石家庄中科厂区一角 石家庄中科厂区 ◎记者 刘立 如果不是偶尔驶入的垃圾运输车，很少有人会意识到，石家庄赵县果王东路上的一座占地200多亩的现 代化厂区，竟是一个每天处理1200吨生活垃圾的绿色"能源心脏"。来自石家庄市6个县、区的生活垃 圾，在这里将经历从废物到能源的"蜕变之旅"…… 这里就是中科环保全资子公司——石家庄中科新能源有限公司（下称"石家庄中科"）。在这里，每年可 在处理消纳约40万吨生活垃圾的同时，实现70万吨绿色热能的对外供给。石家庄中科目前服务周边58家 工业用户，并提供50万平方米居民供热，它让"减排限产"不再是改善区域生态环境的唯一选择。 近日，上海证券报记者走进石家庄中科，实地探访中科环保如何让一家曾经连年亏损的企业快速实现经 济效益大幅提升，并成为河北省垃圾焚烧发电行业首批环保绩效A级企业，助力区域绿色能源转型，成 为河北省绿色经济发展的标杆项目。 环保"创A"背后的科技力量 走进石家庄中科，花园式的厂区和洁净的空气，颠覆了人们对传统垃圾处理厂的印象。 在垃圾吊控制室，透过玻璃窗，记者看到一个巨大的垃圾储坑。为什么仅隔一层玻璃，就完全没有难闻 的气味？"秘密在负压除臭系统里。从垃圾 ...

Summary of Green Power Environmental Conference Call Company Overview - Green Power Environmental operates 37 waste-to-energy projects with a daily processing capacity of 40,300 tons, ranking in the second tier of the industry [2][3] - The company is primarily supported by Beijing State-owned Assets, holding 44.4% of the shares, which provides stability and financial backing, especially during expansion phases [2][5] Industry Dynamics - The waste incineration industry is shifting focus from new project construction to enhancing operational efficiency [2][5] - Green Power Environmental has shown good operational efficiency but still has room for improvement in capacity utilization, self-generated electricity ratio, and revenue per ton of waste [2][5][6] Financial Performance - The company's operating revenue accounts for 98.9%, with a significant increase in revenue since 2021 due to changes in accounting standards [3][12] - Expected construction revenue will decline to approximately 40 million yuan by 2024 due to a lack of new projects [3] - The gross profit margin is projected to recover to 45.4% by 2024, with a net profit margin of 17.7% [12] Growth Strategies - Green Power is expanding its B2B business, including mobile energy storage, heating, gas supply, and biogas purification, to counteract the decline in profitability from reduced state subsidies [2][6] - The gas supply volume increased by 116% year-on-year to 515,500 tons in the first half of 2025 [2][6] Shareholder Returns - The company has significantly increased its dividend payout ratio from 33.2% to 71.5%, with future expectations to reach 70%-80% [4][10] - Projected dividend yields for A-shares are estimated at 4.27%-5.66% and for H-shares at 6.17%-8.18% from 2025 to 2027 [4][17] Operational Efficiency - The company has a daily waste processing capacity of 2,850 tons in Beijing and is actively expanding its electricity and heating supply to industrial enterprises [8] - The company aims to improve operational metrics through refined management and internal restructuring [7][6] Debt and Cash Flow Management - The financial expense ratio has decreased from 19% to 17.8% due to scale effects, with expectations for further reduction [13] - The company’s cash flow from operating activities has improved, reaching 1.44 billion yuan by 2024 [16] Investment Value - Green Power's stable growth and potential for exceeding expectations in its heating supply business enhance its investment appeal [18] - The high dividend yield of H-shares positions the company as a competitive investment option [18]

Group 1: Financial Performance and Contributions - The Ministry of Finance allocated a budget of 46.183 billion CNY for renewable energy price subsidies, with biomass power generation receiving 3.942 billion CNY. The company has already received multiple subsidy payments, positively impacting Q3 profits [3]. - The company’s cash flow from operating activities is strong, indicating potential for profit growth in the future through various factors including project upgrades and improved receivables [4]. Group 2: Business Operations and Development - The average selling price for steam supplied from the company’s waste-to-energy plants is over 200 CNY per ton, with new contracts signed for a price starting at 205 CNY per ton [3]. - In the first half of 2025, the company’s seven waste-to-energy plants supplied 50.86 GJ of heat [3]. Group 3: Project Updates - The taurine project, with an annual capacity of 40,000 tons, began construction in June 2024 and is expected to rank among the top three in China upon completion. The project adheres to high standards and will utilize advanced production processes [4]. - The Xiamen Ruiji Hotel project has completed its main structure and is currently undergoing interior renovations, with plans for completion and trial operations by the end of 2026 [6]. Group 4: Marketing and Product Development - The company has established a dedicated marketing team for its taurine products, launching various "taurine+" products across different food categories, with sales strategies implemented both online and offline [5].

Core Viewpoint - *ST Zhongzhuang has officially begun substantive business cooperation with Kangheng Environment by winning a property service procurement project for Kangheng's global headquarters, marking a significant step in their strategic partnership [1][2]. Group 1: Business Cooperation - *ST Zhongzhuang's subsidiary, Shenzhen Technology Park Property Group, won a bid for a property service project valued at 31.9743 million yuan, indicating a formal start to collaboration with Kangheng Environment [1]. - A comprehensive strategic cooperation agreement was signed between *ST Zhongzhuang and Kangheng Environment, establishing a foundation for long-term development and enhancing the intrinsic value of *ST Zhongzhuang [1][2]. - The project is located in the core area of the Hongqiao International Central Business District in Shanghai and will serve as a benchmark for showcasing digital management capabilities [2]. Group 2: Financial Performance and Growth Potential - *ST Zhongzhuang has been deepening its investment in the property management sector, with increasing revenue and profit contributions from this segment [2]. - The property management sector is viewed as a crucial supplement to the company's future business development, with potential for significant cash flow improvement and innovation in service offerings [2]. Group 3: Environmental and Energy Initiatives - The strategic cooperation includes exploring green electricity supply for AIDC (Artificial Intelligence Data Center) business, aligning with national policies promoting renewable energy [4]. - Kangheng Environment has invested in 90 waste-to-energy projects, processing approximately 120,000 tons of waste daily, which represents 10% of the national total [4]. - The collaboration aims to integrate green electricity supply with AIDC services, creating a unique business model that combines environmental protection, energy, and computing power [4]. Group 4: Restructuring and Investment - Kangheng Environment's involvement in *ST Zhongzhuang's restructuring process began with their selection as a pre-restructuring investor, indicating a deep commitment to the company's turnaround [5]. - The restructuring agreement was signed in March, with the Shenzhen Intermediate People's Court initiating the restructuring process in August [5]. Group 5: Industry Position and Technological Advancements - Kangheng Environment is recognized as the largest provider of waste incineration equipment and technology globally, with a market share exceeding 40% [6]. - The company is advancing technologies such as supercritical waste heat boilers and AI applications in waste incineration, positioning itself at the forefront of the industry [6]. - The collaboration with *ST Zhongzhuang is expected to enhance Kangheng Environment's ability to support the latter's restructuring and long-term value enhancement [6].

每经头条（nbdtoutiao）——到底是不是预制菜？罗永浩大战贾国龙！记者实探西贝后厨，厨师长谈罗 永浩点的烤鱼：需门店二次切配等，不是加热即食 （记者 王晓波） 每经AI快讯，雪浪环境（SZ 300385，收盘价：5.27元）9月12日晚间发布公告称，根据董事长提名，经 董事会提名委员会审核，无锡雪浪环境科技股份有限公司第五届董事会第二十二次会议审议通过了《关 于聘任公司总经理助理的议案》，同意聘任张建强先生为公司总经理助理。 2025年1至6月份，雪浪环境的营业收入构成为：垃圾焚烧发电行业占比54.98%，工业废物处理占比 27.15%，钢铁行业占比17.38%，其他行业占比0.49%。 截至发稿，雪浪环境市值为18亿元。 ...

Core Viewpoint - Yongxing Co., Ltd. is actively engaged in the waste incineration power generation business and is gradually expanding into biomass treatment, with a significant portion of its revenue derived from project operations [1][2]. Financing Summary - On September 11, Yongxing Co., Ltd. experienced a financing buy-in of 6.81 million yuan, with a net financing buy of 2.02 million yuan, indicating strong investor interest [1]. - The total financing and securities balance reached 93.53 million yuan, with the financing balance accounting for 2.39% of the circulating market value, which is above the 50th percentile of the past year [1]. - The company had a low short-selling balance of 226,600 yuan, indicating limited short-selling activity [1]. Financial Performance Summary - For the first half of 2025, Yongxing Co., Ltd. reported a revenue of 2.065 billion yuan, reflecting a year-on-year growth of 12.60%, and a net profit attributable to shareholders of 461 million yuan, up 9.32% year-on-year [2]. - The company has distributed a total of 1.008 billion yuan in dividends since its A-share listing [2]. Shareholder Structure Summary - As of June 30, 2025, the number of shareholders decreased by 25.45% to 30,400, while the average circulating shares per person increased by 34.14% to 7,894 shares [2]. - Notable institutional investors include ICBC Hongli Dividend Preferred Mixed Fund and E Fund Environmental Theme Mixed Fund, with the latter being a new entrant among the top ten circulating shareholders [2].

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Core Viewpoint - The company plans to establish a joint venture with an affiliated party to invest in a waste incineration power generation project in Changzhi City, which is expected to enhance operational capabilities and strategic alignment [1][3][9] Group 1: Investment Details - Shanghai Taixin Environmental Engineering Co., Ltd. (Taixin Environment) will invest a total of CNY 75,126,060 in the joint venture, holding 49% of the equity, while Hongji Junye Environmental Technology Co., Ltd. (Hongji Junye) will hold 51% [2][3] - The project involves a total investment of CNY 375.63 million, with a daily waste processing capacity of 500 tons and a concession period of 40 years [3][9] Group 2: Corporate Governance - The investment agreement has been approved by the company's board of directors and independent directors, ensuring compliance with relevant regulations [2][10] - The board of the project company will be controlled by Taixin Environment, allowing it to influence operational decisions and financial returns [9][10] Group 3: Strategic Implications - The joint venture is expected to facilitate the development of Taixin Environment, aligning with the company's strategic goals and benefiting shareholders [9][10] - The project is positioned as a high-value investment opportunity, with potential for future expansion into related waste management services [9][10]

Core Viewpoint - The company has demonstrated a stable revenue growth of 1.03% in the first half of 2025, while achieving a significant net profit increase of 24.61%, indicating effective cost management and operational efficiency [2][8]. Group 1: Financial Performance - The company's main revenue for the first half of 2025 reached 2.956 billion, with a year-on-year increase of 1.03% [8]. - The net profit attributable to shareholders was 545 million, reflecting a year-on-year growth of 24.61% [8]. - The company reported a gross profit margin of 38.4% and a debt ratio of 52.97% [8]. Group 2: Operational Efficiency - The company has focused on refining its operational management and reducing production and financing costs, which has led to improved profitability [2]. - The company is committed to enhancing its daily operational management to ensure steady performance improvement [2]. Group 3: Research and Development - The company has reduced its R&D expenses due to the completion of several major national technology projects, but continues to invest in key core projects to enhance technological innovation [3]. Group 4: Accounts Receivable Management - The company is actively managing its accounts receivable by monitoring high-value debts and utilizing information technology for efficient collection [4]. - The accounts receivable primarily consist of payments from local government departments and state-owned enterprises, which have a low probability of default [4]. Group 5: Market Strategy and Future Plans - The company is planning to explore new business opportunities while consolidating its core business in waste management, aiming for green and low-carbon development [6]. - The company has established a strategic framework for its future development, focusing on technological innovation and becoming a world-class enterprise [6].

Core Insights - Mergers and acquisitions (M&A) are crucial for enhancing the real economy and driving high-quality development in industries, with significant policy support since the introduction of the "M&A Six Guidelines" on September 24, 2024 [1] - The Shanghai Stock Exchange has seen 104 major asset restructuring disclosures, indicating a vibrant M&A market that is contributing positively to company performance [1] Group 1: Financial Performance Post-M&A - Companies that completed M&A transactions have reported substantial improvements in their financial performance, with notable revenue and profit increases [2] - For instance, *ST Songfa's* revenue surged to 6.68 billion yuan, a 315.49% increase year-on-year, and net profit rose to 647 million yuan, up 15646.55% [2] - Hanlan Environment reported a revenue of 5.763 billion yuan and a net profit of 967 million yuan, reflecting an 8.99% year-on-year growth [3] - Ningbo Fubang's acquisition led to a revenue of 366 million yuan, a 29.18% increase, and a net profit of 29.63 million yuan, up 89.52% [3] - Sailis achieved a revenue of 62.402 billion yuan and a net profit of 2.941 billion yuan, marking an 81.03% increase [4] Group 2: Strategic Focus of M&A - The current wave of M&A is characterized by a shift from mere scale expansion to strategic integration and transformation, focusing on quality improvement [5] - State-owned enterprises are actively engaging in resource integration, as seen in the acquisition of hydropower assets to enhance their renewable energy capabilities [5] - Blue Science High-Tech's cash acquisitions aim to strategically adjust internal resources and improve operational efficiency [5] Group 3: Technology and Innovation in M&A - The technology sector continues to see high levels of M&A activity, with companies like Hu Silicon Industry and Zhi Chun Technology making strategic acquisitions to enhance their capabilities in semiconductor and electronic materials [6] - The integration of smart logistics solutions through acquisitions is also a focus for companies like Beizhi Technology, which aims to strengthen its core business [6] Group 4: Market Outlook - The M&A market in Shanghai is expected to maintain its vitality, driven by favorable policies and market dynamics, which will enhance the profitability and competitiveness of listed companies [6]