证券日报网讯博盈特焊（301468）11月24日发布公告，在公司回答调研者提问时表示，垃圾焚烧市场主 要分为境内市场和海外市场。近年来受复杂的经济环境影响，新建垃圾焚烧锅炉项目有所减少，境内市 场新增项目速度放缓，但仍存在新增与升级改造的需求。相比境内市场，海外市场存在较为广阔的市场 空间。在以东南亚、中亚、拉美国家为代表的发展中国家及地区，快速城市化导致垃圾产生量激增，部 分国家面临"垃圾围城"的形势，传统的垃圾填埋方式已无法满足当地的需求，面临着严峻的垃圾处理压 力，垃圾焚烧发电作为将垃圾资源化、无害化的有效手段，成为这部分国家及地区处理垃圾的必然选 择，越南、泰国、印尼等国家将垃圾焚烧列为国家战略，政府出台垃圾处理费补贴、上网电价优惠等政 策，大力推动垃圾焚烧发电的进程。而在以欧洲、北美为代表的发达国家和地区，垃圾焚烧行业发展相 对成熟，垃圾焚烧设施数量较多，但由于发达国家和地区垃圾焚烧设施建设时间较早，垃圾焚烧锅炉存 在升级、改造需求，使得市场需求进一步提升。 ...

Summary of Zhongke Environmental Conference Call Company Overview - Zhongke Environmental reported total assets of 7.991 billion yuan and net assets of 3.594 billion yuan for the first half of 2025, with earnings per share of 0.13 yuan, reflecting a year-on-year growth of 20.14% [2][3] Key Financial Highlights - Total revenue for the first half of 2025 reached 848 million yuan, a year-on-year increase of 4.48% - Net profit attributable to shareholders was 196 million yuan, up 19.83% - Return on equity was 5.37%, an increase of 0.64 percentage points year-on-year - Total assets grew by 6.69% compared to the beginning of the year, while net assets increased by 0.35% [3] Capacity Expansion and Projects - The company has rapidly expanded its capacity, with the Yuxi project now operational and the Jinzhou project completed. After the completion of the Guigang and Pingnan projects, total capacity will reach 20,900 tons/day, with operational capacity at 14,400 tons/day [2][3] - Zhongke Environmental is actively expanding into the waste incineration heating market, establishing four major green energy centers [2][3] Research and Development - Increased investment in R&D, with a flue gas waste heat utilization system now operational in Jincheng, expected to generate an additional 100 million kWh of electricity annually [2][5] - Development of flue gas multi-effect purification technology is underway, with plans for industrial demonstration applications [2][5] Mergers and Acquisitions Strategy - Mergers and acquisitions are a key strategy for growth, with plans to acquire one to three projects annually in the coming years, focusing on large asset packages [2][6] - The company aims to double its current scale through acquisitions, although the timeline remains uncertain [6][22] Financing and Dividend Policy - Zhongke Environmental primarily finances through bank loans, with an average financing cost of approximately 2.5%-2.6% [7] - The company has committed to a dividend payout ratio of no less than 60% of net profit attributable to shareholders over the next five years [7] Capital Expenditure Plans - Capital expenditures are closely tied to project construction progress, with an estimated 1-1.3 billion yuan planned for 2025, maintaining similar levels through 2026-2027 [8] - Post-2027, capital expenditures are expected to decrease, focusing on technological upgrades and R&D [8] Waste Incineration Heating Business - The waste incineration heating business is a key feature, with heating volume close to 900,000 tons in the first half of 2025, and a target of over 2 million tons for the full year [4][10] - Pricing is based on market demand and government guidelines, with adjustments made regularly to adapt to market changes [9][11] Regional Heating Projects - Significant heating projects are underway in various regions, with expected annual heating volumes of approximately 1.3 million tons from key projects [10] - The company is expanding its heating capacity in Hebei and Sichuan, with ongoing projects expected to add 400,000 to 500,000 tons of heating volume in the coming years [10] International Expansion - Zhongke Environmental is exploring international opportunities, including projects in Uzbekistan and Southeast Asia, although progress has been slow [13][20] Risk Management - The company has a structured approach to managing accounts receivable, with no significant impairment risks currently identified [16] Conclusion - Zhongke Environmental is positioned for growth through strategic capacity expansion, R&D investments, and a focused M&A strategy, while maintaining a commitment to shareholder returns and prudent financial management [2][6][7]