登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 北京高能时代环境技术股份有限公司（以下简称"公司"或"高能环境"）于2025年12月8日（星期一）上 午10:00-11:00在上海证券交易所上证路演中心（网址https://roadshow.sseinfo.com/），采用网络互动方式 召开"2025年第三季度业绩说明会"。关于本次说明会的召开事项，公司于2025年11月28日在《上海证券 报》《中国证券报》及上海证券交易所网站披露了《高能环境关于召开2025年第三季度业绩说明会的公 告》（公告编号：2025-091）。现将召开情况公告如下： 一、本次说明会召开情况 2025年12月8日，公司副董事长、总裁凌锦明先生，独立董事黄常波先生，董事、副总裁、财务总监孙 敏先生，副总裁、董事会秘书张炯先生出席了本次说明会。公司就2025年第三季度业绩说明会经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 二、本次会议投资 ...

Core Viewpoint - The company, GaoNeng Environment (603588.SH), is expanding its business into the mining sector by acquiring stakes in three mining companies through a joint investment with individual investor Li Luxiang and related party Huaihua Yunfeng Mining Partnership [1] Group 1: Investment Details - The company plans to jointly invest in acquiring 59% stakes in Huaihua Tianxin Mining Co., Ltd. (Tianxin), Huaihua Yueping Mining Co., Ltd. (Yueping), and Huaihua Ruiyue Mining Co., Ltd. (Ruiyue) [1] - The total transaction amount for the stake acquisition is 82.6 million yuan [1] - After the transaction, the company will hold 45.2% stakes in each of the three companies, with a transaction amount of 63.28 million yuan [1] Group 2: Stake Distribution - Individual investor Li Luxiang will acquire 10% stakes in each of the three companies, with a transaction amount of 14 million yuan [1] - Related party Huaihua Yunfeng will acquire 3.8% stakes in each of the three companies, with a transaction amount of 5.32 million yuan [1]

Core Insights - The company, Hengyu Environmental Protection, has successfully expanded its overseas operations, signing a contract worth $14 million (approximately 99.7 million RMB, including tax) for an industrial continuous waste tire pyrolysis production line with a long-term European client [1] - This contract marks the second collaboration this year and the fourth overall with this client, adding to a previous order of $8.5 million (approximately 60.5 million RMB, including tax), bringing the total to over 160 million RMB [1] Overseas Expansion - Hengyu Environmental Protection's success in exporting its pyrolysis equipment is evident through multiple contracts, including a significant order worth 198 million RMB from a UK client and successful projects in countries like Germany, Brazil, and South Korea [2] - The company has established benchmark projects in various overseas markets, enhancing its brand recognition and demonstrating its technological capabilities [2] - A notable case includes a Danish waste plastic pyrolysis plant supported by Hengyu, which received investment from global chemical giant BASF, showcasing the company's technical strength [2] Technological Advantages - The continuous recognition and repeat orders from overseas clients stem from Hengyu's nearly 40 years of expertise in the pyrolysis field, along with its strong technical capabilities and comprehensive service advantages [3] - The company has developed proprietary "industrial continuous technology and complete equipment," which has won national science and technology advancement awards, addressing critical challenges in safety and long-term operational stability [3] - Hengyu's pyrolysis equipment offers multiple advantages, including strong material adaptability, low disposal costs, high resource recovery rates, and significant environmental benefits, establishing a solid technological barrier in various waste treatment sectors [3] Market Opportunities - The global push for carbon neutrality is driving a surge in demand for waste resource utilization, positioning pyrolysis technology as a key solution for waste tire and plastic treatment [4] - With ongoing technological innovation, extensive overseas project experience, and an established global customer base, Hengyu is well-positioned to capitalize on the growing demand for green low-carbon technology and equipment [4] - The company is expected to secure more high-quality orders, further enhancing its performance and demonstrating the effectiveness of its overseas expansion strategy [4]

Investment Rating - The report does not specify an investment rating for the company [1] Core Insights - The company reported a significant increase in non-recurring net profit, with a year-on-year growth of 177.01% in Q3 2025, despite a decrease in total revenue by 11.41% to 3.46 billion yuan [1][4] - The increase in non-recurring net profit is attributed to rising metal prices, enhanced capacity in the resource recovery segment, and ongoing optimization of operational strategies [4] - The company’s cash flow from operating activities improved significantly, with a net cash flow of 367 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of 67.29% [4] - The resource recovery segment has strengthened its core competitiveness, focusing on metals such as copper, lead, and nickel, which is expected to sustain profitability growth [4] - The company holds hazardous waste treatment licenses totaling 960,350 tons per year as of H1 2025, indicating a robust operational capacity in waste resource utilization [4] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 3.46 billion yuan, a decrease of 11.41% year-on-year, while the net profit attributable to the parent company was 144 million yuan, down 1.05% [1][4] - The projected revenues for 2025-2027 are 15.11 billion yuan, 16.48 billion yuan, and 17.46 billion yuan, with growth rates of 4.2%, 9.0%, and 6.0% respectively [4] - The net profit attributable to the parent company is expected to reach 786 million yuan, 915 million yuan, and 1.06 billion yuan for the same period, with growth rates of 63.1%, 16.4%, and 16.2% respectively [4][5]

Core Viewpoint - The actual controller of GaoNeng Environment, Li Weiguo, plans to reduce his holdings for the first time in 11 years to alleviate debt pressure, intending to sell up to 45.697 million shares, representing 3% of the total share capital [1][4][6]. Financial Performance - In the first half of 2025, GaoNeng Environment reported revenue of 6.7 billion yuan, a year-on-year decrease of approximately 11% [3][12]. - The net profit attributable to shareholders was approximately 500 million yuan, exceeding the total for 2024, with a year-on-year growth of over 20% [3][12]. - The company's comprehensive gross margin and net margin were 18.21% and 8.49%, respectively, both showing year-on-year increases [3][12]. Shareholder Actions - Li Weiguo's shareholding was approximately 263 million shares, accounting for 17.30% of the total share capital, with a pledge rate of about 59.90% as of June 30, 2025 [2][9]. - If the maximum reduction is executed at the closing price of 7 yuan per share on August 29, Li Weiguo could realize over 320 million yuan [2][6]. Business Outlook - Despite the reduction plan, the company maintains a stable business outlook, with expectations for improved performance in the second half of 2025 due to project recoveries and capacity increases [3][12]. - The company has seen a significant improvement in cash flow, with a net operating cash flow of 347 million yuan, a year-on-year increase of 214% [12]. Debt and Financial Health - As of June 30, 2025, the company had monetary funds of 1.842 billion yuan and interest-bearing liabilities of 12.056 billion yuan, with financial expenses increasing by 17.75% year-on-year [13].

Investment Rating - The investment rating for GaoNeng Environment (603588) is not explicitly stated in the report [1]. Core Viewpoints - The profitability of the resource utilization sector is steadily improving, and the company is actively exploring diversified business models in operational services [1][3]. - In H1 2025, the company achieved operating revenue of 6.7 billion yuan, a year-on-year decrease of 11.2%, while net profit attributable to shareholders was 502 million yuan, a year-on-year increase of 20.85% [1][3]. - The company is focusing on enhancing its core competitiveness through upstream and downstream collaboration in the resource utilization sector [3][4]. Financial Performance Summary - In H1 2025, the company reported a net cash flow from operating activities of 347 million yuan, a year-on-year increase of 214.01% [3]. - The main business revenues for H1 2025 were as follows: solid waste hazardous waste resource utilization at 5.205 billion yuan (down 8.3% YoY), environmental operation services at 904 million yuan (up 2.31% YoY), and environmental engineering at 592 million yuan (down 40.04% YoY) [3]. - The gross profit margins for these segments were 13.41%, 49.71%, and 12.35%, respectively, with changes of +4.65 percentage points, +2.59 percentage points, and -4.26 percentage points YoY [3]. Business Model and Strategy - The company is implementing a strategy focusing on metals such as copper, lead, and nickel, while also emphasizing precious metals like gold, silver, and platinum group metals [3]. - The company is optimizing procurement channels and production processes to enhance profitability, with specific projects like Jiangxi Xinke and Jinyuan GaoNeng showing improved operational efficiency [3][4]. - The environmental operation services segment is exploring diversification by integrating power generation and heating services, utilizing waste incineration byproducts [6]. Earnings Forecast - The company’s projected revenues for 2025-2027 are 15.113 billion yuan, 16.476 billion yuan, and 17.457 billion yuan, with growth rates of 4.2%, 9.0%, and 6.0% respectively [6]. - The forecasted net profits for the same period are 786 million yuan, 915 million yuan, and 1.063 billion yuan, with growth rates of 63.1%, 16.4%, and 16.2% respectively [6].