Core Viewpoint - Zhongke Environmental Technology Co., Ltd. reported a steady growth in revenue and profit for the first half of 2025, indicating strong operational performance and effective management strategies [1][2]. Financial Performance - In the first half of 2025, Zhongke Environmental achieved an operating revenue of 848 million yuan, a year-on-year increase of 4.48% - The net profit attributable to shareholders was 196 million yuan, reflecting a year-on-year growth of 19.83% - The company's asset-liability ratio stood at 50.68%, maintaining a stable financial structure [1]. Operational Expansion - The company has successfully launched the Yuxi project in May 2025, which became profitable in its first month of operation - Ongoing projects include the comprehensive construction of the Hengyang project and accelerated preparations for the Shijiazhuang and Tengxian projects - In the first half of 2025, Zhongke Environmental completed the acquisition of the Jinzhou project and successfully acquired 100% equity in the Guigang and Pingnan projects, with plans to expedite the delivery of the Zaoyang project - Once all projects are consolidated, the total capacity will reach 20,900 tons per day, with 14,400 tons per day already operational [2]. R&D and Innovation - Zhongke Environmental focuses on addressing industry challenges through continuous technological innovation and the commercialization of research outcomes - The company has developed a "Research and Development Results Industrialization Implementation Plan (2025-2027)" covering 14 categories and 90 industrialization projects - In the first half of 2025, 14 new patents were granted, including 7 invention patents and 7 utility model patents - The waste incineration flue gas purification system's residual heat utilization technology has been successfully implemented in the Jincheng project, with plans for broader application in other projects [3]. Commitment to Investor Returns - In the first half of 2025, Zhongke Environmental launched the "Quality Return Dual Improvement" action plan, focusing on innovation and governance to enhance value return - The controlling shareholder, Zhongke Group, voluntarily extended the lock-up period for pre-IPO restricted shares by 12 months to support the company's long-term development - Analysts expect steady growth in operating performance and an increase in dividend payouts, ensuring stable returns for investors [4].

Core Viewpoint - The company reported a robust revenue growth driven by the improvement in core business efficiency, with a revenue of 848 million yuan and a net profit of 196 million yuan for the first half of 2025, marking a 4% and 20% year-on-year increase respectively [2] Revenue and Profit Performance - In the first half of 2025, the company achieved an operating income of 848 million yuan, a 4% increase year-on-year, and a net profit attributable to shareholders of 196 million yuan, a 20% increase year-on-year [2] - The core business of municipal solid waste treatment saw a revenue of 691 million yuan, a 14.81% increase year-on-year, with a gross margin improvement of 1.27 percentage points to 52.57% [2] - The waste treatment volume reached 2.1363 million tons, a 10.07% increase year-on-year, and the heating supply volume was 877,500 tons, a 12.01% increase year-on-year [2] Strategic Initiatives - New operational and acquisition projects contributed significantly, with the Yuxi project achieving profitability in its first month of operation and the newly acquired Jinzhou project turning profitable in its first month post-acquisition [2][3] - The company is executing a "short-term reliance on green energy for optimization" strategy, with the green energy business as a core competitive advantage, achieving a heating supply volume of 877,500 tons, a 12.01% increase year-on-year [2] Expansion and Growth Drivers - The company is expanding its business footprint through both acquisitions and internal development, completing the acquisition of the Jinzhou project and successfully replicating the experience from the Shijiazhuang project [3] - The company has also acquired the Guigang project (1500 tons/day) and the Pingnan project (1200 tons/day) to strengthen its strategic presence in South China [3] - Ongoing projects include the Yuxi project, which commenced operations in May and achieved profitability in its first month, and the comprehensive construction of the Hengyang project [3] Financial Forecast - The company is expected to achieve operating revenues of 1.911 billion yuan, 2.173 billion yuan, and 2.442 billion yuan for 2025-2027, with year-on-year growth rates of 14.93%, 13.69%, and 12.37% respectively [3] - The net profit attributable to shareholders is projected to be 404 million yuan, 487 million yuan, and 550 million yuan for the same period, with year-on-year growth rates of 25.87%, 20.54%, and 13.04% respectively [3]

信达证券研报指出，中科环保业绩稳健增长，盈利能力持续提升。2025H1公司在收入小幅增长的情况下，归母净利润实现近20%的较快增长，体现出盈利能力显著提升。025年上半年，公司新增 ...

Macro - The July CPI data indicates that the transmission of tariffs on core goods inflation remains slow, reinforcing market expectations for the Federal Reserve to cut interest rates in September. However, the current market's expectation of three rate cuts this year may be overly optimistic, as immigration and tariff policies will continue to impact inflation in the second half of the year [2][5]. - In July, the US CPI year-on-year was 2.7% (previous value 2.7%, market expectation 2.8%). The core CPI increased by 0.2 percentage points to 3.1%. The month-on-month CPI growth rate fell by 0.1 percentage points to 0.2% (market expectation 0.2%), while the core CPI month-on-month was 0.3% (previous value 0.2%), in line with market expectations [3][16]. Financial Engineering - A multi-factor model suitable for the CSI 300 index component stocks, combined with a small-cap high-growth satellite strategy, can stabilize and improve the performance of the CSI 300 enhanced strategy. With a 30% domestic and 10% foreign satellite allocation, the annualized excess return of the CSI 300 enhanced strategy since 2016 is 12.6%, with a tracking error of 5.2% [2][7]. - The internal component stock returns are relatively ordinary, which may be related to the differing performance of internal and external factors of the CSI 300 index component stocks. The backtesting results show that the model's stock selection robustness for internal components is superior to that of the all-A multi-factor model [6][7]. Beauty Industry - Yiwang Yichuang - Yiwang Yichuang is a leading e-commerce operator in China, focusing on beauty and personal care products. The company is actively optimizing its business structure and investing in research and development, with a forward-looking application of AI to enhance brand operations, which is expected to help reduce costs and expand business [9][10]. - The company emphasizes R&D and digital construction, with plans to deploy large models and AI systems by 2024, which are expected to empower its agency operations. The company’s core business involves providing online services for brand image shaping and operational modules, with many areas that can be optimized through AI [10][11]. - In 2025, the company launched a stock incentive plan, which is expected to lead to a turning point in performance. The plan involves granting up to 2 million restricted shares to 34 executives and core technical personnel, with performance targets set for revenue and profit growth over the next three years [11].

长江商报消息 ●长江商报记者 徐佳 作为中国科学院旗下环保"双碳"产业平台，中科环保（301175.SZ）盈利能力稳步提升。 近年来，随着我国城镇化进程不断推进，生活垃圾清运量稳步增长。中科环保积极拓展垃圾量及供热市场，盈利能力稳步提升。 半年报显示，2025年上半年，中科环保实现营业收入8.48亿元，同比增长4.48%；净利润1.96亿元，同比增长19.83%；扣非净利润1.93亿元，同比增长20.14%。 长江商报记者注意到，自2018年以来，中科环保已连续七年半净利润增长。此前的2018年至2024年，公司的营业收入、净利润和扣非净利润分别由5.34亿元、6605.11万元、5994.33万元增 半年报显示，2025年上半年，中科环保的主营业务板块中，核心主业生活类垃圾处理业务实现营业收入6.91亿元，同比增长14.81%；毛利率52.57%，同比提升1.27个百分点。同期，公司项 2025年上半年，中科环保新增节能环保特许经营类订单1个，投资金额3.31亿元；处于运营期的订单共有13个，运营收入7.31亿元；处于施工期的订单1个，本期完成的投资金额为9173.25万 在运营期的项目中，慈溪市生活垃圾焚 ...

作为中国科学院旗下环保"双碳"产业平台，中科环保（301175）(301175.SZ)盈利能力稳步提升。 8月12日晚间，中科环保发布半年报，2025年上半年，公司实现营业收入8.48亿元，同比增长4.48%；归 属于上市公司股东的净利润(净利润，下同)1.96亿元，同比增长19.83%；扣除非经常性损益的净利润(扣 非净利润，下同)1.93亿元，同比增长20.14%。自2018年以来，中科环保已连续七年半净利润提升。 近年来，中科环保积极拓展垃圾量及供热市场，并通过并购整合扩张业务规模。6月末，中科环保以 3.54亿元的价格，成功摘牌北控水务(广西)集团有限公司旗下两大项目100%股权，增加生活垃圾焚烧发 电业务规模。 半年报显示，2025年上半年，中科环保的主营业务板块中，核心主业生活类垃圾处理业务实现营业收入 6.91亿元，同比增长14.81%；毛利率52.57%，同比提升1.27个百分点。同期，公司项目建造业务实现营 业收入1.33亿元，同比增长43.7%；毛利率3.78%，同比提升1.57个百分点。 2025年上半年，中科环保新增节能环保特许经营类订单1个，投资金额3.31亿元；处于运营期的订单共 ...

中科环保发布公告称，2025年8月13日，中科环保接受中信证券股份有限公司等投资者调研，公司财务 总监庄五营等人回答了投资者提出的问题。 （文章来源：每日经济新闻） ...

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% [3] - The net profit, excluding share-based payments, was 227 million yuan, with a year-on-year increase of 23.03% [3] - Operating cash flow reached 298 million yuan, up 24.52% year-on-year [3] - Return on equity (ROE) stood at 5.37%, while the debt-to-equity ratio was 50.68% [3] Group 2: Business Strategy and Expansion - The company is focused on expanding its industrial heating capabilities and diversifying into mobile heating, residential heating, compressed air, and cooling sectors [3] - Key green energy centers are being developed in Zhejiang, Hebei, Sichuan, and Guangxi to strengthen competitive advantages [3] - The company is actively pursuing strategic partnerships with large chemical enterprises in the Ningbo project to enhance heating capacity [3] Group 3: Project Development and Financial Management - The company plans to invest approximately 540 million yuan in project construction and acquisitions in 2024, with an estimated total investment of 1-1.3 billion yuan for 2025 [9] - Financing will be structured with 30% from self-funding and 70% from project loans [9] - The company is exploring various financing options, including green bonds and project loans, to optimize its debt structure [8] Group 4: Tax and Subsidy Management - Several projects, including Jin Cheng, Hai Cheng, San Tai, and the newly launched Yu Xi project, are awaiting input tax deductions before benefiting from VAT refunds [6] - Once included in the national subsidy list, projects will recognize renewable energy subsidy income from the date of production [7]

证券日报网讯中科环保（301175）8月13日在互动平台回答投资者提问时表示，后续分红情况公司将按 规定履行信息披露义务。 ...

股 票 研 究 股票研究 /[Table_Date] 2025.08.13 供热业务快速增长，单季利润创新高 中科环保(301175) 2025 年中报点评 [Table_Market] 交易数据 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | 6921245 | | --- | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | | 邵潇(分析师) | 0755-23976520 | shaoxiao@gtht.com | S0880517070004 | | 本报告导读： 供热业务快速增长，并购积极推进，单季利润创新高。 投资要点： 风险提示：项目进度或业务拓展低于预期、回款低于预期等。 | B 5 | | | --- | --- | | | 科环 | | | 保(301175) | 其他公用事业 [Table_Industry] /公用事业 | 6921245 [Table_Invest] 评级： | 增持 | | --- | --- | | [Ta ...