超越科技公告，2025年上半年营业收入7800.8万元，同比下降46.21%。净亏损5892.86万元，上年同期 净亏损1940.57万元。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

机构：东吴证券 研究员：袁理/陈孜文 投资要点 事件：2025H1 公司实现主营业务收入143.04 亿港元，同比-8%，归母净利润22.07 亿港元，同比-10%。 2025H1 建造收入占比降至13%，危废减值&汇兑亏损致业绩承压。公司运营项目积累、经营提质增 效、财务费用节约共助经营性利润增长，归母净利润下滑主要受非现金性的建造收入下降、减值增加及 汇兑亏损等影响：1）建造下滑：2025H1 公司建造收入18.44 亿港元（同比-49%，下同），占主营收入 12.9%（-10.1pct），运营收入99.43 亿港元（+5%），占主营收入69.5%（+8.9pct），财务收入25.16 亿 港元（-2%），占主营收入17.6%（+1.1pct），盈利结构进一步优化。2）减值增加：25H1 应收账款、 其他应收款及合约资产减值计提2.08 亿港元（24H1 为0.34 亿港元），25H1 商誉、物业厂房及设备减值 1.78 亿港元（24H1 无）。3）汇兑亏损：25H1 汇兑亏损4.28 亿港元，24H1 汇兑收益为2.31 亿港元。 运营指标稳健增长，供热量同增32%。分板块看，①环保能源：25H1环保能 ...

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.92 billion yuan for the first half of 2025, marking a year-on-year increase of 4.30%, and a net profit attributable to shareholders of approximately 960 million yuan, reflecting a growth of 24.04% [1][2]. Financial Performance - The total revenue for the reporting period was approximately 3.92 billion yuan, compared to 3.76 billion yuan in the same period last year, resulting in a 4.30% increase [2]. - The total profit for the period was approximately 1.26 billion yuan, up 14.15% from approximately 1.10 billion yuan in the previous year [2]. - The net profit attributable to shareholders was approximately 960 million yuan, a 24.04% increase from approximately 774 million yuan in the previous year [2]. - The basic earnings per share were 0.382 yuan, up 22.44% from 0.312 yuan in the same period last year [3]. - The net asset attributable to shareholders was approximately 26.92 billion yuan, a 22.89% increase from 21.90 billion yuan at the end of the previous year [2]. Operational Highlights - The toll revenue for the first half of 2025 was approximately 2.45 billion yuan, reflecting a year-on-year increase of 0.64%. Excluding the impact of the exclusion of a highway from consolidation, the toll revenue increased by 4.31% on a comparable basis [3]. - The company experienced positive synergy effects from the integration of the Shenzhen regional road network, aided by reduced rainfall during the flood season compared to the previous year, which improved traffic conditions [4]. - The opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangjiang Expressway has enhanced connectivity between the eastern and western banks of the Pearl River Estuary, significantly increasing traffic flow on related highways [4]. Project Developments - The third phase of the Outer Ring Road has commenced construction, achieving approximately 20.2% of the engineering progress by the end of the reporting period [5]. - The expansion project of the Jihe Expressway has also started, with about 12% of the engineering progress completed [6]. - The company is advancing the expansion of the Guangzhou-Shenzhen section of the Jinggang'ao Expressway, with the Dongguan-Guangzhou section entering the construction phase [6]. Environmental Initiatives - The company is focusing on solid waste resource treatment and clean energy generation as a secondary business. The revenue from environmental businesses was approximately 750 million yuan, accounting for 19.14% of total revenue [6]. - The organic waste treatment business has seen a reduction in losses due to optimized management, with both waste disposal and oil extraction volumes increasing year-on-year [6]. Financial Strategy - The company has optimized its debt structure by issuing short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [7]. - The successful completion of a 4.7 billion yuan A-share private placement has strengthened the company's capital base, supporting sustainable future development [7].

（编辑 何成浩） 证券日报网讯 8月21日晚间，丛麟科技发布公告称，2025年半年度公司实现营业收入256，441，236.96 元，同比下降11.08%；归属于上市公司股东的净利润为5，683，456.47元，同比下降89.23%。 ...

证券日报网讯 8月21日晚间，丛麟科技发布公告称，公司第二届监事会第八次会议审议通过了《关于公 司2025年半年度报告及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

中国天楹8月21日晚间披露半年报，公司上半年实现营业收入25.77亿元，同比下降2.72%；归属于上市 公司股东的净利润2.12亿元，同比下降41.25%；基本每股收益0.09元。 ...

Group 1 - The company China Tianying (SZ 000035) announced that its ninth board meeting was held on August 21, 2025, via communication voting, where it reviewed the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the company's revenue composition was as follows: waste incineration and electricity sales accounted for 50.98%, other services for 21.61%, urban environmental services for 19.85%, and construction services for 7.56% [1] - As of the report date, China Tianying's market capitalization was 11.2 billion yuan [1]

Core Viewpoint - China Tianying (000035.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 2.577 billion yuan, a year-on-year decrease of 2.72% [1] - Net profit attributable to shareholders was 212 million yuan, down 41.25% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 199 million yuan, reflecting a 41.78% year-on-year decline [1] - Basic earnings per share stood at 0.09 yuan [1]

一、危废围城：亿吨磷石膏的生态拷问 自动播放 磷，排在化学元素周期表的第15号，既是生命体不可或缺的营养元素，也是现代工业的"万能原料"。从 滋养作物的磷肥到锂电池的核心材料，从阻燃剂到建筑材料，磷元素深度融入人类发展的脉络。然而这 份"生命之火"伴随着工业文明的沉重阴影——每生产1吨磷肥便伴生4～5吨磷石膏废料，这些灰白色的 工业弃子含有氟化物、重金属甚至放射性物质，全球堆存量已达60亿吨，综合利用率不足10%。在中 国，8.7亿吨磷石膏如达摩克利斯之剑高悬，仅"磷都"宜昌一地，1.26亿吨磷石膏压弯了土地的脊梁。 当世界多数国家仍在使用海洋倾倒或简单堆存方式处理磷石膏时，长江之畔一家企业正将污染负担转化 为绿色财富。本期《隐形冠军》节目将走进"国之重器"三峡大坝所在地的湖北昌耀新材料股份有限公司 （以下简称"昌耀新材"），这家工信部评定的行业骨干企业、湖北省专精特新企业，不仅是国家电网众 多重要工程中的优质电杆供应商，更以多项国际国内专利技术劈开磷石膏困局。 滚滚长江东逝水，浪花淘尽英雄。位于长江中上游接合部的湖北宜昌，素有"上控巴蜀，下引荆襄"之 称，地理区位至关重要，更肩负着"一江清水东流、一库净水北 ...

Core Viewpoint - Junxin Co., Ltd. focuses on the entire industrial chain of solid waste treatment and has recently submitted a listing application to the Hong Kong Stock Exchange to raise funds for waste treatment projects both domestically and overseas [1] Group 1: Company Overview - As of August 19, 2025, Junxin's stock price is 14.28 yuan, down 0.28% from the previous trading day, with a trading volume of 56,597 hands and a transaction amount of 0.81 billion yuan [1] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2022, with a total market capitalization of 11.268 billion yuan [1] - Junxin's main business includes garbage cleaning, incineration power generation, comprehensive waste treatment, and municipal solid waste transfer and transportation [1] Group 2: Financial Performance - The company expects to achieve revenue exceeding 2.4 billion yuan and a net profit of 686 million yuan in 2024 [1] Group 3: Project Developments - Junxin has signed multiple environmental project agreements in Central Asia, including waste disposal projects in Bishkek and Osh City, Kyrgyzstan [1]