Core Viewpoint - The company, Jinko Environment (688466), is focusing on a three-pronged strategy of resource optimization, digitalization, and productization to transform the water treatment industry towards industrialized production and intelligent operations, ultimately aiming for universal water accessibility. Group 1: Strategic Framework - The company's "resource optimization, digitalization, and productization" strategy forms an organic and interdependent system [2] - The "resource optimization strategy" aims to build a water recycling ecosystem, reducing reliance on conventional water sources and providing core application scenarios for digitalization and productization [2] - The "digitalization strategy" leverages data to reconstruct water treatment paradigms, converting manual experiences into algorithmic models, which serve as a technical foundation for enhancing resource efficiency and productization [2] - The "productization strategy" integrates the results of the first two strategies through modular design, transforming traditional water treatment projects into mass-producible intelligent equipment, creating a positive cycle of process optimization, digital empowerment, and product iteration [2] Group 2: Technological Innovations - The "Water Radish" AI system is a self-developed smart water plant management platform that enables unattended operations through AI technology [3] - The AI system includes features such as operational condition management, which monitors and optimizes process data in real-time, generating autonomous optimization tasks [4] - It also provides smart online inspections, generating comprehensive monitoring reports covering various operational aspects, allowing users to analyze data further [4] - The intelligent work order system autonomously dispatches tasks when anomalies are detected, ensuring a fully digital assessment and recording of task handling quality [5] Group 3: Financial Performance - As of December 31, 2024, the company had total orders amounting to 670.73 million yuan, a year-on-year decrease of 8.84% [6] - The breakdown of orders shows a decline in water treatment technology solutions by 15.67% and a slight decrease in wastewater resource products by 3.81% [6][7] - The gross profit for the year-to-date period was 223.23 million yuan, a slight increase of 0.12%, with a gross margin of 36.17% [8] - The company reported a main revenue of 129 million yuan for Q1 2025, a year-on-year increase of 17.17%, and a net profit of 11.56 million yuan, up 33.14% [10] Group 4: Future Outlook and Shareholder Returns - The company has established a three-year shareholder return plan for 2023-2025, with cash dividends of 4.10 yuan per 10 shares distributed to shareholders [10] - The total dividend amount over two years is projected to be approximately 100.17 million yuan [10] - The company aims to balance short-term shareholder returns with long-term development needs, reflecting a commitment to investor-centric growth [10]

Core Viewpoint - Jinko Environment Co., Ltd. has received "buy" ratings from Dongwu Securities and Huatai Securities, with Founder Securities initiating coverage with a "recommended" rating following the release of its 2024 annual report and 2025 Q1 report [2] Financial Performance - In 2024, Jinko Environment achieved operating revenue of 617 million yuan, an increase of 7.74% year-on-year [2] - In Q1 2025, the company's revenue grew by 17% year-on-year to 129 million yuan, with net profit attributable to shareholders increasing by 33% [2] - As of the end of March 2025, Jinko Environment had an order backlog of 709 million yuan, indicating steady growth in B-end orders [2] Strategic Initiatives - The company is deepening its strategy of "resource utilization, AI intelligence, and productization," with the New Water Island® project accelerating implementation and expanding applications in industrial scenarios [2][3] - The New Water Island® 2.0 product has secured multiple orders, including projects in Wuxi, Zhoushan, Kaifeng, and Taiyuan, each with significant capacities [3] - The Water Radish® AI intelligent system features a multi-model integrated architecture, enhancing operational efficiency and safety in the New Water Island® product's unmanned operations [3] Market Outlook - Institutions believe that Jinko Environment's growth prospects are promising due to policy support, product upgrades, and expanded sales channels, which are expected to accelerate order replication [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 617 million RMB in 2024, representing a year-over-year increase of 7.74%, while the net profit attributable to the parent company was 66.79 million RMB, down 5.62% year-over-year, primarily due to a decline in revenue and gross margin from water treatment technology solutions [1][2] - The company is actively implementing its strategy of "resource utilization, AI digitization, and productization," which is expected to significantly reduce the comprehensive water production costs for water-using enterprises, indicating a positive outlook for its performance growth [1][2] Revenue Breakdown - In 2024, the revenue from water treatment technology solutions, wastewater resource utilization, and operation and maintenance technical services was 337 million RMB, 107 million RMB, and 172 million RMB, respectively, with year-over-year changes of -10.94%, -0.17%, and +98.74% [2] - The gross margins for these segments were 32.28%, 30.61%, and 46.88%, reflecting year-over-year changes of -8.64, -2.90, and +10.36 percentage points [2] New Product Development - The company has successfully secured orders for its New Water Island 2.0 product, with projects in Wuxi, Zhoushan, Kaifeng, and Taiyuan, each with a capacity of 5,000 m³/day, aimed at various industrial applications [3] - The company is building a sales network for the New Water Island product, establishing cooperation intentions with multiple domestic and international clients [3] Financial Projections - The report projects the company's earnings per share (EPS) for 2025, 2026, and 2027 to be 0.92 RMB, 1.14 RMB, and 1.33 RMB, respectively, with a downward adjustment of 24% for 2025 and 2026 [4] - The target price for the company is set at 21.90 RMB, based on a price-to-earnings (PE) ratio of 23.8 for 2025 [4][7] Market Position - The company's market capitalization is approximately 1.928 billion RMB, with a closing price of 15.66 RMB as of April 30 [7] - The report indicates a significant growth potential for the company, driven by the increasing demand for high-quality recycled water and the expansion of its industrial market applications [2][3]

Core Viewpoint - The report highlights the performance of Jinko Environment, indicating a mixed financial outlook with growth in certain segments and challenges in others, while emphasizing the potential of AI product upgrades and industrial applications to drive future growth [1][6]. Financial Performance Summary - In 2024, Jinko Environment achieved revenue of 617 million yuan, a year-on-year increase of 7.74%, with a net profit of 67 million yuan, down 5.62%. The gross margin was 36.17%, a decrease of 2.97 percentage points [2]. - The water treatment technology solutions segment generated revenue of 337 million yuan, a decline of 10.94%, while the long-term business segment saw revenue growth of 43.90% to 279 million yuan [2]. - For Q1 2025, revenue increased by 17% to 129 million yuan, with a net profit growth of 33% to 12 million yuan. The gross margin was 28.13%, down 6.66 percentage points [3]. - The backlog of orders as of Q1 2025 was 709 million yuan, a 3% increase from the previous quarter, indicating stable growth in B-end orders [4]. Business Segment Analysis - The B-end business revenue for Q1 2025 surged by 153% to 88 million yuan, while the G-end business revenue decreased by 44.98% to 42 million yuan [3]. - The wastewater resource recovery segment generated 114 million yuan in revenue, a 60.15% increase, while the deep drinking water treatment segment saw a significant decline of 59.91% [3]. Product and Technology Development - The company launched the AI smart agent "Water Radish," which has shown significant operational efficiency improvements, including a 60-70% reduction in operational team size and a 35% decrease in overall operational costs [5]. - The new industrial application projects, such as the New Water Island 2.0, are expanding, with multiple projects in various regions aimed at serving different industrial needs [5]. Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted downwards, with net profit estimates of 86 million yuan for 2025 and 104 million yuan for 2026, while 2027 is projected at 125 million yuan [6]. - The company maintains a "buy" rating, supported by policy drivers, product upgrades, and expanding sales channels [6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a 33% year-on-year growth in Q1 2025, driven by the product upgrade in AI and continuous expansion in industrial application scenarios [1] - The company is recognized as an expert in wastewater resource utilization, with expectations for accelerated order replication due to policy drivers, product upgrades, and opened sales channels [1] Financial Performance Summary - For 2023A, total revenue was 572.76 million RMB, with a year-on-year decrease of 14.63%. The net profit attributable to shareholders was 70.77 million RMB, down 7.83% year-on-year [1] - In 2024A, total revenue is projected to be 617.11 million RMB, reflecting a growth of 7.74%, while the net profit is expected to be 66.79 million RMB, a decrease of 5.62% [1] - The company anticipates a revenue increase of 15.27% in 2025E, reaching 711.33 million RMB, with net profit expected to grow by 28.08% to 85.55 million RMB [1] Business Segment Analysis - The water treatment technology solutions segment generated revenue of 3.37 billion RMB in 2024A, a decline of 10.94%, while the mid-to-long-term business segment saw a revenue increase of 43.90% to 2.79 billion RMB [8] - In Q1 2025, the revenue from the water treatment technology solutions segment was 0.57 billion RMB, up 13.16%, while the mid-to-long-term business segment revenue was 0.72 billion RMB, an increase of 20.53% [8] Order Backlog and Growth - As of Q1 2025, the order backlog increased by 3% to 709 million RMB, with steady growth in B-end orders [8] - The company has successfully launched the AI intelligent body "Water Radish," which has significantly improved operational efficiency and reduced costs [8] Valuation and Earnings Forecast - The forecast for net profit attributable to shareholders has been adjusted down to 0.86 billion RMB for 2025 and 1.04 billion RMB for 2026, with an expected net profit of 1.25 billion RMB for 2027 [1] - The projected P/E ratios for 2025-2027 are 22, 18, and 15 respectively [1]

Financial Performance - Company reported total revenue of 129 million yuan for Q1 2025, a year-on-year increase of 17.17% [1] - Net profit attributable to shareholders reached 11.56 million yuan, up 33.14% year-on-year [1] - Gross margin decreased to 28.13%, down 19.06% year-on-year, while net margin fell to 8.41%, a decrease of 11.60% [1] - Total receivables reached 421 million yuan, an increase of 29.76% year-on-year, with receivables accounting for 630.18% of net profit [1][3] Business Model and Capital Structure - Company relies on capital expenditure and equity financing for performance, indicating a need to assess the viability of capital projects [3] - Cumulative financing since listing amounts to 632 million yuan, with total dividends of 122 million yuan, resulting in a dividend-to-financing ratio of 0.19 [3] - Debt situation is concerning, with interest-bearing asset-liability ratio at 20.43% [3] Technological Advancements - Company has developed a grading system for unmanned water treatment plants, achieving L4 level before integrating DeepSeek technology [4] - With DeepSeek, the company aims to reach L5 level, enabling complete unmanned operation and enhancing human-machine interaction through natural language processing [4]

金科环境股份有限公司 2024 年度独立董事述职报告（胡洪营） 作为金科环境股份有限公司（以下简称"公司"）的独立董事，本人根据《公 司法》《证券法》《上市公司独立董事管理办法》《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》《公司章程》及公司《独立董事议事规 则》等有关规定，在 2024 年的工作中，勤勉、尽责、忠实履行职责，按时出席 相关会议，认真审议各项议案，独立客观地发表意见，审慎行使表决权，充分发 挥独立董事作用，切实维护全体股东尤其是广大中小股东的合法权益。现将我在 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人胡洪营，1963 年 7 月出生，中国国籍，日本横滨国立大学物质工学（环 境工程）专业博士；现任清华大学环境学院教授、清华大学秀钟书院院长；2023 年 11 月至今担任公司独立董事。 （二）独立性说明 作为公司的独立董事，本人未在公司担任除独立董事外的其他职务，直系亲 属、主要社会关系均不在公司或其附属企业任职，没有为公司或其附属企业提供 财务、法律、咨询等服务。本人具有《上市公司独立董事管理办法 ...

金科环境股份有限公司 独立董事关于公司 2024 年度对外担保情况的专项说明及 独立意见 根据《上市公司独立董事管理办法》《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》等有关法律、法规及规范性文件以及《金科环境 股份有限公司章程》的有关规定和要求，作为金科环境股份有限公司(以下简称 "公司")的独立董事，我们本着实事求是、认真负责的态度，对公司 2024 年度 对外担保的情况进行了审慎的核查，现发表如下专项说明及独立意见如下： 一、公司对外担保情况 经核查，截至 2024 年 12 月 31 日，公司对外担保余额为 0 元；2024 年度公 司及其子公司不存在对外担保事项，也无逾期担保事项发生。 二、独立董事发表的独立意见 截至 2024 年 12 月 31 日，公司严格遵守有关法律、法规对担保事项的相关 规定，不存在违规担保行为，严格控制了对外担保风险，不存在损害公司及公司 股东、特别是中小股东利益的情况。 独立董事：胡洪营 陈飞勇 车尔娸 2025 年 4 月 26 日 ...

金科环境股份有限公司 2024 年度独立董事述职报告（陈飞勇） 作为金科环境股份有限公司（以下简称"公司"）的独立董事，本人根据《公 司法》《证券法》《上市公司独立董事管理办法》《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》《公司章程》及公司《独立董事议事规 则》等有关规定，在 2024 年的工作中，勤勉、尽责、忠实履行职责，按时出席 相关会议，认真审议各项议案，独立客观地发表意见，审慎行使表决权，充分发 挥独立董事作用，切实维护全体股东尤其是广大中小股东的合法权益。现将我在 2024 年度履行独立董事职责的情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人陈飞勇，1963 年 3 月出生，中国国籍，日本东京工业大学土木工学专 业博士学位。1987 年 7 月至 1993 年 10 月任中国长江科学院助理工程师、工程 师、高级工程师；1996 年 10 月至 2019 年 4 月任日本株式会社建设技术研究所 研究员、主任研究员、技师长；2019 年 5 月至今，担任山东建筑大学资源与环 境创新研究院院长、教授、博士生导师；2023 年 11 月至今担任 ...