审批程序：本次对外投资事项已经上海复洁科技股份有限公司（以下简 称"公司"）第四届董事会第十四次会议审议通过，根据《上海证券交易所科创 板股票上市规则》《上海复洁科技股份有限公司章程》（以下简称《公司章程》） 等相关规定，本次对外投资事项在公司董事会决策权限范围内，无需提交股东会 审议。本次对外投资事项不构成关联交易，亦不构成《上市公司重大资产重组管 理办法》规定的重大资产重组。 证券代码：688335 证券简称：复洁科技 公告编号：2026-005 上海复洁科技股份有限公司 关于对外投资设立全资子公司的公告 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： 投资标的名称：上海复洁绿燃科技有限公司（暂定名，最终以登记机关 核准的名称为准，以下简称"复洁绿燃"或"全资子公司"） 投资金额：人民币 15,000.00 万元 风险事项： （一）产业化落地风险：本次对外投资事项系公司基于深耕绿色能源领域的 战略规划，在稳步推进《上海市科学技术委员会专项科研项目》的基础上，旨在 聚焦氢能及绿色燃料领域的技术创新与产业布局。 ...

Investment Rating - The report maintains an investment rating of "Strong Buy" for the basic chemical industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The report emphasizes that both the European CBAM (Carbon Border Adjustment Mechanism) and China's "dual carbon" goals are fundamentally aimed at promoting carbon reduction in high-emission industries. It suggests that companies can achieve carbon reduction through various methods, including carbon trading and energy recovery technologies [2][49]. - The report highlights the potential for leading companies in high-carbon industries to achieve superior profits due to their advanced technologies and cost advantages, thereby widening the competitive gap with smaller firms [2][49]. Summary by Sections 1. European CBAM Policy Implementation - The CBAM policy officially launched in May 2023, targeting high-carbon industries such as steel, aluminum, cement, fertilizers, electricity, and hydrogen. It aims to equalize carbon costs for imported goods with those produced within the EU [17][18]. - The initial phase of the CBAM allows for completely free quotas, which will gradually decrease over eight years, with the first paid phase starting in January 2026 [23][24]. - The report notes that the CBAM's coverage will dynamically expand to include more industries, potentially encompassing organic chemicals, plastics, and other sectors by 2030 [33][34]. 2. Domestic "Dual Carbon" Policy - China's "14th Five-Year Plan" sets a target to reduce carbon emissions per unit of GDP by 17% during the "15th Five-Year Plan" period (2026-2030), with a focus on green low-carbon transformation in key sectors [50][51]. - The report outlines several initiatives under the dual carbon policy, including the establishment of a national low-carbon transition fund and the promotion of zero-carbon parks and factories [49][51]. 3. Relevant Companies - The report identifies several companies as key players in the transition to a low-carbon economy: - **Yueyang Forest & Paper**: A leading domestic pulp company with significant forestry carbon sink reserves [3]. - **China National Materials Energy**: Specializes in energy recovery from waste heat and pressure [3]. - **Fujian Clean Technology**: Focuses on green methanol production with substantial growth potential [3]. - **Zhuoyue New Energy**: A leader in biodiesel production, extending its supply chain into bio-aviation fuel [3]. - **Haineng Technology**: A leading domestic bio-aviation fuel company, currently exporting products to Europe [3].

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Insights - The chemical industry is at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [17] - The price index for Chinese chemical products (CCPI) was reported at 3930 points on December 31, 2025, a 39% decrease from the peak in 2021, indicating the industry is in a historically low range [17] - The net profit of the basic chemical sector for the first three quarters of 2025 was 112.7 billion yuan, a year-on-year increase of 7.5%, showing initial signs of stabilization [17] - Capital expenditure in the industry has decreased by 18.3% year-on-year, marking seven consecutive quarters of negative growth since Q4 2023, indicating the end of the supply expansion phase [17] Summary by Sections 1. Core Views - The chemical industry is experiencing a significant shift, with European chemical companies reducing capacity due to high energy costs and environmental compliance pressures, while Chinese companies are rapidly gaining market share due to cost advantages [18] - In the first eight months of 2025, 60% of monitored chemical products had export volumes in the top 80% of the last six years, with 40% in the top 100% [18] - The report suggests focusing on leading chemical companies with cost advantages, such as Wanhua Chemical, Hualu Hengsheng, and others [18] 2. Industry Performance - The basic chemical industry index rose by 2.3% in the week of March 20-27, outperforming the Shanghai Composite Index by 3.4 percentage points [25] - Year-to-date, the basic chemical industry index has increased by 9.1%, surpassing the Shanghai Composite Index by 10.5 percentage points [25] 3. Stock Performance - Among 424 stocks in the basic chemical sector, 246 stocks rose, while 171 fell during the week [31] - The top gainers included Jinmei Technology (+36.3%) and Foshan Plastics (+24.5%), while the biggest losers included Wanlang Magnetic Plastic (-12.4%) and Sanfangxiang (-12.2%) [31][32] 4. Key News and Company Announcements - AnDuoMai A reported a revenue of 28.945 billion yuan for 2025, a decrease of 1.84% year-on-year, with a net profit attributable to shareholders of -1.046 billion yuan, an increase of 63.98% year-on-year [34] - ST Shenhua reported a revenue of 5.610 billion yuan for 2025, an increase of 11.76% year-on-year, with a net profit attributable to shareholders of -0.1 billion yuan, an increase of 93.51% year-on-year [34]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

Investment Rating - The investment rating for the power equipment industry is optimistic (maintained) [1] Core Insights - Hydrogen energy is expected to become a pillar industry during the "14th Five-Year Plan" period, with 2026 being marked as the year of green fuels. The government aims to promote hydrogen as a new economic growth point and emphasizes the strategic significance of green fuels [5][17] - The global shipping industry's decarbonization is driving the demand for green methanol, with a projected demand of approximately 19 million tons by 2030. The compliance cost for traditional fuels is expected to create a significant premium for green methanol [6][8] - The supply of green methanol is currently limited, with actual production capacity expected to be less than 1 million tons by the end of 2024, while planned capacity exceeds 70 million tons. The majority of projects are still in the planning stage [7][8] Summary by Sections Hydrogen Energy - Hydrogen energy is recognized as a dual-purpose fuel and industrial raw material, with policies indicating its potential as a new pillar industry during the "14th Five-Year Plan" [17] - The transition from gray hydrogen to green hydrogen is seen as an inevitable trend, with green hydrogen produced from renewable sources having zero carbon emissions [24] - The downstream applications of hydrogen are diverse, but the maturity of green hydrogen consumption remains insufficient [36] Demand - The decarbonization of global shipping is a key driver for the green methanol market, with significant potential for over 10 million tons of demand [6][8] - Green methanol is identified as a critical low-carbon carrier and an important branch of green fuels, with its combustion process significantly reducing harmful emissions compared to traditional fuels [45] - The EU's carbon trading system (EU ETS) will require ships operating within the EU to fully comply with carbon emissions regulations starting in 2026, further driving the demand for green methanol [51] Supply - The actual production capacity of green methanol is currently low, with most projects still in the early planning stages. China holds nearly 80% of the planned capacity, but many projects are not yet operational [7][8] - The supply-side lag in green methanol development indicates a tight balance between supply and demand in the coming years, presenting a market window for early movers [7][8] Investment Recommendations - The report suggests focusing on leading companies that have established green methanol production capacity and secured green certification, as they are expected to benefit from the industry's growth [8]

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

Investment Rating - The report maintains an "Buy" rating for the environmental protection industry [2] Core Insights - The government work report for 2026 emphasizes the need for a 17% reduction in carbon emissions per unit of GDP and a 3.8% reduction in total carbon emissions, marking a shift towards dual control of carbon emissions [12][14] - The report highlights the increasing demand for green energy and biofuels, particularly biodiesel, driven by rising oil prices and geopolitical tensions [5][21] - The report suggests focusing on companies involved in the recycling and green energy sectors, such as biofuels and green methanol, as potential investment opportunities [5][13] Summary by Sections Government Work Report - The 2026 government work report sets higher targets for carbon emissions reduction and introduces a national low-carbon transition fund to support hydrogen and green fuel development [12][15] - The report indicates that 2026 will be the first year of formal carbon assessments for local governments [12][14] Biodiesel Market - The average export price of UCO (Used Cooking Oil) in 2025 was 7,742 CNY/ton, a year-on-year increase of 21.6% [21] - UCO export volume for 2025 was 2.7558 million tons, with a 6.6% decrease compared to the previous year [21] - The report notes that the price of UCO has been on an upward trend, reaching 8,125.54 CNY/ton by December 2025 [21] Carbon Market and Policies - The report tracks developments in the carbon market, noting a recent trading volume of 56.05 million tons and a closing price of 81.85 CNY/ton [36][39] - It highlights the establishment of a comprehensive recycling system for retired solar panels, aiming for a cumulative utilization of 250,000 tons by 2027 [34] Key Companies to Watch - The report recommends monitoring companies such as Langkun Technology, Shanhai Environment, and Huanxin Co., which are positioned to benefit from the growing demand for biofuels and recycling [5][33]

Investment Rating - The report suggests a focus on green fuel, green electricity, natural gas, CCUS, renewable resources, carbon monitoring, and zero-carbon parks as key investment opportunities [4][7][43]. Core Insights - The transition to a dual carbon control system is urgent, with the need to achieve carbon peak by 2030 and a 65% reduction in carbon intensity compared to 2005 levels by 2030 [4][11]. - The establishment of a comprehensive carbon management system is underway, integrating carbon evaluation and market mechanisms [4][21]. - The path to implementation emphasizes energy transition and efficiency improvements, with pilot projects for zero-carbon factories and parks leading the way [4][44]. Summary by Sections Policy Transition - The shift from energy consumption control to carbon emission control is highlighted, with a focus on dual carbon control [6][8]. - The government has outlined a comprehensive policy framework for carbon peak and neutrality, emphasizing the need for a robust carbon management system [12][14]. System Construction - A dual approach combining administrative measures and market mechanisms is being developed, including carbon evaluation and a national carbon market [21][24]. - The national carbon market has expanded to include key industries such as power generation, steel, cement, and aluminum smelting [24][30]. Implementation Path - The report outlines a clear path for energy transition, focusing on green energy supply, energy efficiency improvements, and the establishment of zero-carbon factories and parks [4][44]. - Key tasks include developing renewable energy sources, enhancing energy efficiency, and implementing carbon management systems [46][50].

Core Insights - The company reported a significant increase in revenue and net profit for the fiscal year 2025, achieving an operating income of 341 million yuan, which represents an 82.35% year-on-year growth, and a net profit attributable to shareholders of 11.04 million yuan, marking a turnaround from losses with an increase of 61.43 million yuan compared to the previous year [1] Group 1: Financial Performance - The company achieved an operating income of 341 million yuan in 2025, up 82.35% from the previous year [1] - The net profit attributable to the parent company's shareholders was 11.04 million yuan, a significant increase of 61.43 million yuan year-on-year, indicating a return to profitability [1] Group 2: Operational Strategies - The turnaround in financial performance is attributed to the company's focus on its core business strategy, leveraging competitive advantages and quality customer resources [1] - The company optimized its business structure and product matrix, emphasizing high-quality projects and steady implementation of ongoing projects [1] - The company implemented a "quality improvement, efficiency enhancement, and return focus" action plan, which included cost reduction and expense control measures, resulting in a year-on-year decrease in period expenses [1] Group 3: Non-Recurring Gains - The increase in non-recurring gains during the reporting period was primarily due to government funding for cutting-edge research activities and improved cash management efficiency leading to investment income [1] Group 4: Company Profile - The company specializes in sludge dewatering and drying, solid-liquid separation, odor pollution control, volatile organic compound purification, energy-saving and carbon reduction technologies, and comprehensive carbon neutrality services [1] - Main products include high-end solid-liquid separation equipment, complete sets of exhaust gas purification technology, and energy-saving and carbon reduction technology equipment and services [1]