据证券之星公开数据整理，近期京源环保（688096）发布2025年中报。截至本报告期末，公司营业总收 入2.1亿元，同比上升23.03%，归母净利润232.31万元，同比上升157.27%。按单季度数据看，第二季度 营业总收入1.34亿元，同比上升11.46%，第二季度归母净利润37.1万元，同比下降82.68%。本报告期京 源环保公司应收账款体量较大，当期应收账款占最新年报营业总收入比达154.62%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率27.68%，同比增1.69%，净利率1.64%，同比增 169.6%，销售费用、管理费用、财务费用总计5154.51万元，三费占营收比24.54%，同比减11.98%，每 股净资产5.37元，同比增8.06%，每股经营性现金流0.03元，同比增163.97%，每股收益0.02元，同比增 166.67% 投资性房地产变动幅度为49.06%,原因:房屋出租，自用房地产转为投资性房地产。 在建工程变动幅度为1489.2%,原因:募投项目投入。 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | ...

Group 1 - The 2025 World Artificial Intelligence Conference (WAIC) was held in Shanghai from July 26 to 29, showcasing the launch of "Jingyuan Zhishui · Xiao Jing Water Service," the first industrial water treatment model in the AI field [1] - "Xiao Jing Water Service" is the first vertical large model in China's environmental industrial water treatment sector, addressing core issues such as knowledge gaps, decision-making risks, and insufficient expert resources [1] - The system integrates industry knowledge graphs and AI technology, providing full-process intelligent support for water engineering, including knowledge Q&A, scheme generation, and decision optimization [1] Group 2 - Jingyuan Cloud has established four product systems in the AI domain: "Jingyuan Zhishui, Jingyuan Zhiheng, Jingyuan Taiyi, and Jingyuan Zhiqing," covering various applications from process optimization to energy-saving and carbon reduction platforms [2] - During the exhibition, Jingyuan Cloud also showcased its self-developed "Jingyuan Zhisuan Container Platform," which offers low-threshold intelligent computing services for small and medium-sized enterprises [2] - Since its establishment in 1999, Jingyuan Environmental Protection has focused on comprehensive water treatment solutions and has accelerated its digital and intelligent layout starting in 2023 [2]

Core Viewpoint - Jiangsu Jingyuan Environmental Protection Co., Ltd. has a stable credit rating outlook, supported by its core technological advantages and market expansion efforts, despite facing challenges such as high customer concentration and ongoing operating losses [4][7][8]. Company Overview - The company focuses on industrial water treatment, emphasizing the development of core technologies and customized products, which enhances its competitiveness in niche markets [6][18]. - In 2024, the company achieved a revenue of 4.76 billion yuan, reflecting a year-on-year growth of 20.18% [6][25]. Financial Performance - The company's total assets increased to 19.30 billion yuan in 2025, while total liabilities decreased to 6.69 billion yuan [5][26]. - The net profit for 2024 was a loss of 0.25 billion yuan, an improvement from previous years [5][25]. - The cash to short-term debt ratio fell to 0.24, indicating increased short-term repayment pressure [8][26]. Market Position and Customer Base - The company has a high customer concentration, with 79.36% of its revenue coming from the power industry, primarily from long-term partnerships with major state-owned enterprises [7][22]. - The company is actively expanding into artificial intelligence and cloud computing sectors, contributing to new revenue streams [6][24]. Industry Environment - The industrial water treatment market in China is projected to grow, with a market size of approximately 823.2 billion yuan in 2024, expected to reach 1,086.4 billion yuan by 2028 [12][13]. - The demand for water treatment solutions is driven by stricter environmental regulations and the need for zero discharge in industries such as power generation and steel [12][13][14]. Competitive Landscape - The industrial water treatment sector is characterized by intense competition, with numerous players and significant technological barriers [14][15]. - The company maintains a low market share but is focusing on enhancing its competitive edge through technological advancements and strategic partnerships [19][24].

Core Viewpoint - Beijite (300774.SZ) has announced its first refinancing plan since its IPO nearly four years ago, aiming to raise up to 1.23 billion shares and a total of no more than 1 billion yuan for various projects related to its core business in industrial water treatment and resource utilization [1][2] Group 1: Financing and Investment Plans - The company plans to issue shares to no more than 35 specific investors, with the funds allocated to projects including water supply enhancement in Kashgar and wastewater treatment facilities [1] - This refinancing is significant as it marks the first time Beijite has sought additional funding since its IPO in July 2021, where it raised 1.87 billion yuan for an environmental materials project [2] Group 2: Business Performance and Challenges - Beijite's core business focuses on industrial water treatment and high-salinity wastewater resource utilization, serving sectors like coal and petroleum [1] - Despite the anticipated annual sales revenue of 700 million yuan and net profit of 182 million yuan from the IPO project, the actual performance in early 2024 and 2025 showed losses of 6.47 million yuan and 0.25 million yuan respectively, attributed to initial production challenges and rising raw material costs [2] - In Q1 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 24.62%, but net profit decreased by 36.98% to 16.29 million yuan, indicating a situation of increased revenue without corresponding profit growth [3] Group 3: Shareholder Actions - Recently, the controlling shareholder of Beijite, Quan Qiuhong, completed a share reduction, selling 12.26 million shares, which is 3% of the total share capital, for a total of approximately 93.69 million yuan [3]

Core Viewpoint - The report outlines the ongoing supervision and guidance provided by the sponsor institution, Fangzheng Securities, for Jiangsu Jingyuan Environmental Protection Co., Ltd., emphasizing the company's compliance with regulations and its operational performance during the reporting period [1][2][3]. Ongoing Supervision Work - The sponsor institution has established a comprehensive and effective supervision system and has signed a continuous supervision agreement with the company, clarifying the rights and obligations of both parties during the supervision period [1]. - During the supervision period, the company has not disclosed any illegal or regulatory violations, and the sponsor has conducted regular communication and inspections to understand the company's operational status [1][2]. - The company has adhered to legal and regulatory requirements, ensuring that its directors, supervisors, and senior management comply with relevant laws and fulfill their commitments [1][2][3]. Financial Performance - The company reported a net profit attributable to shareholders of -24.73 million yuan, a year-on-year decrease in losses by 15.39%, primarily due to increased fixed asset depreciation and convertible bond interest expenses [5][11]. - The overall revenue increased by 20.18% year-on-year, reaching approximately 476.09 million yuan, driven by the expansion of its main business and successful project performance [15][16]. Business Development - The company is focusing on expanding its main business and exploring new areas in industrial water treatment, which has laid a solid foundation for sustainable growth [5][16]. - The company has developed several advanced technologies in wastewater treatment, including electronic flocculation and zero discharge technologies, which have been recognized as internationally advanced [17][18]. Risks and Challenges - The company faces risks related to significant performance declines or losses, with ongoing efforts to optimize resource allocation and improve operational efficiency [5][6]. - The competitive landscape in the industrial water treatment sector is intense, with increasing demands for technology, brand, and service quality [7][8]. - The company is also exposed to financial risks due to a high proportion of accounts receivable, which accounted for 60.80% of current assets, potentially affecting cash flow and asset quality [11][12]. Regulatory Compliance - The company has received a high-tech enterprise certificate, allowing it to benefit from a reduced corporate income tax rate of 15%, contingent on maintaining its high-tech status [12]. - The company has complied with regulations regarding the management and use of raised funds, ensuring proper storage and allocation of funds for designated projects [29].

Group 1: Business Performance and Market Conditions - In 2024, the chemical new materials business faced significant losses due to a slowdown in ethylene demand and high production costs, particularly from the naphtha cracking route [3] - The industrial water treatment business is projected to grow by 53.16% in 2024, driven by the advancement of the Qinghai salt lake resource project and other ongoing projects [5] - The company aims to improve profit margins in the chemical new materials sector by focusing on cost reduction and enhancing product quality [3] Group 2: Strategic Initiatives and Innovations - The company is accelerating investment and renovation projects, with the first phase of the Jieyang C4 and C5 project nearing completion, transitioning to production preparation [3] - The hazardous waste treatment business is developing advanced technologies for high-concentration organic wastewater, achieving high removal rates for pollutants [6] - The company is optimizing its carbon five hydrogenation and separation processes to enhance product yield and quality [6] Group 3: Future Development and Market Trends - The company plans to leverage its dual focus on chemical new materials and environmental protection to create synergies and reduce operational risks [5] - The industrial water treatment sector will benefit from stricter environmental regulations and increased government support for ecological initiatives [5] - The renewable energy business is exploring new applications for lithium resource extraction technologies, aiming for high-quality development [7]