Summary of Conference Call on Waste Management Industry in Southeast Asia Industry Overview - The Southeast Asian waste management market is experiencing significant demand growth, with a restructuring of the market currently underway [1] - The region faces a continuous increase in waste generation coupled with insufficient end-processing capacity, particularly in incineration rates [1] Key Insights - Chinese companies have accelerated their overseas expansion starting in 2023, leveraging cost and engineering capabilities to rapidly increase market share in Southeast Asia [2] - High electricity prices and disposal fees are enhancing profitability, although operational and policy risks must be monitored [2] - Under the assumption of a unified scale of 1,000 tons per day, optimistic scenarios suggest that project revenues in Southeast Asia could be approximately 1.8 to 2.7 times that of domestic projects, with profits ranging from 2 to 5 times domestic levels, and net profit margins potentially exceeding 25% [2] Financial Performance and Outlook - As overseas projects come online, international business is expected to become a core engine for smoothing domestic cycles and enhancing company performance [3] - The high returns in overseas markets also imply a more complex operational environment and policy negotiations, necessitating improved local management, risk hedging, and comprehensive operational capabilities [3] - The industry is witnessing a cash flow turning point, with over 90% of companies increasing dividend payouts due to robust cash flow [3] - Average waste disposal volume, power generation, and grid-connected electricity are projected to grow by 8%, 7%, and 8% year-on-year, respectively, in the first half of 2025 [3] - The industry is entering a capital expenditure contraction phase, with the proportion of under-construction capacity dropping below 10%, leading to a decline in financial costs and substantial cash flow improvement [3] Strategic Recommendations - Recommended companies to watch include: 1. Operators: Weiming Environmental, Junxin Co., China Everbright Environment, Hanlan Environment, China Tianying, Zhongke Environmental, Wangneng Environment, Green Power, etc. [4] 2. Equipment/Engineering Output: Sanfeng Environment [4] - Short-term strategies include heat transformation and collaborative disposal to extract existing profits, while long-term strategies focus on overseas contributions to performance elasticity and exploring new green energy monetization paths such as zero-carbon parks and integrated electricity solutions [3]

控股公司绵阳中科与星际荣耀达成合作意向，开辟商业航天应用领域。2025 年上半年，中科环保控股 公司绵阳中科与四川星际荣耀航天动力有限责任公司达成合作意向，并签署了《合作框架协议》。双方 将围绕绿色低碳能源应用、尖端科技融合等领域展开深度合作。中科绵投通过餐厨垃圾与污泥处理，制 备绿色生物天然气，加注液氧甲烷火箭，实现低碳燃料替代，并提供绿色电能、绿色热能、中水及除盐 水等清洁能源支持，为星际荣耀航天动力生产提供全链条低碳化支持，实现了"环保+航天"的跨界协同 创新。根据绵阳发布引用星际荣耀相关负责人介绍，通过此次合作，成本将节约20%。 垃圾焚烧技术始于中科院，技术装备获市场高度认可。公司垃圾焚烧技术始于1995 年中国科学院工程 热物理所开发的循环流化床生活垃圾焚烧技术，后消化吸收丹麦伟伦炉排炉技术且不断改进。在先进焚 烧技术与装备、污染物超低排放控制技术与装备、智能技术工程化应用等领域具有显著的技术优势。 2025 年11 月，公司再获改造项目设备供货新订单，助力东北地区某固废处理专业公司由循环流化床焚 烧工艺改建为炉排炉工艺，技术装备实力再获市场高度认可。在环保技术不断革新的背景下，公司较早 实现了循 ...

（文章来源：证券日报） 证券日报网讯 1月30日，中科环保在互动平台回答投资者提问时表示，控股股东中科集团持有的股份锁 定期已延长至2026年7月7日，目前尚在锁定期，并未开展减持。 ...

证券日报网1月30日讯，中科环保（301175）在接受调研者提问时表示，公司玉溪项目已于2025年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，在建项目预计今年到明后年陆续投产。 ...

Core Viewpoint - Zhongke Environmental Protection (301175) is focusing on overseas markets as a key development direction, expanding through equipment sales and heavy asset investments [1] Group 1: Equipment Sales - The company has successfully entered markets in Thailand, Indonesia, and Brazil, particularly in Southeast Asia and along the Belt and Road Initiative [1] - Zhongke Environmental Protection aims to leverage its leading position in equipment supply to continuously secure overseas equipment orders [1] Group 2: Heavy Asset Investments - By 2025, the company is set to be included in the supplier list for the "Indonesia Environmentally Friendly Waste-to-Energy Project" [1] - The company is committed to strict investment boundary conditions and ensuring that investment returns exceed those of domestic projects while maintaining a sufficient safety margin [1] - The company plans to actively expand new projects in Southeast Asia and Central Asia, aiming for further business growth while managing risks and ensuring investment returns [1]

每经AI快讯，中科环保发布公告称，2026年1月29日9:00-10:00，中科环保接受新华基金管理股份有限公 司等投资者调研，公司证券事务部副总经理王波、证券事务部投资者关系高级专员冯爽参与接待，并回 答了投资者提出的问题。 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 （记者 张明双） ...

证券代码：301175 证券简称：中科环保 北京中科润宇环保科技股份有限公司 投资者关系活动记录表 编号：2026-001 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑ 其他（方正证券上市公司交流会） 参与单位 名称及人 员姓名 新华基金管理股份有限公司；财信证券股份有限公司；深圳创华投 资咨询有限公司；方正证券股份有限公司以及参加本次交流会的线 下投资者 时间 2026 年 1 月 29 日（星期四）9:00-10:00 地点 方正证券上市公司交流会举办地（深圳） 上市公司 接待人员 姓名 证券事务部副总经理：王波 证券事务部投资者关系高级专员：冯爽 投资者关 系活动主 要内容介 绍 一、公司业绩情况介绍 公司参会人员对 2025 年经营情况及绿色热能高效利用等业务 亮点进行了简要介绍。介绍完整体情况后，参会人员与投资者开展 了深入的沟通交流。 二、互动交流 问：请问公司在供热业务中，未来是否有更大的增长空间或发 展规划？ 答：公司坚定贯彻"短期靠绿能做优"的核心战略，以规模化 +多场景应用模式，持续扩大工业供热领先优势，并向移动供 ...

1月26日，中科环保涨0.31%，成交额2.54亿元。两融数据显示，当日中科环保获融资买入额4185.92万 元，融资偿还2699.77万元，融资净买入1486.15万元。截至1月26日，中科环保融资融券余额合计2.94亿 元。 融资方面，中科环保当日融资买入4185.92万元。当前融资余额2.94亿元，占流通市值的7.41%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中科环保1月26日融券偿还1900.00股，融券卖出2300.00股，按当日收盘价计算，卖出金额 1.47万元；融券余量2.69万股，融券余额17.16万元，低于近一年20%分位水平，处于低位。 资料显示，北京中科润宇环保科技股份有限公司位于北京市海淀区苏州街3号9层901，成立日期2012年5 月24日，上市日期2022年7月8日，公司主营业务涉及专注于为政府和社会提供废弃物处理处置综合服 务。主营业务收入构成为：生活类垃圾处理业务81.44%，项目建造业务15.73%，环保装备销售及技术 服务1.57%，危废处理处置业务0.71%，其他业务0.55%。 截至9月30日，中科环保股东户数3.99万，较上期减少8.84%；人均流 ...

Core Viewpoint - The project by Inner Mongolia Dongjing Zhongke Technology New Materials Development Co., Ltd. focuses on the production of biodegradable modified materials and products, with a total investment of 147.62 million yuan [1] Group 1: Project Overview - The project includes an annual production capacity of 200,000 tons of biodegradable modified materials and 100,000 tons of biodegradable products [1] - The facility will occupy approximately 8,976 square meters of leased building space [1] Group 2: Industry Impact - This project aims to support the establishment of a complete industrial chain involving coal, electricity, limestone, calcium carbide, BDO, biodegradable plastics, and biodegradable polyester products [1]

Group 1 - The core point of the article is that Zhongke Environmental (301175.SZ) confirmed that the collaboration project with Star Glory regarding liquid methane has not yet officially commenced production [1] - According to the agreement, once production starts, Zhongke will provide Star Glory with green methane, green electricity, green thermal energy, reclaimed water, and desalinated water, supporting the low-carbon production of aerospace propulsion [1]