Core Viewpoint - The water quality testing instrument industry is experiencing steady growth driven by increasing public concern for water safety and stricter environmental regulations, with the market size projected to grow from 1.83 billion yuan in 2017 to 5.22 billion yuan by 2025, representing a compound annual growth rate (CAGR) of 14.03% [1][9]. Industry Overview - Water quality testing refers to the process of determining the types and concentrations of pollutants in water, evaluating water quality status [3]. - Key water quality indicators include comprehensive indicators (temperature, color, turbidity, pH, conductivity, suspended solids, dissolved oxygen, chemical oxygen demand, and biochemical oxygen demand) and toxic substances (phenols, cyanides, arsenic, lead, chromium, cadmium, mercury, and organic pesticides) [3]. - Water quality testing instruments can be categorized by function (single-parameter and multi-parameter testers), testing items (pH meters, total phosphorus testers, etc.), and usage environment (laboratory, portable, simple, and online testers) [4][3]. Market Demand and Growth - The market demand for water quality testing instruments is steadily increasing due to heightened public awareness and regulatory pressures [1][9]. - The industry is expected to play a crucial role in dynamic water quality monitoring, pollution warning, and comprehensive management, driven by advancements in smart, portable, and multi-parameter integrated technologies [1][9]. Industry Development Background - Water quality safety is a significant concern, with ongoing improvements in surface and groundwater quality in China [4][5]. - In 2024, 90.4% of monitored surface water quality sections were rated as good (Class I-III), indicating progress in water environment governance [5]. - Continuous, precise, and efficient monitoring of water quality is essential for ensuring environmental safety and supporting scientific decision-making [5]. Industry Chain - The upstream of the water quality testing instrument industry includes raw materials and components such as sensors, probes, circuit boards, optical components, and consumables [5]. - The midstream involves the production and manufacturing of water quality testing instruments, while the downstream encompasses sales channels and application fields, including environmental water, wastewater, and water conservancy sectors [5][6]. Competitive Landscape - The industry features a diverse competitive landscape with international leaders (e.g., Thermo Fisher, Hach, Siemens, ABB) dominating the high-end market, while domestic companies (e.g., Xuedilong, Xianhe Environmental Protection, and others) focus on mid-range markets and specialized applications [9][10]. - Domestic firms leverage their understanding of local markets and flexible service models to establish competitive advantages in mid-tier markets [10]. Key Companies - Xianhe Environmental Protection Technology Co., Ltd. has developed a comprehensive service provider model in environmental monitoring, with a reported revenue of 138 million yuan in the first half of 2025, reflecting a 0.73% year-on-year growth [10]. - Lihua Technology Co., Ltd. specializes in environmental monitoring systems, reporting a revenue of 558 million yuan in the first three quarters of 2025, marking a 5.15% increase [12]. Industry Trends - The industry is moving towards multi-parameter integration, real-time monitoring, and intelligent analysis, with future instruments expected to combine various detection technologies [13]. - There is a focus on miniaturization and rapid on-site detection capabilities, enabling water quality testing to expand into distributed scenarios such as river inspections and household water safety [14]. - Companies are transitioning from equipment suppliers to comprehensive solution providers, offering monitoring systems and data services, enhancing the value derived from long-term monitoring data [14].

Core Viewpoint - The article analyzes the 2025 performance forecasts of 22 domestic listed instrument companies, highlighting the divergence in performance and the impact of various market factors on the industry [2]. Group 1: Industry Overview - The overall operating conditions of the domestic instrument industry are gradually becoming clearer as companies disclose their 2025 performance forecasts [2]. - Among the 22 companies, 11 reported profits while 11 incurred losses; 8 of the profitable companies experienced year-on-year growth, while 3 saw stable or slightly fluctuating profits [2]. - The performance divergence is attributed to factors such as fluctuations in downstream demand, intensified industry competition, policy changes, and global supply chain instability [2]. Group 2: Performance Statistics - The net profit statistics for the listed instrument companies indicate significant growth for several firms, with some achieving over 190% year-on-year increases [3][8]. - Notable performers include: - Aiko Optoelectronics: Net profit of 0.57-0.7 billion, up 262.52-345.20% from 0.1572 billion [3]. - Haineng Technology: Net profit of 0.41-0.44 billion, up 213.65-236.61% from 0.1307 billion [3]. - Wan Yi Technology: Net profit of 0.42-0.62 billion, up 191.52-330.34% from 0.1441 billion [3]. Group 3: Industry Trends - The industry is witnessing increased performance divergence, with a trend towards higher concentration as companies with core technologies and strategic layouts capture more market share [5]. - The ongoing domestic substitution is deepening, with high-end instruments becoming a key growth driver, supported by policy incentives for high-end scientific instruments and equipment upgrades [5]. - Companies focusing on high-end sectors, such as high-end industrial imaging and clinical diagnostics, are expected to benefit from these trends [5]. Group 4: Operational Strategies - Companies facing operational pressures are likely to improve performance by divesting loss-making businesses, optimizing asset structures, and enhancing management of receivables and inventory [6]. - Profit-making companies will continue to pursue refined management practices to consolidate their advantages and enhance risk resilience [6]. Group 5: Performance Categories - Companies achieving profit growth or turning losses into profits are primarily benefiting from asset impairment improvements and business structure optimizations [18]. - The companies in this category include: - Gaode Infrared: Successfully turned around from a loss to a profit [18]. - Xianhe Environmental: Achieved profitability through structural optimization [21]. - Zhengye Technology: Also turned from loss to profit due to similar improvements [22]. Group 6: Challenges Faced - Companies experiencing expanded losses or transitioning from profit to loss share common challenges, including reliance on single business lines and significant asset impairment pressures [30]. - The need for transformation is evident, as some companies are in the process of adjusting their business models, which may not yet yield sufficient revenue to offset declines in traditional business areas [30].

Key Insights on Infrastructure Investment Opportunities - A seasonal infrastructure construction boom occurs from the end of the Spring Festival to the conclusion of the National People's Congress, lasting approximately 1-1.5 months, presenting significant investment opportunities[2] - The report identifies 10 strong sub-sectors with high odds and win rates, including engineering consulting services, environmental equipment, environmental governance, general equipment, specialized engineering, non-metallic materials, new metallic materials, specialized equipment, decoration, and plastics, with average returns of 12-15% and excess returns of 4-8% over the past decade[2][10] Selected Stocks from Strong Sub-sectors - The report highlights a portfolio of 18 stocks selected from the 10 strong sub-sectors based on a scoring model, which includes: - Engineering consulting: Qidi Design (average excess return 22.7%, win rate 100%) and Jian Ke Yuan (average excess return 16.4%, win rate 100%)[3][19] - Environmental equipment: Xianhe Environmental (average excess return 11.7%, win rate 90%) and Senyuan Co. (average excess return 12.2%, win rate 80%)[3][20] - Environmental governance: Shanghai Washba (average excess return 36.0%, win rate 100%) and Dechuang Environmental (average excess return 19.1%, win rate 89%)[3][23] - General equipment: Jialitu (average excess return 35.3%, win rate 100%) and Jinyang Sun (average excess return 28.8%, win rate 100%)[3][26] Performance and Risk Considerations - The selected 10 strong sub-sectors have consistently shown high absolute and excess return probabilities, with a stable performance track record over the past decade[10][13] - Risks include limitations of comparative studies, market learning effects leading to volatility, unexpected market downturns, and individual stock risks impacting the overall portfolio[4]

Market Overview - On January 30, the environmental equipment sector rose by 0.09% compared to the previous trading day, with Hengyu Environmental leading the gains [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Hengying Environmental (688309) closed at 31.60, up 12.06% with a trading volume of 58,100 shares and a transaction value of 175 million yuan [1] - Other notable performers included Meiyu Technology (688376) with a closing price of 69.02, up 2.77%, and Lihua Technology (300800) at 12.69, up 2.59% [1] - The table of stock performance shows various companies in the environmental equipment sector with their respective closing prices, percentage changes, trading volumes, and transaction values [1] Capital Flow - The environmental equipment sector experienced a net outflow of 124 million yuan from institutional investors, while retail investors saw a net inflow of 151 million yuan [2] - The capital flow table indicates the net inflow and outflow for various stocks within the sector, highlighting the dynamics between institutional and retail investors [2][3] Individual Stock Analysis - Yinfeng Environment (000967) had a net inflow of 28.08 million yuan from institutional investors, while Hengying Environmental (688309) saw a net inflow of 18.60 million yuan [3] - Conversely, Huahong Technology (002645) faced a significant decline of 10.00%, with a trading volume of 323,900 shares and a transaction value of 507 million yuan [2][3]

2、业绩预告情况：预计净利润为正值且属于扭亏为盈情形 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 一、本期业 绩预计情 况 1、业绩预告期间：2 0 2 5年1月1日至2 0 2 5年1 2月3 1日。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东 的净利润 | 盈利: 1,200 万元–1,800 万元 | 亏损:15,241.36 万元 | | 扣除非经常性损益后 | 盈利:165 万元—765 万元 | 亏损: 15,770.88 万元 | | 的净利润 | | | 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据为公司财务部门初步测算结果，未经会计 师事务所审计。公司就业绩预告有关事项已与会计师事务所进行了预 沟通， 公司与会计师事务所在本报告期的业绩预告方面不存在重大分歧。 三、业绩变动原因说明 公司2 0 2 5年度归属于上市公司股东的净利润扭亏为盈的主要原因如下： 1、本报告期内，公司收回账龄在三年以上的欠款约9 , 5 0 0万元，本年度 计提信用减值损失 ...

Market Overview - The environmental equipment sector experienced a decline of 1.59% on January 29, with Meiyetech leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the environmental equipment sector included: - Yutong Bus (600817) with a closing price of 12.63, up 7.40% [1] - Huahong Technology (002645) with a closing price of 17.30, up 4.28% [1] - Yanpai Co., Ltd. (301081) with a closing price of 11.81, up 2.70% [1] - Major decliners included: - Meiyetech (688376) with a closing price of 67.16, down 9.24% [2] - Xianhe Environmental (300137) with a closing price of 10.38, down 4.42% [2] - Qinda Environmental (688501) with a closing price of 27.00, down 3.88% [2] Capital Flow - The environmental equipment sector saw a net outflow of 114 million yuan from institutional investors, while retail investors experienced a net inflow of 60.96 million yuan [2] - Specific stock capital flows included: - Huahong Technology (002645) had a net inflow of 69.43 million yuan from institutional investors [3] - Xianhe Environmental (300137) had a net inflow of 20.90 million yuan from institutional investors [3] - Meiyetech (688376) had a significant net outflow of 36.3 million yuan from institutional investors [3]

公司2025年度归属于上市公司股东的净利润扭亏为盈的主要原因如下：本报告期内，公司收回账龄在三 年以上的欠款约9,500万元，本年度计提信用减值损失较2024年度下降约10,300万元。公司结合实际经营 情况，依据《企业会计准则》及公司会计政策相关规定，对企业合并形成的商誉开展减值测试，预计本 年度计提商誉减值准备约500万元，相较于2024年度7,441万元的计提金额，降幅显著。预计2025年度非 经常性损益对公司净利润的影响约为1,035万元，主要来源于债务重组收益。 格隆汇1月28日丨先河环保（维权）(300137.SZ)公布，预计2025年归属于上市公司股东的净利润1,200万 元–1,800万元，同比扭亏为盈，扣除非经常性损益后的净利润165万元–765万元，同比扭亏为盈。 ...

证券日报网讯 1月28日，先河环保发布公告称，公司预计2025年归属于上市公司股东的净利润盈利1， 200万元–1，800万元，上年同期亏损15，241.36万元，实现扭亏为盈。 （文章来源：证券日报） ...

Core Viewpoint - The company expects to turn a profit in 2025, with a projected net profit attributable to shareholders ranging from 12 million to 18 million yuan, marking a significant turnaround from previous losses [1] Financial Performance - The expected net profit for 2025 is projected to be between 12 million and 18 million yuan, indicating a year-on-year turnaround [1] - The net profit excluding non-recurring gains and losses is anticipated to be between 165 thousand and 765 thousand yuan [1] Key Reasons for Profit Turnaround - The company recovered approximately 95 million yuan in receivables that were overdue for more than three years, leading to a decrease in credit impairment losses by about 103 million yuan compared to 2024 [1] - A significant reduction in goodwill impairment testing is expected, with an estimated provision of about 5 million yuan for the current year, down from 74.41 million yuan in 2024 [1] - Non-recurring gains are expected to impact net profit by approximately 10.35 million yuan, primarily from debt restructuring gains [1]

先河环保公告，预计2025年度净利润为1200万元–1800万元，同比实现扭亏为盈。预计扣除非经常性损 益后净利润为165万元–765万元。公司2025年度归属于上市公司股东的净利润扭亏为盈的主要原因如 下：1、本报告期内，公司收回账龄在三年以上的欠款约9500万元，本年度计提信用减值损失较2024年 度下降约1.03亿元。2、公司结合实际经营情况，依据《企业会计准则》及公司会计政策相关规定，对 企业合并形成的商誉开展减值测试，预计本年度计提商誉减值准备约500万元，相较于2024年度7441万 元的计提金额，降幅显著。3、预计2025年度非经常性损益对公司净利润的影响约为1035万元，主要来 源于债务重组收益。 ...