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]

Core Viewpoint - The company has approved the use of idle self-owned funds for cash management, not exceeding RMB 350 million, to enhance fund utilization efficiency and increase returns for shareholders [24][26][28]. Group 1: Company Overview - The company is named Jinan Hengyu Environmental Technology Co., Ltd. and is listed under the stock code 688309 [3]. - The company has not undergone any changes in its controlling shareholder or actual controller [4]. Group 2: Financial Data - The company has not disclosed specific financial data in the provided documents [2][3]. Group 3: Board and Supervisory Meetings - The fourth board and supervisory meetings were held on August 26, 2025, with all members present, and the resolutions passed were deemed legal and effective [5][6][8]. - The supervisory board approved the company's half-year report and the special report on the use of raised funds [10][11]. Group 4: Cash Management Plan - The company plans to use idle self-owned funds for cash management, focusing on high-security, high-liquidity investment products, with a maximum investment period of 12 months [24][30][32]. - The cash management will not affect the company's normal operations or its main business development [32]. Group 5: Stock Incentive Plan - The company has decided to cancel a total of 644,464 shares of unvested restricted stock due to certain incentive targets not being met and some recipients leaving the company [19][42][43]. - The cancellation of these shares will not materially impact the company's financial status or operational results [44].

Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms the validity of the cancellation of unvested restricted stock awards under the 2024 incentive plan of Jinan Hengyu Environmental Technology Co., Ltd, following the departure of certain incentive recipients [1][6][9]. Group 1: Approval and Authorization - The company has obtained necessary approvals and authorizations for the cancellation of unvested restricted stock awards as per the relevant regulations and internal governance documents [6][9]. - The board of directors and the supervisory board have passed resolutions regarding the incentive plan and the cancellation of certain stock awards [4][6]. Group 2: Reasons for Cancellation - The cancellation of restricted stock awards is due to the departure of three incentive recipients, who no longer meet the eligibility criteria, resulting in a total of 70,000 shares being rendered void [6][7]. - The incentive plan stipulates that unvested stock awards are forfeited if the recipient leaves the company for any reason, including resignation or termination [6][7]. Group 3: Details of the Cancellation - A total of 644,464 shares of restricted stock have been canceled due to failure to meet performance criteria set in the incentive plan, with 574,464 shares specifically linked to unmet performance conditions for the first vesting period [8][9]. - The performance assessment for the incentive plan is based on revenue and net profit growth compared to the previous year, with specific targets established for each assessment period [7][8].

Core Insights - The company reported a revenue of 125 million yuan for the first half of 2025, representing a year-on-year increase of 268.05% [1] - The net profit attributable to shareholders reached 8.4 million yuan, marking a turnaround from a loss to profit [1] - The non-recurring net profit was 7.48 million yuan, also indicating a shift from loss to profit compared to the previous year [1] - The basic earnings per share stood at 0.1049 yuan [1]

Group 1 - The company, Hengyu Environmental Protection, announced on August 26 that its fourth supervisory board's third meeting approved multiple proposals, including the proposal to cancel part of the granted but unvested restricted stock [2]

Company Performance - Hengyu Environmental reported a revenue of approximately 125 million yuan for the first half of 2025, representing a year-on-year increase of 268.05% [1] - The net profit attributable to shareholders was approximately 8.4 million yuan, with basic earnings per share of 0.1049 yuan [1] - In comparison, the revenue for the same period in 2024 was about 33.87 million yuan, with a net loss of approximately 800,000 yuan and basic earnings per share loss of 0.0101 yuan [1] Market Context - The market capitalization of Hengyu Environmental is currently 2.3 billion yuan [1] - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to positive trends among listed companies in the sector [1]

Group 1 - The Supervisory Board of Jinan Hengyu Environmental Technology Co., Ltd. held its third meeting of the fourth session on August 26, 2025, to review and approve various proposals [1][2] - The Supervisory Board approved the company's 2025 semi-annual report and its summary, confirming that the report reflects the company's actual situation accurately and completely [2][3] - The Supervisory Board also approved a special report on the storage and actual use of raised funds for the first half of 2025, ensuring compliance with relevant regulations [2][3] Group 2 - The company plans to use up to RMB 350 million of idle self-owned funds for cash management to enhance efficiency and returns while ensuring safety and normal operations [3][4] - The cash management products will include safe and liquid investments, such as structured deposits and time deposits, with a maximum investment period of one year [4][5] - The Supervisory Board confirmed that the cash management plan aligns with the interests of the company and its shareholders, posing no risk to the company's operations [5][6] Group 3 - The Supervisory Board approved the cancellation of 644,464 shares of unvested restricted stock due to certain incentive targets not being met and the departure of three incentive recipients [6]

Core Viewpoint - The company announced the cancellation of a portion of unvested restricted stock awards due to certain incentive targets not being met and the departure of some incentive recipients [1][3]. Group 1: Decision and Disclosure - The company held its fourth board meeting and third supervisory board meeting on August 26, 2025, where it approved the proposal to cancel unvested restricted stock awards [1]. - The decision followed the review of the 2024 Restricted Stock Incentive Plan and related proposals, which were also approved by the supervisory board [1][2]. Group 2: Details of Canceled Stock - A total of 644,464 shares of restricted stock were canceled, primarily due to three incentive recipients no longer meeting the eligibility criteria [3]. - The cancellation was also influenced by the company's failure to meet the performance targets set for the first vesting period, resulting in a 50% non-vesting rate for the corresponding shares [3]. Group 3: Impact on the Company - The cancellation of the restricted stock will not have a significant impact on the company's financial status or operational results, nor will it affect the stability of the management team [3]. - The stock incentive plan will continue to be implemented despite the cancellation of these shares [3]. Group 4: Supervisory Board and Legal Opinions - The supervisory board agreed that the cancellation of the restricted stock aligns with relevant laws and regulations, and does not harm shareholder interests [4]. - Legal counsel confirmed that the necessary approvals for the cancellation have been obtained and that the reasons and quantities for the cancellation comply with applicable regulations [5].

证券代码：688309 证券简称：恒誉环保 公告编号：2025-016 济南恒誉环保科技股份有限公司 第四届监事会第三次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 济南恒誉环保科技股份有限公司（以下简称"公司"）第四届监事会第三次 会议于 2025 年 8 月 26 日在公司会议室以现场方式召开，会议通知已于 2025 年 8 月 20 日送达全体监事。会议应出席监事 3 人，实际出席监事 3 人，会议由监 事会主席刘萍女士主持。会议的召集和召开程序符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 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《关于公司<2025 年半年度报告>及其摘要的议案》 议案内容： 公司《2025 年半年度报告》及摘要，详见公司于同日在上海证券交易所网 站（www.sse.com.cn）披露的《2025 年半年度报告》和《2025 年半年度报告摘 要》。 监事会认为 ...

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