Core Viewpoint - The beginning of 2026 marks a significant year for economic development in China, with A-share listed companies actively engaging in various projects, signaling confidence and vitality for high-quality growth throughout the year [2]. Group 1: Investment and Project Announcements - Companies such as Qiaoyin Co. have won contracts for urban sanitation projects worth approximately 1.225 billion yuan, while Xusheng Group received a notification for a 7.8 billion yuan project from a North American electric vehicle manufacturer [2]. - Fulin Precision's subsidiary plans to invest 8.7 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [2][4]. - Guizhou Tire announced plans to invest 299 million USD in a tire manufacturing project in Morocco, expected to generate annual sales of 183 million USD and profits of approximately 40.87 million USD [3]. - New materials and energy sectors are seeing significant investments, with companies like Dongfang Zircon and Fulin Precision expanding their production capabilities in battery-grade materials [4]. Group 2: Order Wins and Market Expansion - A-share companies are securing large orders across various sectors, including infrastructure and new energy, reflecting the vitality of these industries [5]. - Jingong Steel Construction won a bid for a project in Hangzhou worth 824 million yuan, marking a strategic shift towards total contracting [6]. - Xusheng Group, a core supplier for Tesla, received a long-term contract worth approximately 7.8 billion yuan for supplying components, indicating strong recognition of its capabilities [6]. Group 3: Production and Operational Updates - Companies are entering a phase of production and operational ramp-up, with several projects moving into the production stage [8]. - Zhongmin Resources announced the completion of a project to upgrade its lithium salt production line, increasing its annual capacity to 71,000 tons [8]. - Precision Technology successfully launched its first carbon fiber production line, marking a significant step in domestic production capabilities [8].

Group 1: Company Announcements - Feiwo Technology projects approximately 1.23 million yuan in revenue from its commercial aerospace business segment by 2025 [1] - Zhongtian Rocket's carbon/carbon thermal field materials business is impacted by intensified competition in the photovoltaic industry, leading to market performance below expectations [1] - Qiaoyin Co., Ltd. received a bid notification for a 1.225 billion yuan integrated urban sanitation project in Zheng'an County [1] - New Day Co., Ltd. plans to transfer 80% of its equity in Zhejiang New Day to Xinri New Materials for 45.51 million yuan [1] - Kelong Pharmaceutical intends to repurchase company shares worth between 50 million and 100 million yuan [1] Group 2: Project Investments - Fujin Precision plans a 1.2 billion yuan investment in a new lithium iron phosphate precursor material project in Jiangxi [1] - Yunnan Energy Investment intends to invest in the construction of two wind power projects in Fuyuan County [1] - Guizhou Tire plans to invest in a smart manufacturing project in Morocco with an annual production capacity of 6 million semi-steel radial tires [1] - Hualin Micro-Nano aims to expand its mobile optical lens components and semiconductor packaging business [1] Group 3: Share Buybacks and Holdings - Kelong Pharmaceutical plans to repurchase shares worth between 50 million and 100 million yuan [1] - Wan Ze Group intends to reduce its holdings by no more than 1.6585% [1] - ST Yifei's Yipo New Energy plans to reduce its holdings by no more than 1.53% [1] - Director of Hangya Technology, Ruan Shihai, plans to reduce holdings by up to 4.9 million shares [1] Group 4: Other Financial Activities - Haopeng Technology plans to raise no more than 800 million yuan through a private placement [1] - Guangyun Da intends to raise no more than 1.21 billion yuan through a private placement to Jun Guang Investment [1] - Ding Tai Gao Ke projects a net profit increase of 80.72% to 102.76% year-on-year for 2025 [1] - Xusheng Group received a project designation notification from a client, with a total sales amount of approximately 7.8 billion yuan [1]

侨银股份（002973）(002973.SZ)公告，公司收到贵州省遵义市正安县城乡环卫一体化项目特许经营项 目的《中标通知书》，中标价约12.25亿元。 ...

来源：证券之星 近期，来自北京的环卫公司中环洁正在叩响北交所的大门，公司拟募资6.1亿元，截至目前已回复完第 三轮问询。 然而，其招股书以及三轮问询答复中所揭示的财务结构，尤其是现金流与应收账款问题，引发了市场对 其可持续经营能力的重点关注。截至今年前三季度，公司1.77亿元的账面资金与同期高达11.04亿短期借 款形成"现金与短债倒挂"，而经营性现金流与净利润的背离，暴露出利润"纸面化"的情况。这些交织的 财务风险，正考验着这家以政府项目为主的环卫企业的IPO能否闯关成功。 01． 应收款逾期率超八成 中环洁的核心业务包括城乡环境卫生及相关服务、固废分类管理及商品销售，其中城乡环境卫生及相关 服务是公司的收入支柱，占比超95%，该板块涵盖道路保洁、垃圾收运、绿化养护、水域保洁、公厕管 护等内容，客户以政府机构或其所属的城市管理相关机构为主。 由于该类业务具有项目周期长、回款周期不确定，且前期需投入大量资金用于人员招聘、设备采购及项 目筹备等特征，导致公司现金回收节奏滞后于收入确认。 报告期内（2022年至2024年以及今年1至6月），公司净利润虽保持每年约2亿元上下的稳定水平，但经 营活动现金流量净额波动剧 ...

"新能源餐厨收运车相较于此前使用的传统燃油车，不仅实现零尾气排放，大幅降低对空气的污染，而 且能耗成本降幅超70%，同时密封性更佳，能有效防止滴漏问题，也是推进我市环卫车辆新能源化和大 气污染防治的一项重要举措。"1月4日，市环卫中心相关负责人介绍。 去年印发的《浙江省2025年推动大规模设备更新和消费品以旧换新实施方案》明确提出"提标扩面支持 老旧营运货车报废更新"，为巨化清源公司餐厨业务更换承包商及更新餐厨收运车辆提供政策依据与有 力支撑。上月24日，餐厨业务新收运承包商衢州市广富物流有限公司停车场内，8辆总投资400万元崭新 的新能源收运车完成牌照安装，正式替代原7辆老式柴油车投入餐厨垃圾收运工作。 目前，市区餐厨项目已初步建成了全过程信息管理平台，涵盖餐厨企业信息、合同管理、收运点及收运 区域管理、餐厨运输单位及人员管理、餐厨入库、临时收运、收运预警、收集桶更换及废弃等共计十大 核心模块，基本实现了餐厨信息、合同签约、司机收运、数据入库等全流程管理。此外，为便于收运管 理，市区餐厨收运现已开通"餐厨收运"线上收运签约小程序，商户可自行通过手机端小程序完成收运签 约信息录入，企业则能通过小程序确认收运地 ...

Investment Rating - The report indicates a need for an IPO to address financial challenges faced by the company [1]. Core Insights - The company, Zhonghuanjie Group Co., Ltd., is focused on urban sanitation services, which account for 98% of its revenue, and is currently seeking to enter the Beijing Stock Exchange [4][6]. - The sanitation industry is transitioning from government-operated services to market-driven operations, creating opportunities for specialized sanitation companies [2][5]. Summary by Sections Business Model and Revenue - Zhonghuanjie primarily provides urban sanitation services, including road cleaning, waste collection, and public toilet management, which constitute the majority of its income [6]. - The company employs approximately 25,000 people, with labor costs being the largest expense [8]. - In 2024, the Northeast region contributed over 35% of the company's revenue, with a gross margin nearing 40%, significantly higher than other regions [11]. Contractual Challenges - The sanitation contracts are typically short-term, averaging around three years, which poses a risk of losing projects upon expiration [15][16]. - As of 2024, the total value of contracts held by Zhonghuanjie was 7.5 billion, with an annualized contract amount of approximately 2.5 billion [16]. Market Dynamics - The sanitation industry is highly competitive, with over 10,000 companies operating, but only 324 generating over 100 million in annual revenue [24]. - The market has seen a slowdown, with a decrease in annual project transaction amounts from 686 billion to 955 billion between 2020 and 2024, indicating a nearing saturation point [26]. Financial Health - The company has experienced a significant increase in accounts receivable, rising from 570 million to 1.753 billion from 2021 to 2024, with a concerning overdue rate of 80.5% by mid-2025 [35][38]. - In 2024, the company recorded a credit impairment loss of 89.54 million, which has negatively impacted profitability [40]. - The company is relying on short-term loans to maintain operations, with cash reserves of only 179 million against short-term borrowings of 1.104 billion [44].

来源：市值风云 急需IPO补血。 作者 | 萧瑟 编辑 | 小白 过去"扫大街"都是衙门的活儿，如今也成了门开放行当。 环卫市场化，指的是将原本由政府事业单位负责的清扫保洁、垃圾清运等公共服务，通过公开招标等方 式，转由专业环卫企业运营，从"自己动手"变成了"花钱买服务"。 这背后究竟是怎样一门生意呢？ 近期风云君关注到，一家专门的环卫公司——中环洁集团股份有限公司（"中环洁"）正卯着劲想冲进北 交所，目前已经过三轮问询。以这家公司为样本，或许可以帮我们一探究竟。 政府购买驱动，区域护城河加持 中环洁干的活儿，核心是城乡环卫服务，也就是广义上的"扫大街"，具体包括道路清扫、垃圾收运、绿 化养护、水域保洁、公厕管护等工作内容，这部分占了它收入的98%。 | | | | | | | | 甲位: 万元、% | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 項目 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | | 全顔 | 占此 | 金额 | 片比 | 金额 | 早出 | 金同 | 早 ...

急需IPO补血。 | 作者 | | 萧瑟 | | --- | --- | --- | | 编辑 | | 小白 | 过去"扫大街"都是衙门的活儿，如今也成了门开放行当。 环卫市场化，指的是将原本由政府事业单位负责的清扫保洁、垃圾清运等公共服务，通过公开招标等 方式，转由专业环卫企业运营，从"自己动手"变成了"花钱买服务"。 这背后究竟是怎样一门生意呢？ 近期风云君关注到，一家专门的环卫公司——中环洁集团股份有限公司（"中环洁"）正卯着劲想冲进 北交所，目前已经过三轮问询。以这家公司为样本，或许可以帮我们一探究竟。 | | | | | | | | 早1V: 月 几 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 2024年1月-6月 | | 2023 年度 | | 2022 年度 | | 2021 年度 | | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | | | (%) | | (%) | | (%) | | (%) | | 人工成本 | 48.889.55 | 64.63 | 1 ...

沈阳环卫出动2.03万人 各类除雪机械3577台 沈阳交警全员上岗值守 联动多部门除雪救援 沈阳地铁保乘客安全 硬核举措+温情服务 沈铁确保重点物资运输出动106列刮冰机车 电力派无人机空中巡检 红外测温监测设备接点 02、05、07 12 月23日，辽宁丹东普降大雪。丹东边境管理支队安民边境派出所民警迎风冒雪，持续加强校园周边安全 保障。 鞠鑫 摄 ...

来源：上海证券报·中国证券网 作为中信产业基金控股的城乡环境服务运营商，中环洁核心业务覆盖市政环卫、垃圾处理、绿化养护等 全链条环境服务，业务版图已渗透至全国多个省份。2025年上半年财报显示，公司实现营业收入 10.8964亿元，扣非归母净利润达1.10亿元，同比增幅高达34.97%。 北交所三轮问询的核心聚焦于公司经营的核心风险点，中环洁在三轮问询回复中给出了明确回应。针对 收购大连新天地及商誉减值，公司表示，大连新天地业务开展正常，在运营项目的年合同额约为1.89亿 元，所处行业市场需求整体呈上升趋势，预计未来业绩及项目运营不会发生重大不利变化，各期商誉减 值测试及评估测算的过程合理、依据充分，商誉未计提减值具有合理性。 北交所三轮问询的核心聚焦于公司经营的核心风险点，中环洁在三轮问询回复中给出了明确回应。针对 收购大连新天地及商誉减值，公司表示，大连新天地业务开展正常，在运营项目的年合同额约为1.89亿 元，所处行业市场需求整体呈上升趋势，预计未来业绩及项目运营不会发生重大不利变化，各期商誉减 值测试及评估测算的过程合理、依据充分，商誉未计提减值具有合理性。 关于业绩波动及应收账款坏账计提，公司表示， ...