申菱环境 20250829.docx AceCamp AI 2025-08-30 摘要 申菱环境 2025 年上半年营收和利润快速增长，得益于精益制造和产能 布局提升了制造效率和成本控制能力，数据服务板块占比约为 55%，数 据中心业务同比增长约 44%。 公司与 H 公司等大客户合作深入，高密算力布局推进，预计未来几年数 据中心和算力中心业务在中国和东南亚地区将持续良性增长。 申菱环境积极拓展海外市场，通过"外贸外用"模式已签订约 2.5 亿元 订单，主要来自美国和东南亚，为未来海外业务快速放量奠定基础。 液冷技术成为市场热点，公司自 2011 年起布局液冷技术，订单增速高 于总体订单增速，新基建领域智能制造基地将于 2025 年 7 月投产。 公司在液冷产品研发和制造方面进行大规模硬件升级，提升研发、测试 和长期运行模拟能力，增强加工和制造能力，满足头部客户对产品可靠 性和高质量的要求。 申菱环境优先聚焦数字与算力、电力与能源两大应用板块，预计未来几 年将保持较快增长，构成公司数据服务及工业特种应用的核心。 海外市场液冷产品盈利空间优于国内，公司提供包括技术咨询在内的整 体解决方案，提升客户项目价值，海外 ...

Core Viewpoint - The recent financial report of Shenling Environment (301018) shows significant growth in revenue and net profit for the first half of 2025, indicating a positive performance trend despite some concerns regarding cash flow and accounts receivable [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.682 billion yuan, a year-on-year increase of 28.95% [1] - Net profit attributable to shareholders was 150 million yuan, up 35.95% year-on-year [1] - In Q2 2025, total revenue was 1.054 billion yuan, reflecting a 30.03% increase compared to the same quarter last year [1] - Q2 net profit attributable to shareholders was approximately 96.28 million yuan, a significant rise of 59.92% year-on-year [1] - Gross margin stood at 24.41%, down 2.57% year-on-year, while net margin improved to 9.11%, an increase of 10.38% [1] - Total operating expenses were 186 million yuan, accounting for 11.04% of revenue, a decrease of 12.69% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 502 million yuan, a 31.05% rise from the previous year [1] - Accounts receivable grew to 2.031 billion yuan, a 24.99% increase, with accounts receivable to net profit ratio reaching 1757.54% [1][3] - Interest-bearing debt rose to 1.154 billion yuan, up 26.93% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 3.67%, indicating a relatively low capital return [1] - Historical median ROIC since listing is 9.48%, suggesting potential for improved investment returns [1] - Analysts project 2025 earnings to reach 282 million yuan, with an average earnings per share estimate of 1.06 yuan [3] Fund Holdings - The largest fund holding Shenling Environment is the Baoying Strategy Growth Mixed Fund, which has increased its position [4] - Other funds, such as Baoying Technology 30 Mixed Fund and Baoying Innovation Driven Stock A, have also increased their holdings [4]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 15, 2025, at 15:00 [1] - The meeting will combine on-site voting and online voting through the Shenzhen Stock Exchange trading system [2] Voting Rights - Shareholders registered by the close of trading on September 8, 2025, are entitled to attend the meeting and vote [2] - Shareholders can only choose one voting method: either on-site or online voting [2] Agenda Items - The meeting will review the proposal regarding the completion of fundraising projects and the permanent allocation of surplus funds to working capital [4][11] Registration and Attendance - Shareholders must complete registration procedures by presenting required documents, including identification and authorization letters for proxies [5][6] - Registration must be completed by 17:00 on September 12, 2025 [9] Online Voting Process - Detailed procedures for online voting will be provided, allowing shareholders to express their voting opinions on proposals [7] - Shareholders must authenticate their identity to participate in online voting [7]

广东申菱环境系统股份有限公司 关于第四届监事会第七次会议决议的公告 本公司及监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。 一、会议召开情况 证券代码：301018 证券简称：申菱环境 公告编号：2025-031 广东申菱环境系统股份有限公司（以下简称"公司"）第四届监事会第七次 会议于 2025 年 8 月 28 日在公司会议室以现场会议的方式召开，本次会议通知于 理人员。会议应出席监事 3 人，实际出席人数 3 人。会议由公司监事会主席欧兆 铭先生主持，公司董事会秘书列席了本次会议。会议的召集、召开符合《公司法》 和《公司章程》的有关规定，会议合法有效。 二、会议审议情况 经出席会议的监事讨论和表决，审议通过如下决议： （一）审议通过了《关于公司 2025 年半年度报告全文及摘要的议案》 公司监事会对《2025 年半年度报告》全文及摘要进行了认真、严格的审核， 并发表书面确认意见及如下审核意见：经审核，监事会认为编制和审核公司《2025 年半年度报告》全文及摘要的程序符合法律、法规和《公司章程》的规定，报告 内容真实、准确、完整地反映了公司的实际情况，不存在任何虚 ...

| 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 29.10 | 1812.93 | 62.30 | -21.38 | 财通证券股份有限公司佛 | 中信建投证券股份有限公司 | | | | | | 山国泰南路证券营业部 | 佛山顺德大良证券营业部 | | 9.00 | 560.70 | 62.30 | -21.38 | 机构专用 | 中信建投证券股份有限公司 | | | | | | | 佛山顺德大良证券营业部 | | 6.50 | 404.95 | 62.30 | -21.38 | 机构专用 | 中信建投证券股份有限公司 | | | | | | | 佛山顺德大良证券营业部 | | 6.50 | 404.95 | 62.30 | -21.38 | 机构专用 | 中信建投证券股份有限公司 | | | | | | | 佛山顺德大良证券营业部 | | 5.00 | 311.50 | 62.30 ...

Core Insights - The establishment of the Shunling Environment's production base in Maoming marks a significant achievement in the collaboration between Foshan and Maoming, with a total investment of 1 billion yuan and a record-setting project completion time of 200 days [1][2] - The Foshan-Maoming collaboration has led to the signing of 127 projects with a total planned investment of 498.68 billion yuan, showcasing a shift from "one-way blood transfusion" to "mutual win-win" regional development [2][9] Industry Collaboration - The Shunling Environment project is the first major initiative introduced by the Foshan-Maoming command post in Maoming, highlighting the effective communication and cooperation between the command post and corporate leaders [2] - The command post has implemented innovative recruitment strategies, including "state-owned enterprise customized development" and "scene-based recruitment," to attract investments and facilitate industrial transfer [3] - The establishment of the "reverse flying land" mechanism has allowed Maoming to set up collaborative projects in Foshan, enhancing cross-regional cooperation [3] Team Efficiency - The Foshan-Maoming command post consists of 44 personnel, equally divided between the two cities, working closely to ensure efficient project execution and investment attraction [5][6] - The command post has achieved a remarkable pace of "signing one project per week and landing one project every two weeks," demonstrating high operational efficiency [6] Social Development - The collaboration has extended to rural and social sectors, with over 1 billion yuan invested in 20 typical villages in Gaozhou for comprehensive quality improvement projects [8] - Educational and healthcare collaborations have been established, with 103 schools and hospitals working together to enhance local services and create job opportunities [8] Recognition and Future Outlook - The Foshan-Maoming collaboration has been recognized as a model case in the provincial "Hundred-Thousand-Ten Thousand Project," providing valuable experience for regional coordinated development [9]

智通财经APP讯，申菱环境(301018.SZ)发布2025年半年度报告，该公司营业收入为16.82亿元，同比增 长28.95%。归属于上市公司股东的净利润为1.5亿元，同比增长35.95%。归属于上市公司股东的扣除非 经常性损益的净利润为1.49亿元，同比增长38.45%。基本每股收益为0.57元。 ...

每经AI快讯，申菱环境（SZ 301018，收盘价：77.88元）8月28日晚间发布公告称，公司第四届第八次 董事会会议于2025年8月28日在公司会议室以现场会议的方式召开。会议审议了《关于公司2025年半年 度报告全文及摘要的议案》等文件。 截至发稿，申菱环境市值为207亿元。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） 2024年1至12月份，申菱环境的营业收入构成为：数据服务行业占比51.31%，特种行业占比23.33%，工 业行业占比20.26%，公建及商用行业占比4.61%，其他业务占比0.49%。 ...

中信建投证券股份有限公司关于 三、公司及股东承诺事项履行情况 2 广东申菱环境系统股份有限公司 2025 年上半年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 上市公司简称：申菱环境 | | --- | --- | | 保荐代表人姓名：张铁 | 联系电话：021-68801592 | | 保荐代表人姓名：伏江平 | 联系电话：0755-23953872 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关联 | 公司已建立完善各 | | 方占用公司资源的制度、募集资金管理制度、内控制度、内部 | 项内控制度 | | 审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 次 1 | | （2）公司募集资金 ...

关于广东申菱环境系统股份有限公司募投项目结项并将节 余募集资金永久补充流动资金的核查意见 中信建投证券股份有限公司 中信建投证券股份有限公司（以下简称"中信建投证券""保荐机构"）作 为广东申菱环境系统股份有限公司（简称"申菱环境""公司"）向特定对象发 行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资 金监管规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等有关法律法规规定，对公司募投项目 结项并将节余募集资金永久补充流动资金事项进行了核查，并发表如下意见： 一、募集资金及募投项目基本情况 （一）募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意广东申菱环境系统股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕38 号）同意，公司 向特定对象发行股票 24,570,024.00 股，每股面值人民币 1 元，发行价格为每股 32.56 元，共计募集资金总额人民币 799,999,981.44 元。扣除与本次发行有关的 费用人民币 ...