Yonker(SZ:300187) Zheng Quan Ri Bao Wang·2025-10-24 05:44Core Viewpoint - Yongqing Environmental Protection Co., Ltd. reported a significant increase in net profit and revenue for the first three quarters of 2025, driven by a strategic shift towards renewable energy and hazardous waste resource utilization [1][2]. Financial Performance - The company achieved a net profit of 98.79 million yuan, representing an 18.02% year-on-year increase, while the net profit excluding non-recurring gains soared by 243.98% to 50.10 million yuan [1]. - Total revenue for the first three quarters reached 522 million yuan, marking a 2.66% increase compared to the previous year [1]. Business Strategy - The company is transitioning from a traditional environmental service provider to a "resource recycling solution provider," leveraging its dual focus on environmental protection and renewable energy [2]. - The environmental operation services contributed over 60% of the revenue, with stable cash flows from waste incineration power generation, photovoltaic power generation, and energy storage stations [2]. Cost Management and Profitability - Yongqing Environmental Protection has improved its profitability through refined cost control measures, resulting in a more than 5% decrease in operating costs and a 5.4 percentage point increase in overall gross margin [2]. - The company has established a dual profit-driving mechanism through operational and investment returns, enhancing profitability stability and risk resistance [2]. Cash Flow and Future Outlook - The net cash flow from operating activities reached 144 million yuan, reflecting an 8.24% year-on-year growth, with significant increases in prepayments and inventory indicating proactive project management [3]. - The company has a healthy growth in contract liabilities, suggesting a robust order backlog that supports future revenue growth potential [2]. Dividend and R&D Investment - Yongqing Environmental Protection announced a profit distribution plan, proposing a cash dividend of 0.77 yuan per 10 shares, totaling approximately 49.71 million yuan, signaling confidence in future profitability [4]. - R&D expenditures increased by over 40%, focusing on AI and AR industrial intelligence, pollution reduction technologies, and green extraction processes for precious metals, enhancing the company's technological capabilities [4]. Industry Context - The company is positioned well within the environmental industry, which is experiencing increased concentration and supportive policies, adopting a differentiated high-quality development path through an integrated model of operations, technology, and resource recycling [5].