Core Insights - The recent inspection of the Wuxi Xishan Zhonghe High-Quality Reclaimed Water Plant and Wuxi Longting New Water Island 2.0 project highlights innovative business models and technological breakthroughs in wastewater resource utilization by Jinko Environment [1][2] Group 1: Project Overview - The Wuxi Xishan Zhonghe Water Plant, established in 2021, has a daily processing capacity of 20,000 tons, utilizing a dual membrane core process of "ultrafiltration + reverse osmosis" to convert industrial wastewater into high-quality reclaimed water for sectors like PCB electronics and thermal power [1] - The Longting New Water Island 2.0 project, covering only 300 square meters, achieves a stable daily output of 5,000 tons of high-quality reclaimed water, showcasing a significant industrial transformation by enabling rapid construction akin to automobile manufacturing [2] Group 2: Business Model and Innovation - Jinko Environment has developed a closed-loop business model that integrates investment, operation management, and product sales, allowing reclaimed water to be supplied directly to industrial parks, reducing water costs for enterprises and generating stable revenue [1] - The New Water Island 2.0 project employs a prefabricated core module and rapid on-site assembly, achieving a 90% reduction in construction time, area, and operational personnel, along with a 50% decrease in lifecycle costs, thus revolutionizing traditional water project execution [2] Group 3: Industry Impact and Recognition - The innovative practices of Jinko Environment in these projects exemplify the path of industrial water conservation through "technological innovation + model reconstruction," addressing the challenges of high water costs and wastewater management while supporting regional environmental capacity and industrial upgrades [2] - The association plans to actively promote these advanced experiences to contribute to the green and high-quality development of the industrial sector [2]

证券代码：688466 证券简称：金科环境 公告编号：2025-044 金科环境股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日在上 海证券交易所网站（www.sse.com.cn）披露公司《2025 年第三季度报告》。为加 强与投资者的沟通交流，使投资者更加全面、深入地了解公司 2025 年第三季度 经营成果、财务情况，公司计划于 2025 年 11 月 19 日（星期三）10:00-11:00 举 行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 重点内容提示： 一、业绩说明会类型 金科环境股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 会议召开时间：2025 年 11 月 19 日（星期三）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 " 上 证 路 演 中 心 " （http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动方式 投资者可于 20 ...

证券代码：688466 证券简称：金科环境 公告编号：2025-043 金科环境股份有限公司 关于使用部分暂时闲置募集资金及自有资金进行 现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 金科环境股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第 三届董事会第十三次会议和第三届监事会第九次会议，审议通过了《关于使用部 分暂时闲置募集资金及自有资金进行现金管理的议案》，同意公司及子公司在确 保不影响募集资金投资项目建设、不影响主营业务发展、满足公司日常生产经营 和研发的资金需求、保证资金安全的前提下，使用额度不超过 1 亿元（含本数） 的暂时闲置募集资金及额度不超过 4 亿元（含本数）的暂时闲置自有资金进行现 金管理。在上述额度范围内，资金可以循环滚动使用，使用期限自董事会审议通 过之日起 12 个月内有效。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意金科环境股份有限公司首次公开发行 股票注册的批复》（证监许可[2020]581号）核准，公司采用公开募集资金 ...

证券代码：688466 证券简称：金科环境 公告编号：2025-042 金科环境股份有限公司 第三届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 1、公司 2025 年第三季度报告 公司监事会认为：公司《2025 年第三季度报告》的编制和审议程序符合相 关法律法规及《公司章程》等内部规章制度的规定；内容与格式符合相关规定， 公允地反映了公司 2025 年第三季度的财务状况和经营成果等事项；公司《2025 年第三季度报告》所披露的信息真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏；编制过程中，未发现公司参与报告编制和审议的人员有违反保密 规定的行为。 表决结果：同意 3 票，反对 0 票，弃权 0 票。同意票数占有效表决票的 100%。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《金科 环境：2025 年第三季度报告》。 2、关于使用部分暂时闲置募集资金及自有资金进行现金管理的议案 监事会认为：公司及子公司本次使用最高额不超过 1 ...

招商证券股份有限公司关于金科环境股份有限公司使用部 分暂时闲置募集资金进行现金管理的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为金科环境 股份有限公司（以下简称"金科环境"或"公司"）首次公开发行股票并在科创板上 市的保荐机构，根据《上市公司募集资金监管规则》《上海证券交易所科创板股 票上市规则》《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，对金科环境及子公司拟使用部分暂时闲置募集资金进行现金管 理的事项进行了认真、审慎的核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意金科环境股份有限公司首次公开发行 股票注册的批复》（证监许可[2020]581 号）核准，公司采用公开募集资金方式 发行人民币普通股（A 股）2,569 万股，发行价格为每股 24.61 元，募集资金总额 为人民币 632,230,900.00 元，扣除承销费、保荐费等发行费用 66,172,129.17 元 后，公司实际募集资金净额为人民币 566,058,770.83 元。上述资金到位情况已经 大信会计师事务所（特殊普通合伙）验证，并出具了大信验字[ ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥117,695,627.10, a decrease of 20.86% compared to the same period last year[4] - The total profit for the period was ¥9,021,857.45, down 55.38% year-on-year, primarily due to a decline in revenue[4] - Net profit attributable to shareholders was ¥9,640,857.17, reflecting a decrease of 29.63% compared to the previous year[4] - For the first three quarters of 2025, the company achieved operating revenue of CNY 394,561,285.36, a year-on-year increase of 0.30%[14] - The net profit attributable to shareholders of the listed company was CNY 40,206,875.57, a year-on-year decrease of 11.18%[14] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 36,158,269.37, a year-on-year decrease of 10.27%[14] - Operating profit for the first three quarters of 2025 was CNY 42.09 million, down from CNY 58.29 million in 2024, indicating a decrease of 28%[34] - Net profit for the first three quarters of 2025 was CNY 37.78 million, compared to CNY 52.32 million in 2024, a decline of 27.8%[34] - The net profit attributable to the parent company shareholders for the current period is CNY 40,206,875.57, a decrease of 11.4% compared to CNY 45,265,776.59 in the previous period[35] - The total comprehensive income attributable to the parent company owners is CNY 39,859,562.70, down from CNY 44,572,329.71, reflecting a decline of 10.5%[35] Cash Flow and Assets - The net cash flow from operating activities increased by 32.05% to ¥45,081,814.87, mainly due to government subsidies received for the "Tangshan South Port Economic Development Zone Wastewater Resource Utilization Project"[9] - The company reported a decrease of 71.25% in net cash flow from operating activities year-to-date, primarily due to reduced project collections[10] - The net cash flow from operating activities was CNY 12,810,495.85[14] - Cash and cash equivalents as of September 30, 2025, were CNY 267.06 million, compared to CNY 411.20 million as of December 31, 2024, a decrease of 35%[30] - Total assets as of September 30, 2025, were CNY 2.24 billion, slightly down from CNY 2.30 billion as of December 31, 2024[31] - The company's current assets total CNY 940,243,592.33, a decrease from CNY 1,096,476,775.88 at the end of 2024[40] - The company's inventory increased to CNY 71,748,083.33 from CNY 67,058,004.56, reflecting a growth of 4.0%[40] - The total cash and cash equivalents at the end of the period is CNY 255,772,233.05, down from CNY 360,172,627.81 at the end of the previous year[39] Research and Development - Research and development expenses totaled ¥7,656,522.97, accounting for 6.51% of operating revenue, an increase of 1.31 percentage points year-on-year[5] - Research and development expenses for the first three quarters of 2025 were CNY 13.27 million, down from CNY 15.18 million in 2024, a decrease of 12.6%[34] - The company launched the Water Radish® AI Intelligent Body 1.0, a system for unmanned operation management in water treatment plants, integrating various AI technologies[15] - A strategic cooperation was established with Wuhan University to create the "Wuhan University-Jin Ke Environment Artificial Intelligence Innovation Research Center" to enhance AI research capabilities[17] - The company was recognized as the first in the water industry to receive the Ministry of Industry and Information Technology's AI industry innovation scene application certification[16] - The new water island® series products achieved continuous and steady progress, focusing on the deep development and process innovation of the new water island® 3.0 version, enhancing modularity and integration[21] Market and Contracts - The company's To B business revenue reached ¥16,423,440, representing a year-on-year increase of 91.98%[10] - The revenue from the wastewater resource utilization sector was ¥31,503,700, showing a year-on-year growth of 17.95%[10] - The company secured contracts for the "Yuhua Thermal Power Project" and the "Yancheng High-tech Zone Industrial Reclaimed Water Plant Project," providing high-quality reclaimed water and optimizing user water production processes[23] - In the overseas market, the company signed a supply contract with ecooil in Indonesia, showcasing its technical strength in oil refining water treatment[24] Liabilities and Equity - Total liabilities increased to CNY 1.04 billion as of September 30, 2025, from CNY 1.14 billion as of December 31, 2024, a decrease of 8.3%[32] - The company's total equity as of September 30, 2025, was CNY 1.20 billion, compared to CNY 1.16 billion as of December 31, 2024, an increase of 3.2%[32] - The total liabilities decreased to CNY 442,391,707.86 from CNY 596,287,396.72, reflecting a significant reduction in financial obligations[42] - The total equity increased slightly to CNY 977,867,752.47 from CNY 972,055,477.93, showing resilience in shareholder value despite operational challenges[42] Investment and Patents - The company completed applications for two patents related to deep water treatment and resource utilization technologies, bringing the total number of authorized patents to 123 as of the end of Q3 2025[25] - Investment income for the first three quarters of 2025 was CNY 554,934.23, down from CNY 1,866,315.01 in 2024, indicating challenges in investment performance[44] - The company reported a credit impairment loss of CNY 5,163,047.25, an increase from CNY 3,764,253.44 in the previous year, highlighting potential risks in receivables[44] Operational Challenges - The gross profit margin for the period was 32.15%, with a decrease in gross profit for the new water island and plant operation services[10] - Total operating costs increased to CNY 360.37 million in 2025 from CNY 338.59 million in 2024, representing a rise of 6.4%[34] - Financial expenses increased significantly to CNY 12.70 million in 2025 from CNY 5.33 million in 2024, an increase of 138.5%[34] - The net cash flow from operating activities for the first three quarters of 2025 is CNY 12,810,495.85, significantly lower than CNY 44,565,464.24 in the same period of 2024, indicating a decrease of 71.2%[38] - The company's cash flow management showed improvement, with a focus on reducing short-term borrowings and other current liabilities[45] Accounting Standards - The company will not apply new accounting standards starting from 2025[48]

Core Insights - The conference themed "Digital Intelligence New Engine, Leading New Journey" highlighted the importance of management innovation and digital transformation in the petrochemical industry, focusing on sustainable development paths during the 14th Five-Year Plan period [1] Group 1: Company Achievements - Jinko Environment was recognized in the "Top 500 Petrochemical and Chemical Enterprises by Sales Revenue in 2025," reflecting its growing influence and competitiveness in the industrial environmental protection sector [1][4] - The company showcased its innovative "New Water Island" intelligent water treatment unit, which provides integrated green and energy-saving solutions for industrial water treatment and resource utilization [1][2] Group 2: Industry Trends - The petrochemical industry is undergoing a critical transformation, with efficient water resource utilization and pollution reduction becoming central to sustainable development [1][4] - The "New Water Island" product is standardized, modular, and movable, significantly reducing construction time and land use by 90%, making it adaptable for various scenarios in petrochemical enterprises [2] Group 3: Strategic Vision - Jinko Environment's strategic shift from a "customized + heavy asset" model to "engineering productization" aims to enhance efficiency and transparency in water system management [3] - The company plans to continue its focus on resource utilization, AI digitalization, and productization to reshape industrial water treatment and support the green transformation of the industry [4]

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Core Insights - Wuxi Xishan Zhonghe Water Co., Ltd. has been recognized as a key enterprise in the water-saving industry, marking it as a benchmark for the "water-based production" development concept in Xishan District [1][2] - The company has established an innovative development model integrating resource utilization, AI intelligence, and productization, gaining industry-wide recognition for its technical strength and operational effectiveness [1][2] Company Overview - Xishan Zhonghe Water Co., Ltd. was founded in 2021 through a collaboration between Jinke Environment and Xishan Energy, focusing on the recycling of water resources [1] - The company employs advanced "ultrafiltration + reverse osmosis" dual membrane treatment technology to convert industrial wastewater into high-quality recycled water, achieving a daily processing capacity of 32,500 tons and an annual replacement of 5.8825 million tons of tap water [1] Industry Impact - The inclusion in the water-saving enterprise list aims to drive high-quality development in Wuxi's water-saving industry and inject new momentum into the construction of a water-saving society [1] - The company’s model of "re-employing" industrial wastewater has become a benchmark for water resource recycling in industrial parks, providing stable water sources for various industries such as PCB electronics, thermal power, photovoltaic new energy, and semiconductors [1] Technological Innovation - The Longting New Water Island 2.0 recycled water plant features a highly integrated design, allowing for construction completion in just 15 days, occupying only 300 square meters while producing 5,000 tons of recycled water daily [2] - The plant utilizes the "Water Radish AI Intelligent System" for operational management, achieving a 90% reduction in construction time, area, and operational personnel, as well as a 50% reduction in lifecycle costs [2] Future Plans - The company aims to deepen the integration of resource utilization, AI intelligence, and productization, promoting technology output and model replication to help Wuxi become a national hub for the water-saving industry [2]

Core Insights - Wuxi Xishan Zhonghe Water Co., Ltd. has been recognized as a key enterprise in the water-saving industry, marking it as a benchmark for the "water-based production" development concept in Xishan District [1][2] - The company has developed an innovative model integrating resource utilization, AI intelligence, and productization, gaining industry-wide recognition for its technological strength and operational effectiveness [1][2] Group 1: Company Achievements - Xishan Zhonghe Water has successfully transformed industrial wastewater into high-quality reclaimed water using advanced "ultrafiltration + reverse osmosis" dual membrane treatment technology, achieving a daily processing capacity of 32,500 tons and an annual replacement of 5.8825 million tons of tap water [1] - The company has significantly reduced wastewater discharge by 5.8825 million tons annually, providing stable water sources for various industrial sectors, including PCB electronics, thermal power, photovoltaic new energy, and semiconductors [1] Group 2: Innovative Practices - The Longting New Water Island 2.0 reclaimed water plant employs a highly integrated design, completing construction in just 15 days with a footprint of only 300 square meters, producing 5,000 tons of reclaimed water daily [2] - The plant utilizes the "Water Radish® AI Intelligent Body" operational management system, enabling a fully automated and efficient operation, reducing construction time, land area, operational personnel, and lifecycle costs by 90% and 50% respectively [2] - This industrialized approach to water plant construction is seen as a significant shift from traditional methods, marking the entry of the water treatment industry into a productization era [2]