证券代码：688466 证券简称：金科环境 公告编号：2025-047 金科环境股份有限公司 关于变更回购股份用途并注销 暨减少注册资本、修订《公司章程》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： 金科环境股份有限公司（以下简称"金科环境"或"公司"）拟将存放 于公司回购专用证券账户中的 964,873 股已回购股份的用途进行变更，由"用于 员工持股计划或股权激励"变更为"用于注销并相应减少注册资本"。 本次拟变更回购用途并注销的股份数量为 964,873 股，本次回购股份注 销完成后，公司总股本将由 123,119,025 股减少至 122,154,152 股，注册资本将由 123,119,025 元减少至 122,154,152 元。 本次变更回购股份用途并注销暨减少注册资本、修订《公司章程》事项 尚需提交公司股东大会审议通过后实施。 公司于 2025 年 11 月 24 日召开第三届董事会第十四次会议、第三届监事会 第十次会议，审议通过了《关于变更回购股份用途并注销暨减少注册资本、修订 <公司 ...

Core Insights - The company JinKe Environment has achieved significant recognition for its newly developed water-saving intelligent equipment, New Water Island®, by obtaining two prestigious certifications, enhancing its market credibility and competitive edge [2][5]. Certification Achievements - New Water Island® received the national environmental product certification from the China Quality Certification Center (CQC), which focuses on product environmental performance and compliance, serving as a key criterion for market access and government procurement [2][5]. - The product also passed a joint evaluation by five departments in Beijing, receiving the "Beijing New Technology, New Product, New Service" certificate, emphasizing its technological originality and market application value [2][5]. Product Advantages - New Water Island® innovatively reconstructs traditional water treatment models through modular design and industrial production, achieving a 90% reduction in construction time, space, and operational personnel, and a 50% decrease in lifecycle costs compared to traditional water treatment plants [5]. - The product focuses on resource utilization, converting wastewater into high-quality recycled water, thus reducing reliance on fresh water and lowering wastewater discharge, aligning with national strategies for efficient water resource use and sustainable development [5]. - It has a flexible processing capacity ranging from 2000 to 50000 m³/d, making it suitable for various industrial sectors such as PCB electronics, photovoltaics, semiconductors, and chemical industries, as well as for urban and regional applications [5]. Market Implementation - New Water Island® has been successfully implemented in multiple regions across China, including projects in Wuxi, Shanxi, and Henan, demonstrating its adaptability and significant market potential in promoting industrial water conservation and resource recycling [5].

Core Insights - The company JinKe Environment's new product, "New Water Island," has recently received two prestigious certifications, enhancing its market credibility and competitive edge [1][3] - The certifications include a national-level environmental product certification from the China Quality Certification Center (CQC) and a "Beijing New Technology, New Product, New Service" certificate from multiple government departments [1][3] Summary by Categories Product Certifications - The CQC certification focuses on the product's environmental performance and compliance, serving as a key benchmark for green quality and a prerequisite for market access and government procurement [1] - The "Beijing New Technology, New Product, New Service" certification emphasizes technological originality and market application value, validating the product's innovation and industry-leading potential [1][3] Competitive Advantages - The New Water Island product redefines traditional water treatment models through modular design and industrial production, achieving a 90% reduction in construction time, space, and operational personnel, and a 50% decrease in lifecycle costs [3] - The product addresses common pain points in traditional water projects, such as high investment costs and lengthy approval processes, transforming environmental projects into sustainable operational assets [3] Environmental and Market Impact - The New Water Island focuses on resource utilization by converting wastewater into high-quality recycled water, reducing reliance on fresh water and minimizing wastewater discharge, aligning with national strategies for efficient water use and sustainable development [3] - The product's processing capacity ranges from 2,000 to 50,000 m³/d, making it adaptable for various industrial sectors, including PCB electronics, photovoltaics, and chemicals, as well as urban applications [3] - The product has been successfully implemented in multiple regions across China, demonstrating its adaptability and significant market potential in promoting industrial water conservation and resource recycling [3]

Core Viewpoint - Jinko Environment's new product, the New Water Island® water-saving intelligent equipment, has received two significant certifications, enhancing its market competitiveness and environmental value [1]. Certification Achievements - The product has obtained the national environmental product certification from the China Quality Certification Center (CQC) and the "Beijing New Technology, New Product, New Service" certificate from five municipal departments [1]. - The CQC certification focuses on product environmental performance and compliance, serving as a key basis for market access and government procurement [1]. - The Beijing certification emphasizes technological originality and market application value, recognizing the product's innovation and industry-leading potential [1]. Market Impact - The dual certifications will unlock government procurement channels, strengthen market competitiveness, and enable the company to apply for policy support and financial subsidies [1]. - The New Water Island® product is designed to transform traditional water treatment models through modular design and industrial production, significantly reducing construction time, land use, and operational costs [6]. - The product can process between 2000 to 50000 m³/d and is adaptable to various industrial sectors, including electronics, photovoltaics, and chemicals, indicating a broad market potential [6]. Environmental and Strategic Alignment - The New Water Island® focuses on resource utilization, converting wastewater into high-quality recycled water, thus reducing reliance on fresh water and mitigating pollution [6]. - This approach aligns with national strategies for efficient water resource use and sustainable development, supporting regional environmental capacity and industrial upgrades [6].

Group 1 - The core viewpoint of the news is that Jinko Environment's stock has shown significant price movements and financial performance indicators, reflecting both growth and challenges in its operations [1][2]. Group 2 - As of November 14, Jinko Environment's stock price increased by 2.03% to 21.09 CNY per share, with a total market capitalization of 2.597 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 60.47%, with a 2.43% rise over the last five trading days and a 7.93% increase over the last 20 days, while it has seen a decline of 3.03% over the last 60 days [1]. - The company reported a net outflow of 710,100 CNY in principal funds, with significant selling activity [1]. - For the period from January to September 2025, Jinko Environment achieved operating revenue of 395 million CNY, reflecting a year-on-year growth of 0.30%, while the net profit attributable to shareholders decreased by 11.18% to 40.21 million CNY [2]. - The company has distributed a total of 121 million CNY in dividends since its A-share listing, with 100 million CNY distributed over the past three years [3]. - Jinko Environment's main business activities include water deep treatment and wastewater resource utilization, with revenue composition being 53.88% from new water islands and water plant operation services, and 46.02% from sales of new water islands and process package products [1].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Core Insights - The company aims to revolutionize the traditional water treatment industry with its modernized water treatment plant, which operates autonomously using AI technology [2][5][6] - The "New Water Island" project represents a shift from traditional engineering projects to industrial products, significantly reducing initial investment costs and construction time [4][7] Group 1: Project Overview - The New Water Island project features a modern water treatment plant capable of processing 5,000 tons of water daily, operating without personnel due to the integration of the "Water Radish AI" system [2][5] - The New Water Island 1.0 was launched in 2023, with the 2.0 version expected in 2024, introducing modular design for efficient production and installation [3][4] Group 2: Technological Innovations - The AI-driven "Water Radish AI" system allows for autonomous operation, reducing the need for human oversight by 90% and lowering operational costs by 35% [5][6] - The system incorporates advanced AI models for process optimization and real-time monitoring, enhancing the efficiency and reliability of water treatment operations [5][6] Group 3: Market Potential - The demand for recycled water is expected to grow, with industrial water consumption projected to reach 97.1 billion cubic meters in 2024, highlighting the cost advantages of recycled water [7][8] - The company's strategic focus on resource recycling, AI integration, and productization positions it well to capitalize on emerging market opportunities in various industries [7][8]

Core Viewpoint - The company has demonstrated significant progress in its "AI digitalization" strategy despite short-term performance pressures, with a focus on the successful implementation of its self-developed "Water Radish AI Intelligent System" [1] Financial Performance - In the first three quarters, the company achieved operating revenue of 395 million yuan and a net profit of 40.21 million yuan, with R&D investment accounting for 5.03%, a slight increase of 0.02 percentage points from the previous year [1] Technological Advancements - The company has deepened its investment in AI technology, with R&D intensity reaching 6.51% in the third quarter, an increase of 1.31 percentage points year-on-year [2] - The "Water Radish AI Intelligent System" replaces human roles in water plant operations, integrating self-developed process optimization forecasting and decision models, computer vision, auditory, infrared perception AI models, and domestic large language reasoning models [2] - The system allows operators to issue commands via voice, enabling proactive maintenance through data analysis and fault prediction [2] Strategic Collaborations - The company co-hosted the "Industrial Intelligence Water Conservation and Efficiency Promotion Event" and signed strategic agreements with various organizations to promote the "Water Radish AI Intelligent System" domestically and internationally [3] Cost Reduction and Project Implementation - The company has implemented a digital innovation study for seawater desalination projects, developing modules for intelligent control and management, contributing to practical experience for the AI system [4] - In projects utilizing the "Water Radish AI Intelligent System," operational management can be completed with only 10 personnel, resulting in a 90% reduction in labor, a 50% decrease in equipment failure rates, a 15% reduction in chemical consumption, and a 30% decrease in electricity consumption, leading to a 35% overall reduction in operational costs [4] - The "Water Radish AI Intelligent System" received certification from the Ministry of Industry and Information Technology as an "AI Industry Innovation Scenario Application Case," marking the company as the first in the water industry to achieve this recognition [4]

Core Insights - The company, Jinko Environment Co., Ltd., reported stable revenue levels in its Q3 2025 report, with steady progress in the rollout of its core product, New Water Island, which is gaining market recognition and replicability [1] Group 1: Technological Innovation - New Water Island integrates cutting-edge technologies such as AI algorithms, process technology, material technology, computational capabilities, sensing technology, and manufacturing technology, fundamentally transforming traditional water plant construction methods [2] - The product's development approach allows for a 90% reduction in construction time and land use, significantly lowering the total lifecycle costs compared to traditional engineering models [2] - The product has received authoritative recognition, including a certificate for "New Technology and New Products (Services)" from the Beijing Municipal Science and Technology Commission and an "Environmental Product Certification" from the China Quality Certification Center, enhancing its credibility and market influence [2] Group 2: Market Penetration and Replicability - The market penetration of New Water Island products is accelerating, with the China Industrial Energy Conservation and Clean Production Association endorsing its industrial water-saving approach, which aligns with national strategies for efficient water resource utilization [3] - As of the company's Q2 2025 report, a total of 8 New Water Island units have been delivered, covering high-demand sectors such as electronics manufacturing, new energy, and chemicals [4] - Recent projects include high-quality reclaimed water projects for thermal power enterprises and a reclaimed water plant for the electronics components manufacturing industry, demonstrating the product's adaptability to various water quality and capacity needs [4] Group 3: Financial Performance and Growth Potential - Despite slight fluctuations in net profit for the first three quarters, the New Water Island business shows strong growth potential, laying a solid foundation for the company's long-term development [4] - The ongoing expansion into existing water plant renovations and industrial applications is expected to accelerate the release of scale effects and technological premiums, propelling Jinko Environment into a new phase of high-quality development [4]

Core Viewpoint - Jinko Environment (688466.SH) reported a slight increase in revenue for the first three quarters of 2025, but a decline in net profit attributed to the parent company's shareholders [1] Financial Performance - The total operating revenue for the first three quarters reached 395 million yuan, reflecting a year-on-year growth of 0.3% [1] - The net profit attributable to the parent company's shareholders was 40.21 million yuan, showing a year-on-year decrease of 11.18% [1] - The basic earnings per share stood at 0.33 yuan [1]