Niutech(SH:688309) Zhong Guo Jin Rong Xin Xi Wang·2025-07-25 06:38Core Viewpoint - Hengyu Environmental Protection has established itself as a global leader in the thermal cracking industry, focusing on technology, equipment, and operations, and has significantly increased its revenue and net profit in the first quarter of the year [1]. Group 1: Company Overview - Hengyu Environmental Protection has nearly 40 years of experience in the thermal cracking field, evolving into a comprehensive company that integrates technology, equipment, and operations [1]. - The company has upgraded its business model to "equipment + operations" to enhance operational stability and sustainability, while expanding profit growth points [1]. Group 2: Financial Performance - In the first quarter of the year, the company's revenue and net profit attributable to shareholders increased by 274.69% and 150.38% year-on-year, respectively, laying a solid foundation for annual performance growth [1][4]. Group 3: Technological Advancements - The company has developed key technologies for organic solid waste thermal cracking resource disposal, addressing industry challenges such as coking, material sealing, and product aggregation, achieving a mineral oil content of less than 0.05% or a cracking rate of over 99% [2]. - Hengyu's technology has been recognized as a domestic first and meets international advanced standards, with its products certified by multiple international organizations [3]. Group 4: Market Expansion and Projects - Hengyu Environmental Protection is actively exploring the "equipment + operations" dual-drive model, with ongoing projects in waste tire, waste plastic, oil sludge, and organic hazardous waste sectors [3][4]. - The company has signed significant contracts, including a BOO project in Enshi with a total estimated contract value of no less than 148 million yuan, and is advancing projects in Zhejiang and a tire disposal project expected to be the largest in the country [4].