转自：中国证券报·中证网 中证报中证网讯（王珞）ST京蓝（维权）12月25日晚公告称，公司根据重整计划中云南佳骏靶材科技 有限公司作出的资产注入承诺，拟启动将鑫联科技或鑫联科技主营业务资产注入公司的程序，并拟于近 日签订《收购鑫联环保科技股份有限公司之意向协议》。ST京蓝表示，此举符合公司重整计划中确定 的战略转型方向，即通过注入具有持续盈利能力的优质资产，有效提升公司在含锌铟固危废资源化利用 领域的核心技术竞争力与市场规模，优化资产质量，增强公司持续经营能力和盈利能力。 ST京蓝主要从事工业及城市固体废物无害化处置及二次资源综合回收、土壤修复、耕地土壤环境综合 治理保护、高标准农田建设等业务。近年来，ST京蓝加速推进业务转型，积极发展资源化综合利用等 业务。特别是其控股子公司云南业胜掌握相关核心技术，可实现含锌、铟等重金属固危废的高效分步回 收；同时，云南业胜拥有丰富的专利储备和多项知识产权，为企业拓展业务、实现长远可持续发展奠定 坚实基础。 值得关注的是，ST京蓝日前还公告，拟收购南非NWV公司51%股权，借此取得NWV钒钛磁铁矿的探矿 权，物色钢铁工业背景的合作伙伴共同开发该钒钛磁铁矿并从中提取较高价值 ...

ST京蓝（000711）12月25日晚公告，公司根据重整计划中云南佳骏靶材科技有限公司作出的资产注入 承诺，拟启动将鑫联环保科技股份有限公司(以下简称"鑫联科技")或鑫联科技主营业务资产注入公司的 程序，并拟签订《收购鑫联环保科技股份有限公司之意向协议》。 鑫联科技主要从事钢铁烟尘、铅锌冶炼渣、电镀污泥等含锌铟固危废的资源化清洁利用业务，该业务具 有技术壁垒和资质门槛高、工艺流程复杂、管理水平要求高和投资规模大等特征。 重整完成后，公司生产经营活动恢复正常，公司各项生产经营工作平稳有序开展。截至目前，公司各项 生产运营工作正常，公司已经高效实现了向含锌铟固危废资源化利用业务的产业战略转型，公司含锌铟 固危废资源化利用业务正在积极有序开展。 截至公告披露日，根据《重整计划》此前司法扣划条件尚未成就的部分债权，公司申请司法扣划条件已 经成就。公司于近日向法院申请通过司法扣划方式将京蓝科技股份有限公司破产企业财产处置专用账户 中的5874.92万股股份向相应债权人按照《重整计划》规定进行分配以抵偿债务。向债权人分配的股票 均为无限售条件流通股。此次分配对应每家债权人持股比例均不超过5%。本次分配前，京蓝科技股份 有 ...

鑫联科技主要从事钢铁烟尘、铅锌冶炼渣、电镀污泥等含锌铟固危废的资源化清洁利用业务，该业务具 有技术壁垒和资质门槛高、工艺流程复杂、管理水平要求高和投资规模大等特征。乙方依托自主研发 的"含锌铟固危废火法富集—湿法脱杂—分级提取多段耦合集成处理技术"，从含锌铟固危废中提取锌、 铟、铅、锗、锡、铯、碘等多种有价元素，以资源化的方式实现含锌铟固危废的无害化，产业链完整。 本次拟通过收购鑫联科技股权或主营业务资产，有效提升公司在含锌铟固危废资源化利用领域的核心技 术竞争力与市场规模，优化上市公司资产质量，符合公司重整计划中确定的战略转型方向，即通过注入 具有持续盈利能力的优质资产，增强公司的持续经营能力和盈利能力。 ST京蓝（000711）(000711.SZ)发布公告，公司根据重整计划中云南佳骏靶材科技有限公司作出的资产 注入承诺，拟启动将鑫联环保科技股份有限公司(以下简称"鑫联科技")或鑫联科技主营业务资产注入公 司的程序，并拟签订《收购鑫联环保科技股份有限公司之意向协议》。 ...

鑫联科技主要从事钢铁烟尘、铅锌冶炼渣、电镀污泥等含锌铟固危废的资源化清洁利用业务，该业务具 有技术壁垒和资质门槛高、工艺流程复杂、管理水平要求高和投资规模大等特征。乙方依托自主研发 的"含锌铟固危废火法富集—湿法脱杂—分级提取多段耦合集成处理技术"，从含锌铟固危废中提取锌、 铟、铅、锗、锡、铯、碘等多种有价元素，以资源化的方式实现含锌铟固危废的无害化，产业链完整。 智通财经APP讯，ST京蓝(000711.SZ)发布公告，公司根据重整计划中云南佳骏靶材科技有限公司作出 的资产注入承诺，拟启动将鑫联环保科技股份有限公司(以下简称"鑫联科技")或鑫联科技主营业务资产 注入公司的程序，并拟签订《收购鑫联环保科技股份有限公司之意向协议》。 本次拟通过收购鑫联科技股权或主营业务资产，有效提升公司在含锌铟固危废资源化利用领域的核心技 术竞争力与市场规模，优化上市公司资产质量，符合公司重整计划中确定的战略转型方向，即通过注入 具有持续盈利能力的优质资产，增强公司的持续经营能力和盈利能力。 ...

Core Viewpoint - High Energy Environment (603588) reported strong financial performance for the first three quarters, driven by increased capacity in hazardous waste resource utilization and rising prices of base and precious metals [2] Financial Performance - The company achieved a revenue of 10.16 billion yuan and a net profit attributable to shareholders of 646 million yuan, marking a year-on-year increase of 15.18% [2] - The net cash flow from operating activities reached 367 million yuan, up 67.29% year-on-year [2] - In Q3, the company reported a net profit excluding non-recurring items of 145 million yuan, a significant increase of 177.01% year-on-year [2] Business Strategy and Market Position - The company focuses on metals such as copper, lead, and nickel, with precious metals like gold and silver as core profit drivers, benefiting from structural growth in demand due to advancements in AI and new energy sectors [2] - High Energy Environment is the largest producer of bismuth globally, holding over 20% market share, with applications in pharmaceuticals and semiconductors [3] Operational Enhancements - The company has optimized procurement channels and product structures to enhance profitability, particularly through its subsidiary, Jingyuan High Energy [3] - Other subsidiaries, including Jinchang High Energy and Jiangxi Xinke, have also improved production capacity and operational efficiency, contributing to revenue growth [3] Environmental Services - The environmental operation services segment is leveraging AI technology to enhance operational efficiency in waste-to-energy projects, resulting in increased stability and output [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 14.5 billion yuan in 2024, representing a year-on-year increase of 37.04%. However, the net profit attributable to shareholders decreased by 4.52% to 482 million yuan [2][6]. - The solid waste hazardous waste resource utilization segment saw significant revenue growth of 72.17%, contributing 11.14 billion yuan to the total revenue. The environmental engineering segment's revenue declined by 34.26% [2][6]. - The company plans to implement substantial cash dividends in 2024, with a total cash dividend of approximately 609 million yuan for the year [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.049 billion yuan, a slight decrease of 1.34% year-on-year. The net profit attributable to shareholders was a loss of 79 million yuan, indicating a slight improvement in losses compared to the previous year [6]. - The operating cash flow improved significantly, with a net cash flow from operating activities of 760 million yuan for the year, compared to a negative 953 million yuan in the previous year [2][6]. Revenue Breakdown - The revenue from the solid waste hazardous waste resource utilization segment was 11.14 billion yuan, while the environmental operation service segment generated 1.729 billion yuan, and the environmental engineering segment brought in 1.633 billion yuan [2][6]. - The company saw a notable increase in the sales volume of metals, with cathode copper sales reaching approximately 53,700 tons, a year-on-year increase of 54.3% [2][6]. Profitability and Margins - The overall net profit margin for 2024 was 3.74%, a decrease of 1.06 percentage points year-on-year. The gross margin for the year was 14.4%, down 3.79 percentage points from the previous year [2][6]. - The gross margin for the solid waste hazardous waste resource utilization segment was 9.14%, an increase of 0.85 percentage points, while the environmental engineering segment's gross margin fell to 12.89%, a decrease of 12.62 percentage points [2][6]. Future Outlook - The company is expected to focus on improving the profitability of resource utilization projects in 2025, with anticipated net profits of 727 million yuan, 820 million yuan, and 907 million yuan for 2025, 2026, and 2027, respectively [2][6].