（文章来源：证券日报） 证券日报网讯 9月18日晚间，菲达环保发布公告称，公司2023年限制性股票激励计划首次授予的7名激 励对象因岗位调动或已离职不再具备激励对象资格，根据公司《2023年限制性股票激励计划（草 案）》，公司需要回购注销其已获授但尚未解除限售的合计776，500股限制性股票。根据2023年个人层 面绩效考核结果，5名首次授予激励对象个人绩效考核结果为"基本称职"，当年实际可解除限售额度为 计划额度的80%；根据2024年个人层面绩效考核结果，14名激励对象（包括13名首次授予激励对象及1 名预留授予激励对象）个人绩效考核结果为"基本称职"，当年实际解除限售额度为计划解除限售额度的 80%，5名首次授予激励对象个人绩效考核结果为"不称职"，当年实际解除限售额度为0。上述激励对象 未能解除限售的限制性股票合计223，800股由公司回购处理。本次合计回购1，000，300股尚未解除限 售的限制性股票。注销日期：2025年9月23日。 ...

Core Viewpoint - Beijing Capital Eco-Environment Protection Group Co., Ltd. (referred to as "Capital Eco") successfully held its 2025 semi-annual performance briefing and the launch of its "Capital-CREATE®" technology products online, focusing on financial performance and future outlook [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.731 billion yuan and a net profit attributable to shareholders of 929 million yuan, representing a year-on-year increase of 0.8% [3] - The company's net profit excluding non-recurring items was 876 million yuan, up 5.3% year-on-year, indicating a steady growth trend [3] - The company reduced comprehensive costs of procurement categories by 23.01% and management expenses decreased by 115 million yuan, optimizing by 15.92% [3] - The overall financing cost decreased by 29 basis points, with total financial expenses down by 87 million yuan year-on-year [3] Cash Flow and Asset Management - The net cash flow from operating activities increased by 258 million yuan, a growth of 25.71%, indicating a positive trend in free cash flow [4] - The asset business achieved a net profit of 1.056 billion yuan, a year-on-year increase of 12.82%, with operational service revenue rising by 36% [5] Business Segments and Growth - The water treatment business achieved a supply volume of 736 million tons, with a year-on-year optimization of the sales-to-production ratio by 1.18 percentage points [6] - The solid waste business generated revenue of 1.016 billion yuan, a growth of 6.38%, with waste processing volume increasing by 6.77% [6] - The company signed new contracts worth 1.184 billion yuan, with 72.8% coming from light asset services and technology products [7] Strategic Collaborations - The company partnered with New Energy to utilize biogas from waste incineration for natural gas purification, promoting resource recycling [7] - Collaboration with North New Road and Bridge Group aims to explore comprehensive cooperation in ecological environment protection and green infrastructure in Xinjiang [7]

Core Viewpoint - Zhongke Environmental Protection announced on September 18 that it focuses on projects with good fundamentals, particularly those with regional synergy or heating potential [2] Group 1 - The company emphasizes the importance of enhancing project performance through heating business expansion, technological equipment upgrades, and refined management after acquisitions [2] - The company has successful experience in standardized merger and acquisition integration, with the Shijiazhuang project achieving a net profit increase of approximately 50 million yuan in the first year post-acquisition [2] - The Jinzhu project turned profitable in the first month after completion of the acquisition [2]

（文章来源：证券日报） 证券日报网讯中科环保9月18日发布公告，在公司回答调研者提问时表示，公司玉溪项目已于5月投产， 衡阳项目已全面启动建设，藤县项目、江油项目的前期手续基本都已完成，石家庄项目热力提升工程#3 正在推进。不考虑特殊情况下，以公司的建设能力和水平，在建项目预计明年到后年陆续投产。 ...

证券日报网讯中科环保9月18日发布公告，在公司回答调研者提问时表示，公司石家庄项目毗邻赵县经 济开发区、赵县生物产业园、新寨店镇工业园区，热用户以医药企业、化工企业、纺织企业为主。 （文章来源：证券日报） ...

Group 1 - The stock of Weiming Environmental experienced a decline of 2.57%, closing at 18.98 yuan, with two block trades totaling 1.5 million shares and a transaction amount of 26.445 million yuan [1] - The first block trade occurred at a price of 17.63 yuan for 500,000 shares, amounting to 8.815 million yuan, with a discount rate of -7.11% [1] - The second block trade also occurred at 17.63 yuan for 1 million shares, totaling 17.63 million yuan, with the same discount rate of -7.11% [1] Group 2 - Over the past three months, Weiming Environmental has recorded a total of four block trades, with a cumulative transaction amount of 93.6823 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 5.48%, with a net outflow of 48.0038 million yuan in principal funds [1]

Core Insights - Longking Environmental (龙净环保) has received support from the Fujian Provincial Department of Science and Technology for two projects related to advanced technologies in energy storage and wastewater treatment [1] Group 1: Project Details - The project on "High Energy Density Sodium-Ion Batteries Based on High Capacity Composite Carbon Anode Materials" has been approved for funding [1] - The project on "Research and Industrial Application of Ozone Micro-Nano Bubble Treatment for Difficult Industrial Wastewater" has also received support [1]

Core Viewpoint - The Guangdong merger and acquisition (M&A) market has remained active over the past year, with over 250 listed companies disclosing and completing industrial M&A exceeding 150 billion yuan, and over 30 major asset restructurings, maintaining the top position nationwide, indicating a positive trend of "quantity and quality improvement" [1] Group 1: M&A Market Activity - The implementation of the "Six Opinions on M&A" by the China Securities Regulatory Commission has stimulated the M&A market, leading to significant cases such as Guangdong Hongda's acquisition of 21% of Xuefeng Technology and *ST Songfa's injection of 100% equity of Hengli Heavy Industry [1][2] - TCL Technology successfully executed two major M&A deals, further consolidating its leading position in the industry [1][2] Group 2: Impact on Company Transformation - The M&A activities have played a crucial role in promoting technological upgrades, industry chain expansion, and transformation of listed companies, as seen in TCL Technology's acquisition of core technologies in the display field [2] - Traditional industries are undergoing transformation through M&A, exemplified by *ST Songfa's cross-industry acquisition of Hengli Heavy Industry and Gree Real Estate's significant asset swap with a duty-free group [2] Group 3: Financial Performance Post-M&A - After the acquisition of Yuefeng Environmental Protection, Huanlan Environment reported a revenue of 5.763 billion yuan in the first half of 2025, with an increase of 369 million yuan from the acquisition [3] - Guangdong Hongda's acquisition of Xuefeng Technology contributed 2.335 billion yuan in revenue and 38.08 million yuan in net profit in the first half of 2025, with the company achieving a revenue growth of 63.83% [3] Group 4: Future Directions - The Guangdong Securities Regulatory Bureau plans to continue supporting and guiding listed companies in M&A activities, emphasizing the need for companies to leverage market opportunities and reform policies for high-quality development [4]

Group 1 - The core viewpoint is that the Guangdong merger and acquisition market has remained active, with over 250 listed companies disclosing and completing industrial mergers and acquisitions exceeding 150 billion yuan, and over 30 major asset restructurings completed, maintaining the top position in the country [1][3][6] - The "Six Opinions on Mergers and Acquisitions" issued by the China Securities Regulatory Commission aims to further stimulate the merger and acquisition market, leading to a significant increase in both the quantity and quality of transactions [3][4] - Notable cases include Guangdong Hongda's acquisition of 21% of Xuefeng Technology, *ST Songfa's injection of 100% equity of Hengli Heavy Industry, and TCL Technology's successful implementation of two billion-level mergers, which have strengthened their industry positions [3][5][6] Group 2 - Mergers and acquisitions are crucial for listed companies to achieve transformation and high-quality development, as evidenced by the financial performance of companies like Huanlan Environment and Guangdong Hongda post-acquisition [5][6] - Guangdong Securities Regulatory Bureau emphasizes the positive impact of mergers and acquisitions on technological upgrades, industry chain expansion, and transformation of traditional industries [6][8] - Upcoming initiatives include training sessions organized by the Guangdong Listed Companies Association to enhance the understanding and execution of mergers and acquisitions among listed companies [8]

Core Viewpoint - Jiangxi Jindalai Environmental Protection Co., Ltd. has elected Mr. Zeng Kai as the employee representative director of the fifth board of directors during the first extraordinary shareholders' meeting held on September 16, 2025, following the cancellation of the supervisory board and amendments to the company's articles of association [1][2]. Group 1 - The company held its first extraordinary shareholders' meeting on September 16, 2025, where it approved the proposal to cancel the supervisory board and amend the articles of association [1][5]. - Mr. Zeng Kai, previously a director of the fifth board, was elected as the employee representative director, with his term starting from the date of the employee representative meeting until the end of the fifth board's term [2][4]. - The board composition remains unchanged, with the number of directors holding management positions and employee representative directors not exceeding half of the total number of directors, in compliance with relevant laws and regulations [2]. Group 2 - The meeting was chaired by the chairwoman, Ms. Tao Kun, and utilized a combination of on-site and online voting, adhering to the provisions of the Company Law and the company's articles of association [7][8]. - All proposed resolutions, including the cancellation of the supervisory board and amendments to governance rules, were passed with the required majority [9]. - The legal proceedings of the meeting were witnessed by Jiangxi Huabang Law Firm, confirming that the meeting's procedures and voting results were lawful and valid [10].