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（%） | ...

前十大流通股东累计持有： 7324.91万股，累计占流通股比： 56.01%，较上期变化： -115.93万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.5064 | 0.2441 | -307.46 | 0.4016 | | 每股净资产（元） | 5.51 | 6.2 | -11.13 | 6.01 | | 每股公积金(元) | 2.25 | 2.25 | 0 | 2.25 | | 每股未分配利润(元) | 2.08 | 2.64 | -21.21 | 2.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.45 | 3.77 | -61.54 | 4.53 | | 净利润(亿元) | -0.71 | 0.34 | -308.82 | 0.56 | | 净资产收益率(%) | -8.67 | 4.00 | -316.75 | 6.88 | 数据四舍五入，查看更多财务数据 ...

冠中生态（300948）公告，2025年第一季度营业收入2283.2万元，同比下降31.87%。净亏损373.4万 元，去年同期净亏损215.06万元。 ...

Core Insights - The company reported a strong revenue growth of 24.4% year-on-year, reaching RMB 57.65 billion for the first quarter of 2025, despite challenges such as a slight slowdown in natural gas consumption and the impact of the Chinese New Year holiday [1][2] Group 1: Clean Energy Division - The clean energy division achieved a significant revenue increase of 33.4% year-on-year, amounting to RMB 43.42 billion, making it the largest contributor to the company's overall revenue at 75.3% [2] - Hydrogen energy revenue within the clean energy division was approximately RMB 1.43 billion [2] - The clean energy division secured new orders totaling RMB 38.58 billion, although the Chinese New Year holiday affected the completion of several project bids [1] Group 2: Chemical Environment Division - The chemical environment division reported a revenue of RMB 5.70 billion, a slight increase of 1.4% year-on-year, contributing 9.9% to the overall revenue [2] - New orders in the chemical environment division reached RMB 4.44 billion, reflecting a year-on-year growth of 17.3% [1][2] - Revenue from high-end medical equipment components within this division grew by 21.0% to RMB 54.41 million [2] Group 3: Liquid Food Division - The liquid food division's revenue increased by 4.3% year-on-year to RMB 8.53 billion, accounting for 14.8% of the total revenue [2] - The division is actively pursuing several large industrial beer projects in North America and the Middle East [1] - The company's production base in Mexico commenced full operations at the beginning of 2025, enhancing its global capabilities in liquid food turnkey projects [2]

丨证券研究报告丨 联合研究丨公司点评丨赛恩斯（688480.SH） [Table_Title] 赛恩斯： 2024A/2025Q1 扣非业绩同比增 55%/10%，业务结构显著优化 报告要点 [Table_Summary] 2024A 公司实现归母净利润 1.81 亿元，同比增长 100%；扣非归母净利润 1.16 亿元，同比增 长 54.7%。2025Q1 实现扣非归母净利润 0.17 亿元，同比增长 10.1%。公司业务结构优化，运 营类收入占比提升，持续经营能力增强。龙立化学产能爬坡、铼酸铵项目有望带来增量。 分析师及联系人 [Table_Author] 徐科 王鹤涛 王筱茜 李博文 SAC：S0490517090001 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490524080004 SFC：BUV415 SFC：BQT626 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赛恩斯（688480.SH） cjzqdt11111 [Table_Title 赛恩斯： 2024A/2025Q1 2] 扣非业绩同比 ...

海伦哲：股东拟减持不超2.12%公司股份 4月28日，海伦哲（300150）发布公告称，持股5%以上股东股东MEI TUNG(CHINA) LIMITED计划15个 交易日后的3个月内通过集中竞价或大宗交易方式减持股份不超过2209万股，占公司剔除回购专用账户 股份后总股本的比例为2.12%。 资料显示，海伦哲成立于2005年3月，主营业务是特种车辆产品的研发、生产、销售和服务业务。 所属行业：机械设备–工程机械–工程机械整机乳品 世纪瑞尔：股东拟减持不超3%公司股份 4月28日，世纪瑞尔（300150）发布公告称，持股5%以上股东山东铁路发展基金有限公司（简称"山东 铁路基金"）计划15个交易日后的3个月内，以集中竞价交易方式和大宗交易方式减持其持有的不超过 1755.32万股公司股份，即不超过公司总股本的3%。 资料显示，世纪瑞尔成立于1999年5月，主营业务是铁路行车安全监控系统、城市轨道交通乘客信息服 务系统及铁路综合运维服务等。 所属行业：食品饮料–饮料乳品–乳品 品渥食品：股东拟减持不超3%公司股份 4月28日，品渥食品（300892）发布公告称，持股超过5%的股东吴柏赓计划15个交易日后的3个月 ...

上海市生态环境局局长晏波日前在《2025上海民生访谈》节目中说，要建设"亲绿、滨水、田园、生 境"四类生态空间，为市民创造可亲可近的美丽上海。 晏波介绍，上海正推进外环绿带和五个新城绿环建设。预计今年底将建成105公里外环绿道、50座环上 公园及40座驿站。 作为河网密布的城市，在滨水空间打造上，上海市4.6万多条（个）河湖、超3万公里河道水质持续改 善。徐汇区蒲汇塘从"臭河浜"变身"田林小滨江"，黄浦江、苏州河"一江一河"累计贯通超100公里，浦 东新区陆家嘴水环形成12.5公里慢行亲水空间，青浦区与江苏省吴江区共建的元荡湿地成为长三角生态 共治典范……2024年，镇管以上河湖断面优Ⅲ类比例达90.0%，较2020年上升21.3个百分点。首批21条 （个）美丽幸福河湖名单公布。 "美丽的乡村田园既是村民的幸福家园，也是城里人的'诗和远方'。"晏波说。上海郊野乡村面积占全市 超60%，全市95%以上行政村完成了环境整治，建成了339个市级美丽乡村示范村和149个乡村振兴示范 村。晏波表示，目前，上海的乡村正从"干净整洁有序"向"生态美丽宜居"蝶变，成为承载乡愁的生态空 间。 在社区层面，生境花园作为超大城市生 ...

Core Viewpoint - The Nanan Environmental Monitoring Station in Quanzhou, Fujian Province, has significantly enhanced its ecological environment monitoring capabilities, contributing to the high-quality development of Nanan [1] Group 1: Strengthening Monitoring Capabilities - The station integrates political theory and business knowledge into its operations, aiming for a dual improvement in grassroots party building and monitoring business capabilities [4] - It actively participates in the site selection and construction of automatic monitoring stations for water quality, enhancing real-time monitoring and early warning capabilities for water pollution incidents [4] Group 2: Infrastructure and Equipment Investment - The station has secured over 15 million yuan in funding for hardware improvements, acquiring 135 sets of conventional monitoring equipment and 20 emergency monitoring devices, covering various environmental aspects [5] - The monitoring capabilities now include 72 project/parameter categories and 101 methods, addressing key industries and major environmental risks [5] Group 3: Talent Development and Data Quality Management - The station collaborates with South China Normal University to enhance technical exchanges in water pollution prevention and intelligent monitoring technologies [5] - A quality improvement plan for monitoring capabilities has been implemented, ensuring the accuracy and completeness of monitoring data through various assessment methods [5]