Grandblue Environment (SH:600323) Zheng Quan Ri Bao·2025-10-28 23:15Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, primarily driven by the consolidation of Yuefeng Environmental and operational improvements in waste management and energy sectors. Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 9.737 billion yuan, an increase of 1.006 billion yuan or 11.52% year-on-year, with the main business revenue reaching 9.477 billion yuan, up 9.70% [21] - The net profit attributable to shareholders was 1.605 billion yuan, an increase of 220 million yuan or 15.85% year-on-year, with a non-recurring net profit of 1.536 billion yuan, up 12.39% [21][3] - The net cash flow from operating activities was 2.662 billion yuan, an increase of 1.319 billion yuan or 98.21% year-on-year, mainly due to the contribution from Yuefeng Environmental and improved accounts receivable collection [22] Business Segments - The solid waste treatment business generated 5.476 billion yuan in revenue, accounting for 57.78% of the main business revenue, with a year-on-year increase of 21.39% [23] - The waste incineration business (excluding engineering and equipment) achieved revenue of 3.843 billion yuan, a year-on-year increase of 43.41%, with net profit rising by 56.07% [24] - The energy business maintained stable revenue at 2.783 billion yuan, while the water supply business saw a slight increase to 714 million yuan [27][28] Strategic Developments - The company completed the acquisition of Yuefeng Environmental in June 2025, enhancing its market position in waste incineration and increasing its operational capacity [6] - The company is focusing on integrating management systems post-acquisition to realize synergies and improve operational efficiency [7][8] - The company is actively exploring opportunities in the "green electricity direct supply" market and has established a power sales company to leverage its green energy resources [16] Sustainability and Innovation - The company has set ambitious carbon neutrality goals, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, aligning with national strategies [19] - The company emphasizes technological innovation and digital transformation, establishing a research platform to enhance its core technological competitiveness [15] Shareholder Returns - The company has implemented a mid-term dividend distribution plan for 2025, distributing 0.25 yuan per share, reflecting its commitment to returning value to shareholders [20]