Core Viewpoint - The company is focusing on high-quality development in the environmental equipment manufacturing industry, driven by policy support, technological innovation, and market demand, aiming to enhance its competitive advantage and expand its market presence by 2030 [2][4]. Industry Development - The environmental equipment manufacturing industry is expected to grow significantly, with a target to create a trillion-level industry by 2027, improving market share of advanced technology equipment and addressing supply chain weaknesses [2]. - By 2030, the industry aims to upgrade from traditional pollution control to green, low-carbon, and circular development [2]. Company Performance - The company reported a significant decline in revenue for Q1 2025, with a main revenue of 260 million yuan, down 58.44% year-on-year, and a net profit loss of approximately 10.44 million yuan, a decrease of 115.64% [12]. - The company is actively optimizing its business structure and focusing on core industrial sectors to improve resource allocation efficiency and enhance performance [4]. Market Position and Orders - The company achieved an industrial segment revenue of approximately 992.88 million yuan, accounting for 62.38% of total revenue, with a year-on-year increase of 29.15% [10]. - The company has a backlog of industrial equipment orders worth about 1.741 billion yuan, including 1.158 billion yuan from overseas clients, primarily in the paper industry [10][11]. Strategic Initiatives - The company plans to strengthen cooperation with key clients in industrial wastewater and clean production sectors, while also exploring new market opportunities and expanding into new areas such as hazardous waste and smart environmental protection equipment [6]. - Following the acquisition of control by Nanhua Group, the company expects to benefit from enhanced technical and market resources, which will improve its competitive position and profitability [8][9].

Core Insights - The Ministry of Industry and Information Technology, Ministry of Ecology and Environment, and State Administration for Market Regulation have jointly issued opinions to promote high-quality development in the environmental protection equipment manufacturing industry, focusing on addressing weak links in the industry chain and enhancing core technology capabilities [1] Industry Summary - The environmental protection equipment manufacturing industry is facing challenges due to reliance on imported core technologies, particularly in the production of high-power mercury lamps used in large ultraviolet disinfection equipment [3] - The current international trade environment and supply chain risks have exacerbated the instability of import channels, leading to increased procurement costs and hindering the domestic manufacturing capabilities of large ultraviolet disinfection equipment [3] Company Summary - Guangmingyuan has over 20 years of experience in the ultraviolet technology application field, focusing on the research and manufacturing of ultraviolet light sources, and is actively responding to national policy directions by increasing R&D investment [4] - Guangmingyuan's self-developed high-power mercury lamps are applicable in various water treatment scenarios, including municipal sewage, industrial wastewater, drinking water, and aquaculture [5] - The company emphasizes the importance of continuous technological breakthroughs in domestic high-power mercury lamp technology as a testament to the process of technological autonomy and its commitment to ecological protection and sustainable development [7]

Group 1: Industry Outlook - The environmental equipment manufacturing industry is driven by policy incentives, technological innovation, and market demand, moving towards high-quality development [3] - By 2027, the market share of advanced technology equipment is expected to significantly increase, with key areas' industrial chain weaknesses addressed [3] - By 2030, the industry will upgrade from traditional pollution control to green, low-carbon, and circular development [3] Group 2: Company Performance - In 2024, the industrial segment achieved revenue of 992.88 million RMB, accounting for 62.38% of total revenue, a year-on-year increase of 29.15% [11] - The company has approximately 1.741 billion RMB in industrial equipment orders, including 1.158 billion RMB in overseas orders, primarily from leading domestic and international paper companies [11] - The company has maintained a high market share in Southeast Asia, with 70% of new overseas industrial orders coming from this region [13] Group 3: Financial Health and Growth Strategies - The company is focused on optimizing its business structure and enhancing resource allocation efficiency to improve performance [5] - Efforts are being made to recover accounts receivable and strengthen risk management while exploring new market opportunities [5] - The company aims to achieve profitability through internal collaboration, improving product quality, and expanding into new markets such as hazardous waste and smart environmental protection [7] Group 4: Corporate Governance and Control - The acquisition of control by Guangxi State-owned Assets has led to the introduction of strategic resources to enhance the company's competitiveness [9][10] - The company is committed to ensuring employee rights and addressing issues related to salary and social security payments [8] Group 5: Risk Management - The company has not triggered delisting conditions despite four consecutive years of losses and is actively taking measures to improve its operational situation [12]

Core Viewpoint - The environmental equipment manufacturing industry is a crucial part of the ecological and environmental protection industry, essential for green and low-carbon transformation and the construction of a beautiful China, necessitating enhanced technological innovation and a more complete and efficient supply system for environmental technology equipment [1][2][3] Group 1: Industry Development - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry, aiming to upgrade from traditional pollution control to green, low-carbon, and circular development, creating a trillion-yuan industry with international competitive advantages [1][2] - The environmental equipment manufacturing industry's total output value has seen a compound annual growth rate of nearly 6% since the 13th Five-Year Plan, projected to reach 920 billion yuan by 2024 [2] Group 2: Challenges and Opportunities - Traditional environmental industry technologies, equipment, and materials are increasingly inadequate to meet current dual-carbon goals and the needs of building a beautiful China, with a growing demand for more refined and complex pollution control solutions [2][3] - The industry faces challenges such as weak innovation capabilities, severe product homogeneity, and difficulties in promoting advanced technology equipment [2][3] Group 3: Strategic Focus - To accelerate the high-quality development of the environmental equipment manufacturing industry, it is crucial to focus on demand-driven innovation, addressing bottlenecks in the supply chain, and promoting the research and development of key environmental technologies and equipment [3] - The industry should leverage new technologies like 5G and artificial intelligence in design, manufacturing, pollution control, and environmental monitoring to drive digital and intelligent transformation [3] - Strengthening the conversion of scientific and technological achievements and focusing on key links in the industrial chain will enhance the application of innovative products in key industries, enterprises, and major projects [3]

Core Viewpoint - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation have issued opinions to promote the high-quality development of the environmental equipment manufacturing industry, aiming to establish it as a trillion-level industry with international competitive advantages [2] Group 1: Policy and Market Opportunities - The environmental equipment manufacturing industry is expected to benefit from multiple opportunities in the next 5-10 years, driven by policy guidance, innovation, and market demand [2] - The 2025 Environmental Technology Conference highlighted the importance of transitioning environmental equipment from pollution control tools to green economic engines, with market size projected to reach trillions [2] Group 2: Importance of Pilot Testing Platforms - The opinions emphasize the establishment of pilot testing platforms for high-performance water treatment membranes, VOC treatment equipment, and new pollutant detection devices, encouraging leading enterprises to participate [4] - The lack of impactful research results and collaborative mechanisms in the environmental technology sector highlights the need for pilot testing to bridge the gap between research and market application [5] Group 3: Industry Growth and Innovation - The environmental equipment manufacturing industry has seen a compound annual growth rate of nearly 6% since the 13th Five-Year Plan, with a projected output value of 920 billion yuan by 2024 [6] - The industry is undergoing a transformation from relying on traditional infrastructure investment to focusing on technological innovation as the core driver of new productive forces [6][7] Group 4: Strategic Recommendations for Enterprises - Enterprises are advised to focus on structural changes, avoid sticking to traditional fields, and actively engage in innovation and market expansion [3][7] - Building a collaborative innovation ecosystem involving government, industry, academia, and research institutions is essential for addressing green and low-carbon technology challenges [7]

证券代码：688335 证券简称：复洁环保 公告编号：2025-011 上海复洁环保科技股份有限公司 关于变更公司名称、经营范围及修订《公司章程》 部分条款的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海复洁环保科技股份有限公司（以下简称"公司"）于2025年3月27日召 开了第四届董事会第六次会议，审议通过了《关于变更公司名称、经营范围及修 订 <公司章程> 部分条款的议案》。现将有关情况公告如下： 一、关于变更公司名称情况 公司长期致力于节能低碳领域先进技术与高端装备的研发和应用，已从传统 的先进环保装备制造企业转型为节能低碳高端装备与综合解决方案提供商。公司 基于战略规划以及经营发展需要，为更全面、客观、准确地反映公司业务现状、 产业布局及未来发展规划，进一步强化企业核心价值与品牌形象，拟对公司名称 进行变更，公司证券简称及证券代码保持不变。具体变更情况如下： 内容 变更前 变更后 中文 上海复洁环保科技股份有限公司 上海复洁科技股份有限公司 名称 英文 Shanghai CEO Environmenta ...

Core Viewpoint - The company has implemented a "Quality Improvement and Efficiency Enhancement" action plan for 2025 to enhance operational efficiency, strengthen market competitiveness, and protect investor interests amidst significant challenges in the traditional environmental protection industry [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 186.8961 million yuan, a decrease of 67.56% year-on-year [2] - The net profit attributable to shareholders was -50.3817 million yuan, down 150.36% from the previous year [2] - Total assets at the end of the reporting period were 1.3742299 billion yuan, a decline of 10.38% from the beginning of the period [2] Group 2: Market Development - The company has focused on key domestic markets such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing brand recognition and optimizing product structure [2][3] - New orders and backlog orders at the end of 2024 showed significant growth, including a successful contract for the Shenzhen Futian Water Purification Plant Phase II project [2] Group 3: Research and Development - The company employed 98 R&D personnel, accounting for 42.06% of total staff, with R&D investment of 33.896 million yuan, a year-on-year increase of 5.55% [4] - The company obtained 10 invention patents during the reporting period, marking a historical high for annual patent grants [4] Group 4: Technological Innovation - The company established the "NICE-Revive Environmental Protection Joint Innovation Center" to focus on key technologies in the green low-carbon field [5] - The company has developed advanced technologies such as high-temperature water source heat pumps and solid-state hydrogen storage technology, which are expected to become new profit growth points [6] Group 5: ESG and Sustainability - The company integrates ESG principles into its development strategy, focusing on green low-carbon business and enhancing R&D investment in green products [6] - The company’s subsidiary, Jie Carbon Technology, has assisted multiple enterprises in obtaining green factory certifications and has been involved in various carbon reduction projects [8] Group 6: Internal Management and Governance - The company has strengthened internal controls and compliance management, enhancing its governance structure to protect investor rights [9][12] - The company received multiple awards for its governance practices, reflecting its commitment to high-quality development and compliance [13] Group 7: Investor Relations - The company emphasizes transparent communication with investors, providing updates through various channels and maintaining a stable cash dividend policy [14][15] - A share repurchase plan was executed to enhance investor confidence, with 2.66 million shares repurchased, accounting for 1.80% of total shares [14] Group 8: Future Outlook - The company plans to focus on core business areas, enhance operational efficiency, and leverage technological innovation to drive growth in the green low-carbon sector [28] - The 2025 action plan includes strategies for cost management, asset efficiency, and market expansion, particularly in international markets [16][17]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4]. Core Insights - The report emphasizes the high-quality development of the environmental equipment manufacturing industry, aiming to create a trillion-level industry with international competitiveness by 2027 [2][16]. - It highlights the synergy between computing power and electricity, particularly in the context of data centers, which require substantial and reliable electricity supply [18][20]. - The report suggests that the profitability of coal-fired power generation is expected to remain reasonable due to the simultaneous decline in coal and electricity prices [28]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.59%, while the public utility index increased by 2.19% and the environmental index by 2.53% [1][29]. - Among the sub-sectors, coal-fired power saw a 3.39% increase, while renewable energy generation rose by 1.48% [31]. Important Policies and Events - The Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the State Administration for Market Regulation jointly issued opinions to promote the high-quality development of the environmental equipment manufacturing industry [2][16]. - By 2030, the report anticipates a complete upgrade of the environmental equipment manufacturing industry towards green, low-carbon, and circular development [2]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable electricity prices [3][28]. - For renewable energy, leading companies such as Longyuan Power and Three Gorges Energy are recommended, alongside regional offshore wind power companies [3][28]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved free cash flow [3][28]. Industry Dynamics - The report notes that the electricity and heat production and supply industry prices fell by 0.8% year-on-year in February 2025 [17]. - It highlights the increasing importance of green electricity and nuclear power in meeting the energy demands of data centers [24][21]. Company Performance - The report lists several companies with "Outperform" ratings, including Huadian International, Longyuan Power, and China Nuclear Power, among others, indicating their strong market positions and growth potential [6][28].

证券研究报告 目 录 CATALOGUE 生产投资向好，地产成交回暖 地产 消费 价格 生产&基建 出行 04 05 01 02 03 00 政策 中观数据周报 投资要点 KEY POINTS 1 • 国内政策：专项债收储工作规范明确；发展消费金融提振消费。中央层面，国务院常务会议讨论通过《国务院2025年重点工作分工方 案》，李强总理在国务院第八次全体会议上强调更加注重加大政策力度和激发市场力量良性互动、协同发力。实施好更加积极有为的宏 观政策。产业层面，《促进环保装备制造业高质量发展若干意见》印发。金融财税层面，自然资源部就做好运用地方政府专项债券支持 土地储备有关工作出台通知，在发债要求、申报审核等方面做出明确要求。国家金融监督管理总局要求金融机构大力发展消费金融，助 力提振消费。 • 生产&基建：高频指标呈现向好态势。本周高炉、螺纹钢、涤纶长丝开工率持续提高，PTA、沥青开工率反弹，动力煤日耗相对稳定，但 建筑资金到位率仍处于低位。总体上看生产、基建相关高频指标有向好趋势。 • 地产：新房、二手房成交回暖。本周30城新房成交面积季节性回升，一线城市回升明显。9城二手房成交面积短暂回落后转向上行，体现 ...

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of new materials in supporting other industries [4][18]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Significant developments include a strategic partnership between ASML and imec to advance semiconductor research and sustainable innovation, covering all of ASML's product lines [7][39]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [9]. - The eVTOL (electric Vertical Take-Off and Landing) market is emerging as a new trend in aviation technology, with expectations for the Chinese market to reach nearly 1 billion yuan in 2023 and exceed 10 billion yuan by 2026 [10]. 3. New Energy Sector - The report highlights solar photovoltaic, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials as key focus areas [11]. - The U.S. solar market is projected to install nearly 50 GW in 2024, a 21% increase from 2023, with solar power accounting for 66% of new generation capacity [12]. 4. Biotechnology Sector - The focus is on synthetic biology and scientific services [13]. - Recent initiatives in Suzhou aim to accelerate the development of the biomanufacturing industry, particularly in biopharmaceuticals and bio-based materials [14]. 5. Energy Conservation and Environmental Protection Sector - Key materials include adsorbent resins, membrane materials, and biodegradable plastics [15]. - The Ministry of Industry and Information Technology has issued guidelines to promote high-quality development in the environmental protection equipment manufacturing sector [17]. 6. Key Company and Earnings Forecast - The report provides earnings forecasts for several key companies, indicating a positive outlook for companies like Ruihua Tai and Guangwei Composite, with expected EPS growth in the coming years [19].