4.本次实施的利润分配方案与董事会审议通过的利润分配方案及其调整原则一 致。 证券代码：301175 证券简称：中科环保 公告编号：2025-133 北京中科润宇环保科技股份有限公司 2025 年中期分红派息实施公告 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。 北京中科润宇环保科技股份有限公司（以下简称"公司"）2025 年中期利润分 配方案已获 2025 年 9 月 29 日召开的第二届董事会第二十二次会议审议通过，现将 权益分派事宜公告如下： 一、股东会授权及董事会审议通过利润分配方案情况 1.公司于 2025 年 5 月 7 日召开 2024 年度股东大会，审议通过了《关于 2024 年 度利润分配预案及 2025 年度中期分红规划的议案》，授权董事会在符合中期分红条 件的前提下制定 2025 年中期利润分配方案。 2.公司第二届董事会第二十二次会议审议通过的 2025 年中期利润分配方案为： 以截至 2025 年 6 月 30 日的公司总股本 1,471,880,000 股为基数，向全体股东每 10 股派发现金股利人民币 0.60 元（含税），合计 ...

Investment Rating - The report assigns a "Buy" rating for Zhongke Environmental [1] Core Views - The company has shown steady revenue growth with a 6.06% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.272 billion yuan, and a 13.21% increase in net profit attributable to shareholders, totaling 298 million yuan [1][3] - The company is effectively managing costs, with operating costs growing only 1.28%, which is lower than the revenue growth rate, leading to an improved gross margin of 44.06%, up 2.6 percentage points year-on-year [3] - The company is committed to high dividend payouts, promising to distribute at least 60% of its net profit to shareholders annually from 2024 to 2028, with a mid-term dividend proposal of 0.60 yuan per share [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved an operating income of 1.272 billion yuan, a net profit of 298 million yuan, and a net profit after deducting non-recurring gains and losses of 295 million yuan, all showing positive year-on-year growth [1] - The company’s operating cash flow for the first three quarters reached 511 million yuan, reflecting a 9.09% increase, with a collection ratio of 93.1% [3] - The forecast for revenue from 2025 to 2027 is 1.857 billion yuan, 2.147 billion yuan, and 2.387 billion yuan respectively, with net profits projected at 397 million yuan, 478 million yuan, and 541 million yuan [3][4]

Core Insights - Zhongke Environmental reported a revenue of 1.272 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.06% [1] - The company achieved a net profit attributable to shareholders of 298 million yuan, up 13.21% year-on-year, and a net profit excluding non-recurring items of 295 million yuan, reflecting a 13.91% increase [1] Group 1: M&A Strategy - Zhongke Environmental successfully acquired 100% equity of the Guigang and Pingnan projects through public bidding, with the total processing capacity expected to exceed 20,000 tons per day after consolidation [2] - The company hosted an institutional research event at the Shijiazhuang project in September, showcasing its experience in quickly realizing economic benefits from M&A projects, which was well-received by analysts and institutional investors [2] Group 2: Mid-term Profit Distribution - As a state-owned enterprise, Zhongke Environmental plans to conduct its first mid-term dividend distribution post-listing, with a proposal to distribute 0.60 yuan in cash dividends per 10 shares, amounting to approximately 45% of the net profit attributable to shareholders for the first half of 2025 [3] - Market analysts view the company's growth strategy as clear and robust, with the mid-term dividend reflecting its confidence in future development and commitment to shareholder returns [3]

Core Viewpoint - The company achieved double-digit growth in net profit, with stable main business operations. For the first three quarters of 2025, the company reported operating revenue of 1.272 billion yuan, a year-on-year increase of 6.06%, and a net profit attributable to shareholders of 298 million yuan, a year-on-year increase of 13.21% [2][3] Financial Performance - In Q3 2025, the company recorded operating revenue of 424 million yuan, a year-on-year increase of 9.39%, and a net profit attributable to shareholders of 102 million yuan, a year-on-year increase of 2.35% [2] - For the first half of 2025, the company processed 2.1363 million tons of household waste, a year-on-year increase of 10.07%, and the heating volume reached 877,500 tons, a year-on-year increase of 12.01% [2] Business Development - The company is strengthening its leading position in the green thermal energy sector and is actively developing four core heating areas: Hebei, Sichuan, Guangxi, and Zhejiang. New projects in these regions are expected to enhance heating capacity and profitability [3] - The company has made breakthroughs in the green biogas sector and signed a strategic cooperation agreement with a commercial aerospace company to provide green energy solutions [3] Mergers and Acquisitions - The company has successfully acquired 100% equity of the Guigang project (1,500 tons/day) and the Pingnan project (1,200 tons/day) from Beikong Water Group at prices of 303 million yuan and 51.75 million yuan, respectively [3] - The company’s self-developed low-temperature flue gas waste heat utilization technology has been successfully implemented in the Jincheng project, which processes 800 tons of waste daily and can increase electricity generation by approximately 5 million kWh annually [3] Profit 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. Net profits attributable to shareholders are projected to be 404 million yuan, 483 million yuan, and 547 million yuan, with growth rates of 25.87%, 19.71%, and 13.12% [4]

Core Points - Zhongke Environmental Protection (301175) closed at 5.48 yuan on October 24, 2025, with a market capitalization of 8.066 billion yuan, reflecting a 0.18% increase from the previous trading day [1] - The company received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 2 billion yuan to professional investors [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in installments during this period [1] Summary by Category Stock Performance - The stock opened at 5.47 yuan, reached a high of 5.49 yuan, and a low of 5.43 yuan on the same day, with a trading volume of 1.15 billion yuan and a turnover rate of 3.38% [1] Corporate Actions - Zhongke Environmental Protection announced the approval for the issuance of corporate bonds, which must comply with the prospectus submitted to the Shenzhen Stock Exchange [1] - The company's board stated that it will handle the issuance in accordance with relevant laws and regulations and fulfill its information disclosure obligations [1]

Core Insights - Zhongke Environmental reported a revenue of 1.272 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.06% [1] - The company achieved a net profit attributable to shareholders of 298 million yuan, up 13.21% year-on-year, and a net profit excluding non-recurring items of 295 million yuan, reflecting a growth of 13.91% [1] Group 1: Mergers and Acquisitions Strategy - Zhongke Environmental successfully acquired 100% equity of the Guigang and Pingnan projects through public bidding, with the equity transfer agreement signed in August [2] - Following the consolidation of the Guigang and Pingnan projects, the company's total processing capacity is expected to exceed 20,000 tons per day [2] - The company hosted an institutional research event in Shijiazhuang, showcasing its experience in quickly realizing economic benefits from acquisition projects, which garnered positive feedback from analysts and institutional investors [2] Group 2: Mid-term Profit Distribution - As a state-owned enterprise, Zhongke Environmental plans to conduct its first mid-term dividend distribution post-listing, responding to the policy call for increased dividend frequency [3] - The board approved a mid-term profit distribution plan on September 29, proposing a cash dividend of 0.60 yuan (tax included) per 10 shares, which is expected to account for approximately 45% of the net profit attributable to shareholders for the first half of 2025 [3] - Market analysts view the company's growth strategy as clear and robust, with the mid-term dividend reflecting confidence in future development and a strong commitment to shareholder returns [3]

Core Viewpoint - Zhongke Environmental Protection (301175.SZ) reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating positive financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.272 billion yuan, representing a year-on-year growth of 6.06% [1] - The net profit attributable to shareholders of the listed company was 298 million yuan, showing a year-on-year increase of 13.21% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 295 million yuan, reflecting a year-on-year growth of 13.91% [1] - Basic earnings per share stood at 0.2028 yuan [1]

Core Viewpoint - Zhongke Environmental Protection (301175.SZ) reported a year-on-year increase in revenue and net profit for the first three quarters of the year, indicating positive growth trends in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.272 billion yuan, representing a year-on-year growth of 6.06% [1] - The net profit attributable to shareholders of the listed company was 298 million yuan, showing a year-on-year increase of 13.21% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 295 million yuan, reflecting a year-on-year growth of 13.91% [1]

Core Insights - The company reported a revenue of 1.272 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.06% [1] - The net profit attributable to shareholders reached 298 million yuan, with a year-on-year increase of 13.21% [1] - The company is actively pursuing a merger and acquisition strategy, having successfully acquired 100% equity of the Guigang and Pingnan projects [2] Group 1: Financial Performance - The company achieved a net profit of 298 million yuan for the first three quarters, reflecting a 13.21% increase year-on-year [1] - The non-recurring net profit attributable to shareholders was 295 million yuan, marking a year-on-year growth of 13.91% [1] Group 2: Mergers and Acquisitions - The company successfully completed the acquisition of Guigang and Pingnan projects, which will increase its total processing capacity to over 20,000 tons per day [2] - A recent institutional research event highlighted the company's ability to quickly realize economic benefits from its acquisition projects, gaining recognition from numerous domestic analysts and institutional investors [2] Group 3: Dividend Distribution - The company plans to conduct its first interim dividend distribution post-listing, proposing a cash dividend of 0.60 yuan per 10 shares, which is expected to account for approximately 45% of the net profit attributable to shareholders for the first half of 2025 [3] - The decision to increase dividend frequency aligns with the company's commitment to enhancing shareholder returns and reflects confidence in future growth [3]

Group 1 - The core point of the article is that Zhongke Environmental Protection held a board meeting to discuss the annual position coefficient of the vice president and provided a breakdown of its revenue composition for the first half of 2025 [1] - As of the report date, Zhongke Environmental Protection has a market capitalization of 8.1 billion yuan [2] - The revenue composition for Zhongke Environmental Protection in the first half of 2025 is as follows: 81.44% from municipal waste treatment, 15.73% from PPP project construction period income, 1.57% from environmental equipment sales and technical services, 0.71% from hazardous waste treatment, and 0.55% from other business income [1]