证券代码：688309 证券简称：恒誉环保 公告编号：2025-021 济南恒誉环保科技股份有限公司 关于召开 2025 年半年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： https://roadshow.sseinfo.com/） （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 10 日(星期五)至 10 月 16 日(星期四)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@niutech.com.cn 进行提问（邮件主题请注明：2025 年半年度业绩说明会投资 者问题）。公司将在说明会上对投资者普遍关注的问题进行回答。 济南恒誉环保科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 202 ...

证券代码：688309 证券简称：恒誉环保 公告编号：2025-020 济南恒誉环保科技股份有限公司 关于变更公司投资者联系邮箱的公告 变更前电子邮箱：corrine@niutech.com 变更后电子邮箱：ir@niutech.com.cn 变更后的电子邮箱自本公告披露之日起正式启用，原电子邮箱不再使用。除 上述变更外，公司办公地址、公司网址、投资者联系电话等其他联系方式均保持 不变，敬请广大投资者注意。由此带来的不便，敬请谅解。 欢迎广大投资者通过新的电子邮箱与公司沟通交流。 特此公告。 济南恒誉环保科技股份有限公司董事会 2025 年 9 月 27 日 1 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。 济南恒誉环保科技股份有限公司（以下简称"公司"）根据实际工作需要， 同时为进一步做好投资者关系管理工作，对公司电子邮箱进行变更，具体情况如 下： ...

证券代码：688309 证券简称：恒誉环保 公告编号：2025-023 济南恒誉环保科技股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 10 月 14 日15 点 00 分 召开地点：济南市市中区普利街绿地中心 48 层恒誉环保公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 14 日 至2025 年 10 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年10月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 ...

证券代码：688309 证券简称：恒誉环保 公告编号：2025-025 济南恒誉环保科技股份有限公司 第四届监事会第四次会议决议公告 全体监事对本次监事会会议议案进行了审议，经表决形成如下决议： （一）审议通过《关于取消监事会、变更注册资本、修订<公司章程>并办理 工商登记的议案》 经审核，监事会认为：根据《中华人民共和国公司法》《上市公司章程指 引》等相关法律、法规、规范性文件的规定，公司拟不再设置监事会，免去监事 会主席及监事职务，监事会的职权由董事会审计委员会行使，《公司监事会议事 规则》亦相应废止。本议案需提交公司股东大会审议，公司第四届监事会监事履 职至股东大会审议通过本议案之日止。同时，因公司拟变更部分回购股份用途并 注销的相关事宜，公司总股本由 80,010,733 股变更为 79,401,269 股，注册资本 由 80,010,733 元变更为 79,401,269 元。鉴于上述情况，对《公司章程》相应条 款进行修订并办理工商备案登记。 具体内容详见公司同日在上海证券交易所网站（www.see.com.cn）披露的相 关公告。 表决结果：3 票同意，0 票反对，0 票弃权。 本公司董事会及全体 ...

Core Viewpoint - Hengyu Environmental Protection (688309) reported significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and increased sales orders [1]. Financial Performance - Total revenue reached 125 million yuan, a year-on-year increase of 268.05% [1]. - Net profit attributable to shareholders was 8.3966 million yuan, up 1143.44% year-on-year [1]. - In Q2 2025, revenue was 63.2195 million yuan, reflecting a 261.82% increase compared to the same quarter last year [1]. - The gross profit margin was 28.39%, down 32.47% year-on-year, while the net profit margin improved to 5.35%, a 325.35% increase [1]. - Total operating expenses (selling, administrative, and financial) amounted to 14.5997 million yuan, accounting for 11.71% of revenue, a decrease of 65.77% year-on-year [1]. Balance Sheet Highlights - Cash and cash equivalents increased by 22.81% to 251 million yuan [1]. - Accounts receivable decreased by 31.03% to 26.4055 million yuan, but still represented 151.57% of net profit [1][5]. - The company reported interest-bearing liabilities of 5.9817 million yuan [1]. Cost and Expense Analysis - Operating costs rose by 354.75%, driven by increased sales orders and new subsidiary operational costs [5]. - Selling expenses decreased by 16.75% due to reduced promotional spending [5]. - Management expenses increased by 38.71% due to higher fixed asset depreciation and new subsidiary costs [5]. - Financial expenses rose by 21.39% due to new subsidiary borrowing costs [5]. Cash Flow Insights - Operating cash flow per share was 0.03 yuan, down 83.32% year-on-year, attributed to increased tax payments [1][5]. - Investment cash flow decreased by 40.53% due to reduced bank financial product transactions [5]. - Financing cash flow increased by 182.31% due to new capital injections and bank loans for subsidiaries [5]. Business Model and Market Position - The company relies heavily on research and development for its performance, indicating a need for further analysis of the underlying drivers [5]. - Historical return on invested capital (ROIC) was 2.05%, with a median ROIC of 10.29% since listing, suggesting a generally favorable investment return profile [5].

Core Insights - The stock price of Hengyu Environmental Protection on August 27 was 27.71 yuan, down 1.65 yuan or 5.62% from the previous trading day [1] - The company specializes in the research and sales of organic solid waste pyrolysis technology equipment, with key products including industrial continuous waste plastic pyrolysis production lines [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 125 million yuan, a year-on-year increase of 268.05% [1] - The net profit attributable to the parent company was 8.3966 million yuan, marking a turnaround from losses [1] - Revenue from operational business accounted for 36.27% of total revenue [1] Contracts and Orders - Recently, the company signed a contract with a UK client for a 60,000 tons/year waste plastic pyrolysis production line, which is expected to positively impact performance in 2025-2026 [1] - The total value of recent overseas orders reached 198 million yuan [1] Innovation and R&D - The company holds 116 patents in the pyrolysis field, with 4 new authorized patents added in the first half of the year [1] - R&D investment continues to increase, indicating a commitment to innovation [1] Market Activity - On August 27, the main funds experienced a net outflow of 18.1791 million yuan, while the cumulative net inflow over the past five days was 49.6406 million yuan [2]

Group 1 - The core point of the news is that Hengyu Environmental Protection's stock price dropped by 5.14% to 27.85 CNY per share, with a trading volume of 136 million CNY and a turnover rate of 5.90%, resulting in a total market capitalization of 2.228 billion CNY [1] - Hengyu Environmental Protection, established on April 11, 2006, and listed on July 14, 2020, specializes in the research and development of organic waste pyrolysis technology and related equipment design, production, and sales [1] - The company's main business revenue composition includes: 59.59% from waste tire pyrolysis production lines, 22.33% from pyrolysis products and services, 14.52% from waste plastic pyrolysis production lines, 1.53% from sludge oil pyrolysis production lines, 1.39% from other pyrolysis production lines, and 0.64% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, one fund under Zhongjia Fund has a significant position in Hengyu Environmental Protection, with the Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) holding 68,400 shares, accounting for 1.7% of the fund's net value, making it the fifth-largest holding [2] - The Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) was established on November 12, 2024, with a latest scale of 29.0192 million CNY and a year-to-date return of 57.52%, ranking 331 out of 8194 in its category [2] - The fund manager, Lin Muchen, has been in position for 2 years and 124 days, with the fund's total asset size at 27.3 million CNY, achieving a best return of 56.91% and a worst return of 7.13% during his tenure [3]

Core Viewpoint - Hengyu Environmental Protection (688309) has achieved significant growth in the first half of 2025, with a revenue of 125 million yuan, representing a year-on-year increase of 268.05%, and a net profit of 8.3966 million yuan, marking a turnaround from loss to profit [1] Group 1: Financial Performance - The company's operating revenue from project operations reached 45 million yuan, accounting for 36.27% of total revenue, becoming a core driver of performance growth [1] - The company signed a sales contract with a UK client for a continuous waste plastic pyrolysis production line with a capacity of 60,000 tons per year, totaling approximately 198 million yuan, which is expected to positively impact the company's performance in 2025-2026 [2] Group 2: Market Strategy and Development - Hengyu Environmental Protection has been focusing on the industrial continuous pyrolysis technology and equipment while expanding downstream operations to enhance stability and sustainability [2] - The company is actively pursuing a "go global" sales strategy, leading to a favorable order situation and reflecting the growing market potential in Europe driven by chemical recycling policies [2] Group 3: Technological Innovation - The company is committed to deepening research and development in pyrolysis technology, with 11 research projects underway and the introduction of one new product, along with four newly authorized patents, enhancing the technological content and automation level of its products [3]

Core Viewpoint - Hengyu Environmental reported significant growth in revenue and profitability in the first half of 2025, driven by its dual strategy of "equipment sales + project operation" [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.25 billion yuan, a year-on-year increase of 268.05% [1]. - The net profit attributable to shareholders reached 8.40 million yuan, marking a turnaround from losses [1]. - Revenue from operational business reached 450 million yuan, accounting for 36.27% of total revenue, highlighting its role as a key growth driver [1]. Group 2: Market Expansion - Hengyu Environmental is actively expanding both domestic and international markets, leveraging its proprietary technology in thermal cracking [1]. - The company signed a sales contract with a UK client for a 60,000 tons/year industrial continuous waste plastic thermal cracking production line, valued at approximately 198 million yuan [2]. - The ongoing projects, such as the Enshi oil-based rock BOO project and the Zhejiang paint sludge BOO project, are progressing well, contributing to the company's operational stability [2]. Group 3: Technological Advancements - The company has developed a competitive edge in the thermal cracking equipment sector through continuous R&D, addressing industry challenges such as coking and dynamic sealing [4]. - As of the end of the reporting period, Hengyu Environmental holds 116 domestic and international patents in the thermal cracking field, enhancing its core competitiveness [4]. - The company is committed to ongoing innovation, focusing on green and low-carbon technologies to improve product quality and operational efficiency [5].

Core Viewpoint - Hengyu Environmental reported significant growth in revenue and profitability in the first half of 2025, driven by its dual strategy of "equipment sales + project operation" [1][3] Group 1: Financial Performance - The company achieved operating revenue of 1.25 billion yuan, representing a year-on-year increase of 268.05% [1] - The net profit attributable to shareholders reached 8.40 million yuan, marking a turnaround from losses [1] - Revenue from operational business reached 0.45 billion yuan, accounting for 36.27% of total revenue, highlighting its role as a key growth driver [1] Group 2: Market Expansion - Hengyu Environmental is a technology innovation-driven company with proprietary technology in thermal cracking, focusing on the harmless, reduced, and resourceful disposal of organic waste [2] - The company has signed a sales contract with a UK client for a 60,000 tons/year industrial continuous waste plastic thermal cracking production line, valued at approximately 198 million yuan [2] - The contract is expected to positively impact the company's performance in 2025-2026 and reflects the growing market potential in the European chemical recycling industry [2] Group 3: Strategic Development - The company is enhancing operational stability, sustainability, and diversification by focusing on project operation alongside its core thermal cracking technology [3] - As of mid-2025, the company has successfully launched the Enshi oil-based rock BOO project and is progressing with the Zhejiang paint sludge BOO project [3] - Hengyu Environmental aims to integrate its technological and operational capabilities to improve the overall efficiency of the thermal cracking industry chain [3] Group 4: Technological Innovation - Continuous research and innovation are crucial for maintaining a competitive edge in the thermal cracking equipment sector [4] - The company has resolved several industry challenges and achieved stable industrial continuous operation of thermal cracking equipment [4] - As of the reporting period, the company has 116 domestic and international patents in the thermal cracking field, enhancing its core competitiveness [4] Group 5: Future Development Strategy - Hengyu Environmental plans to expand the application of thermal cracking technology and focus on green low-carbon project development [5] - The company aims to innovate in technology and products, enhancing the technological content of its offerings [5] - The strategy includes providing effective solutions for the harmless, reduced, and resourceful treatment of organic solid and hazardous waste [5]