证券日报网讯德林海11月24日在互动平台回答投资者提问时表示，为保证投资者获得信息的公平性，公 司会在定期报告中披露股东户数。 ...

Group 1 - The core point of the news is that Delinhai's stock price has been declining, with a drop of 5.12% on November 21, bringing the total market value to 2.407 billion yuan and a cumulative decline of 5.55% over three days [1] - Delinhai Environmental Technology Co., Ltd. specializes in blue algae governance, focusing on emergency response to blue algae blooms and their prevention and control, with main business revenue sources being technology equipment integration (62.64%) and blue algae governance operation maintenance (42.42%) [1] - The stock has a trading volume of 17.4 million yuan and a turnover rate of 0.70% as of the report [1] Group 2 - Guolian Fund has a significant holding in Delinhai, with the Guolian Xinqidian Mixed A Fund (001413) holding 3,349 shares, accounting for 0.97% of the fund's net value, ranking as the seventh largest holding [2] - The fund has experienced a floating loss of approximately 3,851.35 yuan today and a cumulative floating loss of 4,420.68 yuan over the three-day decline [2] - The Guolian Xinqidian Mixed A Fund has achieved a year-to-date return of 23.44% and a one-year return of 26.89%, ranking 3,403 out of 8,136 and 2,493 out of 8,056 respectively [2] Group 3 - The fund manager Zhao Fei has a tenure of 10 years and 195 days, with the fund's total asset size at 257 million yuan and a best return of 72.58% during his tenure [3] - Co-manager Huo Shuncha has a tenure of 2 years and 227 days, managing assets of 16.251 billion yuan, with a best return of 30.93% during his tenure [3]

证券代码：688069 证券简称：德林海 公告编号：2025-053 无锡德林海环保科技股份有限公司 关于召开2025年第三季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： 一、说明会类型 无锡德林海环保科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上海证券交易所网站（www.sse.com.cn）发布了公司《2025 年第三季度 报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况， 公 司 定 于 2025 年 11 月 25 日 （ 星 期 二 ） 10:30-11:30 在 同 花 顺 路 演 平 台 （ http://board.10jqka.com.cn/ir）举办公司 2025 年第三季度业绩说明会，与投资 者进行沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 11 月 25 日（星期二）10:30-11:30 会议召开地点：同花顺路演平台（http://board.10jq ...

Macro Research - The monetary policy framework continues to emphasize "appropriate monetary policy" and "maintaining reasonable growth in financial aggregates," with a shift towards combining counter-cyclical and cross-cyclical adjustments, reflecting the requirements of the 14th Five-Year Plan [1][2][3] - The central bank's focus is transitioning from merely short-term counter-cyclical support to a more forward-looking layout that optimizes efficiency and structural adjustments to better serve long-term economic goals [3][4] Strategy Research - The technology manufacturing sector remains highly prosperous, with rising prices in memory chips and an improved outlook for the lithium battery supply chain due to tight supply and demand [4][5] - Real estate demand is weak, with a significant decline in passenger vehicle sales, while coal demand has improved, leading to a substantial price increase [4][5] Energy Equipment and New Energy Research - The future expansion of the capacity pricing mechanism for energy storage is expected to enhance the economic viability of storage solutions across more provinces, significantly boosting demand in 2026 [8][9] - The introduction of a compensation standard for energy storage in Inner Mongolia at 0.28 yuan/kWh is anticipated to stimulate storage demand [10][25] Agriculture Research - The pet consumption sector showed strong performance during the Double 11 shopping festival, with domestic brands rising in rankings and companies like Zhongchong Co. performing exceptionally well [11][12][14] - The pet industry is experiencing a shift towards higher quality and more emotional consumption behaviors, indicating a trend of pet products becoming more integrated into family life [14][12]

Core Viewpoint - The stock price of Delinhai has experienced fluctuations, with a current decline of 2.00% and a year-to-date increase of 67.42% [1][2]. Company Overview - Delinhai Environmental Technology Co., Ltd. is based in Wuxi, Jiangsu Province, and was established on December 10, 2009. It was listed on July 22, 2020. The company focuses on blue-green algae management, including emergency response and prevention [2]. - The main business revenue composition includes: 62.64% from technology equipment integration, 42.42% from blue-green algae management operation and maintenance, and 0.37% from other sources [2]. Financial Performance - For the period from January to September 2025, Delinhai achieved operating revenue of 293 million yuan, a year-on-year decrease of 2.39%. However, the net profit attributable to shareholders increased by 61.87% to 45.64 million yuan [2]. - The company has distributed a total of 176 million yuan in dividends since its A-share listing, with 83.14 million yuan distributed over the past three years [3]. Market Activity - As of November 4, the stock price is 24.50 yuan per share, with a market capitalization of 2.768 billion yuan. The trading volume was 7.8896 million yuan, with a turnover rate of 0.28% [1]. - The net inflow of main funds was 842,700 yuan, with large single purchases accounting for 15.81% of the total [1].

Core Insights - The company reported a total operating revenue of 293 million yuan for the first three quarters of 2025, representing a year-on-year decline of 2.39% [1] - The net profit attributable to shareholders of the parent company reached 45.64 million yuan, showing a significant year-on-year increase of 61.87% [1] - The basic earnings per share (EPS) stood at 0.4 yuan [1]

Core Insights - The environmental governance sector saw an increase of 0.81% on November 3, with Zhejiang Fu Holdings leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Environmental Governance Sector Performance - Top gainers included: - Zhejiang Fu Holdings (002266) with a closing price of 4.52, up 9.98% and a trading volume of 1.93 million shares, totaling 873 million yuan [1] - Zhonghuan Environmental (300692) at 9.58, up 7.28% with a trading volume of 450,900 shares, totaling 434 million yuan [1] - Haitan Co., Ltd. (603759) at 11.74, up 6.73% with a trading volume of 370,700 shares, totaling 413 million yuan [1] - Other notable gainers included: - Feima International (002210) at 4.45, up 5.95% with a trading volume of 6.29 million shares, totaling 2.83 billion yuan [1] - ST New Power (300152) at 2.50, up 5.49% with a trading volume of 374,000 shares, totaling 9.19 million yuan [1] Fund Flow Analysis - The environmental governance sector experienced a net outflow of 772 million yuan from institutional investors, while retail investors saw a net inflow of 677 million yuan [2] - The top stocks by fund flow included: - Zhejiang Fu Holdings (002266) with a net inflow of 22.3 million yuan from institutional investors, but a net outflow of 114 million yuan from speculative funds [3] - Feima International (002210) with a net inflow of 10.7 million yuan from institutional investors, but a net outflow of 97.8 million yuan from speculative funds [3] - Yuan Da Environmental (600292) with a net inflow of 38.3 million yuan from institutional investors, but a net outflow of 14.9 million yuan from speculative funds [3]

Group 1 - The core point of the news is the performance and market position of Delinhai Environmental Technology Co., Ltd., which saw a stock price increase of 5.02% to 25.09 CNY per share, with a total market capitalization of 2.835 billion CNY [1] - Delinhai focuses on blue algae management, with its main business revenue composition being 62.64% from technology equipment integration and 42.42% from blue algae management operation and maintenance [1] - The company was established on December 10, 2009, and went public on July 22, 2020 [1] Group 2 - Guolian Fund has a significant holding in Delinhai, with the Guolian Xinqidian Mixed A Fund (001413) holding 3,349 shares, representing 0.97% of the fund's net value, ranking as the seventh largest holding [2] - The Guolian Xinqidian Mixed A Fund has achieved a year-to-date return of 20.82% and a one-year return of 24.62%, ranking 4,362 out of 8,223 and 3,624 out of 8,115 respectively [2] - The fund manager Zhao Fei has a tenure of 10 years and 177 days, with a best return of 72.58% during his management period [3]

Core Viewpoint - Delin Hai's stock price has shown significant growth this year, with a 66.60% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - On November 3, Delin Hai's stock rose by 2.05%, reaching a price of 24.38 CNY per share, with a trading volume of 18.68 million CNY and a turnover rate of 0.69% [1]. - Year-to-date, Delin Hai's stock has increased by 66.60%, with a 0.74% rise over the last five trading days, 9.52% over the last 20 days, and 7.08% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Delin Hai reported a revenue of 293 million CNY, a year-on-year decrease of 2.39%, while the net profit attributable to shareholders was 45.64 million CNY, reflecting a year-on-year increase of 61.87% [2]. - The company has distributed a total of 176 million CNY in dividends since its A-share listing, with 83.14 million CNY distributed over the past three years [3]. Group 3: Company Overview - Delin Hai, established on December 10, 2009, and listed on July 22, 2020, is based in Wuxi, Jiangsu Province, focusing on blue algae management, including emergency response and prevention [2]. - The company's main business revenue composition includes 62.64% from technology equipment integration and 42.42% from blue algae management operation and maintenance [2]. - Delin Hai is categorized under the environmental protection industry, specifically in water management and treatment [2].

Core Viewpoint - 德林海 is a leading company in blue-green algae management, focusing on lake and reservoir ecological health, with significant technological advantages and a growing order book, indicating potential for performance reversal in the coming years [6]. Group 1: Company Overview - 德林海 was established on December 10, 2009, and listed on the Shanghai Stock Exchange on July 22, 2020, with its headquarters in Wuxi, Jiangsu Province [1]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise, primarily engaged in emergency response and prevention of blue-green algae blooms [1]. Group 2: Financial Performance - In Q3 2025, 德林海 reported revenue of 293 million yuan, ranking 38th out of 51 in the industry, significantly lower than the top competitors [2]. - The net profit for the same period was approximately 44.92 million yuan, placing the company 30th in the industry, again trailing behind leading firms [2]. Group 3: Financial Ratios - As of Q3 2025, 德林海's debt-to-asset ratio was 23.78%, an increase from 17.03% year-on-year, but still below the industry average of 49.82%, indicating manageable debt levels [3]. - The gross profit margin for Q3 2025 was 51.29%, up from 39.33% year-on-year, and above the industry average of 32.13%, reflecting strong profitability [3]. Group 4: Management Compensation - The chairman, 胡明明, received a salary of 661,000 yuan in 2024, an increase of 131,000 yuan from the previous year [4]. - The general manager, 韩曙光, had a salary of 746,100 yuan in 2024, up by 91,700 yuan from 2023 [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.56% to 3,529, while the average number of circulating A-shares held per shareholder decreased by 4.36% to 32,000 [5]. Group 6: Business Highlights - 德林海 has developed a new model of lake ecological hospitals, enhancing its service capabilities in comprehensive lake management, smart platforms, and resource recycling [6]. - The company reported a 39.24% year-on-year increase in new orders, totaling approximately 402 million yuan in the first half of 2025, with a cumulative order book of about 527 million yuan [6]. - Projected net profits for 2025 to 2027 are estimated at 72 million, 122 million, and 139 million yuan, with corresponding price-to-earnings ratios of 34.74x, 20.63x, and 18.05x [6].