Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved revenue growth of 33.07% year-on-year in H1 2025, with a net profit increase of 49.23% [7] - The significant increase in free cash flow by 157% indicates strong operational performance and long-term dividend sustainability [7] - The integration of Renhe Environment contributed 29% to the company's net profit, enhancing the synergy across the industry chain [7] Financial Performance Summary - Total revenue for 2023 is projected at 1,857 million yuan, with a year-on-year growth of 18.26% [1] - The net profit attributable to the parent company is expected to reach 513.85 million yuan in 2023, reflecting a growth of 10.21% [1] - The earnings per share (EPS) for 2025 is estimated at 0.97 yuan, with a corresponding P/E ratio of 16.01 [1] Business Operations Summary - The company has a daily waste incineration capacity of 11,800 tons, positioning it as a leader in the environmental protection sector in Hunan [7] - The overseas expansion includes projects in Kyrgyzstan with a total planned capacity of 7,000 tons per day [7] - The company’s operational data shows a 10.70% increase in waste processing volume and a 26.21% increase in electricity generation [7]

Group 1 - The stock of Junxin Environmental Co., Ltd. increased by 2.43% on August 28, with a trading volume of 366 million yuan [1] - On the same day, the financing buy amount was 30.18 million yuan, while the financing repayment was 40.16 million yuan, resulting in a net financing outflow of 9.98 million yuan [1] - As of August 28, the total financing and securities lending balance for Junxin was 162 million yuan, which is 4.93% of its market capitalization and above the 90th percentile of the past year [1] Group 2 - Junxin Environmental Co., Ltd. was established on September 22, 2011, and went public on April 13, 2022, focusing on waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - The company's revenue composition includes: construction services (34.43%), waste incineration and power generation (24.99%), sludge treatment (22.85%), and other services [2] - For the first half of 2025, Junxin reported a 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% year-on-year [2] Group 3 - Since its A-share listing, Junxin has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while some previous shareholders have exited the top ten list [3]

Group 1: Financial Performance - The company achieved a revenue of 1.478 billion yuan in the first half of 2025, representing a year-on-year increase of 33.07% [2] - The net profit attributable to shareholders reached 400 million yuan, with a year-on-year growth of 49.23% [2] - The earnings per share and total assets also showed an upward trend [2] Group 2: Operational Efficiency - The amount of household waste processed reached 1.861 million tons, a year-on-year increase of 10.7% [3] - The electricity generated from waste was 886 million kWh, growing by 26.21% [3] - The electricity generated per ton of waste was 476.27 kWh, reflecting a year-on-year increase of 9.7% [3] - The company also handled 395,100 tons of kitchen waste and 1.6069 million tons of municipal waste transfer [3] Group 3: International Projects - The company is constructing a waste disposal power generation project in Bishkek, Kyrgyzstan, expected to be operational by the end of this year [3] - Framework agreements for waste disposal projects have been signed with Osh City and Issyk-Kul region in Kyrgyzstan, as well as preliminary agreements with Kazakhstan [3] - The Bishkek project has a planned waste processing capacity of 3,000 tons per day, with the first phase set at 1,000 tons per day [3] Group 4: Dividend Policy - The company has maintained stable operating performance and cash flow, supporting a consistent dividend plan [4] - The dividend payout ratio for the last two years exceeded 70% of the net profit attributable to shareholders, higher than industry peers [4] - A long-term dividend return plan was established, ensuring at least 50% of the net profit is distributed in cash annually [4] Group 5: Accounts Receivable - The primary source of accounts receivable comes from service fees owed by local governments for waste treatment and subsidies for waste-to-energy projects [4] Group 6: Technological Advancements - The company’s high electricity generation per ton of waste is attributed to advanced equipment and continuous technological innovations [5] - Improvements include optimized waste pit management, boiler capacity upgrades, and low-nitrogen combustion technology [5] - The operational efficiency is enhanced by the scale of the waste-to-energy projects located in Changsha [5] Group 7: Hong Kong Listing Progress - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025, and is actively advancing related work [6]

Group 1 - The core viewpoint of the news is the disclosure of military trust shares' half-year report for 2025, highlighting significant institutional ownership and changes in public fund holdings [1][2] Group 2 - As of August 27, 2025, a total of 15 institutional investors hold 508 million shares of military trust, accounting for 64.32% of the total share capital [1] - The top ten institutional investors collectively hold 63.64% of the shares, with a slight decrease of 0.26 percentage points compared to the previous quarter [1] Group 3 - Three new public funds disclosed their holdings in military trust this period, including E Fund Value Growth Mixed, Southern CSI 1000 ETF, and CMB CSI Shanghai Environmental Exchange Carbon Neutrality ETF [1] - Two public funds were no longer disclosed compared to the previous quarter, namely GF Technology Innovation Mixed A and GF Growth Navigation One-Year Holding Mixed A [1] Group 4 - One new social security fund disclosed its holdings in military trust, specifically the National Social Security Fund 502 Portfolio [2] - One insurance fund increased its holdings, namely Ruizhong Life Insurance Co., Ltd. - Own Funds, with a slight increase in shareholding [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a strong performance in H1 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% year-on-year, slightly exceeding expectations [7] - The integration of Renhe Environment and operational efficiency improvements are key drivers of growth, with significant contributions from Renhe Environment [7] - The company is advancing in overseas markets, having signed a project agreement in Kyrgyzstan for a 7,000 tons/day capacity, with the first phase expected to be operational by the end of 2025 [7] - The company is exploring innovative business models by combining waste incineration with data centers, enhancing the value of its electricity assets [7] - Operating cash flow significantly improved, reaching 724 million yuan in H1 2025, a year-on-year increase of 59.81%, supported by stable cash inflows from Renhe Environment [7] - The company has committed to a long-term dividend plan with a payout ratio of no less than 50% and initiated a share buyback plan of 200-300 million yuan [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 2.431 billion yuan in 2024 to 3.254 billion yuan in 2025, reflecting a year-on-year growth rate of 33.9% [5] - Net profit attributable to the parent company is expected to increase from 536 million yuan in 2024 to 807 million yuan in 2025, with a growth rate of 50.5% [5] - The company’s earnings per share are forecasted to be 1.02 yuan in 2025, with a gross margin of 50% [5] - The projected price-to-earnings ratios for 2025-2027 are 15, 14, and 12 respectively, indicating a favorable valuation [7]

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 ...