Core Viewpoint - The stock of Huicheng Environmental Protection has experienced fluctuations, with a year-to-date increase of 61.87%, but a recent decline in the last 20 and 60 days [1][2]. Company Overview - Huicheng Environmental Protection Technology Group Co., Ltd. was established on February 27, 2006, and went public on May 22, 2019. The company primarily provides waste catalyst treatment services for refining enterprises and develops, produces, and sells FCC catalysts and other resource utilization products [2]. - The revenue composition of the company includes: 62.93% from hazardous waste treatment services, 30.15% from resource utilization products, 3.97% from other products, 2.43% from three waste governance, and 0.53% from other sources [2]. Financial Performance - For the period from January to September 2025, Huicheng Environmental Protection achieved an operating income of 875 million yuan, representing a year-on-year growth of 1.47%. However, the net profit attributable to the parent company was 27.55 million yuan, a decrease of 36.59% year-on-year [2]. - The company has distributed a total of 85.27 million yuan in dividends since its A-share listing, with 40.27 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of Huicheng Environmental Protection increased to 23,000, up by 105.96%. The average circulating shares per person decreased by 51.18% to 6,847 shares [2]. - Notable new shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, holding 1.4045 million shares and 1.2554 million shares, respectively [3].

Group 1 - The report highlights that the wealth management market in China has seen a significant increase in scale, reaching a new high despite valuation rectification pressures, with a third-quarter increase of 1.46 trillion yuan, which is 620 billion yuan more than the same period last year [5] - The report indicates that the financial institutions' deposit growth has slowed down, with a total increase of 4.76 trillion yuan in deposits in the third quarter, which is a decrease of 400 billion yuan year-on-year [5] - The wealth management and bond fund scales have shown a year-on-year decrease in the second half of the year, while deposits have started to recover [5] Group 2 - The report discusses the growth potential of the pool cleaning robot industry, which has a current market size of 2.5 billion USD and is expected to grow to 4.21 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [6] - The company is positioned as a leading player in the pool cleaning robot market, holding a 9.2% market share and ranking third globally, with the top five manufacturers accounting for approximately 74.9% of the market [6] - The report emphasizes the company's competitive advantages, including strong R&D capabilities, comprehensive product offerings, and a robust multi-channel sales strategy [6] Group 3 - The report notes that the company has experienced a slowdown in revenue growth, with a 2025 year-to-date revenue of 1.76 billion yuan, reflecting an 18.7% increase year-on-year, while net profit has decreased by 29% [11] - The company is expected to face continued pressure on profitability due to significant investments in new product molds [11] - The report projects net profits for the company to be 121 million yuan, 145 million yuan, and 171 million yuan for 2025, 2026, and 2027, respectively, indicating a decline in 2025 followed by growth in subsequent years [11] Group 4 - The report indicates that the company has achieved a significant increase in revenue and net profit, with a third-quarter revenue of 19.68 billion yuan, representing a 129.19% year-on-year growth [31] - The new game "杖剑传说" has contributed significantly to the company's revenue growth, with total revenue from this game reaching 11.66 billion yuan in the first three quarters of 2025 [31] - The report highlights the company's strong performance in overseas markets, with a 59.46% year-on-year increase in overseas revenue [33]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company experienced a steady revenue growth in Q3 2025, with a revenue of 310 million yuan, representing a year-on-year increase of 16.0%. However, the net profit attributable to the parent company decreased by 36.5% year-on-year for the first three quarters of 2025, totaling 30 million yuan [1] - The increase in Q3 profit is attributed to higher sales and revenue from catalysts and increased income from ash disposal. The overall profit decline in the first three quarters is due to delayed steam sales and rising overall expenses from expanding new projects [1][2] - The company's mixed waste plastic deep catalytic cracking project has begun normal sales, with plans to achieve full production by early 2026, which is expected to be a new growth point for the company [3] Financial Performance Summary - For the first three quarters of 2025, the gross margin improved to 26.4%, up by 1.6 percentage points year-on-year. However, the net cash flow from operating activities saw a significant decline of 3416.5%, amounting to -140 million yuan, primarily due to reduced cash receipts from sales and increased cash payments for new projects [2] - The company forecasts revenues of 1.25 billion yuan, 2.50 billion yuan, and 3.82 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 110 million yuan, 480 million yuan, and 810 million yuan for the same years [4][3] - The projected P/E ratios for 2025, 2026, and 2027 are 265.7x, 63.4x, and 37.1x respectively, indicating a significant expected growth in profitability over the forecast period [4]

Market Overview - The environmental governance sector increased by 0.53% on October 29, with Shanghai Xiba leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Notable gainers in the environmental governance sector included: - Shanghai Xiba (603200) with a closing price of 92.86, up 6.64% [1] - Baolijie (920802) at 18.51, up 6.20% [1] - Haitan Co. (603759) at 11.00, up 5.87% [1] - Fulongma (603686) at 25.57, up 5.49% [1] - Huicheng Environmental (300779) at 161.07, up 5.29% [1] - Conversely, the following stocks experienced declines: - Haixia Environmental (603817) at 7.17, down 7.00% [2] - ST Taihe (605081) at 11.23, down 4.99% [2] - Zhuojin Co. (688701) at 9.22, down 4.55% [2] Capital Flow - The environmental governance sector saw a net inflow of 339 million yuan from institutional investors, while retail investors experienced a net outflow of 178 million yuan [2][3] - Major stocks with significant capital inflows included: - Fulongma (603686) with a net inflow of 3.12 billion yuan [3] - Shanghai Xiba (603200) with a net inflow of 196 million yuan [3] - Huicheng Environmental (300779) with a net inflow of 116 million yuan [3] - Stocks with notable net outflows included: - Fulongma (603686) with a net outflow of 1.11 billion yuan from retail investors [3] - Shanghai Xiba (603200) with a net outflow of 4.51 million yuan from retail investors [3]

Core Viewpoint - Huicheng Environmental Protection has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Relevant Sections Issuance Details - The company plans to raise a total of up to 850 million yuan (approximately 85 million) through this issuance, which will be allocated to various projects including the general industrial solid waste treatment project and environmental resource utilization project in the Jieyang Dannan Sea Petrochemical Industrial Zone, as well as to supplement working capital [1][2] - The total investment for the projects is approximately 1.1586862 billion yuan (approximately 115.87 million), with specific allocations of 376.67 million for the solid waste treatment project, 532.0162 million for the resource utilization project, and 250 million for working capital [2] Investor Participation - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust companies, financial companies, insurance institutions, and qualified foreign institutional investors [2] - All participating investors will subscribe to the shares using cash in RMB at a unified price [2] Pricing and Share Quantity - The issuance will adopt a pricing method based on an inquiry system, with the final price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [3] - The number of shares issued will be determined by dividing the total raised funds by the issuance price, not exceeding 30% of the company's total share capital after excluding treasury shares, which amounts to a maximum of 58,197,099 shares [4] - The actual controlling shareholder, Zhang Xinkong, will not subscribe to the new shares, maintaining control with a reduced stake of 33.38% post-issuance [4] Underwriting and Regulatory Process - The underwriting for this issuance is handled by Zhongde Securities Co., Ltd., with designated representatives overseeing the process [4]

Core Viewpoint - Huicheng Environmental Protection (300779.SZ) reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 875 million yuan, reflecting a year-on-year growth of 1.47% [1] - The net profit attributable to shareholders of the listed company was 27.55 million yuan, representing a year-on-year decrease of 36.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 19.16 million yuan, down 44.33% year-on-year [1] - Basic earnings per share stood at 0.15 yuan [1]

Core Viewpoint - Huicheng Environmental Protection (300779.SZ) reported a slight increase in revenue for the first three quarters of the year, but a significant decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 870 million yuan, representing a year-on-year increase of 1.47% [1] - The net profit attributable to shareholders of the listed company was 27.545 million yuan, showing a year-on-year decrease of 36.47% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 19.16 million yuan, which is a year-on-year decline of 44.33% [1]

公司本次向特定对象发行股票事项尚需获得中国证监会作出同意注册的决 定后方可实施，最终能否获得中国证监会同意注册的决定及其时间尚存在不确定 性。 公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者谨慎 决策，注意投资风险。 特此公告。 青岛惠城环保科技集团股份有限公司 证券代码：300779 证券简称：惠城环保 公告编号：2025-094 债券代码：123118 债券简称：惠城转债 青岛惠城环保科技集团股份有限公司 关于向特定对象发行股票申请获得深圳证券交易所 上市审核中心审核通过的公告 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。 青岛惠城环保科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日收到深圳证券交易所（以下简称"深交所"）出具的《关于青岛惠城环 保科技集团股份有限公司申请向特定对象发行股票的审核中心意见告知函》，深 交所发行上市审核机构对公司向特定对象发行股票的申请文件进行了审核，认为 公司符合发行条件、上市条件和信息披露要求，后续深交所将按规定报中国证券 监督管理委员会（以下简称"中国证监会"）履行相关注册程 ...

Group 1 - The core viewpoint of the article highlights Huicheng Environmental's financial performance in Q3 2023, showing a revenue increase but a significant decline in net profit and earnings per share [1] Group 2 - Huicheng Environmental reported a revenue of approximately 875 million yuan for the first three quarters of 2023, representing a year-on-year increase of 1.47% [1] - The net profit attributable to shareholders was about 27.55 million yuan, reflecting a year-on-year decrease of 36.47% [1] - The basic earnings per share were 0.15 yuan, down 31.82% compared to the previous year [1] - As of the report, Huicheng Environmental's market capitalization stood at 30.2 billion yuan [2]

Financial Performance - The company's revenue for Q3 2025 reached ¥310,766,165.96, an increase of 16.01% compared to the same period last year[5] - Net profit attributable to shareholders was ¥22,524,762.80, representing a significant increase of 167.24% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥18,398,683.00, up 408.56% from the previous year[5] - Total operating revenue for the current period reached ¥874,836,372.11, an increase of 1.9% compared to ¥862,187,538.48 in the previous period[27] - Net profit for the current period was ¥25,584,731.14, a decrease of 47.9% from ¥49,091,492.28 in the previous period[28] - The total comprehensive income for the current period was ¥25,719,668.53, down from ¥48,431,506.41 in the previous period[29] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥6,015,262,449.89, reflecting a growth of 21.79% compared to the end of the previous year[9] - As of September 30, 2025, total current assets amounted to RMB 1,587,295,724.21, an increase from RMB 1,172,971,622.05 at the beginning of the period[24] - The company's total assets reached RMB 6,015,262,449.89, up from RMB 4,939,193,324.08 at the beginning of the period[26] - Total liabilities increased to RMB 4,457,686,904.75 from RMB 3,427,846,415.76, indicating a rise in financial obligations[26] - The company's long-term borrowings rose to RMB 2,267,198,055.16 from RMB 1,494,748,445.27, reflecting increased leverage[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,985[11] - Zhang Xinguo holds 26.34% of shares, totaling 51,934,350 shares, with 38,950,762 shares under lock-up and 8,120,000 shares pledged[11] - Qingdao Huicheng Xinde Investment Co., Ltd. holds 7.69% of shares, totaling 15,159,900 shares, with no shares under lock-up[11] - The total number of restricted shares at the beginning of the period was 46,814,512, with 7,312,500 shares released during the period, resulting in 39,738,262 restricted shares at the end of the period[14] - The company has not disclosed any changes in the top 10 shareholders or their relationships[12] Cash Flow - The net cash flow from operating activities showed a negative net amount of ¥135,869,411.07, a decrease of 3,416.50% year-to-date[5] - Cash flow from operating activities showed a net outflow of ¥135,869,411.07, compared to a net inflow of ¥4,096,769.82 in the previous period[30] - Cash flow from investing activities resulted in a net outflow of ¥829,687,149.75, worsening from a net outflow of ¥723,065,367.06 in the previous period[30] - Cash flow from financing activities generated a net inflow of ¥894,267,421.61, an increase from ¥613,123,108.76 in the previous period[30] Earnings Per Share - Basic earnings per share increased by 200.00% to ¥0.12, while diluted earnings per share rose by 225.00% to ¥0.13[5] - Basic earnings per share decreased to ¥0.15 from ¥0.22, representing a decline of 31.8%[29] Government Support - The company received government subsidies amounting to ¥3,656,702.92 during the reporting period, contributing to its financial performance[6] Other Financial Matters - The company does not plan to distribute cash dividends or issue bonus shares for the 2022 fiscal year[16] - The company has not reported any significant matters that require attention[15] - The company has extended the validity period for the issuance of A-shares to specific investors by an additional 12 months[23] Convertible Bonds - The conversion price of the "Huicheng Convertible Bonds" was adjusted from 17.06 RMB/share to 15.99 RMB/share on July 24, 2023[16] - The conversion price of the "Huicheng Convertible Bonds" was further adjusted from 15.99 RMB/share to 15.93 RMB/share on August 29, 2023[17] - The conversion price of "Huicheng Convertible Bonds" was adjusted from RMB 11.15 to RMB 11.11 per share effective August 14, 2025, with a total of 11,741,340 shares converted by September 30, 2025[19] - The company plans to issue up to 58,197,099 shares to no more than 35 specific investors, aiming to raise a total of no more than RMB 850 million for various projects and working capital[20]