Core Viewpoint - Qingda Environmental Protection, established in 2006 and listed in 2021, is a leading player in the thermal power auxiliary equipment sector, focusing on energy-saving and environmental protection equipment with strong technical capabilities and market competitiveness [1] Group 1: Business Performance - In Q3 2025, Qingda Environmental Protection reported revenue of 1.47 billion yuan, ranking 10th in the industry, below the top competitors Yingfeng Environment (9.544 billion yuan) and Longjing Environmental Protection (7.858 billion yuan), but above the industry median of 686 million yuan [2] - The net profit for the same period was 129 million yuan, ranking 8th in the industry, again lower than the top two competitors but higher than the industry average of 87.628 million yuan and median of 20.922 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 60.85%, down from 65.43% year-on-year but still above the industry average of 43.61%, indicating a need for improved debt repayment capacity [3] - The gross profit margin stood at 26.64%, exceeding the industry average of 25.59%, reflecting better profitability [3] Group 3: Executive Compensation - The chairman, Wang Yong, received a salary of 1.275 million yuan in 2024, an increase of 115,500 yuan from 2023 [4] - The general manager, Liu Yanhui, earned 1.01 million yuan in 2024, up by 111,000 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.87% to 4,404, with an average holding of 28,200 shares [5] - The company experienced significant growth in the first three quarters of 2025, with revenue up 91.1% year-on-year and net profit up 267.1% [5] Group 5: Business Highlights and Future Outlook - Key business drivers include the demand for auxiliary machinery due to new coal power projects, with potential market space estimated at 700 million to 2.9 billion yuan annually over the next three years [5] - The company is actively expanding into overseas markets, securing contracts such as the total package for the ash and slag system at the Vietnam Longfu 2×600MW power plant [5] - Emerging businesses like desulfurization wastewater and steel slag treatment are expected to become new growth engines [5] - Revenue projections for 2025-2027 are 1.987 billion, 2.384 billion, and 2.785 billion yuan, with net profits of 212 million, 259 million, and 310 million yuan respectively [5]

Key Insights - The report highlights significant changes in fund allocation during Q3 2025, with a notable increase in equity positions and a shift towards AI and new energy sectors, while consumer sectors faced reductions [8][9][10] - The performance of various industries shows a mixed trend, with coal and machinery sectors experiencing fluctuations in revenue and profit margins, while technology and communication sectors demonstrate robust growth [24][26][29][35][40] Fund Allocation Insights - Fund sizes increased significantly, with a 20% rise in active fund products, driven by a strong A-share market performance, particularly a 20% increase in the CSI 800 index [8] - There is a reinforced trend of reducing mainboard allocations while increasing investments in emerging sectors, with the STAR Market allocations reaching new highs [9] - AI and new energy sectors are leading the allocation trends, while consumer sectors like home appliances and automobiles are seeing widespread reductions [9][10] Industry Performance Insights - The coal industry is facing challenges, with companies like Pingmei and Lu'an reporting significant declines in revenue and profit due to structural changes in sales, although Q4 is expected to see recovery due to rising coal prices [35][44] - The machinery sector, represented by companies like Rongzhi Rixin, is experiencing substantial growth, with a 13.9% increase in revenue and an impressive 890% rise in net profit year-on-year [26] - The communication sector, particularly companies like New Yisheng, reported a 152.5% year-on-year revenue increase, driven by strong demand for optical communication products [24] Company-Specific Insights - Bull Group's revenue decline is narrowing, with healthy cash flow, and the company is expected to maintain a "buy" rating based on future profit projections [20] - Hikvision is showing signs of recovery with stable profits and cash flow, supported by advancements in AI technology [47] - Huabao New Energy is facing short-term profit pressure due to tariffs but maintains strong growth potential with a projected increase in net profit over the next few years [29]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing significant revenue growth driven by its main business in environmental protection, with a strong outlook for overseas expansion [1][3] - The traditional business of slag treatment and low-temperature economizers is benefiting from the new wave of coal power construction and equipment upgrades [2] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to become new growth engines [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.47 billion yuan, a year-on-year increase of 91.1%, and a net profit attributable to shareholders of 124 million yuan, up 267.1% [1] - In Q3 alone, revenue was 284 million yuan, reflecting an 11.2% year-on-year growth, with net profit increasing by 60.7% [1] Market Potential - The traditional business has a potential market space estimated to be between 700 million to 2.9 billion yuan annually over the next three years [2] - The flexibility transformation segment is expected to see a sustained demand, with a projected annual market space of 700 million to 1.7 billion yuan [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 1.99 billion, 2.38 billion, and 2.79 billion yuan, respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] - Net profit projections for the same years are 212 million, 259 million, and 310 million yuan [4] Strategic Initiatives - The company has established a subsidiary in Indonesia and signed a contract worth approximately 25.48 million USD (about 181 million yuan) for a project in Vietnam [3] - New business areas such as desulfurization wastewater and steel slag treatment are anticipated to contribute to future revenue growth [3]

Core Insights - Qingda Environmental Protection (688501.SH) reported a total revenue of 1.47 billion yuan and a net profit attributable to shareholders of 124 million yuan for Q3 2025 [1] - The company experienced a negative cash flow from operating activities amounting to 16.78 million yuan, ranking 13th among disclosed peers [1] - The latest asset-liability ratio stands at 60.85%, placing the company 20th among its peers [3] Financial Performance - The gross profit margin is reported at 26.64%, which is a decrease of 5.00 percentage points compared to the same period last year [3] - The return on equity (ROE) is recorded at 11.62% [3] - The diluted earnings per share (EPS) is 1.01 yuan [4] Operational Efficiency - The total asset turnover ratio is 0.50 times [4] - The inventory turnover ratio is 1.24 times, ranking 13th among disclosed peers [4] Shareholder Structure - The number of shareholders is 4,404, with the top ten shareholders holding a total of 57.90 million shares, accounting for 46.61% of the total share capital [4] - The largest shareholder is Wang Yong, holding 17.29% of the shares [4]

Core Viewpoint - The company, Qingdao Danuo Environmental Equipment Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided [2][8]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3]. Non-Recurring Gains and Losses - The company has indicated that it recognizes non-recurring gains and losses, but specific amounts and details are not provided in the text [4]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific numbers are not detailed [5]. Supervisory Board Meeting - The fifth supervisory board meeting was held on October 29, 2025, with all three supervisors present, and the meeting followed legal and procedural requirements [8]. - The supervisory board approved the third-quarter report, confirming that the preparation and review processes complied with relevant laws and regulations [8][9].

Core Insights - Qingda Environmental Protection (688501.SH) reported a significant increase in revenue and profit for the first three quarters of 2025, indicating strong business performance [1] Financial Performance - The company achieved a revenue of 1.47 billion yuan, representing a year-on-year growth of 91.13% [1] - The net profit attributable to the parent company reached 124 million yuan, marking a year-on-year increase of 267.14% [1] - The net profit excluding non-recurring items was 120 million yuan, showing a year-on-year growth of 309.23% [1] - Basic earnings per share stood at 1.01 yuan [1]

Core Viewpoint - Qingda Environmental Protection (688501.SH) reported significant growth in its third-quarter results for 2025, indicating strong operational performance and profitability [1] Financial Performance - The company achieved total operating revenue of 1.47 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 91.13% [1] - Net profit attributable to shareholders reached 124 million yuan, marking a year-on-year growth of 267.14% [1] - Basic earnings per share stood at 1.01 yuan [1]

Company Performance - Qingda Environmental Protection reported a revenue of approximately 1.47 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 91.13% [1] - The net profit attributable to shareholders of the listed company was approximately 124 million yuan, showing a year-on-year increase of 267.14% [1] - As of the report, Qingda Environmental Protection has a market capitalization of 3.5 billion yuan [1] Industry Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - The technology sector is leading the market's transformation, indicating the emergence of a "slow bull" market pattern [1]

证券代码：688501 证券简称：青达环保 公告编号：2025-047 青岛达能环保设备股份有限公司 第五届监事会第十三次会议决议公告 二、监事会会议审议情况 1、审议并通过《关于青岛达能环保设备股份有限公司 2025 年第三季度报 告的议案》 监事会认为：（1）公司 2025 年第三季度报告的编制和审议程序符合法律、 法规和《公司章程》以及公司内部管理制度的规定；（2）公司 2025 年第三季度 报告的内容和格式符合中国证监会和上海证券交易所的规定，所包含的信息能从 各个方面真实地反映出公司 2025 年第三季度的经营管理和财务状况等事项；（3） 未发现参与 2025 年第三季度报告编制和审议的人员有违反保密规定的行为。 表决结果：有效表决票共 3 票，其中同意票为 3 票，反对票为 0 票，弃权票 为 0 票。 特此公告。 青岛达能环保设备股份有限公司监事会 2025 年 10 月 30 日 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 青岛达能环保设备股份有限公司（以下简称"公司"）第五届监 ...

Financial Performance - The company's revenue for the third quarter reached ¥283,568,260.52, an increase of 11.24% compared to the same period last year[3] - The total profit for the quarter was ¥17,554,394.66, reflecting a growth of 31.26% year-over-year[3] - Net profit attributable to shareholders was ¥15,799,522.14, marking a significant increase of 60.68% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses for the quarter was ¥14,375,468.91, up 99.60% year-over-year[3] - The total profit for the year-to-date period increased by 250.80% to ¥152,218,584.53[3] - The company reported a year-to-date net profit attributable to shareholders of ¥124,147,683.04, up 267.14% compared to the previous year[3] - Basic earnings per share for the quarter were ¥0.12, a 50.00% increase compared to the same period last year[4] - Basic earnings per share for the first three quarters of 2025 were ¥1.01, compared to ¥0.27 in 2024, indicating improved profitability on a per-share basis[21] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,835,153,014.26, a decrease of 7.83% from the end of the previous year[4] - The company's current assets decreased from CNY 2,423,178,921.95 on December 31, 2024, to CNY 2,110,029,200.55 on September 30, 2025, a decline of approximately 12.91%[15] - Inventory decreased from CNY 982,623,063.52 to CNY 760,485,180.97, a reduction of about 22.6%[15] - The total liabilities decreased from CNY 1,681,424,695.45 to CNY 1,648,915,059.04, a decline of approximately 1.93%[15] - Total liabilities decreased to ¥1,725,158,357.07 in 2025 from ¥2,080,671,071.56 in 2024, showing a reduction in financial leverage[19] - The company's total equity increased to ¥1,109,994,657.20 in 2025 from ¥995,181,469.00 in 2024, reflecting a growth of approximately 11.5%[19] Research and Development - Research and development expenses totaled ¥17,458,548.59 for the quarter, representing 6.16% of revenue, an increase of 0.96 percentage points[4] - Research and development expenses increased to ¥56,937,577.30 in 2025 from ¥37,048,065.75 in 2024, indicating a focus on innovation and product development[20] Cash Flow - The company reported a net cash flow from operating activities of -¥16,782,577.88 for the first three quarters of 2025, an improvement from -¥240,812,349.11 in the same period of 2024[25] - The company generated cash inflows from operating activities totaling ¥1,381,142,768.12 in 2025, compared to ¥906,628,106.31 in 2024, representing a 52% increase[25] - Net cash flow from investing activities was -$107.65 million, a decrease from -$336.70 million year-over-year[26] - Total cash inflow from financing activities amounted to $616.80 million, compared to $890.10 million in the previous period[26] - Cash outflow for financing activities totaled $499.08 million, slightly up from $472.63 million year-over-year[26] - The net cash flow from financing activities was $117.72 million, down from $417.47 million in the previous period[26] - The ending balance of cash and cash equivalents was $166.20 million, a decrease from $282.79 million year-over-year[26] - Cash and cash equivalents decreased by $6.59 million during the period, compared to a decrease of $159.70 million in the previous period[26] - Cash inflow from loans received was $572.85 million, down from $667.08 million year-over-year[26] - Cash paid for debt repayment was $453.65 million, an increase from $394.99 million in the previous period[26] - Cash received from other financing activities was $33.28 million, compared to $221.52 million in the previous period[26] - The impact of exchange rate changes on cash and cash equivalents was $118.38 thousand, down from $344.39 thousand year-over-year[26] Shareholder Information - The total number of ordinary shares at the end of the reporting period is 4,404[11] - The largest shareholder, Wang Yong, holds 21,482,430 shares, representing 17.29% of total shares[11] - The company has no significant changes in the shareholder structure or any new strategies reported during the conference call[13] Year-to-Date Performance - Total operating revenue for the first three quarters of 2025 reached ¥1,469,518,484.03, a significant increase of 91% compared to ¥768,846,275.47 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was ¥151,606,646.51, compared to ¥43,430,934.64 in 2024, reflecting a growth of 248%[20] - Net profit attributable to shareholders for the first three quarters of 2025 was ¥124,147,683.04, up from ¥33,815,154.50 in 2024, marking a 267% increase[21]