证券代码：688466 证券简称：金科环境 公告编号：2025-040 金科环境股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示 性公告 | Victorious | Joy | Water | □ | 控股股东/实控人 | □ | _____ | _ | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | □ | 控股股东/实控人的一致行动人 | | | | | Services | Limited | | | |  | 不适用 | | | | | |  | 其他直接持股股东 | | | | 上述减持主体无一致行动人。 二、 权益变动触及 1%刻度的基本情况 公司股东 Victorious Joy Water Services Limited 保证向本公司提供的信 息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | ...

金科环境公告，公司股东Victorious Joy Water Services Limited在2025年9月9日至2025年9月12日期间通过 集中竞价方式累计减持公司股份83000股，所持有的公司股份数量由990.64万股减少至982.34万股，占公 司总股本的比例由8.05%减少至7.98%。本次权益变动系公司持股5%以上非第一大股东的正常减持行 为，不会导致公司控股股东及实际控制人发生变化，不会对公司治理结构及持续经营产生重大影响。 ...

Market Performance - The environmental governance sector rose by 0.97% on September 11, with Fu Jie Environmental leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers in Environmental Governance - Fu Jie Environmental (688335) closed at 17.47, with a significant increase of 19.99% and a trading volume of 133,100 shares, amounting to 222 million yuan [1] - China Tianrong (000035) saw a rise of 9.92%, closing at 5.21 with a trading volume of 1,044,400 shares, totaling 531 million yuan [1] - Zhenghe Ecology (605069) increased by 6.60%, closing at 11.46 with a trading volume of 285,400 shares, amounting to 331 million yuan [1] Decliners in Environmental Governance - Green Yin Ecology (002887) decreased by 2.49%, closing at 9.79 with a trading volume of 112,700 shares, totaling 110 million yuan [2] - Qiaoyin Co. (002973) fell by 2.40%, closing at 15.03 with a trading volume of 77,500 shares, amounting to 116 million yuan [2] - Feinan Resources (301500) dropped by 1.40%, closing at 17.65 with a trading volume of 162,300 shares, totaling 28.5 million yuan [2] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 397 million yuan from institutional investors, while retail investors saw a net inflow of 533 million yuan [2][3] - Major stocks like China Tianrong and Yuanda Environmental had mixed capital flows, with China Tianrong seeing a net inflow of 106 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is the strategic partnership established between Jinko Environment and China Pacific Insurance (Hong Kong) Investment Management, focusing on the development of the new water island® product and promoting sustainable water resource management through financial technology [1][3] - Jinko Environment aims to provide comprehensive solutions throughout the project lifecycle, leveraging AI and advanced technologies to create a sustainable water recycling system that relies on 70% recycled water and 30% fresh water [2][3] - The new water island® product features a dual-mode architecture for digital management, aligns with international ESG standards, and offers predictable cash flows, making it an attractive investment opportunity [3] Group 2 - China Pacific Insurance (Hong Kong) Investment Management is the only overseas investment management institution of China Pacific Insurance Group, holding multiple licenses for securities trading and asset management, and aims to build a professional financial investment management platform [1] - The partnership will leverage the financial expertise of China Pacific Insurance (Hong Kong) to enhance the application of innovative financial technology tools and new financing services in sustainable water resource industries [3]

Group 1 - Jin Ke Environment (688466) has signed a Strategic Cooperation Memorandum with China Pacific Insurance Asset Management (Hong Kong) to establish a strategic partnership [2] - The partnership aims to leverage financial technology to promote the digital transformation and productization of sustainable infrastructure, specifically in the water resource sector [2][3] - The collaboration will contribute to the construction of a sustainable water circulation system, providing high-quality water resources that are sufficient, reliable, and affordable [2][3] Group 2 - Jin Ke Environment's core product, New Water Island®, integrates AI algorithms and various advanced technologies for deep water treatment and resource recovery [3] - New Water Island® features a dual-mode architecture for digital management throughout its lifecycle, supporting real-time verifiable operational data [4] - The asset aligns with international ESG standards and aims to enhance long-term valuation through quantifiable environmental benefits, providing stable cash flows and predictable returns for investors [4] Group 3 - The partnership will focus on innovative financial technology tools and new financing services to support high-quality development in multiple sustainable water resource industries [4] - Jin Ke Environment's strategy emphasizes a sustainable water cycle where 70% of water comes from high-quality recycled water and 30% from fresh water [3] - The collaboration is expected to enhance the operational safety, risk control, and compliance processes in the financial sector [4]

Group 1 - Jin Ke Environment has established a strategic partnership with China Pacific Insurance (Hong Kong) Investment Management Co., Ltd. to enhance the development of its new water island product through financial technology and sustainable infrastructure initiatives [1] - The partnership aims to leverage China Pacific's expertise in asset digitization, financial product design, and capital management to promote a sustainable and reliable water resource supply [1][2] - Jin Ke Environment's new water island product integrates AI algorithms and advanced technologies to provide comprehensive solutions for water treatment and resource recovery [2][3] Group 2 - The new water island product features a dual-mode architecture that combines physical assets with a digital twin system for lifecycle management and real-time data verification [3] - It aligns with international ESG standards and supports sustainable operations, potentially enhancing long-term asset valuation through environmental benefits [3] - The product's flexibility allows it to adapt to various regional and industry needs, providing stable cash flows and making it an attractive investment opportunity [3]

Company Overview - Jinko Environment's stock price increased by 68.15% year-to-date, with a recent 1.33% rise over the last five trading days and a 28.49% increase over the last 60 days, while it experienced a 1.60% decline over the past 20 days [2] - The company specializes in water treatment and wastewater resource recovery, with revenue contributions from water treatment technology solutions (54.60%), operation and maintenance services (27.82%), and wastewater resource recovery products (17.39%) [2] - As of June 30, the number of shareholders increased by 9.37% to 4,072, while the average circulating shares per person decreased by 8.57% to 30,235 shares [2] Financial Performance - For the first half of 2025, Jinko Environment reported revenue of 277 million yuan, representing a year-on-year growth of 13.16%, while the net profit attributable to shareholders decreased by 3.17% to 30.57 million yuan [2] - The company has distributed a total of 121 million yuan in dividends since its A-share listing, with 100 million yuan distributed over the past three years [3] Market Activity - On September 10, Jinko Environment's stock rose by 2.08%, reaching 22.10 yuan per share, with a trading volume of 16.86 million yuan and a turnover rate of 0.63%, resulting in a total market capitalization of 2.72 billion yuan [1] - The net inflow of main funds was 179,400 yuan, with large orders accounting for 16.00% of purchases and 14.94% of sales [1]

Core Viewpoint - The company, Jinko Environment Co., Ltd., is committed to the mission of "AI brings water freedom to humanity" and is implementing a strategy focused on "resource utilization, AI digitization, and productization" to promote efficient use and sustainable development of water resources, showing positive operational performance and business expansion [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 277 million yuan, representing a year-on-year growth of 13.16% [1] - As of June 30, 2025, the total order backlog reached 626 million yuan, indicating robust overall operations [1] Group 2: Technological Advancements - The company launched the core component of its AI digitization strategy, the Water Radish AI Intelligent System, which integrates self-developed process optimization forecasting and decision-making models, enhancing operational safety, efficiency, and cost-effectiveness in water treatment plants [2] - The Water Radish AI Intelligent System is expected to reduce labor costs by approximately 75%, decrease equipment failure rates by about 20%, and lower chemical and electricity consumption by around 15% each [2] Group 3: Product Development - The company has made significant advancements in the performance and scalability of its new water island product, achieving a 90% reduction in construction time and land area compared to conventional water treatment plants, while significantly lowering the total lifecycle cost [3] - The company has delivered a total of 8 new water island products as of the report date, indicating progress in production capabilities [3] Group 4: Market Expansion - The company is actively expanding its overseas market presence, achieving initial success in various regions, including securing direct drinking water project membrane component sales orders in Thailand and conducting experimental applications of the new water island in the UAE [4] - The company has established partnerships in North America and is building a cooperative network for future business expansion in the Middle East and Europe, indicating a gradual improvement in its overseas sales channel system [4]

Core Insights - The company, Jinko Environment (688466), reported a total revenue of 277 million yuan for the first half of 2025, representing a year-on-year increase of 13.16%, while the net profit attributable to shareholders decreased by 3.17% to 30.57 million yuan [1] - The second quarter of 2025 saw a total revenue of 147 million yuan, up 9.85% year-on-year, but the net profit attributable to shareholders fell by 16.94% to 19.01 million yuan [1] - The company's accounts receivable is notably high, with accounts receivable accounting for 672.76% of the latest annual net profit [2] Financial Performance - Total revenue for 2024 was 245 million yuan, compared to 277 million yuan in 2025, showing a growth of 13.16% [1] - Net profit attributable to shareholders decreased from 31.57 million yuan in 2024 to 30.57 million yuan in 2025, a decline of 3.17% [1] - Gross margin decreased to 30.54% in 2025 from 38.74% in 2024, a drop of 21.17% [1] - Net margin also fell from 14.79% in 2024 to 10.35% in 2025, a decrease of 30.01% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 50.26 million yuan, accounting for 18.15% of revenue, down 5.86% year-on-year [1] Cash Flow and Debt - The company reported a negative operating cash flow per share of -0.26 yuan in 2025, a significant decline of 409.56% from 0.08 yuan in 2024 [1] - The company’s interest-bearing debt was 450 million yuan in 2025, a slight increase of 0.21% from 449 million yuan in 2024 [1] - The interest-bearing asset-liability ratio reached 20.21%, indicating a need for attention to the company's debt situation [2] Operational Insights - The company's return on invested capital (ROIC) was 5.08% last year, indicating average capital returns [1] - The historical median ROIC since the company went public is 10%, suggesting that investment returns have been generally favorable [1] - The company has received recognition for its data services, particularly in the context of RW (Risk Weighted Assets), highlighting its advantages in data integrity and depth [2][3]

Meeting Overview - The third meeting of the Supervisory Board of Jinko Environment Co., Ltd. was held via communication method, with all three supervisors present [1][2] - The meeting was chaired by Ms. Jia Fenglian and complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the full and summary report for the first half of 2025, affirming that the report reflects the company's financial status and operational results accurately and completely [1] - The voting results showed unanimous approval with 3 votes in favor, 0 against, and 0 abstentions, representing 100% of valid votes [1] Fund Management Report - The Supervisory Board reviewed the special report on the management and actual use of raised funds for the first half of 2025, confirming compliance with regulatory requirements and internal management policies [2] - The board found no violations in the use of raised funds or any actions that could harm shareholder interests, with the same unanimous voting results as the previous resolution [2]