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]

Market Overview - The environmental equipment sector rose by 0.64% on October 22, with ST Xianhe leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - ST Xianhe (300137) closed at 8.02, up 4.43% with a trading volume of 138,100 shares and a turnover of 110 million yuan [1] - Yutong (600817) closed at 11.76, up 2.89% with a trading volume of 83,400 shares [1] - Jiuwu High-Tech (300631) closed at 31.67, up 2.39% with a trading volume of 166,000 shares [1] - Other notable performers include Falunsheng (000890) up 1.65% and Chulin Technology (001336) up 1.48% [1] Fund Flow Analysis - The environmental equipment sector experienced a net outflow of 22.79 million yuan from institutional investors, while retail investors saw a net outflow of 17.78 million yuan [2] - Conversely, speculative funds recorded a net inflow of 40.58 million yuan [2] Individual Stock Fund Flow - Huahong Technology (002645) had a net inflow of 17.58 million yuan from institutional investors, while retail investors faced a net outflow of 38.68 million yuan [3] - Zhitong Heavy Industry (600817) saw a net inflow of 11.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Longyuan Technology (300105) had a net inflow of 7.25 million yuan from institutional investors, while retail investors faced a net outflow of 3.56 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the power sector, emphasizing the potential for upward performance in specific stocks [5][9]. Core Insights - The report highlights that Q3 performance for thermal power is improving, with coal prices rebounding, which enhances expectations for stable electricity prices. The average coal price at ports was 673 RMB/ton in Q3, down 180 RMB/ton year-on-year, but has recently increased to 739 RMB/ton [5][14]. - Hydropower is expected to benefit from improved autumn rainfall, with significant increases in inflow and outflow at the Three Gorges Dam, showing a 48.15% and 102.78% year-on-year increase respectively [5][14]. - Adjustments in tax policies for wind and nuclear power are noted, with offshore wind power receiving a 50% VAT refund policy from November 1, 2025, while onshore wind will no longer enjoy VAT refunds [3][4][14]. Summary by Sections Industry Overview - The Shanghai Composite Index fell by 1.47% and the CSI 300 Index decreased by 2.22% during the week of October 13-17, 2025. The CITIC Power and Utilities Index decreased by 0.43%, outperforming the CSI 300 by 1.79 percentage points [5][63]. Thermal Power - Q3 results for thermal power are on an upward trend, with a notable increase in expected profits for companies like Jiantou Energy, which anticipates a 232% increase in net profit [5][14]. - The report emphasizes the importance of coal price stability for maintaining electricity price expectations for 2026 [5][14]. Hydropower - The report notes significant improvements in hydropower due to favorable autumn rainfall, with a focus on the increased inflow and outflow at the Three Gorges Dam [5][14]. Wind and Nuclear Power - The report discusses the new tax policies affecting wind and nuclear power, highlighting the competitive advantage of offshore wind power due to the new VAT refund policy [3][4][14]. Key Stocks - The report recommends focusing on specific stocks within the thermal power sector, including Huaneng International, Huadian International, and others, as well as emphasizing the value of hydropower investments [5][9].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

Core Insights - The environmental equipment sector saw a slight increase of 0.09% on October 15, with Qingda Environmental leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Environmental Equipment Sector Performance - Qingda Environmental (688501) closed at 29.55, with a rise of 3.68% and a trading volume of 29,700 hands, totaling a transaction value of 115.65 million [1] - Henghe Co. (920145) increased by 3.00% to close at 27.11, with a trading volume of 18,900 hands and a transaction value of 50.81 million [1] - ST Xianhe (300137) rose by 2.61% to 7.08, with a trading volume of 95,500 hands and a transaction value of 67.01 million [1] - Other notable performers include Chuangyuan Technology (000551) up 1.94%, Zhongcai Energy Saving (603126) up 1.32%, and Longjing Environmental (600388) up 1.20% [1] Capital Flow Analysis - The environmental equipment sector experienced a net outflow of 110 million from institutional investors, while retail investors saw a net inflow of 104 million [2] - The main capital inflow and outflow for specific stocks include: - Longjing Environmental (600388) had a net inflow of 13.27 million from main capital [3] - Qingda Environmental (688501) saw a net inflow of 4.40 million from main capital [3] - Faersheng (000890) experienced a significant net outflow of 15.54 million from main capital [3]

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]