Core Viewpoint - On November 21, 2023, Shenling Environment experienced a decline of 4.54% in stock price, with a trading volume of 257 million yuan, indicating a significant market reaction to recent financial activities [1] Financing Summary - On the same day, Shenling Environment had a financing purchase amount of 21.32 million yuan and a financing repayment of 39.11 million yuan, resulting in a net financing outflow of 17.79 million yuan [1] - As of November 21, the total financing and securities lending balance for Shenling Environment was 456 million yuan, with the financing balance accounting for 3.39% of the circulating market value, which is above the 70th percentile of the past year [1] - In terms of securities lending, there were no shares sold or repaid on November 21, with the securities lending balance also at zero, indicating a high level of inactivity in this area [1] Company Overview - Shenling Environment, established on July 3, 2000, and listed on July 7, 2021, is based in Shunde District, Foshan City, Guangdong Province, specializing in air environment regulation equipment, particularly focusing on specialized air conditioning systems [2] - The company's revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [2] - For the period from January to September 2025, Shenling Environment reported a revenue of 2.508 billion yuan, reflecting a year-on-year growth of 26.84%, and a net profit attributable to shareholders of 150 million yuan, up 5.05% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Shenling Environment has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 25.41% to 27,800, while the average circulating shares per person decreased by 20.76% to 7,107 shares [2][3] - Notable new institutional shareholders include China Aviation Opportunity Leading Mixed Fund and Yongying Digital Economy Selected Mixed Fund, while Hong Kong Central Clearing Limited and Baoying Strategy Growth Mixed Fund have exited the top ten circulating shareholders list [3]

Core Insights - The stock of Shunling Environment increased by 5.02%, reaching 54.38 CNY per share, with a trading volume of 239 million CNY and a turnover rate of 2.27%, resulting in a total market capitalization of 14.468 billion CNY [1] Company Overview - Shunling Environment was established on July 3, 2000, and went public on July 7, 2021. The company is located in Shunde District, Foshan City, Guangdong Province [1] - The main business involves air environment regulation equipment, focusing on specialized air conditioning systems. The company integrates R&D, manufacturing, marketing, engineering installation, and operational maintenance to provide comprehensive environmental control solutions for various applications [1] - The revenue composition is as follows: equipment accounts for 82.94%, solutions and services for 16.68%, and other sources for 0.38% [1] Fund Holdings - According to data, one fund under Galaxy Fund holds a significant position in Shunling Environment. The Galaxy Yield Mixed Fund (151002) held 20,000 shares in the third quarter, representing 0.81% of the fund's net value, ranking as the tenth largest holding [2] - The Galaxy Yield Mixed Fund was established on August 4, 2003, with a current size of 175 million CNY. Year-to-date returns are 8.33%, ranking 6221 out of 8145 in its category, while the one-year return is 8.58%, ranking 5677 out of 8059 [2] Fund Manager Profiles - The fund manager of Galaxy Yield Mixed Fund is Zheng Kecheng, who has a tenure of 17 years and 225 days, managing assets totaling 714 million CNY. The best return during his tenure is 124.06%, while the worst is -8.1% [3] - Co-manager Wei Xuan has been in the role for 3 years and 270 days, overseeing assets of 1.791 billion CNY. The best return during her tenure is 16.5%, with the worst being -1.81% [3]

Core Viewpoint - The stock of Shunling Environment has shown significant volatility, with a year-to-date increase of 40.52% but a recent decline of 17.79% over the past five trading days [1][2]. Company Overview - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, is based in Shunde District, Foshan, Guangdong Province. The company specializes in air environment regulation equipment, focusing on air conditioning systems [1]. - The company's main business segments include equipment (82.94% of revenue), solutions and services (16.68%), and other supplementary services (0.38%) [1]. Financial Performance - For the period from January to September 2025, Shunling Environment reported a revenue of 2.508 billion yuan, reflecting a year-on-year growth of 26.84%. The net profit attributable to shareholders was 150 million yuan, with a growth of 5.05% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 25.41% to 27,800, while the average number of tradable shares per person decreased by 20.76% to 7,107 shares [2]. - New institutional shareholders include Zhonghang Opportunity Leading Mixed Fund, Yongying Digital Economy Selected Mixed Fund, and Xingquan Trend Investment Mixed Fund, while Hong Kong Central Clearing Limited and Baoying Strategy Growth Mixed Fund have exited the top ten shareholders list [3].

Core Viewpoint - Shunling Environment is a leading air environment regulation equipment company in China, focusing on specialized air conditioning and providing comprehensive solutions for various application scenarios [1] Group 1: Business Performance - In Q3 2025, Shunling Environment achieved a revenue of 2.508 billion yuan, ranking 3rd in the industry, surpassing the industry average of 1.625 billion yuan and the median of 1.237 billion yuan [2] - The main business composition includes equipment revenue of 1.395 billion yuan (82.94%), solutions and services revenue of 281 million yuan (16.68%), and other revenue of 6.38 million yuan (0.38%) [2] - The net profit for the same period was 154 million yuan, ranking 6th in the industry, above the industry average of 144 million yuan and the median of 93.47 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Shunling Environment was 54.52%, higher than the previous year's 50.49% and the industry average of 36.25% [3] - The gross profit margin for Q3 2025 was 23.16%, down from 26.37% in the previous year and below the industry average of 24.91% [3] Group 3: Executive Compensation - The chairman, Cui Yingqi, received a salary of 600,600 yuan in 2024, an increase of 125,000 yuan from 2023 [4] - The general manager, Pan Zhanhua, earned 1.2759 million yuan in 2024, up by 609,900 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 25.41% to 27,800 [5] - The average number of circulating A-shares held per shareholder decreased by 20.76% to 7,107.42 [5] Group 5: Growth Prospects - Guojin Securities forecasts that Shunling Environment's data service segment will see revenues of 2.7 billion, 4.6 billion, and 6.4 billion yuan from 2025 to 2027, with year-on-year growth rates of 77%, 67%, and 39% respectively [6] - Zhongyin International Securities anticipates revenues of 4.042 billion, 5.004 billion, and 5.808 billion yuan for the same period, with net profits of 262 million, 353 million, and 425 million yuan [7] - The company has a leading position in the liquid cooling technology market for data centers, with significant order growth in 2025 [7]

Core Viewpoint - On October 9, 2023, Shenling Environment experienced a decline of 2.65% in stock price with a trading volume of 1.065 billion yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On the same day, Shenling Environment had a financing purchase amount of 165 million yuan and a repayment of 112 million yuan, resulting in a net financing purchase of 52.16 million yuan [1]. - As of October 9, the total financing and securities lending balance for Shenling Environment was 658 million yuan, which represents 3.56% of its circulating market value and is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, there were no shares repaid or sold on October 9, with a remaining quantity of 100 shares and a securities lending balance of 6,942 yuan, which is above the 70th percentile of the past year, also indicating a high level of activity [1]. Company Overview - Shenling Environment, established on July 3, 2000, and listed on July 7, 2021, is located in Shunde District, Foshan City, Guangdong Province. The company specializes in air environment regulation equipment, focusing on research, design, manufacturing, marketing, installation, and maintenance services [2]. - The company's main business revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [2]. - As of June 30, 2023, the number of shareholders was 22,200, a decrease of 1.82% from the previous period, while the average circulating shares per person increased by 1.85% to 8,969 shares [2]. Financial Performance - For the first half of 2023, Shenling Environment reported a revenue of 1.682 billion yuan, representing a year-on-year growth of 28.95%, and a net profit attributable to shareholders of 150 million yuan, reflecting a year-on-year increase of 35.95% [2]. Dividend Information - Since its A-share listing, Shenling Environment has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2023, among the top ten circulating shareholders, E Fund Supply-side Reform Mixed Fund (002910) was the seventh largest shareholder with 2.6008 million shares, marking a new entry. Hong Kong Central Clearing Limited was the ninth largest shareholder with 1.8120 million shares, an increase of 498,600 shares from the previous period. Additionally, Baoying Strategy Growth Mixed Fund (213003) was the tenth largest shareholder with 1.4185 million shares, also a new entry [3].

Group 1 - The core viewpoint of the news is that Shunling Environment's stock has increased by 5.77%, reaching a price of 74.46 CNY per share, with a trading volume of 489 million CNY and a turnover rate of 3.42%, resulting in a total market capitalization of 19.81 billion CNY [1] - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, is based in Shunde District, Foshan City, Guangdong Province. The company specializes in air environment regulation equipment, focusing on research and development, manufacturing, marketing, engineering installation, and operational maintenance [1] - The main business revenue composition of Shunling Environment includes 82.94% from equipment, 16.68% from solutions and services, and 0.38% from other sources [1] Group 2 - Among the top ten circulating shareholders of Shunling Environment, a fund under E Fund, specifically E Fund Supply-side Reform Mixed Fund (002910), has entered the list, holding 2.6008 million shares, which accounts for 1.31% of the circulating shares. The estimated floating profit today is approximately 10.5592 million CNY [2] - E Fund Supply-side Reform Mixed Fund (002910) was established on January 25, 2017, with a latest scale of 4.056 billion CNY. Year-to-date returns are 25.17%, ranking 3699 out of 8244 in its category, while the one-year return is 35.96%, ranking 3700 out of 8080. Since its inception, the fund has achieved a return of 211.64% [2]

Company Overview - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, is located in Shunde District, Foshan City, Guangdong Province. The company specializes in air environment regulation equipment, focusing on specialized air conditioning systems. It offers comprehensive solutions including R&D, manufacturing, marketing, installation, and maintenance for various applications such as data service environments, industrial processes, and public buildings [1][2]. Financial Performance - For the first half of 2025, Shunling Environment reported a revenue of 1.682 billion yuan, representing a year-on-year growth of 28.95%. The net profit attributable to shareholders was 150 million yuan, reflecting a growth of 35.95% compared to the previous year [2]. - Since its A-share listing, Shunling Environment has distributed a total of 217 million yuan in dividends, with 138 million yuan distributed over the past three years [3]. Stock Performance - As of September 16, Shunling Environment's stock price increased by 2.22%, reaching 71.05 yuan per share, with a total market capitalization of 18.903 billion yuan. The stock has seen an 85.12% increase year-to-date, with a 95.25% rise over the past 60 days [1]. - The stock's trading volume on September 16 was 162 million yuan, with a turnover rate of 1.17%. The net inflow of main funds was 8.4757 million yuan, indicating strong investor interest [1]. Shareholder Structure - As of June 30, 2025, Shunling Environment had 22,200 shareholders, a decrease of 1.82% from the previous period. The average number of circulating shares per shareholder increased by 1.85% to 8,969 shares [2]. - Among the top ten circulating shareholders, notable new entrants include E Fund Supply-side Reform Mixed Fund and Baoying Strategy Growth Mixed Fund, indicating a shift in institutional holdings [3].

Group 1 - The core viewpoint of the news is that Shunling Environment's stock has experienced a decline of 5.27%, with a current price of 69.00 CNY per share and a total market capitalization of 18.358 billion CNY [1] - Shunling Environment, established on July 3, 2000, and listed on July 7, 2021, specializes in air environment regulation equipment, focusing on research, production, marketing, installation, and maintenance services [1] - The company's main business revenue composition includes 82.94% from equipment sales, 16.68% from solutions and services, and 0.38% from other sources [1] Group 2 - Among the top ten circulating shareholders of Shunling Environment, E Fund's supply-side reform mixed fund (002910) has recently entered, holding 2.6008 million shares, which is 1.31% of the circulating shares [2] - The E Fund supply-side reform mixed fund was established on January 25, 2017, with a current scale of 4.056 billion CNY, achieving a year-to-date return of 20.06% and a one-year return of 37.81% [2] - The fund manager, Yang Zongchang, has been in position for 6 years and 145 days, with the best fund return during his tenure being 228.46% [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][6] Core Views - The company has shown rapid growth in the first half of 2025, with revenue reaching 1.682 billion RMB, a year-on-year increase of 28.95%, and a net profit of 150 million RMB, up 35.95% [4][9] - The company is actively expanding its liquid cooling technology for data centers, which is expected to benefit from the increasing demand for computing power [4][9] - The company is positioned as a leading manufacturer of specialized air conditioning systems in China, with a strong focus on high-efficiency innovative products [4][9] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.682 billion RMB, a 28.95% increase year-on-year, and a net profit of 150 million RMB, reflecting a 35.95% growth [10] - The second quarter of 2025 saw revenue of 1.054 billion RMB, a 30.03% increase compared to the same period in 2024, with a net profit of 96 million RMB, up 59.92% [11] - The overall gross margin for the first half of 2025 was 24.41%, a slight decrease of 2.04 percentage points year-on-year, while the net margin improved by 0.86 percentage points to 9.11% [9][10] Business Segment Performance - The data services segment experienced a revenue growth of 43.77%, driven by high-efficiency innovative products [9] - The industrial segment saw a remarkable revenue increase of 99.15%, primarily due to a 219% growth in the power and energy business [9] - The special segment's revenue declined by 19.60%, attributed to the timing of large project revenue recognition [9] Future Outlook - The company is expected to benefit from the growing demand for liquid cooling solutions in data centers, with a significant increase in new orders in the data services segment [9] - The revenue projections for 2025-2027 are estimated at 4.042 billion RMB, 5.004 billion RMB, and 5.808 billion RMB respectively, with net profits expected to reach 262 million RMB, 353 million RMB, and 425 million RMB [6][8]