Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to see a significant increase in net profit, with a forecasted 2024 net profit of 181 million yuan, representing a year-on-year growth of 100.11% [4][10]. - The revenue for 2024 is projected to be 927 million yuan, reflecting a year-on-year increase of 14.69% [10]. - The company has optimized its business structure, leading to sustained profit growth, particularly in the product sales and operational services segments [4][5]. Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3]. Financial Performance - The company’s revenue structure has shifted, with operational services now accounting for the largest share of revenue at 34.74%, followed by product sales at 29.11% [5]. - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points, attributed to the acquisition of Longli Chemical [6]. - The company’s copper extraction agent business has shown strong performance, with Longli Chemical's revenue increasing by over 36% and net profit by 121% post-acquisition [7]. Profit Forecast - The company is expected to maintain stable gross margins across its business segments, with projected net profits of 183 million yuan in 2025, 218 million yuan in 2026, and 258 million yuan in 2027, reflecting year-on-year growth rates of 1.4%, 18.9%, and 18.6% respectively [10][12].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1] Core Insights - The company is expected to achieve a net profit of 181 million yuan in 2024, with a revenue of 927 million yuan, reflecting a year-on-year growth of 14.69% [4][10] - The business structure has been optimized, leading to a significant increase in profit margins, particularly in the product sales segment, which saw a 96% year-on-year revenue growth [5][6] - The company has made strategic acquisitions, such as that of Longli Chemical, which has positively impacted revenue and profit growth [7][10] Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3] Financial Performance - In 2024, the company expects a net profit of 181 million yuan, a 100.11% increase year-on-year, with a non-recurring net profit of 116 million yuan, up 54.68% [4][10] - The revenue structure has shifted, with the operational service business now accounting for the largest share of revenue at 34.74%, while the comprehensive solution business has decreased to 32.73% [5] - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points year-on-year [6] Future Projections - The company forecasts continued growth in net profit for 2025-2027, with expected figures of 183 million, 218 million, and 258 million yuan respectively, indicating year-on-year growth rates of 1.4%, 18.9%, and 18.6% [10][12] - The EBITDA is projected to grow from 155.88 million yuan in 2024 to 338.69 million yuan by 2027 [12]

Core Viewpoint - The company has decided to extend the duration of its eighth employee stock ownership plan by six months, from June 6, 2025, to December 6, 2025, following approval from the board of directors and the majority of plan participants [1][4][5]. Summary by Relevant Sections Employee Stock Ownership Plan - The eighth employee stock ownership plan was initially approved on May 18, 2021, and involved the purchase of a total of 8,132,600 shares through block trading [1][5]. - The original lock-up period for these shares was 24 months, ending on June 8, 2023, with a total duration of 48 months, set to expire on June 6, 2025 [1][5]. - The extension of the plan's duration is in accordance with the company's management rules, allowing for a single extension of up to six months, with a maximum of two extensions [2][5]. Board Meeting Resolutions - The board meeting held on June 6, 2025, was attended by all 11 directors, and the proposal to extend the employee stock ownership plan was unanimously approved [4][5]. - The meeting followed all legal and procedural requirements as stipulated by the Company Law and the company's articles of association [4]. Stock Option Plan Adjustment - The company has adjusted the exercise price of its 2024 stock option incentive plan from 12.23 yuan per share to 11.95 yuan per share due to a cash dividend distribution of 0.28 yuan per share [12][13][17]. - The adjustment was made in compliance with the relevant regulations and was authorized by the company's second temporary shareholders' meeting in 2025 [12][19]. - The adjustment will not significantly impact the company's financial status or operational results, nor will it affect the stability of the management team [18][19].

同兴环保科技股份有限公司（以下简称"公司"或"本公司"）回购专用 证券账户中的股份2,933,500股不参与本次权益分派。本次权益分派将以公司现 有总股本130,723,200股剔除已回购股份2,933,500股后的127,789,700股为基数， 向全体股东每10股派发现金股利人民币3.00元（含税），实际派发现金分红总 额=127,789,700股×3.00元/10股=38,336,910.00元（含税）。 按公司总股本（含回购股份）折算每股现金红利=实际现金分红总额/除权 前总股本=38,336,910.00元÷130,723,200股=0.2932678元/股（按总股本折算每10 股派息（含税）：2.932678元；保留小数点后六位，最后一位直接截取，不四 舍五入）。本次权益分派实施后的除权除息价格=权益分派股权登记日收盘价－ 公司2024年度利润分配预案已经2025年5月14日召开的公司2024年年度股东 大会审议通过，现将相关事宜公告如下： 同兴环保科技股份有限公司 证券代码：003027 证券简称：同兴科技 公告编号：2025-030 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 ...

Group 1: Company Overview - In 2024, the company achieved a revenue of 5.443 billion CNY and a net profit of 1.071 billion CNY [2] - As of Q1 2025, the company reported a revenue of 1.147 billion CNY and a net profit of 0.359 billion CNY, with total assets amounting to 40.716 billion CNY, reflecting a growth of 1.63% compared to the end of the previous year [2] Group 2: Business Operations - Zhongyuan Environmental Protection is a national high-tech enterprise and a state-controlled listed company, involved in sectors such as wastewater treatment, sludge treatment, recycled water utilization, and ecological governance [2] - The company implements a development strategy focused on innovation and technology, aiming to establish a leading environmental protection industry group in China [2] Group 3: Financial Challenges - The company has faced negative operating cash flow in recent years primarily due to an increase in accounts receivable [3] - The company is prioritizing the collection of accounts receivable to improve its cash flow and financial health [3] Group 4: Revenue Growth Factors - In 2021, the company experienced a significant revenue increase to 6.140 billion CNY, a year-on-year growth of 185.64%, attributed to changes in accounting policies regarding revenue recognition for PPP projects [3] Group 5: Market Position - The company's stock price and price-to-earnings ratio are relatively low due to various factors including macroeconomic conditions and market sentiment [3] - The company is committed to enhancing its market value and investor returns through compliance with policies and regulations [3]

本公司董事会及董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性负个别及连带责任。 同意 9 票，弃权 0 票，反对 0 票 维尔利环保科技集团股份有限公司于 2025 年 6 月 3 日以电子邮件、传真的 方式向公司全体董事发出《维尔利环保科技集团股份有限公司第五届董事会第四 十七次会议通知》；2025 年 6 月 5 日，公司第五届董事会第四十七次会议（以下 简称"本次会议"）以通讯方式召开。会议应出席董事 9 名，实际出席董事 9 名， 会议由董事长李月中先生主持；本次会议召开符合《中华人民共和国公司法》等 法律、行政法规和部门规章以及《维尔利环保科技集团股份有限公司章程》（以 下简称"《公司章程》" ）的有关规定，作出的决议合法、有效。 本次会议以投票方式审议通过了以下议案： 一、审议通过《关于为公司子公司南京都乐制冷设备有限公司提供担保的议 案》 公司子公司南京都乐制冷设备有限公司（以下简称"都乐制冷"）因经营需 要拟向中国银行股份有限公司溧水支行申请人民币为 950 万元的综合授信，授信 期限为 18 个月。现公司拟按 89.8279%的股权比例为其中的 ...

Group 1: Contract and Revenue Insights - As of the end of 2024, the total amount of unrecognized revenue contracts is approximately 30.79 billion CNY for water treatment, 19.83 billion CNY for solid waste treatment, and 9.34 billion CNY for flue gas governance, totaling 60.96 billion CNY [2] - The engineering contract amount is 13.28 billion CNY with an implementation period of 1-3 years, while the operation contract amount is 17.51 billion CNY, aligned with the project concession periods [2] - The company has secured major nuclear power water treatment projects with a cumulative contract amount of about 3.63 billion CNY, reinforcing its market position [2] Group 2: Financial Management and Cash Flow - The company emphasizes maintaining stable cash flow and has implemented measures such as contract management and dynamic tracking of customer credit status to mitigate accounts receivable risks [3] - Strategies include centralized procurement to monitor equipment and raw material prices, optimizing internal management, and enhancing budget control to improve fund utilization efficiency [3] Group 3: Mergers and Acquisitions Strategy - The company focuses on both horizontal and vertical mergers, aiming to integrate quality enterprises with core technologies and market advantages to expand business scale [4] - Vertical mergers target upstream enterprises with new technologies and high-end environmental equipment to enhance overall competitive advantage [4] Group 4: Market and Trade Impact - The company is less dependent on overseas markets, particularly the U.S., due to the domestic focus of the environmental industry [5] - It has taken steps to diversify key raw material suppliers and assess the impact of trade policies on costs and delivery cycles [5] Group 5: Future Development and Industry Trends - The environmental industry is transitioning towards comprehensive management, with a focus on low-carbon technology and resource utilization [6] - The company plans to enhance market expansion, project operation, and technology development while maintaining a competitive edge [6] - Key strategies include project management through EPC models and lifecycle management to maximize asset value [7]

Group 1 - The stock of Qidi Environment has experienced a significant increase, with three limit-up days within five trading days, resulting in a cumulative increase of 28.72% and a turnover rate of 67.04% [2] - As of 14:15, the stock's trading volume reached 363 million shares, with a transaction amount of 792 million yuan and a turnover rate of 25.50% [2] - The latest total market capitalization of the A-shares is 3.449 billion yuan, with a circulating market capitalization also at 3.449 billion yuan [2] Group 2 - The latest margin trading data shows that as of June 3, the margin balance for the stock is 135 million yuan, with a decrease of 16.166 million yuan from the previous trading day, representing a decline of 10.69% [2] - Over the past five days, the margin balance has increased by 10.147 million yuan, reflecting a growth of 8.13% [2] - The stock has appeared on the Dragon and Tiger list twice due to a cumulative deviation of 20% in the increase over three consecutive trading days and a 7% deviation in the daily decline [2] Group 3 - The company's Q1 report indicates a total operating revenue of 1.115 billion yuan, a year-on-year decrease of 9.04%, and a net profit of -133 million yuan, a year-on-year decline of 57.00% [2] - The stock's daily performance shows fluctuations, with a notable drop of 9.84% on June 3, alongside varying turnover rates and net inflows of main funds [2]

Group 1 - A total of 121 listed companies have disclosed significant restructuring events as of May 26 this year, significantly higher than the 45 companies during the same period last year [1] - The recent trend in A-share mergers and acquisitions (M&A) shows three main characteristics: industrial integration becoming mainstream, the value of "shell" resources further diminishing, and technology-driven central state-owned enterprises taking the lead in M&A [1] - The restructuring activities are primarily focused on core businesses and industrial cooperation, with horizontal integration, vertical integration, and strategic cooperation accounting for over 50% of the significant restructuring events [1] Group 2 - The proportion of A-share companies engaging in industrial mergers has been increasing year by year since 2021, indicating a shift towards industry-led M&A activities [2] - Analysts suggest that the current environment is favorable for industrial capital mergers, driven by changes in IPO policies, tightening financing conditions in the primary market, and the accumulation of cash reserves by quality listed companies [2] - The experience gained from the M&A boom between 2013 and 2015 and the subsequent goodwill impairment has led to more cautious and strategic approaches to external mergers by industrial capital [2] Group 3 - The logic of value reshaping, market integration, and industrial chain collaboration is expected to strengthen in the future, with traditional companies likely to acquire "hard tech" firms that do not yet meet listing conditions for business transformation [3] - Mature companies are anticipated to engage more in horizontal mergers to expand market share and gain industry influence, while technology firms will seek to acquire startups in cutting-edge fields for explosive growth opportunities [3] - License-based companies are expected to implement more mergers and integrations to enhance competitiveness in the industry, such as in the brokerage sector [3]

华新绿源环保股份有限公司董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划（草案）的核查意见 （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政 处罚或者采取市场禁入措施；具有《公司法》规定的不得担任公司董事、高级 管理人员情形的； （4）具有法律法规规定不得参与上市公司股权激励情形的； （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市最近 36 个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； （4）法律法规规定不得实行股权激励的； （5）中国证监会认定的其他情形。 （1）最近 12 个月内被证券交易所认定为不适当人选的； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选的； 华新绿源环保股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 依据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法 》（以下简称《证券法》）《上市公司股权激励管理办法》（以下简称《管理办法》 ）和《 ...