Core Viewpoint - The company has demonstrated significant performance improvements through strategic transformation, achieving a remarkable increase in net profit and focusing on core technologies and high-value products [1][2][3] Financial Performance - In the first three quarters, the company reported revenue of 562 million, a year-on-year increase of 38.52% - The net profit attributable to shareholders reached 61.98 million, up 217.88% year-on-year - The net profit excluding non-recurring items surged to 59.80 million, reflecting a staggering growth of 793.57% [2] Strategic Transformation - The company has undergone a name change from "Tongxing Environmental Protection" to "Tongxing Technology" to emphasize its focus on technological innovation [2] - The strategic focus includes organizational restructuring and resource allocation towards core technologies and high-value products, moving away from low-margin projects [3][4] Business Structure - The company operates under a "one body, two wings" strategy, where the core business is air pollution control, while CCUS and sodium battery businesses are the new growth engines [4][5] - The CCUS business is a natural extension of the main business, providing carbon capture solutions alongside air pollution control services [4][6] Future Growth Plans - The company plans to invest approximately 3.2 billion in a project to produce 100,000 tons of sodium battery anode materials and 6 GWh of battery cells, which is expected to enhance profitability and market competitiveness [6][7] - The company aims to achieve digital and intelligent upgrades in its main business, become a leading carbon capture technology service provider, and scale up sodium battery production within the next 3-5 years [8] Internationalization Strategy - The international strategy focuses on expanding product exports, deepening market presence in Southeast Asia, Europe, and the Middle East, and establishing local service systems [7] - The company plans to pursue acquisitions to strengthen its position in the low-carbon industry ecosystem, particularly in the sodium battery and CCUS sectors [7][8]

责编:徐小雪 电话:(010)67139791 传真:(010)67139791 E-mail:dfxcb@vip.sina.com 聊城市委、市政府锚定"生态 优先、绿色发展"目标不动摇,将 生态环境保护工作纳入经济社会 发展全局,纳入党政重要议事日 程,市委每月召开市委常委会会 议研究生态环境保护工作,市政 府不定期听取工作汇报,市人大 积极开展监督执法和专题会商, 市政协充分发挥民主监督和参政 议政作用,各部门之间协同配合 更加紧密,形成"党委领导、政府 主导、生态环境牵头、县区主责、 部门联动、齐抓共管"的大保护工 作格局。 建成覆盖市、县、乡三级的生 态环境监测网络,出台《聊城市环 境空气质量考核县市区约谈问责 办法》,建立流域横向生态补偿机 制,压紧压实治理责任。充分挖 掘和发挥好信访投诉的线索作 用,"十四五"以来,办理环境信访 件 5761件,环境信访件数量减少 50%,群众满意率保持在 96% 系,出台《聊城市危险废物污染 环境防治条例》《聊城市禁止燃放 烟花爆竹条例》,修订《聊城市水 环境保护条例》,以法制护航生态 文明建设。 持续优化执法方式,积极推 进差异化执法监管,实行正面清 单并动 ...

Core Viewpoint - The company has demonstrated significant performance improvements, with a non-net profit increase of 793.57% year-on-year, and is strategically transforming into a technology-driven entity focused on air pollution control, carbon capture, and sodium battery production [2][3][9] Financial Performance - In the first three quarters, the company achieved revenue of 562 million, a year-on-year increase of 38.52%, and a net profit attributable to shareholders of 61.98 million, up 217.88% [3][4] - The non-net profit reached 59.80 million, reflecting a substantial growth of 793.57% year-on-year [3] Strategic Transformation - The company has undergone organizational changes to enhance operational efficiency, moving away from traditional hierarchical structures to establish specialized divisions [4][5] - The strategic focus is on core technologies and high-value products, reducing reliance on low-margin projects [4] Business Model - The "one body, two wings" strategy integrates air pollution control as the core business with CCUS and sodium battery sectors as growth engines [5][6] - The CCUS business is a natural extension of the main operations, providing carbon capture solutions alongside air pollution control services [6] Sodium Battery Development - The company is investing approximately 3.2 billion in a project to produce 100,000 tons of sodium battery cathode materials and 6 GWh of battery cells, which is expected to enhance future profitability and market competitiveness [7][8] - Key advantages of sodium batteries include excellent low-temperature performance, higher safety, and long-term cost benefits [7] Internationalization Strategy - The company plans to expand internationally by enhancing product exports, establishing localized service systems in key markets, and potentially setting up overseas manufacturing and R&D teams [8] - Mergers and acquisitions will focus on strengthening capabilities in environmental protection, carbon capture, and new energy materials [8] Future Goals - The company aims to achieve digital and intelligent upgrades in its main business, become a leading global carbon capture technology service provider, and scale up sodium battery production within the next 3-5 years [9] - The long-term vision is to be recognized as a leader in pollution reduction and carbon neutrality by 2035 [9]

扣非归母净利润同比激增793.57%、32亿元布局10万吨钠电正极材料及6GWh电芯产能……2025年前三 季度，同兴科技以一份高光业绩答卷，印证了过去两年战略转型的深度成效。从"同兴环保"到"同兴科 技"的更名蝶变，这家低温烟气治理龙头以组织变革和运营效率提升破局，构建起"大气治理为核心， CCUS与钠电为双引擎"的"一体两翼"生态体系。 同兴科技董事长郑光明近日在接受中国证券报记者专访时表示，未来3-5年是公司战略转型的关键期。 公司将集中力量实现主营业务数字化、智能化升级，巩固全球低温烟气治理领先地位；力争成为全球领 先的碳捕集技术服务商；钠电业务实现产业化规模化。到2035年，成为全球减污降碳领域的引领者。 ● 本报记者 刘杨 组织变革驱动效率跃升 "'一体两翼'不是简单的业务叠加，而是深度融合的生态体系。"郑光明进一步解释，"一体"即大气污染 治理主营业务，是公司的生存之本和利润基石，为两大新业务提供资金、客户资源和运营经验；"两 翼"则是CCUS和钠离子电池业务，是公司重点培育的第二增长曲线。 "'两翼'中的CCUS业务是主营业务的自然延伸。"郑光明举例称，例如公司为钢铁企业提供烟气治理服 务时， ...

作为国家能源开发的重要力量，胜利油田坚定推进油气开发与绿色低碳融合发展，持续提升高质量发展的生态价值和可持续性。近年来，油田深入践行绿水 青山就是金山银山理念，积极融入黄河流域生态保护与高质量发展国家战略，探索出一条具有示范意义的绿色发展路径。 高效开发与生态保护的双轮驱动，正成为胜利油田绿色转型的核心路径。能源与碳排放管控中心的PCS系统（油气生产信息化平台）构建智慧化管控体系， 2024年累计实施优化19343井次，节电3485.88万千瓦时，在保持2340万吨年产量的同时，实现碳排放总量与强度"双降"。 正如能源与碳排放管控运行专班李来俊所言："我们不仅要精于采油，更要善用能源，让每千瓦时电、每立方米气都发挥最大效能。" 在这片黄河与渤海交融的沃土上，胜利油田以实践诠释"在保护中开发、在开发中保护"的深刻内涵。 占地两万亩的胜大生态林场与十几公里外的新东营原油库，通过"碳汇联动"机制形成生态闭环。这片由120万棵白蜡树组成的绿色长城，年固碳量达1.2万 吨，助力油库连续两年实现运营碳中和，有效抵消生产碳排放。 得益于系统性生态修复工程，黄河入海口如今迎来600万只候鸟的周期性迁徙，渤海湾更重现江豚与斑海 ...

Core Viewpoint - The VOCs emission from industrial sources remains high, but the governance logic is undergoing profound changes, shifting from "compliance with standards" to "pollution reduction and carbon reduction" [1] Industry Development - The VOCs governance industry in China is entering a new development stage characterized by refined management, systematic and intelligent governance, and low-carbon approaches [1] - The industry chain for VOCs governance has been continuously extended, with significant upgrades in upstream purification materials and enhanced manufacturing capabilities in midstream equipment [2] - The current market size for VOCs governance in China is approximately 115 billion yuan, with the main business types being governance engineering (65.2%) and third-party operation services (17.4%) [2] Green Island Model - The "Green Island" model, which focuses on centralized recovery and regeneration platforms for small and medium-sized pollution sources, is gaining traction as an effective governance approach [3] - This model addresses high costs and management difficulties associated with dispersed emissions from enterprises, becoming a key direction for regional air pollution collaborative governance [3] Regulatory Changes - The recent amendment to the Environmental Protection Tax Law expands the taxation scope for VOCs, marking a shift from passive compliance to proactive emission reduction [4] - Industries significantly impacted by VOCs emissions include petrochemicals, chemicals, industrial coatings, and oil storage and transportation [4] Tax Implications - The expected tax rate for VOCs is between 60,000 yuan/ton and 180,000 yuan/ton, which will accelerate the elimination of outdated production capacity and create market opportunities for compliant enterprises [5] Technological Innovation - The VOCs governance technology is evolving from traditional methods to new trends focusing on deep governance, material innovation, digital control, and equipment standardization [6] - Key technologies include solvent recovery through various processes, activated carbon fiber adsorption, and biological treatment methods that emphasize low energy consumption and no secondary pollution [6]

Core Viewpoint - The report "Air Quality in China 2025: Best Practices for Air Pollution Prevention and Control" highlights significant achievements in air pollution control in China over the past decade, emphasizing the role of cities and regions in improving air quality through collaborative governance and innovative practices [1][3]. Group 1: Achievements in Air Quality Improvement - Since the implementation of the Clean Air Action in 2013, China's overall air quality has steadily improved, with PM2.5 annual average concentrations in 339 cities decreasing by 59% compared to 2013, and heavy pollution days reduced by over 90% [3][4]. - The report showcases exemplary practices from key cities and regions, aiming to provide replicable experiences for broader air quality improvement efforts [1][4]. Group 2: Innovative Practices and Case Studies - The report includes notable case studies such as the collaborative air pollution control in the Beijing-Tianjin-Hebei region, which has evolved into a representative model for regional governance [6][4]. - Shanghai's approach to VOCs (Volatile Organic Compounds) management has transitioned from individualized solutions to standardized management, enhancing regulatory efficiency [7][8]. - Chengdu's "near-zero carbon construction site" pilot project focuses on reducing emissions from construction activities, showcasing innovative practices in the construction industry [9][10]. Group 3: Future Challenges and Directions - As air pollution characteristics and demands evolve, the report indicates that China is entering a new phase of deepening and upgrading air pollution control efforts, necessitating enhanced regional cooperation and governance capabilities [4][11]. - Experts emphasize the need for improved forecasting capabilities and regulatory effectiveness to address ongoing challenges in air quality management [11][13].

Core Viewpoint - Yongqing Environmental Protection Co., Ltd. reported a significant increase in net profit and revenue for the first three quarters of 2025, driven by a strategic shift towards renewable energy and hazardous waste resource utilization [1][2]. Financial Performance - The company achieved a net profit of 98.79 million yuan, representing an 18.02% year-on-year increase, while the net profit excluding non-recurring gains soared by 243.98% to 50.10 million yuan [1]. - Total revenue for the first three quarters reached 522 million yuan, marking a 2.66% increase compared to the previous year [1]. Business Strategy - The company is transitioning from a traditional environmental service provider to a "resource recycling solution provider," leveraging its dual focus on environmental protection and renewable energy [2]. - The environmental operation services contributed over 60% of the revenue, with stable cash flows from waste incineration power generation, photovoltaic power generation, and energy storage stations [2]. Cost Management and Profitability - Yongqing Environmental Protection has improved its profitability through refined cost control measures, resulting in a more than 5% decrease in operating costs and a 5.4 percentage point increase in overall gross margin [2]. - The company has established a dual profit-driving mechanism through operational and investment returns, enhancing profitability stability and risk resistance [2]. Cash Flow and Future Outlook - The net cash flow from operating activities reached 144 million yuan, reflecting an 8.24% year-on-year growth, with significant increases in prepayments and inventory indicating proactive project management [3]. - The company has a healthy growth in contract liabilities, suggesting a robust order backlog that supports future revenue growth potential [2]. Dividend and R&D Investment - Yongqing Environmental Protection announced a profit distribution plan, proposing a cash dividend of 0.77 yuan per 10 shares, totaling approximately 49.71 million yuan, signaling confidence in future profitability [4]. - R&D expenditures increased by over 40%, focusing on AI and AR industrial intelligence, pollution reduction technologies, and green extraction processes for precious metals, enhancing the company's technological capabilities [4]. Industry Context - The company is positioned well within the environmental industry, which is experiencing increased concentration and supportive policies, adopting a differentiated high-quality development path through an integrated model of operations, technology, and resource recycling [5].

Core Viewpoint - Xi'an is actively implementing a pilot program for pollution reduction and carbon emission reduction, aiming to improve ecological environment quality and achieve a significant decrease in carbon emission intensity by 2026 [1][2]. Energy Sector - The city is advancing the shutdown and replacement of certain coal-fired power plant units and promoting photovoltaic construction in urban and rural areas [1][2]. - There is a focus on prioritizing renewable heating sources such as geothermal energy, wastewater heat, and biomass for a green and low-carbon transformation of the heating system [1]. Transportation Sector - All newly added or updated public transport vehicles, including buses, taxis, and waste collection vehicles, will be powered by new energy or clean energy [2]. - The city is progressively replacing construction vehicles and commercial mixing vehicles with new energy or National VI emission standard vehicles, significantly increasing the replacement rate [2]. Industrial Sector - Efforts are being made to optimize industrial layout and strengthen six pillar industries, with a strong emphasis on the development of the new energy vehicle and photovoltaic industries [2]. - The hydrogen energy industry is being actively developed to accelerate the establishment of a complete industrial chain [2]. Environmental Sector - Continuous promotion of source substitution in industrial enterprises and the use of water-based paints in automotive repair to reduce volatile organic compound emissions [2]. - Ongoing improvements in wastewater treatment and increasing the utilization rate of recycled water are being prioritized [2]. Key Projects - A total investment of 26.2 billion yuan is planned for 66 key projects by the end of 2026, covering energy, industrial, transportation, and ecological environment sectors [2]. - As of now, 25 projects have been completed, with investments totaling 1.303 billion yuan in the energy sector, 180 million yuan in the industrial sector, and 1.942 billion yuan in ecological environment governance [2].

Core Viewpoint - Xi'an is accelerating the construction of a new energy system, focusing on pollution reduction and carbon emission cuts, leading to continuous improvement in ecological environment quality [1][3]. Energy Sector - Xi'an has been selected as one of the first batch of national pilot cities for pollution reduction and carbon emission cuts, being the only provincial capital in this category [3]. - The city is progressively shutting down some coal-fired power plant units to reduce fossil energy consumption and is promoting photovoltaic construction in urban and rural areas [3]. - As of August 2023, the proportion of renewable energy generation capacity in Xi'an has increased to 45% [3]. Hydrogen Energy Development - Xi'an is developing a comprehensive industrial chain for hydrogen energy, having introduced and nurtured over 120 hydrogen energy enterprises, achieving an output value of nearly 3 billion yuan [3]. - Demonstration applications for hydrogen energy heavy trucks, buses, and drones are steadily advancing [3]. Transportation Sector - All newly added or updated public transport vehicles, including buses, taxis, and waste collection vehicles, are powered by new energy or clean energy [4]. - The city is enhancing the infrastructure for electric vehicles, including public charging stations and charging piles, to meet the growing demand for electric vehicle charging [4]. Waste Management and Recycling - Xi'an is deepening the construction of a "waste-free city," having established 1,407 recycling points and 16 sorting centers for resource recycling [4]. - The city is promoting the resource utilization of construction waste and agricultural waste [4]. Future Plans - Xi'an aims to continue deepening pilot work to fully unleash the potential benefits of pollution reduction and carbon emission cuts, striving to form a replicable and promotable "Xi'an experience" for a higher standard of green transformation in economic and social development [4].