1月6日，首创环保(600008)微涨0.33%，最新收盘价3.05元/股，最新A股市值为223.89亿元，是水务及水 治理行业市值最大的公司。公司2025年前三季度营收达到134.53亿元，同样排在行业第1位。 据2025年半年报，首创环保是北京市国资委下属上市企业，业务遍布全国170个地级市，拥有水务、固 废、大气综合治理700多个项目。公司水处理能力达到2735.26万吨/日，位居国内环保行业前列，固废 处理能力达到1498万吨/年。 从二级市场表现来看，在A股市场行情持续回暖的背景下，首创环保股价走势显得有些平淡。据数据宝 统计，截至1月6日收盘，首创环保2025年以来累计下跌1.88%，大幅跑输同期上证指数，也低于所属的 水务及水治理板块涨幅。 究其原因，公司业绩下滑或是重要因素之一。2025年前三季度，首创环保实现净利润14.34亿元，同比 下滑55.96%，主要是上一年同期处置新加坡ECO公司确认大额投资收益影响本报告期及年初至报告期 末同比减少所致。即便扣除非经常性损益因素，公司2025年前三季度扣非净利润为13.73亿元，同比增 长0.3%，扣非净利润增速降至近7年同期最低水平，反映出公司主 ...

Core Points - The chairman of China First Heavy Industries, Lu Wenjun, has been arrested for bribery after being expelled from the party, marking a significant development in the company's governance issues [1][2][4] - Under Lu's leadership since April 2022, the company has reported a cumulative net loss of 63.4 billion yuan, with ongoing financial struggles [5][6] - The company is attempting to turn around its financial situation by divesting non-core assets and focusing on its main business operations, but has yet to achieve profitability [7][8] Financial Performance - In 2022, China First Heavy Industries achieved a revenue of 23.886 billion yuan, a year-on-year increase of 3.28%, but the net profit attributable to shareholders was only 104 million yuan, down 38.28% [4] - The company reported revenues of 17.167 billion yuan and 16.617 billion yuan in 2023 and 2024, respectively, with significant declines in net profit, leading to cumulative losses of 64.44 billion yuan over two years [4][8] - For the first three quarters of 2025, the company reported revenues of 6.530 billion yuan, a year-on-year decrease of 51.99%, and a net loss of 78.5995 million yuan, although the losses have narrowed compared to the previous year [7][8] Debt and Asset Management - As of the end of the third quarter of 2025, the company's asset-liability ratio reached 82.54%, remaining above 82% for four consecutive quarters, indicating a high level of financial leverage [9] - The company is actively seeking to improve its financial position by divesting from non-core businesses and focusing on enhancing its manufacturing capabilities [7][9]