京源环保首次公开发行股票的发行费用总额为4,199.42万元(发行费用均为不含税金额)，其中，承销及 保荐费用2,693.20万元。 京源环保于2022年发行可转换公司债券募集资金。经中国证券监督管理委员会《关于同意江苏京源环保 股份有限公司向不特定对象发行可转换公司债券注册的批复》(证监许可〔2022〕508号)核准，该公司 于2022年8月5日公开发行332.50万张可转换公司债券，期限6年，每张面值100.00元，募集资金总额为 33,250.00万元，扣除保荐及承销费用(不含税)450.00万元后，实际收到可转换公司债券认购资金 32,800.00万元。扣除全部发行费用(不含税)1,250,589.62元后，实际募集资金净额为326,749,410.38元。 截至2022年8月12日，京源环保上述发行募集的资金已全部到位，业经大华会计师事务所(特殊普通合 伙)以"大华验字〔2022〕000521号"验资报告验证确认。 京源环保两次募资金额合计71,724.22万元。 2025年1-9月，公司实现营业收入3.23亿元，同比增长17.45%；归属于上市公司股东的净利润为-379.09 万元，上年同期为-9 ...

Core Viewpoint - The company, Jingyuan Environmental Protection, has been a key player in the industrial water treatment sector for over 20 years, focusing on technology research and engineering applications, which has led to a strong market reputation and customer base [1] Group 1: Company Overview - The company specializes in water treatment solutions for the power industry and has accumulated significant project experience and core technological advantages [1] - It has successfully provided water treatment system solutions to numerous large industrial enterprises [1] Group 2: Project Update - The company is currently in the contract signing phase for the Xibaipo project, which is expected to further strengthen its technological advantages and market position in the power industry water treatment sector [1] - The implementation of the Xibaipo project is anticipated to have a positive impact on the company's future operating performance [1]

Industry News - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy, aiming for significant improvements in reliability and market competitiveness by 2030 [2] - The Ministry of Industry and Information Technology reported that over 600,000 technology and innovation-oriented SMEs have been cultivated in China, with more than 140,000 specialized and innovative SMEs [5] - The Ministry of Industry and Information Technology is seeking public opinions on the management measures for the printed circuit board industry, emphasizing the need for technological advancement and quality improvement [10] - The Ministry of Education has outlined plans to establish a comprehensive technology education system in primary and secondary schools by 2030, enhancing practical skills and interdisciplinary teaching methods [11] - The State Post Bureau reported that from October 21 to November 11, the national express delivery companies collected 13.938 billion packages, with a daily average of 634 million, indicating a significant expansion in the express delivery market [12] Company News - Haibo Sichuang has signed a strategic cooperation agreement with CATL to procure a total of no less than 200 GWh of electricity from 2026 to 2028 [16] - Century Huatong plans to repurchase between 500 million to 1 billion yuan of its shares for cancellation [16] - Changrong Co. intends to establish a controlling subsidiary to cooperate in the construction of a 100 MW photovoltaic power station [16] - CATL has begun mass production of its fifth-generation lithium iron phosphate battery products [16] - Shengton Mining is advancing its internationalization process with a planned investment of 1.423 billion yuan in its subsidiary [16] - Jingyuan Environmental Protection has won a water treatment project in the power industry worth approximately 143 million yuan [16] - Sturdy Medical's wholly-owned subsidiary plans to invest 2 billion yuan to build a production base for all-cotton spunlace non-woven fabric [16] - Giant Star Legend is deepening its cooperation with Yushu Technology to accelerate the commercialization of the robotics industry [16]

Group 1 - The core point of the article is that Jingyuan Environmental Protection has won a bid for a water treatment project in the power industry, with a contract amount of approximately 143 million yuan, marking a historical high for the company in this sector [1] Group 2 - The contract amount of 143 million yuan represents the highest single project contract value for water treatment in the power sector for Jingyuan Environmental Protection [1] - This achievement indicates the company's growing presence and competitiveness in the power industry water treatment market [1] - The project win may enhance the company's revenue and strengthen its market position in the environmental protection sector [1]

Group 1 - The core viewpoint of the news is that Jingyuan Environmental Protection's stock has experienced fluctuations, with a year-to-date increase of 58.28% but a recent decline of 2.35% on November 12 [1] - As of November 12, the stock price is reported at 8.30 yuan per share, with a total market capitalization of 1.959 billion yuan [1] - The company has seen a net outflow of 423,600 yuan in principal funds, with large orders accounting for 8.84% of total purchases and 10.60% of total sales [1] Group 2 - Jingyuan Environmental Protection operates in the environmental protection sector, specifically in water treatment and governance, with a revenue composition of 64.30% from industrial wastewater treatment, 28.85% from other services, and 6.85% from water supply treatment [1][2] - As of September 30, the number of shareholders has increased to 6,732, a rise of 61.79%, while the average circulating shares per person decreased by 12.06% [2] - For the period from January to September 2025, the company achieved operating revenue of 323 million yuan, representing a year-on-year growth of 17.45%, while the net profit attributable to the parent company was a loss of 3.7909 million yuan, but this reflects a year-on-year improvement of 61.05% [2] Group 3 - Since its A-share listing, Jingyuan Environmental Protection has distributed a total of 127 million yuan in dividends, with 40.7407 million yuan distributed over the past three years [3]

Core Insights - The article discusses the significance of electroplating wastewater treatment equipment in addressing the environmental challenges posed by toxic wastewater containing heavy metals and cyanides generated by the electroplating industry [1][4]. Industry Overview - Electroplating wastewater treatment equipment is specialized environmental protection equipment designed to remove pollutants and recover resources through physical, chemical, and biological technologies [2][3]. - In 2024, the wastewater generated by China's electroplating industry is projected to reach 469 million tons, with an expected increase to 489 million tons in 2025 [3][4]. Investment Trends - The investment scale for electroplating wastewater treatment equipment in China is estimated to be 1.3 billion yuan in 2024, an increase of 64 million yuan from 2023, with a projected investment of approximately 1.153 billion yuan in 2025 [4][6]. Industry Chain - The upstream of the electroplating wastewater treatment equipment industry includes raw materials such as metal and non-metal materials, core components, consumables, and chemical agents. The midstream involves the production and system integration of treatment equipment, while the downstream applications include large electroplating factories, small electroplating workshops, and wastewater treatment plants [4][5]. Technological Innovation - The tightening of national environmental policies has led to a focus on technological innovation in electroplating wastewater treatment equipment, with a total of 120 patent applications filed from 2016 to October 2025 [6][7]. Competitive Landscape - The production of electroplating wastewater treatment equipment is primarily dominated by small-scale private enterprises, with a scarcity of companies capable of providing complete sets of equipment. Joint ventures utilizing foreign technology hold a significant share of the high-end equipment market [8]. - Major companies in the industry include Anhui Shuiyun Environmental Protection Co., Ltd., New Dayu Environmental Technology (Guangdong) Group Co., Ltd., and Jiangxi Jindalai Environmental Protection Co., Ltd. [8]. Market Trends - The electroplating industry generates complex wastewater containing a high concentration of heavy metals, making treatment more challenging than ordinary industrial wastewater. Current mainstream treatment methods include iron chip electrolysis and evaporation concentration processes, with a shift towards automation and intelligent systems for improved precision and efficiency [9].

Core Viewpoint - Jingyuan Environmental Protection (SH 688096) announced the convening of its fourth board meeting on October 30, 2025, to review the proposal for the "2025 Q3 Report" [1] Company Summary - For the year 2024, Jingyuan Environmental Protection's revenue composition is as follows: electricity accounts for 79.36%, municipal services for 6.83%, steel for 5.51%, other industries for 2.8%, and the internet for 2.74% [1] - As of the report date, Jingyuan Environmental Protection has a market capitalization of 1.9 billion yuan [1]

Core Viewpoint - 京源环保 reported a revenue increase of 17.45% year-on-year for the first three quarters of 2025, reaching 323 million yuan, while reducing its net loss compared to the previous year [1] Financial Performance - The company achieved total operating revenue of 323 million yuan for the first three quarters of 2025, marking a year-on-year growth of 17.45% [1] - The net profit attributable to shareholders was a loss of 3.79 million yuan, which is an improvement of 5.94 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.02 yuan [1]

Core Viewpoint - 京源环保 is a domestic enterprise in the environmental water treatment sector, focusing on the research and development of environmental water treatment technologies, equipment, and systems, with strong technical capabilities [1] Group 1: Business Performance - In Q3 2025, 京源环保 reported revenue of 323 million yuan, ranking 37th among 51 companies in the industry, significantly lower than the top performer, 首创环保, which had 13.453 billion yuan [2] - The revenue composition includes 135 million yuan from industrial wastewater treatment (64.30%), 60.6 million yuan from other businesses (28.85%), and 14.38 million yuan from water supply treatment (6.85%) [2] - The net profit for the same period was -2.06 million yuan, placing it 43rd in the industry, far behind 首创环保's 1.908 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 京源环保's debt-to-asset ratio was 52.07%, down from 58.43% year-on-year but still above the industry average of 49.82%, indicating relatively high debt pressure [3] - The gross profit margin was 25.96%, a decrease from 31.91% year-on-year and below the industry average of 32.13%, suggesting a need for improvement in profitability [3] Group 3: Executive Compensation - The chairman, 李武林, received a salary of 624,800 yuan in 2024, an increase of 63,800 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 61.79% to 6,732, while the average number of circulating A-shares held per account decreased by 12.06% to 35,100 [5]

Financial Performance - The company's operating revenue for the third quarter was ¥112,592,359.56, representing an increase of 8.28% compared to the same period last year[3]. - The total profit for the period was -¥5,789,066.67, a decrease of 12.39% year-on-year, while the net profit attributable to shareholders was -¥6,113,947.55, a decrease of 7.70%[3]. - The basic earnings per share for the period was -¥0.03, a decrease of 25.00% year-on-year, while diluted earnings per share also stood at -¥0.03[4]. - The net profit attributable to shareholders for the year-to-date period improved by 61.05% compared to the previous year[9]. - The net profit for the first three quarters of 2025 was a loss of ¥2,060,881.40, an improvement from a loss of ¥9,669,036.30 in the same period of 2024[20]. - The total comprehensive income for the first three quarters of 2025 was a loss of ¥2,083,122.66, compared to a loss of ¥9,669,036.30 in the same period of 2024[21]. - Net profit for the first three quarters of 2025 was a loss of ¥5,038,017.91, an improvement from a loss of ¥11,432,867.85 in the first three quarters of 2024[31]. - Operating profit for the first three quarters of 2025 was a loss of ¥5,883,833.72, compared to a loss of ¥11,794,315.04 in the same period of 2024, indicating a reduction in losses[30]. Cash Flow - The net cash flow from operating activities for the period was ¥9,472,675.53, with a year-to-date total of ¥14,714,434.31[3]. - The company implemented cash flow management strategies, resulting in improved collection of accounts receivable and stable cash flow from its computing business segment[9]. - Cash received from sales of goods and services in the first three quarters of 2025 was ¥595,945,228.35, significantly higher than ¥298,600,854.34 in the same period of 2024[22]. - Net cash flow from operating activities increased to ¥14,714,434.31, compared to a negative cash flow of ¥57,718,682.01 in the previous period[24]. - Total cash inflow from operating activities reached ¥661,702,506.93, up from ¥405,001,615.76[24]. - Cash outflow from operating activities was ¥646,988,072.62, compared to ¥462,720,297.77 previously[24]. - Cash flow from operating activities for the first three quarters of 2025 was ¥9,100,152.04, a significant recovery from a negative cash flow of ¥69,334,758.41 in the same period of 2024[32]. - The company reported a significant increase in cash received from operating activities, totaling ¥709,826,528.93 in the first three quarters of 2025, compared to ¥415,922,510.76 in the same period of 2024[32]. Assets and Liabilities - Total assets at the end of the period were ¥1,927,046,291.37, reflecting a 4.62% increase from the end of the previous year[4]. - Total liability of ¥1,003,427,973.88, slightly down from ¥1,060,047,128.72 year-over-year[17]. - Total current assets amounted to ¥1,299,481,738.75, an increase from ¥1,220,496,605.12[27]. - Total liabilities decreased to ¥942,341,108.79 from ¥1,005,331,590.82[28]. - Current liabilities totaled CNY 737,769,080.11, up from CNY 610,430,502.26, reflecting an increase of approximately 20.83%[16]. Shareholders' Equity - Shareholders' equity attributable to the company was ¥920,138,744.84, up 17.84% compared to the end of the previous year[4]. - The total equity attributable to shareholders increased to ¥920,138,744.84 from ¥780,866,381.99, reflecting a growth of 17.8%[17]. - Total equity increased to ¥958,497,004.92 from ¥820,450,673.65[28]. Research and Development - Research and development expenses totaled ¥12,019,815.78 for the quarter, accounting for 10.68% of operating revenue, an increase of 1.38 percentage points year-on-year[4]. - Research and development expenses for the first three quarters of 2025 were ¥21,586,663.38, compared to ¥20,129,805.01 in the same period of 2024, indicating a 7.2% increase[20]. - Research and development expenses for the first three quarters of 2025 were ¥20,456,496.77, slightly up from ¥20,129,805.01 in the same period of 2024, reflecting continued investment in innovation[29]. Financial Management - The company reported a decrease in financial expenses to ¥19,144,721.74 from ¥23,748,651.98 year-over-year, a reduction of 19.5%[20]. - Financial expenses decreased to ¥14,850,277.18 in the first three quarters of 2025 from ¥23,057,015.01 in the same period of 2024, indicating improved cost management[30]. Other Information - The company has not disclosed any new product developments or market expansion strategies during the reporting period[13]. - There are no significant changes in the top 10 shareholders or their shareholding status[12]. - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year[34].