.1 million RMB, 1 million RMB, and 1 million RMB respectively [6][7][10]

证券代码：603686 证券简称：福龙马 公告编号：2025-040 福龙马集团股份有限公司 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"）根据业 务开展的实际情况和《公司章程》规定，经公司总裁办公会 审议通过，同意在海南省、天津市、河北省等地设立子公司。 上述投资事项于近期完成相应的工商登记手续，相关事项进 展情况如下： 名称：福龙马环境服务（海口龙华）有限公司 统一社会信用代码：91460000MAEQJTXGX5 类型：有限责任公司（自然人投资或控股的法人独资） 一、对外投资事项一 福龙马环境服务（海口龙华）有限公司于近期完成工商 注册登记手续，取得海南省市场监督管理局颁发的《营业执 照》，相关登记信息如下： 住所：海南省海口市龙华区海垦街道海秀大道84号龙华 数字经济产业园3#综合楼2楼202-A07 法定代表人：黄彪 注册资本：10万元人民币 成立时间：2025年7月8日 经营范围：许可经营项目：城市生活垃圾经营性服务； 城市建筑垃圾处置（清运）；餐厨垃圾处理（许可 ...

证券代码：603686 证券简称：福龙马 公告编号：2025-041 福龙马集团股份有限公司 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40.66亿元，合同总金额335.46亿元（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）。 二、风险提示 由于上述项目目前尚未全部签订正式项目合同，项目具 体内容及项目金额以最终签署的正式合同为准。 特此公告。 福龙马集团股份有限公司董事会 关于2025年7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 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 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1,272.08万元（占公司2024年度经审计营业收入的 公司本年度环卫服务项目中标数26个，合计首年年度金额为 司2025年及以后的经营业绩产生积极影响。 ...

证券日报网讯 7月31日晚间，福龙马发布公告称，公司2025年7月预中标了河北省的环卫服务项目。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1，272.08万元（占公司2024年度经审计营 业收入的0.25%），合同总金额为3，816.25万元。截至本公告披露日，公司本年度环卫服务项目中标数 26个，合计首年年度金额为40，880.22万元，合同总金额为116，997.40万元，这将对公司2025年及以后 的经营业绩产生积极影响。 （文章来源：证券日报） ...

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40.66亿元，合同总金额335.46亿元（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）。 2024年1至12月份，福龙马的营业收入构成为：环卫产业服务业占比75.88%，环卫装备制造业占比 21.4%，其他主营占比1.76%，其他业务占比0.96%。 （文章来源：每日经济新闻） 福龙马（SH 603686，收盘价：15.82元）7月31日晚间发布公告称，公司7月预中标的环卫服务项目数1 个，合计首年服务费金额为1272.08万元（占公司2024年度经审计营业收入的0.25%），合同总金额为 3816.25万元。截至本公告披露日，公司本年度环卫服务项目中标数26个，合计首年年度金额为 40,880.22万元，合同总金额为116,997.40万元，这将对公司2025年及以后的经营业绩产生积极影响。 ...