Core Viewpoint - Zhongke Environmental Protection announced on September 18 that its turbine units for waste incineration projects include three types: pure condensing, extraction condensing, and back-pressure units, each capable of providing heat [2] Group 1: Turbine Unit Types - Back-pressure units have the highest efficiency but are limited by variations in thermal load, with electrical load changing in tandem with thermal load [2] - Extraction condensing units offer flexible power and heat adjustments and have relatively high efficiency [2] - Pure condensing units provide minimal heating and rely on temperature and pressure reduction for large heating, achieving high power generation efficiency but low heating efficiency [2] Group 2: Project Development - The company's Shijiazhuang project utilizes a pure condensing unit and is currently undergoing turbine unit modifications to enhance thermal energy utilization efficiency, which is in the bidding stage [2]

Group 1 - The company announced on September 18 that it has received two batches of national subsidy payments in the past two months [2] - The company expects an improvement in national subsidy payments for the current year and will closely monitor the implementation of relevant policies and work deployments [2]

Core Viewpoint - Zhongke Environmental Protection announced on September 18 that it focuses on projects with good fundamentals, particularly those with regional synergy or heating potential [2] Group 1 - The company emphasizes the importance of enhancing project performance through heating business expansion, technological equipment upgrades, and refined management after acquisitions [2] - The company has successful experience in standardized merger and acquisition integration, with the Shijiazhuang project achieving a net profit increase of approximately 50 million yuan in the first year post-acquisition [2] - The Jinzhu project turned profitable in the first month after completion of the acquisition [2]

Core Viewpoint - Zhongke Environmental Protection announced that the pricing of waste incineration heating is not directly linked to coal prices, but rather determined by local market guidance and user demand [2] Group 1: Pricing Mechanism - The waste incineration heating price will reference local market guidance but is primarily based on the demand from heat users and steam standards [2] - The company emphasizes that waste incineration heating has a cost advantage over coal and gas heating [2] Group 2: Environmental Benefits - Waste incineration heating is characterized by its green attributes, contributing to carbon footprint management and energy consumption savings [2]

Core Insights - Zhongke Environmental Protection announced on September 18 that the main increase in investment costs for waste incineration heating compared to power generation is attributed to the heating pipeline network investment costs [2] - The increase in operating costs is primarily due to the depreciation and amortization of the heating pipeline network construction and water treatment costs [2]

（文章来源：证券日报） 证券日报网讯中科环保9月18日发布公告，在公司回答调研者提问时表示，公司玉溪项目已于5月投产， 衡阳项目已全面启动建设，藤县项目、江油项目的前期手续基本都已完成，石家庄项目热力提升工程#3 正在推进。不考虑特殊情况下，以公司的建设能力和水平，在建项目预计明年到后年陆续投产。 ...

Core Viewpoint - Zhongke Environmental announced on September 18 that its main heat users are industrial enterprises, which have a relatively long-term and stable demand compared to residential heating [2] Group 1: Project Details - The company's Shijiazhuang project primarily focuses on industrial heating, but it also includes residential heating [2] - The Haicheng project will utilize self-developed "low vacuum low temperature heating technology from waste incineration power generation" to expand residential heating [2]

Group 1 - The company, Zhongke Environmental Protection, announced on September 18 that its Shijiazhuang project is located adjacent to the Zhao County Economic Development Zone, Zhao County Biological Industry Park, and the Xinzhai Store Town Industrial Park [2] - The primary users of heat from the project are pharmaceutical, chemical, and textile enterprises [2]

Group 1: Company Performance - The company achieved a net profit of 196 million yuan in the first half of 2025, representing a year-on-year growth of 19.83% [2] - The net cash flow from operating activities reached 298 million yuan, an increase of 24.52% compared to the previous year [2] - The weighted average return on equity was 5.37% as of June 30, 2025 [2] - The asset-liability ratio stood at 50.68% [2] Group 2: Heating Supply Focus - The company's heating users are primarily industrial enterprises, with a stable and long-term demand [2] - The Shijiazhuang project focuses on industrial heating, while the Haicheng project will utilize self-developed low-temperature heating technology for residential heating [2] Group 3: Cost and Technology Insights - The main cost increase for heating transformation from waste incineration is the investment in heating pipeline infrastructure [4] - The company’s Shijiazhuang project uses a condensing turbine, which is currently undergoing modifications to enhance thermal energy utilization efficiency [5] Group 4: Mergers and Acquisitions Strategy - The company prioritizes projects with good fundamentals and regional synergy for mergers and acquisitions [6] - The Shijiazhuang project saw a net profit increase of approximately 50 million yuan in its first year post-acquisition [6] Group 5: Project Development and National Subsidies - The Yuxi project commenced production in May 2025, while the Hengyang project has fully started construction [7] - The company has received two batches of national subsidy payments recently, indicating an improvement in subsidy recovery [7]

Core Insights - Zhongke Environmental Protection (301175.SZ) hosted an institutional research event in Shijiazhuang, showcasing its achievements in the green energy sector and attracting numerous analysts and institutional investors [1] - The company is recognized for its leading position in heating, with expectations for future expansion in this area [1] Project Operational Highlights - The Shijiazhuang project has a daily waste processing capacity of 1,200 tons and provides clean energy to the Zhao County Economic Development Zone and residential areas, supporting sustainable economic development [2] - The project has an annual heating capacity of 700,000 tons, covering approximately 500,000 square meters for residential heating and serving over 50 industrial heat users, establishing itself as a benchmark for green economic development in Hebei Province [2] Regional Collaborative Development - The Jinzhou project is expected to turn profitable within the first month post-delivery in 2025, creating synergy with the Shijiazhuang project [3] - The company has successfully replicated its heating model in the Hebei region, with ongoing projects in Zhejiang and Ningbo enhancing the heating network for surrounding industrial parks [3] Strategic Layout of "Short-term Optimization through Green Energy" - The company is committed to its core strategy of "short-term optimization through green energy," focusing on "scale + multi-scenario applications" to maintain its leading position in industrial heating while expanding into mobile heating, residential heating, compressed air, and refrigeration [4] - Zhongke Environmental Protection aims to establish four major green energy centers in Zhejiang, Hebei, Sichuan, and Guangxi to strengthen its industry leadership [4] Green Energy Empowering Dual Carbon Strategy - The company plans to leverage technological innovation to integrate green energy, mergers and acquisitions, and energy structure optimization into its operations, contributing to the construction of a green, low-carbon, safe, and efficient new energy system [5] - The recent research event highlighted the company's achievements in the green energy sector and its commitment to the dual carbon strategy, positioning it to play a significant role in the realization of the Beautiful China strategy [5]