Financial Performance - The company is focused on stable operations and sustainable development, with management committed to improving performance [1] - The company has implemented measures to expedite the collection of accounts receivable and is coordinating with local governments to shorten payment times [2] - The company has not provided specific forecasts for mid-term performance, advising investors to refer to official announcements for updates [2] Business Operations - The company is collaborating with Xiantou Intelligent to develop unmanned new energy sanitation vehicles, with practical applications already underway [3] - The company is positioned as a high-tech enterprise in environmental comprehensive governance, focusing on digital sanitation, water ecology, solid waste disposal, and environmental equipment manufacturing [5] Shareholder Engagement - As of June 10, 2025, the total number of shareholders is 91,994 [6] - The company emphasizes the importance of market value management and actively engages with investors, particularly small shareholders [6] - The largest shareholder, Tianfu Qingyuan, holds 8% of the company's shares, with no controlling shareholder currently [6] Future Outlook - The company is focused on enhancing management capabilities to overcome challenges and achieve sustainable growth [2] - There are no current plans for mergers or acquisitions, but the company is open to exploring new areas such as robotics and new energy materials [5]

Group 1: Urban Management Initiatives - The Danhu District Urban Management Bureau has initiated a 2,130-meter health walkway along the G346 Danhu section, featuring 120,000 square meters of green landscaping, streetlights, trash bins, and public restrooms [1] - The bureau is exploring new management methods to enhance urban management's scientific, refined, and intelligent levels, aiming to improve the urban environment and quality [1] Group 2: Waste Management and Community Engagement - In 2025, the Urban Management Bureau plans to invest over 10 million yuan in constructing 172 garbage classification rooms, including 45 smart classification rooms, to improve waste management [2] - A total of 118 community outreach activities have been conducted to promote garbage classification awareness, fostering a social consensus that "everyone is responsible for waste classification" [2] Group 3: Air Quality Improvement Efforts - The Urban Management Bureau is implementing multiple measures to combat air pollution, including enhancing sanitation management and adjusting cleaning schedules based on weather conditions [3] - A mechanized cleaning model has been established, ensuring regular street washing and dust reduction measures are in place to maintain clean urban roads [3] Group 4: Enhancing Living Environment - The bureau is focusing on environmental improvement and community micro-renewal, promoting pocket park construction to ensure basic coverage of community green spaces within a 15-minute radius [4] - Efforts include repairing raised sidewalks, restoring road surfaces, and improving parking regulations to enhance public safety and comfort for residents [4]

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 环卫无人化招标呈加速迹象，固废板块提分 红+供热 IDC 拓展提 ROE 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 09 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 2024/6/11 2024/10/9 2025/2/6 2025/6/6 环保 沪深300 相关研究 《绿电直连政策打开垃圾焚烧发电 IDC 合作空间，固废板块提分红+供热 IDC 拓展提 ROE》 2025-06-03 《全国绿电直连政策发布，打开垃圾 焚烧发电 IDC 合作空间》 重点推荐：瀚蓝环境，绿色动力，永兴股份，光大环境，军信股份，粤海投资，美 埃科技，宇通重工，景津装备，新奥能源，昆仑能源，三峰环境，兴蓉环境，洪城 环境，中国水务，伟明环保，九丰能源，龙净环保 ...

证券研究报告·行业跟踪周报·环保 环卫无人化招标呈加速迹象，固废板块提分 红+供热 IDC 拓展提 ROE 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 06 月 09 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 环保行业跟踪周报 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 2024/6/11 2024/10/9 2025/2/6 2025/6/6 环保 沪深300 相关研究 《绿电直连政策打开垃圾焚烧发电 IDC 合作空间，固废板块提分红+供热 IDC 拓展提 ROE》 2025-06-03 《全国绿电直连政策发布，打开垃圾 焚烧发电 IDC 合作空间》 2025-06-02 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 重点推荐：瀚蓝环境，绿色动力，永兴股份，光大环境，军信股份，粤海投资，美 埃科技，宇通重工，景津装备，新奥 ...

记者 陈玺撼 成本 近年来，垃圾收运扰民是市民群众反映较多的问题，主要症结为清运作业不科学、设备技术落后 等。在日前举办的上海国际碳中和技术、产品与成果博览会上，众多厂商就上海垃圾收运扰民痛点给出 解决方案。 降噪 在福田普罗科展台，一款12吨的"缩短版"垃圾车被认为有"走街串巷"的潜力。 展台工作人员介绍，传统标准车型的轴距一般在3.2米至3.3米，这款缩短至3米内，虽然牺牲了部分 装载能力，却提升了在上海中心城区运行的效率——它们能在更狭窄的道路上转弯、掉头，"半径不小 于6米，就能转弯，而传统车辆要大于8米才行"。 身材小了，能耗随之减少，"烧"柴油时的动静小了很多，在社区内作业时对周边居民的影响也就小 了。 但要彻底摆脱垃圾车的轰鸣声，用新能源代替汽柴油才是根本解决方案。这款12吨的"缩短版"垃圾 车装载了宁德时代的电池，既有行驶时十分安静的优势，还有较高的性价比：充满电后可开130公里至 150公里，每公里的运行成本不到1元，是油车成本的六分之一甚至更低。 一名环卫行业的资深人士告诉记者，垃圾收运噪音扰民问题主要集中在两方面，除了行驶中的噪 音，还有上下料即上抬和卸下垃圾桶时产生的噪音，"比如干垃圾 ...

截至2025年6月6日收盘，福龙马（603686）报收于15.6元，较上周的17.8元下跌12.36%。本周，福龙马 6月3日盘中最高价报18.7元，股价触及近一年最高点。6月6日盘中最低价报15.29元。福龙马当前最新总 市值64.81亿元，在环境治理板块市值排名33/105，在两市A股市值排名2350/5148。 本周关注点 交易信息汇总 沪深交易所2025年6月4日和3日公布的交易公开信息显示，福龙马（603686）因价格涨跌幅限制的日收 盘价格跌幅偏离值达到7%以及日换手率达到20%登上龙虎榜。这是近5个交易日内第4次和第3次上榜。 交易信息汇总：福龙马一周内四次登上龙虎榜，因价格涨跌幅限制的日收盘价格跌幅偏离值达到 7%。 公司公告汇总：福龙马2025年5月预中标2个环卫服务项目，合同总金额为2747.31万元。 股票交易异常波动公告：福龙马股票于2025年5月28日、29日、30日连续三个交易日收盘价格涨幅 偏离值累计超过20%。 股票交易异常波动公告 福龙马集团股份有限公司股票（股票代码：603686）于2025年5月28日、29日、30日连续三个交易日收 盘价格涨幅偏离值累计超过20%，属于股 ...

证 券 研 究 报 告 市政环保红利属性强化，人工智能引领板块成长 2025下半年环保行业投资策略 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 2025.06.05 投资分析意见 3 2. AI赋能驱动二次增长，市政环保焕发新成长动能 3. 重点公司估值表及风险提示 1 市政环保：稳健经营，高股息表现亮眼 | 2025/6/4 市政固废 | 000598.SZ | 兴蓉环境 | 表：环保行业高分红高股息公司汇总（亿元，%, A股为人民币，港股为港币） | 223 | 12 | 11 | 10 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 证券 | | 企业 | 市值 | | PE | | | 归母净利 | | | 分红率 | | | 股息率 | | | | | | | | 2023 | 2024 | 2025E | 2023 | 2024 | 2025E ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银绿氢产业大会（7月16-17日，江苏·无锡） 点此报名 重要会议： 2025势银（银川）长时储能产业大会（7月2日-3日，宁夏·银川） 点此报名 添加文末微信，加 燃料电池 群 在六安市发展氢能产业的坚定路线下，明天氢能与福龙马集团强强联合，双方共同努力在当地打通 了氢能源环卫车辆应用场景，依托于金安明天氢能"制-加一体站"的绿氢示范应用逐步推开，此次 氢燃料电池环卫车批量投放也形成"电—氢—用"能源闭环。 此次交付车辆是明天氢能公司与福龙马集团联合开发的18吨氢能环卫洗扫车， 搭载明天氢能自主 研发101kW高性能燃料电池系统，可实现零下30℃快速冷启动 ，单次续航超400公里，作业时长提 升70%，彻底解决纯电车型续航焦虑，适配城市跨区作业需求，全生命周期零排放。 车辆具备"扫+洗+吸"一体化三模态协同模式，最大清扫能力7万㎡/h，洁净率≥95%。单机替代多台 传统设备，综合采购成本降低40%，作业效率对标国际 ...

Group 1 - The company has reported the usage of funds raised from the issuance of convertible bonds, confirming that all funds have been utilized by March 31, 2025, and the special account for these funds has been closed [3][11]. - The total amount raised from the issuance of convertible bonds was RMB 420 million, with a net amount of RMB 411.1 million after deducting issuance costs [2]. - The company has not changed the investment projects funded by the raised capital, nor has there been any transfer or replacement of these projects [5][7]. Group 2 - The company has utilized idle funds for cash management, with a maximum of RMB 30 million approved for this purpose, ensuring it does not affect the construction of investment projects [8]. - The company has temporarily supplemented working capital with idle funds on several occasions, all of which have been returned to the special account by the specified deadlines [9][10][12]. Group 3 - The company has reported that the investment projects funded by the raised capital have achieved expected economic benefits, with no projects generating returns below the promised threshold [15][17]. - The company has not used any of the raised funds for share subscription [18]. Group 4 - The company plans to extend the validity period for the resolution to issue shares to specific targets for another 12 months, ensuring the continuity and effectiveness of the issuance process [23]. - The company has applied for a total credit limit of RMB 1.6 billion from various banks to meet its operational funding needs [24][26]. Group 5 - The company is focused on enhancing its capital strength through the issuance of shares, which aligns with national industrial policies and the company's strategic development [58]. - The company has established a robust management system for the raised funds to ensure compliance and effective use, aiming to enhance shareholder returns [64][66].

广发证券环保行业分析师郭鹏认为："近期，无人物流备受市场关注，主要系L4级别自动驾驶在限定区 域落地可能性较高。环卫市场满足固定场景及路线、低速等特征，具备较早应用推广的希望。'环卫自 动化'趋势更多是对于行业商业模式的优化，目前有不少环卫公司已在尝试装备与无人化结合，他们仍 将是实际环卫服务运行的重要载体。" 本报记者 李雯珊 6月3日，福龙马集团股份有限公司（以下简称"福龙马"）发布公告称，公司在5月份预中标项目数量为2 个，首年服务费金额为929万元，占公司2024年度经审计营业收入的0.18%，合同总金额为2747万元。 早前，该公司亦对外表示，已推出全球首款基于滑板底盘的无人智能清扫机器人，具备全流程无人作业 能力。 实质上，现阶段环卫仍属于人力密集型行业，近年来行业不少龙头企业持续布局环卫机器人领域，推动 城市服务数字化转型，同时多地政府出台了无人环卫政策规划，助力行业加速发展。 根据《低速无人驾驶清扫车行业发展蓝皮书（2024版）》预测，2025年中国无人环卫服务潜在市场规模 或达2800亿元，仅无人驾驶清扫车就有1050亿元销售存量市场可挖掘。 目前，不少主流环卫公司在无人驾驶领域早有布局，正 ...