Core Viewpoint - Qiaoyin Co., Ltd. has demonstrated significant financial improvement and strategic transformation, positioning itself for future growth in the urban services sector [1][2][3] Financial Performance - In 2024, Qiaoyin Co., Ltd. achieved a net profit of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company's cash flow from operating activities increased by 98.29% year-on-year, indicating improved liquidity [1] - Gross profit margin has steadily risen for five consecutive years, from 23.93% in 2020 to 26.86% in 2024 [1] - The "three expenses" ratio decreased by 0.88% to 13.23%, showcasing enhanced cost control capabilities [1] - Total assets and equity attributable to shareholders increased compared to the beginning of the period, reinforcing the company's industry position [1] Business Expansion and Strategy - Qiaoyin Co., Ltd. is accelerating its transformation into a "smart city steward," expanding its business into multiple sectors including property management, AI equipment, technology services, and recycling [2] - The company has added six key cities, including Chongqing and Ordos, with a total of 42 billion yuan in pending orders by the end of 2024, indicating strong sustainable development capabilities [2] - Qiaoyin Co., Ltd. is focusing on traditional business while also promoting a business integration strategy, with property management and recycling becoming new growth drivers [2] - The company is exploring a collaborative model of "urban services + AI + recycling," contributing to the construction of a green low-carbon circular economy [2] Technological Investment and Innovation - Qiaoyin Co., Ltd. has invested a total of 87.89 million yuan in R&D over the past two years [2] - The establishment of Qiaoyin Smart City Research Institute and the launch of autonomous driving robots in key cities demonstrate the company's commitment to technological advancement [2] - The upgraded smart sanitation system has improved operational efficiency while reducing labor costs, earning recognition through technology advancement awards [2] Industry Outlook - The urban services industry is poised for new opportunities with the advancement of the national "AI+" initiative and debt reduction policies [3] - Qiaoyin Co., Ltd. aims to leverage its technological accumulation, scale advantages, and strategic foresight to further solidify its leading position in the industry [3] - The company is focused on driving the transformation of urban services towards intelligence, low carbon, and cloud integration, enhancing urban development and residents' quality of life [3]

时光信笺，封存理想信念。随着2位主持人热情洋溢地开场，活动正式拉开帷幕。"时光信笺"环节中，5名年轻干部满怀深情地朗诵"致20年后的一封信"，用 真挚的语言描绘了对未来生态环境的美好憧憬，也表达了当下努力奋斗的决心。一字一句，都饱含着对生态环保事业的热爱，对未来的坚定信念。这一封 封"时光信笺"，仿佛是连接现在与未来的桥梁，将青年们此刻的理想信念封存其中，激励着他们在生态环保的道路上不断前行。 6 all and a compare of the first and the be and and the 120x the first 957 call of L g 春风化雨润新绿，微湖扬波映丹心。为弘扬五四精神，激发青年干部的工作热情和创新活力，济宁市微山县生态环境分局于4月28日上午在美丽的微山湖生 物多样性体验地开展了一场别开生面的草地沙龙活动。全局共青团员、青年干部和网格员代表齐聚一堂，让五四精神在新时代生态文明建设中绽放异彩。 青春誓言，镌刻初心使命。活动现场，青年们满怀激情地在签到墙上写下自己的环保誓言。"青春逢盛世，奋斗正当时""用青春力量，绘就生态画卷""环保 铁军，再创辉煌"等誓言，一笔一画都 ...

Group 1 - The company achieved a record high revenue of 227 million yuan in 2024, representing a year-on-year growth of 26.18% [2] - The net profit attributable to shareholders was 19.41 million yuan, with a net profit of 14.78 million yuan after deducting non-recurring gains and losses [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares (including tax) and to issue 3 additional shares [2] Group 2 - The company's core business revenue reached a new high, with intelligent instruments and meters generating 168 million yuan, a year-on-year increase of 35.83%, accounting for over 70% of total revenue [3] - The company won several major projects in municipal safety, expanding its market share in this sector [3] - Foreign sales revenue increased by 52.34% to 25.14 million yuan, with a gross margin of 53.18%, indicating successful international market expansion [3] Group 3 - The company invested 14.77 million yuan in R&D in 2024, focusing on projects like the combustible gas detection alarm system and smart multi-gas sensor integration [4] - The company holds 99 valid patents and has participated in the formulation of 10 national and industry standards, enhancing its competitive edge [4] - Continuous investment in smart sensors and IoT platforms is driving the company's transformation towards high-end and intelligent solutions [4] Group 4 - The gas safety monitoring industry is benefiting from industrial intelligence, urban safety upgrades, and dual carbon policies, with the domestic industrial gas detection equipment market expected to exceed 229.5 billion yuan in 2024, growing at a compound annual growth rate of over 15% [5] - The company is accelerating its layout in emerging markets such as hydrogen energy and energy storage, with relevant R&D projects entering the verification stage [5] - The company aims to enhance product technology and market share while focusing on major customer development and quality management [5] Group 5 - The company is expected to maintain its position in the first tier of the industry, driven by technological innovation and market penetration, creating sustained value for shareholders and society [6]

有业内分析师指出，侨银股份通过前瞻性布局数智化赛道，已构建起"技术－效率－市场"的良性循环， 其转型路径为传统服务型企业转型升级提供了可借鉴范本。随着数智城市服务需求的持续释放，公司有 望在行业集中度提升过程中占据先发优势。 从官网处获悉，近年来侨银股份深刻把握数智革命机遇，以人工智能为引擎，推动"AI全维度全场景赋 能城市综合管理服务"，形成"天、空、地、水、生活、生产"一体化城市数智管理作业体系，数字化转 型降本成效显著，研发成果迭出。年报显示，近两年侨银股份相关研发费用已累计投入8789万元。 依托数智化底座，侨银股份正加速构建"城市服务生态圈"。2024年，侨银股份业务版图新增物业综合管 理、再生资源循环利用、人工智能装备、科技服务等多个板块，形成"服务+科技+资源"三位一体的新 型业务架构，进一步深化产业链协同效应，业务版图方面更新增了重庆、鄂尔多斯、临沂、无锡等6大 重点城市。至2024年末，公司在手待执行订单已达420亿元，可持续发展能力强劲。 4月29日，侨银股份发布2024年年报，交出一份稳中有进的成绩单：公司全年实现营业收入39.14亿元； 实现扣非归母净利润3.09亿元，同比增长1.12 ...

企业名称潍坊市白浪河资源循环科技有限公司法定代表人于立成注册资本10000万人民币国标行业水 利、环境和公共设施管理业>生态保护和环境治理业>环境治理业地址山东潍坊经济开发区月河路3177 号潍坊经济开发区高新技术产业园国家级孵化器1511-1房间（一址多照）企业类型有限责任公司（非自 然人投资或控股的法人独资）营业期限2025-4-28至无固定期限登记机关山东潍坊经济开发区市场监督 管理局 来源：金融界 序号股东名称持股比例1潍坊市国经产业发展集团有限公司100% 经营范围含固体废物治理；再生资源回收（除生产性废旧金属）；生产性废旧金属回收；再生资源销 售；再生资源加工；非金属废料和碎屑加工处理；新能源汽车废旧动力蓄电池回收及梯次利用（不含危 险废物经营）；蓄电池租赁；电池销售；水资源管理；土壤污染治理与修复服务；劳动保护用品生产； 劳动保护用品销售；生物质燃料加工；新兴能源技术研发；合同能源管理；温室气体排放控制技术研 发；人工智能行业应用系统集成服务；互联网销售（除销售需要许可的商品）；普通货物仓储服务（不 含危险化学品等需许可审批的项目）；创业空间服务；技术服务、技术开发、技术咨询、技术交流、技 术转 ...

内容概要：在市场政策加持下，我国水环境监测市场迅速崛起，据统计，2024年我国水环境监测行业市 场规模达274.43亿元，同比增长5.28%，其中，水环境监测服务约占50.7%，水环境监测设备约占 49.3%，未来，随着我国环保政策的日益严格，下游企业为满足达标排放和可持续生产的要求，对水环 境监测的需求将不断增长，进一步带动水环境监测市场规模扩容。 上市企业：力合科技（300800）、雪迪龙（002658）、聚光科技（300203）、华测检测（300012）、先 河环保（300137）、节能环境（300140）、天瑞仪器（300165）、谱尼测试（300887）、国检集团 （603060）、理工环科（002322）、天鉴检测（870559.NQ） 相关企业：上海摩特威尔环境科技股份有限公司、青岛佳明测控科技股份有限公司、山东东润仪表科技 股份有限公司、上海摩威环境科技股份有限公司、宇星科技发展(深圳)有限公司 关键词：水环境监测市场政策、水环境监测产业链、水环境监测市场规模、水环境监测竞争格局、水环 境监测发展趋势 一、概述 水环境监测是指通过对影响水环境质量因素的代表值的测定，确定环境质量（或污染程度）及 ...

Core Insights - The China Agricultural Academy of Agricultural Quality Standards and Testing Technology Research Institute has developed the world's first intelligent monitoring system for agricultural non-point source pollution, which enables real-time monitoring of high-risk antibiotics and pesticide residues in flowing water bodies [1][2] Group 1: Technological Breakthroughs - The research team led by Cheng Jie has achieved breakthroughs in materials, technology, and equipment to address the challenges of monitoring non-point source pollution, which is characterized by its dispersion, concealment, and complexity [2] - A new type of nano-composite material with molecular recognition and signal enhancement capabilities has been developed, improving stability by over five times compared to traditional adsorbents and significantly enhancing sensing performance [3] - The system can detect three categories of nine pesticides and three categories of ten antibiotics with a sensitivity of nanograms per milliliter (ng/mL), allowing for the detection of pollutants at concentrations as low as one billionth of a gram in one milliliter of water [3] Group 2: Operational Efficiency - The monitoring system can operate continuously for 180 days without human intervention, reducing operational costs by 70% and significantly improving monitoring efficiency [3][4] - In a demonstration project in the Haihe River basin, labor costs were reduced by approximately 60%, while monitoring frequency increased threefold [4] Group 3: Application and Impact - The system has been successfully applied in the Taihu and Haihe River basins, achieving an accuracy rate of over 90% in pollution warnings through real-time data uploads to a cloud platform and GIS technology [5] - The system allows for precise pollution source tracing, aiding management departments in implementing targeted remediation measures [6] - Future enhancements will include the detection of new pollutants such as perfluorinated compounds, endocrine disruptors, and microplastics, expanding the monitoring scope [6]

Core Insights - Qingdao Guanzhong Ecological Co., Ltd. reported significant declines in multiple financial metrics for the year 2024, including a net profit drop of 307.48% and a cash flow from operating activities decrease of 102.99% [1] Financial Performance Summary - Revenue decreased by 61.46%, from 377,024,042.79 yuan in 2023 to 145,288,145.05 yuan in 2024, attributed to reduced government project budgets and delays in project implementation [2] - Revenue breakdown by business segment shows: - Vegetation restoration: 21,274,079.59 yuan, down 69.79% - Landscape greening: 29,690,159.90 yuan, down 82.04% - Water environment governance: 3,211,490.07 yuan, down 40.68% - Comprehensive governance: 67,934,133.68 yuan, down 43.00% - Land remediation: 9,666,952.78 yuan, up 3,824.80% [3] - Net profit turned negative at -70,900,209.07 yuan compared to a profit of 34,172,065.74 yuan in 2023, reflecting significant impacts from project cost reductions and increased financial expenses [4] - The net profit excluding non-recurring items was -78,183,216.75 yuan, a decline of 352.17%, indicating a severe drop in core business profitability [5] - Basic earnings per share fell to -0.5064 yuan from 0.2441 yuan, a decrease of 307.46% [6] Expense Analysis - Sales expenses slightly decreased by 9.56% to 5,976,781.30 yuan, likely due to cost control measures [7] - Management expenses decreased by 2.24% to 31,884,899.34 yuan, showing some success in cost management [8] - Financial expenses surged by 78.48% to 20,684,637.42 yuan, primarily due to increased interest expenses on convertible bonds [9] - R&D expenses increased by 1.26% to 17,618,604.79 yuan, with the proportion of R&D expenses to revenue rising from 4.61% to 12.13% [10] Cash Flow Analysis - Net cash flow from operating activities significantly decreased by 102.99% to -57,969,197.09 yuan, indicating weakened cash collection capabilities [11] - Net cash flow from investing activities improved to 88,281,214.89 yuan from -277,444,132.55 yuan in 2023, mainly due to the maturity of financial products [12] - Net cash flow from financing activities dropped by 128.21% to -109,233,442.43 yuan, reflecting challenges in fundraising [13]

前十大流通股东累计持有： 22264.08万股，累计占流通股比： 49.89%，较上期变化： -661.39万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 席惠明 | 15187.26 | 34.04 | 不变 | | 浦建芬 | 3811.81 | 8.54 | 不变 | | 席晨超 | 1547.95 | 3.47 | 不变 | | 陈志远 | 546.21 | 1.22 | 新进 | | 华泰证券资管-云南信托-星泽1号单一资金信托-华泰尊享稳 | | | | | 进82号单一资产管理计划 | 230.56 | 0.52 | -661.63 | | 俞雄华 | 224.91 | 0.50 | 不变 | | 张兴宝 | 212.30 | 0.48 | 新进 | | 尹红亮 | 180.00 | 0.40 | 新进 | | 朱亮 | 170.30 | 0.38 | 新进 | | 郑帼芳 | 152.78 | 0.34 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 顾 ...

证券研究报告 环保 | 环境治理 非金融|公司点评报告 永兴股份(601033.SH) hyzqdatemark 2025 年 04 月 28 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 04 | 月 25 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 15.83 | | 一 年 内 最 最 低 | 高 | / | | | | 17.17/12.00 | | （元） | | | | | | | | 总市值（百万元） | | | | | | 14,247.00 | | 流通市值（百万元） | | | | | | 3,799.20 | | 总股本（百万股） | | | | | | 900.00 | | 资产负债率（%） | ...