证券代码：603616 证券简称：韩建河山 公告编号：2025-073 北京韩建河山管业股份有限公司关于资产出售事项的监管工作函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内 容的真实性、准确性和完整性承担法律责任。 北京韩建河山管业股份有限公司（以下简称"公司"或"韩建河山"）于近日收到上海证券交易所发来的 《关于北京韩建河山管业股份有限公司资产出售事项的监管工作函》（上证公函【2025】4002号）（以 下简称"《监管工作函》"），函中显示："2025年12月2日晚间，你公司提交并披露《关于出售子公司股 权暨被动形成财务资助的公告》称，拟以0元向河北清能环境工程有限公司（以下简称"河北清能"）转 让子公司秦皇岛市清青环保设备有限公司（以下简称"清青环保"）99.90%股权。交易完成后，清青环保 将不再纳入公司合并报表范围。截至评估基准日，清青环保净资产账面价值为-2,842.95万元，评估值 为-2,058.65万元。本次交易后，公司前期对清青环保的应收款项将转为对其财务资助。关注到，公司于 2018年6月以3.2亿元取得清青环保100%股权，增值率 ...

格隆汇12月15日丨东方园林(002310.SZ)公布，公司全资子企业东方新能（北京）企业管理中心（有限 合伙）（简称"新能企管中心"）拟通过参与公开挂牌转让的方式竞购锐电投资有限公司（简称"锐电投 资"）持有的海城锐海新能风力发电有限公司（简称"海城锐海"）100%股权。2025年11月28日，锐电投 资在天津产权交易中心挂牌转让海城锐海100%股权，挂牌转让底价为1410万元。公司拟参与前述股权 竞买。根据《深圳证券交易所股票上市规则》有关规定及公开挂牌转让披露的信息，公司本次参与竞买 海城锐海100%股权预计不构成关联交易。 ...

长江商报消息 环保领域龙头高能环境（603588）（603588.SH）近期资本动作不断。 12月3日晚间，高能环境公告，公司董事会审议通过了关于公司申请首次公开发行境外上市股份（H 股）并在香港联合交易所主板上市的议案。 按照计划，高能环境本次发行上市募集资金扣除发行费用后，拟用于（包括但不限于）海外业务拓展与 项目投资、矿业资产勘探与开发、金属资源化产能提升与技改、补充营运资金及一般用途等。 长江商报记者注意到，凭借在环保领域三十余年的技术和经验的积累，以及环保全产业链的综合服务和 实施能力，高能环境加快海外市场拓展。 数据显示，2025年前三季度，高能环境实现营业收入101.6亿元，同比下降11.28%；归母净利润6.46亿 元，同比增长15.18%。上市近11年，高能环境累计已分红11.25亿元。 长江商报记者注意到，近年来，凭借在环保领域三十余年的技术和经验的积累，以及环保全产业链的综 合服务和实施能力，高能环境在固废危废资源化利用、垃圾焚烧发电、传统环保工程等多个领域加快海 外市场拓展。 不仅如此，高能环境还计划通过并购，延伸公司固废危废资源化利用业务产业链，形成公司进军矿业领 域的产业布局。日前 ...

Core Viewpoint - Yuanda Environmental announced the convening of its 35th temporary board meeting on November 21, 2025, to review proposals regarding adjustments to the expected daily related transaction amounts for 2025 and 2026 [1] Company Summary - For the year 2024, Yuanda Environmental's revenue composition is as follows: 47.48% from franchise operations, 33.2% from environmental engineering, 9.25% from denitration catalysts, 8.94% from water treatment operations, and 0.63% from other industries [1] - As of the report date, Yuanda Environmental has a market capitalization of 55.1 billion yuan [1]

Group 1: Financial Performance - The company's non-net profit growth rate significantly outpaced the net profit growth rate in the first three quarters of 2025, primarily due to stable cash flow from core operations like waste-to-energy and the transition of hazardous waste treatment from loss to profit [2][3] - The revenue from the new energy dual-carbon business accounts for approximately 74% of total revenue, with a gross margin of around 37%, maintaining a strong position in the industry [8][9] Group 2: Core Business Segments - The traditional business consists of four main segments: waste-to-energy, hazardous waste treatment, flue gas desulfurization and denitrification, and long-term stable operation of quality environmental projects [3][4] - Waste-to-energy operations have leading industry performance in terms of operational and maintenance rates, ensuring steady and continuous revenue growth [3] Group 3: Strategic Focus and Future Growth - The company aims to focus on high-profit projects, avoiding low-margin and high-capital projects, while leveraging AI and new energy as core growth areas [4] - The strategy includes a dual approach of maintaining traditional business stability while expanding into AI applications in the energy sector, creating a synergy between traditional and new business models [4][7] Group 4: AI Market Insights - The global AI market in the energy sector is projected to reach approximately $120 billion in 2023, with a growth rate of about 38% [5] - The domestic AI market in energy is expected to exceed $500 billion, indicating significant opportunities for growth and investment [5] Group 5: AI Business Positioning - The company's AI business focuses on the "AI + New Energy" sector, targeting the energy and power industry for practical applications [7] - Core customer segments include power grid systems, energy groups, and other industrial clients, each with distinct needs and characteristics [8]

Core Viewpoint - The company is divesting its engineering subsidiary, Walker Construction, to optimize resource allocation and focus on its core environmental and highway operation businesses [1][2]. Group 1: Transaction Details - The company announced the transfer of 100% equity in its wholly-owned subsidiary, Walker Construction, at a base price of 115 million yuan [1]. - The controlling shareholder, Henan Investment Group, is the sole bidder and intends to acquire Walker at the base price [1]. - Upon completion of the transaction, Walker will no longer be included in the company's consolidated financial statements [1]. Group 2: Strategic Rationale - The divestment is aimed at concentrating on core businesses such as environmental protection and highway operations, as internal construction needs have significantly decreased [2]. - The transaction is expected to lower the company's debt-to-asset ratio and improve cash flow performance [2]. - Proceeds from the sale will be used for high-quality projects in the environmental sector, aligning with the company's strategic development plan [2]. Group 3: Financial Performance - Walker's projected revenues for 2024 and the first half of 2025 are 1.485 billion yuan and 360 million yuan, respectively, with net profits of 157 million yuan and 5.7583 million yuan [2]. - In the first half of 2025, the company reported revenues of 3.216 billion yuan, a year-on-year increase of 11.25%, and a net profit of 589 million yuan, up 20.15% [2]. - The company's solid waste treatment and sanitation business generated 1.869 billion yuan in revenue in the first half of 2025, a 16.13% increase, accounting for 58.1% of total revenue [3].

Group 1 - The core point of the article highlights the recent decline in the stock price of Beijing High Energy Environment Technology Co., Ltd., which fell by 5.11% to 7.61 CNY per share, with a trading volume of 508 million CNY and a turnover rate of 4.24%, resulting in a total market capitalization of 11.592 billion CNY [1] - The company, established on August 28, 1992, and listed on December 29, 2014, specializes in solid waste pollution prevention technology research and application, providing solutions and engineering contracting services in various fields including waste treatment and environmental restoration [1] - The revenue composition of the company is as follows: 77.68% from hazardous waste resource utilization, 13.49% from environmental operation services, and 8.83% from environmental engineering [1] Group 2 - From the perspective of fund holdings, one fund under Xinyuan Fund has a significant position in High Energy Environment, with the Xinyuan Zhi Yuan Quantitative Stock Mixed A Fund holding 100,500 shares, accounting for 0.98% of the fund's net value, making it the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 41,200 CNY [2] - The Xinyuan Zhi Yuan Quantitative Stock Mixed A Fund was established on January 14, 2025, with a latest scale of 21.0964 million CNY and a cumulative return of 13.93% since inception [2]

Summary of High Energy Environment Conference Call Company Overview - **Company**: High Energy Environment - **Reporting Period**: First three quarters of 2025 Key Financial Metrics - **Net Profit**: 600 million CNY, up 29.03% year-on-year [2][3] - **Operating Cash Flow**: 366 million CNY, up 67.29% year-on-year [2][3] - **Total Revenue**: 10.16 billion CNY, down 11.28% year-on-year [3] Segment Performance Resource Utilization Segment - **Revenue**: 7.993 billion CNY, down 8.55% year-on-year [4] - **Gross Margin**: Increased to 12.38%, up 3.8 percentage points [4] - **Market Share**: Jiangxi Xinke and Jingyuan High Energy have a global market share exceeding 20% [4] - **Profitability**: Jincang High Energy achieved a profit of 100 million CNY in the first half of 2025, with continued profitability in Q3 [4] Environmental Operation Segment - **Revenue**: 1.323 billion CNY, flat year-on-year [6] - **Gross Margin**: Increased to 50.19%, up 2.22 percentage points [6] - **Main Revenue Source**: Waste incineration power generation projects [6] Engineering Segment - **Revenue**: 483 million CNY, down 38.2% year-on-year [7] - **Gross Margin**: Increased to 17.15%, up 3.38 percentage points [7] - **Strategy**: Focus on project selection and strengthening receivables to ensure cash flow and reduce bad debt risk [7] Inventory and Cash Flow Management - **Inventory**: Increased from 5.16 billion CNY at the beginning of the year to 6 billion CNY by the end of September [10] - **Accounts Receivable**: Remained stable, increasing slightly from 2.17 billion CNY to 2.19 billion CNY [10] - **Q3 Cash Flow**: Only 20 million CNY, below expectations [10] Future Outlook and Strategies - **Q4 Focus**: Strengthening existing advantages, optimizing asset structure, and improving cash flow management [8] - **Production Capacity**: Jiangxi Xinke is expected to further increase production capacity in Q4, aiming for stable monthly profits of over 30 million CNY [12] - **International Expansion**: Continued focus on overseas projects in Southeast Asia, Latin America, Africa, and Central Asia [4][15] Market Conditions and Challenges - **Metal Prices**: Fluctuations in metal prices, particularly bismuth and titanium, impacted Jingyuan's performance [9][16] - **Non-Recurring Gains and Losses**: Fluctuations mainly due to operational adjustments and new business explorations [23] Conclusion High Energy Environment is navigating a challenging market with a focus on optimizing operations, enhancing profitability, and expanding internationally. The company is strategically managing its cash flow and inventory while preparing for future growth opportunities in resource recovery and environmental operations.

Core Viewpoint - Green Power Environmental (01330) aims to expand its overseas environmental business by establishing a joint venture in Hong Kong with a subsidiary of Asia United Infrastructure Holdings Limited, with a 50% equity stake from each party [1] Group 1 - The company has received board approval to proceed with the establishment of the joint venture [1] - The joint venture will focus on environmental services, indicating a strategic move to enhance its international presence [1]

Core Insights - 瑞晨环保 reported a revenue of 109.16 million yuan for the first half of 2025, representing a year-on-year increase of 3.71% [1][2] - The net profit attributable to shareholders was -31.30 million yuan, compared to -27.44 million yuan in the same period last year, indicating a decline of 14.09% [1][2] - The net profit after deducting non-recurring gains and losses was -33.31 million yuan, down 20.90% from -27.55 million yuan year-on-year [1][2] - The net cash flow from operating activities was -73.59 million yuan, a significant decline of 150.34% compared to -29.40 million yuan in the previous year [1][2] Financial Performance Summary - For 2024, 瑞晨环保 achieved a revenue of 282.27 million yuan, a decrease of 17.28% from 341.25 million yuan in 2023 [3] - The net profit attributable to shareholders for 2024 was -32.04 million yuan, a drastic decline of 204.99% from a profit of 30.52 million yuan in 2023 [3] - The net profit after excluding non-recurring items was -33.37 million yuan, down 280.69% from 18.47 million yuan in the previous year [3] - The net cash flow from operating activities for 2024 was -21.83 million yuan, an improvement of 24.37% compared to -28.87 million yuan in 2023 [3] IPO and Fundraising Details - 瑞晨环保 raised a total of 678.63 million yuan from its initial public offering, with a net amount of 604.58 million yuan after deducting issuance costs [4] - The final net fundraising amount exceeded the original plan by 155.61 million yuan [4] - The company intended to use the funds for the industrialization of high-efficiency energy-saving fan projects and to supplement working capital [4] Stock Performance - 瑞晨环保 was listed on the Shenzhen Stock Exchange's ChiNext board on October 25, 2022, with an issuance of 17.91 million shares at a price of 37.89 yuan per share [3] - The stock is currently in a state of decline, having fallen below its initial offering price [3]