Core Viewpoint - Xingyuan Environment (300266) reported a slight increase in total revenue and a significant improvement in net profit loss for the first half of 2025, indicating a mixed financial performance with concerns over cash flow and debt levels [1][2]. Financial Performance - Total revenue for the reporting period reached 472 million yuan, a year-on-year increase of 2.74% [1] - Net profit attributable to shareholders was -34.93 million yuan, showing a year-on-year improvement of 60.34% [1] - In Q2 alone, total revenue was 306 million yuan, up 7.29% year-on-year, while net profit attributable to shareholders was -9.06 million yuan, an increase of 86.68% year-on-year [1] Profitability Metrics - Gross margin stood at 13.5%, a decrease of 5.6% year-on-year [1] - Net margin was -10.77%, an increase of 48.9% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 154 million yuan, accounting for 32.66% of revenue, a decrease of 4.84% year-on-year [1] Cash Flow and Debt Analysis - The company has a significant accounts receivable balance, with accounts receivable accounting for 94.03% of the latest annual revenue [1] - Cash flow per share was -0.03 yuan, a decrease of 222.96% year-on-year [1] - The company has a cash to current liabilities ratio of only 8.55%, indicating potential liquidity issues [2] - The interest-bearing debt ratio has reached 35.51%, raising concerns about the company's debt levels [2] Historical Performance - The company has recorded a median ROIC of -1.52% over the past decade, with the worst year being 2018 at -21.2% [2] - Out of 13 annual reports since its listing, the company has reported losses in 6 years, suggesting a generally poor financial track record [2]

Core Viewpoint - The company, Xingyuan Environment, faces significant legal and operational challenges following a court ruling related to its subsidiary, which may lead to further project terminations and regulatory penalties [1][2]. Group 1: Legal Issues - Xingyuan Environment's subsidiary, Zhangzhou Xingyuan Water Co., was convicted of interfering with pollution monitoring equipment, resulting in a fine of 500,000 yuan and prison sentences for two executives [1][2]. - The court ruling was based on findings that the monitoring equipment was tampered with, leading to distorted data and violations of national pollution monitoring standards [2]. Group 2: Financial Impact - The local government repurchased the BOT concession for the Chengdong sewage treatment plant for approximately 28.95 million yuan, prompting the company to initiate the cancellation process for Zhangzhou Xingyuan [1]. - The company reported that the affected subsidiary contributed less than 1% to its revenue in 2024, but the net asset value of the BOT project is around 40 million yuan, with expected impairment losses exceeding 10 million yuan [2]. Group 3: Regulatory Concerns - The company has faced scrutiny regarding its internal controls and compliance risks, especially after a previous incident where another PPP project was penalized for inflated revenue, resulting in a fine of 2 million yuan [2]. - Regulatory authorities are likely to impose stricter requirements on the company's operational compliance and sustainability due to these ongoing issues [2].

Core Viewpoint - The company, Xingyuan Environment, faces significant legal and operational challenges due to the criminal conviction of its subsidiary, Zhangzhou Xingyuan Water Co., for falsifying pollution monitoring data, leading to penalties and the termination of its operating rights for a wastewater treatment project [1][2][3]. Group 1: Legal Issues - Zhangzhou Xingyuan was found guilty of interfering with pollution monitoring equipment, resulting in falsified data that misrepresented the actual wastewater discharge [2]. - The court sentenced Zhangzhou Xingyuan to a fine of 500,000 yuan, while the general manager and production manager received prison sentences with probation [3]. Group 2: Operational Impact - The operating rights for the Chengdong Wastewater Treatment Plant, managed by Zhangzhou Xingyuan, were prematurely terminated by the local government due to ongoing issues with wastewater treatment capacity [4]. - The local government will repurchase the project rights for approximately 28.95 million yuan, and the company plans to initiate the cancellation of Zhangzhou Xingyuan following this agreement [5].

Core Viewpoint - The company Xinyuan Environment (兴源环境) announced that its wholly-owned subsidiary Zhangzhou Xinyuan Water Co., Ltd. (漳州兴源) has been penalized for falsifying pollution monitoring data, resulting in criminal convictions for its management and the termination of its operating rights for a wastewater treatment project [1][4][6]. Group 1: Legal and Regulatory Issues - Zhangzhou Xinyuan was found guilty of interfering with monitoring equipment and falsifying data, leading to a fine of 500,000 yuan and criminal sentences for its general manager and production manager [5][6]. - The court determined that the company used a plastic bottle containing an unknown liquid to mislead monitoring results, which did not accurately reflect the wastewater being discharged [5][6]. Group 2: Project Termination - The operating rights for the Chengdong Wastewater Treatment Plant, which was under a 29-year BOT agreement signed in June 2016, have been prematurely terminated by the local government due to ongoing issues with wastewater treatment capacity [6][9]. - The local government will repurchase the project rights for an estimated value of 28.95 million yuan, and the company plans to initiate the cancellation of Zhangzhou Xinyuan following this agreement [9][10].

证券代码：300266 证券简称：兴源环境 公告编号：2025-077 兴源环境科技股份有限公司 关于子公司收到《刑事判决书》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。 2024 年 5 月 25 日，诏安生态环境局和漳州兴源共同委托专家对该案件造 成的生态环境损害情况进行评估认定，确定本案生态损害赔偿金额为 33,223.5 元。 2024 年 6 月 12 日，诏安生态环境局与漳州兴源签订生态环境损害赔偿协 议，根据该协议，2024 年 6 月 17 日漳州兴源将 33,223.5 元生态损害赔偿金汇 到福建省诏安国有防护林场用于替代修复造林。 兴源环境科技股份有限公司（以下简称"公司"）全资子公司漳州兴源水 务有限公司（以下简称"漳州兴源"）于近日收到诏安县人民法院出具的《刑 事判决书》【(2025)闽 0624 初 89 号】，现将有关情况公告如下： 一、案件基本情况 （一）案件当事人 公诉机关：福建省诏安县人民检察院 被告单位：漳州兴源水务有限公司 被告人：吴某某、王某某 （二）基本情况 2024 年 3 月 7 日，漳州市诏安生态环境局 ...

Financial Performance - The company's total revenue is 472 million yuan, an increase of 12.58 million yuan compared to the same period last year, achieving a year-on-year growth of 2.74% [1] - The net profit attributable to the parent company is -34.93 million yuan, an increase of 53.14 million yuan compared to the same period last year, marking two consecutive years of growth [1] - The net cash flow from operating activities is -49.88 million yuan [1] Key Financial Ratios - The latest debt-to-asset ratio is 92.28% [3] - The latest gross profit margin is 13.50%, an increase of 2.34 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -62.06% [3] - The diluted earnings per share is -0.02 yuan, an increase of 0.03 yuan compared to the same period last year, achieving two consecutive years of growth [3] - The latest total asset turnover ratio is 0.05 times, remaining flat compared to the same period last year, with a year-on-year increase of 8.04% [3] - The latest inventory turnover ratio is 1.82 times, an increase of 0.34 times compared to the same period last year, representing a year-on-year growth of 23.22% [3] Shareholder Structure - The number of shareholders is 30,800, with the top ten shareholders holding 723 million shares, accounting for 46.52% of the total share capital [3] - The largest shareholder is New Hope Investment Group Co., Ltd., holding 13.76% of the shares [3] - Other significant shareholders include Ningbo Jin Feng Intelligent Technology Co., Ltd. (12.48%) and Shanghai Changfu Investment Management Co., Ltd. (10.17%) [3]

原标题：兴源环境爆丑闻：子公司干扰监测设备一审被刑事定罪，29年特许经营项目遭提前回购并终止 每经记者｜赵李南 每经编辑｜魏文艺 8月27日，兴源环境（300266.SZ，股价2.73元，市值42.42亿元）公告称，其全资子公司漳州兴源水务有限公司（以下简称"漳州兴源"）于近日收到诏安县人 民法院出具的《刑事判决书》。 《每日经济新闻》记者注意到，漳州兴源不仅因污染源监测数据造假被法院判处罚金，其总经理和生产运营经理也因"破坏计算机信息系统罪"一审获刑。同 时，该子公司运营的城东污水处理厂BOT（建设—经营—转让）项目特许经营权也提前终止。 "漳州兴源为公司非重要子公司，本事项不会对公司正常生产经营产生重大影响。"兴源环境表示。 刑事判决书曝光：干扰监测设备造假数据 兴源环境公布的《刑事判决书》内容揭示了一起令人震惊的环保数据造假案件。 事件始于2024年3月7日，诏安生态环境局对漳州兴源运营的城东污水处理厂进行检查时，发现该厂的化学需氧量和氨氮自动监测设备的采样进水管并未按照 规定连接至废水总排口。 图片来源：兴源环境公告 相反，上述设备实际采集的水样来自一个装有"不明液体"的塑料瓶。这一行为导致监测数据严 ...

证券代码：300266 证券简称：兴源环境 公告编号：2025-075 兴源环境科技股份有限公司 本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规定 的重大资产重组行为，无需经过有关部门批准。根据《深圳证券交易所创业板股 票上市规则》的相关规定，本次回购协议签署在公司董事会审批权限范围内，无 需提交股东大会审议。 二、交易标的基本情况 本次交易标的为福建省诏安县城东污水处理厂特许经营权资产。该项目位于 福建省诏安县，污水处理能力为 1.2 万吨/日。 根据福建普和会计师事务所有限公司出具的《诏安县城东污水处理厂 BOT 项目投资款支出专项审计报告》[闽普和专审字[2025]0279 号]，项目专项投资审 计金额为 43,614,241 元。参照提前终止补偿协议中不可抗力造成的终止，经双 方友好协商，项目账面价值为 36,094,544 元。 关于城东污水处理厂 BOT 项目政府回购并提前终止特许经营权的公告 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。 兴源环境科技股份有限公司(以下简称"公司")于 2025 年 8 月 26 日召开第 六届 ...

证券日报网讯 8月27日晚间，兴源环境发布公告称，公司将于2025年9月15日召开2025年第五次临时股 东大会。本次股东大会将审议《关于修订的议案》《关于修订公司部分制度的议案》等多项议案。 （编辑 楚丽君） ...

兴源环境科技股份有限公司 章程 二 O 二五年八月 | | | | | | 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司系由原杭州兴源过滤机有限公司整体变更，并由全体发起人采取发起设 立方式设立；公司在浙江省市场监督管理局注册登记，取得企业法人营业执照， 持 有 的 统 一 社 会 信 用 代 码 为 91330000609124409H （ 原 营 业 执 照 号 为 330184000024440）。 第三条 公司于 2011 年 9 月 2 日经中国证券监督管理委员会（以下简称"中 国证监会"）批准，首次向社会公众发行人民币普通股 1400 万股，于 2011 年 9 月 27 日在深圳证券交易所创业板上市。 第四条 公司注册名称： 中文名称：兴源环境科技股份有限公司 英文名称：Xingyuan Environment Technolo ...