Core Viewpoint - Hunan Junxin Environmental Protection Co., Ltd. (Junxin Co.) reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust development resilience and growth potential [1][2]. Financial Performance - The company achieved operating revenue of 1.478 billion yuan, a year-on-year increase of 33.07% [1]. - Net profit attributable to shareholders reached 400 million yuan, reflecting a year-on-year growth of 49.23% [1]. Operational Achievements - Junxin Co. processed 1.861 million tons of municipal waste, up 10.7% year-on-year [1]. - The company generated 886 million kWh of electricity, marking a 26.21% increase compared to the previous year [1]. - Average electricity generation per ton of waste was 476.27 kWh, a 9.7% increase year-on-year [1]. Research and Development - The company invested 33.9915 million yuan in R&D, representing a 6.79% increase [1]. - As of the end of the reporting period, Junxin Co. held a total of 453 authorized national patents, including 86 invention patents [1]. Mergers and Acquisitions - Junxin Co. acquired a 63% stake in Hunan Renhe Environmental Technology Co., Ltd., which exceeded profit commitments for 2023 and 2024 [2]. - Renhe Environmental reported net profits of 496 million yuan and 540 million yuan for the respective years, contributing positively to Junxin Co.'s revenue and profit growth [2]. International Expansion - The company is actively expanding its international business, with projects in Kyrgyzstan and agreements in Kazakhstan [2]. - Junxin Co. has submitted an application for H-share listing on the Hong Kong Stock Exchange to support its international growth strategy [2]. Strategic Partnerships - A strategic cooperation agreement was signed with Changsha Digital Group to develop a "waste-to-energy + green computing center" project [3]. - This collaboration aims to enhance the company's capabilities in green energy and digital upgrades, potentially creating new revenue streams [3]. Future Outlook - Junxin Co. plans to continue expanding its domestic and international solid waste treatment and green energy markets [3]. - The company aims to integrate waste incineration power generation with new technologies to enhance its core competitiveness and brand influence [3].

Core Insights - The company reported a strong performance in the first half of 2025, with revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% [1] Group 1: Operational Performance - The company achieved a waste treatment volume of 1.861 million tons, a 10.7% increase year-on-year, and generated 886 million kWh of electricity, up 26.21% [2] - The average electricity generated per ton of waste was 476.27 kWh, reflecting a 9.7% increase [2] - Research and development investment reached 33.9915 million yuan, a 6.79% increase, with a total of 453 authorized patents, including 86 invention patents [2] Group 2: Acquisition and Synergy - The acquisition of a 63% stake in Renhe Environment was successful, with the company exceeding its profit commitments for 2023 and 2024, achieving net profits of 496 million yuan and 540 million yuan respectively [3] - The acquisition expanded the company's business into waste transfer and kitchen waste sectors, enhancing management and technical synergies [3] Group 3: Market Expansion and Internationalization - The company is actively pursuing international expansion, particularly in Central Asia, with projects in Kyrgyzstan and agreements in Kazakhstan [4] - A strategic cooperation agreement was signed with Changsha Digital Group to develop a benchmark project integrating waste incineration power generation and green computing [5] Group 4: Future Outlook - The company plans to leverage the green electricity direct connection policy to enhance its waste-to-energy projects and digital business [5] - Future strategies will align with national "dual carbon" goals and the "Belt and Road" initiative, focusing on expanding domestic and international waste management and green energy markets [5]

Core Insights - The company reported a revenue of 1.478 billion yuan for the first half of 2025, representing a year-on-year growth of 33.07% [1] - The net profit attributable to shareholders reached 400 million yuan, marking a year-on-year increase of 49.23% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 386 million yuan, reflecting a year-on-year growth of 59.42% [1] - The basic earnings per share stood at 0.5144 yuan [1]

格隆汇8月27日丨军信股份(301109.SZ)公布2025年半年度报告，上半年公司实现营业收入14.78亿元，同 比增长33.07%；归属于上市公司股东的净利润4.00亿元，同比增长49.23%；归属于上市公司股东的扣除 非经常性损益的净利润3.86亿元，同比增长59.42%；基本每股收益0.5144元。 ...

关于2025年半年度报告披露的提示性公告 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 8 月 26 日召开第三届董事 会第五次会议，审议通过了《关于<2025 年半年度报告>及其摘要的议案》。 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 年半年度 报告》（公告编号：2025-110）及《2025 年半年度报告摘要》（公告编号：2025-111）于 2025 年 8 月 28 日在巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投资者注意查 阅。 证券代码：301109 证券简称：军信股份 公告编号：2025-108 特此公告。 湖南军信环保股份有限公司董事会 湖南军信环保股份有限公司 2025 年 8 月 28 日 ...

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 理的公告》（公告编号：2025-042）。 近日，公司控股子公司浏阳市道吾山天湖旅游开发有限责任公司使用闲置自有资金进行现 金管理的产品已到期赎回，现将有关情况公告如下： 1 委托方 受托方 产品 名称 产品 性质 购买金额 （万元） 起息日 到期日 资金 来源 产品 收益 率 收益 金额 ...

法定代表人 ： 戴道国 主管会计工作负责人 ： 戴彬 会计机构负责人：彭丽霞 2025年上半年非经营性资金占用及其他关联资金往来情况汇总表 编制单位：湖南军信环保股份有限公司 金额单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算的 | 2025年期初占用 | 2025年1-6月占用累计 | 2025年1-6月占用 资金的利息（如 | 2025年1-6月 偿还累计发生 | 2025年6月末 占用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关系 | 会计科目 | 资金余额 | 发生金额（不含利 息） | 有） | 金额 | | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 其 ...

证券代码：301109 证券简称：军信股份 公告编号：2025-112 湖南军信环保股份有限公司 2025年半年度募集资金存放与使用情况的专项报告 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。 根据《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2号—— 创业板上市公司规范运作》等监管要求及湖南军信环保股份有限公司（以下简称"公司"、 "本公司"或"军信股份"）《募集资金管理办法》的相关规定，公司编制了2025年半年度募 集资金存放与使用情况的专项报告，具体情况如下： 一、募集资金基本情况 1、首次公开发行股票募集资金基本情况 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 6,834.00 万股，发行价格为每股人民币 34.81 元，募集资金总额为人民币 2,378,915,400.00 元，扣除发行费用人民币 113,783,770.20 元后，公司实际募集资金净额为人 民币 2,265 ...

湖南军信环保股份有限公司 2025 年半年度报告全文 湖南军信环保股份有限公司 2025 年半年度报告 2025-110 二〇二五年八月 1 湖南军信环保股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人戴道国、主管会计工作负责人戴彬及会计机构负责人(会计主 管人员)彭丽霞声明：保证本半年度报告中财务报告的真实、准确、完整。 湖南军信环保股份有限公司 2025 年半年度报告全文 备查文件目录 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及到未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在经营管理中可能面临的风险与对策举措已在本报告中第三节" 管 理层讨论与分析" 之"十、公司面临的风险和应对措施"部分予以描述。敬 请广大投资者关注，并注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - Recent guidance from the Ministry of Finance emphasizes the need for local governments to fulfill payment obligations for existing PPP projects, which is expected to improve cash flow for waste incineration and water services [4][14] - As of August 22, 2025, 95% of the 2 trillion yuan quota for replacing hidden debts has been implemented, accelerating the issuance of local government special bonds [5][19] - The National Development and Reform Commission has reiterated the importance of adjusting public utility prices, with water and waste disposal fees being gradually increased across various regions [30][29] Summary by Sections Government Payment Implementation - The recent guidance on existing PPP projects highlights the necessity for local governments to include related expenses in their budget management and ensure timely payments [4][14] - The funding sources for these projects can include local government special bonds, central transfer payments, and local self-owned funds, which may strengthen the repayment guarantees for future PPP projects [15][14] Debt Replacement and Special Bonds - The issuance of special refinancing bonds has significantly accelerated, with 1.91 trillion yuan issued from January to August 2025, primarily aimed at replacing hidden debts [5][19] - Local governments are actively addressing existing hidden debt issues, which is expected to enhance liquidity for affected parties [19][22] Public Utility Price Adjustments - The report notes that many regions have been slow to adjust water and waste disposal fees, leading to financial losses for water supply companies [30][29] - Recent adjustments in water prices have been observed in cities like Guangzhou and Shenzhen, with average increases of 15.8% for residential water rates [30][34] Investment Logic - The combination of government payment implementation, debt replacement, and price adjustments is expected to positively impact cash flow in the waste incineration and water sectors [36][38] - The industry is experiencing stable growth, with improved cash flow and increased dividends, driven by market reforms and a shift towards direct sales to industrial and commercial clients [38][39]