Core Viewpoint - Wandes, established in 2007 and listed in 2020, is a leader in organic waste and industrial wastewater treatment in China, with a full industry chain service capability and multiple core technologies and patents [1] Group 1: Business Performance - For Q3 2025, Wandes reported revenue of 362 million yuan, ranking 31st among 35 companies in the industry, with the industry leader, Zhejiang Fu Holdings, generating 16.155 billion yuan [2] - The company's net profit for the same period was -39.772 million yuan, placing it 29th in the industry, while the top performer, Weiming Environmental, achieved a net profit of 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wandes had a debt-to-asset ratio of 50.59%, higher than the previous year's 45.90% and above the industry average of 50.06% [3] - The company's gross profit margin for Q3 2025 was 14.36%, significantly lower than the previous year's 30.28% and below the industry average of 25.02% [3] Group 3: Executive Compensation - The chairman, Liu Jun, received a salary of 472,800 yuan in 2024, an increase of 16,000 yuan from 2023 [4] - The general manager, Chen Can, earned 472,800 yuan in 2024, which is an increase of 76,300 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.74% to 3,714, while the average number of circulating A-shares held per account increased by 13.30% to 22,900 [5]

Core Insights - The company, Conglin Technology, was established on July 31, 2017, and went public on August 25, 2022, on the Shanghai Stock Exchange, focusing on hazardous waste treatment and resource utilization in China [1] Group 1: Business Performance - For Q3 2025, Conglin Technology reported revenue of 387 million yuan, ranking 29th out of 35 in the industry, significantly lower than the industry leader, Zhejiang Fu Holdings, which reported 16.155 billion yuan [2] - The net profit for the same period was 7.0834 million yuan, placing the company 25th in the industry, far behind the top performer, Weiming Environmental, which had a net profit of 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Conglin Technology's debt-to-asset ratio was 14.79%, a decrease from 18.10% in the previous year, indicating strong solvency compared to the industry average of 50.06% [3] - The company's gross profit margin for Q3 2025 was 24.29%, down from 35.89% year-on-year, and slightly below the industry average of 25.02% [3] Group 3: Executive Compensation - The chairman, Song Le Ping, received a salary of 1.5548 million yuan in 2024, a decrease of 79,100 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 22.53% to 8,118, while the average number of circulating A-shares held per account increased by 29.08% to 5,389.15 [5]

Core Viewpoint - Dadi Ocean, established in 2003 and listed in 2021, specializes in hazardous waste treatment and has a technological advantage in resource utilization and harmless disposal of hazardous waste [1] Group 1: Business Performance - In Q3 2025, Dadi Ocean reported revenue of 1.016 billion yuan, ranking 25th among 35 companies in the industry, with the industry leader, Zhejiang Fu Holdings, generating 16.155 billion yuan [2] - The net profit for the same period was -11.645 million yuan, placing the company 26th in the industry, while the top performer, Weiming Environmental, achieved a net profit of 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Dadi Ocean's debt-to-asset ratio was 50.36%, higher than the previous year's 38.31% and slightly above the industry average of 50.06% [3] - The gross profit margin for Q3 2025 was 10.68%, significantly lower than the previous year's 20.61% and below the industry average of 25.02% [3] Group 3: Executive Compensation - Chairman Tang Weizhong's salary for 2024 was 1.2068 million yuan, unchanged from 2023 [4] - General Manager Guo Shuizhong's salary for 2024 was 1.107 million yuan, an increase of 50,000 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.26% to 3,825, while the average number of circulating A-shares held per shareholder increased by 4.44% to 26,300 [5]

Core Viewpoint - Wangneng Environment is a leading enterprise in the domestic waste incineration power generation sector, focusing on waste incineration power generation with significant investment value due to its full industry chain advantages and technological barriers [1] Group 1: Business Performance - For Q3 2025, Wangneng Environment reported revenue of 2.555 billion yuan, ranking 16th among 35 peers, below the industry average of 3.334 billion yuan [2] - The net profit for the same period was 557 million yuan, ranking 12th in the industry, exceeding the average net profit of 369 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 49.43%, lower than the previous year's 53.68% and below the industry average of 50.06%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 41.26%, up from 39.01% year-on-year and higher than the industry average of 25.02%, reflecting good profitability [3] Group 3: Executive Compensation - The chairman, Shan Chao, received a salary of 791,600 yuan in 2024, a decrease of 240,900 yuan from 2023 [4] - The general manager, Song Ping, saw an increase in salary from 629,700 yuan in 2023 to 665,500 yuan in 2024, an increase of 35,800 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.12% to 16,700, while the average number of circulating A-shares held per shareholder decreased by 1.11% to 25,800 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 5.1176 million shares, a decrease of 3.2799 million shares from the previous period [5] Group 5: Business Highlights - Wangneng Environment's waste incineration projects are mostly operational, achieving organic growth through "quality improvement and efficiency enhancement" [5] - The company has seen steady growth in revenue and gross profit margin from household and kitchen waste disposal [5] - The company is expanding into diverse sectors, with the completion of the "Zero Carbon Intelligent Computing Center" filing for the South Taihu project and signing a contract for a waste incineration plant project in Vietnam [5] Group 6: Analyst Ratings - Guotai Junan Securities maintains a "buy" rating, projecting net profits of 597 million, 631 million, and 678 million yuan for 2025-2027, with a target price of 21.39 yuan based on a 15.5x PE ratio [5] - Haitong Securities also maintains an "overweight" rating, expecting net profits of 688 million, 718 million, and 754 million yuan for the same period, with a target price of 23.45 yuan based on a 15x PE ratio [6]

Core Viewpoint - Feima International, established in 1998 and listed in 2008, specializes in supply chain management services and environmental new energy business, holding a competitive advantage in comprehensive service within the industry [1] Group 1: Business Performance - For Q3 2025, Feima International reported revenue of 162 million yuan, ranking 34th among 35 companies in the industry, with the industry leader, Zhejiang Fuhua Holdings, generating 16.155 billion yuan [2] - The company's net profit for the same period was 14.006 million yuan, placing it 24th in the industry, while the top performer, Weiming Environmental, achieved a net profit of 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Feima International's debt-to-asset ratio was 32.23%, significantly lower than the industry average of 50.06%, indicating strong solvency [3] - The company's gross profit margin improved to 32.05% from 24.17% year-on-year, surpassing the industry average of 25.02% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 47.02% to 124,700, while the average number of circulating A-shares held per shareholder decreased by 31.98% to 21,300 [5] - Hong Kong Central Clearing Limited emerged as the third-largest circulating shareholder, holding 29.1566 million shares as a new shareholder [5] Group 4: Executive Compensation - The chairman, Zhao Libin, received a salary of 720,000 yuan in 2024, an increase of 60,000 yuan from 2023 [4]

Core Viewpoint - The company, established in 2001 and listed in 2010, is a leading player in the energy-saving and environmental protection sector in China, with a comprehensive service capability across the entire industry chain [1] Group 1: Business Overview - The main business includes energy-saving and environmental protection equipment, electrical special equipment, air pollution reduction, environmental efficiency monitoring (smart environment), and big data services [1] - The company is categorized under the environmental governance sector, specifically in solid waste management, and is associated with concepts such as rural revitalization, PM2.5, low-cost nuclear fusion, superconductivity, and nuclear power [1] Group 2: Financial Performance - As of Q3 2025, the company's revenue reached 4.42 billion yuan, ranking 10th among 35 companies in the industry, with the industry leader, Zhejiang Fu Holdings, generating 16.155 billion yuan [2] - The net profit for the same period was 908 million yuan, placing the company 5th in the industry, while the top performer, Weiming Environmental, reported a net profit of 2.238 billion yuan [2] Group 3: Financial Ratios - The company's debt-to-asset ratio stood at 52.52% in Q3 2025, a decrease from 54.42% year-on-year, yet still above the industry average of 50.06% [3] - The gross profit margin was 38.67%, an increase from 37.80% year-on-year, and significantly higher than the industry average of 25.02% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.01% to 23,100, while the average number of circulating A-shares held per shareholder decreased by 3.85% to 44,200 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 10.2667 million shares, a decrease of 1.9004 million shares from the previous period [5]

Core Viewpoint - Green Power is a leading enterprise in the domestic waste incineration power generation industry, focusing on waste incineration technology and possessing a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Green Power's revenue reached 2.582 billion yuan, ranking 15th among 35 peers, while the industry leader, Zhejiang Fu Holdings, reported revenue of 16.155 billion yuan [2] - The net profit for the same period was 648 million yuan, placing the company 10th in the industry, with the top performer, Weiming Environmental, achieving a net profit of 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Green Power's debt-to-asset ratio was 59.83%, down from 61.55% year-on-year, exceeding the industry average of 50.06% [3] - The gross profit margin for the same period was 48.63%, an increase from 45.44% year-on-year, significantly higher than the industry average of 25.02% [3] Group 3: Leadership - Cheng Suning, born in 1984, has a strong financial background and has held various managerial positions in state-owned enterprises before becoming the general manager of Green Power in February 2025 and later the chairman [4] Group 4: Shareholder Information - As of June 30, 2018, Green Power had 98,100 A-share shareholders, with an average holding of 1,184.87 shares. By September 30, 2025, the number of top ten circulating shareholders included Hong Kong Central Clearing Limited, which reduced its holdings by 5.4122 million shares [5] Group 5: Analyst Insights - Changjiang Securities noted that Green Power's revenue and net profit both grew in the first three quarters of 2025, with Q3 heating volume doubling year-on-year. The company is entering a pure operation phase with increases in waste intake, power generation, and steam supply [6] - Dongwu Securities highlighted a 24% year-on-year increase in net profit for Q1-Q3 2025, driven by increased revenue from heating and waste volume, alongside a 17% reduction in financial costs [6]

Core Viewpoint - Yongxing Co., Ltd. is a leading waste treatment company in Guangzhou, focusing on waste incineration power generation, with high capacity utilization and cost control advantages [1] Group 1: Company Overview - Yongxing Co., Ltd. was established on May 21, 2009, and is listed on the Shanghai Stock Exchange as of January 18, 2024 [1] - The company is categorized under the environmental protection industry, specifically in waste management, and is involved in waste incineration power generation and biomass treatment [1] Group 2: Financial Performance - For Q3 2025, Yongxing reported revenue of 3.25 billion yuan, ranking 13th in the industry, while the net profit was 758 million yuan, ranking 9th [2] - The industry leader, Zhejiang Fu Holdings, had a revenue of 16.155 billion yuan, and the average revenue in the industry was 3.334 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Yongxing's debt-to-asset ratio was 57.27%, higher than the industry average of 50.06% [3] - The gross profit margin for Q3 2025 was 43.82%, exceeding the industry average of 25.02% [3] Group 4: Management and Shareholder Information - The total compensation for General Manager Tan Qiang in 2024 was 1.4541 million yuan, an increase of 440,500 yuan from 2023 [4] - The largest shareholder is Guangzhou Environmental Investment Group, with the actual controller being the Guangzhou Municipal Government [4] Group 5: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 3.42% to 29,400 [5] - The average number of circulating A-shares held per shareholder increased by 3.54% to 8,174.39 [5] Group 6: Business Highlights and Future Outlook - The increase in revenue and net profit for the first three quarters of 2025 was attributed to higher waste intake and the consolidation of Jiejin Company [5] - Forecasts for 2025-2027 project revenues of 4.134 billion yuan, 4.387 billion yuan, and 4.751 billion yuan, with net profits of 932 million yuan, 1.062 billion yuan, and 1.170 billion yuan respectively [5] - East Wu Securities noted improvements in gross margin and return on equity, with a decrease in capital expenditure and a 16.9% increase in free cash flow [6]

Core Viewpoint - Feinan Resources, a leading hazardous waste disposal and recycling company in the non-ferrous metal sector, was listed on the Shenzhen Stock Exchange on September 21, 2023, showcasing its full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Feinan Resources achieved a revenue of 10.707 billion, ranking 2nd in the industry out of 35 companies, surpassing the industry average of 3.334 billion and the median of 2.4 billion [2] - The net profit for the same period was 217 million, placing the company 17th in the industry, below the average net profit of 369 million and the median of 213 million [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Feinan Resources was 62.30%, an increase from 60.88% in the previous year and above the industry average of 50.06% [3] - The gross profit margin was reported at 6.28%, down from 8.16% year-on-year and significantly lower than the industry average of 25.02% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 50.10% to 16,700, while the average number of circulating A-shares held per account decreased by 6.73% to 8,416.41 [5]

Core Insights - The stock price of Shandong Huangan Energy Co., Ltd. increased by 2.42% on October 31, reaching 6.76 CNY per share, with a total market capitalization of 3.152 billion CNY [1] - The company has seen a year-to-date stock price increase of 31.77%, with a slight increase of 0.90% over the last five trading days [1] Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.036 billion CNY, a year-on-year decrease of 0.50%, while the net profit attributable to shareholders increased by 546.90% to 52.61 million CNY [2] - The main revenue sources for the company include oil product processing and sales (51.67%), heating services (24.29%), and environmental harmless treatment (23.76%) [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.21% to 17,300, with an average of 26,649 circulating shares per shareholder, an increase of 6.62% [2] - Notable changes in institutional holdings include an increase in shares held by HSBC Jintrust Small Cap Stock and the entry of Xin'ao Cycle Power Mixed A as a new shareholder [3]