Core Viewpoint - Xuelang Environment is facing significant financial and operational challenges, including a lawsuit related to a loan dispute and ongoing financial losses, which have raised concerns about its solvency and future profitability [1][2][6]. Financial and Legal Issues - The company is involved in a lawsuit with Suzhou Bank Wuxi Branch over a financial loan contract dispute, with the amount in question exceeding 49 million yuan [1][4]. - As of the end of Q3 2025, the company's total liabilities exceeded 2.14 billion yuan, with an asset-liability ratio of approximately 93.6% [2][8]. - The company has been subject to multiple civil lawsuits, with a total amount of 11.34 million yuan that has not been disclosed due to not meeting disclosure standards [5]. Operational Performance - Xuelang Environment has reported continuous losses for three consecutive years, with net profits of -117 million yuan in 2022, -47 million yuan in 2023, and a projected -464 million yuan in 2024, marking the highest loss since its listing [7]. - The company's revenue for the first three quarters of 2025 was 263 million yuan, a decrease of 33.51% year-on-year, with a net profit of -158 million yuan, down 4.22% year-on-year [7]. Asset Management - The company has experienced significant asset impairment due to underperformance of several acquisitions, leading to goodwill and asset write-downs totaling 5.19 billion yuan and 1.04 billion yuan in 2020 and 2022, respectively [8]. - As of December 2023, the company had 11 frozen bank accounts with a total balance of only 3.57 million yuan, indicating severe liquidity issues [5][6]. Market Performance - Despite the financial difficulties, Xuelang Environment's stock price has increased by nearly 35% year-to-date, closing at 6.35 yuan on December 4 [9].

Core Viewpoint - Xuelang Environment is facing significant financial distress, including a lawsuit related to a loan dispute and ongoing operational losses, raising concerns about its future viability [1][4]. Group 1: Legal and Financial Issues - Xuelang Environment has been sued by Suzhou Bank Wuxi Branch over a financial loan dispute involving over 49 million yuan [1]. - The company has been subject to a pre-restructuring application by creditor Jiangsu Xinniu Cable Co., citing its inability to repay debts and lack of repayment capacity [2]. - As of the announcement, Xuelang Environment has 11 frozen bank accounts with a total balance of only 357.16 million yuan, while the court has frozen assets worth approximately 49.68 million yuan [2][3]. Group 2: Financial Performance - The company has reported continuous losses for three consecutive years, with net profits of -117 million yuan in 2022, -47 million yuan in 2023, and projected -464 million yuan in 2024, marking the highest loss since its listing [4][5]. - As of September 30, 2025, total assets were 2.29 billion yuan, a decrease of nearly 445 million yuan from the end of 2024, with total liabilities around 2.14 billion yuan, resulting in a debt-to-asset ratio of approximately 93.6% [5]. - The decline in profitability is attributed to underperformance of previous acquisitions, leading to significant goodwill and asset impairments, as well as decreasing gross margins in its core business areas [5]. Group 3: Market Position and Stock Performance - Xuelang Environment specializes in flue gas purification, ash treatment, hazardous waste disposal, and resource utilization, having been a player in the environmental sector for over 20 years [4]. - Despite the financial challenges, the company's stock price has increased by nearly 35% year-to-date, closing at 6.35 yuan [5].

Group 1 - The company announced a change in its accounting policy for investment properties, shifting from a cost model to a fair value model [2] - This change in accounting policy will take effect starting January 1, 2025 [2]

一、审议通过《关于会计政策变更的议案》 董事会认为：公司本次会计政策变更事项履行的审议程序符合相关法律法规、 规范性文件及《公司章程》的规定，且变更后的会计政策可以更加客观地反映投 资性房地产的真实价值，不存在损害公司及股东利益的情形，因此，董事会同意 该事项。本议案已经公司董事会审计委员会审议通过。 《关于会计政策变更的公告》详见创业板指定信息披露网站巨潮资讯网。 赞成票：9 票；反对票：0 票；弃权票：0 票。 无锡雪浪环境科技股份有限公司董事会 证券代码：300385 证券简称：雪浪环境 公告编号：2025-095 无锡雪浪环境科技股份有限公司 第五届董事会第二十四次会议决议公告 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。 无锡雪浪环境科技股份有限公司（以下简称"公司"）第五届董事会第二十 四次会议（以下简称"会议"或"本次会议"）于 2025 年 12 月 4 日上午 10:00 在公司会议室以现场结合通讯的方式召开，本次会议经全体董事一致同意豁免会 议通知期限要求，会议通知已于 2025 年 12 月 3 日以通讯方式发出，本次会议应 参与表决董 ...

证券代码：300385 证券简称：雪浪环境 公告编号：2025-096 无锡雪浪环境科技股份有限公司 关于会计政策变更的公告 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。 特别提示： 1、无锡雪浪环境科技股份有限公司（以下简称"公司"）对投资性房地产 的后续计量模式进行会计政策变更，由成本计量模式变更为公允价值计量模式， 变更于 2025 年 1 月 1 日起开始执行。 2、截至目前，公司尚无投资性房地产，本次会计政策变更暂不会导致公司 所有者权益及净利润等会计指标发生变化，不会产生实际现金流，亦不会对公司 实际盈利能力产生重大影响。 3、本次会计政策变更后，如后续公司存在投资性房地产，且相关资产受宏 观经济环境影响导致其公允价值变动，可能会增加公司未来年度业绩波动的风险。 一、会计政策变更的概述 （一）变更原因 公司当前实施的会计政策规定对投资性房地产的后续计量采用成本计量模 式，该模式难以动态反映投资性房地产在当前市场下的公允价值，为更加客观地 反映投资性房地产的真实价值，公司对投资性房地产的后续计量模式进行变更， 由成本计量模式变更为公允价值计量模式。 ...

证券代码：300385 证券简称：雪浪环境 公告编号：2025-094 无锡雪浪环境科技股份有限公司 关于公司重大诉讼暨部分银行账户被冻结的公告 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： 1、案件所处的诉讼（仲裁）阶段：尚未开庭审理 2、上市公司所处的当事人地位：被告 3、涉案的金额：49,675,070 元 4、对上市公司损益产生的影响：目前此案件处于诉讼未开庭审理阶段，判 决结果是否会对本期利润或期后利润造成影响尚无法确定，最终将以年度审计机 构的意见为准。 一、本次诉讼暨银行账户冻结的基本情况 无锡雪浪环境科技股份有限公司（以下简称"公司"或"被告"）于近日收 到苏州工业园区人民法院（以下简称"苏州法院"）送达的《传票》、《起诉状》 和《民事裁定书》，获悉苏州银行股份有限公司无锡分行（以下简称"申请人"） 因金融借款合同纠纷向苏州法院提起诉讼，并向苏州法院申请了诉前财产保全， 冻结公司部分银行账户。 截至本公告披露时，本次保全公司被冻结的银行账户情况如下： | 序号 | 被冻结开户行 | 账号 | 账户类 | 账户余额（元） | 冻 ...

Core Viewpoint - The report highlights a decline in the production of air pollution control equipment in China, indicating potential challenges for companies in the industry [1]. Industry Summary - According to the National Bureau of Statistics, the production of air pollution control equipment in China was 30,000 units in September 2025, representing a year-on-year decrease of 4.5% [1]. - Cumulatively, from January to September 2025, the total production of air pollution control equipment reached 237,000 units, showing a significant decline of 18.7% compared to the previous year [1]. Company Summary - Listed companies in the air pollution control sector include Longjing Environmental Protection (600388), Qingxin Environment (002573), Fida Environmental Protection (600526), Xuelang Environment (300385), China Electric Environmental Protection (300172), and Yongqing Environmental Protection (300187) [1]. - The report by Zhiyan Consulting provides insights into the market supply and demand dynamics of the air pollution control equipment industry in China from 2025 to 2031, highlighting investment potential [1].

Core Viewpoint - The Jiangsu state-owned enterprise reform sector experienced a slight increase of 0.2% on December 1, with Suhao Huihong leading the gains. The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1]. Group 1: Stock Performance - Suhao Huihong (600981) closed at 3.39, with a significant increase of 10.06%, and a trading volume of 1.6251 million shares, amounting to a transaction value of 515 million yuan [1]. - Zhongsheng Gaoke (002778) also saw a rise of 10.00%, closing at 24.09, with a trading volume of 38,600 shares and a transaction value of 92.1486 million yuan [1]. - Happiness Blue Ocean (300528) increased by 8.25%, closing at 23.88, with a trading volume of 501,800 shares and a transaction value of 1.202 billion yuan [1]. Group 2: Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 56.16 million yuan from main funds, while retail investors saw a net inflow of 25.39 million yuan [2]. - Main funds showed a significant net inflow in Suhao Huihong (600981) of 63.38 million yuan, representing 12.30% of the total, despite a net outflow of 67.48 million yuan from retail investors [3]. - Happiness Blue Ocean (300528) had a net inflow of 61.16 million yuan from main funds, but also faced a net outflow of 72.62 million yuan from retail investors [3].

Market Overview - The environmental governance sector increased by 0.33% on November 27, with Xuelang Environment leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Xuelang Environment (300385) closed at 6.93, up 7.94% with a trading volume of 331,300 shares [1] - Fuan Co., Ltd. (603315) closed at 15.05, up 6.89% with a trading volume of 257,100 shares [1] - Shengyuan Huai Bao (300867) closed at 22.93, up 6.55% with a trading volume of 293,500 shares [1] - Other notable gainers include Zhongshan Public Utility (000685) and *ST Taihe (605081) with increases of 5.56% and 5.04% respectively [1] Underperformers - ST New Power (300152) closed at 2.40, down 4.00% with a trading volume of 360,500 shares [2] - Dechuang Environmental (603177) closed at 12.26, down 3.84% with a trading volume of 122,200 shares [2] - Other notable decliners include Zhongzhi Holdings (603903) and Feima International (002210) with decreases of 3.60% and 3.11% respectively [2] Capital Flow - The environmental governance sector experienced a net outflow of 381 million yuan from institutional investors, while retail investors saw a net inflow of 358 million yuan [2] - Speculative funds had a net inflow of approximately 22.24 million yuan [2] Individual Stock Capital Flow - Shengyuan Environmental (300867) had a net inflow of 60.79 million yuan from institutional investors, while retail investors experienced a net outflow of 72.10 million yuan [3] - Fuan Co., Ltd. (603315) saw a net inflow of 54.38 million yuan from institutional investors, with retail investors also facing a net outflow of 51.45 million yuan [3] - Zhongshan Public Utility (000685) had a net inflow of 38.87 million yuan from institutional investors, while retail investors faced a net outflow of 26.88 million yuan [3]

证券代码：300385 证券简称：雪浪环境 公告编号：2025-093 无锡雪浪环境科技股份有限公司 关于被债权人申请预重整的专项自查报告 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。 无锡雪浪环境科技股份有限公司（以下简称"公司"或"被申请人"）于 2025 年 11 月 19 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于公司被债权人 申请预重整的提示性公告》，公司债权人江苏鑫牛线缆有限公司（以下简称"申 请人"）以公司不能清偿到期债务且明显缺乏清偿能力，但具有重整价值为由， 向无锡市中级人民法院（以下简称"无锡中院"或"法院"）申请对公司进行预 重整，不包含公司子公司。截至本公告披露日，公司尚未收到法院受理的相关文 书资料，申请人的申请能否被法院受理、后续公司能否进入预重整和重整程序尚 存在重大不确定性。 截至本报告披露日，公司不存在因涉及欺诈发行、重大信息披露违法或者其 他严重损害证券市场秩序的重大违法行为而导致股票可能被终止上市的情形。 根据《深圳证券交易所创业板股票上市规则》（以下简称"《创业板上市规则》"） 和《深圳证券交易所 ...