天眼查App显示，近日，江西洋轩新材料有限公司成立，法定代表人为李洪绍，注册资本100万人民 币，经营范围为一般项目：金属材料销售，金属矿石销售，矿物洗选加工，电池制造，电池销售，金属 废料和碎屑加工处理，选矿，非金属废料和碎屑加工处理，机械设备销售，技术服务、技术开发、技术 咨询、技术交流、技术转让、技术推广，再生资源加工，新能源汽车废旧动力蓄电池回收及梯次利用 （不含危险废物经营），新能源原动设备销售，再生资源销售，再生资源回收（除生产性废旧金属）， 竹木碎屑加工处理，报废农业机械回收，电池零配件销售，环境保护专用设备销售，五金产品研发，五 金产品制造，五金产品批发，金属制日用品制造，金属结构制造，电子专用材料销售，贸易经纪，货物 进出口（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，蕉岭县鑫诚再生资源回收有限公司成立，法定代表人为程运平，注册资本330 万人民币，经营范围为一般项目：再生资源回收（除生产性废旧金属）；再生资源加工；再生资源销 售；生产性废旧金属回收；固体废物治理；金属材料销售；金属材料制造；新型金属功能材料销售；常 用有色金属冶炼；贵金属冶炼；国内贸易代理；金银制品销售；供应链管理服务；非金属废料和碎屑加 工处理；以自有资金从事投资活动；非居住房地产租赁；进出口代理；技术进出口；货物进出口；信息 咨询服务（不含许可类信息咨询服务）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Summary of JinJing New Energy Conference Call Company Overview - **Company**: JinJing New Energy - **Industry**: Battery recycling and renewable energy materials Key Points Financial Performance - Revenue for the first half of 2025 reached HKD 816 million, a year-on-year increase of 229% [3] - Core revenue driver is the reverse supply chain (recycling) business, generating HKD 790 million, up 400% year-on-year [3] - Gross profit was HKD 80 million, reflecting a 90% increase [3] - Net profit attributable to shareholders turned positive at HKD 15 million [2][3] - Cash and cash equivalents stood at HKD 140 million, with 62% of revenue coming from clients outside Hong Kong [2][3] Strategic Transformation - Significant growth in the reverse supply chain business offset declines in traditional construction contracting [2][5] - The company is transitioning towards high-growth sectors, particularly in renewable energy metal recycling [2][5] Global Battery Recycling Network - JinJing is actively establishing a global battery recycling network, including the first power battery processing facility in Hong Kong, expected to be operational by 2026 [2][7] - Acquisition of Green Jet Group and exclusive supply agreements with Fortune Metal Group enhance the recycling infrastructure across Asia, Europe, and America [2][8] - Plans to create a comprehensive recycling network across three continents by 2030, aiming to become a leader in overseas battery recycling [2][9] Market Outlook - The renewable metal market is projected to grow rapidly, driven by energy transition and increased demand for new technologies [6] - The International Energy Agency predicts a 30% shortfall in global copper supply by 2035, highlighting the importance of recycled resources [6] - The company anticipates increasing recovery rates for lithium, nickel, and cobalt in the future [6] Operational Insights - The asset-liability structure remains robust, with cash equivalents making up nearly 60% of current assets [4] - The company has established a producer pays model in overseas markets, ensuring stable and diversified revenue streams [4][11] - Strategic partnerships with major players like Guoxuan High-Tech and CATL enhance competitive barriers and service efficiency [4][20] Future Plans - Focus on expanding the Hong Kong market and establishing it as a template facility, with significant growth expected during the battery retirement peak around 2026-2027 [9] - Plans to build 8-10 processing lines globally to meet rising metal demand, particularly for copper, with potential annual recovery of 160,000 tons of recycled copper [10][22] - Capital expenditures will primarily support the establishment of overseas processing lines and upgrades to existing facilities [22] Competitive Landscape - The overseas battery recycling market is competitive, with regulatory challenges and new entrants [18] - JinJing's early partnerships with battery manufacturers provide a competitive edge and customer loyalty [18][19] Revenue Model Differences - The overseas model focuses on compliance and establishing a comprehensive recycling network, contrasting with the domestic model that relies on trade and service revenue [11][12] Conclusion - JinJing New Energy is positioned for significant growth in the battery recycling sector, with a strong focus on international expansion and strategic partnerships to enhance its market presence and operational efficiency [23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in non-recurring net profit by 29% in the first three quarters of 2025, driven by rising metal prices and improved resource recovery capacity [7] - The company's operating revenue for the first three quarters of 2025 was 10.16 billion, a year-on-year decrease of 11.28%, while the net profit attributable to shareholders was 646 million, a year-on-year increase of 15.18% [7] - The report emphasizes the value of recycled resources amid rising metal prices, with the company expanding its resource recovery operations to include a wider range of metals [7] Financial Performance Summary - For 2023A, total revenue is projected at 10.58 billion, with a year-on-year growth of 20.58% [1] - The net profit attributable to shareholders for 2023A is estimated at 504.64 million, reflecting a year-on-year decline of 27.13% [1] - The latest diluted EPS for 2023A is 0.33 yuan per share, with a P/E ratio of 23.09 [1] Future Projections - The company forecasts net profits of 803.26 million, 909.25 million, and 1.05134 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.51, 12.82, and 11.08 [1][7] - The report anticipates a steady increase in operating cash flow, with a net cash flow from operating activities of 367 million in the first three quarters of 2025, a year-on-year increase of 67.29% [7] Market Data - The closing price of the company's stock is 8.02 yuan, with a market capitalization of approximately 12.22 billion [5] - The company has a price-to-book ratio of 1.28 and a debt-to-asset ratio of 61.57% [6]

Core Insights - A new company named Kaiyuan Runhe Recycling Center has been established, focusing on the recycling of scrap vehicles and electric vehicles [1] Company Overview - The company is a sole proprietorship with a registered capital of 1 million RMB [1] - The legal representative of the company is Wang Lei [1] Business Scope - The company is authorized to engage in the following licensed activities: - Scrap motor vehicle recycling - Dismantling of scrap electric vehicles - Dismantling of scrap motor vehicles [1] - General business activities include: - Recycling of renewable resources (excluding production waste metals) - Sales of renewable resources - Recycling of production waste metals - Sales of construction materials - Landscaping engineering construction - Recycling of scrap agricultural machinery - Wholesale and retail of motorcycles and their parts - Dismantling of scrap agricultural machinery - Manufacturing of safety and fire metal products [1]

Core Insights - Guangdong Angzhu New Materials Technology Co., Ltd. has been established with a registered capital of 10 million RMB and is represented by Lin Yuancai [1] Company Overview - The company focuses on various sectors including emerging energy technology research and development, non-ferrous metal processing, and recycling of used metals and resources [1] - It is involved in the manufacturing and sales of batteries and their components, as well as the recovery and secondary utilization of used power batteries from new energy vehicles [1] Business Scope - The business scope includes general projects such as non-ferrous metal casting, alloy sales, metal cutting services, and the production of synthetic materials [1] - The company also engages in technology services, development, consulting, and import-export activities related to its operations [1]

Group 1 - A new company named Baoding Jiaxiang Recycling Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Zhang Qian [1] - The company's business scope includes general projects such as recycling of renewable resources (excluding production waste metals), recycling of production waste metals, sales of renewable resources, processing of renewable resources, and sales of metal products [1] Group 2 - The company is involved in the sales of non-ferrous metal alloys, metal ores, and high-performance non-ferrous metals and alloy materials [1] - The company is permitted to conduct business activities independently according to its business license, excluding projects that require approval [1]

Group 1 - The core viewpoint emphasizes Tianfulong's commitment to transforming the polyester fiber industry by enhancing the green circularity, differentiation, high performance, and functionality of fiber materials in the context of global green low-carbon initiatives and the rapid development of the recycling industry [2] - Tianfulong's long-term strategic plan is defined as "one core, three highs, and three transformations," focusing on differentiated polyester staple fiber as the core business while aiming for high-quality development, enhanced corporate value, and efficient growth in operations [2] - The company plans to maintain a prudent operational philosophy, manage funding needs appropriately, and adopt financing methods that match its development stages to control debt levels and ensure financial health, thereby creating long-term stable returns for shareholders [2] Group 2 - As the lead underwriter and sponsor for Tianfulong's IPO, the underwriting institution has witnessed the company's impressive achievements and recognizes the management's dedication, professional capabilities, innovative spirit, and strategic vision [3] - The underwriting institution expresses confidence that Tianfulong's listing will bring new development opportunities for the company, investment opportunities for investors, and vitality to the capital market [3] - The institution commits to fulfilling its sponsorship responsibilities and continuous supervision duties, supporting Tianfulong's growth and ensuring satisfactory returns for investors [4]

Core Viewpoint - The launch of casting aluminum alloy futures and options on the Shanghai Futures Exchange marks the first futures product for recycled metals in China, filling a gap in the domestic recycled metal derivatives market [1][2]. Group 1: Market Development - The trading of casting aluminum alloy futures was active on its first day, driven by the robust development of the spot market and increasing demand for price risk management [1]. - In 2024, China's production of casting aluminum alloy is expected to exceed 10 million tons, reflecting the industry's growth and the rising need for risk management tools [1][4]. Group 2: Pricing and Influence - The introduction of aluminum alloy futures is anticipated to enhance China's pricing power in the global market, as it will work in conjunction with existing aluminum and alumina futures [2][3]. - The listing is seen as a significant step towards improving the international influence of China's aluminum industry and establishing a comprehensive risk management system [2][4]. Group 3: Risk Management Tools - The new futures and options will provide more precise risk management tools for enterprises, allowing them to implement composite hedging strategies that include both electrolytic and recycled aluminum [3][6]. - Companies can now better manage price fluctuations and operational risks, with the potential to adjust production based on market conditions [3][6]. Group 4: Circular Economy and Resource Utilization - The launch of casting aluminum alloy futures is expected to promote the development of the circular economy, as it encourages resource recycling and utilization [4][5]. - The recycled non-ferrous metal industry is crucial for ensuring resource security and facilitating a green, low-carbon transition, with recycled aluminum production already surpassing 10 million tons [4][5]. Group 5: Demand and Supply Dynamics - The growth of the new energy industry is creating a "metal hunger," with significant demand for metals like copper and aluminum, while the supply from primary mining is lagging [5]. - The recycling rate of waste metals remains low, and the industry faces challenges such as low profitability and inadequate systems, which the new futures market could help address [5][6].

Investment Rating - The report maintains an "Increase" rating for the environmental protection industry [1] Core Views - The issuance of the "Ecological Environment Protection Supervision Work Regulations" by the Central Committee of the Communist Party of China and the State Council aims to comprehensively promote the construction of a beautiful China [8] - The solid waste sector is expected to see improved cash flow and increased dividends due to reduced capital expenditures and enhanced operational efficiency [9][12] - The water service sector is experiencing stable growth and high dividends, with water price reforms expected to reshape growth and valuation [12][14] Summary by Sections Solid Waste Management - Capital expenditures are decreasing, leading to significant improvements in free cash flow and increased dividends [9] - Key companies such as Junxin Co. are projected to distribute cash dividends of 507 million yuan in 2024, a 37% increase year-on-year, with a dividend yield of 4.4% [9] - The industry is entering a mature phase, with operational efficiency being enhanced through cost reduction and collaborations in heating and IDC [9][10] Water Services - The water service sector's revenue is projected at 65.5 billion yuan in 2024, with a net profit of 11.2 billion yuan, reflecting a 27% increase [12] - Water price reforms in cities like Guangzhou and Shenzhen are expected to drive a new round of price adjustments, enhancing profitability and stability [13][14] - Companies such as Yuehai Investment are highlighted for their ability to frequently adjust prices, with an expected dividend yield of 6.9% in 2025 [14] Environmental Equipment - The penetration rate of new energy sanitation vehicles increased by 6.14 percentage points to 14.55% in the first four months of 2025, with sales of new energy sanitation vehicles rising by 73% [29] - The total sales of sanitation vehicles reached 24,542 units, with a slight year-on-year decrease of 0.2% [29] Biofuels - The prices of biodiesel and waste cooking oil have decreased, leading to negative profit margins [37][38] - The average price of biodiesel was 7,700 yuan per ton, down 5.5% week-on-week, while waste cooking oil averaged 6,018 yuan per ton, down 1.2% [37] Lithium Battery Recycling - The profitability of lithium battery recycling has slightly declined due to fluctuating metal prices and a decrease in discount coefficients [41][42] - The average unit gross profit for waste material is estimated at -0.71 million yuan per ton [41]