富春环保公告，第三季度营收为13.58亿元，同比增长2.28%；净利润为5695.38万元，同比下降 64.48%。前三季度营收为38.54亿元，同比增长9.01%；净利润为2.43亿元，同比下降6.06%。 ...

证券代码：002479 证券简称：富春环保 公告编号：2025-040 浙江富春江环保热电股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 浙江富春江环保热电股份有限公司 2025 年第三季度报告 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 比上年同期增减 | | 营业收入（元） | 1,357,814,188.04 | 2.28% | 3,853,514,656.63 ...

Group 1 - The company has reported its inventory of precious metals as of June 30, 2025, which includes 12,026 grams of gold, 7,508 kilograms of silver, 289 tons of tin, and 243 tons of electrolytic copper [2] - The first phase of the company's smart power plant project has passed inspection and is currently operating stably [2] - Upon full implementation of the smart power plant project, it is expected to reduce coal consumption by approximately 1% [2]

Core Insights - The "China Top 500 Enterprises" list was released for the 24th consecutive time, using the 2024 revenue as the standard for ranking [1] - The total revenue of the top 500 enterprises in 2025 reached 110.15 trillion yuan, with an entry threshold of 47.96 billion yuan [2] Company Highlights - Jiangling Group, founded in 1947, specializes in automotive R&D, manufacturing, and sales, achieving a revenue of 117.11 billion yuan in 2024, ranking 225th in the 2025 list, advancing 9 places from the previous year [3] - Municipal Public Utility Group, a large investment group involved in various sectors including water supply and municipal construction, reported a revenue of 66.71 billion yuan in 2024, ranking 366th in the 2025 list, moving up 27 places [5] Revenue Rankings - The top three companies in the 2025 list are: 1. State Grid Corporation of China: 3,945.93 billion yuan 2. China National Petroleum Corporation: 2,969.05 billion yuan 3. China Petroleum and Chemical Corporation: 2,931.96 billion yuan [7] - The complete list includes various sectors, showcasing the diversity of industries represented among the top 500 enterprises [8]

Core Viewpoint - The company has not yet integrated its smart power plant project with AI platforms like DeepSeek due to concerns over data security and system stability [2] Group 1: Smart Power Plant Project - The company has implemented smart algorithms and intelligent control models in its smart power plant project to optimize production, equipment maintenance, and energy efficiency management [2] - These technological advancements have effectively ensured the precision and efficiency of power plant operations [2] Group 2: Future Plans - The company will evaluate the integration of external smart platforms based on actual business development needs, technical compatibility, and security compliance requirements [2] - If there are plans to integrate such platforms and they meet disclosure standards, the company will fulfill its information disclosure obligations in a timely manner [2]

Core Viewpoint - The company has demonstrated strong performance in the first half of 2025, driven by multiple factors including cost reductions in raw materials and expansion in production capacity across various segments [2][5]. Group 1: Performance Analysis - The company's profit growth is attributed to several factors: a decrease in raw material costs in the heat and power generation segment, an increase in sales volume from new projects, and government subsidies received during the reporting period [2]. - The solid waste (hazardous waste) resource utilization segment has seen a reduction in gross margin due to the addition of low-margin production lines, but this has diversified raw material sources and supported overall performance [4]. Group 2: Business Development - The new heat and power generation project at the Pluray Wanzai Industrial Park commenced operations in June 2025, adding 30 MW of installed capacity and a boiler evaporation capacity of 4,420 tons/hour [3]. - The company is focusing on its core business while exploring investment opportunities in the circular economy and is considering international expansion when conditions are favorable [3]. Group 3: Revenue Growth and Market Position - Unlike some competitors in the heat and power generation sector that reported a decline in revenue, the company achieved revenue growth primarily through its solid waste resource utilization business, which added approximately 360 million yuan in revenue due to increased production lines and rising commodity prices [5]. - The company plans to enhance its operational efficiency and production system by optimizing its industrial chain layout and increasing its self-control capabilities in the solid waste resource utilization segment [6].

Group 1: Financial Performance - The company reported excellent performance in the first half of 2025, with profit growth attributed to several factors: reduced raw material costs in the cogeneration sector, increased sales volume, and government subsidies [1] - Revenue growth of approximately 360 million CNY was driven by the expansion of the hazardous waste resource utilization business and rising commodity prices [3] Group 2: Business Development - The cogeneration business has a total production capacity of 358 MW and a boiler evaporation capacity of 4,420 tons/hour, with ongoing projects expected to add 25 MW and 180 tons/hour upon completion [2] - The company is focusing on its core business while exploring investment opportunities in the circular economy and considering overseas expansion when conditions are favorable [2] Group 3: Challenges and Strategies - The gross margin of the hazardous waste resource utilization business decreased due to the addition of low-margin production lines, but this strategy diversified raw material sources and ensured safety and performance growth [2] - Future plans for the hazardous waste resource utilization business include optimizing the industrial chain and enhancing self-control capabilities to improve operational efficiency and support long-term stable development [3]

Core Viewpoint - Fuchun Environmental Protection (002479) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 2.496 billion yuan, a year-on-year increase of 13.07% [1] - Net profit attributable to shareholders was 186 million yuan, up 88.87% year-on-year [1] - In Q2 2025, total revenue was 1.373 billion yuan, reflecting a 13.26% increase year-on-year, while net profit for the quarter was 90.64 million yuan, up 13.79% [1] - The gross profit margin was 17.76%, down 2.85% year-on-year, while the net profit margin improved to 9.41%, an increase of 51.3% [1] - Total operating expenses (selling, administrative, and financial) amounted to 129 million yuan, accounting for 5.15% of revenue, a decrease of 28.62% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) doubled to 0.22 yuan, a 100% increase year-on-year [1] - The company's net asset value per share increased by 5.03% to 4.81 yuan [1] - Operating cash flow per share rose by 5.23% to 0.43 yuan [1] Cash Flow and Debt Management - Cash flow from investment activities saw a significant increase of 76.44%, attributed to the receipt of equity transfer payments and compensation [2] - Cash flow from financing activities decreased by 53.83% due to reduced bank loans and financing scale [2] - The company’s cash and cash equivalents to current liabilities ratio stands at 28.1%, indicating a need for attention to cash flow status [2] Business Model and Operations - The company relies heavily on research and development for its performance, necessitating a thorough examination of the underlying drivers [2] - The company has established a total production capacity of 340 MW in its cogeneration business, with ongoing expansion projects expected to add 43 MW [3] - The company is exploring smart power plant technologies to enhance operational efficiency through advanced control systems and data analytics [3]

Core Viewpoint - The company, Zhejiang Fuchunjiang Environmental Thermal Power Co., Ltd., has approved a plan for commodity futures hedging to manage price volatility risks associated with its metal production operations [10][19]. Group 1: Company Overview - The company has not changed its controlling shareholder or actual controller during the reporting period [5][6]. - The company plans to conduct commodity futures hedging to stabilize its operational performance and mitigate risks from price fluctuations in metals such as copper, tin, gold, silver, platinum, and palladium [10][14]. Group 2: Financial Data and Compensation - As of the report date, the company has received a total of 2.112 billion yuan in demolition compensation, with 151 million yuan still pending [8]. - The company does not plan to distribute cash dividends or issue bonus shares during the reporting period [3]. Group 3: Futures Hedging Plan - The company plans to invest up to 50 million yuan in margin for futures trading, specifically in copper futures contracts on the Shanghai Futures Exchange [11][15]. - The hedging activities will be conducted over a period of 12 months, with the ability to roll over the approved amount within the authorization period [17][27]. Group 4: Risk Management - The company has established a comprehensive risk management framework for its hedging activities, including a dedicated leadership team and risk control measures to monitor market, funding, operational, and policy risks [22]. - The company will utilize its own and self-raised funds for the hedging activities, ensuring no involvement of raised funds [18].

Buyback and Shareholder Actions - Sinopec plans to repurchase A-shares with a total fund of no less than RMB 5 billion and no more than RMB 10 billion, potentially reducing its registered capital [1] - Hengbang Mining intends to reduce its stake in the Hong Kong-listed company, WanGuo Gold, by up to 40 million shares, representing approximately 3.69% of WanGuo's total share capital [5] Product Approvals and Market Launches - Wantai Biological's nine-valent HPV vaccine has received the batch release certificate, marking its official market launch and enhancing the company's product lineup [1] - Changchun High-tech's subsidiary has received acceptance for the clinical trial application of GenSci143, a dual-specific antibody drug, which may provide new treatment options for certain tumors [7] Financial Performance - Hongxin Electronics reported a 15.01% increase in revenue to RMB 3.494 billion and a 9.85% rise in net profit to RMB 53.99 million for the first half of 2025 [2] - Sanwei Xinan experienced a net loss of RMB 29.39 million in the first half of 2025, despite a 15.19% increase in revenue to RMB 195 million [3] Corporate Developments - TianTan Bio received a commitment from its controlling shareholder to resolve new competition issues arising from a recent acquisition [4] - Feilu Co. announced a potential change in control, leading to a temporary suspension of its stock trading [8] Investment and Expansion - Jinbei Electric's subsidiary has signed a purchase agreement for a factory in Europe, marking significant progress in establishing its European production base [1] - Shengshi Technology plans to establish a wholly-owned subsidiary to integrate AI and humanoid robot technology with innovative toy products, investing RMB 10 million [6]