（文章来源：证券日报） 证券日报网讯 9月22日晚间，复洁环保发布公告称，公司拟与上海市科学技术委员会签订《战略前沿专 项项目任务合同书》，由公司作为牵头承担单位，联合多家单位共同开展沼气全碳定向转化制绿色甲醇 关键技术与中试验证的专项科研项目，就沼气制绿色燃料技术发展与产业化进程进行研究。 ...

Core Points - The company, Fuzhi Environmental Protection (688335.SH), plans to sign a "Strategic Frontier Special Project Task Contract" with the Shanghai Municipal Science and Technology Commission to lead a research project on the key technology and pilot verification for the conversion of biogas into green methanol [1][2] - The project aims to innovate technology, conduct pilot verification, and promote the industrial application of green fuels, particularly focusing on utilizing resources from urban sewage plants and landfills [1] - The total special funding expected from the task contract is up to 34.52 million yuan, with the company as the leading party [2] Funding and Implementation - The company, along with collaborating research units, will orderly conduct research and experiments under the special project, with funding disbursed in batches based on performance assessments by the Shanghai Municipal Science and Technology Commission [2] - There is uncertainty regarding the successful implementation and acceptance of the project, as well as the final amount of special funding the company and its partners will receive [2]

Core Viewpoint - Company plans to sign a strategic project contract with the Shanghai Municipal Science and Technology Commission to lead a research project on the key technology and pilot verification of green methanol production from biogas [1][2] Group 1: Project Overview - The project aims to innovate technology, conduct pilot verification, and promote the industrial application of green fuels, specifically green methanol derived from resources like sewage, sludge, and waste [1] - The total special funding expected from the project is up to 34.52 million yuan [2] Group 2: Implementation and Funding - The company will collaborate with several research units to carry out the project, with the Shanghai Municipal Science and Technology Commission managing the funding based on project milestones [2] - There is uncertainty regarding the successful implementation and acceptance of the project, as well as the final amount of special funding the company and its partners will receive [2]

Group 1 - The company plans to sign a strategic project contract with the Shanghai Municipal Science and Technology Commission to lead a research project on the key technology and pilot verification of green methanol production from biogas [1] - The project aims to innovate technology, conduct pilot verification, and promote the industrial application of green fuels, particularly focusing on the efficient production of green methanol from urban sewage plants and waste [1] - Successful signing of the contract is expected to positively impact the company's efforts in advancing the industrialization of green fuels, aligning with its strategic development goals [1] Group 2 - The total special funding expected from the contract is up to 34.52 million yuan [2] - The company will lead the research and experiments in collaboration with other research units, with funding disbursed in phases based on performance assessments by the Shanghai Municipal Science and Technology Commission [2] - There is uncertainty regarding the successful implementation and acceptance of the project, as well as the final amount of special funding the company and its partners will receive [2]

Core Viewpoint - Qidi Environment announced the resignation of employee representative supervisor Hu Ying due to personal reasons, and Qi Zhiping has been elected as the new employee representative supervisor for the 11th Supervisory Board [1] Group 1: Company Changes - Hu Ying has resigned from her position as employee representative supervisor and will no longer hold any position in the company after her resignation [1] - Qi Zhiping has been elected as the new employee representative supervisor through a hand vote by the employee representatives, with a term aligned with the 11th Supervisory Board [1] Group 2: Financial Performance - For the first half of 2025, Qidi Environment's revenue composition is as follows: sanitation business accounts for 53.48%, water supply and sewage treatment business accounts for 23.37%, municipal construction revenue accounts for 18.0%, environmental equipment installation and consulting accounts for 4.11%, and other businesses account for 1.04% [1] - As of the report date, Qidi Environment has a market capitalization of 3.3 billion yuan [1]

Core Viewpoint - High Energy Environment announced the release of 7,000,000 shares from pledge by Mr. Li Weiguo, which represents 0.46% of the company's total share capital and 2.66% of his personal holdings [1] Company Summary - As of the announcement date, Mr. Li Weiguo has pledged a total of approximately 135 million shares, accounting for 51.3% of his holdings [1] - For the first half of 2025, the revenue composition of High Energy Environment is as follows: 77.68% from solid and hazardous waste resource utilization, 13.49% from environmental operation services, and 8.83% from environmental remediation [1] - The current market capitalization of High Energy Environment is 10.1 billion yuan [1]

Core Viewpoint - Zhongyuan Environmental Protection has been facing continuous pressure on accounts receivable collection in recent years and is actively implementing various measures to improve the collection process [2] Group 1: Accounts Receivable Management - The company has placed significant emphasis on improving accounts receivable collection and has established a reward and penalty system for internal management [2] - A specific "Accounts Receivable Management Measures" has been formulated, and special collection activities are being conducted to enhance the collection rate [2] - The collection rate of accounts receivable has been included as a core assessment indicator, and a special ledger has been created for long-term and high-amount receivables to ensure accountability [2] Group 2: External Communication and Policy Engagement - The company is strengthening communication with payment entities and closely monitoring local government debt resolution policies [2] - Efforts are being made to include the company's accounts receivable in local government clearance ledgers and annual budgets [2]

南京万德 关于董事会秘 本公司董事会及全体董 或者重大遗漏,并对其内容 9月15日晚间，南京万德斯环保科技股份有限公司（688178.SH，以下简称"万德斯"）发布公告称，董事会于2025年9月15日收到董事会秘书，核心技术人员 戴昕书面辞职报告。因个人原因，戴昕辞去公司董事会秘书、核心技术人员职务。辞职后，戴昕将不再担任公司任何职务。公司将由总经理陈灿代行董事会 秘书职责。 提前离任的基本情 | 姓名 | 离任职务 | 高任 | | --- | --- | --- | | 咸听 | 董事会秘书、核心 | 2025 : | | | 技术人员 | 15 | 简历显示，戴昕，男，1983年6月生，中国国籍，无境外永久居留权，硕士研究生学历，正高级工程师，历任江苏省嘉庆水务发展有限公司研发部主管、南 京科盛环保科技有限公司研发部经理、公司研发部经理、监事。 值得注意的是，近一年，万德斯发生董监高变更7人次。2024年10月12日，万德斯公告，陈灿新任总经理；2025年9月16日，万德斯公告，陈灿新任代理董事 会秘书；2025年9月16日，万德斯公告，韩辉锁不再担任非独立董事；2025年9月16日，万德斯公告，林仕华 ...

Core Viewpoint - Zhonglan Environmental reported a significant decline in financial performance for the first half of 2025, with a notable drop in both revenue and net profit, alongside regulatory scrutiny regarding shareholder reporting obligations [1][2][3]. Financial Performance - In the first half of 2025, Zhonglan Environmental achieved operating revenue of 291 million CNY, a decrease of 3.68% compared to the same period last year [2][3]. - The net profit attributable to shareholders was 5.63 million CNY, down 55.05% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was 2.88 million CNY, reflecting a decline of 68.80% compared to the previous year [2][3]. - The net cash flow from operating activities was -1.38 million CNY, indicating a significant deterioration [2][3]. Shareholder Regulatory Issues - Liu Qingsong, a major shareholder holding over 5% of Zhonglan Environmental, failed to report and announce his shareholding reduction in compliance with regulations, leading to a warning from the Shenzhen Securities Regulatory Bureau [1]. - The regulatory action was based on violations of the "Measures for the Administration of the Acquisition of Listed Companies" [1]. Company Background - Zhonglan Environmental was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 16, 2021, with an initial public offering of 24.7 million CNY [4]. - The company raised a net amount of 19.79 million CNY from the IPO, which was intended for engineering testing centers and working capital [4].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The Ministry of Ecology and Environment held a press conference on "High-Quality Completion of the 14th Five-Year Plan," indicating ongoing progress in the "dual carbon" policy [1] - Solid waste management and water governance policies are expected to strengthen the fundamentals of hazardous waste and water-related companies [13] - The demand for environmental monitoring equipment is anticipated to continue growing due to the ongoing "dual carbon" policy [13] Summary by Sections Industry Trends - Since the beginning of the 14th Five-Year Plan, the capacity for hazardous waste utilization and disposal has increased by 58.8%, and the capacity for municipal solid waste incineration has increased by 72.4% compared to the end of the 13th Five-Year Plan [10] - Over 3000 solid waste management projects have been implemented across 113 cities, with an investment of approximately 560 billion yuan [10] Solid Waste Management - The solid waste sector has seen a significant improvement in cash flow and dividend payouts, with a focus on operational efficiency and cost reduction [14] - The average revenue growth for the solid waste sector was 1%, with net profit increasing by 8% in the first half of 2025 [14] Water Management - The water sector is expected to experience a cash flow turnaround similar to that of the waste incineration sector, with a projected increase in free cash flow starting in 2026 [18] - Water pricing reforms are being implemented in cities like Guangzhou and Shenzhen, which may lead to a new round of price adjustments [18] Sanitation Equipment - The penetration rate of electric sanitation vehicles increased by 6.53 percentage points to 16.71% in the first eight months of 2025, with sales of electric sanitation vehicles rising by 69.34% year-on-year [22] - The total sales of sanitation vehicles reached 49,577 units, reflecting a year-on-year increase of 3.2% [22] Bio-Diesel - The average price of waste cooking oil increased to 6,713 yuan per ton, while the average price of biodiesel remained stable at 8,400 yuan per ton, resulting in a decrease in profit margins [34] Lithium Battery Recycling - The prices of metals and discounts on ternary battery materials have increased, leading to improved profitability in lithium battery recycling [39]