Core Viewpoint - The company, Junxin Co., Ltd. (军信股份), reported strong growth in its Q3 2025 financial results, with significant increases in both revenue and net profit, indicating robust profitability and growth potential [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 2.163 billion yuan, a year-on-year increase of 23.21% - The net profit attributable to shareholders reached 605 million yuan, reflecting a year-on-year growth of 48.69% [1]. Operational Efficiency - The company processed 2.7004 million tons of municipal solid waste, marking a 7.89% increase year-on-year - The electricity generated from waste reached 1.294 billion kWh, up 17.53% year-on-year - The sales volume of industrial-grade mixed oil was 22,600 tons, with an oil yield of approximately 7% - The key operational efficiency metric, "electricity generated per ton of waste," improved to 479.1 kWh, a 4.72% increase year-on-year, showcasing high-quality operational management and potential for efficiency [2]. International Expansion - The company has made significant strides in international project expansion, establishing a multi-country presence in Central Asia - The Bishkek project in Kyrgyzstan is the first waste-to-energy project in the region, with construction progressing well and expected to commence operations by the end of this year - The company has signed framework agreements for waste technology disposal projects in Osh and Issyk-Kul, and an investment agreement for a waste disposal project in Almaty, Kazakhstan, which could drive future growth [2]. Strategic Initiatives - To accelerate its international strategy, the company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025 - This move is expected to enhance the company's international capital platform, increasing its global influence and competitiveness [3]. - The acquisition of Hunan Renhe Environmental Technology Co., Ltd. has exceeded performance commitments for 2023 and 2024, contributing positively to the company's growth - The acquisition has allowed the company to extend its business vertically into waste transfer and horizontally into kitchen waste management, creating an integrated operational model of "waste transfer + comprehensive solid waste treatment + green energy" [3]. Future Outlook - The company aims to continue expanding its domestic and international solid waste treatment and green energy markets - It plans to explore the integration of waste-to-energy with new technologies and business models, enhancing its core competitiveness and long-term investment value, contributing to the construction of a "Beautiful China" and global environmental governance [3].
军信股份：前三季度营收净利双增 绿色能源效率持续领先