Core Viewpoint - The year 2025 was marked by a significant bull market in the A-share market, with major indices like the Shanghai Composite Index rising by 18.41% and the Shenzhen Component Index increasing by 29.87%. However, despite the overall positive market conditions, Saint Yuan Environmental experienced a severe loss due to a failed investment in a private equity fund, raising concerns about risk management and oversight in the investment process [2][3][22]. Group 1: Investment Loss Details - On December 26, 2025, Saint Yuan Environmental announced a shocking loss of approximately 46.92 million yuan from its investment in the "Deep Bo Hongtu Growth No. 1 Private Securities Investment Fund," which had a cumulative net value growth rate of -81.54%, exceeding 10% of the company's net profit from the previous year [3][12]. - The fund, managed by Shenzhen Deep Bo Xin Investment Management Co., was initially subscribed to by Saint Yuan Environmental for 60 million yuan in March 2025. However, by December 4, the fund's net value had already dropped by 7.85% [5][12]. - Following a communication on December 9, Saint Yuan Environmental attempted to redeem its investment, but the fund's net value plummeted by 71.83% within just five trading days, leading to a drastic decline to 0.2596 yuan [8][12]. Group 2: Fund Management and Oversight Issues - The fund management exhibited serious operational failures, including unauthorized trading and violations of disclosure obligations, which contributed to the significant losses incurred by investors [18]. - Saint Yuan Environmental's announcement indicated that the fund's management had failed to adhere to established risk control measures, which included setting a stop-loss line and ensuring proper asset management [15][18]. - The fund's custodian, China Merchants Securities, claimed to have fulfilled its supervisory responsibilities, but Saint Yuan Environmental pointed out lapses in oversight that led to substantial investor losses [19]. Group 3: Regulatory and Legal Actions - In response to the losses, Saint Yuan Environmental reported the incident to law enforcement and the China Securities Regulatory Commission, indicating the seriousness of the situation [13]. - The actual controllers of Saint Yuan Environmental committed to compensating for the losses incurred, promising to cover the original investment amount of 60 million yuan [19]. - The incident has drawn attention to the broader implications for corporate investment strategies, highlighting the need for more robust risk management practices in the context of a bull market [23][24].

Core Viewpoint - The incident involving Shengyuan Environmental Protection highlights significant risks associated with high-risk private equity investments made by publicly listed companies, leading to substantial financial losses and regulatory scrutiny [1][4][10]. Company Summary - Shengyuan Environmental Protection's subsidiary invested 60 million yuan in a high-risk private equity fund, which initially showed stable performance but plummeted in value following a redemption request, resulting in a cumulative loss of 74.04% [4][6]. - The company faced severe internal control issues, as the fund manager engaged in unauthorized trading and failed to disclose critical information, leading to regulatory actions against the company's executives [6][8]. - The actual loss of 46.92 million yuan from the investment represented 22% of the company's net profit for the first three quarters of 2025, exacerbating its existing financial difficulties [13][15]. Industry Summary - The overall trend in the A-share market shows a conservative shift in investment strategies among listed companies, with a significant reduction in the purchase of financial products, down over 230 billion yuan year-on-year [1]. - Regulatory bodies are intensifying their oversight of private equity investments, as evidenced by recent penalties imposed on firms for mismanagement and fraudulent activities [19]. - The incident with Shengyuan Environmental Protection is not isolated, as other companies have also faced severe repercussions from similar high-risk investment strategies, indicating a broader issue within the industry regarding the management of idle funds [17][19].

Group 1 - The core viewpoint of the news is that Shengyuan Environmental Protection has shown fluctuations in stock performance and financial metrics, indicating potential investment interest and market activity [1][2]. - As of January 8, the stock price of Shengyuan Environmental Protection increased by 2.04% to 19.99 CNY per share, with a total market capitalization of 5.432 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 4.88%, but a decline of 12.94% over the past 20 days [1]. Group 2 - Shengyuan Environmental Protection reported a revenue of 1.15 billion CNY for the period from January to September 2025, a slight decrease of 0.67% year-on-year, while the net profit attributable to shareholders increased by 43.22% to 211 million CNY [2]. - The company has distributed a total of 132 million CNY in dividends since its A-share listing, with 52.17 million CNY distributed over the past three years [3]. - The main business revenue composition includes 82.25% from waste incineration, 9.61% from sewage treatment, and 1.81% from PPP project construction [1].

Core Insights - The article discusses the recent financial performance of a major company, highlighting significant revenue growth and strategic initiatives that have contributed to its success [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $5 billion in the last quarter [1] - Net income rose to $1 billion, reflecting a 30% increase compared to the previous year [1] Strategic Initiatives - The company has expanded its market presence by entering three new international markets, which is expected to drive further growth [1] - Investment in technology and innovation has been prioritized, with a budget allocation of $500 million for research and development [1] Market Trends - The industry is experiencing a shift towards digital solutions, with a projected market growth rate of 15% annually over the next five years [1] - Competitors are also adapting to these trends, leading to increased competition in the sector [1]

当日关注点 投资者： 董秘好，现在不是推出回购的好时机吗？提振稳定信心，优于理财吧 董秘： 尊敬的投资者，感谢您的宝贵建议。公司高度重视投资者利益与市值稳定，致力于提升经营水 平，经营效率与盈利水平已实现显著提升，基本面持续向好。公司一直通过分红、规范信披等维护股东 权益。您的建议我们将及时提交给公司管理层。感谢您的关注。 投资者： 您好，有看到公司通过中原前海股权投资基金（有限合伙）参股蓝箭航天，请介绍下具体参 股数据，谢谢 董秘： 尊敬的投资者，您好！公司于2021年通过认购中原前海股权投资基金（有限合伙）的基金份额3 亿元人民币间接参与了蓝箭航天的投资。该基金投资蓝箭航天金额为人民币5939.5万元。感谢您的关 注。 截至2026年1月6日收盘，圣元环保(300867)报收于19.28元，上涨0.0%，换手率3.09%，成交量5.93万 手，成交额1.14亿元。 董秘最新回复 投资者： 董秘你好，请问公司通过这个中原前海股权投资基金（有限合伙）公司参股蓝箭航天吗？如 果是请详细介绍下。谢谢。 董秘： 尊敬的投资者，您好！公司于2021年通过认购中原前海股权投资基金（有限合伙）的基金份额3 亿元人民币间接 ...

Core Viewpoint - Shengyuan Environmental Protection's subsidiary has reported significant losses from a private equity fund investment, leading to legal actions against the fund manager and custodian, with ongoing discussions about the responsibilities of custodians in such scenarios [1][3][4]. Group 1: Incident Overview - Shengyuan Environmental Protection announced a major loss from a private equity fund investment made by its wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., amounting to approximately 46.92 million yuan, with a net value decline of 81.54% [3][4]. - The company has filed a report with the Shenzhen Public Security Bureau, which has been officially accepted, and is pursuing legal action against the fund manager, Shenzhen Shenboxin Investment Management Co., Ltd., and custodian, China Merchants Securities [3][4]. Group 2: Legal and Regulatory Context - The legal responsibilities of custodians like China Merchants Securities are under scrutiny, particularly regarding their duty to supervise and verify fund operations and compliance with legal and contractual obligations [6][10]. - Legal experts indicate that custodians are primarily responsible for safeguarding fund assets and ensuring compliance with investment directives, but they do not guarantee investment returns or directly participate in investment decisions [6][10]. Group 3: Custodian's Response and Market Reactions - China Merchants Securities has publicly stated that it has fulfilled its custodial duties according to regulations and contractual agreements, emphasizing that the fund manager is responsible for accurate net value disclosures [5][6]. - The incident has sparked discussions in the market regarding the boundaries of custodial responsibilities, with past cases showing varied outcomes for custodians in similar situations [8][9].

格隆汇1月6日｜圣元环保在互动平台表示，公司于2021年通过认购中原前海股权投资基金（有限合伙） 的基金份额3亿元人民币间接参与了蓝箭航天的投资。该基金投资蓝箭航天金额为人民币5939.5万元。 ...

证券日报网讯 1月5日，圣元环保在互动平台回答投资者提问时表示，截至2025年12月31日，公司股东 人数为24250户。 （文章来源：证券日报） ...

圣元环保 案例，也凸显出厘清基金托管人责任的重要性与必要性。 近期，深市创业板公司圣元环保子公司理财巨亏案例引起市场的高度关注。市场的关注点主要集中在两 个方面。一是亏损比例较高。二是基金托管人的责任划分问题。个人以为，圣元环保案例，也凸显出厘 清基金托管人责任的重要性与必要性。 资料显示，2025年3月份，圣元环保子公司以6000万元资金认购某私募产品，投资范围涵盖两融业务与 股票，由 招商证券 担任托管方。但截至2025年12月25日，短短9个月时间，该理财累计亏损幅度高达 81.54%，亏损金额高达4692万元。 2025年3月份至年底，沪深股市表现抢眼。在如此大好环境下，私募基金管理人竟然取得了如此"不 俗"的业绩，确实令人匪夷所思，但不幸却又是事实。市场有疑问的是，私募基金管理人在此期间到底 是如何操作的？ 圣元环保披露的公告显示，经核查发现基金管理人存在越权交易、违反信息披露义务、伪造净值信息等 多项违法违规行为。同时上市公司直指托管人招商证券未履行监督核查义务，放任违规操作发生。基于 此，上市公司已启动包括向公安机关报警、向监管部门举报，并委托律师拟对管理人和托管人提起诉讼 或仲裁等在内的全方位 ...

证券代码：300867 证券简称：圣元环保 公告编号：2026-001 1、公司向深圳市公安局龙华分局报案并已被正式受理，目前案 件正处于公安机关的受案阶段。 2、基金赎回情况：公司已向基金管理人申请赎回该基金产品剩 余财产，于 2025 年 12 月 30 日收到最终赎回款项 1107.78 万元。 3、赔偿追讨情况：公司在前期已追回投资本金损失 200 万元。 相关当事人在案件可能进入刑事阶段的压力下，于近日陆续再支付公 1 司投资本金损失 560 万元。截至本公告披露之日，公司累计追回损失 金额合计人民币 760 万元整。 公司将持续关注本次委托理财事项的进展情况，及时履行信息披 露义务，对上述委托理财的亏损及时挽回，维护投资者利益。具体请 关注公司后续进展公告。提请广大投资者，注意投资风险。 特此公告。 圣元环保股份有限公司 关于使用闲置自有资金进行投资理财的进展公告 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。 圣元环保股份有限公司（以下简称"圣元环保"或"公司"）下属全 资子公司厦门金陵基建筑工程有限公司（以下简称"厦门金陵基"） 于 2025 ...