Core Viewpoint - The medical water treatment industry in China is experiencing a transition from rapid expansion to high-quality structural adjustment, with a shift in demand from "new equipment" to "upgrading and maintenance" driven by intelligent upgrades [1][4][8]. Market Overview - The medical water treatment industry is a sub-sector of the environmental protection industry, focusing on treating wastewater generated by medical institutions, which contains pathogenic microorganisms and hazardous pollutants [2][4]. - The market size of China's medical water treatment industry reached 11.698 billion yuan in 2023, with a year-on-year growth of 15.2%. However, it is projected to decline to 9.997 billion yuan in 2024 due to various factors [1][8]. Market Policies - The Chinese government emphasizes the development of the medical water treatment industry, incorporating medical water safety into public health strategies and issuing various policies to enhance industry standards and quality control [4][5]. Industry Structure - The industry consists of upstream sectors (wastewater treatment equipment and chemicals), midstream (project construction and facility operation), and downstream (various medical institutions) [6][8]. - The demand market is primarily composed of hospitals at different levels, with tertiary and secondary hospitals having higher standards for water treatment [6][8]. Competitive Landscape - The medical water treatment industry in China is highly competitive, with numerous participants including specialized water treatment companies, environmental engineering firms, and medical equipment manufacturers [9][10]. - Key players include Anhui Huaki Environmental Protection Technology Co., Ltd., Beijing Qingshuiyuan Technology Co., Ltd., and others, with a focus on advanced technologies and customized solutions for medical wastewater treatment [10][12]. Development Trends - Future technological advancements in the medical water treatment industry will focus on handling special pollutants and enhancing purification efficiency, with innovations in membrane materials and advanced oxidation processes [13][14]. - The industry is expected to move towards low-carbon development, with increased application of energy-saving technologies and a focus on energy consumption control and carbon emission management [14].

（住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十二月 股票简称：中环环保 债券简称：中环转 2 股票代码：300692 债券代码：123146 国泰海通证券股份有限公司 关于安徽中环环保科技股份有限公司拟向特定对象发行股票 及董事长、董事、高管变动的临时受托管理事务报告 受托管理人 重要声明 本报告依据《可转换公司债券管理办法》《公司债券发行与交易管理办法》 《公司债券受托管理人执业行为准则》《安徽中环环保科技股份有限公司 2021 年可转换公司债券受托管理协议》（以下简称《受托管理协议》）《安徽中环环 保科技股份有限公司创业板向不特定对象发行可转换公司债券募集说明书》（以 下简称《募集说明书》）等相关规定和约定、公开信息披露文件以及安徽中环环 保科技股份有限公司（以下简称"公司"、"中环环保"或"发行人"）出具的 相关说明文件以及提供的相关资料等，由受托管理人国泰海通证券股份有限公司 （以下简称"国泰海通证券"或"受托管理人"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 1 一、重大事项的基本情况 （一）拟向特定对象发行股票 根据发行人 ...

Core Viewpoint - The environmental governance sector experienced a slight increase of 0.14% on December 22, with Tongyuan Environment leading the gains, while the overall market indices also showed positive movements [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3917.36, up by 0.69% [1]. - The Shenzhen Component Index closed at 13332.73, up by 1.47% [1]. - The environmental governance sector stocks showed varied performance, with Tongyuan Environment rising by 18.56% to a closing price of 26.89 [1]. Group 2: Stock Performance - Key gainers included: - Tongyuan Environment (688679): 26.89, +18.56%, volume 120,400, turnover 321 million [1]. - Beijiete (300774): 19.41, +10.35%, volume 308,200, turnover 587.1 million [1]. - ST Xindongli (300152): 2.33, +4.95%, volume 399,700, turnover 91.91 million [1]. - Key losers included: - Huicheng Environmental (300779): 135.87, -12.43%, volume 136,100, turnover 1.963 billion [2]. - Zhongzhi Co. (603903): 14.71, -6.25%, volume 151,600, turnover 227 million [2]. Group 3: Capital Flow - The environmental governance sector saw a net outflow of 575 million from institutional investors, while retail investors contributed a net inflow of 321 million [2]. - The capital flow data indicates that retail investors were more active in the sector compared to institutional investors [2]. Group 4: Individual Stock Capital Flow - High-energy Environment (603588) had a net inflow of 21.75 million from institutional investors, while it faced a net outflow of 37.56 million from speculative funds [3]. - Tongyuan Environment (688679) experienced a net inflow of 12.82 million from institutional investors, with a slight outflow from speculative funds [3]. - The overall trend shows that while some stocks attracted institutional interest, others faced significant outflows from speculative and retail investors [3].

Group 1 - The core viewpoint of the news is that Zhonghuan Environmental Protection's stock has experienced fluctuations, with a year-to-date increase of 47.93% but a recent decline of 5.45% over the last five trading days [1] - As of December 22, the stock price is reported at 8.33 yuan per share, with a market capitalization of 3.835 billion yuan [1] - The company has seen a net outflow of 2.8965 million yuan in principal funds, with significant selling activity [1] Group 2 - Zhonghuan Environmental Protection, established on December 14, 2011, and listed on August 21, 2017, specializes in wastewater treatment and environmental engineering services [2] - The company's revenue composition includes 81.34% from investment operation services and 18.58% from engineering contracting services [2] - As of September 30, the number of shareholders is reported at 17,900, a decrease of 2.14% from the previous period [2] Group 3 - For the period from January to September 2025, Zhonghuan Environmental Protection achieved a revenue of 721 million yuan, reflecting a year-on-year growth of 2.99% [2] - The net profit attributable to the parent company for the same period was 84.6005 million yuan, representing a year-on-year increase of 13.84% [2] Group 4 - Since its A-share listing, Zhonghuan Environmental Protection has distributed a total of 111 million yuan in dividends, with 50.1137 million yuan distributed over the past three years [3]

Core Viewpoint - The company, Zhonghuan Environmental Protection, is strengthening its financial position through a private placement to raise up to 300 million yuan, primarily for working capital and debt repayment, with the actual controller, Liu Yang, fully subscribing to the offering [1][2]. Fundraising and Control - The private placement involves issuing shares at 6.85 yuan each, with a maximum of 43.8 million shares, representing 9.51% of the pre-issue total share capital, aiming to raise no more than 300 million yuan [1][3]. - Liu Yang's subscription will increase his control over the company from 15.32% to approximately 22.68% post-issuance, reinforcing his position as the actual controller [2][3]. Financial Necessity - The company has faced rising financial costs, with financial expenses increasing from 115 million yuan in 2022 to 130 million yuan in 2023, and 154 million yuan in 2024, necessitating the fundraising to enhance liquidity and reduce financial burdens [3][5]. - As of September 30, 2025, accounts receivable reached 1.125 billion yuan, indicating significant cash flow pressure that the new funds aim to alleviate [3]. Business Performance - The company has experienced declining profitability over the past three years, with net profits dropping from 171 million yuan in 2022 to 59.27 million yuan in 2024, but has shown signs of recovery in 2025 with a 2.99% increase in revenue and a 13.84% rise in net profit for the first three quarters [5]. - The company is leveraging Liu Yang's expertise in the biopharmaceutical sector to explore new growth opportunities while maintaining its core environmental services [5]. Corporate Name Change - The company plans to change its name to "Zhongfu Technology" and its English name to "Anhui Orivie Technology Co., Ltd." to better reflect its strategic direction and the recent change in control, while still focusing on its core environmental business [6].

Group 1 - The company plans to change its name from "Anhui Zhonghuan Environmental Protection Technology Co., Ltd." to "Anhui Orivie Technology Co., Ltd." and its stock abbreviation from "Zhonghuan Environmental Protection" to "Orivie Technology" to better reflect its business and strategic characteristics after a change in its actual controller [4][12][13] - The company will maintain its core environmental protection business while also planning to divest some non-core subsidiaries and invest in high-quality projects in the biopharmaceutical sector to cultivate new profit growth points [4][12] - The proposed name change and amendments to the company's articles of association will require approval from the shareholders' meeting and authorization for related business registration changes [5][12] Group 2 - The actual controller of the company changed recently, with the previous chairman resigning [5][6] - On November 4, the controlling shareholder transferred 70.54 million shares, representing 16.53% of the total share capital, at a price of 8.48 yuan per share, totaling approximately 598 million yuan [6][14] - Following the transfer, the new controlling shareholder, Beijing Dingyuan, holds 45,794,137 shares (10.73% of total shares) and the other party holds 24,747,222 shares (5.80% of total shares), totaling 70,541,359 shares (16.53% of total shares) [6][16] Group 3 - The company specializes in water treatment, waste incineration power generation, and hazardous waste treatment, with nearly a hundred large and medium-sized environmental engineering project cases and over a thousand kilometers of pipeline construction and operation experience [9][18] - In the first three quarters of the year, the company achieved operating revenue of 721 million yuan, a year-on-year increase of 2.99%, and a net profit attributable to shareholders of 84.60 million yuan, a year-on-year increase of 13.84% [9][18]

Core Viewpoint - The company, Zhonghuan Environmental Protection, is undergoing a significant transformation following a change in its controlling shareholder and actual controller, with plans to raise up to 300 million yuan through a private placement and rebrand itself to reflect a strategic shift towards technology and biomedicine [1][4]. Group 1: Fundraising and Shareholder Changes - The company plans to issue shares to its new actual controller, Liu Yang, raising no more than 300 million yuan, which will be used to supplement working capital and repay bank loans [2][3]. - Following the change in control, Liu Yang will increase his stake in the company to approximately 22.68%, further solidifying his position as the actual controller [3]. Group 2: Strategic Transformation - The company intends to change its name from "Anhui Zhonghuan Environmental Protection Technology Co., Ltd." to "Anhui Zhongfu Yuanchuang Technology Group Co., Ltd." to better align with its evolving business strategy [4][5]. - The strategic shift includes maintaining its core environmental protection business while exploring investment opportunities in the biomedicine sector, leveraging the strengths of its new controlling shareholder [5]. Group 3: Business Outlook - The company has experienced fluctuations in its main business revenue, with 2022 revenue reaching 1.405 billion yuan, but projected declines in 2023 and 2024, indicating challenges in profitability [2]. - The company aims to enhance its core competitiveness and create new profit growth points by investing in high-quality projects in the biomedicine field while still focusing on its environmental protection operations [5].

Core Viewpoint - The company, Zhonghuan Environmental Protection, plans to raise up to 300 million yuan through a private placement of shares, with the funds aimed at supplementing working capital and repaying bank loans [1]. Group 1: Share Issuance Details - The share issuance price is set at 6.85 yuan per share, with a maximum of 43,795,620 shares to be issued, representing 9.51% of the company's total share capital before the issuance [1]. - The shares will be subscribed by the actual controller, Liu Yang, who has signed a conditional share subscription agreement to fully subscribe in cash [1]. - Following the issuance, Liu Yang's direct or indirect control over the company will increase to 22.68% [1]. Group 2: Change in Company Control - The company’s controlling shareholder has changed to Beijing Dingyuan, with Liu Yang becoming the actual controller [2][3]. - Prior to the transfer, the controlling shareholder was Zhang Bozhong, who held 28.05% of the shares [5]. - The share transfer involved a total of 70,541,359 shares, representing 16.53% of the total share capital, with a transfer price of approximately 8.48 yuan per share [3][5]. Group 3: Corporate Name Change - The company plans to change its name from Anhui Zhonghuan Environmental Protection Technology Co., Ltd. to Anhui Orivie Technology Co., Ltd., along with a new stock abbreviation to Zhongfu Technology [6][7]. - This name change aims to better reflect the company's current business and strategic characteristics while maintaining its core environmental protection business [6].

Group 1 - Anbotong plans to issue H-shares and list on the Hong Kong Stock Exchange, with the board authorizing management to start preparations within 12 months [1] - Xiangsheng Medical proposes a cash dividend of 3 yuan per 10 shares for the first three quarters of 2025 [2] - Junshi Biosciences receives FDA approval for clinical trials of JS212, a dual-specific antibody-drug conjugate for treating advanced solid tumors [3] Group 2 - Zhonghuan Environmental plans to raise up to 300 million yuan by issuing shares to a specific entity, with funds allocated for working capital and bank loan repayment [4] - Guao Technology announces a change in actual control to Xu Yinghui, with stock resuming trading on December 15 [5] - Jiaze New Energy intends to invest approximately 3.557 billion yuan in a green hydrogen and methanol project in Heilongjiang [6] Group 3 - Shanghai Airport reports a 15.47% year-on-year increase in passenger throughput at Pudong International Airport for November [7] - Innovent Biologics achieves primary endpoint in a Phase IIb study of Obinutuzumab for systemic lupus erythematosus, with plans for a Phase III trial [8] - Saiyi Information leads a national major science and technology project on intelligent manufacturing systems and robotics [9] Group 4 - Yipin Hong's Qinxing Qingjie oral solution is approved as a national second-level protected traditional Chinese medicine [10] - Yipin Hong's stake in US-based Arthrosi Therapeutics is set to be acquired by Sobi for a total of up to 950 million USD [11] - Pudong Jinqiao announces the resignation of Chairman Wang Ying due to job transfer [12] Group 5 - Jiaze New Energy plans to invest in two wind power projects with a total estimated investment of approximately 2.366 billion yuan [13] - Jinpan Technology receives approval from the CSRC for issuing convertible bonds to unspecified investors [14] - Zoli Pharmaceutical intends to acquire a multi-trace element injection asset group for 356 million yuan [15] Group 6 - Jiuan Medical's US subsidiary receives pre-market notification from the FDA for multiple testing products [16][17] - Changfei Optical Fiber's subsidiary plans to participate in establishing an investment fund with a total subscription amount of 830 million yuan [18] - Chenfeng Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [19][20][21][22]

Core Viewpoint - Zhonghuan Environmental Protection announced a stock issuance to its actual controller, Liu Yang, to raise funds for working capital and bank loan repayment [1] Group 1: Stock Issuance Details - The company plans to issue no more than 43.7956 million shares, accounting for 9.51% of the total share capital before the issuance [1] - The issuance price is set at 6.85 yuan per share, with total fundraising not exceeding 300 million yuan [1] - The net proceeds from the fundraising, after deducting issuance costs, will be used entirely for supplementing working capital and repaying bank loans [1]