瀚蓝环境：前三季度净利润16.05亿元，同比增长15.85%

Core Viewpoint - Hanlan Environment (600323) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, driven by contributions from its subsidiary and growth in heating services [1] Financial Performance - Q3 2025 revenue reached 3.974 billion yuan, an increase of 36.7% year-on-year [1] - Q3 2025 net profit was 638 million yuan, reflecting a year-on-year growth of 28.08% [1] - For the first three quarters of 2025, total revenue was 9.737 billion yuan, up 11.52% compared to the same period last year [1] - Net profit for the first three quarters of 2025 amounted to 1.605 billion yuan, representing a year-on-year increase of 15.85% [1] Key Contributors to Performance - The performance improvement was primarily attributed to a contribution of approximately 240 million yuan in net profit from Yuefeng Environmental from June to September [1] - Growth in the heating business also played a significant role in the revenue increase [1] - The company recognized 45.64 million yuan in performance compensation income from the original shareholders of its subsidiary, Jiangxi Hanlan Energy Co., Ltd. during the first half of the year [1]