Core Viewpoint - Tianshan Aluminum is expected to achieve a net profit of 2.2 billion yuan in Q1 2026, representing a year-on-year increase of 107.92% [1] Group 1: General Performance Trends - The performance increase of Tianshan Aluminum reflects a broader trend among A-share companies, with many forecasting significant profit growth for Q1 2026 [2][3] - As of the report, 17 A-share companies have disclosed their Q1 2026 performance forecasts, with several, including Okoyi and Fuxiang Pharmaceutical, expecting net profit growth exceeding 100% [4] Group 2: Specific Company Forecasts - Okoyi anticipates a net profit of 180 million to 220 million yuan for Q1 2026, with a year-on-year growth rate of 2248.9% to 2770.9% [4] - Fuxiang Pharmaceutical expects a net profit of 52 million to 75 million yuan, marking a growth of 2222.67% to 3250.01% compared to the previous year [4] - Wanbang expects a net profit of 165 million yuan, reflecting a growth of 985.40% year-on-year [5] - Fuliwang forecasts a net profit of 40 million to 50 million yuan, with a growth rate of 183.84% to 254.81% [5] Group 3: Reasons for Performance Increases - The reasons for the expected profit increases vary by company, including improved industry conditions, new growth points, and low comparison bases from the previous year [6] - Okoyi cites rising raw material costs and increased production capacity as key factors for its growth [7] - Fuxiang Pharmaceutical benefits from the growing demand in the new energy sector, particularly in lithium battery materials [7] - Wanbang's transition from generic to innovative drugs has started to yield positive results, contributing to its performance [7] - Fuliwang attributes its growth to increased revenue from its 3C consumer electronics business and improved operational efficiency [8] - Tianshan Aluminum reports a 10% increase in aluminum production and a 17% rise in sales prices, alongside effective cost control [8]

| 证券代码：300190 | 证券简称：维尔利 | 公告编号：2026-018 | | --- | --- | --- | | 债券代码：123049 | 债券简称：维尔转债 | | 维尔利环保科技集团股份有限公司 关于维尔转债即将到期及停止交易的第四次提示性公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性负个别及连带责任。 特别提示： 1、"维尔转债"到期日：2026年4月12日（星期日） 2、"维尔转债"兑付登记日:2026年4月10日 3、"维尔转债"到期兑付价格：118元人民币/张（含税及最后一期利息） 5、"维尔转债"停止交易日：2026年4月8日 6、"维尔转债"最后转股日：2026年4月10日 7、 截至2026年4月10日收市后仍未转股的"维尔转债"将被强制赎回；本 次赎回完成后，"维尔转债"将在深圳证券交易所摘牌。特此提醒"维尔转债" 持有人注意在转股期内转股。 8、在停止交易后、转股期结束前（即2026年4月8日至2026年4月10日），"维 尔转债"持有人仍可以依据约定的条件，将"维尔转债"转换为公司股票，目前 转股价格 ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

Financial Performance - The total operating revenue for 2025 was CNY 163,856.85 million, a decrease of 19.98% compared to the previous year[4] - The operating profit improved to CNY -36,549.50 million, an increase of 52.04% year-over-year[5] - The total profit amounted to CNY -36,146.35 million, reflecting a growth of 53.01% compared to the last year[5] - The net profit attributable to shareholders was CNY -34,812.46 million, showing a 52.73% improvement year-over-year[5] - The basic earnings per share were CNY -0.44, an improvement of 54.17% compared to the previous year[4] Cash Flow and Assets - The net cash flow from operating activities was approximately CNY 390 million for the year[5] - Total assets at the end of the reporting period were CNY 667,198.02 million, down 12.64% from the beginning of the period[4] - The equity attributable to shareholders decreased to CNY 265,852.38 million, a decline of 4.12%[4] - The company reported a cash balance of approximately CNY 736 million at the end of the reporting period[5] Business Expansion - The company is actively expanding into green energy businesses such as biogas and biofuel oil, with projects in various stages of development[5]

Financial Performance - The company expects a net profit of between 4,000,000 to 6,000,000 CNY for Q1 2026, marking a turnaround from a loss of 54,720,000 CNY in the same period last year [4]. - The net profit after deducting non-recurring gains and losses is projected to be between 3,880,000 to 5,820,000 CNY, compared to a loss of 55,843,700 CNY in the previous year [4]. Business Optimization - The overall gross margin has increased due to continuous optimization of the business structure [6]. - Cost control measures and personnel adjustments have further reduced expenses, contributing to the expected profitability in Q1 2026 [6]. Reporting - The specific financial data for Q1 2026 will be disclosed in the company's detailed quarterly report [8].

Group 1 - The article discusses a fire incident at a wholly-owned subsidiary of Kaitian New Materials, which has been ordered to suspend production [1] - The article mentions the subscription of new shares for companies such as Puang Medical and Zuxing New Materials listed on the Beijing Stock Exchange [1] - It provides a list of convertible bonds, including their current prices, redemption prices, last trading dates, and conversion values [4][5][7] Group 2 - The article highlights that Yongji Co., the controlling shareholder, plans to reduce its stake by no more than 2% [5] - It notes that Lidong New Materials intends to invest 280 million yuan to expand its battery aluminum foil project [5] - The article states that the Zhongte convertible bond will not undergo a reset [5]

| 证券代码: | | --- | | 300190 | 证券代码：300190 证券简称：维尔利 公告编号：2026-014 债券代码：123049 债券简称：维尔转债 维尔转债转股期限为 2020 年 10 月 19 日至 2026 年 4 月 12 日。 本次权益变动前，公司控股股东常州德泽持有公司股份 219,879,484 股，其 所持股份占公司总股本比例为 24.93%（以 2026 年 3 月 2 日的总股本 881,846,738 股计算）。自 2026 年 3 月 3 日至 2026 年 3 月 16 日期间，由于"维尔转债"转股， 公司股份新增 37,662,124 股，公司总股本自 881,846,738 股增加至 919,508,862 1 维尔利环保科技集团股份有限公司 关于控股股东持股比例因公司可转债转股 被动稀释触及 1%整数倍的公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性负个别及连带责任。 特别提示： 1、本次权益变动主要系维尔利环保科技集团股份有限公司（以下简称"公 司"或"维尔利"）可转换公司债券转股导致 ...

| | | 维尔利环保科技集团股份有限公司 关于维尔转债预计触发赎回条件的提示性公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性负个别及连带责任。 特别提示： 自2026年2月10日至2026年3月17日，维尔利环保科技集团股份有限公司（以 下简称"公司"）股票已有10个交易日的收盘价不低于当期转股价格3.55元/股 的130%（即4.62元/股），若后续公司股票的收盘价格继续不低于当期转股价格 的130%（含130%，即4.62元/股），预计将可能触发"维尔转债"的有条件赎回 条款。 根据《维尔利环保科技集团股份有限公司创业板公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）的有条件赎回条款，在本次发行的 可转换公司债券（以下简称"可转债"）转股期内，公司股票任何连续三十个交 易日中至少十五个交易日的收盘价格不低于当期转股价格的130%（含130%），公 司有权按照债券面值加当期应计利息的价格赎回全部或部分未转股的可转债。若 触发有条件赎回条款，公司将按照相关规定及时履行后续审议程序和信息披露义 务。 敬请广大投资者及时关注公 ...

| | | 维尔利环保科技集团股份有限公司 关于维尔转债即将到期及停止交易的第三次提示性公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性负个别及连带责任。 4、"维尔转债"最后交易日：2026年4月7日 5、"维尔转债"停止交易日：2026年4月8日 6、"维尔转债"最后转股日：2026年4月10日 7、 截至2026年4月10日收市后仍未转股的"维尔转债"将被强制赎回；本 次赎回完成后，"维尔转债"将在深圳证券交易所摘牌。特此提醒"维尔转债" 持有人注意在转股期内转股。 8、在停止交易后、转股期结束前（即2026年4月8日至2026年4月10日），"维 尔转债"持有人仍可以依据约定的条件，将"维尔转债"转换为公司股票，目前 转股价格为3.55元/股。 一、可转债发行上市基本情况 特别提示： 1、"维尔转债"到期日：2026年4月12日（星期日） 2、"维尔转债"兑付登记日:2026年4月10日 3、"维尔转债"到期兑付价格：118元人民币/张（含税及最后一期利息） （二）可转债上市情况 经深圳证券交易所同意，公司9,172,387张可转换公司 ...

| | | 维尔利环保科技集团股份有限公司 关于维尔转债即将到期及停止交易的第二次提示性公告 本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性负个别及连带责任。 特别提示： 1、"维尔转债"到期日：2026年4月12日（星期日） 2、"维尔转债"兑付登记日:2026年4月10日 7、 截至2026年4月10日收市后仍未转股的"维尔转债"将被强制赎回；本 次赎回完成后，"维尔转债"将在深圳证券交易所摘牌。特此提醒"维尔转债" 持有人注意在转股期内转股。 8、在停止交易后、转股期结束前（即2026年4月8日至2026年4月10日），"维 尔转债"持有人仍可以依据约定的条件，将"维尔转债"转换为公司股票，目前 转股价格为3.55元/股。 一、可转债发行上市基本情况 3、"维尔转债"到期兑付价格：118元人民币/张（含税及最后一期利息） 4、"维尔转债"最后交易日：2026年4月7日 5、"维尔转债"停止交易日：2026年4月8日 6、"维尔转债"最后转股日：2026年4月10日 （一）可转债发行情况 经中国证券监督管理委员会《关于核准维尔利环保科技集团股份 ...