公司曾通过官方微信于10月初发布《从"生态主力军"到"生存困境"》一文，首次公开披露唐山花海项目 存在约5亿元欠款，彼时便引起生态环保行业与投资者的关注。 对于亏损原因，正和生态在三季报中披露称，公司1-3季度唐山花海项目回款不及预期，由于唐山花海 项目应收账款占比最大，账龄长，计提了信用减值，对利润造成负面影响。 中证报中证网讯（王珞）10月31日，正和生态（605069）发布的第三季度报告。报告显示，公司前三季 度营业收入同比下滑12.92%，归属于上市公司股东的净利润亏损2122万元；其中第三季度亏损额达 4536万元，同比降幅扩大至223.92%，业绩不及预期。 ...

Core Insights - The company reported a 12.92% year-on-year decline in revenue for the first three quarters, with a net loss attributable to shareholders of 21.22 million yuan, and a significant loss of 45.36 million yuan in the third quarter alone, marking a 223.92% year-on-year decrease, which was below expectations [2][2][2] - The primary reason for the losses was attributed to the underperformance of the Tangshan Huahai project, which had a significant proportion of accounts receivable and long aging, leading to credit impairment provisions that negatively impacted profits [2][2][2] - The company previously disclosed a 500 million yuan debt related to the Tangshan Huahai project, which has raised concerns within the ecological and environmental protection industry, highlighting the need for effective payment mechanisms to stimulate market vitality under supportive policies [2][2][2] Financial Performance - Revenue for the first three quarters decreased by 12.92% year-on-year [2] - Net loss for the first three quarters reached 21.22 million yuan [2] - Third quarter loss amounted to 45.36 million yuan, with a year-on-year decline of 223.92% [2] Project-Specific Issues - The Tangshan Huahai project is the largest contributor to accounts receivable, with significant aging issues leading to credit impairment [2] - The company revealed a 500 million yuan outstanding debt related to the Tangshan Huahai project, which has caused industry-wide concern [2] Industry Context - The situation reflects broader challenges in the ecological and environmental protection sector, emphasizing the need for companies to be able to "dare to work and receive payments" to truly stimulate market activity [2][2]

Core Insights - The company reported a 12.92% year-on-year decline in revenue for the first three quarters, with a net loss of 21.22 million yuan attributable to shareholders, and a significant loss of 45.36 million yuan in the third quarter, marking a 223.92% increase in loss compared to the previous year [1][2] Financial Performance - Revenue decreased by 12.92% year-on-year in the first three quarters [1] - Net loss for the first three quarters was 21.22 million yuan, with a third-quarter loss of 45.36 million yuan [1] - The company attributed the losses to delayed receivables from the Tangshan Huahai project, which accounted for the largest share of accounts receivable [1] Operational Challenges - The company faced operational challenges due to adverse weather conditions affecting construction activities during the rainy season [1] - Significant investments in R&D for AI applications in ecological projects have not yet generated revenue [1][2] Strategic Focus - The company aims to focus on core business areas, particularly "ecological infrastructure," and target the "Beijing-Tianjin-Hebei and nearshore governance" markets [1] - Plans to enhance R&D investment in collaboration with national research institutions to improve the quality of ecological infrastructure projects [2] Future Plans - The company intends to upgrade its business model from EPC to a full lifecycle service model (R&D-Design-Construction-Operation) [2] - Aiming for a total of 900 million yuan in receivables for the year, with increased efforts on projects in Tangshan and Taiyuan [2] - Continued investment in technology R&D and AI applications to ensure stable business operations [2]

Core Viewpoint - Zhenghe Ecology (605069.SH) reported its Q3 2025 results, highlighting a significant institutional investment presence, with 45.26% of shares held by three institutional investors as of October 30, 2025 [1] Institutional Holdings - As of October 30, 2025, three institutional investors disclosed holdings in Zhenghe Ecology A-shares, totaling 95.8222 million shares, which represents 45.26% of the company's total equity [1] - The institutional investors include Beijing Huiheng Investment Co., Ltd., Beijing Huize Hengtong Investment Co., Ltd., and Guoxin Hongsheng Private Fund Management Co., Ltd. - Guoxin Hongsheng (Zhuhai) Energy Industry Fund (Limited Partnership) [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 0.05 percentage points [1] Public Fund Disclosures - In this reporting period, five public funds were not disclosed compared to the previous quarter, including Guolian Zhixuan Pioneer Stock A, ICBC Junsheng Mixed A, Bohai Huijin New Momentum Theme Mixed A, E Fund CSI 500 Quantitative Enhancement A, and Nuoan Innovation-Driven Mixed A [1]

市场布局方面，公司以北京为根据地，聚焦国家水网建设工程、幸福河湖项目。近岸海域治理围绕海堤 生态化改造、海洋生态修复、沙滩修复工程，以基于自然的解决方案（NbS）实现海洋防灾减灾能力提 升。 当前生态环保行业面临多重困境，地方财政收紧、项目回款周期延长，叠加市场竞争激烈，众多上市环 保企业被动转型。正和生态面对挑战，不退缩不回避。2025年下半年，正和生态领导班子围绕"聚焦主 业、迎接挑战、上下同心、开启新征程"谋篇布局，突出绿色、特色、创新，优化布局生态型基础设施 业务，全面推进《生态型水利基础设施战略制定与执行（BLM）》，并于10月20日正式发布。 公司通过差距分析，精准定位企业的核心问题，并提出针对性解决方案。突破技术壁垒、重构商业模 式，凝心聚力，达成目标。从"看趋势、看行业、看竞争、看客户、看自己"五大维度，全面剖析行业现 状，依托我国水利行业连续3年突破万亿元的投资规模和以水安全、水资源利用为导向的国家战略，果 断聚焦核心业务"生态型基础设施"，聚焦"京津冀和近岸海域治理"市场，并形成分阶段目标，最终实 现"国内生态型基础设施行业领军企业"的发展战略。同时，公司创新性地构建以水安全为基础层，聚焦 ...

证券代码：605069 证券简称：正和生态 公告编号：2025-063 北京正和恒基滨水生态环境治理股份有限公司 关于实际控制人部分股份解除质押及质押的公告 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: 一、本次股份解除质押及质押情况 近日，公司接到实际控制人张熠君女士的通知，获悉其办理了部分股份解除 质押和质押手续，具体事项如下： | 股东名称 | 张熠君 | | | --- | --- | --- | | 质权人 | 建德市**贷款股 | 北京中财**典当有 | | | 份有限公司 | 限公司 | | 本次解除质押股份数量 | 4,330,000 | 4,900,000 | | 占其直接所持股份比例 | 11.26% | 12.74% | | 占公司总股本比例 | 2.05% | 2.31% | | 解除质押时间 | 2025年10月13日 | 2025年10月14日 | | 直接持股数量 | 38,457,900 | | | 直接持股比例 | 18.17% | | | 剩余被质押股份数量 | 32,90 ...

Core Viewpoint - Zhenghe Ecology has been recognized as a "Specialized, Refined, Unique, and Innovative" small and medium-sized enterprise in Beijing, highlighting its expertise in ecological environment technology and its role in driving industry upgrades through new productivity [1] Group 1: Company Achievements - Zhenghe Ecology has been awarded the title of "Specialized, Refined, Unique, and Innovative" small and medium-sized enterprise by the Beijing Economic and Information Technology Bureau, reflecting its strong technical capabilities and continuous innovation [1] - The company has previously received qualifications such as National High-tech Enterprise and Beijing Enterprise Technology Center, further affirming its commitment to innovation-driven development [1] Group 2: Industry Focus and Innovations - The company specializes in ecological water conservancy infrastructure construction, river and wetland restoration, and marine ecological restoration, leveraging technological innovation to solidify its industry position [2] - Zhenghe Ecology has established a collaborative system integrating production, education, and research, partnering with various institutions to create national engineering research centers and key laboratories, holding over 150 patents [2] - The company implements nature-based solutions (NbS) to address pollution sources and restore habitats, with successful projects in various regions, including the Dali Erhai Lake buffer zone and the Tangshan South Lake project [2][3] Group 3: Technological Advancements - Zhenghe Ecology is focusing on AI technology as a core engine for business upgrades, having signed a strategic cooperation agreement with Zhizhu AI to develop an AI knowledge base and a marine ecological restoration model [4] - The company is exploring the application of intelligent robots in water management and cultural tourism, aiming to transition technology from research to practical implementation [4] - Future plans include enhancing specialized and technological capabilities while contributing to high-quality industry development, guided by the "Specialized, Refined, Unique, and Innovative" spirit [4]

Core Viewpoint - Zhenghe Ecology has announced the release and pledge of shares by its controlling shareholder, Huiheng Investment, and actual controller, Zhang Yijun, indicating changes in shareholding structure and potential implications for the company's financial stability and governance [1]. Shareholding and Pledge Details - As of the announcement date, Huiheng Investment holds approximately 84.59 million shares, accounting for 39.96% of the total share capital. After the release of pledges, a total of approximately 49.73 million shares have been pledged, representing 58.8% of its holdings and 23.49% of the total share capital [1]. - Zhang Yijun directly holds about 38.46 million shares, which is 18.17% of the total share capital. Following the release and pledge, a total of 36.23 million shares have been pledged, making up 94.21% of her holdings and 17.11% of the total share capital [1]. - Together, Huiheng Investment and its concerted parties hold around 130 million shares, representing 61.38% of the total share capital. After the release and pledge, approximately 85.96 million shares have been pledged, which is 66.15% of their holdings and 40.61% of the total share capital [1]. Revenue Composition - For the year 2024, the revenue composition of Zhenghe Ecology is as follows: ecological protection and environmental governance account for 98.69%, planning and design for 1.2%, and other businesses for 0.11% [1]. Market Capitalization - As of the report, Zhenghe Ecology has a market capitalization of 2.2 billion yuan [2].

关于控股股东及实际控制人 部分股份解除质押及质押的公告 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。 证券代码：605069 证券简称：正和生态 公告编号：2025-062 北京正和恒基滨水生态环境治理股份有限公司 重要内容提示: 一、本次股份解除质押及质押情况 公司于近日接到公司控股股东汇恒投资及实际控制人张熠君女士通知，汇恒 投资和张熠君女士办理了部分股份解除质押和质押手续，具体事项如下： 1 截至本公告披露日，北京正和恒基滨水生态环境治理股份有限公司（以下简 称"公司"）控股股东北京汇恒投资有限公司（以下简称"汇恒投资"）持有 公司 84,585,900 股股份，占公司总股本的 39.96%；本次解除质押后，已累 计质押 49,734,900 股，占其所持公司股份的 58.80%，占公司总股本的 23.49%。 截至本公告披露日，公司实际控制人张熠君女士直接持有公司 38,457,900 股股份，占公司总股本的 18.17%；本次解除质押及质押后，已累计质押 36,230,000 股，占其所持公司股份的 94.21%， ...

正和生态公告，截至公告披露日，控股股东汇恒投资持有公司8458.59万股，占总股本的39.96%。本次 解除质押1150万股后，已累计质押4973.49万股，占其所持股份的58.80%，占公司总股本的23.49%。实 际控制人张熠君女士直接持有公司3845.79万股，占总股本的18.17%。本次解除质押867万股后，已累计 质押3623万股，占其所持股份的94.21%，占公司总股本的17.11%。 ...