Core Points - The company held its 31st meeting of the 10th Board of Directors on November 21, 2025, with all 9 directors present, ensuring compliance with legal and regulatory requirements [1][4] Group 1: Project Adjustments - The Board approved the adjustment of the waste incineration slag resource utilization project, terminating the original Jin Tang project and initiating the dissolution and liquidation of the related company [2][3] - A new joint venture will be established between the company's subsidiary and Chengdu Sino-French Ecological Park Investment Development Co., Ltd. to implement the adjusted project, with a registered capital of RMB 95 million, where the subsidiary holds an 80% stake [2][3] Group 2: Project Details - The new project will be located in Longquanyi District, with a processing capacity of 2,050 tons per day, primarily handling slag from the Wanxing Environmental Power Plant [3] - The total investment for the adjusted project is approximately RMB 317 million, which includes land acquisition and construction of facilities, increasing from the previous project that utilized leased land [3] Group 3: Strategic Impact - The new project location is closer to the power plant, significantly reducing transportation costs and enhancing economic benefits while minimizing environmental risks [3] - The implementation of the slag resource utilization project will strengthen the company's solid waste industry chain, improve waste reduction and resource utilization, and enhance market competitiveness and industry influence [3] Group 4: Water Supply Project - The Board also approved the establishment of a project company by Chengdu Water Co., Ltd. and Chengdu Xinjin Minjiang Ecological Environment Industry Development Group to expand the capacity of the Xinjin Huayuan Water Plant, with an estimated total investment of approximately RMB 1.003 billion [5] - The project aims to create a dual water source system for Chengdu, enhancing water supply security and increasing the company's market share and operational performance [5]

Core Viewpoint - The company, Shangao Environmental Group Co., Ltd., has responded to the Shenzhen Stock Exchange's inquiry regarding its application for a specific stock issuance, detailing its business and financial conditions. Business Overview - The main business includes the harmless treatment and resource utilization of kitchen organic solid waste and urban clean heating. The revenue for the reporting periods was 1,790.87 million, 2,101.41 million, 1,449.07 million, and 433.95 million yuan, with non-recurring net profits of 79.39 million, -27.51 million, 5.25 million, and 29.66 million yuan, indicating significant fluctuations in both revenue and profit [1]. - In the oil product processing and sales segment, revenue decreased by 42.46% in 2024 due to a strategic shift focusing on enhancing profitability through self-owned capacity. The revenue from energy-saving and environmental protection equipment and related engineering services was 24.77 million, 8.52 million, 0.58 million, and 0 million yuan during the reporting periods. The overseas sales revenue accounted for 45.99%, 59.04%, 46.20%, and 29.68%, with a 50.64% increase in overseas oil revenue in 2023 [2]. Financial Analysis - The company's accounts receivable showed an overall upward trend, while the accounts receivable turnover rate declined. As of March 31, 2025, the book value of other receivables was 44.63 million yuan, with some debts over one year old and involved in litigation, and only 20% bad debt provision was made. The intangible assets, primarily franchise rights, had a book value of 2,049.81 million yuan, while fixed assets were valued at 636.81 million, 593.25 million, 967.86 million, and 940.92 million yuan. The construction in progress had balances of 417.80 million, 610.90 million, 189.20 million, and 193.97 million yuan. In 2024, goodwill impairment losses of 18.97 million yuan were recognized. As of March 31, 2025, the total long and short-term borrowings amounted to 1.983 billion yuan, with long-term payables of 703 million yuan, indicating a consistently high asset-liability ratio [3]. Acquisition and Regulatory Issues - The company plans to acquire a 20% stake in Shandong Henghua Jiaye Environmental Technology Co., Ltd. at a price of 0 yuan, despite the company having negative net assets in 2024. There are several projects that have not yet obtained the necessary permits, and during the reporting period, the company and its subsidiaries faced 24 administrative penalties. There are also issues with incomplete ownership documents for self-owned properties and leased land. The acquisition of 100% equity in Zhengzhou Luyuan Kitchen Waste Treatment Co., Ltd. has seen 49% of the equity registered, while the remaining 51% is still pending [4].

Group 1 - The Shanghai United Property Exchange's Solid Waste Resource Trading Center aims to provide a comprehensive solution for industrial solid waste through information dissemination, transaction facilitation, and supporting services, promoting resource utilization and green development in Shanghai [1][2] - As of November 2024, 315 cities in China reported a total of 93.2 billion tons of solid waste, with general industrial solid waste accounting for 40.8% of this total, amounting to 38.0 billion tons [1] - Major types of general industrial solid waste include tailings, fly ash, coal gangue, smelting slag, and furnace slag, which together represent 62.5% of the total generated [1] Group 2 - The coal power industry generates over 600 million tons of solid waste annually, with fly ash production growing at a rate of 5% per year, and over 60% of this waste is utilized in the construction materials sector [2] - Policies supporting "waste-free city" initiatives, along with tax incentives and regional collaboration mechanisms, are driving companies to accelerate their resource transformation [2] - The establishment of the solid waste resource trading center is a practical step by the Shanghai Trading Group and Shanghai United Property Exchange to support the national "dual carbon" strategy [2][3] Group 3 - Since the trial operation began on May 15, 2023, the platform has facilitated the transaction of 359.8 million tons of solid waste, utilizing a dual-price bidding method [3] - An example of this bidding process includes the sale of gypsum by Huaneng Qinxin Power Co., which had a transfer base price of -16 yuan/ton and was ultimately sold at -6.89 yuan/ton, showcasing innovative market resource allocation [3]

一、危废围城：亿吨磷石膏的生态拷问 自动播放 磷，排在化学元素周期表的第15号，既是生命体不可或缺的营养元素，也是现代工业的"万能原料"。从 滋养作物的磷肥到锂电池的核心材料，从阻燃剂到建筑材料，磷元素深度融入人类发展的脉络。然而这 份"生命之火"伴随着工业文明的沉重阴影——每生产1吨磷肥便伴生4～5吨磷石膏废料，这些灰白色的 工业弃子含有氟化物、重金属甚至放射性物质，全球堆存量已达60亿吨，综合利用率不足10%。在中 国，8.7亿吨磷石膏如达摩克利斯之剑高悬，仅"磷都"宜昌一地，1.26亿吨磷石膏压弯了土地的脊梁。 当世界多数国家仍在使用海洋倾倒或简单堆存方式处理磷石膏时，长江之畔一家企业正将污染负担转化 为绿色财富。本期《隐形冠军》节目将走进"国之重器"三峡大坝所在地的湖北昌耀新材料股份有限公司 （以下简称"昌耀新材"），这家工信部评定的行业骨干企业、湖北省专精特新企业，不仅是国家电网众 多重要工程中的优质电杆供应商，更以多项国际国内专利技术劈开磷石膏困局。 滚滚长江东逝水，浪花淘尽英雄。位于长江中上游接合部的湖北宜昌，素有"上控巴蜀，下引荆襄"之 称，地理区位至关重要，更肩负着"一江清水东流、一库净水北 ...

Core Viewpoint - The "14th Five-Year Plan for Green Transportation" encourages the large-scale application of industrial solid waste in transportation construction, highlighting significant breakthroughs in the resource utilization of solid waste in the road transportation sector [1][5]. Group 1: Policy and Implementation - The Ministry of Transport has approved the completion of the pilot task for "Research and Industrial Application of Solid Waste Resource Utilization Technology," achieving all expected goals [1][2]. - The pilot project has established a comprehensive solution for the application of solid waste in road construction, effectively controlling environmental risks associated with solid waste [2][3]. Group 2: Achievements and Impact - Since the implementation of the pilot, a total of 493 million tons of various solid waste have been utilized across 102 kilometers of demonstration roads, resulting in a reduction of construction material costs by 500 million yuan and a decrease in carbon emissions by 61,000 tons [3]. - The pilot has successfully created a closed-loop system for solid waste resource utilization in road construction, covering the entire process from raw material selection to quality control [3]. Group 3: Technological Innovations - The research institute has developed innovative technologies for the resource utilization of phosphogypsum and electrolytic manganese slag, achieving significant breakthroughs in construction processes and establishing performance databases [4]. - Various special geotechnical treatment technologies have been developed and successfully applied in different climatic regions, addressing local solid waste material challenges [4]. Group 4: Local Initiatives - Jiangxi Province has pioneered the development of local standards for the use of lithium slag in roadbed engineering, resulting in cost savings exceeding 3 million yuan and a reduction in carbon emissions by 480 tons [5]. - Shanxi Province has effectively utilized over 200,000 tons of sandstone waste in road construction, significantly reducing costs and land occupation for waste storage [5].

Core Viewpoint - The company is actively promoting green low-carbon development and solid waste resource utilization through innovative practices in the ecological and environmental industry, particularly in the Yangtze River Economic Belt [1][2][4]. Group 1: Ecological Governance - The company has established the Feixi County Ecological Environmental Industry Demonstration Park, focusing on "coordinated treatment, technological innovation, ecological protection, and demonstration conversion" to address solid waste pollution in the Yangtze River Economic Belt [2]. - The park has a total processing capacity of 3,900 tons per day, including projects for household waste incineration, slag comprehensive utilization, kitchen waste treatment, and sludge drying [2]. - Since its operation, the park has processed over 4.1 million tons of household and kitchen waste, generating 1.34 billion kWh of electricity, alleviating the "garbage siege" issue in the region [2]. Group 2: Technological Innovation - The company has invested significantly in environmental technology research and innovation, leading to the successful completion of a national key research project on solid waste resource utilization [3]. - It has applied for 32 patents and 10 software copyrights, covering various fields such as waste incineration and solid waste resource utilization, establishing a strong technological foundation for its operations [3]. Group 3: Social Responsibility - The company integrates social responsibility into its development strategy by addressing environmental concerns of local residents and employing advanced environmental technologies [3]. - It has established an environmental science popularization museum and conducts regular public education activities on waste classification and environmental protection [3]. - The company has received multiple national and provincial honors for its outstanding performance in solid waste treatment, technological innovation, and social responsibility [3].

Core Viewpoint - The third Coal-Based Solid Waste Comprehensive Utilization Technology Exchange Conference was held in Ordos, Inner Mongolia, focusing on the resource utilization of coal gangue and exploring new paths for comprehensive utilization of coal-based solid waste, contributing to smart and green mining [1][3]. Group 1: Conference Overview - The conference was co-hosted by various institutions including Inner Mongolia University of Technology and the Inner Mongolia Coal Society, with over 300 participants from universities, research institutions, and industry professionals across multiple provinces [3]. - Keynote speeches were delivered by prominent figures in the field, emphasizing the importance of coal-based solid waste utilization technologies and solutions for enterprises [3][4]. Group 2: Strategic Partnerships - A strategic cooperation agreement was signed between Hetu Mining Group and Beijing Solid Waste, focusing on the "Intelligent Double-body Filling Project" for coal gangue [4][6]. - This partnership marks a significant breakthrough in the field of comprehensive utilization of coal-based solid waste, aiming to promote the innovative application of intelligent filling technology [6]. Group 3: Technological Innovations - The Intelligent Double-body Filling Project offers an integrated solution for coal mining, significantly reducing various costs associated with waste management and enhancing resource recovery [10]. - The project utilizes advanced technology to provide a revolutionary solution for the treatment of coal gangue, aligning with sustainable development goals [12][14]. Group 4: Industry Trends and Future Directions - The conference highlighted the need for collaboration among various stakeholders to explore new opportunities in the resource utilization of coal-based solid waste, including the potential for industrial chain synergies [12][16]. - Discussions included the application of machine learning in waste treatment and the feasibility of agricultural waste utilization, aiming to transform waste into valuable resources [16].