值得关注的是，公司积极把握市场机遇，通过对外投资布局未来增长点，长期股权投资实现从无到有的 突破。此外，公司获得的政府补助及增值税加计抵减等政策支持力度加大，其他收益同比增长 92.36%，为经营发展提供了有力支持。 尽管当前仍处于投入期，但瑞晨环保通过加强市场开拓和内部管理，营收规模快速扩大，为后续业绩提 升奠定了坚实基础。随着国家对环保产业支持力度的持续加大，公司有望凭借其技术优势和项目经验， 在市场竞争中赢得更大发展空间。 瑞晨环保（301273）近日发布的2025年第三季度报告显示，公司营业收入实现显著增长，业务拓展成效 显现。报告期内，公司单季度实现营业收入9,742.54万元，同比大幅增长132.71%；年初至报告期末累 计营业收入达2.07亿元，同比增长40.42%，显示出主营业务发展的良好势头。 公司业务规模扩张迹象明显。截至报告期末，存货余额较期初增长61.84%，主要系在手订单增加、采 购原材料较多所致；预付款项增长102.69%，反映出为满足业务需求积极备货。同时，合同负债余额保 持较高水平，体现了公司在执行订单的持续进展。 ...

2025年10月29日，绿色动力(601330.SH)发布2025年三季报。 公司最新总资产周转率为0.12次，较去年同期总资产周转率持平，同比较去年同期上涨3.62%。最新存 货周转率为26.27次，在已披露的同业公司中排名第11，较去年同期存货周转率增加0.90次，同比较去年 同期上涨3.54%。 公司营业总收入为25.82亿元，在已披露的同业公司中排名第16，较去年同报告期营业总收入增加 3785.89万元，同比较去年同期上涨1.49%。归母净利润为6.26亿元，在已披露的同业公司中排名第10， 较去年同报告期归母净利润增加1.23亿元，同比较去年同期上涨24.39%。经营活动现金净流入为13.23 亿元，在已披露的同业公司中排名第7，较去年同报告期经营活动现金净流入增加2.68亿元，实现5年连 续上涨，同比较去年同期上涨25.46%。 公司最新资产负债率为59.83%，较上季度资产负债率减少0.99个百分点，较去年同期资产负债率减少 1.73个百分点。 公司最新毛利率为48.63%，在已披露的同业公司中排名第4，较去年同期毛利率增加3.19个百分点，实 现3年连续上涨。最新ROE为7.45%，在已披露 ...

上市后首次中期利润分配在即 并购战略稳步推进 公告显示，中科环保以公开摘牌方式成功收购贵港项目、平南项目100%股权，并于8月完成股权转让协议及其补充协议签 署。按照中科环保披露规模测算，待贵港项目、平南项目并表后，公司总处理规模将突破2万吨/日。 今年9月，中科环保在石家庄的项目举办机构调研活动，并以石家庄项目为例介绍了中科环保并购项目快速实现经济效益 的经验。数十家国内知名券商分析师、机构投资者参与了实地考察，对中科环保深耕主业、锐意进取的经营方针以及发展战略 表示认同，纷纷期待投产规模提升后公司整体业绩释放。 本报记者 许林艳 10月24日晚间，北京中科润宇环保科技股份有限公司（以下简称"中科环保"）发布2025年第三季度报告，前三季度实现营 业收入12.72亿元，同比增长6.06%；实现归母净利润2.98亿元，同比增长13.21%；实现扣非归母净利润2.95亿元，同比增长 13.91%。公司项目并购稳步推进，2025年中期利润分配预案已经董事会审议通过。 作为国有企业，中科环保积极响应增加分红频次的政策号召，计划开展上市后首次中期分红，增强投资者获得感。9月29 日，公司董事会审议通过2025年中期利 ...

10月24日晚间，中科环保（301175.SZ）发布2025年第三季度报告，前三季度实现营业收入12.72亿元， 同比增长6.06%；实现归母净利润2.98亿元，同比增长13.21%；实现扣非归母净利润2.95亿元，同比增 长13.91%。公司项目并购稳步推进，2025年中期利润分配预案已经董事会审议通过。 并购战略稳步推进 公告显示，中科环保以公开摘牌方式成功收购贵港项目、平南项目100%股权，并于8月完成股权转让协 议及其补充协议签署。按照中科环保披露规模测算，待贵港项目、平南项目并表后，公司总处理规模将 突破2万吨/日。 今年9月，中科环保在石家庄项目举办机构调研活动，并以石家庄项目为例介绍了中科环保并购项目快 速实现经济效益的经验。数十家国内知名券商分析师、机构投资者参与了实地考察，对中科环保深耕主 业、锐意进取的经营方针以及发展战略表示认同，纷纷期待投产规模提升后公司整体业绩释放。 上市后首次中期利润分配在即 作为国有企业，中科环保积极响应增加分红频次的政策号召，计划开展上市后首次中期分红，增强投资 者获得感。9月29日，公司董事会审议通过2025年中期利润分配预案，拟向全体股东每10股派发现金股 ...

恒誉环保公告，2025年上半年营业收入1.25亿元，同比增长268.05%。净利润839.66万元，上年同期净 亏损80.47万元。 ...

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment operates in the waste incineration power generation sector, with a daily operational capacity of nearly 140,000 tons, leading the industry in scale [2][3] - The waste incineration power generation industry expanded rapidly from 2015 to 2020, reaching a national daily capacity of 1.1 million tons with a utilization rate of approximately 70% [2][6] Key Points and Arguments - **Financial Performance**: Guangda Environment is expected to achieve its first positive free cash flow since its listing in 2024, which may lead to an increase in dividend payout ratio [2][4] - **Capital Expenditure**: The company's capital expenditure has decreased from a peak of 20 billion to 5 billion in 2024, with further reductions anticipated, contributing to financial stability [2][6] - **Water Treatment Segment**: Guangda Water has a sewage treatment capacity exceeding 6 million tons per day, with treatment prices rising from 1.22 RMB to 1.70 RMB from 2017 to 2022. However, the collection rate has declined due to local government financial issues [2][7] - **Biomass Power Generation**: The biomass power generation projects benefit from national subsidies, with Guangdong province having allocated part of its owed funds, improving profitability [2][8] - **Accounts Receivable**: The company has high accounts receivable, primarily due to the high costs associated with biomass power generation, which relies on national subsidies. Slow reimbursement of these subsidies is a reason for the company's low valuation [2][10][11] Risks and Future Outlook - **Earnings Forecast**: The company anticipates a slight decline in mid-2025 earnings due to reduced construction revenue, impairment operations, and foreign exchange losses. However, cash flow is expected to improve [2][12] - **Asset Quality**: The company has over 10 billion in accounts receivable, with total liabilities nearing 100 billion, indicating pressure on absolute value metrics [2][10] - **Regional Distribution**: Guangda Environment's projects are concentrated in economically developed regions, with a capacity utilization rate exceeding 90%, close to 100% [2][14] Additional Insights - **International Expansion**: The company is actively expanding into overseas markets, securing two waste incineration projects in Vietnam and Uzbekistan, each with an investment of approximately 1 billion RMB [2][5] - **Government Support**: The central government has budgeted approximately 120 billion RMB for renewable energy subsidies, indicating ongoing support for the sector, although it may not fully meet all funding needs [2][20] - **Collaboration with Local Governments**: Guangda Environment is working with local governments in cities like Tianjin, Hangzhou, and Suzhou to promote collaborative projects between IDC and waste incineration, although progress may be slow [2][21]

Core Viewpoint - Zhongke Environmental Protection (301175) reported a revenue of 848 million yuan for the first half of the year, representing a year-on-year growth of 4.48%, and a net profit of 196 million yuan, with a year-on-year increase of 19.83% [1] Group 1: Financial Performance - The company's revenue for the first half of the year reached 848 million yuan, marking a 4.48% increase compared to the same period last year [1] - The net profit for the first half of the year was 196 million yuan, reflecting a year-on-year growth of 19.83% [1] Group 2: Market Expansion - The company is actively expanding its garbage volume and heating market, leading to an increase in solid waste processing and heating volume compared to the previous year [1] - The production launch of the Yuxi project and the inclusion of newly acquired projects, Jinzhou Zhongke and Haicheng project, into the national subsidy list contributed to the increase in revenue [1]