Core Viewpoint - The company reported significant revenue and profit growth in the first three quarters of 2025, driven by the consolidation of Renhe Environment and improved operational efficiency [2][4]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.163 billion yuan, a year-on-year increase of 23.21% - The net profit attributable to shareholders reached 605 million yuan, reflecting a year-on-year growth of 48.69% - The non-recurring net profit attributable to shareholders was 584 million yuan, up 55.54% year-on-year [1][2]. Operational Highlights - Renhe Environment's stable operations contributed to the overall performance, processing 305,700 tons of kitchen waste and producing 22,600 tons of industrial-grade mixed oil - The increase in product prices was supported by rising overseas UCO prices, leading to better performance [2]. - The company processed 2.7004 million tons of municipal waste, a 7.89% increase year-on-year, and generated 1.294 billion kWh of electricity, up 17.53% year-on-year [2]. Cash Flow and Management - Operating cash flow net increased significantly by 60.26% to 1.158 billion yuan, aided by accelerated government subsidy payments [2]. International Expansion - The company is successfully expanding its overseas business, with the Bishkek project in Kyrgyzstan on track for completion by year-end, expected to contribute to revenue [3]. - Agreements have been signed for waste-to-energy projects in Kazakhstan and additional projects in Kyrgyzstan, indicating a robust pipeline for international projects [3]. Strategic Initiatives - The company is exploring a new model combining environmental protection and computing power, partnering with Changsha Digital Group to provide stable, low-cost energy for a computing center [3]. - The company is actively managing accounts receivable and has engaged with local governments to improve cash flow [3]. Profit Forecast - Revenue projections for 2025-2027 are 2.925 billion, 3.074 billion, and 3.236 billion yuan, with year-on-year growth rates of 20.33%, 5.12%, and 5.27% respectively - Net profit forecasts for the same period are 802 million, 837 million, and 888 million yuan, with growth rates of 49.48%, 4.42%, and 6.10% respectively [4].

Core Viewpoint - The company's environmental business shows steady growth, with resilient performance despite a slight decline in revenue [2] - The new energy materials business is entering a harvest phase, creating a second growth curve for the company [3] - The equipment orders are growing rapidly, and the company is actively exploring a new model of "environmental protection + computing power" [4] Revenue and Profit Summary - In the first half of 2025, the company achieved operating revenue of 3.904 billion yuan, a year-on-year decrease of 5% [2] - The net profit attributable to the parent company was 1.425 billion yuan, a slight increase of 0.13% year-on-year [2] - The non-recurring net profit attributable to the parent company was 1.370 billion yuan, a year-on-year increase of 1% [2] Environmental Business Performance - The core environmental project operation business maintained steady growth, generating operating revenue of 1.711 billion yuan [2] - The waste intake volume (including household, kitchen, and sludge) increased by 8.71% year-on-year to 6.8932 million tons [2] - The electricity generated increased by 7.65% year-on-year to 1.863 billion kWh [2] New Energy Materials Business Development - The overseas project in Indonesia has begun trial production, with 2,306 tons of nickel-containing products produced in the first half of the year [3] - The domestic joint venture has achieved production of 4,445 tons of nickel plates, generating operating revenue of 385 million yuan [3] - The company plans to invest 80 million yuan in a lithium carbonate project in Fujian [3] Equipment Manufacturing and Orders - The total new orders for the equipment manufacturing business in the first half of the year reached approximately 3.559 billion yuan, a significant increase from 1.213 billion yuan in the same period last year [4] - The company has acquired 52 acres of land for expansion to enhance manufacturing capacity [4] - A strategic cooperation agreement has been signed to explore the synergy between waste incineration power generation and computing centers [4] Profit Forecast - The company is expected to achieve operating revenues of 9.647 billion, 11.568 billion, and 13.873 billion yuan for 2025-2027, with year-on-year growth rates of 34.53%, 19.91%, and 19.93% respectively [4] - The net profit attributable to the parent company is projected to be 3.312 billion, 3.847 billion, and 4.375 billion yuan for the same period, with growth rates of 22.48%, 16.17%, and 13.72% respectively [4] - Corresponding PE ratios are expected to be 9.95, 8.57, and 7.54 times, with EPS of 1.94, 2.26, and 2.57 yuan [4]