证券研究报告 | 2025年08月24日 光大环境（00257.HK） 优于大市 运营收入占比超 70%，中期派息比例提升 7pct 营收利润双降但结构明显优化。2025H1 年公司实现营业收入 143.04 亿港元， 同比下滑 8%，主要原因是新建项目减少，导致建造收入下降；公司实现归母 净利 2.07 亿港元，同比下滑 10%，主要系建造利润减少和汇兑损失扩大所致。 报告期内，公司收入结构明显优化，毛利率较高的运营收入为 99.43 亿港元， 同比增长 5%；毛利率相对较低的建造收入为 18.44 亿港币，同比下滑 49%； 公司运营/建造/财务收入占比为 70%/13%/17%。 毛利率净利率双升。2025H1 公司的销售毛利率为 44.26%，较去年同期提升 5.53pct；净利率为 19.4%，同比提升 0.8pct；管理费用率为 11.7%，同比提 升 4.6pct，主要系汇兑损失扩大所致（为降低财务费用，公司使用利用较低 的人民币贷款置换外币，2025H1 人民币出现明显升值，在汇率折算时，人民 币负债以港币计价的金额相应增加）；财务费用率为 8.7%，同比下降 0.9pct。 分板块来看，环保 ...

Core Insights - The company's performance is under short-term pressure, but a solid order backlog lays the foundation for annual growth [2] - The company has achieved significant technological advancements and is exploring new business models to open up growth opportunities [3] - A recent legal victory may allow for the reversal of potential liabilities, positively impacting future earnings [4] Financial Performance - In the first half of 2025, the company reported revenue of 108 million yuan, a year-on-year decline of 47%, and a net profit attributable to shareholders of -3.09 million yuan, a year-on-year decline of 112% [2] - The decline in performance is primarily due to large pending orders that have not yet been recognized as revenue, including projects with pending acceptance amounts of 70.83 million yuan and 42.50 million yuan [2] - As of the report date, the company had a total order backlog of 527 million yuan, providing strong support for annual performance [2] Technological Advancements - The company has solidified its core technological advantages, with its self-developed "Deep Submersible High-Pressure Algae Control Equipment" becoming a benchmark in the algae treatment field [3] - The company has made breakthroughs in precision dredging technology, with pilot projects achieving significant dredging volumes [3] - The exploration of a new "Two Mountains Industry" model and the establishment of a circular economy model for organic waste processing are expected to create new growth paths [3] Legal Developments - The company won a lawsuit related to a contract dispute, confirming ownership of 63.52 million yuan in funds and relieving it of a 100.6 million yuan repayment obligation [4] - Although the funds have not yet been released due to regulatory issues, the potential reversal of a provision for 48.08 million yuan could positively impact future net profits [4] Earnings Forecast - The company is projected to achieve revenues of 503 million yuan, 576 million yuan, and 660 million yuan for 2025-2027, with year-on-year growth rates of 12.08%, 14.63%, and 14.55% respectively [4] - Net profits attributable to shareholders are expected to be 52 million yuan, 60 million yuan, and 86 million yuan for the same period, with significant growth rates of 159.97%, 16.93%, and 41.94% respectively [4]

Core Viewpoint - Sanfeng Environment (601827) has shown a positive stock performance with a closing price of 8.56 yuan as of August 22, 2025, reflecting a 1.54% increase from the previous week [1] Shareholder Changes - The controlling shareholder, Chongqing Derun Environment Co., Ltd., increased its holdings by 5.2258 million shares, representing 0.3126% of the company's total share capital during the period from July 8, 2025, to August 22, 2025 [1][3] - The stock price increased by 1.06% during the same period [1] Company Announcements - Chongqing Derun Environment Co., Ltd. plans to continue increasing its stake in Sanfeng Environment through block trades or centralized bidding, with a planned investment amount between 150 million yuan and 300 million yuan over a 12-month period starting from May 22, 2025 [1] - As of August 22, 2025, Derun Environment has cumulatively increased its holdings by approximately 17.8755 million shares, accounting for about 1.07% of the total share capital, with an investment amount of approximately 150.96 million yuan [1][3]

Group 1 - The stock price of Zhenghe Ecology (605069) closed at 11.35 yuan on August 22, 2025, up 0.89% from the previous week [1] - The company's total market capitalization is 2.403 billion yuan, ranking 88th out of 106 in the environmental governance sector and 4912th out of 5152 in the A-share market [1] - The company announced an adjustment to its share repurchase price ceiling from 12 yuan to 16 yuan per share, extending the repurchase period to February 22, 2026 [1] Group 2 - As of the announcement date, the company has repurchased a total of 604,800 shares, accounting for 0.29% of its total share capital, with a total expenditure of approximately 4.899 million yuan [1] - The adjustments to the repurchase plan are based on the company's confidence in its future development and market conditions, and will not adversely affect its operations, finances, or profitability [1] - The company will make repurchase decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the share repurchase [1]

Core Viewpoint - Greentown Water disclosed a decrease in shareholder accounts and average shareholding value, indicating a trend of reduced investor participation despite a slight increase in stock price during the reporting period [1][4]. Group 1: Shareholder Data - As of July 18, 2025, Greentown Water had 28,000 shareholders, a decrease of 916 accounts or 3.17% from June 30, 2025 [1][2]. - The average number of shares held per account increased from 30,500 to 31,500 shares, with an average shareholding value of 156,700 yuan [1][2]. - Compared to the environmental governance industry average, Greentown Water's shareholder count is lower, with the industry average at 28,500 accounts and average shareholding value at 214,900 yuan [1]. Group 2: Stock Performance - From June 30 to July 18, 2025, Greentown Water's stock price increased by 2.47%, despite the reduction in shareholder accounts [1][2]. - The stock price had previously experienced fluctuations, including a decrease of 4.32% from May 20 to June 30, 2025 [2]. Group 3: Capital Flow - During the period from June 30 to July 18, 2025, the net outflow of funds from major investors was 13.26 million yuan, while retail investors saw a net inflow of 21.84 million yuan [4].

Group 1 - The core point of the article highlights that as of June 30, 2025, the number of shareholders in Chuangye Environmental Protection decreased by 1,520 to 52,500, representing a decline of 2.81% [1] - The average number of shares held per shareholder increased from 22,800 to 23,400, with the average market value of shares held per shareholder at 139,900 yuan [1] - Compared to the environmental governance industry average, Chuangye Environmental Protection has a higher number of shareholders, with the industry average at 28,500 [1] Group 2 - From March 31, 2025, to June 30, 2025, Chuangye Environmental Protection's stock price increased by 2.93%, despite the reduction in the number of shareholders [1] - The company experienced a net outflow of 86.6285 million yuan from institutional investors, while retail investors contributed a net inflow of 62.7665 million yuan [3] - During the same period, speculative funds saw a net inflow of 23.8621 million yuan [3]

持有公司股份13,768,177股(占公司总股本比例8.7272%)的股东南京南高管理咨询中心(有限合伙)(以下简 称"南高合伙")计划在本次减持公告披露之日起15个交易日后的3个月内(即2025年9月15日至2025年12月 14日)以集中竞价或大宗交易的方式拟减持公司股份数量不超过643,100股，即不超过公司股份总数的 0.4076%。 持有公司股份13,379,549股(占公司总股本比例8.4809%)的股东南京两江管理咨询中心(有限合伙)(以下简 称"两江合伙")计划在本次减持公告披露之日起15个交易日后的3个月内(即2025年9月15日至2025年12月 14日)以集中竞价或大宗交易的方式拟减持公司股份数量不超过432,700股，即不超过公司股份总数的 0.2743%。 格隆汇8月22日丨南大环境(300864.SZ)公布，持有公司股份40,773,074股(占公司总股本比例25.8449%)的 股东南京国环投资管理有限公司(以下简称"国环投资")计划在本次减持公告披露之日起15个交易日后的 3个月内(即2025年9月15日至2025年12月14日)以集中竞价或大宗交易的方式拟减持公司股份数量不超 ...

Group 1 - The core viewpoint of the article highlights the changes in shareholder numbers and stock performance of China Tianying, indicating a decrease in shareholder count and a decline in stock price over the specified period [1][2] - As of June 30, 2025, the number of shareholders for China Tianying was 46,897, a decrease of 1,621, or 3.34%, compared to March 31, 2025 [1][2] - The average shareholding value per shareholder for China Tianying was 228,800 yuan, which is higher than the industry average of 217,500 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, China Tianying's stock price experienced a decline of 9.3%, coinciding with a reduction in shareholder numbers [1][2] - During the same period, the net outflow of main funds was 200 million yuan, while retail investors saw a net inflow of 119 million yuan [2] - The average number of shares held per shareholder increased from 51,500 shares to 53,300 shares during the same timeframe [1][2]

Group 1 - The core viewpoint of the news is that Xianglong Electric has experienced a decrease in the number of shareholders and an increase in average shareholding quantity and value, indicating a shift in shareholder dynamics despite a positive stock price performance [1][2]. - As of June 30, 2025, the number of shareholders for Xianglong Electric is 20,908, which is a decrease of 2,333 shareholders or 10.04% compared to March 31, 2025 [1][2]. - The average shareholding quantity increased from 16,100 shares to 17,900 shares, while the average shareholding value rose from 154,600 yuan to 185,600 yuan [1][2]. Group 2 - In the environmental governance industry, Xianglong Electric's number of shareholders is below the industry average, with the average number of shareholders in the industry being 28,300 [1]. - The average shareholding value in the environmental governance industry A-share listed companies is 217,500 yuan, which is higher than that of Xianglong Electric [1]. - From March 31, 2025, to June 30, 2025, Xianglong Electric's stock price increased by 8.04%, while the number of shareholders decreased [1][2].

南大环境公告，持股25.8449%的股东南京国环投资管理有限公司拟于2025年9月15日至2025年12月14日 以集中竞价或大宗交易方式减持不超过115.6万股，占公司总股本0.7328%；持股8.7272%的股东南京南 高管理咨询中心（有限合伙）拟减持不超过64.31万股，占0.4076%；持股8.4809%的股东南京两江管理 咨询中心（有限合伙）拟减持不超过43.27万股，占0.2743%。任意连续90个自然日内，集中竞价减持不 超1%，大宗交易不超2%。 ...