龙净环保：第三季度净利润同比增长54.99%

Core Insights - Longjing Environmental Protection (龙净环保) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 3.175 billion yuan, a year-on-year growth of 60.16%, and net profit attributable to shareholders at 335 million yuan, up 54.99% [1] - For the first three quarters of 2025, the company achieved a revenue of 7.858 billion yuan, representing an 18.09% increase, and a net profit of 780 million yuan, which is a 20.53% rise [1] Financial Performance - The company's net profit after deducting non-recurring gains and losses for Q3 was 322 million yuan, reflecting a 65.50% increase [1] - As of the end of the reporting period, the equity attributable to shareholders was 10.632 billion yuan, a 4.51% increase from the beginning of the year, with a debt-to-asset ratio of 62.01% and a low interest-bearing debt ratio of 16.90% [1] Contract and Order Status - The company secured new environmental equipment engineering contracts worth 7.626 billion yuan since the beginning of the year, with the power industry accounting for 61.51% and non-power industry for 38.49% [2] - The total value of contracts on hand at the end of the reporting period was 19.741 billion yuan, indicating a strong order reserve [2] Business Growth Drivers - The green electricity business contributed nearly 170 million yuan in net profit, becoming a significant growth engine for the company [2] - The company is collaborating with Yiwei Lithium Energy to capitalize on market opportunities, with current energy storage cell production capacity at approximately 8.5 GWh and cumulative deliveries of 5.9 GWh (over 95% for export) [2] Technological Advancements - The company is actively developing next-generation sodium-ion battery technology, having received support from the Fujian Provincial Department of Science and Technology for regional development projects [2] - Sodium-ion battery samples have been developed and passed testing and certification by potential clients, with core intellectual property patents officially authorized by the National Intellectual Property Administration [2]