Core Viewpoint - The company 丛麟科技 (688370) is facing significant challenges, including a large-scale lock-up share release, a substantial decline in profit forecasts, and delays in project timelines [1]. Group 1: Stock Recent Trends - Approximately 93.36 million shares will be unlocked and available for trading on February 25, 2026, representing 68.09% of the company's total share capital. This event may impact stock liquidity [2]. Group 2: Performance and Operating Conditions - The company announced on January 30, 2026, that it expects a net profit attributable to shareholders for 2025 to be between 17 million and 24 million yuan, reflecting a significant year-on-year decline of 73.34% to 81.12%. The net profit, excluding non-recurring gains and losses, is projected to be a loss of 6 million to 12 million yuan. The performance decline is primarily due to oversupply in the hazardous waste treatment industry, falling disposal prices, and decreasing gross margins. Attention is needed on the disclosure timing of the formally audited annual report [3]. Group 3: Project Progress - The company announced that the timeline for the "Shanghai Lingang Industrial Waste Resource Utilization and Disposal Demonstration Base Remanufacturing Capacity Upgrade Project" has been extended from February 2026 to February 2028 to better align with market demand. This delay may affect long-term capacity planning [4].

Group 1 - The company, Conglin Technology, responded to investor inquiries on February 10, indicating that stakeholders should pay attention to the number of shareholders disclosed in the periodic reports [2]

证券代码：688370 证券简称：丛麟科技 公告编号：2026-005 上海丛麟环保科技股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 本次上市流通的限售股为公司首次公开发行的部分限售股，限售期限为自公 司首次公开发行股票上市之日起 36 个月，限售股股东数量为 6 名，对应限售股数 量为 93,358,763 股，占目前公司股本总数的 68.09%。因触发延长股份锁定期承诺 的履行条件，相关股东的股份锁定期延长 6 个月至 2026 年 2 月 24 日，具体内容 详见公司 2022 年 10 月 1 日披露于上海证券交易所网站（www.sse.com.cn）的《上 海丛麟环保科技股份有限公司关于相关股东延长股份锁定期的公告》（公告编号： 2022-005）。 本次股票上市流通总数为93,358,763股。 重要内容提示： 本次解除限售并申请上市流通的股份数量为 93,358,763 股，占公司总股本的 68.09%，该部分限售股将于 2026 年 2 月 25 日起上市 ...

Core Viewpoint - The company announced a delay in the completion of a fundraising project, extending the timeline for the "Shanghai Lingang Industrial Waste Resource Utilization and Disposal Demonstration Base Remanufacturing Capacity Upgrade Project" to February 2028, without changing the project's implementation subject, method, or funding usage [1][3]. Fundraising Situation - The company raised a total of RMB 1,589,985,615.60 by issuing 26,606,185 shares at RMB 59.76 per share, with a net amount of RMB 1,436,889,567.35 after deducting fees [1][2]. - The funds were verified by Zhonghui Accounting Firm and deposited into the company's designated account [1]. Project Delay Overview and Reasons - The project has reached a progress of 21.21% as of December 31, 2025, and has received environmental assessment approval [3]. - The delay is attributed to uncontrollable factors and market conditions affecting the hazardous waste industry, necessitating an extension to better align with customer needs and enhance project efficiency [3][4]. Measures to Ensure Timely Completion - The company will adhere to regulatory guidelines and strengthen the planning and supervision of fundraising usage to ensure compliance and effectiveness [4]. - It will actively monitor project progress and coordinate resources to facilitate timely completion [4]. Impact of the Delay on the Company - The delay is a cautious decision based on actual project conditions and does not alter the investment content or total amount, thus not significantly impacting the company's normal operations or long-term development plans [4][5]. Performance Forecast - The company anticipates a net profit of RMB 17 million to RMB 24 million for 2025, representing a decrease of RMB 66.02 million to RMB 73.02 million, or a decline of 73.34% to 81.12% year-on-year [11][13]. - The expected net profit after excluding non-recurring gains and losses is projected to be between -RMB 12 million and -RMB 6 million, indicating a decrease of 111.06% to 122.13% compared to the previous year [11][13]. Industry Context - The hazardous waste treatment industry is undergoing a significant transformation, shifting from "incremental expansion" to "stock optimization," leading to oversupply and declining treatment prices, which adversely affects revenue and profit margins [13].

Core Viewpoint - Conglin Technology announced an expected net profit attributable to the parent company for the year 2025 to be between 17 million and 24 million yuan, representing a significant decrease compared to the previous year [1] Financial Performance - The projected net profit for 2025 will decrease by 66.0208 million to 73.0208 million yuan compared to the same period last year [1] - This indicates a year-on-year decline of 73.34% to 81.12% [1]

Group 1 - The company, Conglin Technology (688370.SH), forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 17 million and 24 million yuan, representing a decrease of 66.02 million to 73.02 million yuan compared to the previous year, which is a year-on-year decline of 73.34% to 81.12% [1] - The hazardous waste treatment industry is currently undergoing a profound transformation, shifting from "incremental expansion" to "stock optimization" [1] - The previous concentration of capacity release in the industry has led to a serious oversupply in the market, resulting in insufficient capacity utilization among most enterprises and continued downward pressure on disposal prices, leading to a decline in gross profit margins [1]

Core Viewpoint - Conglin Technology (688370.SH) expects a significant decline in net profit for the fiscal year 2025, indicating challenges in the hazardous waste treatment industry due to market oversupply and declining margins [1] Company Summary - The company anticipates a net profit attributable to shareholders of between 17 million to 24 million yuan for 2025, a decrease of 66.02 million to 73.02 million yuan compared to the previous year, representing a year-on-year decline of 73.34% to 81.12% [1] - The projected net profit after excluding non-recurring gains and losses is expected to be between -12 million to -6 million yuan, a reduction of 60.23 million to 66.23 million yuan from the previous year, reflecting a year-on-year decrease of 111.06% to 122.13% [1] Industry Summary - The hazardous waste treatment industry is undergoing a profound transformation, shifting from "incremental expansion" to "stock optimization" [1] - The previous concentration of capacity release has led to a severe oversupply in the market, resulting in insufficient capacity utilization among most companies in the industry [1] - The treatment prices are under continuous downward pressure, leading to a decline in gross margins [1]

Core Viewpoint - Conglin Technology (688370.SH) expects a significant decline in net profit for the fiscal year 2025, indicating challenges in the hazardous waste treatment industry due to market oversupply and declining prices [1] Company Summary - The company anticipates a net profit attributable to shareholders of between 17 million to 24 million yuan for 2025, a decrease of 66.02 million to 73.02 million yuan compared to the previous year, representing a year-on-year decline of 73.34% to 81.12% [1] - The projected net profit, excluding non-recurring gains and losses, is expected to be between -12 million to -6 million yuan, reflecting a decrease of 60.23 million to 66.23 million yuan from the previous year, with a year-on-year decline of 111.06% to 122.13% [1] Industry Summary - The hazardous waste treatment industry is undergoing a profound transformation, shifting from "incremental expansion" to "stock optimization" [1] - The previous concentration of capacity release has led to a severe oversupply in the market, resulting in insufficient capacity utilization among most companies in the industry [1] - The treatment prices are under continuous downward pressure, leading to a decline in gross margins [1]

Group 1 - The core viewpoint of the article indicates that Conglin Technology expects a significant decline in net profit for the year 2025, projecting a range of 17 million to 24 million yuan, which represents a decrease of 66.02 million to 73.02 million yuan compared to the previous year, reflecting a year-on-year decline of 73.34% to 81.12% [1] - The primary reason for the performance change is attributed to the deep transformation period in the hazardous waste treatment industry, shifting from "incremental expansion" to "stock optimization," leading to a serious oversupply in the market due to previously concentrated capacity release [1] - The industry is facing challenges with many companies experiencing insufficient capacity utilization, resulting in downward pressure on disposal prices and declining gross margins, which has negatively impacted the company's operating revenue and net profit during the reporting period [1]

中信证券股份有限公司 关于上海丛麟环保科技股份有限公司 部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为上海丛麟 环保科技股份有限公司（以下简称"丛麟科技"或"公司"）首次公开发行股票并在 科创板上市及后续持续督导保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指 引第 11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对丛麟科技部分募投项目延期事项进行了审慎核 查，具体核查情况和意见如下： 一、募集资金情况 （一）募集资金的基本情况 经中国证券监督管理委员会于 2022 年 5 月 20 日出具的《关于同意上海丛麟 环保科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1072 号）同意注册，公司向社会公开发行了人民币普通股（A 股）股票 2,660.6185 万 股，发行价为每股人民币 59.76 元，共计募集资金总额为人民币 1,589,985,615.60 元，扣除公司不含增值税保荐及承销费以及其他发行费用后募集资金净额为 1, ...