近年来，我国生产制造业正在从高速增长转向高质量发展，转型调整过程中全国危险废物产生量总体增 速放缓，部分区域省份呈现下降趋势。危废处理行业仍受前期扩张遗留的结构性矛盾制约，区域处置能 力不均衡与产能利用低效等问题并存，导致市场供需不匹配的问题仍旧严峻。危废处置价格持续下行对 2025年度公司收入及利润产生直接影响，整体毛利水平承压；同时，本期非经常性损益对净利润的正向 支撑力度较上年同期减弱，无法对冲核心业务盈利下滑的影响，导致公司整体净利润降幅显著。 格隆汇2月26日丨丛麟科技(688370.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入 52,631.15万元，较上年同期减少11.59%；实现归属于母公司所有者的净利润2,395.57万元，较上年同期 减少73.39%；实现归属于母公司所有者的扣除非经常性损益的净利润-845.29万元，较上年同期减少 115.59%。 ...

Core Viewpoint - The company is expected to report a net loss of 105 million to 135 million yuan for the year 2025, primarily due to intensified industry competition, changes in subsidy policies, and underperformance in new business initiatives [1]. Group 1: Financial Performance - The company forecasts a net profit loss for 2025 ranging from 105 million to 135 million yuan [1]. - The decline in revenue from hazardous waste disposal services is attributed to increased competition within the industry [1]. - Adjustments in the appliance dismantling subsidy policy have negatively impacted financial performance [1]. Group 2: Business Development - The company is facing challenges in the development of new business initiatives, which have not met expectations [1]. - Attention is required on the timing of the formal financial report release and ongoing industry policy developments [2].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Conglin Technology, indicating a decline in both revenue and net profit for the company [2] - As of January 26, Conglin Technology's financing balance reached 82.19 million yuan, accounting for 6.76% of its market capitalization, which is above the 50th percentile level over the past year, indicating a relatively high financing level [1] - The company reported a total revenue of 387 million yuan for the period from January to September 2025, reflecting a year-on-year decrease of 8.58% [2] Group 2 - Conglin Technology's main business involves the resource utilization and harmless disposal of hazardous waste, with revenue composition being 52.90% from harmless disposal, 33.83% from resource utilization, and 12.54% from other businesses [1] - The number of shareholders for Conglin Technology decreased by 22.53% to 8,118 as of September 30, while the average circulating shares per person increased by 29.08% to 5,389 [2] - Since its A-share listing, Conglin Technology has distributed a total of 397 million yuan in dividends [3]

证券研究报告 | 行业周报 gszqdatemark 2026 01 26 年 月 日 环保 政策驱动治理升级，环境监测潜能释放 政策与需求双轮动，环境监测龙头持续受益。1、三部门联合发布《关于 做好污染地块环境修复与开发建设衔接的指导意见》，标志着我国污 染地块治理从"单一修修复 向"单修复与开发同" 转型，为土壤修复行 业带来多重发展机遇。土壤修复、环境咨询等细分领域迎来增量空间。 其内容与环境监测领域相符合，产生对应利好。推荐关注环境监测细 分领域标的，如聚光科技等。2、三部门发布《关于加强重点行业大气 环境绩效分级管理的指导意见》，通过"单分级策策、优罚劣" 的差异 化机制，为企业绿色转型指明方向并提供激励，也为大气污染治理、环 保监测等领域带来发展机遇。推荐关注环境监测，大气治理细分领域 龙头企业，如聚光科技，龙净环保。 当周碳交易行情：本周（1.19-1.23）全国碳市场综合价格行情为：最高价 81.00 元/吨，最低价 73.00 元/吨，收盘价较上周五上涨 3.18%。本周挂 牌同议交易成交量 29.52 万吨，成交额 2289.70 万元；大宗同议交易成交 量 213.00 万吨，成交额 1 ...

Core Viewpoint - Dongjiang Environmental (00895) expects a significant increase in net losses for 2025, projecting losses of 1.05 to 1.35 billion yuan, with adjusted net losses (excluding non-recurring items) estimated at 0.95 to 1.25 billion yuan, indicating a substantial year-on-year growth in losses [1] Industry Summary - The hazardous waste industry is still undergoing a deep adjustment phase in 2025, characterized by intense competition, which continues to compress profit margins for the company's core businesses of harmless treatment and resource utilization [1] - The overall market conditions are challenging, and the company anticipates that the fundamental recovery of its performance will take time due to ongoing pressures from asset impairment and credit losses [1] Company Strategy - In response to the severe industry and operational challenges, the company is accelerating its layout in resource recycling and comprehensive environmental services, aiming to build a full industry chain for recycled resource utilization [1] - The company is striving to promote its transformation and upgrading through technological innovation [1]

Core Viewpoint - Dongjiang Environmental (002672.SZ) is expected to report a net loss attributable to shareholders of between 1.05 billion to 1.35 billion yuan for the year 2025, indicating ongoing challenges in the hazardous waste industry [1] Industry Summary - The hazardous waste industry is still in a deep adjustment phase, with intense competition continuing to characterize the market [1] - Profit margins for the company's main businesses, including harmless treatment and resource utilization, are under continuous pressure [1] Company Summary - The company is accelerating its layout in resource recycling and comprehensive environmental services, aiming to build a full industrial chain for recycled resource utilization [1] - The company is striving to promote transformation and upgrading through technological innovation in response to the severe industry and operational conditions [1]

Core Viewpoint - Dongjiang Environmental (002672) is expected to report a net profit loss of 1.05 billion to 1.35 billion yuan for 2025, compared to a loss of 804 million yuan in the same period last year [1] Group 1: Company Performance - The company is facing a significant increase in net profit loss expectations for 2025, indicating a worsening financial situation compared to the previous year [1] - The main business areas of harmless treatment and resource utilization are experiencing continuous compression of profit margins [1] Group 2: Industry Context - The hazardous waste industry is still in a deep adjustment phase, with the market continuing to experience intense competition [1] - The overall industry environment is contributing to the challenges faced by the company, as it struggles with asset impairment and credit losses [1]

Core Viewpoint - The strategic cooperation agreement between Industrial Bank Co., Ltd. Hangzhou Branch and Zhejiang Industrial Environmental Group aims to empower the real economy through precise financial services, contributing to regional green low-carbon transformation and high-quality industrial development [1][3]. Group 1: Strategic Cooperation - The signing ceremony was attended by key figures from both organizations, highlighting the importance of their collaboration in promoting green and high-quality development [1][3]. - The partnership signifies a new phase of deepened cooperation and mutual progress between the two entities, focusing on innovation and entrepreneurship [4]. Group 2: Company Overview - Zhejiang Industrial Environmental Group is a leading enterprise in hazardous waste disposal and resource utilization, boasting an industry-leading comprehensive resource utilization rate of 98% through nearly 140 patented technologies [3]. - The company has a hazardous waste treatment capacity of nearly 2 million tons per year and has made strategic investments in key sectors such as inorganic hazardous waste, lithium carbonate for new energy batteries, hydrogen energy, and platinum group metals [3]. Group 3: Financial Performance - Industrial Bank Hangzhou Branch has established itself as a pioneer in green finance, focusing on key areas such as carbon reduction, pollution reduction, and green growth [4]. - By the end of 2025, the branch aims to achieve a green financing balance of 215.9 billion yuan and a green loan balance of 136 billion yuan, positioning itself as a leader among joint-stock banks in Zhejiang Province [4].

Core Viewpoint - *ST Qingyan (301288.SZ) currently does not hold any mineral assets and focuses on resource utilization through hazardous waste disposal services [1] Group 1: Business Operations - The company's resource utilization business is primarily conducted through its subsidiary, Fujian Tonghai Nickel Industry Technology Co., Ltd., which collects and disposes of hazardous waste from enterprises [1] - The company charges fees for hazardous waste disposal services and employs mature pyrometallurgical processes to treat various industrial solid wastes containing metals such as nickel, chromium, copper, and iron [1] - The company recovers various metal resources from hazardous waste and produces alloy metals and other resource products for external sales [1]

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