Core Viewpoint - The company reported significant revenue and profit growth in the first three quarters of 2025, driven by the consolidation of Renhe Environment and improved operational efficiency [2][4]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.163 billion yuan, a year-on-year increase of 23.21% - The net profit attributable to shareholders reached 605 million yuan, reflecting a year-on-year growth of 48.69% - The non-recurring net profit attributable to shareholders was 584 million yuan, up 55.54% year-on-year [1][2]. Operational Highlights - Renhe Environment's stable operations contributed to the overall performance, processing 305,700 tons of kitchen waste and producing 22,600 tons of industrial-grade mixed oil - The increase in product prices was supported by rising overseas UCO prices, leading to better performance [2]. - The company processed 2.7004 million tons of municipal waste, a 7.89% increase year-on-year, and generated 1.294 billion kWh of electricity, up 17.53% year-on-year [2]. Cash Flow and Management - Operating cash flow net increased significantly by 60.26% to 1.158 billion yuan, aided by accelerated government subsidy payments [2]. International Expansion - The company is successfully expanding its overseas business, with the Bishkek project in Kyrgyzstan on track for completion by year-end, expected to contribute to revenue [3]. - Agreements have been signed for waste-to-energy projects in Kazakhstan and additional projects in Kyrgyzstan, indicating a robust pipeline for international projects [3]. Strategic Initiatives - The company is exploring a new model combining environmental protection and computing power, partnering with Changsha Digital Group to provide stable, low-cost energy for a computing center [3]. - The company is actively managing accounts receivable and has engaged with local governments to improve cash flow [3]. Profit Forecast - Revenue projections for 2025-2027 are 2.925 billion, 3.074 billion, and 3.236 billion yuan, with year-on-year growth rates of 20.33%, 5.12%, and 5.27% respectively - Net profit forecasts for the same period are 802 million, 837 million, and 888 million yuan, with growth rates of 49.48%, 4.42%, and 6.10% respectively [4].

Core Viewpoint - The company, Junxin Co., Ltd. (军信股份), reported strong growth in its Q3 2025 financial results, with significant increases in both revenue and net profit, indicating robust profitability and growth potential [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.163 billion yuan, a year-on-year increase of 23.21% - The net profit attributable to shareholders reached 605 million yuan, reflecting a year-on-year growth of 48.69% [1]. Operational Efficiency - The company processed 2.7004 million tons of municipal solid waste, marking a 7.89% increase year-on-year - The electricity generated from waste reached 1.294 billion kWh, up 17.53% year-on-year - The sales volume of industrial-grade mixed oil was 22,600 tons, with an oil yield of approximately 7% - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, a 4.72% increase year-on-year, showcasing high-quality operational management and potential for efficiency [2]. International Expansion - The company has made significant strides in international project expansion, establishing a multi-country presence in Central Asia - The Bishkek project in Kyrgyzstan is the first waste-to-energy project in the region, with construction progressing well and expected to commence operations by the end of this year - The company has signed framework agreements for waste technology disposal projects in Osh and Issyk-Kul, and an investment agreement for a waste disposal project in Almaty, Kazakhstan, which could drive future growth [2]. Strategic Initiatives - To accelerate its international strategy, the company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025 - This move is expected to enhance the company's international capital platform, increasing its global influence and competitiveness [3]. - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has exceeded performance commitments for 2023 and 2024, contributing positively to the company's growth - The acquisition has allowed the company to extend its business vertically into waste transfer and horizontally into kitchen waste management, creating an integrated operational model of "waste transfer + comprehensive solid waste treatment + green energy" [3]. Future Outlook - The company aims to continue expanding its domestic and international solid waste treatment and green energy markets - It plans to explore the integration of waste-to-energy with new technologies and business models, enhancing its core competitiveness and long-term investment value, contributing to the construction of a "Beautiful China" and global environmental governance [3].

Financial Performance - The company achieved a revenue of 2.163 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.21% [2] - The net profit attributable to shareholders reached 605 million yuan, with a year-on-year increase of 48.69% [2] - The volume of household waste processed reached 270,040 tons, up 7.89% year-on-year [2] - The electricity generated from waste was 1.294 billion kWh, reflecting a growth of 17.53% [2] - The electricity generated per ton of waste was 479.10 kWh, an increase of 4.72% [2] Overseas Projects - The Bishkek waste-to-energy project in Kyrgyzstan is expected to be completed by the end of 2025, with a planned processing capacity of 3,000 tons per day [3] - Framework agreements for waste disposal projects have been signed in Osh and Issyk-Kul, with each project planned for 2,000 tons per day [3] - An investment agreement for a waste disposal project in Almaty, Kazakhstan, has also been established [3] Dividend Policy - The company has maintained a stable cash flow, with dividends in the last two years exceeding 70% of the net profit attributable to shareholders [3] - A long-term dividend plan has been established, ensuring at least 50% of the net profit will be distributed in cash annually [3] Accounts Receivable - Accounts receivable primarily stem from service fees owed by local governments and national subsidies for waste-to-energy projects [4] - Approximately 81 million yuan in national subsidies was collected in the first three quarters, with expectations for improved collection in the future [4] Energy Efficiency - The company maintains a leading position in electricity generation per ton of waste due to advanced equipment and continuous technological innovations [4][5] - Future improvements in energy efficiency are anticipated through ongoing technological upgrades and operational optimizations [5] Hong Kong Listing Progress - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025 [5] Synergy and Future Growth - The acquisition of Hunan Renhe Environmental Technology has led to significant operational synergies and exceeded performance commitments for 2023 and 2024 [5] - Future growth is expected from increased capacity utilization, technological innovations, and the development of overseas projects [5] - Strategic cooperation agreements have been signed to explore new areas such as "waste-free cities" and digitalization in the environmental industry [5]

Core Insights - Hunan Junxin Environmental Protection Co., Ltd. reported strong financial performance for the first three quarters of 2025, with revenue of 2.163 billion yuan, a year-on-year increase of 23.21%, and net profit attributable to shareholders of 605 million yuan, up 48.69% [1] Financial Performance - The company processed 2.7004 million tons of municipal solid waste, a 7.89% increase year-on-year [1] - The electricity generated from waste incineration reached 1.294 billion kWh, growing by 17.53% [1] - Sales of industrial-grade mixed oil amounted to 22,600 tons, with an oil yield of approximately 7% [1] - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, reflecting a 4.72% year-on-year increase [1] Strategic Expansion - The company is expanding its overseas projects, particularly in Central Asia, with significant progress on the Bishkek project in Kyrgyzstan, expected to commence operations by the end of this year [2] - Agreements have been signed for waste management projects in Osh and Issyk-Kul in Kyrgyzstan, as well as an investment agreement for a waste-to-energy project in Almaty, Kazakhstan [2] - The company submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its international capital platform and competitiveness [2] Mergers and Acquisitions - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has contributed positively to the company's performance, exceeding performance commitments for 2023 and 2024 [2][3] - The acquisition has allowed the company to extend its business vertically into waste transfer and horizontally into kitchen waste management, creating an integrated operational model [3] Future Outlook - The company aims to align with national "dual carbon" strategies and the "Belt and Road" initiative, focusing on expanding domestic and international waste management and green energy markets [3] - Plans include exploring the integration of waste-to-energy with green computing and smart city technologies to enhance core competitiveness and long-term investment value [3]

Core Insights - Hunan Junxin Environmental Protection Co., Ltd. reported a revenue of 2.163 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.21% [1] - The net profit attributable to shareholders reached 605 million yuan, marking a significant increase of 48.69% year-on-year [1] Financial Performance - The company processed 2.7004 million tons of municipal solid waste, an increase of 7.89% compared to the previous year [1] - The electricity generated from waste incineration was 1.294 billion kWh, up by 17.53% year-on-year [1] - The sales volume of industrial-grade mixed oil was 22,600 tons, with an oil yield of approximately 7% [1] - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, reflecting a year-on-year increase of 4.72% [1] Business Expansion - The waste incineration power generation project in Bishkek, Kyrgyzstan, is expected to commence operations by the end of this year [1] - The company signed framework agreements for waste technology disposal projects in Osh City and Issyk-Kul region, Kyrgyzstan, and an investment agreement for solid waste technology disposal power generation in Almaty, Kazakhstan [1] - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025, to enhance its international capital platform and competitiveness [1] Strategic Developments - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has exceeded performance commitments for 2023 and 2024, contributing positively to the company's performance [2] - This acquisition has allowed the company to extend its business vertically to the front end of the industry chain (waste transfer) and horizontally into the kitchen waste sector, forming an integrated operational model [2] - The company signed a strategic cooperation agreement with Changsha Digital Group in June 2025 to develop a demonstration project combining waste incineration power generation and green computing [2] - Future plans include expanding domestic and international solid waste treatment and green energy markets, while exploring the integration of waste incineration power generation with new business models such as smart cities [2]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company's operating revenue for the first three quarters reached 2.163 billion yuan, representing a year-on-year increase of 23.21% [1] - The net profit attributable to shareholders of the listed company was 605 million yuan, showing a year-on-year growth of 48.69% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 584 million yuan, reflecting a year-on-year increase of 55.54% [1] - Basic earnings per share were reported at 0.7748 yuan [1]

Market Overview - The environmental governance sector increased by 0.53% on October 29, with Shanghai Xiba leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Notable gainers in the environmental governance sector included: - Shanghai Xiba (603200) with a closing price of 92.86, up 6.64% [1] - Baolijie (920802) at 18.51, up 6.20% [1] - Haitan Co. (603759) at 11.00, up 5.87% [1] - Fulongma (603686) at 25.57, up 5.49% [1] - Huicheng Environmental (300779) at 161.07, up 5.29% [1] - Conversely, the following stocks experienced declines: - Haixia Environmental (603817) at 7.17, down 7.00% [2] - ST Taihe (605081) at 11.23, down 4.99% [2] - Zhuojin Co. (688701) at 9.22, down 4.55% [2] Capital Flow - The environmental governance sector saw a net inflow of 339 million yuan from institutional investors, while retail investors experienced a net outflow of 178 million yuan [2][3] - Major stocks with significant capital inflows included: - Fulongma (603686) with a net inflow of 3.12 billion yuan [3] - Shanghai Xiba (603200) with a net inflow of 196 million yuan [3] - Huicheng Environmental (300779) with a net inflow of 116 million yuan [3] - Stocks with notable net outflows included: - Fulongma (603686) with a net outflow of 1.11 billion yuan from retail investors [3] - Shanghai Xiba (603200) with a net outflow of 4.51 million yuan from retail investors [3]

证券代码：301109 证券简称：军信股份 公告编号：2025-141 湖南军信环保股份有限公司 关于使用闲置募集资金及自有资金进行现金管理到期赎回 并使用自有资金继续进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开了第三届董事 会第二次会议和第三届监事会第二次会议，审议通过了《关于公司及子公司使用部分闲置募集 资金及自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民币 1.20 亿元（含 本数）闲置募集资金及不超过人民币 30.00 亿元（含本数）的自有资金进行现金管理，用于购 买安全性高、流动性好、保本型的理财产品或存款类产品（包括但不限于结构性存款、大额存 单、定期存款、通知存款等），上述额度自董事会审议通过之日起 12 个月内有效，在前述额 度和期限范围内可循环滚动使用。具体内容详见公司于 2025 年 4 月 22 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《关于公司及子公司使用部分闲置募集资金及自有资金进行现金管 理的 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 湖南军信环保股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第三届 董事会第六次会议，审议通过了《关于<2025 年第三季度报告>的议案》。 为便于投资者全面了解公司经营情况、财务状况及未来发展规划，公司《2025 年第 三 季 度 报 告 》 （ 公 告 编 号 ： 2025-137 ） 于 2025 年 10 月 30 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。 证券代码：301109 证券简称：军信股份 公告编号：2025-140 湖南军信环保股份有限公司 关于2025年第三季度报告披露的提示性公告 湖南军信环保股份有限公司董事会 2025 年 10 月 30 日 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-139 湖南军信环保股份有限公司 关于部分募集资金投资项目延期的公告 本公司及董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。 湖南军信环保股份有限公司（以下简称"公司"）于2025年10月28日在公司会议室召开第 三届董事会第六次会议，审议通过了《关于部分募集资金投资项目延期的议案》，同意公司在 募集资金投资项目实施主体、实施方式、募集资金投资用途及投资规模不发生变更的情况下， 对募投项目"湖南军信环保股份有限公司技术研发中心建设项目"（以下简称"技术研发中心 项目"或"本项目"）预计达到可使用状态的日期再次进行延期。根据《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》等规定，公司本次募投项目延期事项在 董事会审批权限范围内，无需提交股东会审议。现将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意湖南军信环保股份有限公司首次公开发行股票注册 的批复》（证监许可[2022]254号）批准，并经深圳证券交易所同意，公司首次公开发行人民币 普通股（A股）股票6 ...