（文章来源：每日经济新闻） 丛麟科技（SH 688370，收盘价：30.08元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收 入约2.56亿元，同比减少11.08%；归属于上市公司股东的净利润约568万元，同比减少89.23%；基本每 股收益0.04元，同比减少89.47%。 ...

Core Insights - The transformation of thermal power flexibility is experiencing a surge under the new power system, with the company involved in full-load denitrification and clean energy consumption businesses, expecting a significant increase in clean energy consumption orders this year [1][2] - The company's AI system for slag handling equipment achieves fully automated operations through sensor and AI recognition technologies, reducing manual inspection costs, and it is actively developing AI systems for desulfurization wastewater and other auxiliary equipment, aiming to create a smart power plant platform [1][2] - In addition to thermal power, the company is expanding into the second curve with steel slag and hydrogen energy, having established a hydrogen technology testing center and a low-carbon green hydrogen research institute [3] Company Developments - The company is making significant advancements in coal power flexibility and intelligence, with thermal power serving as a stabilizing force in the energy system and playing a crucial role in renewable energy consumption [2] - The company has developed proprietary technology for steel slag processing and heat recovery, addressing the low resource utilization rate of steel slag in China [3] - The company has invested in a 120MW fish-solar complementary project, which includes a 20MW hydrogen production facility, and is focusing on overseas market expansion, having established a subsidiary in Indonesia [3] Profit Forecast - The company is projected to achieve a net profit attributable to shareholders of 202.0 million and 291.0 million yuan for the years 2025 and 2026, respectively, maintaining a "buy" rating [4]

Group 1 - The core viewpoint of the article is that Zhonghuan Environmental (300692.SZ) reported a revenue of 474 million yuan for the first half of 2025, reflecting a year-on-year growth of 4.84% [1] - The net profit attributable to shareholders of the listed company reached 44.09 million yuan, which is a year-on-year increase of 9.69% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 40.56 million yuan, showing a year-on-year growth of 5.19% [1] - The basic earnings per share stood at 0.1039 yuan [1]

Core Viewpoint - The board of directors of China Tianying Co., Ltd. held its 12th meeting of the 9th session, where several important resolutions were passed, including the approval of the 2025 semi-annual report and the revision of the company's articles of association [2][3]. Group 1: Meeting Details - The board meeting was notified on August 11, 2025, and held on August 21, 2025, via communication voting, with all 7 participating directors voting [2]. - All resolutions passed with unanimous support, receiving 7 votes in favor, 0 against, and 0 abstentions [2][3]. Group 2: Resolutions Passed - The 2025 semi-annual report and summary were approved, with details available in the company's disclosures [2]. - A proposal to amend the company's articles of association was approved, pending approval at the second extraordinary general meeting of 2025 [2][3]. - A proposal to formulate and revise certain corporate governance systems was approved, in compliance with relevant laws and regulations [2]. - The election of Mr. Yan Shengjun as the executive director and legal representative of the company was approved, with a term lasting until the current board's term ends [3]. - A proposal to cancel part of the repurchased shares and reduce registered capital was approved, also pending approval at the second extraordinary general meeting of 2025 [3][4]. - A resolution regarding the failure of the second exercise period conditions of the 2023 stock option incentive plan and the cancellation of stock options was passed [3][4]. - A proposal to convene the second extraordinary general meeting of 2025 was approved [4].

Group 1 - The company held the seventh meeting of the ninth supervisory board on August 21, 2025, via telecommunication voting, with all three supervisors participating in the vote [1][2] - The supervisory board approved the 2025 semi-annual report and summary, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The board also approved the proposal regarding the cancellation of stock options from the 2023 stock option incentive plan due to unmet exercise conditions and the departure of certain incentive targets, ensuring that this will not affect the ongoing implementation of the incentive plan or the company's operations [2]

Meeting Overview - The fourth meeting of the supervisory board of Anhui Zhonghuan Environmental Protection Technology Co., Ltd. was held on August 21, 2025, with all three supervisors present, complying with relevant laws and regulations [1][2]. Financial Reporting - The supervisory board approved the "2025 Half-Year Report and its Summary," confirming that the report's preparation and review processes met legal and regulatory requirements, accurately reflecting the company's actual situation without any false records or omissions [1][2]. Asset Management - The supervisory board also approved the proposal regarding the provision for credit impairment losses, asset impairment provisions, and asset write-offs, stating that these actions adhered to the principle of prudence and relevant accounting standards, thereby fairly representing the company's financial status as of June 30, 2025 [2].

Core Viewpoint - The legal opinion states that China Tianying Co., Ltd. has not met the conditions for the second exercise period of its stock option incentive plan, leading to the cancellation of stock options totaling 15.7755 million shares [3][4][6]. Group 1: Conditions for Exercise and Cancellation - The company did not achieve the performance targets for the fiscal year 2024, specifically a net profit of 838 million yuan or revenue of 9.648 billion yuan, resulting in the cancellation of 14.7555 million stock options [3][4]. - Additionally, 1.02 million stock options were canceled due to some incentive recipients leaving the company for personal reasons, totaling 15.7755 million stock options to be canceled [4][5]. Group 2: Approval and Compliance - The cancellation of stock options has received necessary approvals from the company's board and supervisory board, complying with the relevant regulations outlined in the Management Measures and the incentive plan draft [4][6]. - The legal opinion confirms that the procedures followed for the cancellation are in accordance with the applicable laws and regulations [2][6].

Group 1 - The company reported a revenue of 474 million yuan for the first half of 2025, representing a year-on-year growth of 4.84% [1] - The net profit attributable to shareholders reached 44.091 million yuan, showing a year-on-year increase of 9.69% [1] - Basic earnings per share were 0.1039 yuan, reflecting an 8.23% year-on-year growth [1] Group 2 - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

Core Viewpoint - Yuhua Tian reported a slight increase in revenue for the first half of 2025, but a decrease in net profit and earnings per share compared to the previous year [2] Financial Performance - The company's revenue for the first half of 2025 is approximately 3.711 billion yuan, representing a year-on-year increase of 9% [2] - The net profit attributable to shareholders is around 320 million yuan, showing a year-on-year decrease of 2.02% [2] - Basic earnings per share stand at 0.8032 yuan, also reflecting a year-on-year decrease of 2.02% [2]

Core Viewpoint - Huaji Environmental Protection reported a significant increase in revenue and a turnaround in net profit for the first half of 2025 compared to the same period in 2024 [2] Financial Performance - The company achieved approximately 172 million yuan in revenue for the first half of 2025, representing a year-on-year increase of 66.23% [2] - The net profit attributable to shareholders was approximately 4.43 million yuan, with a basic earnings per share of 0.03 yuan [2] - In contrast, the revenue for the same period in 2024 was about 103 million yuan, with a net loss of approximately 11.29 million yuan and a basic loss per share of 0.09 yuan [2]