文章来源于：环卫科技网 *ST中装（002822.SZ）1月5日发布公告，宣布因执行《重整计划》，公司控股股东及实际控制人发生变化。上海恒涔企业管理咨询有限公司（上海恒 涔）作为产业投资人，已受让3.12亿股转增股份，成为公司第一大股东，持股比例为16.00%。公司控股股东由庄小红变更为上海恒涔，实际控制人由庄小 红和庄展诺变更为龙吉生。 公告称，截至本报告书签署日，信息披露义务人（即上海恒涔企业管理咨询有限公司）的控股股东、实际控制人为龙吉生，龙吉生直接持有上海恒涔 51.83%股权，为上海恒涔的控股股东；此外，龙吉生通过其全资子公司上海恒愔企业管理咨询有限公司作为上海恒岫企业管理咨询合伙企业（有限合 伙）的普通合伙人间接控制上海恒涔38.13%表决权，即龙吉生合计控制上海恒涔89.95%的表决权，为上海恒涔的实际控制人。朱晓平为龙吉生的一致行 动人，实际控制人及其一致行动人合计控制上海恒涔100%表决权。 据公告披露，龙吉生，男，1966年生，中国国籍，未被列为失信被执行人，日本东京农工大学生物生产学博士、中欧国际商学院EMBA，高级注册工程师 （日本）。龙吉生先生是2017年上海市领军人才、国家发展改革 ...

Core Insights - The technology developed by Yongxing Co., in collaboration with several research institutions, has been confirmed to be at an international leading level for efficient and clean co-firing of multiple sources of solid waste [1][2] - The company has signed a contract with the Guangzhou Municipal Administration for the excavation of 2.37 million tons of legacy landfill waste by 2025, with over 800,000 tons processed in the first half of 2025, surpassing the total for 2024 [1] - Yongxing Co. reported a revenue of 3.25 billion yuan for the first three quarters of 2025, a year-on-year increase of 16.3%, and a net profit of 746 million yuan, up 15% year-on-year [1] Group 1 - The technology focuses on optimizing the co-firing ratio of multiple solid waste sources, enhancing efficiency, and reducing pollutant generation [2] - The company is the sole investor and operator of Guangzhou's waste-to-energy projects, making the expansion of co-firing a crucial strategy for utilizing existing processing facilities [2] - The application of internationally leading technology is expected to improve processing efficiency and operational benefits, contributing to sustainable development and providing stable returns for investors [2]

Core Insights - The technology developed by Guangzhou Ring Investment Yongxing Group Co., Ltd. (Yongxing Co., 601033) for high-efficiency and clean co-firing of multiple sources of solid waste has been confirmed to be at an international leading level by an expert evaluation committee [1] - The co-firing of multiple sources of solid waste, including landfill waste, industrial solid waste, kitchen waste, and municipal sludge, enhances the capacity utilization and profitability of waste-to-energy projects [1] - Yongxing Co. has made significant progress in the co-firing of landfill waste, with over 80,000 tons of waste processed in the first half of 2025, surpassing the total amount processed in 2024 [1] Financial Performance - In the first three quarters of 2025, Yongxing Co. achieved an operating income of 3.25 billion yuan, representing a year-on-year increase of approximately 16% [2] - The net profit attributable to shareholders reached 746 million yuan, reflecting a year-on-year growth of about 15% [2] - The significant growth in waste processing volume is expected to contribute to the company's sustained operational performance and long-term investment returns for stakeholders [2]

Core Viewpoint - Chinese waste incineration power generation companies are increasingly expanding into Southeast Asia to find waste, driven by the growing demand for modern and environmentally friendly waste disposal methods in the region [1] Industry Overview - The waste incineration power generation industry in China is substantial, with over 1,000 incineration plants and a daily processing capacity exceeding 1.1 million tons [1] - Southeast Asian countries such as Vietnam, the Philippines, and Indonesia, which have traditionally relied on landfills, are showing a rising demand for waste incineration as a more modern and environmentally friendly waste management solution [1]

Group 1 - The core viewpoint of the articles highlights the increasing trend of Chinese waste-to-energy companies expanding into Southeast Asia to find waste for incineration, driven by the growing demand for modern and environmentally friendly waste disposal methods in countries like Vietnam, the Philippines, and Indonesia [1][2] - China has over 1,000 waste incineration plants with a daily processing capacity exceeding 1.1 million tons, indicating a large domestic industry that is now seeking opportunities abroad [1] - As of 2023, a Chinese waste-to-energy company has accelerated its expansion in Southeast Asia, with 9 out of 12 overseas projects located in Indonesia, Vietnam, Thailand, the Philippines, and Malaysia, all currently under construction [1] Group 2 - Southeast Asia is becoming a preferred market for Chinese waste-to-energy companies due to cultural and lifestyle similarities, making the waste composition comparable to that of China, unlike in Europe and Japan where technologies may not adapt as well [1] - Some Southeast Asian countries are increasing policy support for foreign investment in waste incineration projects, exemplified by Indonesia's government inviting local and international investors to participate in waste-to-energy projects in 33 cities [1] - In the first five months of the year, over 10 Chinese companies secured 16 waste incineration projects overseas, with Central Asia also emerging as a popular market [2]

Investment Rating - The report initiates coverage with an "Accumulate" rating for Dynagreen Environmental Protection Group, targeting a price of HKD 6.05 based on a PE ratio of 10.4x for 2026 [3]. Core Insights - The company is expanding its overseas market presence and has commenced construction on the Guangyuan Phase II project, which is a key initiative in its growth strategy [3][4]. - The company has shown a significant increase in net profit, with a year-on-year growth of 24.41% in Q3 2025, attributed to cost reduction and efficiency improvements [4]. - The Guangyuan Phase II project, with a total investment of HKD 1.4 billion, aims to enhance the city's waste incineration capacity and is part of the city's "14th Five-Year Plan" [4]. Financial Performance and Forecast - The projected revenue for Dynagreen is expected to grow from HKD 3,399 million in 2024 to HKD 3,801 million in 2027, with a compound annual growth rate (CAGR) of approximately 4.2% [4]. - The net profit forecast for 2025-2027 is estimated at HKD 6.97 billion, HKD 7.35 billion, and HKD 7.79 billion respectively, reflecting a positive growth trajectory [3][4]. - The earnings per share (EPS) is projected to increase from HKD 0.42 in 2024 to HKD 0.56 in 2027, indicating a steady improvement in profitability [4]. Market Position and Strategy - Dynagreen is one of the earliest companies in China to engage in waste incineration power generation, with a broad market presence across 20 provinces and regions [8]. - The company is actively pursuing international projects, including a bid for a waste-to-energy project in Malaysia, which signifies its strategic intent to diversify and expand its operational footprint [4].

Core Viewpoint - The excavation and remediation of the Yulong landfill in Shenzhen, the largest landfill in China, is aimed at environmental restoration rather than addressing a shortage of waste for incineration. This project exemplifies the shift from relying on new waste to utilizing existing waste for ecological benefits [1][2]. Industry Overview - The Yulong landfill processes over 6,000 cubic meters of waste daily and can generate enough electricity to meet the annual needs of 26,000 households through incineration [1]. - As of October 2024, there are 1,010 incineration enterprises in China, with a total incineration capacity of approximately 1.11 million tons per day, exceeding the targets set in the 14th Five-Year Plan [2]. - Some incineration plants are facing underutilization, with one facility designed for 180,000 tons per year only processing over 60,000 tons [2]. Regional Disparities - The distribution of waste incineration capacity is uneven across regions, with most facilities located in economically developed or densely populated areas [3]. - There is a need for incineration facilities to handle various types of solid waste, including urban sludge and industrial waste, to enhance their overall effectiveness [3]. Importance of Waste Classification - Waste classification is crucial for improving the calorific value of waste, reducing harmful emissions, and enhancing energy recovery efficiency during incineration [4][5]. - The transition from mixed waste collection to classified collection is underway, with a four-level collection model being adopted [5]. - Proper waste classification can significantly improve the efficiency of energy recovery and reduce operational costs associated with supplementary fuel for incineration [5][6]. Industry Challenges - The industry faces challenges such as public opposition to incineration facilities, long investment recovery periods, and financial pressures on operators [7]. - There is a need for improved technologies for flue gas purification and ash treatment, as well as better public acceptance to promote the application of waste-to-energy projects [7]. - The average energy conversion efficiency of waste incineration has been steadily increasing, but significant differences exist between cities [8]. Recommendations for Improvement - The industry should focus on enhancing flue gas purification, optimizing waste treatment technologies, and improving public communication regarding the safety and environmental benefits of modern incineration technologies [8].

Core Viewpoint - The waste incineration market is segmented into domestic and overseas markets, with a slowdown in new projects domestically due to a complex economic environment, while overseas markets present significant growth opportunities [1] Domestic Market - New waste incineration boiler projects have decreased, and the pace of new projects has slowed down in the domestic market [1] - There remains a demand for new projects and upgrades in the domestic market despite the slowdown [1] Overseas Market - The overseas market, particularly in developing countries and regions such as Southeast Asia, Central Asia, and Latin America, shows substantial market potential due to rapid urbanization leading to increased waste generation [1] - Countries like Vietnam, Thailand, and Indonesia have included waste incineration in their national strategies, supported by government policies such as waste treatment subsidies and favorable electricity pricing [1] - Developed countries and regions like Europe and North America have a mature waste incineration industry, but there is a growing demand for upgrading and retrofitting existing incineration facilities due to their age [1]

Core Viewpoint - The company, Boin Special Welding, reported that as of September 30, 2025, approximately 59% of its revenue will come from waste-to-energy projects, indicating a strong focus on this sector amid a complex economic environment [2]. Industry Summary - The waste-to-energy market is divided into domestic and overseas segments, with a slowdown in new waste incineration boiler projects domestically, although there remains a demand for new and upgraded projects [2]. - The overseas market presents significant growth opportunities, particularly in developing regions such as Southeast Asia, Central Asia, and Latin America, where rapid urbanization has led to increased waste generation and a pressing need for effective waste management solutions [2]. - Countries like Vietnam, Thailand, and Indonesia have prioritized waste incineration as a national strategy, supported by government policies such as waste treatment subsidies and favorable electricity pricing, which are driving the growth of waste-to-energy initiatives [2]. - In developed regions like Europe and North America, the waste-to-energy industry is more mature, with a higher number of existing facilities; however, there is a growing demand for upgrading and retrofitting older waste incineration boilers [2].

Group 1 - The company hosted a research event with 19 institutions and individual investors, showcasing the operations of its waste-to-energy plant and discussing its business strategy and financial performance for the first half of 2025 [1] - The company has received multiple national subsidies, contributing positively to its third-quarter profits, with the Ministry of Finance allocating a budget of 46.183 billion yuan for renewable energy subsidies, including 3.942 billion yuan for biomass power generation [1] Group 2 - The company is actively expanding its steam supply and heating business, with contracts signed for new projects at prices starting from 205 yuan per ton, and has supplied 56,200 tons of steam and 508,600 GJ of heat in the first half of 2025 [2] - The company anticipates significant profit growth from its waste-to-energy projects through various initiatives, including technological upgrades, improved receivables collection, and green electricity trading [2] Group 3 - The company is constructing a taurine production project with an annual capacity of 40,000 tons, expected to rank among the top three in China upon completion, with stable raw material supply secured through a partnership with a local petrochemical company [2] - The company has established a marketing department for taurine derivatives, launching various "taurine+" products and utilizing both online and offline marketing strategies to promote them [3] Group 4 - The company is developing a hotel project in Xiamen, which has reached the structural completion stage and is on track for completion and trial operation by the end of 2026, with plans for professional management by a subsidiary of Marriott International [3]