Core Insights - The total compensation for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest-paid CFO in the environmental equipment sector is Qiu Shoucai from Longjing Environmental, earning 1.55 million yuan, while the lowest is Liu Yanlu from Guolin Technology, earning 215,900 yuan [1] - The age distribution of CFOs shows an average age of 46.9 years, with the oldest being 54 years old and the youngest at 37 years old [3] - There is a reverse correlation between education level and salary among CFOs, with those holding a doctorate earning an average of 488,700 yuan, while those with a college diploma earn 452,800 yuan [5] - Some CFOs have seen salary increases despite their companies experiencing significant declines in net profit, indicating a disconnect between compensation and performance [7] Salary Distribution - The average salary for CFOs in the environmental equipment sector is approximately 675,800 yuan, with 43% of CFOs earning below 500,000 yuan [1] - CFO Zhang Lihua from Shijin Technology received a salary of 658,300 yuan in 2024, despite the company’s net profit declining by 456.1% [7] - CFO Wang Qingbo from Yingfeng Environment received a salary of 1.1998 million yuan, a 50% increase from the previous year, despite receiving two warning letters for violations [8] Education and Performance - The educational background of CFOs includes 1 PhD, 5 Master's degrees, 11 Bachelor's degrees, and 4 with college diplomas, with corresponding average salaries reflecting a reverse relationship with education [5] - CFO Wu Kai from *ST Jieneng, despite holding a doctorate, earned 488,700 yuan, which is below the industry average, and the company faced a 21.5% decline in revenue [5] - CFOs with lower educational qualifications, such as Zhang Lihua from Shijin Technology, earned salaries close to the industry average, indicating that performance may not align with educational attainment [5] Compliance Issues - Two CFOs received warnings or public notifications for compliance violations in 2024-2025 [7] - Wang Qingbo from Yingfeng Environment, despite receiving two warnings, had a significant salary increase, raising questions about the relationship between compliance and compensation [8] - Wang Jin from Bixing Wulian received one warning and earned 574,100 yuan, highlighting ongoing compliance challenges within the industry [8]

Company Performance - As of August 8, 2025, Shijin Technology (301030) closed at 18.85 yuan, down 0.79%, with a turnover rate of 3.78% and a trading volume of 61,000 hands, amounting to 115 million yuan [1] - The latest quarterly report shows total revenue of 735 million yuan, a year-on-year decrease of 14.53%, and a net profit attributable to shareholders of 52.89 million yuan, down 33.41% year-on-year [1] - The company's non-recurring net profit is 15.89 million yuan, reflecting a significant year-on-year decrease of 78.21% [1] - The liquidity ratio is 1.013, the quick ratio is 0.611, and the debt-to-asset ratio stands at 88.67% [1] Capital Flow - On the day of reporting, the main capital saw a net outflow of 14.62 million yuan, accounting for 12.72% of the total trading volume [1] - Large orders experienced a net outflow of 10.80 million yuan, representing 9.4% of the trading volume, while small orders had a net inflow of 5.04 million yuan, accounting for 4.39% [1] Company Background - Shijin Technology Co., Ltd. was established in 2005 and is located in Suzhou, primarily engaged in ecological protection and environmental governance [2] - The company has a registered capital of 2.016 billion yuan and a paid-in capital of 350 million yuan [1][2] - The company has made investments in 22 enterprises and participated in 240 bidding projects, holding 8 trademarks and 297 patents, along with 16 administrative licenses [2]

仕净科技最新一期业绩显示，截至2025一季报，公司营业总收入7.35亿元、同比减少14.53%，归属净利 润5289.06万元，同比减少33.41%，扣非净利润1588.90万元，同比减少78.21%，流动比率1.013、速动比 率0.611、资产负债率88.67%。 金融界消息 截至2025年8月7日收盘，仕净科技（301030）报收于19.0元，上涨2.04%，换手率5.75%， 成交量9.28万手，成交金额1.74亿元。 资金流向方面，今日主力资金净流入2093.76万元，占比成交额12.02%。其中，超大单净流入1145.95万 元、占成交额6.58%，大单净流入947.81万元、占成交额5.44%，中单净流出流出431.08万元、占成交额 2.47%，小单净流出1662.67万元、占成交额9.54%。 通过天眼查大数据分析，苏州仕净科技股份有限公司共对外投资了22家企业，参与招投标项目240次， 知识产权方面有商标信息8条，专利信息296条，此外企业还拥有行政许可16个。 来源：金融界 天眼查商业履历信息显示，苏州仕净科技股份有限公司，成立于2005年，位于苏州市，是一家以从事生 态保护和环境治理业 ...

东吴证券研报指出，仕净科技光伏配套+制造双轮驱动，拓展多元业务板块。公司凭品牌、技术、成本 优势巩固光伏电池制程废气治理设备龙头地位受益于新技术路线&一体化品类扩张带动公司单位价值量 提升，在手订单充裕。设备端：根据订单释放节奏，预计2025年配套设备订单同比修复，随下游扩张后 续稳健增长，制程污染防控设备/末端污染治理设备毛利率有望修复回升。光伏电池片：随着产能爬坡 收入提升，行业出清中先进产能更具优势，盈利有望逐步修复。考虑公司为光伏配套设备龙头，下游客 户多元化拓展，布局先进电池片产能，随行业出清&海外拓展，有望迎经营拐点，首次覆盖，给予"增 持"评级。 ...

Group 1 - The company is actively expanding its diversified business segments to reduce reliance on a single business, with process pollution control equipment remaining the core revenue source, projected to generate 1.115 billion yuan in 2024, accounting for 54.31% of total revenue, down from 94.42% in the previous year [1] - The end-of-pipe pollution control equipment is expected to generate 219 million yuan in 2024, showing a year-on-year growth of 47.49% from 149 million yuan last year [1] - The company is rapidly developing its photovoltaic products business, with projected revenue of 644 million yuan in 2024, making up 31.35% of total revenue [1] Group 2 - The company solidifies its leading position in the photovoltaic battery process waste gas treatment equipment market through brand, technology, and cost advantages, benefiting from new technology routes and integrated product category expansion, resulting in abundant orders [2] - The company has a strong patent portfolio with 262 patents, including 60 invention patents and 202 utility model patents, achieving a 95% denitrification efficiency and multi-pollutant collaborative treatment [2] - The company has a diverse customer base across various industries, including semiconductor, fine chemicals, automotive manufacturing, steel metallurgy, and cement, which mitigates the risk of high customer industry concentration [2] Group 3 - The company is establishing a high-efficiency solar cell production base in Ningguo, utilizing the world's most advanced automated production equipment, with a projected battery conversion efficiency of ≥26.5% and a bifacial rate of ≥80% in 2024 [3] - The company adopts the mainstream TOPCon technology route, which can enhance photoelectric conversion efficiency by 0.2% and significantly reduce non-silicon manufacturing costs [3] - The company leverages its experience and technical advantages in various industries to effectively lower solar cell production costs, saving water and energy [3] Group 4 - The company is innovating a carbon capture business model by utilizing steel slag to capture CO2 from flue gas, generating solid carbon materials for low-carbon cement/concrete production, enhancing the utilization rate of industrial solid waste [4] - The demand for carbon capture is expected to accelerate, leveraging the company's catalytic technology advantages to capture CO2 at low costs and resourceize steel slag into building materials [4] - The company forecasts a recovery in equipment orders by 2025, with expected net profits of 22 million yuan, 153 million yuan, and 255 million yuan for 2025-2027, respectively, indicating a potential operational turning point [4]

技术壁垒巩固龙头地位，新兴需求驱动订单放量。公司凭品牌、技术、成本优势巩固光伏电池制程废气 治理设备龙头地位受益于新技术路线&一体化品类扩张带动公司单位价值量提升，在手订单充裕。1)制 程污染防控设备领军者：深耕泛半导体领域，凭借262项专利(截至2024年，分别60项发明专利和202项 实用新型专利，其中2024年授权的实用新型专利25个，授权发明专利18个)及LCR低温液态催化脱硝技 术等自研关键技术，实现95%脱硝效率及多污染物协同处理。全球光伏电池出货量前五大、光伏组件出 货量前十大均为合作客户，光伏行业的制程污染防空设备市占率领先；2)订单充沛支撑业绩弹性：公司 客户广泛分布于泛半导体产业、精细化工、汽车制造、钢铁冶金、水泥建材等多个行业，具备丰富的多 行业领域客户资源，避免了客户行业集中度较高的风险，依托高效全面的工业污染防控技术和一体化解 决方案能力，向半导体、汽车等高端制造领域延伸，对冲光伏行业波动风险。 布局先进电池片产能，强化成本优势。1)高效电池指标领先：公司在宁国建设了高效太阳能电池片及其 产业配套生产基地，项目引进全球最先进自动化生产设备，产品实现行业主流尺寸全覆盖，从2024年生 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1] Core Views - The company is actively expanding its diversified business segments to reduce reliance on a single business, with significant growth in its photovoltaic products and end-of-pipe pollution control equipment [12][13] - The company is positioned as a leader in the process pollution control equipment sector, benefiting from strong technical barriers and a diverse customer base across multiple industries [28] - The company is enhancing its cost advantages through the establishment of advanced solar cell production capacity and innovative carbon capture technologies [30][29] - The financial forecast indicates a recovery in net profit from a loss in 2024 to positive figures in 2025-2027, with expected net profits of 0.22 billion, 1.53 billion, and 2.55 billion respectively [31][32] Summary by Sections Business Diversification - The company is reducing its dependence on process pollution control equipment, which accounted for 54.31% of revenue in 2024, down from 94.42% the previous year. The end-of-pipe pollution control equipment revenue grew by 47.49% year-on-year [12][13] - Revenue from photovoltaic products reached 6.44 billion in 2024, making up 31.35% of total revenue, indicating rapid growth in this segment [12][13] Technical Leadership and Market Position - The company holds 262 patents, including 60 invention patents, and has established itself as a leader in the process pollution control equipment market, particularly in the photovoltaic sector [28] - The diverse customer base across industries such as semiconductor, fine chemicals, automotive, metallurgy, and construction helps mitigate risks associated with industry concentration [28] Cost Management and Production Capacity - The company is building a high-efficiency solar cell production base with advanced automation, achieving a cell conversion efficiency of ≥26.5% and a bifacial rate of ≥80% [29] - The adoption of the TOPCon technology is expected to enhance efficiency and reduce production costs significantly [29] Financial Forecast - The company anticipates a recovery in profitability, with net profit projections of 0.22 billion in 2025, 1.53 billion in 2026, and 2.55 billion in 2027, reflecting a significant turnaround from a loss of 0.77 billion in 2024 [31][32]

天眼查商业履历信息显示，苏州仕净科技股份有限公司，成立于2005年，位于苏州市，是一家以从事生 态保护和环境治理业为主的企业。企业注册资本20160.703万人民币，实缴资本3500万人民币。公司法 定代表人为董仕宏。 通过天眼查大数据分析，苏州仕净科技股份有限公司共对外投资了22家企业，参与招投标项目240次， 知识产权方面有商标信息8条，专利信息296条，此外企业还拥有行政许可16个。 来源：金融界 金融界消息 截至2025年7月29日收盘，仕净科技（301030）报收于18.86元，上涨0.48%，换手率 4.08%，成交量6.59万手，成交金额1.23亿元。 资金流向方面，今日主力资金净流出1200.31万元，占比成交额9.75%。其中，超大单净流入85.77万 元、占成交额0.7%，大单净流出1286.08万元、占成交额10.44%，中单净流出流入123.18万元、占成交 额1.0%，小单净流入1077.13万元、占成交额8.75%。 仕净科技最新一期业绩显示，截至2025一季报，公司营业总收入7.35亿元、同比减少14.53%，归属净利 润5289.06万元，同比减少33.41%，扣非净利润158 ...

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]

Investment Overview - The company has signed an investment cooperation agreement with the Ningguo Economic and Technological Development Zone Management Committee to establish a project company for a high-efficiency solar cell production project [1] - The project aims to produce 24GW of high-efficiency N-type monocrystalline TOPCon solar cells annually [1] Progress of Investment - The project company will collaborate with a state-owned company, Ningguo Zhongyi New Urbanization Construction Co., Ltd., for land and infrastructure investment [2] - The company will pay a rent of 6% of the total repurchase price to the construction party from the completion of the project until the repurchase date, with a repurchase plan starting in the seventh year [2] - The repurchase obligation has been waived to facilitate project implementation and reduce future financial pressure, transitioning to a long-term leasing arrangement [2] Additional Information - The company has completed the EPC project for this investment, positively impacting its overall performance in 2023 [2] - The company is currently adhering to the leasing agreement and conducting production activities without any disputes regarding the leased assets [3]