Core Viewpoint - The company Huaxin Environmental (301265) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by growth in the recycling of scrapped vehicles, hazardous waste, and electronic waste [1][2]. Financial Performance - Total revenue reached 417 million yuan, a year-on-year increase of 64.36% [1] - Net profit attributable to shareholders was 38.27 million yuan, up 71.96% year-on-year [1] - In Q2 alone, total revenue was 276 million yuan, reflecting a 55.29% increase year-on-year [1] - Q2 net profit attributable to shareholders was 27.35 million yuan, a 22.06% increase year-on-year [1] Cost and Profitability - Gross margin was 20.57%, down 9.61% year-on-year [1] - Net margin improved to 8.95%, an increase of 5.16% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 30.84 million yuan, accounting for 7.39% of revenue, a decrease of 28.48% year-on-year [1] Cash Flow and Receivables - The company reported a significant increase in operating cash flow, with a change of 95.12% attributed to increased business transactions [4] - Accounts receivable were notably high, with the ratio of accounts receivable to net profit reaching 1394.53% [1][9] Investment and Financing Activities - Cash flow from investing activities decreased by 113.78% due to increased capital expenditures on infrastructure projects [5] - Cash flow from financing activities increased by 185.04%, driven by cash received from minority shareholders' investments in subsidiaries [6] Return on Investment - The company's return on invested capital (ROIC) was reported at 1.94%, indicating weak capital returns [7] - Historical data shows a median ROIC of 12.44% since the company went public, suggesting generally better investment returns in the past [8]

经济观察网 2025年8月25日，华新环保(301265)发布2025年半年度报告，2025年上半年实现营业收入 4.17亿元，同比增长64.36%；实现净利润3827.11万元，同比增长71.96%；基本每股收益0.1263元；加权 平均净资产收益率ROE为1.83%。 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 417 million yuan, a year-on-year increase of 64.36% [1] - The net profit attributable to shareholders was 38.27 million yuan, reflecting a year-on-year growth of 71.96% [1] - The company's non-recurring net profit was 34.96 million yuan, showing a substantial increase of 105.41% year-on-year [1] Financial Performance - In Q2 2025, the company achieved a quarterly revenue of 276 million yuan, up 55.29% year-on-year [1] - The quarterly net profit attributable to shareholders was 27.35 million yuan, marking a year-on-year increase of 22.06% [1] - The non-recurring quarterly net profit for Q2 2025 was 25.69 million yuan, which is a 30.23% increase compared to the same quarter last year [1] Profitability Metrics - The company's debt ratio stood at 10.51%, indicating a low level of financial leverage [1] - Investment income for the period was 3.02 million yuan, while financial expenses were only 0.28 million yuan [1] - The gross profit margin was reported at 20.57%, which represents a decrease of 9.60% year-on-year [6] Earnings Per Share - Earnings per share (EPS) for the company was 0.13 yuan, reflecting an increase of 80.42% year-on-year [6] - The operating cash flow per share was reported at 0.00 yuan, with a significant year-on-year increase of 95.12% [6] Shareholder Information - The largest shareholder is Shanghai Kehui Equity Investment Center, holding 14.13% of shares [10] - Other notable shareholders include Hangzhou Qingyu Yihe Venture Capital and Bao Rurong, holding 8.24% and 6.93% respectively [10]

Core Viewpoint - The company, Huaxin Environmental Protection, announced the termination of its hazardous waste disposal center project due to changes in market conditions and strategic adjustments, with a focus on high-value metal recovery and resource utilization of difficult-to-treat waste in the future [1] Summary by Relevant Sections Project Termination - The hazardous waste disposal center project will be terminated as of July 31, 2025, due to intensified competition in the raw material sector of the domestic hazardous waste disposal industry, leading to a decline in gross margins [1] Financial Details - As of the announcement, the project has utilized 50.2336 million yuan of the raised funds, which accounts for 21.84% of the planned total investment [1] - The remaining raised funds amount to 155.355 million yuan, which will continue to be held in a dedicated account for future investment projects based on market conditions and company needs [1] Strategic Focus - The company believes that the existing rigid landfill capacity is sufficient to meet its hazardous waste disposal business needs [1] - Future strategic focus will shift towards high-value metal recovery and the resource utilization of difficult-to-treat waste [1]

Core Insights - Huanxin Environmental (301265.SZ) released its semi-annual report for 2025 on August 26, 2025, indicating significant institutional investor interest [1] Institutional Holdings - As of August 25, 2025, five institutional investors disclosed their holdings in Huanxin Environmental A-shares, totaling 75.79 million shares, which represents 25.02% of the company's total share capital [1] - The institutional investors include Beijing Hengyi Weiye Enterprise Management Partnership (Limited Partnership), Shanghai Kehui Equity Investment Center (Limited Partnership), Hangzhou Qingyu Yihe Venture Capital Management Partnership (Limited Partnership) - Jiaxing Qingyu Dunxing Venture Capital Partnership (Limited Partnership), Zhejiang Kaixiya International Co., Ltd., and Shanghai Kehui Value Investment Management Co., Ltd. [1] - The total holding percentage by institutional investors remained unchanged at 25.02% [1]

2024年1至12月份，华新环保的营业收入构成为：固体废物资源化利用与处置占比97.99%，其他业务占 比2.01%。 每经AI快讯，华新环保（SZ 301265，收盘价：12.14元）8月25日晚间发布公告称，公司第四届第六次 董事会会议于2025年8月22日在公司会议室以现场结合通讯方式召开。会议审议了《关于召开2025年第 二次临时股东会的议案》等文件。 （记者 张喜威） 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 ...

Group 1 - The core viewpoint of the article highlights the significant growth in the financial performance of Huaxin Environmental Protection (301265.SZ) for the first half of the year [1] - The company's operating revenue reached 417 million, representing a year-on-year increase of 64.36% [1] - The net profit attributable to shareholders of the listed company was 38.27 million, showing a year-on-year growth of 71.96% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 34.96 million, reflecting a substantial year-on-year increase of 105.41% [1]

东兴证券股份有限公司关于华新绿源环保股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称:东兴证券股份有限公司 | 被保荐公司简称:华新环保 | | --- | --- | | 保荐代表人姓名:朱树博 | 联系电话:010-66555196 | | 保荐代表人姓名:廖卫江 | 联系电话:010-66555196 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 들 | | (2)未及时审阅公司信息披露文件的次数 | 0次 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | (1)是否督导公司建立健全规章制度(包括但不限于防止关 | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、 | 是 | | 内部审计制度、关联交易制度） | | | (2)公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | (1)查询公司募集资金专户次数 | 一次 | | (2)公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | ...

东兴证券股份有限公司 根据《华新绿源环保股份有限公司首次公开发行股票并在创业板上市招股说 明书》,公司首次公开发行股票募集资金扣除发行费用后拟投资于以下项目: 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为华新 绿源环保股份有限公司（以下简称"华新环保"或"公司"首次公开发行股票 并在创业板上市的保荐机构,根据《证券发行上市保荐业务管理办法》《上市公 司监管指引第2号 --- 上市公司募集资金管理和使用的监管要求》《深圳证券交易 所股票上市规则》及《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》等有关规定,对公司使用部分超募资金永久补充流动资金的 事项进行了核查,核查情况如下: | | | 一、募集资金基本情况 关于华新绿源环保股份有限公司 根据中国证券监督管理委员会出具的《关于同意华新绿源环保股份有限公司 首次公开发行股票注册的批复》（证监许可〔2022〕2637号）,公司首次公开发 行人民币普通股(A股)股票75,750,000.00股,共计募集资金总额为人民币 1,005,960,000.00元,扣除发行费用(不含增值税)人民币80,587,520.40元后 ...

东兴证券股份有限公司(以下简称"东兴证券"或"保荐机构")作为华新 绿源环保股份有限公司(以下简称"华新环保"或"公司")首次公开发行股票 并在科创板上市的保荐机构,根据《证券发行上市保荐业务管理办法》《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》等法律法 规及规范性文件要求,对华新环保终止部分募投项目的事项进行了核查,核查的 具体情况及核查意见如下: 东兴证券股份有限公司关于华新绿源环保股份有限公司 终止部分募投项目的核查意见 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2022〕2637 号文核准,并经深圳证 券交易所同意,公司由东兴证券通过深圳证券交易所系统采用网下向符合条件的 投资者询价配售和网上向持有深圳市场非限售 A 股和非限售存托凭证总市值的 社会公众投资者定价发行相结合的方式进行,向社会公众公开发行了普通股（A 股) 股票 7,575.00 万股,发行价为每股人民币 13.28元。截至 2022 年 12 月 12 日,公司共募集资金 100,596.00 万元,扣除发行费用 8.058.75 万元后,募集资金 净额为 92,537.25 万元。 上述 ...