证券日报网1月8日讯 ，中国天楹在接受调研者提问时表示，公司的核心战略方向是坚定且连续的，将 继续坚定不移地深化"环保+新能源"双轮驱动的发展路径。在环保业务基本盘保持稳健增长的同时，公 司将把氢基能源产品业务提升至更为核心的战略位置，作为驱动公司未来增长的第二引擎。具体而言， 新的一年公司把工作重心集中于全力确保吉林辽源、黑龙江安达等氢基能源一体化标杆项目按既定规划 加速建设与投产，计划2026年具备年产20万吨符合欧盟认证标准的电制甲醇生产能力，从而将公司在全 产业链的先发与技术优势，快速转化为实质性的商业化成果与收入贡献，推动公司向国际一流的环保与 氢基能源产品综合服务商全面转型。 （编辑 丛可心） ...

长江商报消息 ●长江商报记者 沈右荣 环保+新能源双轮驱动，中国天楹（000035.SZ）财务承压。 近日，中国天楹发布公告，为满足子公司融资需要，将调整未使用的担保额度，为两家子公司提供担 保。 截至目前，中国天楹实际累计对子公司担保总额为122.82亿元，占公司最近一期经审计净资产的比例为 112.34%。 中国天楹称，本次出售牡丹江项目资产，是公司基于地方相关政策调整及整体发展作出的重要决策，进 一步优化业务布局与资源配置，提升公司资产运营效率和整体盈利能力。本次资产出售完成后，牡丹江 天楹将不再持有该特许经营项目。鉴于牡丹江项目原有营业收入及利润占公司整体比重较低，预计本次 资产出售不会对公司未来持续经营能力产生重大影响。 中国天楹称，经初步测算，本次交易预计减少公司2025年度合并净利润约4700万元。 截至2025年9月末，中国天楹资产负债率为65.62%，前三季度财务费用为3.79亿元，同比略有增长。 中国天楹积极开拓海外市场。公司在越南投资建设的项目是中国企业截至目前在海外投资的最大垃圾焚 烧发电厂。公司近期斩获的法国图卢兹市米拉利尔区垃圾焚烧发电项目，更标志着公司在深化国际化布 局、提升全球 ...

（编辑 姚尧） 证券日报网12月16日讯 中国天楹在12月15日至12月16日回答调研者提问时表示，公司始终坚持"环保 +新能源"双轮驱动战略。在环保主业方面，公司依托垃圾焚烧发电、城乡环卫服务和环保装备制造三 大核心业务，通过智慧化运营和工艺优化实现降本增效。同时，公司积极拓展热电联产、协同处置等新 业务模式，培育新的利润增长点。在海外市场，越南河内朔山生活垃圾焚烧发电项目作为公司海外业务 的关键战略落子及区域标杆，今年8月项目成功完成装机扩容，总容量从75MW提升至90MW并全面进 入商业运营。该项目是中国企业截至目前在海外投资的最大垃圾焚烧发电厂，其成功扩容显著提升了项 目的运营效能和盈利水平，巩固了公司在越南及东南亚市场的领先地位。此外，公司在越南清化省、富 寿省的项目也稳步推进中。关于增量目标的落实，在海外市场方面，公司积极拓展东南亚、欧洲等地区 市场，凭借技术优势和项目经验获取更多BOT及EPC项目订单；在项目能效提升方面，公司通过精细化 管理、智能化升级提升现有垃圾焚烧项目的处理效率和能源产出，并在此基础上探索新的业务模式，实 现商业模式创新与盈利结构优化，持续增强板块竞争力与增长动力。 ...

Core Viewpoint - Longjing Environmental Protection (龙净环保) has seen its stock price increase by over 30% in the past two months, supported by significant share buybacks from major shareholders, including Longyan State-owned Assets Investment and Operation Co., Ltd. and Zijin Mining Group [1][9]. Group 1: Stock Performance and Shareholder Actions - Longjing Environmental Protection's stock closed at 16.68 yuan per share on November 5, with a cumulative increase of approximately 33% over the past two months [1]. - Longyan State-owned Assets Investment and Operation Co., Ltd. has initiated a share buyback plan, indicating confidence in the company's future [1][8]. - Zijin Mining Group has also been actively increasing its stake in Longjing Environmental Protection, having acquired a total of 3.18 billion shares, representing 25% of the total share capital [7]. Group 2: Financial Performance and Future Plans - Longjing Environmental Protection reported a net profit of 7.80 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of over 20% [3]. - The company plans to raise 2 billion yuan through a private placement to enhance its liquidity, with the funds earmarked for supporting its operational needs [2][12]. - The company is focusing on a dual-driven development strategy of "environmental protection + new energy," aiming to solidify its competitive advantage in the environmental sector while expanding into new energy projects [10]. Group 3: Historical Context and Ownership Changes - Longjing Environmental Protection, established in 1971 and listed in 2000, has transitioned from a radio factory to a leading environmental equipment manufacturer, primarily focusing on air pollution control [5]. - The company underwent significant ownership changes, with Zijin Mining becoming the controlling shareholder in 2022 after acquiring a 15.02% stake for 1.734 billion yuan [6].

Core Viewpoint - Longjing Environmental Protection (龙净环保) is actively pursuing its "environmental protection + new energy" dual-driven strategy by investing in significant projects both domestically and internationally, with a total investment exceeding 5.2 billion yuan in a single day [2][5]. Group 1: Project Developments - The company announced the acquisition of 80% of GML in the Democratic Republic of Congo, securing the development rights for the 140MW Kalan Geng Hydropower Station, with a total investment of approximately 3.99 billion USD (about 28.43 billion yuan) [3][4]. - Additionally, the company plans to invest in the Mami Cuo Integrated Energy Station project, with a total investment of around 2.39 billion yuan, which includes a combination of solar, energy storage, and thermal power generation [5][6]. Group 2: Financial Performance - Longjing Environmental Protection has maintained over 10 billion yuan in annual revenue for six consecutive years, with a reported revenue of 10.02 billion yuan in 2024, a decrease of 8.69% year-on-year, while net profit increased by 63.15% to 830 million yuan [7][8]. - In the first half of 2025, the company achieved a revenue of 4.68 billion yuan, a slight increase of 0.24% year-on-year, and a net profit of 445 million yuan, up 3.27% [7][8]. Group 3: Market Position and Strategy - The company holds a robust position in the environmental protection industry, with a total of 19.97 billion yuan in contracts on hand as of mid-2025, solidifying its status as an industry leader [8]. - Longjing Environmental Protection emphasizes technological innovation and has increased its R&D expenditure to 219 million yuan in the first half of 2025, reflecting a 4.7% year-on-year growth [8].

Core Viewpoint - The company reported steady growth in performance, with significant contributions from the new energy business, achieving operating revenue of 4.683 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 445 million yuan, a year-on-year increase of 3% [2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.683 billion yuan, which is essentially flat year-on-year [2] - The net profit attributable to shareholders reached 445 million yuan, reflecting a year-on-year growth of 3% [2] - The net profit after deducting non-recurring items was 416 million yuan, showing a year-on-year increase of 7% [2] Group 2: New Energy Business - The rapid development and profitability improvement of the new energy business were the main drivers of performance growth, with nearly 1 billion yuan in net profit generated from this segment in the first half of the year [2] - The energy storage cell business achieved full production and sales through deepened cooperation with Yiwei Lithium Energy, significantly improving operational conditions [2][3] - The company is executing a "dual-drive strategy" of "environmental protection + new energy," with the new energy business entering a fast development phase [3] Group 3: Environmental Business - The traditional environmental protection business remains stable and healthy, providing a solid performance foundation, with new environmental equipment engineering contracts totaling 5.370 billion yuan during the period [2] - The company’s traditional air pollution control business maintains a leading position, with a balanced business structure, where the power industry accounted for 61.61% of new orders [4] - The company is proactively responding to the clean and efficient transformation of coal power and the ultra-low emission renovation needs of non-electric industries [4] Group 4: Strategic Initiatives - The company is strategically entering emerging sectors, having acquired a 20% stake in Zhejiang Jitai Intelligent Technology Co., aiming to penetrate the special robot sector in the energy field [4] - This move is intended to leverage the company's extensive customer resources in power plants and form strategic synergies with Jitai Intelligent in technology and channels [4] - The company is also focusing on the electrification opportunities in mining trucks, with independent research and development of electric mining trucks progressing smoothly [3] Group 5: Profit Forecast - The company is expected to achieve operating revenues of 12.033 billion yuan, 14.009 billion yuan, and 16.360 billion yuan for 2025-2027, with year-on-year growth rates of 20.09%, 16.43%, and 16.78% respectively [4] - The net profit attributable to shareholders is projected to be 1.226 billion yuan, 1.423 billion yuan, and 1.705 billion yuan for the same period, with year-on-year growth rates of 47.69%, 16.05%, and 19.77% respectively [4] - Based on the closing price on August 27, 2025, the corresponding PE ratios are expected to be 12.88, 11.10, and 9.27 times, with EPS of 0.97, 1.12, and 1.34 yuan respectively [4]

Summary of Longking Environmental Conference Call Company and Industry Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and New Energy Key Points and Arguments 1. **Strategic Partnership**: Longking Environmental benefits from Zijin Mining's acquisition, establishing a "Environmental Protection + New Energy" dual-drive strategy with Zijin holding over 25% and the Longyan State-owned Assets Supervision and Administration Commission holding nearly 10% [2][5] 2. **Green Energy and Storage Development**: The company is focusing on green electricity and energy storage, with green energy projects aligned with Zijin's green mining transformation, and expected operational improvements in energy storage by 2025 [2][5] 3. **Non-Electric Sector Breakthroughs**: Longking has achieved significant advancements in non-electric sectors, including the world's first dry desulfurization technology applied to steel sintering machines, leading industry standards [2][6] 4. **Stable Order Volume**: Despite concerns over reduced orders in thermal power emissions control, the company maintains a stable order volume of around 10 billion annually, with unexecuted orders between 18-20 billion [2][10] 5. **Core Business and Competitive Advantage**: The core business includes flue gas treatment (desulfurization, denitrification, and dust removal), with a market share of nearly 50% in dust removal and about 20% in desulfurization [3][4] 6. **Financial Performance**: The company expects a net profit of 830 million yuan in 2024, impacted by losses in micro-fee businesses and goodwill impairment, with the environmental main business contributing approximately 920 million yuan [3][20] 7. **Future Growth in Green Energy**: Green energy is projected to contribute around 200 million yuan in 2025, with a focus on self-consumption and grid-connected power generation [12] 8. **Cash Flow and Debt Management**: The company has a strong cash flow and collection capability, with a high apparent debt ratio due to significant advance payments, reflecting its premium pricing ability [16][18] 9. **Employee Stability**: The implementation of a 10-year employee stock ownership plan has improved employee stability and morale [14][15] 10. **Market Expansion**: Longking is actively expanding into high-temperature industries such as steel, cement, and coking, which have substantial desulfurization and denitrification needs [4][7] Additional Important Information - **Board Structure**: The board consists of representatives from Zijin Mining, Longking Environmental, and the Longyan State-owned Assets Supervision and Administration Commission, facilitating smooth cooperation [8] - **Future Order Trends**: The company anticipates continued demand for emissions control due to ongoing regulatory requirements and the need for upgrades in existing facilities [9] - **Investment Focus**: Recent investments are primarily directed towards green energy projects, with clear funding purposes and avoidance of high-risk ventures [17] - **Robotics and Equipment Development**: The company is exploring robotics for flue gas treatment facility maintenance, although current contributions to earnings are limited [13] This summary encapsulates the essential insights from the conference call, highlighting Longking Environmental's strategic direction, financial outlook, and market positioning within the environmental protection and new energy sectors.

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - On May 29, 2025, the company announced an investment of 75.075 million yuan to acquire a 20% stake in Jitai Intelligent, aiming to become the second-largest shareholder. Jitai Intelligent specializes in wall-climbing inspection robots and related operation and maintenance systems, which have certain synergies with the company's business. The target company is expected to achieve a net profit of 12.67 million yuan in 2024, and its performance is anticipated to improve significantly under the market support of the company [2][4][10]. Summary by Sections Event Description - The company plans to invest 75.075 million yuan to acquire a 20% stake in Jitai Intelligent, which will make it the second-largest shareholder [4]. Financial Performance and Forecast - Jitai Intelligent is projected to achieve revenues of 91.6537 million yuan and a net profit of 12.67 million yuan in 2024. The company expects to see a strong performance boost from the market support provided by the company [10]. - The company has a dual-driven strategy of "environmental protection + new energy," with strong order acquisition capabilities in its main business. It anticipates net profits of 1.152 billion yuan, 1.503 billion yuan, and 1.802 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 38.7%, 30.5%, and 19.9% [10].