无锡的环卫队伍里，最近多了几位特别的"新同事"。它们不惧风雨、昼夜无休，清扫作业时一丝不苟。1月8日，由极景（武汉）智能 科技有限公司（以下简称极景智能）研制的L4级无人驾驶洗扫机器人"鹿呦"，一次性10台正式交付无锡，并在城市道路上开始忙碌起来。 为确保这位"同事"稳定在岗，研发团队还贴心配备了"后勤管家"——"羊博士智服机器人"，可提供实时诊断和现场维护，保障无人车 队高效运转。 据悉，极景智能从2024年8月成立到实现机器人量产，用时不到一年，发展迅速。目前，"鹿呦"系列已在淮安、苏州、广州等国内十多 个城市及海外市场投入使用。 业内人士表示，"鹿呦"在无锡的规模化落地，不仅为当地智慧环卫建设提供了标杆案例，也展示了武汉在高端智能装备领域的创新实 力。未来，双方还计划在智慧环卫系统、数据平台等方面深化合作，打造可推广的"无锡样板"。 极景智能负责人（左）向无锡尚源环卫负责人交付象征机器人的钥匙。 编辑：熊展平 "武汉造"无人洗扫机器人批量交付无锡。 在交付现场，这些蓝白配色的机器人展示了娴熟的技能：自主规划路线、灵活避开障碍、贴着路沿进行厘米级精度的清扫，同时完成 喷水、洗扫、吸污全套动作，工作效率令人 ...

在深圳市龙岗区大运体育中心，沿着自主规划路径高效作业的"小蜜蜂"吸引路人驻足。盈峰环境深圳龙 岗大运中心项目负责人林松远介绍，在大运中心周边区域，以往需要4名环卫工人耗时约4小时完成的清 扫任务，如今人机协同仅需2.5小时即可完成。 盈峰环境不仅有"小蜜蜂"，还有"蜂群"，更有"蜂巢"。"城市里弄、背街小巷等'毛细血管'区域因大型设 备难以覆盖，长期依赖人工清扫。今年以来，盈峰环境正式发布智慧网联清洁机器人集群'蜂群'，涵盖 1吨智慧清洁机器人'小蜜蜂'、3吨智慧清洁机器人'小黄蜂'等，并以AI+大数据驱动的'蜂巢'智慧中枢平 台为决策大脑，构建起从封闭场景到开放路网、从单机智能到集群协同的智慧环卫生态体系。"盈峰环 境装备事业部市场部部长刘红甫告诉记者，"蜂群"系统已在国内20余个省份60余个地级市实现规模化应 用，破解传统环卫模式面临的人力成本攀升、精细化管理不足等问题，实现从"孤岛作业"到"蜂群智 联"的跃迁。 深圳龙岗大运中心项目也是"蜂群"系统应用的典范。"围绕'AI全域感知—智能决策—无人集群—闭环验 证'理念，项目部署5台'小蜜蜂'、1台AI无人巡逻车及1台无人清运车，并凭借'蜂巢'智慧中枢实现 ...

来源：上海证券报·中国证券网 作为中信产业基金控股的城乡环境服务运营商，中环洁核心业务覆盖市政环卫、垃圾处理、绿化养护等 全链条环境服务，业务版图已渗透至全国多个省份。2025年上半年财报显示，公司实现营业收入 10.8964亿元，扣非归母净利润达1.10亿元，同比增幅高达34.97%。 北交所三轮问询的核心聚焦于公司经营的核心风险点，中环洁在三轮问询回复中给出了明确回应。针对 收购大连新天地及商誉减值，公司表示，大连新天地业务开展正常，在运营项目的年合同额约为1.89亿 元，所处行业市场需求整体呈上升趋势，预计未来业绩及项目运营不会发生重大不利变化，各期商誉减 值测试及评估测算的过程合理、依据充分，商誉未计提减值具有合理性。 北交所三轮问询的核心聚焦于公司经营的核心风险点，中环洁在三轮问询回复中给出了明确回应。针对 收购大连新天地及商誉减值，公司表示，大连新天地业务开展正常，在运营项目的年合同额约为1.89亿 元，所处行业市场需求整体呈上升趋势，预计未来业绩及项目运营不会发生重大不利变化，各期商誉减 值测试及评估测算的过程合理、依据充分，商誉未计提减值具有合理性。 关于业绩波动及应收账款坏账计提，公司表示， ...

Core Insights - The 15th National Games in Shenzhen not only served as a sports event but also as an opportunity to enhance urban green governance [1] - The event has led to significant advancements in resource recycling, smart sanitation, and waste management systems in Guangzhou [1] Group 1: Smart Sanitation and Waste Management - Guangzhou has deployed over 70 GS1 autonomous cleaning vehicles across major venues, achieving over 900 hours of operation and cleaning an area of approximately 2.22 million square meters [2] - The city has installed 15 smart recycling bins within the Olympic Center, providing convenient recycling services within a 100-meter radius, significantly improving resource recycling levels [2] - All main waste collection vehicles used during the event are zero-emission, low-noise electric trucks, with over 280 new energy sanitation vehicles deployed citywide [2] Group 2: Long-term Environmental Impact - The event has catalyzed the deployment of over 280 new energy sanitation vehicles, creating a green and efficient waste collection system [3] - More than 500 sanitation vehicles have undergone a "Kapok" paint upgrade, and over 50 resource collection centers have been improved, enhancing urban environmental services [3] - The green facilities and governance experiences gained from the event are expected to provide ongoing momentum for the city's green and low-carbon transformation [3]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company, Jinglv Environment, has shown steady growth in performance, with a focus on the intelligent upgrade of urban and rural environmental services, including road cleaning and waste classification [5][6]. - The company reported a revenue of 1.176 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.53%, and a net profit attributable to shareholders of 125 million yuan, up 9.36% year-on-year [5]. - The company is actively expanding its product offerings in the unmanned sanitation vehicle sector, with significant growth in orders for its third-generation unmanned sanitation products [7]. Company Overview - The latest closing price of the company's stock is 23.48 yuan, with a total market capitalization of 3.2 billion yuan [4]. - The company has a total share capital of 134 million shares, with 53 million shares in circulation [4]. - The company has a debt-to-asset ratio of 38.6% and a price-to-earnings ratio of 22.15 [4]. Financial Performance - For Q3 2025, the company achieved a revenue of 394 million yuan, a year-on-year increase of 4.23%, and a net profit of 46 million yuan, up 2.63% year-on-year [5]. - The gross profit margin increased by 1.23 percentage points to 27.32%, while the expense ratio decreased by 0.25 percentage points to 12.84% [6]. - The company expects revenues of 1.672 billion, 1.862 billion, and 2.046 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 168 million, 190 million, and 215 million yuan [8][11]. Growth Prospects - The company plans to launch new products, including a 1.5-ton improved version and a 0.5-ton unmanned driving product, targeting specific urban environments [7]. - The company has set ambitious revenue and net profit growth targets as part of its stock incentive plan, aiming for significant increases over the next few years [7].

Revenue Structure - The revenue structure remains stable, with sanitation operation service revenue accounting for 94% and equipment revenue for 6% [3] - The gross profit margin is 27.32%, an increase of 1.28 percentage points compared to the same period last year, attributed to cost reduction and efficiency improvement measures [3] Profitability and Cost Management - The current profit margin is 12.13%, expected to remain stable through the enhancement of quality project orders and cost reduction strategies [3] - R&D expenses increased by approximately 24.63% year-on-year due to increased investment in unmanned sanitation and equipment, with a continued growth trend anticipated [8] Market Demand and Project Development - The demand for unmanned sanitation equipment orders has significantly increased, with multiple projects worth over 100 million yuan recently won [4] - The company is implementing a phased deployment plan for unmanned driving equipment in new projects [4] Technological Advancements - The third-generation self-developed driving algorithm is in the verification stage, offering advantages in cost reduction and adaptability [5] - The company plans to launch a 1.5-ton improved version and a 0.5-ton unmanned driving product by the end of the year, focusing on smart waste collection [6] Future Outlook - The company is optimistic about market growth in 2026, driven by a nationwide market layout strategy and improved brand image [7] - The traditional sanitation equipment electrification rate is expected to reach 60% to 80% in the medium to long term [4] International Expansion - The company is expanding its sanitation business overseas, prioritizing equipment exports and focusing on markets in Southeast Asia and Russia [8]

Core Insights - The article highlights the rapid development and commercialization of autonomous sanitation vehicles in Shenzhen, marking 2025 as a pivotal year for the industry [3][4][7] - The market for autonomous sanitation services in China is projected to reach 280 billion yuan by 2025, driven by technological advancements and diverse business models [5][6] Industry Overview - As of July 2025, the application scale of autonomous sanitation vehicles in Shenzhen has surpassed 400 units, transitioning from pilot demonstrations to large-scale applications [2][3] - The autonomous sanitation vehicle market is experiencing a growth rate exceeding 60% annually, addressing long-standing issues of high labor costs and low operational efficiency in the sanitation industry [7] Competitive Landscape - The market features a diverse competitive landscape, with traditional sanitation companies, new energy vehicle manufacturers, and technology firms all vying for market share [2][5] - Leading companies like Yingfeng Environment have introduced advanced systems that enhance operational efficiency by 300%, showcasing the integration of smart technologies in sanitation operations [3][6] Financial Metrics - In the first half of 2025, over 290 new projects in the autonomous driving sector were publicly announced, with a total value exceeding 6.9 billion yuan, of which sanitation projects accounted for over 5.5 billion yuan [4] - The operational costs of autonomous sanitation are estimated to be reduced by approximately 50% compared to traditional methods, with potential savings ranging from 15% to 78.57% depending on the operational model [6] Technological Advancements - Companies are focusing on developing L4-level autonomous driving algorithms and utilizing big data to optimize operations, with vehicles capable of cleaning areas exceeding 8,000 square meters [5][6] - The latest autonomous sanitation vehicles are equipped with features such as garbage recognition and edge cleaning, enhancing their operational capabilities [5] Challenges Ahead - Despite the promising outlook, the industry faces challenges related to the maturity of technology and the sustainability of business models, particularly in complex operational environments [7] - Companies that can establish stable cash flows and data-driven operational models are likely to demonstrate greater resilience in the market [7]

Core Viewpoint - The company plans to issue convertible bonds to raise up to 1.5 billion yuan for the construction of a sanitation equipment configuration center and to supplement working capital [1] Group 1: Company Overview - Yuhua Tian is a leading urban and rural environmental comprehensive service operator in China, with 28 years of development and a strong reputation for service quality and customer satisfaction [1][2] - The company has signed new contracts worth 8.34 billion yuan for its urban operation business in 2024, representing a year-on-year increase of 43.1% [1] Group 2: Market Context - The sanitation industry in China is experiencing stable growth, with the market size projected to reach 644.2 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of over 13% [2] - The sanitation market in China was valued at 297.1 billion yuan in 2023, driven by factors such as increasing per capita waste generation and urbanization [2] Group 3: Financial Projections - The company's urban operation business revenue for 2022, 2023, and 2024 is projected to be 4.32 billion yuan, 5.07 billion yuan, and 6.11 billion yuan, respectively, with a CAGR of 18.87% [2] Group 4: Investment Purpose - The funds raised will be used for centralized procurement and configuration of sanitation equipment, enhancing the company's competitive edge and market position [3] - The company aims to improve its operational efficiency and financial flexibility through the raised funds, supporting its strategic growth and profitability [3]

Core Viewpoint - The company plans to issue convertible bonds to raise up to 1.5 billion yuan for the construction of a sanitation equipment configuration center and to supplement working capital [1] Group 1: Company Overview - The company, Yuhua Tian, is a leading urban and rural environmental comprehensive service operator in China, with 28 years of development and a strong reputation for service quality and customer satisfaction [1][2] - The company reported new contracts worth 8.34 billion yuan for its urban operation business in 2024, with an annualized increase of 2.071 billion yuan, representing a 43.1% growth compared to the previous year [1] Group 2: Market Context - The sanitation industry in China is experiencing stable growth, with the market size reaching 297.1 billion yuan in 2023 and projected to grow to 644.2 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of over 13% [2] - The company's urban operation revenue for 2022, 2023, and 2024 is reported as 4.324 billion yuan, 5.067 billion yuan, and 6.109 billion yuan respectively, with an average CAGR of 18.87% during this period [2] Group 3: Fundraising Purpose and Strategy - The funds raised will be used for the centralized procurement and configuration of sanitation equipment, providing customized smart sanitation solutions to local service operators, thereby enhancing operational efficiency [3] - The company aims to strengthen its market position and profitability through strategic expansion and improved service quality, leveraging modern technologies such as mechanization and information technology [3] - The additional working capital will support project bidding and daily operations, enhancing the company's financial stability and flexibility for future growth [3]

Core Insights - The article highlights the transformation of urban sanitation in Zibo High-tech Zone, emphasizing the shift from traditional manual labor to a data-driven, intelligent management system for street cleaning [1][9]. Group 1: Smart Sanitation Technology - The sanitation vehicles in Zibo are equipped with "dust load monitoring technology," functioning as mobile "city diagnosticians" that provide real-time assessments of road cleanliness [3][5]. - Data collected by these vehicles is transmitted to a central management platform, allowing for immediate identification of areas needing attention, thus enhancing operational efficiency [5][6]. Group 2: Efficiency and Response Time - The system enables a rapid response to cleanliness issues, with a complete cycle from problem detection to resolution achievable within 30 minutes, improving efficiency by over 60% compared to traditional methods [9][10]. - The integration of human oversight with automated monitoring creates a seamless "man-machine collaboration" for urban management [8][9]. Group 3: Impact on Urban Management - The implementation of AI in urban sanitation signifies a shift from "experiential judgment" to "data-driven decision-making," allowing for proactive rather than reactive management of city cleanliness [9][10]. - The system not only enhances immediate cleaning efforts but also facilitates long-term urban management strategies by analyzing patterns in dust accumulation, leading to more effective preventive measures [10].