Group 1 - The core point of the article is that Victorious Joy Water Services Limited, a shareholder holding more than 5% of the shares in Jinko Environment, plans to reduce its stake due to funding needs [1] - Victorious Joy currently holds 9.9064 million shares, representing 8.05% of the total shares [1] - The planned reduction will occur between September 3, 2025, and December 2, 2025, with a maximum of 1.2312 million shares to be sold, accounting for 1% of the company's total share capital [1]

Core Viewpoint - Jinko Environment (688466.SH) has signed a cooperation framework agreement with Kunheng International (Hong Kong) Limited to explore the issuance of RWA based on the recognition of the company's water plant robot - New Water Island product as a high-quality underlying asset [1] Group 1 - The collaboration aims to create digital circulation and efficient management of water assets, enhancing their market value [1] - The company is actively engaging with Kunheng International and other professional institutions with rich experience in RWA issuance to promote research and design of underlying asset projects [1]

Core Viewpoint - The company is currently involved in a legal dispute regarding a construction contract, with a recent court ruling requiring it to refund a significant amount to the plaintiff and pay interest, which may impact its financial performance in the short and long term [2][6][7]. Group 1: Lawsuit Background - The lawsuit originated in November 2021 when the company was sued by China Energy Conservation Water Engineering Co., Ltd. for a total claim of approximately RMB 33,178,787.89 [3]. - The company contested the jurisdiction of the initial court, but its appeal was rejected, leading to further legal proceedings [3][4]. - In April 2023, the initial court ruled that the company must refund RMB 26,337,961.95 and pay interest, which the company subsequently appealed [4][5]. Group 2: Recent Developments - The case was sent back for retrial due to unclear factual findings, with the first hearing of the retrial taking place on October 21, 2024 [5][6]. - A quality assessment report indicated that issues with the MBR membrane system were the primary cause of the underperformance in water output, which was below the contractually agreed amount [6]. - On July 28, 2025, the court ruled that the company must refund RMB 19,310,445.68 to Wuxi Huishan Environmental Water Co., Ltd. and pay interest, while rejecting other claims [6][7]. Group 3: Financial Implications - The company has proactively made provisions for potential liabilities and inventory impairments in 2022 and 2023, anticipating that the lawsuit's outcome could affect its profits [2][7]. - The final impact on the company's financials will depend on the ultimate court ruling and the annual audit confirmation by accountants [7].

Core Viewpoint - The company is currently involved in a legal dispute with Wuxi Huishan Environmental Water Co., Ltd., with a court ruling requiring the company to refund approximately RMB 19.31 million and pay corresponding interest, which may impact the company's financial performance in the current or future periods [2][4][7] Summary by Sections Litigation Status - The case is at the stage of retrial of the first-instance judgment [2] - The company is the defendant (and counterclaimant) in this lawsuit [2] - The amount involved in the case is RMB 19,310,445.68, which the company is ordered to refund [2][4] Company’s Position and Actions - The company plans to appeal the judgment within fifteen days of receiving the ruling [2][4] - The company has made provisions for expected liabilities and inventory impairment in 2022 and 2023, indicating a cautious approach to potential financial impacts from the lawsuit [7] Background of the Lawsuit - The lawsuit was initiated by China Energy Conservation Water Engineering Co., Ltd. (referred to as "Zhongjie Neng") with claims totaling approximately RMB 33,178,787.89 [2][3] - The original court ruling was challenged by the company, which sought to transfer jurisdiction to the Guiyang Intermediate People's Court [3] Recent Developments - The Guiyang Intermediate People's Court has determined that the original judgment was based on unclear facts and has sent the case back for retrial [4] - The retrial is set to begin on October 21, 2024, with the company applying for an appraisal regarding the reasons for the underperformance of the MBR membrane system [5][6] Financial Implications - The ongoing litigation may affect the company's current or future profits, but the exact impact remains uncertain pending the final judgment and annual audit confirmation [7]

证券代码：688466 证券简称：金科环境 公告编号：2025-035 金科环境股份有限公司 关于诉讼进展的公告 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： 案件所处的诉讼阶段：重审一审判决 上市公司所处的当事人地位：被告（反诉原告） 涉案的金额：判决公司于本判决生效之日起十日内退还原告无锡惠山环 保 水 务 有 限 公 司 已 付 款 项 19,310,445.68 元 并 支 付 相 应 的 利 息 （ 利 息 以 19,310,445.68 元为基数，从 2021 年 10 月 14 日起按同期一年期 LPR 的标准计算 至上述款项付清之日止）。 对上市公司损益产生的影响：本判决为发回重审后的一审判决，公司将 在判决书送达之日起十五日内向贵州省贵阳市中级人民法院提起上诉。 公司基于谨慎性原则，在 2022 年及 2023 年较全面地计提了预计负债和存货 减值准备，本次诉讼进展可能会对公司本期或后期利润造成影响。由于最终诉讼 结果存在不确定性，目前无法预计对公司本期或期后利润的影响，对公司本期利 润 ...

Group 1 - The stock price of Jinko Environment closed at 24.22 yuan on August 5, down by 0.72 yuan, representing a decline of 2.89% [1] - The trading volume on that day was 54,500 hands, with a transaction amount of 1.34 billion yuan, and a turnover rate of 4.43% [1] - The company is located in Beijing and specializes in the water treatment sector as a high-tech enterprise [1] Group 2 - Jinko Environment recently participated in the establishment of Jinko Smart Water (Wuhan) Technology Co., Ltd., which focuses on artificial intelligence software development, integrated circuit design, and intelligent robot research and development [1] - On August 5, the net outflow of main funds was 1.8997 million yuan, with a cumulative net outflow of 3.4557 million yuan over the past five days [1] - The current total market value of the company is 2.982 billion yuan, with a price-to-earnings ratio of 64.49 times [1]

Core Insights - The Shanghai Composite Index rose by 0.66% on August 4, with the total margin trading balance reaching 1,991.31 billion yuan, an increase of 11.456 billion yuan from the previous trading day [1] Margin Trading Overview - As of August 4, the margin trading balance in the Shanghai market was 1,014.72 billion yuan, up by 6.534 billion yuan; in the Shenzhen market, it was 970.35 billion yuan, increasing by 4.912 billion yuan; and in the Beijing Stock Exchange, it was 6.244 billion yuan, up by 0.96997 million yuan [1] - The total margin trading balance across Shanghai, Shenzhen, and Beijing markets combined was 1,991.31 billion yuan, reflecting an increase of 11.456 billion yuan [1] Industry Performance - Among the industries tracked by Shenwan, 26 sectors saw an increase in margin trading balances, with the pharmaceutical and biological sector leading with an increase of 1.367 billion yuan; followed by machinery and electrical equipment sectors with increases of 1.228 billion yuan and 1.043 billion yuan, respectively [1] Individual Stock Performance - A total of 1,999 stocks experienced an increase in margin trading balances, accounting for 53.85% of the total; 350 stocks had an increase exceeding 5% [1] - The stock with the highest increase in margin trading balance was Longzhu Technology, which saw a balance of 10.5554 million yuan, up by 178.58% from the previous trading day, and its stock price rose by 5.79% [1] - Other notable stocks with significant increases included Beifang Changlong and Shanshi Network Technology, with increases of 43.96% and 36.81%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the highest increase in margin trading balances, the average increase in stock prices was 5.75%, with Beifang Changlong, Jinke Environment, and Xingyun Co., Ltd. leading with increases of 20.00%, 15.30%, and 14.90%, respectively [2] - Conversely, the stocks with the largest declines included Dingjia Precision, Poli Clean, and Keli Co., Ltd., with declines of 4.91%, 1.92%, and 0.83%, respectively [2] Margin Trading Balance Changes - The top 20 stocks with the largest increases in margin trading balances included Longzhu Technology, Beifang Changlong, and Shanshi Network Technology, with respective increases of 178.58%, 43.96%, and 36.81% [3][4] - In contrast, 1,713 stocks saw a decrease in margin trading balances, with 178 stocks experiencing declines exceeding 5%; the largest decline was observed in Hongyu Packaging, which saw a decrease of 64.96% [4][5] - Other significant declines were noted in Feilihua and Tiancheng Technology, with decreases of 26.56% and 22.93%, respectively [4][5]

| 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603200 上海洗霸 | | | 7556.78万 | 9.03% | -4537.09万 | -5.42% | -3019.69万 | -3.61% | | 600008 首创环保 | | | 3671.66万 | 18.82% | -1426.59万 | -7.31% | -2245.08万 | -11.51% | | 601199 江南水务 | | | 3191.28万 | 18.21% | -1129.70万 | -6.44% | -2061.58万 | -11.76% | | 300779 惠城环保 | | | 3070.01万 | 5.42% | -392.19万 | -0.69% | -2677.82万 | -4.73% | | 000598 兴替环境 | | | 2868.10万 | 15.44% | -264.32万 | -1.42% ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1] Core Views - The report emphasizes the importance of the recent price law revision, which is expected to enhance ROE and cash flow, particularly in the water pricing sector. The marketization of water prices is seen as a potential turning point for cash flow, similar to the previous developments in waste incineration [1][11] - The report identifies a cash flow turning point in water operations, suggesting that companies like Xingrong and Shou Chuang will see significant reductions in capital expenditures starting in 2025, leading to substantial increases in free cash flow [1][22] - The report highlights the strengthening of environmental inspections as a driving force for the industry, indicating a shift from policy-driven to governance-driven demand for environmental services [10] Summary by Sections Industry Trends - The environmental protection industry is transitioning towards a governance-driven model, with a focus on long-term, systematic management rather than temporary fixes [10] - The report notes a significant increase in the sales of new energy sanitation vehicles, with a year-on-year growth of 90.56% in the first half of 2025, indicating a growing market for environmentally friendly equipment [31] Water Operations - The report predicts that the water operations sector will experience a cash flow turning point, with companies like Xingrong and Shou Chuang expected to reduce capital expenditures significantly starting in 2025, leading to increased free cash flow [1][22] - The report recommends companies such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment for their strong dividend potential and market positioning [23][24] Waste Incineration - The report discusses the expected decline in capital expenditures for waste incineration, which will enhance free cash flow and dividend payouts. Companies like Junxin and Green Power are highlighted for their strong dividend performance [18][20] - The report identifies new trends in waste incineration, including partnerships with data centers to enhance profitability and ROE [21] Policy Developments - The report outlines the implications of the price law revision, which aims to enhance market pricing mechanisms and improve cash flow for public utilities, particularly in water and waste management sectors [11][14] - The report emphasizes the importance of environmental inspections in driving industry growth and ensuring compliance with new regulations [9][10] Recommendations - The report recommends a focus on companies with strong operational capabilities and cash flow potential, such as Xingrong Environment, Yuehai Investment, and Hongcheng Environment, while suggesting attention to emerging players in the waste management and renewable energy sectors [23][24][25]

格隆汇8月4日｜A股市场AI智能体板块走强，其中，金科环境涨超13%，金现代涨超10%，华盛昌、能 科科技10CM涨停，品高股份、鼎捷数智涨超7%，神州泰岳、浙大网新涨超6%。 ...