Investment Rating - The report rates the environmental protection industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - The municipal water sector shows stable operations, with some companies benefiting from strategic expansions and adjustments in sewage treatment prices. However, the engineering business is expected to decline due to decreased demand [3]. - The waste incineration sector remains stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies exhibit varied performance due to factors like historical revenue recognition and depreciation from new capacity [3]. - The sanitation market is stable, with an increase in orders for unmanned sanitation services, indicating a digital transformation in urban services [3]. - Equipment performance varies significantly across different sectors, with conventional equipment facing margin pressure due to intense competition, while power environmental equipment benefits from increased demand [3]. Summary by Category Municipal Water - Overall stable operations with some companies like Tianyuan Environmental and Zhongshan Public Utilities showing significant year-on-year net profit growth of 18% and 32% respectively for Q1-3 2025 [4]. Waste Incineration - The sector is experiencing steady operational improvements, with companies like Huanlan Environment and Green Power expected to see net profit growth of 16% and 15% respectively for Q1-3 2025 [4]. Sanitation - The sanitation market is stable, with companies like Yingfeng Environment and Yuhua Tian expected to see net profit growth of 3% and 5% respectively for Q1-3 2025 [4]. Equipment - Conventional equipment companies are expected to see a decline in net profit growth, with Jingjin Equipment projected to drop by 25% for Q1-3 2025. In contrast, Qingda Environmental is expected to see a significant increase of 255% [4]. Investment Recommendations - The report recommends investing in companies with stable profitability and improving cash flows in the municipal environmental sector, including Zhongshan Public Utilities, Junxin Co., and Huanlan Environment [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted as key players in the digital transformation of urban services [3]. - The report also suggests focusing on SAF suppliers and green methanol producers as EU policies begin to take effect, with companies like Haineng Energy and Pengyao Environmental being potential beneficiaries [3].

Investment Rating - The report rates the environmental protection industry as "Overweight" for the third quarter of 2025, indicating an expectation for the industry to outperform the overall market [2][9]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansions and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, with operational improvements despite a slowdown in new project construction and bidding. Different companies are experiencing varied profit growth due to factors like historical electricity revenue recognition and depreciation from new capacity [3]. - The sanitation market remains stable, with an increase in orders for unmanned sanitation services, indicating a shift towards digital transformation in urban services [3]. - Equipment performance is diverging based on downstream influences, with conventional equipment facing margin pressure while power environmental equipment and water treatment equipment are expected to see significant profit growth [3]. Summary by Category Municipal Water Services - Overall operations are stable, with projected net profit growth for major companies: Tianyuan Environmental +18%, Xingrong Environment +5%, Hongcheng Environment +3%, and Zhongshan Public +32% for Q1-3 2025 [3][4]. Waste Incineration - The sector is expected to see varied profit growth among major companies: Hanlan Environment +16%, Green Power +15%, Junxin Co. +47%, Chengfa Environment +13%, and Yongxing Co. +8% for Q1-3 2025 [3][4]. Sanitation - Major companies are projected to have stable net profit growth: Yingfeng Environment +3% and Yuhua Tian +5% for Q1-3 2025 [3][4]. Equipment Products - Conventional equipment is expected to see a slight decline in net profit growth, with Jingjin Equipment projected at -25%. In contrast, power environmental equipment like Qingda Environmental is expected to grow by +255% [3][4]. Investment Recommendations - The report recommends focusing on municipal environmental companies such as Zhongshan Public, Junxin Co., Hanlan Environment, and others due to stable profitability and improving cash flow [3]. - For unmanned sanitation, companies like Yingfeng Environment and Yuhua Tian are highlighted for their potential in the digital transformation of urban services [3]. - The report also suggests monitoring suppliers of bio-aviation fuel and green methanol, as well as companies involved in reverse osmosis membrane technology due to ongoing market trends [3].

Group 1 - The company, Yuhua Tian (300815.SZ), confirmed that it does not currently hold any direct or indirect shares in Yushu Robotics as of September 30 [2]

Core Viewpoint - Yuhua Tian (300815.SZ) has stated on its interactive platform that it currently does not hold any shares in Yushu Technology, either directly or indirectly [1] Company Summary - Yuhua Tian has clarified its position regarding its investment in Yushu Technology, confirming no ownership of shares [1]

Core Viewpoint - Yuhua Tian (300815.SZ) announced the completion of a share reduction plan by shareholder Yang Minghuan, who reduced his holdings by 3,985,900 shares, accounting for 0.9999% of the company's total share capital [1] Summary by Relevant Sections - Share Reduction Plan - Yang Minghuan executed a share reduction plan that has now expired, during which he sold a total of 3,985,900 shares through centralized bidding on the Shenzhen Stock Exchange [1] - The reduction was not conducted through block trading [1]

证券代码：300815 证券简称：玉禾田 公告编号：2025-072 玉禾田环境发展集团股份有限公司 关于股东股份减持计划期限届满的公告 公司股东杨明焕保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 玉禾田环境发展集团股份有限公司（以下简称"公司"）于2025年6月5日披 露了《关于持股5%以上股东、西藏蕴能环境技术有限公司减持股份预披露的公 告》（公告编号：2025-043）。持有公司股份23,900,000股（占公司总股本的6.00%） 的公司股东杨明焕计划自公告披露之日起15个交易日后的3个月内以集中竞价方 式及大宗交易方式合计拟减持公司股份不超过11,957,760股，拟减持数量占公司 总股本比例不超过3.00 %。其中，拟通过集中竞价交易方式减持股份总数不超过 3,985,920股，占公司股份总数的1.00%，拟通过大宗交易方式减持股份总数不超 过7,971,840股，占公司股份总数的2.00%，减持期间为2025年6月27日至2025年9 月26日。 股东杨明焕于 2025 年 7 月 14 日 ...

Core Points - Shareholder Yang Minghuan plans to reduce his stake in Yuhua Tian by up to 3%, with a maximum of 1% through centralized bidding and 2% through block trading, with the reduction period ending on August 26 [1] - During the reduction period, Yang Minghuan has sold a total of 3,985,900 shares through centralized bidding, representing 0.9999% of the total share capital, and did not conduct any block trading [1] - Following the reduction, Yang Minghuan's shareholding decreased to 19,914,100 shares, accounting for 4.99611% of the total [1] - The reduction complies with relevant regulations and does not affect the company's governance or control [1]

玉禾田环境发展集团股份有限公司 非经常性损益明细表鉴证报告 2025 年 1-6 月、2024 年度 2023 年度、2022 年度 信会师报字[2025]第 ZI10814 号 玉禾田环境发展集团股份有限公司 玉禾田环境发展集团股份有限公司全体股东： 我们接受委托，对后附的玉禾田环境发展集团股份有限公司（以 下简称"玉禾田"）2025 年 1-6 月、2024 年度、2023 年度和 2022 年度的非经常性损益明细表（以下简称"非经常性损益明细表"）执 行了合理保证的鉴证业务。 一、管理层对非经常性损益明细表的责任 非经常性损益明细表鉴证报告 玉禾田管理层负责按照中国证券监督管理委员会颁布的《公开发 行证券的公司信息披露解释性公告第 1 号——非经常性损益（2023 年修订）》的相关规定编制非经常性损益明细表，并确保其真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏。 （2022 年 01 月 01 日至 2025 年 6 月 30 日止） 二、注册会计师的责任 | | | | | 目 | 录 | 页 | 码 | | --- | --- | --- | --- | --- | --- | --- ...

玉禾田环境发展集团股份有限公司 截至 2025 年 6 月 30 日止 前次募集资金使用情况报告 玉禾田环境发展集团股份有限公司 截至2025年6月30日止的 前次募集资金使用情况报告 根据中国证券监督管理委员会《关于前次募集资金使用情况报告的规定》（证监发行 字[2007]500 号）的规定，玉禾田环境发展集团股份有限公司（以下简称"公司"或 "本公司"）将截至 2025 年 6 月 30 日止的前次募集资金使用情况报告如下： 一、 前次募集资金基本情况 经中国证券监督管理委员会证监许可[2019]2963 号《关于核准玉禾田环境发展集团股 份有限公司首次公开发行股票的批复》核准，同意本公司公开发行新股不超过 3,460 万股。截至 2020 年 1 月 20 日止，本公司实际发行了人民币普通股（A 股）股票 34,600,000股，发行价格为人民币29.55元/股，募集资金总额为人民币1,022,430,000.00 元，扣除发行费用人民币 62,023,010.07 元，募集资金净额为人民币 960,406,989.93 元。上述募集资金到位情况业经立信会计师事务所（特殊普通合伙）审验，并出具了 信会师 ...

玉禾田环境发展集团股份有限公司 前次募集资金使用情况鉴证报告 信会师报字[2025]第 ZI10813 号 玉禾田环境发展集团股份有限公司 前次募集资金使用情况的鉴证报告 | | | | | 目 | | | 录 | 页 | 码 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一 | 、 | | | | 前次募集资金使用情况报告的鉴证报告 | | | | 1-2 | | 二 | 、 前 | 次募 集 | 资金 | 使 | 用情 | 况 报告 | | | 1-8 | | 三 | 、 事 | 务所 执 | 业资 | 质 | 证明 | | | | | 关于玉禾田环境发展集团股份有限公司 截至2025年6月30日止 前次募集资金使用情况的鉴证报告 信会师报字[2025]第ZI10813号 玉禾田环境发展集团股份有限公司全体股东： 我们按照《中国注册会计师其他鉴证业务准则第3101号—历史财 务信息审计或审阅以外的鉴证业务》的规定执行了鉴证业务。该准则 要求我们计划和实施鉴证工作，以对鉴证对象信息是否不存在重大错 报获取合理保证。在鉴证过 ...