首创环保股价跑输市场，公司业绩断崖式下滑，负债规模高达700亿元以上

Core Viewpoint - The company, Beijing Enterprises Water Group (首创环保), is facing challenges with declining profits despite being the largest player in the water and waste management industry in terms of market capitalization and revenue [1][2]. Group 1: Company Performance - As of January 6, the company's stock price was 3.05 CNY per share, with a market capitalization of 22.389 billion CNY, making it the largest in the water and waste management sector [1]. - For the first three quarters of 2025, the company reported revenue of 13.453 billion CNY, ranking first in the industry [1]. - The net profit for the same period was 1.434 billion CNY, reflecting a significant year-on-year decline of 55.96%, primarily due to the absence of large investment gains from the previous year [2]. - The company's non-recurring net profit for the first three quarters of 2025 was 1.373 billion CNY, showing a modest growth of 0.3%, marking the lowest growth rate in nearly seven years [2]. Group 2: Operational Capacity - The company operates over 700 projects across 170 cities in China, with a water treatment capacity of 27.3526 million tons per day and solid waste treatment capacity of 1.498 million tons per year, placing it among the leaders in the environmental protection industry [1]. Group 3: Financial Health - The company's asset-liability ratio stood at 63.59% for the first three quarters of 2025, ranking 13th in the water and waste management sector [5]. - As of the end of the third quarter of 2025, the total liabilities reached 70.849 billion CNY, which is 3.16 times the company's current market capitalization [5].