Core Points - Qingda Environmental Protection has signed a general contract with PETROVIETNAM LONG PHU 1 POWER PROJECT MANAGEMENT BOARD for a complete ash and slag handling system for a 2×600MW power plant [2] - The total contract amount is approximately $25.4755 million, equivalent to about 181 million RMB, including tax [2] - The company is responsible for the design, supply, and on-site guidance services of the equipment [2]

Core Viewpoint - Qingdao Danone Environmental Equipment Co., Ltd. has signed a general contract with PETRO VIETNAM LONG PHU 1 POWER PROJECT MANAGEMENT BOARD for the design, supply, and construction of a complete ash treatment system for a 2×600MW power plant, with a total contract value of approximately $25.48 million (RMB 181 million) [1][2]. Group 1: Contract Details - The contract becomes effective upon signature by both parties and receipt of a performance bond by the owner [2]. - The performance period is from the contract's effective date until all rights and obligations are fulfilled [2]. - Payment will be made via wire transfer in stages according to project progress [2]. - The contract will be executed in China and Vietnam, involving equipment design, supply, and on-site guidance services [2]. - The contract includes provisions for breach of contract, addressing issues such as late delivery and quality problems [2]. - Disputes will be resolved through friendly negotiation, and if unsuccessful, will be submitted to the Singapore International Arbitration Centre [2]. Group 2: Impact on the Company - Successful execution of the contract is expected to positively impact the company's future operating performance, enhancing brand influence, sustainable profitability, and core competitiveness [3]. - The contract will facilitate the company's expansion into overseas markets [3]. - The execution of the contract will not affect the company's business independence, and there will be no dependency on the contract counterparty [3].

Core Viewpoint - Qingda Environmental Protection (688501.SH) has signed a general contract with PETROVIETNAM LONG PHU 1 POWER PROJECT MANAGEMENT BOARD for the design, supply, and construction of a complete ash and slag treatment system for a 2×600MW power plant, with a total contract value of approximately $25.4755 million, equivalent to about 181 million RMB (including tax) [1] Group 1 - The joint venture includes Qingda Environmental Protection and two other entities [1] - The scope of work for the company includes equipment design, supply, and on-site guidance services [1] - The total contract amount is $25.4755 million, which is approximately 181 million RMB [1]

Group 1 - The core point of the article is that Qingda Environmental Protection has signed a general contract for a complete ash and slag treatment system for a 2×600MW power plant with PETROVIETNAM LONG PHU 1 POWER PROJECT MANAGEMENT BOARD [1] - The total contract amount is approximately $25.4755 million, equivalent to about 181 million RMB, including tax [1] - The company's responsibilities under the contract include equipment design, supply, and on-site guidance services [1]

Core Viewpoint - Qingda Environmental Protection (688501.SH) has recently signed a general contract with two other units for the design, supply, and construction of a complete ash and slag treatment system for a 2×600MW power plant [1] Group 1 - The company is part of a consortium that has secured a significant contract in the power generation sector [1] - The contract involves comprehensive responsibilities including design, supply, and construction, indicating a strong position in the project [1] - The project is specifically for a 2×600MW power plant, highlighting the scale and potential impact on the company's operations [1]

关于自愿披露签订日常重大经营合同的公告 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: 合同类型及金额：青岛达能环保设备股份有限公司（以下简称"公司" 或"青达环保"）近日与其他两家单位共同组成联合体与客户签订总包合同，公 司负责的范围是设备的设计、供货和现场指导服务。总包合同下，公司的合同金 额合计为 2,547.55 万美元，约合人民币 1.81 亿元（含税）。 合同生效条件：经双方签字后合同具有约束力，在业主收到履约保函后 生效。 合同履行期限：自合同生效之日起至双方权利、义务履行完毕之日止。 证券代码：688501 证券简称：青达环保 公告编号：2025-046 青岛达能环保设备股份有限公司 对上市公司当期业绩的影响：若上述合同顺利履行，将会对公司未来经 营业绩产生积极影响，有利于提升公司的品牌影响力、持续盈利能力和核心竞争 力，同时将对公司拓展海外市场产生积极影响。 合同履行中的重大风险及重大不确定性：合同双方均具有履约能力，但 在合同执行过程中，存在外部宏观环境重大变化、行业政策调整等不可预测因 ...

Group 1 - The company, Qingda Environmental Protection (688501.SH), has recently signed a general contract with two other entities for a project involving the design, supply, and construction of a complete ash and slag handling system for a 2×600MW power plant [1] - The total contract amount is approximately $25.4755 million, equivalent to around RMB 181 million (including tax) [1] - The company's responsibilities under the contract include equipment design, supply, and on-site guidance services [1]

Group 1 - The company has formed a consortium with two other entities to sign a general contract with PETRO VIETNAM LONG PHU 1 POWER PROJECT MANAGEMENT BOARD [1] - The scope of the company's responsibilities includes equipment design, supply, and on-site guidance services, with a contract value of 25.4755 million USD, approximately 181 million RMB (including tax) [1] - The contract will be executed until both parties fulfill their rights and obligations, and successful execution is expected to positively impact the company's future operating performance, enhance brand influence, and core competitiveness, as well as facilitate overseas market expansion [1] Group 2 - Both parties to the contract possess the capability to perform, but there are risks associated with external macroeconomic changes and industry policy adjustments [1]

Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].

Investment Rating - The report rates the environmental protection industry as "Overweight" for the third quarter of 2025, indicating an expectation for the industry to outperform the overall market [2][9]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansions and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies are experiencing varied profit growth due to factors like historical electricity revenue recognition and depreciation from new capacity [3]. - The sanitation market remains stable, with an increase in orders for unmanned sanitation services, indicating a shift towards digital transformation in urban services [3]. - Equipment performance is diverging based on downstream influences, with conventional equipment facing margin pressure while power environmental equipment and water treatment equipment are expected to see significant profit growth [3]. Summary by Category Municipal Water Services - Overall operations are stable, with projected net profit growth for major companies: Tianyuan Environmental +18%, Xingrong Environment +5%, Hongcheng Environment +3%, and Zhongshan Public +32% for Q1-3 2025 [3][4]. Waste Incineration - The sector is expected to see varied profit growth among major companies: Hanlan Environment +16%, Green Power +15%, Junxin Co. +47%, Chengfa Environment +13%, and Yongxing Co. +8% for Q1-3 2025 [3][4]. Sanitation - Major companies are projected to have stable net profit growth: Yingfeng Environment +3% and Yuhua Tian +5% for Q1-3 2025 [3][4]. Equipment Products - Conventional equipment is expected to see a slight decline in net profit growth, with Jingjin Equipment projected at -25%. In contrast, power environmental equipment like Qingda Environmental is expected to grow by +255% [3][4]. Investment Recommendations - The report recommends focusing on municipal environmental companies such as Zhongshan Public, Junxin Co., Hanlan Environment, and others due to stable profitability and improving cash flow [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted for their potential in the digital transformation of urban services [3]. - The report also suggests monitoring suppliers of bio-aviation fuel and green methanol, as well as companies involved in reverse osmosis membrane technology due to ongoing market trends [3].