Chang Jiang Shang Bao·2025-11-25 23:33Core Viewpoint - Dongjiang Environmental (002672.SZ) faces financial pressure and operational challenges, highlighted by a recent tax penalty of 2.0242 million yuan for tax evasion dating back ten years, alongside ongoing losses and declining revenues in its core business [1][3][4]. Financial Performance - Dongjiang Environmental has reported continuous losses, accumulating a total loss of 2.616 billion yuan from 2022 to the first three quarters of 2025, with a net profit loss of 560 million yuan in the first three quarters of 2025, a year-on-year decline of 57.96% [2][4][5]. - The company's asset-liability ratio stands at 67.36% as of September 2025, with cash and cash equivalents of 899 million yuan and interest-bearing liabilities of 5.657 billion yuan [2][8]. Tax Penalty - The company's wholly-owned subsidiary, Xiamen Oasis Environmental Industry Co., Ltd., was fined 2.0242 million yuan for tax evasion related to transactions from September to October 2015, where it failed to report income accurately [3][4]. Industry Challenges - The hazardous waste disposal industry remains highly competitive, with declining prices for non-hazardous business collection and increasing costs for resource recovery, leading to a shrinking profit margin for Dongjiang Environmental [5][6]. - The company reported a more than 20% decline in revenue from its precious metal recovery business in the first half of 2025, influenced by tight upstream supply and fluctuating metal prices [6]. Strategic Response - In response to the challenging market conditions, Dongjiang Environmental is focusing on technology enhancement, operational quality improvement, and strategic transformation to stabilize its core operations while exploring new growth areas [7][8]. - The company has achieved a sales revenue of 646 million yuan from its resource recovery business in the first half of 2025, with new product sales increasing by 272% year-on-year [7].