Qingyan Environmental Technology (SZ:301288) Zheng Quan Shi Bao Wang·2025-05-07 13:18Core Viewpoint - *ST Qingyan is experiencing a significant decline in performance, with a 48.33% decrease in revenue and a net loss of 18.22 million yuan for 2024, attributed to both industry-wide challenges and specific operational setbacks [1][2]. Financial Performance - The company's revenue for 2024 is reported at 73.17 million yuan, down from previous levels, leading to a net profit of -18.22 million yuan [1]. - The revenue drop is primarily due to a significant decline in sales of wastewater treatment technology packages, which fell from 126 million yuan in 2023 to 51.91 million yuan in 2024, a decrease of 58.91% [2]. Industry Challenges - The wastewater treatment industry is facing increased competition, with many companies resorting to aggressive pricing strategies to survive, leading to a deteriorating market environment [2]. - Local governments are struggling with funding issues, resulting in low payment willingness, which hampers project settlements across the industry [2]. - The shift in project acquisition methods and the exit of many general contracting companies from the market due to cash flow problems are impacting *ST Qingyan's business model [2][3]. Strategic Adjustments - The company is implementing a "New Partner Strategy" aimed at enhancing operational performance by leveraging accumulated technological capabilities and resources [9][11]. - This strategy involves collaboration with various stakeholders, including investors and industry experts, to foster innovation and expand into new areas such as sludge treatment and industrial wastewater management [9][10]. Historical Context - *ST Qingyan originated from the Shenzhen Tsinghua University Research Institute and has historically focused on providing cost-saving technologies for wastewater treatment projects [4][6]. - The company has previously enjoyed a strong market position due to its technological advantages, but current market conditions have led to a significant decline in profit margins [3][7]. Future Directions - The company is exploring opportunities in solid waste treatment and resource recovery, aiming to utilize existing technology for marketable mineral resource recovery [8]. - There is a focus on maintaining a lean operational structure while expanding market presence, which may require additional personnel for market development [8].