Core Points - The stock price of Shengyuan Environmental Protection has decreased by 2.01% on November 3, trading at 19.46 yuan per share with a market capitalization of 5.288 billion yuan [1] - The company has seen a year-to-date stock price increase of 51.30%, but a recent decline of 4.19% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Shengyuan Environmental Protection reported operating revenue of 1.15 billion yuan, a year-on-year decrease of 0.67%, while net profit attributable to shareholders increased by 43.22% to 211 million yuan [2] - The company has distributed a total of 132 million yuan in dividends since its A-share listing, with 52.1743 million yuan distributed over the past three years [2] Shareholder Information - As of October 20, the number of shareholders for Shengyuan Environmental Protection is 25,200, a decrease of 1.52% from the previous period, with an average of 7,610 circulating shares per shareholder, an increase of 1.54% [2]

Core Insights - The company significantly improved its profitability in the first three quarters of 2025, achieving revenue of 1.15 billion yuan (down 0.67% year-on-year) and a net profit attributable to shareholders of 211 million yuan (up 43.22% year-on-year) [1] - The garbage power generation segment demonstrated strong operational resilience and profitability enhancement, with a total waste incineration volume of 4.391 million tons (down 2.26% year-on-year) [2] - The company is accelerating its layout in the health industry centered around taurine, with upstream raw material projects progressing smoothly and downstream terminal products being promoted in the market [3] Financial Performance - In Q3 2025, the company achieved revenue of 405 million yuan (up 9.89% year-on-year) and a net profit of 97 million yuan (up 113.85% year-on-year) [1] - Operating cash flow net amount reached 531 million yuan (up 75.02% year-on-year) [1] - The company’s cost control measures led to a 3.5% decrease in operating costs to 645 million yuan and a 15.4% decrease in financial expenses to 120 million yuan [1] Garbage Power Generation Segment - The company’s garbage incineration power plants received a total waste volume of 4.391 million tons and generated 1.488 billion kWh of electricity [2] - The company is focusing on refined management of existing power plants and expanding steam supply business, achieving external steam supply of 83,600 tons and heat supply of 50.86 million GJ [2] - The company plans to sell its water service assets for 382 million yuan to focus on its core garbage power generation business [2] Health Industry Development - The company is constructing a taurine raw material project with an annual capacity of 40,000 tons, expected to start production in June 2024 [3] - Several "taurine+" products have been developed and are being marketed, with sales expenses increasing to 8.12 million yuan as the company invests in brand and channel development [3] - The taurine business is seen as a second growth curve for the company, expected to contribute to revenue growth as production capacity comes online [3] Investment Outlook - The company’s garbage power generation segment is expected to see significant profitability improvements due to various factors, including project upgrades and better receivables recovery [4] - Revenue projections for 2025-2027 are 1.617 billion yuan, 1.939 billion yuan, and 2.229 billion yuan, with net profits of 289 million yuan, 352 million yuan, and 428 million yuan respectively [4] - The company maintains an "overweight" rating with a projected PE ratio for 2025 of 19.15 times [4]

Core Insights - The company reported a slight decline in revenue but a significant increase in net profit for the first three quarters of 2025, indicating effective management strategies and diversified income sources [2] Revenue and Profit Performance - For the first three quarters of 2025, the company achieved revenue of 1.15 billion yuan, a year-on-year decrease of 0.67%, while net profit attributable to shareholders reached 211 million yuan, a year-on-year increase of 43.22% [2] - In Q3 alone, the company recorded revenue of 405 million yuan, a year-on-year growth of 9.89%, and net profit of 97 million yuan, a remarkable increase of 113.85% [2] Operational Efficiency and Financial Health - The profit growth was primarily driven by internal efficiency improvements and increased income from various sources, including a 34.40% year-on-year reduction in credit impairment losses due to better receivables collection [2] - Financial expenses also saw a decline, contributing to the overall improvement in financial health [2] Business Segment Developments - In the solid waste treatment sector, while the volume of waste processed and electricity generated showed slight declines, the company is focusing on enhancing the value of existing projects and expanding its heating and steam supply business, which has become a new growth area [3] - The company supplied 83,600 tons of steam and 508,600 GJ of heating in the first three quarters, with new projects underway in various locations [3] Strategic Focus and Asset Management - The company is strategically divesting non-core assets, planning to sell four sewage treatment plants for a total of 382 million yuan to concentrate resources on core business areas [3] New Growth Initiatives - The company is actively developing a new health industry centered around taurine, with a 40,000-ton annual production project underway, which is expected to provide cost and safety advantages [4] - Multiple "taurine+" products have been developed and are being sold through both online and offline channels, with rapid expansion in various cities [4] Future Earnings Projections - Revenue forecasts for 2025-2027 are 1.627 billion, 1.704 billion, and 1.774 billion yuan, reflecting year-on-year growth rates of 2.86%, 4.73%, and 4.12% respectively, while net profit projections are 285 million, 248 million, and 279 million yuan, with varying growth rates [4]

Core Viewpoint - Shengyuan Environmental Protection (300867.SZ) reported a slight decrease in revenue for the first three quarters of 2025, while net profit showed significant growth [1] Financial Performance - The company's operating revenue for the first three quarters was 1.15 billion yuan, a year-on-year decrease of 0.67% [1] - Net profit attributable to shareholders was 211 million yuan, reflecting a year-on-year increase of 43.22% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 198 million yuan, representing a year-on-year growth of 29.85% [1] - Basic earnings per share were 0.7776 yuan [1]

Core Viewpoint - Shengyuan Environmental Protection (300867) reported steady performance in its Q3 2025 results, with a slight decline in revenue but a significant increase in net profit, indicating effective cost management and improved cash flow [1][2]. Financial Performance - The company achieved operating revenue of 1.15 billion yuan, a year-on-year decrease of 0.67% [1]. - Net profit reached 213 million yuan, a substantial increase of 43.46% compared to the previous year, surpassing the total net profit of 184 million yuan for the entire previous year [1]. - Operating cash flow for 2024 was 505 million yuan, reflecting a year-on-year growth of 30.90% [1]. - In Q3 2025, the net cash flow from operating activities was 531 million yuan, marking a significant year-on-year increase of 75.02% [1]. Business Operations - The company has processed a total of 4.391 million tons of waste at its waste-to-energy plants, generating 1.488 billion kWh of electricity and treating 70.4267 million tons of sewage during the reporting period [2]. - Shengyuan is focusing on the comprehensive utilization of slag and expanding its steam supply business, which is expected to yield better economic benefits compared to traditional electricity generation [2]. - New projects in steam supply and heating are being developed, including Liangshan Shengyuan and ongoing projects in Putian, Caoxian, Anhui, and Jiangsu [2]. New Industry Development - The company is investing over 1.1 billion yuan to establish a taurine raw material and health industry park in the Fujian Quangang Petrochemical Park, which is anticipated to become one of the top three production capacities in China upon completion [2]. - The taurine production line utilizes advanced ethylene oxide methods and is progressing well, with construction and equipment installation currently underway [2]. - The company has developed various "taurine+" products for food, pharmaceuticals, health supplements, and pet food, with sales channels established both online and offline [3].

Group 1 - Company Saint Yuan Environmental Protection reported Q3 performance, with revenue of approximately 1.15 billion yuan for the first three quarters of 2025, a year-on-year decrease of 0.67% [1] - The net profit attributable to shareholders of the listed company was approximately 211 million yuan, reflecting a year-on-year increase of 43.22% [1] - Basic earnings per share were 0.7776 yuan, which is a year-on-year increase of 43.23% [1] Group 2 - The current market capitalization of Saint Yuan Environmental Protection is 5.6 billion yuan [2]

Group 1 - The core point of the article is that Shengyuan Environmental Protection held its sixth board meeting of the tenth session on October 28, 2025, to review the third quarter report proposal for 2025 [1] - For the first half of 2025, Shengyuan Environmental Protection's revenue composition was as follows: waste incineration accounted for 82.25%, sewage treatment for 9.61%, other businesses for 6.33%, and PPP project construction revenue for 1.81% [1] - As of the report date, Shengyuan Environmental Protection had a market capitalization of 5.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

证券代码：300867 证券简称：圣元环保 公告编号：2025-046 圣元环保股份有限公司 关于 2025 年第三季度报告披露的提示性公告 | 本公司及董事会全体成员保证信息披露内容的真实、准确和完 | | --- | | 整，没有虚假记载、误导性陈述或重大遗漏。 | 为使投资者全面了解公司的经营情况、财务状况及未来发展规划， 公司《2025 年第三季度报告》于 2025 年 10 月 29 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 圣元环保股份有限公司董事会 2025 年 10 月 29 日 1 圣元环保股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第十届董事会 2025 年第六次会议，审议并通过了《关于<2025 年第三季度报告>的议案》。 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥405,272,168.08, representing a year-on-year increase of 9.89%[8] - Net profit attributable to shareholders was ¥96,546,280.05, a significant increase of 113.85% compared to the same period last year[8] - Basic earnings per share for Q3 2025 were ¥0.3553, up 113.91% year-on-year[8] - Net profit reached 213 million RMB, an increase of 43.46% year-on-year[25] - The net profit attributable to the parent company was 211 million RMB, reflecting a growth of 43.22% compared to the previous year[25] - Operating profit increased to $293,807,585.21, up 45.5% from $201,894,086.64 in the previous period[40] - Net profit for the current period is $213,295,688.89, representing a 43.4% increase from $148,684,711.63 in the previous period[41] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥530,705,155.56, reflecting a 75.02% increase[8] - Cash flow from operating activities generated a net amount of $530,705,155.56, significantly up from $303,226,356.91 in the previous period[45] - The company's cash and cash equivalents decreased from RMB 159.39 million to RMB 141.24 million, while accounts receivable increased from RMB 1.36 billion to RMB 1.39 billion[35] - The ending cash and cash equivalents balance was $141.21 million, compared to $85.17 million at the end of the previous period[46] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥8,781,411,118.83, a 0.91% increase from the end of the previous year[8] - The total assets of the company amounted to 8.781 billion RMB, an increase of 0.91% from the end of the previous year[25] - As of September 30, 2025, the company's total assets amounted to RMB 8.78 billion, with total liabilities at RMB 4.90 billion, indicating a stable financial position[36][37] - Non-current assets totaled RMB 6.89 billion, with a slight decrease from the previous period, while current assets increased to RMB 1.89 billion[35] Expenses - The company reported a significant increase in sales expenses, which rose by 2,507.69% to ¥8,124,154.86 due to costs associated with the taurine health product business[14] - The company’s research and development expenses decreased by 48.01% to ¥3,726,602.40, reflecting a stabilization in technology for waste incineration and sewage treatment operations[15] - Research and development expenses decreased to $3,726,602.40, down from $7,167,986.15 in the previous period[40] - Total tax expenses increased to $77,908,535.12, compared to $49,119,225.50 in the previous period[41] Investments and Financing - The net cash flow from financing activities decreased significantly by 2,872.12% to -¥145,216,772.00, primarily due to a reduction in financing compared to the previous year[18] - Cash inflow from financing activities amounted to $805.75 million, down from $1.09 billion in the prior period[46] - Cash outflow from financing activities was $950.97 million, compared to $1.10 billion last year[46] - Net cash flow from financing activities was -$145.22 million, a decrease from -$4.89 million in the previous period[46] Strategic Developments - The company is actively developing a new health industry centered around taurine, with a 40,000-ton raw material project under construction[24] - The company is constructing a new taurine health project, expected to start operations in June 2024, with production capacity ranking among the top three in China[28] - The company has developed multiple "taurine+" products, with sales channels established both online and offline, and has opened stores in cities including Chengdu, Jinan, and Fuzhou, with more openings planned in major cities by the end of the year[29] - The hydrogen energy research institute is actively developing solid-state hydrogen storage technology and has undertaken several national and local research projects, aiming for commercialization of its findings[30] - The company is actively pursuing strategic partnerships and technology development in the hydrogen energy sector, enhancing its market position in future energy solutions[30] Projects and Operations - The St. Regis Hotel project is under construction, with completion and trial operations expected by the end of 2026, located in a prime area of Xiamen with high occupancy potential[31] - The cumulative amount of waste received at the waste-to-energy plants was 4.391 million tons, a decrease of 2.26% year-on-year[27] - The total electricity generated was 1.488 billion kWh, down 0.81% compared to the same period last year[27] - The company processed 70.4267 million tons of domestic sewage, a decrease of 0.22% year-on-year[27] Equity and Shareholder Information - The company’s total equity attributable to shareholders increased by 5.48% to ¥3,872,468,917.17 compared to the end of the previous year[8] - The net asset attributable to the parent company was 3.872 billion RMB, an increase of 5.48% from the previous year[25] - The company signed an agreement to sell 100% equity of Saint Ze Environment and Longhai Water to China Minmetals Water Group for a total price of RMB 382 million, resulting in a net asset appreciation of RMB 103.89 million, or a 37.29% increase[32] Other Income - The fair value change income was ¥17,454,900.77, a 436.48% increase, attributed to gains from the Zhongyuan Qianhai Fund[15] - Other income increased to $48,963,414.86, up from $30,663,649.17 in the previous period[40]

证券代码：300867 证券简称：圣元环保 公告编号：2025-047 圣元环保股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日上午在公司会议室召开第十届董事会 2025 年第六次会议。本次会 议以现场结合通讯表决方式召开，会议通知已于 2025 年 10 月 25 日 以电子邮件方式送达。会议应出席的董事 9 人，实际出席的董事 9 人， 其中以通讯表决方式出席会议的董事有罗进辉、朱煜铭。 本次会议由董事长朱煜煊先生主持，公司高级管理人员列席了本 次会议。会议的出席人数、召集、召开的程序和审议内容均符合《中 华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文 件和公司章程的规定，会议合法、有效。 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行充分讨论，审议通过了以 下议案： 1.审议通过《关于<2025 年第三季度报告>的议案》 内容：经审核，董事会认为，公司 2025 年第三季度报告的编制 1 和审核程序符合法律、行政法规和中国证监会和深圳证券交易所的相 关规定，报告内容真实、准确、完整的反映了公司的实际情况，不存 在虚假记载、误导性陈述或者重大遗漏。 圣元环保股 ...