Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit due to decreased waste disposal prices and underutilization of capacity in the hazardous waste treatment industry [3][11]. Financial Performance - The company reported operating revenue of approximately 256.44 million yuan, a decrease of 11.08% compared to the same period last year [3][11]. - The total profit was approximately 8.47 million yuan, down 83.66% year-on-year [3][11]. - The net profit attributable to shareholders was approximately 5.68 million yuan, reflecting a decline of 89.23% compared to the previous year [3][11]. - The net profit after deducting non-recurring gains and losses was approximately -9.89 million yuan, a decrease of 128.49% year-on-year [3][11]. - The net cash flow from operating activities was approximately 64.75 million yuan, down 39.49% from the previous year [3][11]. Industry Overview - The hazardous waste treatment industry is experiencing a transition from rapid growth to high-quality development, with a slowdown in the overall generation of hazardous waste [3][11]. - The industry faces structural challenges, including uneven disposal capacity and low utilization rates, leading to a severe supply-demand imbalance and continued downward pressure on disposal prices [3][11][12]. - The company maintains a stable market share in hazardous waste disposal across regions such as Shanghai, Jiangsu, Shandong, and Shanxi, despite the competitive environment [5][11]. Business Model - The company's main business involves the resource utilization and harmless disposal of hazardous waste, providing services to upstream manufacturing industries [5][11]. - The company employs two primary models: harmless disposal and resource utilization, charging service fees based on the characteristics and treatment methods of the hazardous waste [5][11]. Technological Innovation - The company emphasizes technological innovation as a core strategy, focusing on improving the recycling rate of hazardous waste and reducing disposal costs [12][13]. - The company has made significant progress in developing technologies for the resource utilization of hazardous waste, particularly in the semiconductor industry [13][15]. - The company has established partnerships with several universities and research institutions to enhance its technological capabilities and foster innovation [15][16]. Market Position - The company has built strong relationships with numerous well-known enterprises across various sectors, including semiconductor, aerospace, and new materials, enhancing its brand recognition and market position [16]. - The company has adopted an innovative "big market + multi-collaboration" model to improve resource utilization efficiency and reduce waste [16].

Core Viewpoint - The Guizhou Provincial Ecological Environment Department has issued a guiding announcement regarding the construction of hazardous waste utilization and disposal capacity, urging investors to rationally assess the demand for such projects in the province and effectively mitigate investment risks [1][2]. Group 1: Hazardous Waste Generation - Since the "14th Five-Year Plan," the overall generation of hazardous waste in Guizhou has shown a stable and slow growth trend, with a total generation of 1.0749 million tons expected in 2024 [1]. - The top five categories of hazardous waste generated include HW47 barium-containing waste, HW18 incineration residue, HW48 non-ferrous metal smelting waste, HW33 inorganic cyanide waste, and HW11 distillation residue, collectively accounting for 906,300 tons or 84.3% of the total generation [1]. Group 2: Utilization and Disposal Capacity - The overall operational load rate for hazardous waste utilization and disposal facilities in Guizhou is approximately 15.7%, indicating an excess capacity in collection, utilization, and disposal, particularly for categories such as waste lead-acid batteries, waste mineral oil, and aluminum ash [1]. - There are still certain shortcomings in the utilization and disposal capacity for specific hazardous waste categories, including pathological medical waste, incineration fly ash from municipal waste, and barium residue [1]. Group 3: Recommendations for Project Development - The Guizhou Provincial Ecological Environment Department recommends no new construction projects for hazardous waste categories with serious overcapacity, such as aluminum ash and waste lead-acid batteries [2]. - There is encouragement for the establishment of centralized disposal facilities for pathological medical waste and comprehensive utilization projects for hazardous waste categories with insufficient capacity, such as incineration fly ash and barium residue [2]. - The department also advocates for upgrading and transforming hazardous waste generating enterprises and enhancing research and development of advanced comprehensive utilization and disposal technologies to promote source reduction and resource utilization [2].