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 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥685,466,594, representing a year-on-year increase of 6.23% compared to ¥645,236,707 in the same period last year[6]. - Net profit attributable to shareholders for Q3 2025 was ¥205,155,159, marking a significant increase of 47.64% from ¥138,956,569 in the previous year[6]. - The net profit after deducting non-recurring gains and losses for Q3 2025 was ¥198,517,204, up 48.53% from ¥133,657,309 in the same period last year[6]. - Operating revenue for the first nine months of 2025 reached approximately $2.16 billion, reflecting a year-on-year growth of 23.21% and an 81.08% increase after excluding construction period service revenue[11]. - The net profit attributable to shareholders for the same period was RMB 605 million, reflecting a year-on-year growth of 48.69%[20]. - Operating profit for the current period was ¥951,460,720.95, up 63.5% from ¥581,682,298.75 in the previous period[35]. - The total comprehensive income for the current period was ¥820,247,991.52, compared to ¥510,647,262.57 in the previous period, reflecting a growth of 60.7%[36]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period increased by 60.26%, amounting to ¥1,158,064,038 compared to ¥722,602,017 in the previous year[6]. - The company's total current assets amounted to RMB 5,153,340,925.06, an increase from RMB 4,207,067,286.63 at the beginning of the period[31]. - The company's cash and cash equivalents decreased to RMB 1,447,894,667.58 from RMB 1,457,428,129.42[31]. - Cash inflow from sales of goods and services was ¥1,998,542,502.58, significantly higher than ¥1,166,596,204.07 in the previous period, reflecting a growth of 71.1%[38]. - The company reported a cash outflow of ¥735,728,083.71 for dividend distribution and interest payments, compared to ¥429,562,013.15 in the previous period, an increase of 71.2%[39]. Assets and Liabilities - Total assets as of September 30, 2025, were ¥14,673,308,486.90, reflecting a 4.49% increase from ¥14,042,522,669.19 at the end of the previous year[6]. - The company's total liabilities decreased by 88.53% to approximately $85.25 million, mainly due to the payment of cash consideration for the acquisition of Renhe Environment[11]. - Total liabilities decreased to ¥5,212,277,966.53 from ¥5,441,728,922.13, a reduction of 4.2%[33]. - The equity attributable to shareholders increased by 11.49%, reaching ¥7,642,922,095.46 compared to ¥6,854,979,560.45 at the end of the previous year[6]. Shareholder Information - The largest shareholder, Hunan Junxin Environmental Group Co., Ltd., holds 45.27% of the shares, totaling 357,217,304 shares[14]. - The top 10 shareholders collectively hold significant stakes, with the largest three shareholders accounting for over 55% of the total shares[14]. - The company has established voting rights agreements among major shareholders, consolidating control under the largest shareholder[14]. - The company has not reported any changes in the shareholding structure of the top 10 shareholders compared to the previous period[15]. Share Repurchase and IPO Plans - The company approved a share repurchase plan with a budget of between RMB 200 million and RMB 300 million, with a maximum repurchase price of RMB 30.57 per share[23]. - The company plans to adjust the maximum repurchase price to RMB 21.19 per share, increasing the repurchase quantity to between 9,438,415 and 14,157,621 shares[24]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange, with board approvals obtained on May 14, July 18, and August 6, 2025[26][27]. - The company plans to release 2,625,000 shares from lock-up on July 23, 2025, as part of its initial public offering commitment[16]. Investments and Projects - The company signed a preliminary agreement with the Kazakhstan government on July 25, 2025, to invest in a solid waste disposal power generation facility in Almaty[28]. - An investment agreement for the solid waste disposal power generation project in Almaty was signed on August 29, 2025[29]. - The company has invested RMB 1.856 billion in financial products that have not yet matured as part of its cash management strategy[21].

证券代码：301109 证券简称：军信股份 公告编号：2025-138 湖南军信环保股份有限公司（以下简称"公司"）第三届董事会第六次会议（以下简称 "本次会议"）通知按相关规定送达公司全体董事，会议于 2025 年 10 月 28 日上午 10:00 以 现场结合视频方式召开，其中董事戴道国和独立董事兰力波以视频方式参加。本次会议应到 会董事 11 人，实际到会董事 11 人，符合召开董事会会议的法定人数。本次会议由董事长戴 道国召集和主持，公司高级管理人员列席了本次会议。 本次会议的召集、召开符合《中华人民共和国公司法》等法律、法规、规范性文件和 《湖南军信环保股份有限公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于<2025 年第三季度报告>的议案》 公司董事会在全面审核公司 2025 年第三季度报告后，一致认为公司 2025 年第三季度报 告的编制和审核程序符合法律、行政法规和中国证监会及深圳证券交易所的相关规定，报告 内容真实、准确、完整地反映了公司的实际经营情况，不存在虚假记载、误导性陈述或者重 大遗漏。 具体内容详见公司 2025 年 10 月 30 日披露于巨潮资讯网（htt ...

中信证券股份有限公司 关于湖南军信环保股份有限公司部分募集资金投资项目 延期的核查意见 中信证券股份有限公司（以下简称"中信证券"）担任湖南军信环保股份有 限公司（以下简称"军信股份"或"公司"）在深圳证券交易所创业板上市的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《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》《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等有关规定，对军信股份部分募集资金投资项目延期 事项进行了审慎核查，核查意见如下： 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 6,834.00 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 2,265,131,629.80 ...

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Core Points - The company, Junxin Co., announced that neither it nor its controlling subsidiaries have provided guarantees for entities outside the consolidated financial statements [1] - The company and its controlling subsidiaries have no overdue debts corresponding to guarantee balances, no guarantee amounts involved in litigation, and no amounts to be borne due to judgments resulting from guarantees [1]

Core Insights - The company reported a third-quarter revenue of 225 million CNY, representing a year-on-year growth of 14.96% [2][3] - The net profit attributable to shareholders for the third quarter was approximately 24.64 million CNY, showing a slight increase of 1.31% year-on-year [2][3] - The net profit excluding non-recurring gains and losses decreased by 15.7% to about 19.33 million CNY [2][3] Financial Performance - For the first three quarters of 2025, the total revenue reached 687 million CNY, up by 13.89% compared to the same period last year [2][3] - The net profit attributable to shareholders for the first three quarters was approximately 78.80 million CNY, reflecting a growth of 0.88% year-on-year [2][3] - The net profit excluding non-recurring gains and losses for the first three quarters was about 74.90 million CNY, with a year-on-year increase of 1.04% [2][3] Cash Flow and Assets - The net cash flow from operating activities for the first three quarters was 118 million CNY, showing a significant increase of 66.49% year-on-year, mainly due to reduced cash payments for material purchases [2][4] - The total assets at the end of the reporting period amounted to approximately 1.64 billion CNY, an increase from the previous year's end [3] - The equity attributable to shareholders at the end of the reporting period was about 1.28 billion CNY, reflecting growth compared to the previous year [3] Investment and Projects - The balance of construction in progress was approximately 96.75 million CNY, up by 54.05% from the end of the previous year, primarily due to increased investment in projects in Guangxi [4] - Investment income for the year-to-date reached about 12.45 million CNY, a substantial increase of 250.9% year-on-year, attributed to enhanced investments in Xintongda and improved synergy within the industry chain [4]