Group 1 - The core point of the news is that Dechang Environmental Protection (德创环保) announced the release of 2.25 million shares from pledge by its controlling shareholder, Deneng Holdings, which has a total of 40.7 million shares pledged, accounting for 46.28% of its holdings [1] - As of the announcement date, Deneng Holdings has pledged a total of 40.7 million shares, which represents 46.28% of its total shareholding [1] - For the year 2024, Dechang Environmental Protection's revenue composition is entirely from the environmental protection industry, with a 100% share [1] Group 2 - The market capitalization of Dechang Environmental Protection is reported to be 2.7 billion yuan [2] - The strategic placement of Dapeng Industrial has resulted in significant gains for its controlling shareholder, with a subscription price of 9 yuan and a first-day listing price of 118 yuan, leading to a profit of 24.92 million yuan for the controlling shareholder and his brother [2]

Core Insights - The stockholders of Huige Environmental (02613) deposited shares into Jietong Securities, with a market value of HKD 19.8762 million, accounting for 7.33% of the total [1] Financial Performance - For the six months ending June 30, 2025, Huige Environmental reported revenue of RMB 143 million, a year-on-year decline of 57.4% [1] - The profit attributable to the owners of the company was RMB 6.945 million, representing a year-on-year decrease of 91.6% [1] - The basic earnings per share were RMB 0.18 [1]

Core Viewpoint - The recent performance of Huige Environmental (02613) shows a significant decline in both revenue and profit, indicating potential challenges ahead for the company [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 143 million RMB, a decrease of 57.4% year-on-year [1] - The profit attributable to the owners of the company was 6.945 million RMB, down 91.6% compared to the previous year [1] - Basic earnings per share were reported at 0.18 RMB [1] Shareholder Activity - On November 19, shareholders of Huige Environmental deposited shares into Jietong Securities, with a market value of 19.8762 million HKD, representing 7.33% of the total shares [1]

Core Viewpoint - Dino's Environmental (01452) has proposed a new stock option plan aimed at attracting and retaining top talent within the organization, which will be subject to shareholder approval on November 19, 2025 [1] Summary by Relevant Sections - **New Stock Option Plan**: The board has decided to adopt a new stock option plan in accordance with Listing Rule Chapter 17, which is designed to provide additional incentives to eligible participants [1] - **Purpose of the Plan**: The new stock option plan aims to motivate eligible participants to enhance their performance and efficiency, thereby contributing to the overall success of the group [1] - **Long-term Growth and Profitability**: The plan is intended to attract and retain participants who are crucial to the long-term growth and profitability of the group [1]

Company Summary - Han Jian He Shan has won a bid for a water supply project, with a procurement amount of approximately 388 million yuan [1] - The company's revenue composition for the year 2024 is as follows: construction materials account for 77.76%, environmental industry for 21.96%, and other businesses for 0.28% [1] - As of the report, the market capitalization of Han Jian He Shan is 2.3 billion yuan [1]

Core Viewpoint - The company reported a significant turnaround in its financial performance for the six months ending September 30, 2025, achieving a profit after a previous loss, driven by increased revenue and improved gross margins [1] Financial Performance - The company generated revenue of HKD 26.498 million, representing a year-on-year increase of 27.9% [1] - The profit attributable to shareholders was HKD 1.013 million, compared to a loss of HKD 5.937 million in the same period last year [1] - Basic earnings per share were HKD 0.14 cents [1] Operational Highlights - The turnaround in performance was attributed to revenue growth and an increase in gross margin [1] - There was a notable increase in operational income from markets outside Hong Kong, including mainland China, Macau, and Southeast Asia [1] - The implementation of more effective cost control measures led to a reduction in administrative expenses [1]

截至发稿，艾布鲁市值为56亿元。 （记者 曾健辉） 每经AI快讯，艾布鲁（SZ 301259，收盘价：35.89元）11月18日晚间发布公告称，持有湖南艾布鲁环保 科技股份有限公司股份约4816万股（占公司总股本比例为30.88%）的控股股东、实际控制人钟儒波计 划在本减持计划公告之日起十五个交易日后的三个月内以集中竞价或大宗交易方式减持公司股份不超过 468万股（占公司总股本比例为3%）。其中，在任意连续90个自然日内通过集中竞价交易减持的股份总 数不超过公司总股本的1%；任意连续90个自然日内通过大宗交易方式减持的股份总数不超过公司总股 本的2%。 每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 2024年1至12月份，艾布鲁的营业收入构成为：环保行业占比100.0%。 ...

Group 1 - The company Sains announced that 31.48 million restricted shares will be unlocked and listed for trading on November 26, 2025, accounting for 33.0235% of the total share capital [1] - As of the report date, the market capitalization of Sains is 5.1 billion yuan [3] Group 2 - For the year 2024, the revenue composition of Sains is as follows: 99.7% from the environmental protection industry and 0.3% from other businesses [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company plans to issue up to 800 million shares to return to A-share market, which is expected to enhance long-term value [6]. - The issuance is anticipated to have limited dilution on profits, as the company’s operational business is steadily growing, and financial costs are being optimized [6]. - The company has turned positive in free cash flow since 2024, with expectations for continued improvement [6]. - The dividend policy remains stable, with a proposed mid-term dividend of 0.15 HKD per share for 2025, reflecting a dividend payout ratio of 42% [6]. - The A-share issuance is expected to optimize the company's capital structure and improve its valuation in the long term [6]. - The report forecasts net profit attributable to ordinary shareholders for 2025-2027 at 3.589 billion, 3.810 billion, and 4.055 billion HKD, respectively, with corresponding PE ratios of 8, 8, and 7 [6]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: 32,090 million, 30,258 million, 29,976 million, 30,938 million, and 31,954 million HKD, with a decline in growth rates from -14.02% in 2023 to 3.28% in 2027 [3][7]. - Net profit attributable to ordinary shareholders is projected to decrease from 4,429 million HKD in 2023 to 3,377 million HKD in 2024, before recovering to 4,055 million HKD by 2027 [3][7]. - The company’s return on equity (ROE) is expected to gradually improve from 9.20% in 2023 to 7.35% in 2027 [3][7].

（记者 王晓波） 截至发稿，韩建河山市值为24亿元。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 每经AI快讯，韩建河山（SH 603616，收盘价：6.14元）11月14日晚间发布公告称，公司第五届第一次 董事会临时会议于2025年11月14日以现场结合通讯方式召开。会议审议了《关于聘任公司董事会秘书的 议案》等文件。 2024年1至12月份，韩建河山的营业收入构成为：建材占比77.76%，环保行业占比21.96%，其他业务占 比0.28%。 ...