证券代码：688466 证券简称：金科环境 公告编号：2025-022 金科环境股份有限公司 关于公司及控股子公司申请 2025 年度综合授信额度的公告 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。 2025 年 5 月 29 日，金科环境股份有限公司（以下简称"公司"）召开第三届 董事会第十次会议，审议通过了《关于公司及公司控股子公司申请 2025 年度综 合授信额度的议案》，同意公司及公司控股子公司向银行申请不超过人民币 20 亿元的综合授信额度，授信期限自 2024 年年度股东大会审议通过之日起至 2025 年年度股东大会召开之日止。在授信期限内，授信额度可循环使用。该议案尚需 提交公司 2024 年年度股东大会审议，现将有关事宜公告如下： 为满足公司日常生产经营与业务发展需要，公司及公司控股子公司拟向银行 等金融机构申请总额度不超过 20 亿元人民币的综合授信额度，授信业务包括但 不限于贷款、借款、银行承兑汇票、商业承兑汇票、贸易融资、保函、信用证等。 以上授信额度不等于公司的实际融资金额，实际融资金额应在授信额 ...

证券代码：688466 证券简称：金科环境 公告编号：2025-024 金科环境股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 6 月 20 日 14 点 00 分 召开地点：北京市朝阳区望京东路 1 号望京数字创意园 1 号楼 A 座 16 层金 科环境会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日 至2025 年 6 月 20 日 1 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

金科环境股份有限公司 2024 年年度股东大会会议资料 证券代码：688466 证券简称：金科环境 金科环境股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 1 | | | 金科环境股份有限公司 2024 年年度股东大会会议资料 金科环境股份有限公司 2024 年年度股东大会会议须知 为维护金科环境股份有限公司（以下简称"公司"）全体股东的合法利益，确 保股东大会的正常秩序和议事效率，保证大会的顺利进行，公司根据《中华人民 共和国公司法》《中华人民共和国证券法》《公司章程》及公司《股东大会议事规 则》等相关规定，特制定本须知。 一、为确认出席大会的股东或代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或法定代表人/执行事务 合伙人委派代表身份证明书、授权委托书等相关文件，经验证后方可出席会议， 公司有权拒绝不符合条件的人士进入会场。会议开始后，由会议主持人宣布现场 出席会议的股东和代理人人数及所持有表决权的股份总数，在此 ...

Group 1 - The core viewpoint of the news is that Yuanlesheng Asset Management has conducted research on a listed company, Jinko Environment, focusing on its strategic initiatives and financial performance [1] - Jinko Environment introduced its "three transformations" strategy, which includes resource utilization, digital intelligence, and productization, aimed at advancing the paradigm shift in the water treatment industry [1] - The company has developed an AI system called "Water Radish" that enables unattended operation of water plants, featuring functions such as operational management, online inspection, and intelligent work order systems [1] Group 2 - As of the end of 2024, Jinko Environment has an order backlog of 670.73 million yuan, representing a year-on-year decrease of 8.84% [1] - For the reporting period, the company's gross profit was 223.23 million yuan, showing a slight year-on-year increase of 0.12%, with a comprehensive gross margin of 36.17% [1] - The company has established channel partnerships with water service groups to enhance the sales efficiency of standardized equipment products [1] Group 3 - Jinko Environment has set a shareholder return plan for 2023-2025 and has already implemented profit distribution plans for 2023 and the first three quarters of 2024 [1]

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].

证券研究报告·公司点评报告·环境治理 金科环境（688466） 2024 年报&2025 一季报点评：25Q1 业绩同 增 33%，AI 产品化升级&工业应用场景持续 拓展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 572.76 | 617.11 | 711.33 | 816.73 | 934.36 | | 同比（%） | (14.63) | 7.74 | 15.27 | 14.82 | 14.40 | | 归母净利润（百万元） | 70.77 | 66.79 | 85.55 | 103.54 | 124.53 | | 同比（%） | (7.83) | (5.62) | 28.08 | 21.03 | 20.28 | | EPS-最新摊薄（元/股） | 0.57 | 0.54 | 0.69 | 0.84 | 1.01 | | P/E（现价&最新摊薄） | 27.02 | 28.63 | 22.35 | 18 ...

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]