全国政协副主席秦博勇主持会议。中共中央政治局委员、全国政协副主席石泰峰，全国政协副主席 胡春华、沈跃跃、王勇、周强、梁振英、巴特尔、苏辉、邵鸿、高云龙、穆虹、咸辉、王东峰、姜信 治、蒋作君、何报翔、王光谦、朱永新、杨震出席会议。 编辑：王晨晖 新华社北京8月26日电 政协第十四届全国委员会常务委员会第十三次会议26日上午举行全体会 议，14位全国政协常委围绕"制定国民经济和社会发展'十五五'规划"作大会发言。中共中央政治局常 委、全国政协主席王沪宁出席。 王国生常委建议，把因地制宜发展新质生产力摆在更加突出战略位置，把全方位扩大内需作为编制 规划战略基点，统筹做好中长期目标和远景目标有效衔接。苗圩常委提出，促进数字经济和实体经济深 度融合，加快产业智能化发展进程。马建堂常委建议，多措并举提升消费能力、提振消费意愿、拓展消 费场景、扩大消费供给，培育完整内需体系。王志刚常委建议，提升原创性、颠覆性科技创新能力，以 科技突破为新质生产力发展提供强大动能。陈群常委建议，积极稳妥推进各级各类教育规模、类型及层 次结构的统筹优化和动态调整，更好适应经济社会发展和国家战略需求。孔令智常委代表台盟中央发言 提出，以科技创新 ...

Core Viewpoint - The company reported a strong performance in its mid-2025 report, with significant growth in revenue and net profit, particularly in its environmental protection business, indicating a robust operational capacity and strategic expansion in various sectors [1][2][3]. Group 1: Financial Performance - The company's main business revenue reached 3.22 billion yuan, a year-on-year increase of 11.25% [1] - Environmental protection business revenue was 2.454 billion yuan, up 14.58% year-on-year, accounting for 76.31% of total revenue [1] - Net profit attributable to shareholders was 589 million yuan, reflecting a 20.15% increase year-on-year [1] - Net cash flow from operating activities was 977 million yuan, a significant rise of 53.91% [1] Group 2: Operational Highlights - The amount of waste received for incineration was 6.0557 million tons, a 5.63% increase year-on-year, with a capacity utilization rate of 113.91% [1] - Power generation reached 178.798 million kWh, marking a 7.7% increase year-on-year [1] - The company has accelerated its heating market development, completing renovations on four projects and achieving a heating volume of 718,500 tons [1] Group 3: Strategic Developments - The company has successfully integrated new business models in environmental sanitation, winning five new projects and expanding its contract value through acquisitions [2] - The deployment of unmanned sanitation equipment has increased in key areas, improving vehicle utilization rates by nearly 30% [2] - The establishment of a recycling system has progressed, with 64 stores set up across 22 counties, and the operation of sorting centers [2] Group 4: Future Outlook - The company manages a total of 255.36 kilometers of highways, providing stable cash flow despite a 4.7% decrease in daily traffic volume [3] - Profit forecasts for 2025-2027 indicate a steady growth in net profit, with expected figures of 1.46 billion yuan, 1.63 billion yuan, and 1.82 billion yuan respectively [3] - The company maintains a "buy" rating based on the stability of its waste incineration business and the solid performance of its highway operations [3]

Core Viewpoint - The establishment of Shandong Xuanqi Recycling Co., Ltd. indicates a growing focus on the recycling and resource recovery industry in China, particularly in the context of new energy and waste management [1] Company Summary - Shandong Xuanqi Recycling Co., Ltd. has been established with a registered capital of 20 million RMB, fully owned by Taizhou Xuanqi Trading Co., Ltd. [1] - The legal representative of the company is Sun Ruqiang [1] - The company operates in various sectors including recycling of renewable resources, processing of non-metal waste, and the recovery and secondary utilization of used power batteries from new energy vehicles [1] Business Scope - The business scope includes: - Recycling of renewable resources (excluding production waste metals) - Processing of non-metal waste and debris - Recovery of used power batteries from new energy vehicles (excluding hazardous waste management) - Battery leasing and sales - Water resource management and solid waste treatment - Sales of labor protection products and internet sales (excluding licensed goods) [1] - The company is also involved in technology services, research and development in emerging energy technologies, and biomass fuel processing [1] Regulatory Compliance - The company is required to obtain relevant approvals for certain operations, such as wastewater treatment and the recycling of scrapped vehicles and electronic products [1] - The business is registered in the High-tech Industrial Development Zone of Liaocheng, Shandong Province, with an indefinite operating period [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in operational business and a gradual increase in dividends. The performance for 2024 and Q1 2025 aligns with expectations, with total revenue of 6.611 billion yuan in 2024 (up 1.36% year-on-year) and a net profit attributable to shareholders of 1.141 billion yuan (up 6.18% year-on-year) [6] - The company is actively expanding its waste incineration operations and enhancing sanitation services, with a significant increase in waste volume and energy generation. The company is also exploring resource recovery initiatives [6] - The water supply model in Xinyang is being successfully implemented and is expected to be replicated in other regions, with multiple wastewater projects being awarded [6] - The highway operations remain stable, with ongoing feasibility studies for potential upgrades [6] - Although operating cash flow has decreased, capital expenditures have significantly dropped, allowing for an increase in dividends [6] Financial Data and Profit Forecast - Total revenue is projected to be 6.740 billion yuan in 2025, with a year-on-year growth rate of 2.0% [5] - The net profit attributable to shareholders is expected to reach 1.187 billion yuan in 2025, reflecting a 4.0% year-on-year increase [5] - Earnings per share are forecasted to be 1.85 yuan in 2025, with a gross margin of 41.0% [5] - The return on equity (ROE) is projected to be 12.6% in 2025 [5] - The company is expected to maintain a price-to-earnings (PE) ratio of 8 in 2025, decreasing to 7 in subsequent years [5]