近日，中山上市企业中山公用(000685)近期披露2025年半年度报告。报告显示，今年1—6月公司实现营 业收入21.21亿元；实现归母净利润7.19亿元，同比大幅增长29.55%；扭转了2024年同期归母净利润略 微下滑的局面。 分业务板块来看，环保水务和固废两大毛利率较高的板块营收增长均达到双位数，成为拉动上市公司业 绩增长的关键因素。其中，环保水务板块实现收入7.86亿元，同比增长13.82%，公司表示，主要是供水 一盘棋、厂网一体化业务带动；固废板块实现营业收入3.99亿元，同比增长14.89%，占总体营收的比重 提升至18.79%。 半年报显示，公司固废板块中的垃圾焚烧发电业务实现"量效齐升"，旗下电厂总发电量达2.91亿千瓦 时，每吨入炉垃圾发电量较上年同期提升8.24个百分点。 今年7月26日，中山公用发布公告称，将以4.94亿元总价收购长青能源与长青热能各100%股权，该两家 标的公司共同运营中山中心组团垃圾综合处理基地，且已建成投运，合计设计日处理产能达2250吨，其 中长青能源1050吨、长青热能1200吨。 中山公用原已有中山市北部组团垃圾综合处理基地垃圾焚烧发电厂及垃圾渗滤液处理厂特许 ...

证券研究报告 旺能环境 (002034 CH) 智算中心、供热、出海有望驱动成长 2025 年 9 月 04 日│中国内地 废物管理 旺能环境垃圾焚烧发电项目大部分已投运，在垃圾焚烧产能持平的情况下， 公司通过"提质增效"和"业务优化"实现内生式增长。2025 年 H1 实现 营收 17.01 亿元（yoy+7.00%），归母净利 3.82 亿元（yoy+5.24%），扣 非净利 3.79 亿元（yoy+3.59%）。其中 Q2 实现营收 8.28 亿元（yoy+2.98%， qoq-5.30%），归母净利 1.81 亿元（yoy-0.15%，qoq-9.79%），收入和利 润环比下滑原因可能是生活垃圾入库量季度波动。每股派息 0.2 元，同比持 平。公司生活垃圾、餐厨垃圾处置收入、毛利率均稳健增长，智算中心、供 热、出海等业务拓展有望贡献业绩增量，维持"买入"评级。 25H1 固废收入稳增，资源再生业务亏损 王玮嘉 研究员 25H1 分业务看，1）生活垃圾处置收入 12.52 亿元（yoy+3.50%），毛利 率 49.89%（yoy+1.85pct），归母净利润为 4.28 亿元。2）餐厨垃圾处置 收入 ...

Company Overview - Longking Environmental Protection Co., Ltd. is located in Longyan City, Fujian Province, established on February 23, 1998, and listed on December 29, 2000. The company's main business includes dust removal, desulfurization, denitrification, material transportation, desulfurization operation, and power plant engineering contracting [2]. Stock Performance - As of September 4, the stock price of Longking Environmental Protection increased by 2.05%, reaching 12.45 CNY per share, with a trading volume of 21.88 million CNY and a turnover rate of 0.14%. The total market capitalization is 15.81 billion CNY [1]. - Year-to-date, the stock price has risen by 0.65%, with a 0.00% change over the last five trading days, a 3.66% increase over the last 20 days, and a 5.51% increase over the last 60 days [2]. Financial Performance - For the first half of 2025, Longking Environmental Protection achieved a revenue of 4.683 billion CNY, representing a year-on-year growth of 0.24%. The net profit attributable to shareholders was 445 million CNY, with a year-on-year increase of 3.27% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders is 44,300, a decrease of 0.52% from the previous period. The average circulating shares per person increased by 0.53% to 28,642 shares [2]. - The company has distributed a total of 3.184 billion CNY in dividends since its A-share listing, with 1.03 billion CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, the fifth-largest circulating shareholder is GF Multi-Factor Mixed Fund, holding 40.23 million shares, unchanged from the previous period. The tenth-largest shareholder is the Southern CSI 1000 ETF, which is a new entrant with 9.39 million shares [3].

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue at 840 million yuan, down 8.90% year-on-year, and net profit attributable to shareholders at 14.09 million yuan, down 13.72% [1] - The company's gross margin decreased to 22.10%, a drop of 2.87 percentage points year-on-year, while the net margin was 2.40%, down 0.22 percentage points compared to the previous year [1] - The company has a high price-to-earnings ratio of approximately 153.47 times and a price-to-book ratio of about 1.17 times as of August 29 [1] Financial Performance - The company’s basic earnings per share for the reporting period was 0.04 yuan, with a weighted average return on equity of 0.66% [1] - In Q2 2025, the gross margin was 27.73%, down 7.45 percentage points year-on-year but up 8.57 percentage points quarter-on-quarter; the net margin was -2.20%, down 1.71 percentage points year-on-year and down 7.01 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the first half of 2025 were 145 million yuan, a decrease of 14.67 million yuan year-on-year, with an expense ratio of 17.28%, down 0.05 percentage points from the previous year [2] - Sales expenses decreased by 20.59%, management expenses by 10.89%, R&D expenses by 2.28%, and financial expenses by 8.43% compared to the previous year [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 28,300, an increase of 4,435 or 18.59% from the end of the previous quarter; however, the average market value per shareholder decreased from 107,500 yuan to 88,000 yuan, a decline of 18.11% [2] Business Overview - The company is primarily engaged in water resource development and supply, municipal and park sewage treatment, and clean energy heating, with main revenue sources including heating (40.58%), raw water (22.11%), tap water (20.73%), and environmental governance (13.15%) [2] - The company operates in the environmental governance sector, specifically in water management and treatment, and is associated with concepts such as state-owned assets in Tianjin, micro-cap stocks, PPP concepts, REITs, and solid waste treatment [3]

证券研究报告·公司点评报告·环境治理 军信股份（301109） 股价走势 2025 年中报点评：内生增长&仁和并表带动 营收利润双增，自由现金流大增 157% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,857 | 2,431 | 3,361 | 3,803 | 3,705 | | 同比（%） | 18.26 | 30.86 | 38.26 | 13.16 | (2.57) | | 归母净利润（百万元） | 513.85 | 536.28 | 768.67 | 826.03 | 871.26 | | 同比（%） | 10.21 | 4.36 | 43.33 | 7.46 | 5.48 | | EPS-最新摊薄（元/股） | 0.65 | 0.68 | 0.97 | 1.05 | 1.10 | | P/E（现价&最新摊薄） | 23.96 | 22.95 | 16.01 | 14.90 | 14.13 | ...

Group 1 - The stock price of Ruichen Environmental reported at 28.00 yuan as of August 27, 2025, with a decrease of 1.67 yuan, representing a decline of 5.63% from the previous trading day [1] - The company operates in the general equipment manufacturing industry, focusing on the research, production, and sales of environmental protection equipment, primarily used in industrial waste gas treatment and solid waste management [1] - The latest half-year report for 2025 indicates that the company achieved operating revenue of 109 million yuan in the first half of the year, reflecting a year-on-year growth of 3.71% [1] Group 2 - The net profit attributable to shareholders of the listed company for the first half of 2025 was -31.30 million yuan, which is a deterioration compared to -27.44 million yuan in the same period last year [1] - On August 27, the net outflow of main funds was 3.24 million yuan, with a cumulative net outflow of 12.17 million yuan over the past five trading days [1]

Core Viewpoint - Zhonglian Heavy Industry's stock price has shown fluctuations, with a recent decline of 2.09% and a year-to-date increase of 8.23% [1][2]. Group 1: Stock Performance - As of August 27, Zhonglian Heavy Industry's stock price was 7.50 CNY per share, with a market capitalization of 648.64 billion CNY [1]. - The stock has experienced a 0.00% change over the last 5 and 20 trading days, while it increased by 11.11% over the last 60 days [2]. Group 2: Financial Performance - For the first quarter of 2025, Zhonglian Heavy Industry reported a revenue of 121.17 billion CNY, representing a year-on-year growth of 2.92%, and a net profit attributable to shareholders of 14.10 billion CNY, which is a significant increase of 53.98% [2]. Group 3: Shareholder Information - As of March 31, 2025, the number of shareholders for Zhonglian Heavy Industry was 262,200, reflecting a 1.00% increase from the previous period [2]. - The company has distributed a total of 288.80 billion CNY in dividends since its A-share listing, with 80.13 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - The largest circulating shareholder as of March 31, 2025, was Hong Kong Central Clearing Limited, holding 233 million shares, which is a decrease of 61.66 million shares from the previous period [3].

8月27日，大地海洋盘中下跌2.09%，截至09:38，报31.43元/股，成交548.12万元，换手率0.17%，总市 值44.42亿元。 大地海洋今年以来股价涨35.06%，近5个交易日跌1.41%，近20日跌3.65%，近60日跌9.40%。 资料显示，杭州大地海洋环保股份有限公司位于浙江省杭州市余杭区仁和街道临港路111号，成立日期 2003年6月20日，上市日期2021年9月28日，公司主营业务涉及从事危险废物的资源化利用、危险废物的 无害化处置与电子废物的拆解处理业务。主营业务收入构成为：销售商品94.16%，提供劳务5.84%。 大地海洋所属申万行业为：环保-环境治理-固废治理。所属概念板块包括：固废处理、社保重仓、节能 环保、小盘、养老金概念等。 截至8月20日，大地海洋股东户数3360.00，较上期减少5.62%；人均流通股29993股，较上期增加 5.95%。2025年1月-6月，大地海洋实现营业收入4.14亿元，同比减少3.83%；归母净利润-5827.97万元， 同比减少270.81%。 分红方面，大地海洋A股上市后累计派现8004.24万元。近三年，累计派现6996.24万元。 机构 ...

Core Viewpoint - Yingfeng Environment reported a slight increase in revenue and net profit for the first half of 2025, but a decline in non-recurring net profit, indicating mixed financial performance [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 6.463 billion yuan, a year-on-year increase of 3.69% [1]. - The net profit attributable to shareholders was 382 million yuan, up 0.43% year-on-year [1]. - The non-recurring net profit was 354 million yuan, down 7.30% year-on-year [1]. - Basic earnings per share were 0.12 yuan [1]. - The gross margin for the first half of 2025 was 22.38%, a decrease of 1.08 percentage points year-on-year [1]. - The net profit margin was 6.15%, down 0.33 percentage points compared to the same period last year [1]. Quarterly Performance - In Q2 2025, the gross margin was 21.88%, a decline of 2.14 percentage points year-on-year and 1.02 percentage points quarter-on-quarter [1]. - The net profit margin for Q2 was 6.47%, down 0.31 percentage points year-on-year but up 0.65 percentage points from the previous quarter [1]. Expense Analysis - Total operating expenses for the first half of 2025 were 880 million yuan, an increase of 542,700 yuan year-on-year [2]. - The expense ratio was 13.61%, a decrease of 0.49 percentage points year-on-year [2]. - Sales expenses decreased by 4.07%, while management expenses increased by 3.92% [2]. - R&D expenses decreased by 14.24%, and financial expenses increased significantly by 69.11% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 35,200, a decrease of 11,600 or 24.83% from the previous quarter [2]. - The average market value per shareholder increased from 412,600 yuan to 625,300 yuan, a growth of 51.57% [2]. Company Overview - Yingfeng Environment is located in Shunde District, Foshan City, Guangdong Province, and was established on November 18, 1993, with its listing date on March 30, 2000 [2]. - The company's main business includes manufacturing electrical equipment, ventilation equipment, environmental governance, sanitation equipment, and sanitation services [2]. - The revenue composition is as follows: smart services 50.08%, intelligent equipment 40.00%, and other products 9.92% [2]. - The company belongs to the environmental protection industry, specifically in the environmental equipment sector [2].

Group 1 - The core viewpoint of the news is that Guotai Environmental has experienced a decline in stock price and trading activity, with a notable net outflow of funds [1][2] - As of August 22, Guotai Environmental's stock price was 32.01 yuan per share, with a market capitalization of 2.561 billion yuan [1] - The company has seen a year-to-date stock price increase of 11.38%, but has faced a decline of 7.24% over the last five trading days [2] Group 2 - Guotai Environmental, established on July 13, 2001, specializes in sludge treatment and equipment sales, and was listed on April 4, 2023 [2] - The company operates within the environmental protection industry, specifically in water management and treatment [2] - As of March 31, the number of shareholders was 6,157, a decrease of 4.01%, while the average circulating shares per person increased by 4.17% [2]