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]

Core Insights - The article highlights the innovative practices in water resource management by Jinko Environment, showcasing two significant projects in Wuxi that emphasize sustainable industrial water use and advanced technology integration [2][3]. Group 1: Project Overview - The Wuxi Xishan Zhonghe High-Quality Reclaimed Water Plant has a daily processing capacity of 20,000 tons, utilizing a dual membrane process of ultrafiltration and reverse osmosis to convert industrial wastewater into high-quality reclaimed water suitable for PCB electronics and thermal power industries [2]. - The Wuxi Longting New Water Island 2.0 project, occupying only 300 square meters, achieves a stable daily output of 5,000 tons of high-quality reclaimed water, demonstrating a rapid construction timeline of just 15 days from vacant land to operational status [3]. 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, thereby reducing water costs for enterprises and generating stable revenue [2]. - The New Water Island 2.0 project exemplifies industrial transformation by adopting a modular construction approach and an AI-driven operational management system, resulting in a 90% reduction in construction time, space, and operational personnel, along with a 50% decrease in lifecycle costs [3]. Group 3: Industry Impact and Recognition - The projects are recognized for their potential to serve as replicable models for sustainable industrial water use, aligning with national strategies for efficient water resource utilization and supporting industrial upgrades and environmental capacity release [3]. - The president of the China Industrial Energy Conservation and Clean Production Association commended the innovative practices of Jinko Environment, emphasizing the integration of technological innovation and business model reconstruction in addressing industrial water challenges [3].

Core Insights - The article highlights the innovative practices in water resource management by Jinko Environment, showcasing their projects in Wuxi that focus on high-quality recycled water production and sustainable business models [1][2]. Group 1: Project Overview - The Wuxi Xishan Zhonghe Recycled Water Plant has a daily processing capacity of 20,000 tons, utilizing a dual membrane process of ultrafiltration and reverse osmosis to convert industrial wastewater into high-quality recycled water suitable for PCB electronics and thermal power industries [1]. - The Wuxi Longting New Water Island 2.0 project, covering only 300 square meters, can produce an average of 5,000 tons of high-quality recycled water daily, demonstrating a significant industrial transformation in water plant construction [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 recycled water to be supplied directly to industrial parks, thus reducing water costs for enterprises and generating stable revenue [1]. - The New Water Island 2.0 project features a prefabricated core module and rapid on-site assembly, achieving a 90% reduction in construction time, space, and operational personnel, along with a 50% decrease in lifecycle costs compared to traditional water treatment plants [2]. Group 3: Industry Impact and Recognition - The projects exemplify a successful integration of technological innovation and business model restructuring, addressing the challenges of high water costs and wastewater management for enterprises, while supporting regional environmental capacity and industrial upgrades [2]. - The president of the China Industrial Energy Conservation and Clean Production Association praised Jinko Environment's innovative practices, indicating that these projects align with national strategies for efficient water resource utilization and will be promoted as advanced experiences in industrial green development [2].

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]