永清环保：上半年扣非净利增长近90% 彰显强劲发展韧性

Core Viewpoint - Yongqing Environmental Protection (300187.SZ) reported a steady increase in operating performance for the first half of 2025, achieving revenue of 371 million yuan, a year-on-year growth of 13.60%, and a net profit attributable to shareholders of 71.73 million yuan, up 4.96% from the previous year, demonstrating strong resilience and core competitiveness in its main business [2] Group 1: Performance Growth Logic - The steady growth in Yongqing Environmental Protection's performance is attributed to its refined multi-dimensional operational strategy, with solid waste disposal and new energy businesses serving as dual growth engines [3] - The company has optimized cost control and asset management, leading to simultaneous improvements in operational efficiency and profitability [3] - Yongqing Environmental Protection established a long-term cooperation with major industry clients, enhancing demand security and completed regional layouts in key areas such as Guangdong, Zhejiang, and Jiangsu [3] Group 2: Future Core Business and Emerging Technology Exploration - The company has identified key business areas for future focus, including the operation and management of high-quality green energy assets, which align with national green energy development strategies [4] - Yongqing Environmental Protection aims to develop a high-value resource recycling economy as a second growth driver, alongside a focus on large-scale energy storage system construction [4] - The company is actively exploring the application of emerging technologies such as artificial intelligence and big data to enhance its governance capabilities in the environmental protection sector [4] Group 3: Policy Support - Recent policies from the central government aimed at promoting green low-carbon transformation and strengthening the national carbon market provide a favorable development environment for the company [5] - The implementation of these policies is expected to open up broader market opportunities for Yongqing Environmental Protection's energy asset operation and resource utilization businesses [5] - Analysts believe that the company's steady growth in the first half of the year validates its business model and market competitiveness, positioning it well to seize opportunities in the integrated development of environmental protection and new energy [5]