FULONGMA(SH:603686) Shang Hai Zheng Quan Bao·2025-04-29 07:53Core Viewpoint - The company, Fulongma, focuses on creating a sustainable living environment through technology and innovation, emphasizing a collaborative development strategy in the environmental industry, particularly in smart equipment manufacturing and ecological operations [5][6][8]. Company Overview - Fulongma has over 20 years of experience in the environmental sanitation sector, with a complete industrial chain layout that includes smart equipment manufacturing and ecological operations [5]. - The company’s main business includes the manufacturing of sanitation equipment and the development of urban service robots, with a strong emphasis on technological innovation and market trends [6][7]. Business Model Smart Equipment Manufacturing - The company manufactures a wide range of sanitation equipment, including 701 models across 38 series, with a focus on mid-to-high-end and innovative products [6]. - The sales network covers the entire country, primarily using direct sales and participating in government procurement activities [6][7]. Environmental Industry Ecological Operations - Fulongma has been deeply involved in sanitation services for over two decades, providing various services such as urban property management and waste recycling [8]. - The company operates under three main business models: single project contracting, franchise operation (including PPP), and integrated project management [8][10]. Industry Situation Sanitation Equipment Industry - In 2024, the total sales of sanitation vehicles in China reached 69,998 units, a decrease of 8.50% year-on-year, while innovative and mid-to-high-end models saw a 3.29% increase [14][15]. - The penetration rate of new energy sanitation equipment reached 13.66%, with significant growth expected due to government initiatives promoting electric vehicles [15][16]. Sanitation Service Industry - The total annualized contract amount for newly opened sanitation service projects in 2024 was 955 billion yuan, maintaining a year-on-year growth trend [17]. - The industry is transitioning from single services to comprehensive solutions, with a focus on waste classification and recycling, driven by government policies [17][18]. Development Factors - The sanitation equipment and service industries are influenced by government policies, population growth, urbanization, and increased public awareness of environmental issues [19][20]. - The government has significantly increased investment in sanitation services, with 516.7 billion yuan allocated for urban public facility construction in 2023 [21].