Core Viewpoint - The company, Weili, anticipates a net profit loss attributable to shareholders of 250 million to 350 million yuan for 2025, compared to a loss of 736 million yuan in the same period last year [1] Financial Performance - The expected net profit loss after deducting non-recurring items is projected to be between 243 million and 343 million yuan, down from a loss of 813 million yuan year-on-year [1] - Revenue decline is primarily due to a contraction in the scale of traditional environmental engineering business execution and undertaking [1] Cost and Cash Flow - The company is implementing optimization measures to adapt to business development, which has led to increased costs, and the amortization of convertible bond interest is also impacting performance [1] - Operating net cash flow has improved, estimated at approximately 390 million yuan, while non-recurring gains and losses are expected to affect net profit by about -7 million yuan [1] Asset Impairment - The company expects to recognize an asset impairment provision of approximately 300 million yuan [1]

证券代码：300190 证券简称：维尔利 公告编号：2026-003 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 2025 年度业绩预告 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。 一、本期业绩预计情况 | 项 | 目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 亏损：25,000 | 万元–35,000 万元 | -73,640.19 万元 | | 扣除非经常性损 益后的净利润 | | 亏损：24,300 | 万元-34,300 万元 | -81,318.50 万元 | 二、与会计师事务所沟通情况 本次业绩预告相关财务数据尚未经会计师事务所审计。公司已就业绩预告有关情况与 年审会计师事务所进行了预沟通，公司与年审会计师事务所在本报告期业绩预告方面不存 在分歧。 三、业绩变动原因说明 1、本报告期，公司经营相对改善，但整体预计归属于上市公司股东的净利润为负， 主要原因如下： 报告期内，公司积极布局生 ...

Core Insights - The industrial solid waste treatment industry in China is in its early development stage, with low industrialization and market concentration. The market size is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5% [1][15] - By 2025, the market size is expected to reach approximately 1,089.92 billion yuan, driven by stricter environmental regulations, the implementation of circular economy strategies, and continuous innovation in treatment technologies [1][15] Industry Overview - Industrial solid waste treatment involves the systematic collection, professional transportation, and final disposal of solid and semi-solid waste generated during industrial production. The main goal is to achieve harmlessness, reduction, and resource recovery [2][4] - The industry includes various treatment methods such as physical, chemical, and biological processes, with applications in raw material utilization, incineration power generation, and pyrolysis gasification [2][6] Market Size and Growth - The market size of the industrial solid waste treatment industry in China is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a CAGR of 5%. By 2025, it is expected to reach approximately 1,089.92 billion yuan [1][15] - The industrial solid waste treatment equipment and engineering market is also expanding, with a projected growth from 73.99 billion yuan in 2019 to 84.57 billion yuan in 2024, and an expected size of 86.86 billion yuan in 2025 [11] Policy Support - The Chinese government has implemented several policies to support the development of industrial solid waste treatment facilities, emphasizing the importance of harmless and resourceful treatment as essential infrastructure for urban development [7][8] - Key policies include the establishment of a waste recycling system by 2025 and the comprehensive management action plan for solid waste, which aims to enhance the management and tracking of industrial solid waste [7][8] Industry Chain - The industrial solid waste treatment industry chain includes upstream equipment manufacturing, midstream specialized collection and treatment, and downstream resource recovery and recycling [9][10] - Key equipment includes waste crushing, incineration, landfill, and recycling equipment, which are crucial for the effective treatment of industrial solid waste [9][11] Key Players - Major companies in the industrial solid waste treatment sector include Hanlan Environment, Greeenmei, Fuchun Environmental Protection, Weiming Environmental Protection, and others, which are competing based on technology integration, operational efficiency, and resource recovery depth [1][15][16] - Hanlan Environment has developed a comprehensive service capability for solid waste treatment, while Fuchun Environmental Protection has expanded its business model to include resource recovery and environmental monitoring [17][18] Challenges - The industry faces challenges such as insufficient treatment capacity, outdated technology, and non-standard management practices, which hinder effective waste treatment and increase environmental risks [19] - Many regions lack adequate treatment facilities, leading to an imbalance in treatment capacity across different areas [19] Future Trends - The industry is expected to evolve towards precision separation and high-value resource recovery, utilizing advanced technologies for better waste management [20][22] - There will be a shift from project-based operations to comprehensive lifecycle management and regional collaborative disposal, enhancing efficiency and reducing environmental risks [20][21] - The value proposition of industrial solid waste treatment companies will transform from being a cost center to creating measurable carbon reduction and sustainability solutions [22]

Core Viewpoint - The company, Pengyao Environmental Protection, confirmed that there are no undisclosed cooperation projects or intentions with Weili, and it is focusing on clean energy applications through its own distributed photovoltaic power generation projects [1] Group 1: Company Information - Pengyao Environmental Protection has invested in and constructed several distributed photovoltaic power generation projects [1] - The company is not collaborating with Weili in the clean energy sector [1] - The company will continue to monitor quality cooperation opportunities and development prospects in the industry [1] Group 2: Disclosure and Compliance - The company stated that it will fulfill its information disclosure obligations if there are any cooperation matters or project situations that need to be disclosed in the future [1] - The company is currently unclear about the specifics of the "new energy power generation phase one project" mentioned by investors [1]

Core Insights - The company announced that as of January 21, 2026, a total of 80,780,462 shares have been converted from the "Weir Convertible Bonds," representing 10.3359% of the company's total issued shares prior to conversion [1] - There are still 6,303,185 bonds that have not been converted, accounting for 68.72% of the total issuance [1] - The "Weir Convertible Bonds" were issued in April 2020 with a total amount of 917 million yuan, with a conversion period from October 19, 2020, to April 12, 2026 [1] - The initial conversion price was set at 7.58 yuan per share, which has been adjusted multiple times, with the latest conversion price being 3.55 yuan per share [1] - As of December 29, 2025, the company has repurchased 31,413,715 shares, which have all been used for the conversion of the "Weir Convertible Bonds" [1]

证券代码：300190 证券简称：维尔利 公告编号：2026-002 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 关于可转债转股数累计达到转股前已发行股份 总额 10%的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、转股情况：截至2026年1月21日，维尔利环保科技集团股份有限公司（以 下简称"公司"）公开发行的可转换公司债券"维尔转债"累计转股数量为 80,780,462股，占"维尔转债"开始转股前公司已发行股份总额781,554,210股 的10.3359%。 2、未转股情况：截至2026年1月21日，尚有6,303,185张"维尔转债"未转 股，占公司可转换公司债券发行总量9,172,387张的68.72%。 一、可转债发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会证监许可〔2020〕21号文核准，维尔利环保科技 集团股份有限公司于2020年4月13日公开发行了9,172,387张可转换公司债券，每 张面值100元，募集资金总额91,723.87万元。本次公开发行的可转换公 ...

Core Viewpoint - The company, Veerli Environmental Technology Group, confirmed a strategic investment in Primech Holdings amounting to $4 million, aimed at developing robotic solutions for hazardous and complex industrial environments [1] Group 1: Investment Details - Primech Holdings announced the completion of a $40 million strategic financing, primarily for the development, production, and market expansion of autonomous robots and AI cleaning systems [1] - Veerli's investment will support the research and market expansion of Primech Holdings' robotic business [1] Group 2: Strategic Collaboration - A strategic cooperation framework agreement has been signed between Veerli and Primech Holdings to jointly develop robotic solutions [1] - The collaboration aims to empower Veerli's environmental business and promote digital and intelligent transformation, contributing to the construction of a smart environmental energy ecosystem for sustainable development [1]

Group 1 - The company, Weili, reported that as of January 10, the number of its shareholders was approximately 19,600 [2]

Core Viewpoint - The company is focusing on the production of Sustainable Aviation Fuel (SAF) derived from various waste materials, aiming to reduce carbon emissions in the aviation industry [2] Group 1: Company Operations - The company specializes in the resource utilization of organic waste, including the treatment of leachate, kitchen waste, biogas, bio-natural gas, biofuels, and VOCs recovery [2] - The company has accumulated rich project resources through its initial kitchen waste treatment operations [2] Group 2: UCO Business - The company's Used Cooking Oil (UCO) business is divided into two main segments: self-operated kitchen waste projects producing approximately 20,000 tons of waste oil annually, and investment partnerships to establish processing plants [2] - The company plans to achieve a production capacity of approximately 280,000 tons of waste oil by 2026, with a target of 300,000 tons [2] Group 3: Supply Chain Strategy - The company aims to secure raw material resources through its strategies, establishing a stable supply system for raw materials [2] - The company will process waste oils into UCO that meets the production standards for SAF, ensuring stable supply and product quality [2]

Core Viewpoint - The company is actively engaged in the production of Sustainable Aviation Fuel (SAF) using various raw materials, including used cooking oil (UCO), and aims to enhance its capacity and resource stability in this sector [2]. Group 1: Company Operations - The company specializes in the resource utilization of organic waste, with operations including the treatment of garbage leachate, kitchen waste, biogas, and biofuels [2]. - The UCO business is divided into two main segments: self-operated kitchen waste projects producing approximately 20,000 tons of waste oil annually, and investment partnerships aimed at establishing processing plants with a future capacity of 280,000 tons of waste oil [2]. - The company plans to achieve a production capacity of 300,000 tons by 2026, focusing on securing raw material resources and establishing a stable supply system [2]. Group 2: Industry Context - Sustainable Aviation Fuel (SAF) is produced from agricultural and forestry waste, catering to the aviation industry's need to reduce carbon emissions [2]. - The company aims to process waste oils into UCO that meets SAF production standards, ensuring stable supply and product quality for SAF manufacturers [2].