Core Viewpoint - The company, Zhonghuan Environmental Protection, is strengthening its financial position through a private placement to raise up to 300 million yuan, primarily for working capital and debt repayment, with the actual controller, Liu Yang, fully subscribing to the offering [1][2]. Fundraising and Control - The private placement involves issuing shares at 6.85 yuan each, with a maximum of 43.8 million shares, representing 9.51% of the pre-issue total share capital, aiming to raise no more than 300 million yuan [1][3]. - Liu Yang's subscription will increase his control over the company from 15.32% to approximately 22.68% post-issuance, reinforcing his position as the actual controller [2][3]. Financial Necessity - The company has faced rising financial costs, with financial expenses increasing from 115 million yuan in 2022 to 130 million yuan in 2023, and 154 million yuan in 2024, necessitating the fundraising to enhance liquidity and reduce financial burdens [3][5]. - As of September 30, 2025, accounts receivable reached 1.125 billion yuan, indicating significant cash flow pressure that the new funds aim to alleviate [3]. Business Performance - The company has experienced declining profitability over the past three years, with net profits dropping from 171 million yuan in 2022 to 59.27 million yuan in 2024, but has shown signs of recovery in 2025 with a 2.99% increase in revenue and a 13.84% rise in net profit for the first three quarters [5]. - The company is leveraging Liu Yang's expertise in the biopharmaceutical sector to explore new growth opportunities while maintaining its core environmental services [5]. Corporate Name Change - The company plans to change its name to "Zhongfu Technology" and its English name to "Anhui Orivie Technology Co., Ltd." to better reflect its strategic direction and the recent change in control, while still focusing on its core environmental business [6].

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 中央经济工作会议强化双碳转型，优质运营 资产迎市场化改革&国际化拓展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 12 月 15 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 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/12/16 2025/4/16 2025/8/15 2025/12/14 环保 沪深300 相关研究 《东吴证券环保行业 2026 年年度策 略》 2025-12-13 《上实优质资产低估，高能 H 股上市 推进，龙净受益 26 年环保专项资金预 算提前下达》 2025-12-08 东吴证券研究所 1/26 请务必阅读正文之后的免责声明部分 行业走势 ◼ 重点推荐：瀚蓝环境，龙净环保，高能环境 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 环保 顶层设计强力驱动，固废循环蓄势升级 政策加码循环经济，金融赋能绿色制造 1、中央经济工作会议指出要坚持 "双碳"引领，推动全面绿色转型。明确要求实施固体废物综合治理行动， 其核心目的是从无废城市建设和资源循环的源头入手，系统减少污染、提 升资源利用效率，为高质量发展提供可持续支撑。这将直接利好固废处理 行业，推荐专注固废循环的龙头企业惠城环保。2.工信部、央行联合发文 强化绿色金融对绿色工厂建设支持，引导金融机构通过绿色信贷、绿色债 券及结构性货币政策工具，加大对国家绿色工厂的资金支持，重点投向绿 色低碳技术研发与产业化、工业节能降碳技术改造升级以及零碳工厂建设 等方向。建议关注受益于碳中和的标的，惠城环保、高能环境等。 当周碳交易行情：本周（12.08-12.12）全国碳市场综合价格行情为：最高 价 60.20 元/吨，最低价 56.32 元/吨，收盘价较上周五下跌 3.38%；挂牌 协议交易成交量 318.23 万吨，成交额 1.87 亿元；大宗协议交易成交量 487.05 万吨，成交额 2.92 亿元；本周无单 ...

12月14日晚间，中环环保（300692）发布公告，公司拟向特定对象发行股票募资，发行认购方为公司实 际控制人刘杨，募资总额不超过3亿元，资金将全部用于补充公司流动资金以及偿还银行贷款，以缓解 公司当前的资金压力并优化财务结构。 截至12月12日收盘，中环环保股票收盘价报9.01元/股，总市值41.48亿元。 从本次发行的具体方案来看，公司此次向特定对象发行股票数量不超过4379.56万股(含本数)，占本次发 行前公司总股本的9.51%，发行价格为6.85元/股，不低于定价基准日前20个交易日公司A股股票均价的 80%。 中环环保实控人刘杨将以现金方式全额认购本次发行的股份，且就发行相关事宜作出了多项承诺。在股 份减持方面，刘杨承诺自定价基准日起至本次发行完成后6个月内不会减持，同时其通过本次发行认购 的股份，自股票登记至名下之日起18个月内不转让。在资金来源方面，刘杨承诺认购资金为自有资金或 合法自筹资金，不存在对外募集、代持、结构化安排等违规情形，也不存在公司及其他主要股东为其提 供财务资助、收益补偿等相关协议安排。 对于本次募资用于补充流动资金和偿还贷款的必要性，中环环保表示，近年财务费用持续走高，20 ...

Group 1: Environmental Business Growth - The company is focusing on new profit growth points in its environmental business through refined management and operational upgrades in waste-to-energy, urban sanitation services, and environmental equipment manufacturing [2][4] - New business models such as combined heat and power, collaborative disposal, and "waste-to-energy + IDC" partnerships are being explored to integrate environmental services with digital economy [2][4] Group 2: International Expansion and "Belt and Road" Initiative - The company is actively expanding its overseas business along the "Belt and Road" by leveraging its core technology in waste-to-energy and comprehensive service capabilities [4][5] - In 2025, the company aims to enhance its presence in high-quality solid waste disposal projects in "Belt and Road" countries, transitioning from a single project operator to a comprehensive environmental service provider [4][5] Group 3: Hydrogen Energy Development - The company is advancing into the hydrogen energy sector, investing in green methanol and methane projects, and establishing a complete industrial chain from wind and solar power to hydrogen production [6][7] - The Liao Yuan project includes a total installed capacity of 514.8 MW for grid-connected wind power and 443 MW for off-grid wind power, with a production capacity of 170,000 tons/year of methanol [6][7] Group 4: Green Methanol and Methane Production - The company plans to achieve a production capacity of 1 million tons of ISCC RFNBO standard methanol by 2030, supporting the shipping industry's carbon reduction goals [7][8] - The Liao Yuan integrated project aims to produce 100,000 tons of green methanol and 190,000 tons of green methane annually, with construction expected to be completed by Q2 2026 [7][8] Group 5: Policy Support and Financial Backing - The company has received 280 million yuan in policy financial support for its Liao Yuan and An Da projects, which is a significant endorsement of their technical feasibility and environmental value [9][10] - The national government has launched a 500 billion yuan financial tool to support green low-carbon transitions, with the company benefiting from this initiative [9][10]

Group 1 - The company reported an increase in inventory of approximately 600 million yuan in the third quarter, primarily due to the growth in raw materials and in-process inventory for hazardous waste resource projects [2] - The company provided information regarding the production of metal products, which can be found in the relevant announcements disclosed by the company [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [6]. Core Insights - The environmental monitoring and air pollution control sectors are expected to benefit from new policies and regulations aimed at enhancing air quality management and performance evaluation [17][18]. - The report highlights the importance of the ecological environment department's new guidelines for air quality performance grading, which will create a favorable environment for companies involved in air pollution control and environmental monitoring [17]. - The report emphasizes the potential for growth in the environmental sector due to low macroeconomic interest rates, recommending companies with strong cash flow and high dividend yields [2][29]. Summary by Sections Policy and Regulation - The ecological environment department has issued guidelines to strengthen air quality performance grading, establishing a four-tier evaluation system (A, B, C, D) to promote green and low-carbon transformation in key industries [10][17]. - The newly enacted Shanxi Province Environmental Protection Regulations aim to prevent and reduce pollution, which will positively impact the environmental monitoring sector [18]. Market Performance - The environmental sector has underperformed compared to the broader market, with a decline of 1.45% against a 0.37% increase in the Shanghai Composite Index [32]. - Key stocks in the environmental sector showed varied performance, with China Tianying leading gains at 9.07% while Yishida faced a significant drop of 14.39% [32]. Key Companies - Huicheng Environmental is recognized for its strong growth potential, particularly in hazardous waste management and innovative recycling projects [31]. - Gaoneng Environment is positioned as a leading environmental system service provider, focusing on solid waste and hazardous waste resource utilization [31]. - Hongcheng Environment is noted for its consistent dividend payouts and robust growth in environmental services [31].

Core Viewpoint - The company has implemented a comprehensive risk management strategy to address foreign exchange fluctuations and ensure financial stability [2] Group 1: Risk Management Measures - The company capitalizes borrowing costs related to exchange rate changes and recognizes the remaining foreign exchange differences in the current profit and loss [2] - The company optimizes fund allocation through market analysis and timing selection to mitigate the impact of immediate exchange rate fluctuations [2] - The company employs financial instruments such as foreign exchange hedging to lock in future exchange rates, ensuring financial robustness [2] - The company diversifies international currency settlements to spread the risk associated with a single currency's exchange rate [2] - The company continuously improves its internal foreign exchange risk management system to enhance overall risk identification and response capabilities, ensuring financial health [2]

Industry Overview - The carbon quota allocation mechanism is linked to production output without a total carbon emission cap, focusing on intensity-based dynamic adjustments [1][2] - The allocation mechanism is based on the experience of the power generation industry, implementing free quota distribution based on carbon emission intensity control, with total quotas dynamically associated with industry production levels [2] - New key emission units in the steel, cement, and aluminum smelting industries must complete the first quota clearance for 2024 by 2025 [1][2] Company Tracking - Longking Environmental has seen significant shareholding increases from Zijin Mining, with stable leadership transitions expected to enhance Longking's business [3] - China Water Affairs reported a revenue of HKD 5.183 billion for FY26H1, a decrease of 12.9% year-on-year, with a net profit of HKD 571 million, down 24.4% year-on-year, primarily due to a decline in connection and construction activities [3] - The company has reduced capital expenditures by 31.8% to HKD 1.243 billion in FY26H1, while maintaining a dividend of HKD 0.13 per share, resulting in a dividend yield of 4.8% [3] Solid Waste Sector Insights - The solid waste sector has shown strong fundamentals in Q3 2025, with a 12% increase in net profit and a 2.7 percentage point increase in gross margin [3] - Free cash flow in the solid waste sector reached RMB 13.3 billion in Q1-Q3 2025, a year-on-year increase of 28%, with capital expenditures down 12% [3] - The average waste incineration companies' output per ton increased by 1.8% year-on-year in H1 2025, indicating operational efficiency improvements [3] Water Sector Insights - The water sector is expected to experience a cash flow turnaround, with significant increases in free cash flow anticipated starting in 2026 [4] - Recent water price reforms in major cities like Guangzhou and Shenzhen are expected to enhance revenue and profitability for water companies [5] - Recommended companies in the water sector include Yuehai Investment and Xingrong Environment, with a focus on improving cash flow and dividend payouts [5] Industry Tracking - The sales of new energy sanitation vehicles increased by 61.32% year-on-year in the first ten months of 2025, with a penetration rate of 18.02% [6] - The average price of biodiesel remained stable, while net profits per ton have declined [6] - Lithium carbonate prices have risen, improving profitability in lithium battery recycling [6]

Core Viewpoint - The construction of "waste-free cities" is a crucial initiative for solid waste management, promoting ecological civilization, and achieving sustainable urban development, with significant progress observed in Liaocheng since the 14th Five-Year Plan [1][2]. Group 1: Solid Waste Management - Liaocheng has established a comprehensive framework focusing on institutional, market, technological, and regulatory aspects to enhance solid waste management, achieving notable results in waste reduction and resource utilization [2][3]. - The city has completed 20 key projects, including the comprehensive utilization of desulfurization gypsum and the production of new fiber-reinforced calcium silicate boards, fostering the development of "waste-free factories," "waste-free schools," and "waste-free communities" [2][3]. Group 2: Industrial Solid Waste - The city emphasizes clean production in high-energy-consuming industries, with a focus on energy, building materials, chemicals, and electroplating, leading to improved resource efficiency and reduced emissions [3]. - Liaocheng's industrial solid waste comprehensive utilization rate exceeds 75%, with successful projects recognized as typical cases for pollution reduction and carbon neutrality [3]. Group 3: Agricultural Solid Waste - Initiatives to reduce agricultural solid waste include promoting the scientific use and recycling of agricultural films, with over 220,000 acres of standard films and 30,000 acres of biodegradable films utilized [4]. - The city has established 11 model bases for the resource utilization of livestock manure, achieving a stable resource utilization rate of over 90% [4][5]. Group 4: Living Source Solid Waste - The city has implemented a waste classification system, covering approximately 150,000 residents and 3,000 commercial establishments, achieving a resource utilization rate of 87% for urban household waste [5][6]. - New green building standards have been adopted, with over 2 million square meters of new residential buildings constructed since 2022, including 55.04% of prefabricated buildings [5][6]. Group 5: Recycled Resources - Liaocheng has developed a robust recycling network with 260 registered recycling enterprises, focusing on various materials such as metals, plastics, and paper [7]. - The city is exploring new recycling models, including "Internet + recycling" platforms for electronic waste, enhancing the efficiency of resource recovery [7].