（记者 王瀚黎） 截至发稿，和达科技市值为17亿元。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 每经AI快讯，和达科技（SH 688296，收盘价：15.78元）11月14日晚间发布公告称，近日公司收到股东 上海建元发来的《减持结果告知函》，截至2025年11月14日收盘，上海建元通过集中竞价交易方式累计 减持了公司股份约108万股，占公司当前总股本1%。本次减持计划实施完毕。 2024年1至12月份，和达科技的营业收入构成为：供水行业占比93.67%，排水行业占比4.49%，其他业 务占比1.06%，水利行业占比0.77%。 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, primarily driven by the consolidation of Yuefeng Environmental and operational improvements in waste management and energy sectors. Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 9.737 billion yuan, an increase of 1.006 billion yuan or 11.52% year-on-year, with the main business revenue reaching 9.477 billion yuan, up 9.70% [21] - The net profit attributable to shareholders was 1.605 billion yuan, an increase of 220 million yuan or 15.85% year-on-year, with a non-recurring net profit of 1.536 billion yuan, up 12.39% [21][3] - The net cash flow from operating activities was 2.662 billion yuan, an increase of 1.319 billion yuan or 98.21% year-on-year, mainly due to the contribution from Yuefeng Environmental and improved accounts receivable collection [22] Business Segments - The solid waste treatment business generated 5.476 billion yuan in revenue, accounting for 57.78% of the main business revenue, with a year-on-year increase of 21.39% [23] - The waste incineration business (excluding engineering and equipment) achieved revenue of 3.843 billion yuan, a year-on-year increase of 43.41%, with net profit rising by 56.07% [24] - The energy business maintained stable revenue at 2.783 billion yuan, while the water supply business saw a slight increase to 714 million yuan [27][28] Strategic Developments - The company completed the acquisition of Yuefeng Environmental in June 2025, enhancing its market position in waste incineration and increasing its operational capacity [6] - The company is focusing on integrating management systems post-acquisition to realize synergies and improve operational efficiency [7][8] - The company is actively exploring opportunities in the "green electricity direct supply" market and has established a power sales company to leverage its green energy resources [16] Sustainability and Innovation - The company has set ambitious carbon neutrality goals, aiming for peak carbon emissions by 2030 and carbon neutrality by 2060, aligning with national strategies [19] - The company emphasizes technological innovation and digital transformation, establishing a research platform to enhance its core technological competitiveness [15] Shareholder Returns - The company has implemented a mid-term dividend distribution plan for 2025, distributing 0.25 yuan per share, reflecting its commitment to returning value to shareholders [20]

Group 1 - Company announced a share buyback of approximately 1.6953 million shares, accounting for 1.57% of the total share capital, with a total expenditure of RMB 22.771 million [1] - The highest and lowest prices for the repurchased shares were RMB 15.19 and RMB 11.62 per share, respectively [1] - As of the report, the company's market capitalization is RMB 1.6 billion [1] Group 2 - For the year 2024, the revenue composition of the company is as follows: water supply industry 93.67%, drainage industry 4.49%, other businesses 1.06%, and water conservancy industry 0.77% [1]

Core Viewpoint - The company reported a stable performance in H1 2025, with revenue and net profit showing slight growth, driven by the integration of Yuefeng Environmental and improvements in cash flow management [1][4]. Financial Performance - H1 2025 revenue reached 5.763 billion yuan, a year-on-year decrease of 1.05%, while net profit was 967 million yuan, an increase of 8.99% [1]. - Q2 2025 revenue was 3.162 billion yuan, up 1.73% year-on-year and 21.60% quarter-on-quarter, with net profit of 547 million yuan, reflecting a year-on-year increase of 8.03% and a quarter-on-quarter increase of 30.17% [1]. - The company’s operating cash flow net amount was 1.221 billion yuan, a year-on-year increase of 280 million yuan, or 29.77% [4]. Business Segmentation - The solid waste treatment business generated revenue of 2.949 billion yuan, with a year-on-year decrease of 3.36%, while net profit was 724 million yuan, up 24.51% [3]. - The revenue from the waste incineration business was 2.126 billion yuan, a year-on-year increase of 17.63%, with net profit of 627 million yuan, up 13.25% [3]. - The company’s power generation volume increased by 21.10% year-on-year to 2.932 billion kWh, and the heat supply volume rose by 41.60% [2]. Cash Flow and Dividends - Free cash flow increased by 495 million yuan year-on-year to 338 million yuan, with a significant contribution from the integration of Yuefeng Environmental [4]. - The company plans to distribute a mid-term dividend of 0.25 yuan per share, totaling 204 million yuan, reflecting a payout ratio of 21.08% [4]. Future Outlook - The company maintains its earnings forecast, projecting EPS of 2.36, 2.62, and 2.77 yuan for 2025-2027 [5]. - The target price is set at 39.18 yuan, based on a PE ratio of 16.6 times for 2025, reflecting confidence in the company’s growth potential and the benefits from the acquisition of Yuefeng [5].

Group 1 - The company, HeDa Technology, announced a share buyback of approximately 859,500 shares, accounting for 0.8% of its total share capital, with a total expenditure of RMB 10.8132 million [2] - The highest and lowest prices for the repurchased shares were RMB 13.36 and RMB 11.62 per share, respectively [2] Group 2 - For the year 2024, the revenue composition of HeDa Technology is as follows: water supply industry accounts for 93.67%, drainage industry for 4.49%, other businesses for 1.06%, and water conservancy industry for 0.77% [2]