证券日报网讯 1月6日，高能环境在互动平台回答投资者提问时表示，江西鑫科项目主要采用富氧熔池 熔炼工艺，富集金属种类丰富，建有铜、贵金属、精制硫酸镍及配套公用辅助等系统，产线较长，具备 年产10万吨电解铜及其他多金属深加工的综合能力。江西鑫科项目在运营过程中，已结合生产实际情况 不断对原有生产线进行优化调整，新增建设电解锡的产线，并继续提升产能利用率。公司固废危废资源 化利用业务原料采购主要匹配项目产能进度，通过签订长期合作协议、利用期货工具规避价格波动，拓 展国内外原料渠道并优化库存结构，应对贵金属价格暴涨带来的采购成本压力。尽管成本有所上升，但 产品销售价格亦同步上涨，叠加前期低价存货增值、技术升级提升回收率，行业毛利率反而有望提升。 （文章来源：证券日报） ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 28 年 月 日 环保 政策定标强规范，环境监测迎量质齐升 环保监管新规接连出台，监测与治理龙头双线受益。1、生态环境部就《生 活垃圾填埋场开挖治理污染防治技术指南》征求意见，指南要求生活垃圾 填埋场在开挖治理的全流程中，必须遵循统一的技术规范，严格控制渗滤 液、恶臭气体等二次污染，并执行严格的监测与台账管理，其目的是为了 填补行业技术空白、规范操作以保障治理过程的绿色与安全。推荐关注固 废治理、环境监测等细分领域龙头标的，如高能环境、聚光科技等。2、两 部门联合发布《检验检测机构资质认定生态环境监测机构评审补充要求 （2025 年）》，政策要求生态环境监测机构必须建立防数据造假制度、配 备具备防篡改功能的专用仪器、使用全流程信息管理系统，并对监测人员 数量、专业资质及数据终身责任作出严格规定，其根本目的是确保监测数 据的准确、客观、真实和全程可追溯，以根治数据造假问题、提升环境监 测公信力。此政策直接利好于生态环境监测行业本身，推动其向专业化、 规范化升级。推荐关注皖仪科技、聚光科技等标的。 当周碳交易行情：本周（12.22-12.26） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 北京高能时代环境技术股份有限公司（以下简称"公司"或"高能环境"）于2025年12月8日（星期一）上 午10:00-11:00在上海证券交易所上证路演中心（网址https://roadshow.sseinfo.com/），采用网络互动方式 召开"2025年第三季度业绩说明会"。关于本次说明会的召开事项，公司于2025年11月28日在《上海证券 报》《中国证券报》及上海证券交易所网站披露了《高能环境关于召开2025年第三季度业绩说明会的公 告》（公告编号：2025-091）。现将召开情况公告如下： 一、本次说明会召开情况 2025年12月8日，公司副董事长、总裁凌锦明先生，独立董事黄常波先生，董事、副总裁、财务总监孙 敏先生，副总裁、董事会秘书张炯先生出席了本次说明会。公司就2025年第三季度业绩说明会经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 二、本次会议投资 ...

智通财经APP讯，高能环境(603588.SH)发布公告，为进一步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，经各方友好协商，公司拟联合自然人李鲁湘先生、关联方怀化 蕴峰矿业合伙企业(有限合伙)(以下简称"怀化蕴峰")共同投资收购怀化天源矿业有限公司(以下简称"天源 公司")持有的怀化市天鑫矿业有限公司(以下简称"天鑫公司")59%股权、怀化岳坪矿业有限责任公司(以 下简称"岳坪公司")59%股权、怀化瑞岳矿业有限责任公司(以下简称"瑞岳公司")59%股权，本次股权转 让交易金额合计8,260万元。 本次交易完成后，公司将取得三家公司各45.2%股权，股权转让交易金额为6,328万元;自然人李鲁湘将 取得三家公司各10%的股权，股权转让交易金额为1,400万元;关联方怀化蕴峰将取得三家公司各3.8%的 股权，股权转让交易金额为532万元。 ...

Core Viewpoint - The company reported a decline in revenue but an increase in net profit, driven by improved profitability in resource-based operations [2][3] Revenue Performance - For the first three quarters of 2025, the company achieved operating revenue of 10.16 billion, a year-on-year decrease of 11.28% [2] - The decline in revenue is attributed to temporary production halts for process improvements at some resource-based subsidiaries and strategic contraction in the environmental engineering sector [2] Profitability Analysis - The net profit attributable to shareholders reached 646 million, reflecting a year-on-year increase of 15.18% [2] - The profit growth is primarily due to increased capacity and profitability from the Jinchang High Energy project, along with rising metal prices boosting product gross margins [2] - The net cash flow from operating activities grew to 367 million, a significant increase of 67.29%, driven by improved operational conditions and enhanced collection efforts [2] Resource-Based Business Development - The resource-based business has established a competitive advantage with a focus on key metals such as copper, lead, and nickel, as well as precious metals like gold, silver, and platinum group metals [3] - Significant improvements were noted in several core subsidiaries: - Jinchang High Energy achieved a net profit of 104 million in the first half of 2025, turning profitable with enhanced production capabilities [3] - Jingyuan High Energy improved profitability with a net profit of 109 million, and is expanding into bismuth oxide processing [3] - Jiangxi Xinke restructured its management and optimized processes, resulting in a net profit of 42 million, with further potential expected [3] Environmental Operations - The company's environmental operations, primarily focused on waste incineration power generation, showed stable performance with 2.32 million tons of waste processed and 658 million kWh of electricity generated in the first half of 2025 [4] - The company is the only one in the industry to achieve 100% operational efficiency across all projects, reaching 8,000 hours of full-load operation [4] - Continuous improvements in profitability are being driven by technological innovations and operational model enhancements, including the expansion of industrial heating and steam supply services [4] Future Revenue and Profit Forecast - The company forecasts operating revenues of 15.00 billion, 17.65 billion, and 20.79 billion for 2025-2027, with year-on-year growth rates of 3.46%, 17.65%, and 17.80% respectively [4] - Expected net profits for the same period are projected at 730 million, 882 million, and 1.02 billion, with growth rates of 51.46%, 20.87%, and 15.55% respectively [4] - Based on the closing price on October 15, 2025, the corresponding PE ratios are estimated at 17.72, 14.66, and 12.69, with EPS of 0.48, 0.58, and 0.67 [4]

Core Viewpoint - Fuchun Environmental Protection reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential in the environmental sector [1] Group 1: Financial Performance - The company achieved an operating income of 2.496 billion yuan, a year-on-year increase of 13.07% [1] - Net profit attributable to shareholders reached 186 million yuan, reflecting a substantial year-on-year growth of 88.87% [1] - The net profit after deducting non-recurring gains and losses was 133 million yuan, up 51.69% year-on-year [1] - Basic earnings per share stood at 0.22 yuan [1] Group 2: Business Expansion and Operations - Fuchun Environmental Protection is a major player in the circular economy and has expanded its business from combined heat and power (CHP) to include solid waste (hazardous waste) resource utilization and environmental monitoring [2][3] - The company operates ten CHP bases, two solid waste resource utilization bases, one hazardous waste disposal base, and one comprehensive circular economy industrial park across four provinces [2] - The total production capacity for the CHP business is 340 megawatts, with a boiler evaporation capacity of 4240 tons per hour [2] - The company is exploring smart power plant technologies to enhance operational efficiency through advanced control systems and data analytics [2] Group 3: Industry Trends and Opportunities - The company has established a competitive advantage due to its early entry into the industry and strategic location of production bases in economic development zones [3] - The hazardous waste management policies issued by the Ministry of Ecology and Environment emphasize the importance of hazardous waste disposal, indicating a shift towards more precise, resource-oriented, and information-based management systems [4][5] - The market for solid waste and hazardous waste resource utilization is expected to grow significantly, with projections indicating a market size exceeding 500 billion yuan by 2025, driven by a compound annual growth rate of over 12% [5] - Fuchun Environmental Protection has developed a significant product in the environmental monitoring sector, including a rapid detection system for dioxins, which aligns with stricter emission standards in various industries [5]

Group 1: Company Operations and Projects - The company’s salt lake project is currently in the trial production phase, with plans for technical upgrades and optimization to enhance production efficiency [1][2] - The company aims to ensure stable production and achieve profitability once the salt lake project is fully operational [2] - The company is focusing on controlling production costs and improving efficiency in response to declining lithium prices [1][2] Group 2: Financial Performance - For the year 2024, the company reported a revenue of 6.734 billion yuan and a net profit attributable to shareholders of 39.7145 million yuan [3] - In the first quarter, the company achieved a revenue of 1.743 billion yuan, with a gross profit of -8.702 million yuan and a net profit of 16.17 million yuan [3] Group 3: Strategic Plans and Market Position - The company has no current plans to introduce strategic partners or undergo restructuring [2][3] - The company is committed to implementing its "New Energy 515" plan and dual-drive strategy, focusing on the salt lake project to enhance production and efficiency [3] - The company acknowledges that its stock price is influenced by market sentiment and macroeconomic factors, and it will continue to monitor market trends [3] Group 4: Investor Relations and Communication - The company has assured investors that it will adhere to commitments regarding shareholding changes and has issued a reduction commitment letter [2] - The company is actively engaging with investors through online platforms to address their concerns and provide updates on operational progress [1][2]

Core Viewpoint - *ST Qingyan is experiencing a significant decline in performance, with a 48.33% decrease in revenue and a net loss of 18.22 million yuan for 2024, attributed to both industry-wide challenges and specific operational setbacks [1][2]. Financial Performance - The company's revenue for 2024 is reported at 73.17 million yuan, down from previous levels, leading to a net profit of -18.22 million yuan [1]. - The revenue drop is primarily due to a significant decline in sales of wastewater treatment technology packages, which fell from 126 million yuan in 2023 to 51.91 million yuan in 2024, a decrease of 58.91% [2]. Industry Challenges - The wastewater treatment industry is facing increased competition, with many companies resorting to aggressive pricing strategies to survive, leading to a deteriorating market environment [2]. - Local governments are struggling with funding issues, resulting in low payment willingness, which hampers project settlements across the industry [2]. - The shift in project acquisition methods and the exit of many general contracting companies from the market due to cash flow problems are impacting *ST Qingyan's business model [2][3]. Strategic Adjustments - The company is implementing a "New Partner Strategy" aimed at enhancing operational performance by leveraging accumulated technological capabilities and resources [9][11]. - This strategy involves collaboration with various stakeholders, including investors and industry experts, to foster innovation and expand into new areas such as sludge treatment and industrial wastewater management [9][10]. Historical Context - *ST Qingyan originated from the Shenzhen Tsinghua University Research Institute and has historically focused on providing cost-saving technologies for wastewater treatment projects [4][6]. - The company has previously enjoyed a strong market position due to its technological advantages, but current market conditions have led to a significant decline in profit margins [3][7]. Future Directions - The company is exploring opportunities in solid waste treatment and resource recovery, aiming to utilize existing technology for marketable mineral resource recovery [8]. - There is a focus on maintaining a lean operational structure while expanding market presence, which may require additional personnel for market development [8].