证券日报网讯2月24日，大地海洋（301068）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司共有股东4227户。 ...

Group 1 - The company Dadi Ocean (301068) reported that as of January 30, 2026, it has a total of 4,756 shareholders [1]

Financial Performance Expectations - The company expects a net profit loss of between -30.06 million and -24.60 million RMB for the fiscal year 2025, compared to a profit of 137.25 million RMB in the previous year[3] - The expected loss after deducting non-recurring gains and losses is between -61.35 million and -50.20 million RMB, compared to a profit of 80.02 million RMB in the previous year[3] Impact of Subsidy Policy - The decline in performance is primarily due to changes in the subsidy policy for the treatment of waste electrical and electronic products, with a significant reduction in subsidy amounts compared to previous years[5] - The Ministry of Finance has allocated 5 billion RMB for the 2025 special fund for waste electrical and electronic product treatment, with 2.3 billion RMB for previously unpaid subsidies and 2.7 billion RMB for industry support[6] Strategic Initiatives - The company completed the acquisition of Zhejiang Tiger Waste Management Co., Ltd. in August 2025, integrating the front-end recycling system into a closed-loop full industry chain[8] - The company aims to enhance operational management precision, optimize cost structure, and improve the value extraction capability of waste electrical and electronic product dismantling[8] Monitoring and Risk Disclosure - The company will continue to monitor the impact of the special fund policy on its operations and fulfill information disclosure obligations in a timely manner[7] - The preliminary financial data provided is subject to final audit results, and investors are advised to be aware of investment risks[8]

Core Viewpoint - Dadi Ocean (301068) is actively selling dismantled products from discarded electronic devices, which contain precious metals like gold and silver, to qualified downstream companies without direct refining [1] Group 1: Company Operations - The company has stated that it sells dismantled products, such as waste circuit boards, directly to downstream enterprises with relevant qualifications [1] - The company does not engage in the direct refining of these dismantled products [1] Group 2: Market Response - The company acknowledges that fluctuations in metal prices in 2025 may impact its procurement and sales prices [1] - To address potential price volatility, the company is enhancing its metal price monitoring and adjusting its pricing strategies flexibly [1]

Investment Rating - The report recommends a "Buy" rating for several companies in the environmental sector, including Lianmei Holdings, Shanggou Environmental, Longkun Technology, Weiming Environmental, Hanlan Environment, Dadi Ocean, Shanghai Industrial Holdings, and Conch Venture [1]. Core Insights - The transition from "energy consumption dual control" to "carbon emission dual control" is emphasized, with a focus on circular reduction and green energy industries. The year 2026 marks the first year of full transition to carbon emission dual control, with significant efforts expected in carbon reduction [1][11]. - The report highlights the impact of the EU carbon tariff, which will officially be implemented on January 1, 2026, significantly increasing the cost of exports from China to the EU. Current carbon prices in the EU are around 80-90 euros per ton, compared to approximately 81 yuan per ton in China [1][16]. - Companies involved in the circular economy, such as those in recycling and green energy, are recommended for investment due to their potential to reduce carbon emissions and adapt to new regulations [1][17]. Summary by Sections Section 1: Carbon Emission Dual Control Implementation - The "14th Five-Year Plan" shifts focus to carbon emission control, emphasizing the need for a new energy system and the integration of carbon reduction, pollution reduction, and green growth [11][12]. Section 2: Fund Holdings in Environmental Stocks - As of Q4 2025, the fund allocation for environmental stocks is only 0.23%, a decrease of 0.13 percentage points year-on-year, indicating a recovery trend since the lows of 2020 [21][26]. Section 3: Biodiesel Market Insights - The price of UCO (Used Cooking Oil), a key raw material for biodiesel, has increased by 7.6% to $1,060 per ton, while SAF (Sustainable Aviation Fuel) prices have decreased slightly but remain high at $2,150 per ton [31][35]. Section 4: Policy and Event Tracking in the Dual Carbon Field - Recent policies emphasize the construction of zero-carbon factories and the promotion of green development, with specific targets set for various industries by 2030 [39][40]. Section 5: Key Company Valuations and Financial Analysis - The report provides detailed financial metrics for key companies, including earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE), indicating a generally positive outlook for the sector [4].

Investment Rating - The report maintains a "Buy" rating for several companies in the environmental sector, including Huanlan Environment, Sanfeng Environment, and others, indicating a positive outlook for their stock performance [5]. Core Insights - The environmental industry is entering a critical phase of carbon reduction, with a focus on recycling and waste incineration. The demand for green energy and recycling industries is expected to rise significantly as China transitions to a dual control system for carbon emissions starting in 2026 [4][17]. - The introduction of the EU carbon tariff in 2026 is anticipated to increase the cost of exports from China, prompting companies to adopt greener practices to mitigate carbon emissions [4][17]. - High dividend assets in the environmental sector are expected to remain attractive in 2026, with companies like Guangda Environment and Huanlan Environment showing significant stock price increases in 2025 [4][5]. - The bio-diesel sector is experiencing a rise in UCO prices, which are expected to benefit companies involved in waste oil processing and bio-fuel production [19][25]. Summary by Sections Section 1: Market Performance - The environmental sector has shown strong performance in 2026, with water treatment, energy-saving, and recycling sectors leading the gains. Companies are diversifying into secondary businesses to enhance growth [11][14]. Section 2: Policy and Regulatory Developments - The report highlights the implementation of the "Solid Waste Comprehensive Governance Action Plan" aimed at reducing industrial solid waste and enhancing recycling efforts [33]. - The introduction of the carbon trading market and the EU carbon tariff are significant regulatory changes that will impact the industry [17][31]. Section 3: Company Performance and Recommendations - Key companies recommended for investment include Huanlan Environment, Shanghai Industrial Holdings, and others, which are expected to benefit from favorable market conditions and policy support [4][5]. - The report notes that the environmental sector's valuation is currently at a historical low, suggesting potential for future growth [45][52]. Section 4: Financial Analysis - The financial metrics for key companies indicate a positive outlook, with projected earnings per share (EPS) and price-to-earnings (PE) ratios suggesting undervaluation relative to historical performance [5]. Section 5: Market Trends - The report tracks the performance of various sub-sectors within the environmental industry, noting that energy-saving manufacturing and recycling have shown the most significant growth [49]. Section 6: Export and Pricing Trends - UCO prices have remained strong, with recent data showing a 6.1% increase compared to early 2025, indicating robust demand for bio-diesel feedstock [19][23]. Section 7: Carbon Market Activity - The carbon market has seen significant trading volumes, with recent data indicating a closing price of 78.50 CNY per ton, reflecting ongoing market activity and interest [31]. Section 8: Company Announcements - Recent announcements from companies like Dongjiang Environmental and Zhongyuan Environmental indicate strategic acquisitions aimed at enhancing operational capabilities and market positioning [42].

Core Viewpoint - The company's stock price fluctuations are influenced by various factors including macroeconomic environment, industry policy adjustments, and funding preferences [1] Group 1 - The management believes that solidly improving core business and continuously enhancing the company's intrinsic value are fundamental to cope with market fluctuations and achieve long-term development [1] - The company will continue to focus on improving operational efficiency and core competitiveness [1] - The company aims to reward the trust of its investors through its efforts [1]

Core Viewpoint - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) on January 1, 2026, signifies a new era in global trade focused on low-carbon thresholds, driving demand for circular economy industries and presenting growth opportunities for companies like Dadi Ocean [1] Group 1: Industry Trends - The EU carbon price has surged to €90 per ton, compelling export companies to accelerate their low-carbon transformation and increasing the demand for circular economy solutions [1] - The CBAM will cover 180 downstream products, including steel, aluminum, cement, and electricity, requiring importers to bear the carbon costs associated with these goods, thus significantly boosting the demand for recycled materials [1] Group 2: Company Strategy - Dadi Ocean has developed a one-stop waste disposal service system that aligns with the core aspects of the circular economy, utilizing an internet recycling network and professional dismantling capabilities to create a closed-loop waste management process [2] - The company has established a carbon account for household waste recycling, allowing for the calculation of carbon reduction from waste recovery and providing traceable carbon footprint data to downstream enterprises, making it a key partner for exporters facing carbon tariffs [2] Group 3: Mergers and Acquisitions - The strategic acquisition of Zhejiang Huguo Waste Management Co., completed on August 15, 2025, has enhanced Dadi Ocean's industry chain advantages by expanding its operations into the broader market of household waste recycling [2] - Huguo's innovative model of direct collection and smart regulation has improved recycling efficiency and enabled full traceability of waste from source to end [2] Group 4: Synergies and Future Outlook - Post-acquisition, the collaboration between Dadi Ocean and Huguo is yielding synergies, with Huguo's network of nearly 2,500 communities providing a stable raw material supply, enhancing scale effects and optimizing cost structures [3] - The integration of technology and data management has allowed Dadi Ocean to establish a comprehensive traceable carbon footprint data system, meeting the verification needs of downstream companies regarding carbon tariffs [3] - With the acceleration of national "waste-free city" initiatives and the dual impact of EU carbon tariffs, the circular economy sector is experiencing a policy-driven growth phase, positioning Dadi Ocean to benefit from the rising demand for recycled materials [3]

Core Viewpoint - The company acknowledges that its stock price fluctuations are influenced by various factors, including macroeconomic conditions, industry policy adjustments, and funding preferences [1] Group 1: Company Strategy - The management firmly believes that solidly managing the main business and continuously enhancing the company's intrinsic value are fundamental to addressing market volatility and achieving long-term development [1] - The company will continue to focus on improving operational efficiency and core competitiveness to reward the trust of its investors [1] Group 2: Market Environment - The company recognizes that external factors such as the macroeconomic environment and industry policies play a significant role in its stock price movements [1]

Core Viewpoint - The company has not yet adopted intelligent robotic sorting equipment but is actively monitoring the application of new technologies in the recycling of waste resources [1] Group 1: Company Strategy - The company will continue to optimize its products and services based on market demand and its own business realities [1] - The company aims to enhance the entire value chain from "front-end recycling to mid-end sorting to back-end utilization" through technological upgrades and increased automation [1] - The focus on improving core competitiveness is a priority for the company [1]