Core Insights - The environmental governance sector saw a slight increase of 0.45% on November 20, while the Shanghai Composite Index decreased by 0.4% and the Shenzhen Component Index fell by 0.76% [1] Group 1: Market Performance - The environmental governance sector's main stocks experienced mixed performance, with the leading stock being Beijete [1] - The Shanghai Composite Index closed at 3931.05, and the Shenzhen Component Index closed at 12980.82 [1] Group 2: Capital Flow - The environmental governance sector experienced a net outflow of 93.23 million yuan from main funds, while retail investors saw a net outflow of 73.20 million yuan [2] - Conversely, speculative funds recorded a net inflow of 166 million yuan [2] Group 3: Individual Stock Performance - Huicheng Environmental had a main fund net inflow of 97.52 million yuan, while retail investors had a net outflow of 86.75 million yuan [2] - Shengyuan Environmental saw a main fund net inflow of 86.25 million yuan, with a retail net outflow of 12.70 million yuan [2] - Beijete recorded a main fund net inflow of 75.07 million yuan, but faced a retail net outflow of 33.78 million yuan [2] - Other notable stocks included Fulongma, Sandamembrane, and Dechuang Environmental, each with varying levels of net inflows and outflows from different investor categories [2]

证券代码：300385 证券简称：雪浪环境 公告编号：2025-092 无锡雪浪环境科技股份有限公司 关于取得专利证书的公告 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。 无锡雪浪环境科技股份有限公司（以下简称"雪浪环境"或"公司"）于近 日收到了中华人民共和国国家知识产权局颁发的 1 项专利证书，具体情况如下： | 专利名称 | 专利类型 | 专利号 | 专利 | 专利申 | 应用领域 | | --- | --- | --- | --- | --- | --- | | | | | 权人 | 请日 | | | 一种固废热解熔 | | | | | | | 融一体化处理系 | 实用新型 | ZL202422842804.8 | 雪浪环境 | 2024.11.21 | 固废资源化 | | 统 | | | | | | 上述专利为公司自主研发，其所涉及技术与公司主要技术相关，该专利尚未 应用于公司产品。 上述专利的取得和运用，不会对公司生产经营造成重大影响，但有利于公司 进一步完善知识产权保护体系，形成持续创新机制，保持技术领先地位，提升公 司的核心竞争力。 特此公告 ...

Shareholder Reduction - Qi Yun Investment of Su Da Co., Ltd. plans to reduce its stake by no more than 3% [1] - Great Wall Asset Management of Hunan Baiyin plans to reduce its stake by no more than 1.95% [1] - Jingguo Rui and the National Integrated Circuit Fund of Yan Dong Wei plan to collectively reduce their stake by no more than 2.5% [1] - The controlling shareholder of Renmin Tongtai, Harbin Pharmaceutical Group, plans to reduce its stake by no more than 1% [1] - The shareholder of ST Yishite, Dongfang Group, plans to reduce its stake by no more than 3% [1] - Liu Xiaopeng and Zheng Yong of Langke Intelligent plan to collectively reduce their stake by no more than 1.68% [1] - Multiple shareholders of Jinkai Biotechnology plan to collectively reduce their stake by no more than 5.94% [1] - Chen Guoxing of Meidixi plans to reduce his stake by no more than 1.64% [1] - Yatai Yizhao of Zhengzhong Design has cumulatively reduced its stake by 2.92% [1] - Miao Yufang of General Shenti has cumulatively reduced its stake by 1.09% [1] - Xu Xiangcan of Mind Electronics has cumulatively reduced its stake by 1.6429% [1] Other Company News - ST Dongyi's stock is subject to additional delisting risk warnings [1] - Xuelang Environment has been applied for pre-restructuring by creditors [1]

Core Viewpoint - Wuxi Xuelang Environmental Technology Co., Ltd. is facing severe financial difficulties, leading to a pre-restructuring application by creditor Jiangsu Xinniu Cable Co., Ltd. due to the company's inability to repay debts and lack of repayment capacity, although it has restructuring value [1] Financial Performance - As of September 30, 2025, the company's total assets decreased to 2.29 billion, down 16.26% from 2.735 billion at the end of 2024; total liabilities increased to 2.143 billion, with the debt-to-asset ratio rising from 89% to 93.6% [1] - The equity attributable to the parent company dropped significantly to 82.41 million, a decrease of 65.65% from 240 million at the end of 2024 [1] Profitability Issues - For the first nine months of 2025, the company reported revenue of 263 million, a year-on-year decline of 33.51%; the net loss attributable to shareholders was 158 million, although it was an improvement from the full-year loss of 464 million in 2024 [2] - Cumulative losses have persisted for several years, with undistributed profits at -427 million by the end of 2024, exceeding the paid-in capital of 333 million, necessitating shareholder meeting review as per company law [2] Impairment Losses - The root cause of the losses includes significant impairment losses from underperforming acquisitions, with 519 million and 104 million impairment recorded for Nanjing Zhuoyue Environmental Technology Co., Ltd. and Shanghai Changying Environmental Service Co., Ltd. respectively [2] - In 2024, additional impairments of 30 million for Nanjing Zhuoyue's asset group and 18 million for Shanghai Changying's goodwill were also recorded [2] Operational Challenges - The suspension of the solid waste resource utilization project by Nanjing Zhuoyue led to an asset impairment loss of 14.25 million in 2024 [3] - The company's main business is under pressure due to macroeconomic conditions and intensified industry competition, resulting in declining gross margins in the environmental equipment and hazardous waste disposal sector [3] - Delays in project execution and collection cycles have exacerbated cash flow issues, creating a vicious cycle of declining revenue, tight cash flow, and debt defaults [3] Future Outlook - The board of directors stated that the company will actively respond to the pre-restructuring application in accordance with the Enterprise Bankruptcy Law, aiming to maintain stable daily operations regardless of the outcome [3] - The acceptance of the pre-restructuring application by the Wuxi Intermediate People's Court will be a critical first step in determining the company's future [3]

Acquisitions - Chenyi Intelligent plans to acquire 55% equity of Huaze Electronics for cash, making Huaze a subsidiary after the transaction [1] - Beijiete intends to acquire 55% equity of Dahao Mining for 224.8 million yuan, which will be included in the consolidated financial statements post-transaction [2] - Jinbei Automotive aims to invest 158 million yuan to acquire 52% equity of Zhongtuo Technology through capital subscription and equity transfer, resulting in Zhongtuo becoming a subsidiary [3] Performance Disclosure - SF Holding reported a 13.68% year-on-year increase in express logistics revenue for October, totaling 20.091 billion yuan, with a business volume of 1.524 billion pieces, up 26.26% [4] - YTO Express announced an 8.97% year-on-year growth in express product revenue for October, reaching 6.216 billion yuan, with a business volume of 2.79 billion pieces, up 12.78% [5] - Yunda Holdings experienced a 0.88% year-on-year decline in express service revenue for October, totaling 4.495 billion yuan, with a business volume of 2.135 billion pieces, down 5.11% [6] Shareholding Changes - Kanglongda announced that Huzhou Helin Fund plans to reduce its stake by up to 3%, equating to a maximum of 4.8333 million shares [7] - Yandong Microelectronics disclosed that the National Integrated Circuit Fund and Jingguorui plan to reduce their stakes by a combined maximum of 2.5%, with the National Fund reducing up to 21.4143 million shares and Jingguorui up to 14.2762 million shares [8] - Fuguang Co., Ltd. reported that its controlling shareholder plans to increase its stake by no less than 80 million yuan and no more than 150 million yuan, with a minimum purchase price of 21 yuan per share [9] Risk Matters - Xuelang Environment received a pre-restructuring application from a creditor, citing the company's inability to repay due debts and lack of repayment capacity, but indicating potential for restructuring [10] - Jieqiang Equipment received a warning letter from Tianjin Securities Regulatory Bureau for administrative regulatory measures due to compliance issues [11] - Hefei Urban Construction confirmed that its operations are normal and there are no undisclosed significant matters, despite abnormal stock price fluctuations [12]

Core Viewpoint - Xuelang Environment (300385) is facing a pre-restructuring application due to its inability to repay debts and lack of repayment capacity, but it is considered to have restructuring value [1] Group 1: Pre-restructuring Application - Xuelang Environment received a notice from creditor Jiangsu Xinniu Cable Co., Ltd. applying for pre-restructuring due to the company's inability to repay due debts [1] - If the court accepts the pre-restructuring application, the company will hire a guide to assist in the restructuring process, including debt claims, asset investigation, and recruiting restructuring investors [1] Group 2: Restructuring Process - During the pre-restructuring period, the company will communicate with creditors and potential restructuring investors to gather feedback and develop a feasible restructuring plan [1] - If the company enters the restructuring process, a manager will be appointed by the court to draft a restructuring plan for creditor approval [1] Group 3: Financial Performance - For the first three quarters of 2025, Xuelang Environment reported revenue of 263 million yuan, a year-on-year decrease of 33.51%, and a net loss of 158 million yuan, a decrease of 4.22% [2] - The company’s traditional business includes flue gas purification and ash treatment systems, as well as hazardous waste disposal and resource utilization services [2]

Core Viewpoint - Xuelang Environment (300385) has received a notice from creditor Jiangsu Xinniu Cable Co., Ltd., applying for pre-restructuring due to the company's inability to repay due debts and a clear lack of repayment capacity, despite having restructuring value [1] Group 1 - The creditor has filed a request with the Wuxi Intermediate People's Court for the company to undergo pre-restructuring [1] - The application cites the company's inability to settle its due debts as a primary reason for the restructuring request [1] - The creditor believes that the company still possesses restructuring value, which is a key factor in the application [1]

Core Viewpoint - The company is facing a potential pre-restructuring process due to an application from a creditor, citing inability to repay debts and lack of repayment capacity, despite having restructuring value [1] Group 1 - The creditor, Jiangsu Xinniu Cable Co., Ltd., has submitted a notice to the company, indicating that it cannot repay its due debts [1] - The creditor has applied to the Wuxi Intermediate People's Court for pre-restructuring, arguing that the company has significant restructuring value [1] - As of the announcement date, the company has not received any documents from the court regarding the acceptance of the pre-restructuring application, leading to uncertainty about the outcome [1]

证券代码：300385 证券简称：雪浪环境 公告编号：2025-091 无锡雪浪环境科技股份有限公司 关于公司被债权人申请预重整的提示性公告 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、今日，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"）收到债权人江苏鑫牛线缆有限公司（以下简称"申请人"）送达的《通知书》， 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。 2、本次申请人向法院提交对公司进行预重整的申请，不包含公司子公司。 预重整为法院正式受理重整前的程序，即使法院对公司进行预重整，也不代表公 司正式进入重整程序。截至本公告披露日，公司尚未收到法院受理本次预重整的 文件，申请人的申请能否被法院受理、公司后续是否进入预重整或重整程序均存 在不确定性。即使进入相关程序，预重整或重整能否成功亦存在不确定性。公司 将依据相关法律法规的规定及时履行进展披露义务。同时，无论是否进入预重整 或重整程序，公司都将在现有基础上继续积极做好日常 ...

远闻（上海）律师事务所 关于无锡雪浪环境科技股份有限公司 2025 年第六次临时股东会的 法律意见书 地址：上海市浦东新区东方路 69 号裕景国际商务广场 A 座 7 楼 邮编：200120 电话：021-50366225 传真：021-50366733 网址：www.yuanwenlaw.com 邮箱：sh@yuanwenlaw.com 远闻（上海）律师事务所 法律意见书 远闻（上海）律师事务所 关于无锡雪浪环境科技股份有限公司 2025 年第六次临时股东会的 法律意见书 致：无锡雪浪环境科技股份有限公司 远闻（上海）律师事务所（以下简称"本所"）接受无锡雪浪环境科技股份 有限公司（以下简称"贵公司"）的聘请，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》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》（以下简称"《管理办法》"）、《律师事务所从事证 券法律业务执业规则（试行）》（以下简称"《执业规则》"）及贵公司章程（以 下简称"《公司章程》"）等有关规定，指派律师出席贵公司 2025 年第六次 ...