Delinhai(SH:688069) Zheng Quan Shi Bao Wang·2025-10-28 02:18Core Viewpoint - Delinhai, a leading enterprise in blue-green algae management, reported stable revenue with significant profit growth in Q3 2025, indicating strong market demand and operational efficiency [2][3]. Financial Performance - For the first three quarters of 2025, Delinhai achieved revenue of 293 million yuan, remaining flat year-on-year; net profit attributable to shareholders was 45.64 million yuan, up 61.87% year-on-year, while net profit after deducting non-recurring gains and losses increased by 66.45% to 36.40 million yuan [2]. - In Q3 alone, the company reported revenue of 185 million yuan, a year-on-year increase of 94.96%; net profit attributable to shareholders surged to 48.73 million yuan, reflecting a 1323% increase; net profit after deducting non-recurring gains and losses rose by 1540% to 47.13 million yuan [2]. Business Operations - Delinhai specializes in comprehensive solutions for the internal management of eutrophication in lakes and reservoirs, providing equipment, installation, and operational services, establishing itself as a top player in the domestic blue-green algae management sector [2]. - The company has completed significant projects, including the design and construction of the Qiluo Lake blue-green algae control project and the procurement of deep well algae control equipment for Yixing City, both of which received market recognition [2][3]. Order Backlog - As of the report date, Delinhai has an order backlog of approximately 501 million yuan, including government procurement projects for blue-green algae removal in Dianchi Lake and various engineering projects [3]. Technological Innovations - The company employs physical pressure control technology to restore the self-purification ability of polluted water bodies and integrates ecological restoration with smart monitoring to enhance the sustainable use of water resources [3]. - Delinhai has innovated a circular model in its precision dredging business, transforming organic waste into high-value organic fertilizers through earthworm processing [3]. International Expansion - Delinhai has made strides in international markets, particularly in Northeast Asia, by signing a memorandum of understanding with H2O Innovation to promote localized improvements of its algae control technology in South Korea [3][4]. - The company showcased its core technologies and performance-based governance models to South Korean officials, laying the groundwork for future international business expansion [4].