每经AI快讯，华电能源（SH 600726，收盘价：2.61元）8月28日晚间发布公告称，根据工作需要，经董 事会提名委员会审查，公司于2025年8月28日召开十一届十八次董事会，审议通过了《关于更换公司董 事的议案》，董事会同意提名郑钢先生为公司十一届董事会董事候选人，任期自股东大会审议通过之日 起至公司十一届董事会届满之日止。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 王晓波） 股东大会审议通过后，董事会同意郑刚先生担任公司十一届董事会战略委员会委员，任期与董事任期一 致。调整后的战略委员会由郎国民、朱凤娥、郑刚、魏宁、曹玉昆五名董事组成，郎国民为主任委员。 2025年1至6月份，华电能源的营业收入构成为：售电收入占比45.29%，煤炭销售收入占比32.79%，供 热收入占比20.89%，工程施工占比1.03%。 截至发稿，华电能源市值为206亿元。 ...

1H25 经营性现金流同比+30%，期内回收应收款超11.5 亿元。1H25 经营性现金流达12 亿元，同比+2.8 亿元，粤丰环保贡献2 亿元；自由现金流3.4 亿元，同比+5 亿元。1H25 持续催收下应收回款超11.5 亿 元。 固废：净利润同比+24.5%，主要由粤丰环保并表贡献；运营收入占比达到96%。1H25 固废收入29.5 亿 元，同比-3%，其中粤丰环保贡献3.6亿元。1H25 投产1 个项目650 吨/日，在建项目2250 吨/日，并表后 公司在运垃圾焚烧产能达6.6 万吨/日。运营方面，1H25 垃圾处置量同比+18%，发电量同比+21%，增 量基本全部由并表粤丰环保贡献；发电产能利用率115%，吨发电量同比+2.6%至386 度，厂用电率同 比-0.77ppt至12.6%，经营效率进一步提升。供热方面，1H25 公司供热量同比+42%，累计已有29 个项 目签署供热协议，项目储备充足。1H25 固废业务净利润7.2 亿元，同比+1.4 亿元，粤丰环保贡献1.1 亿 元。 能源及水务：盈利表现稳健。能源方面，1H25 收入同比+0.7%，主要系天然气售气量略有上涨。公司 预计2025 年 ...

根据公告，公司加大存量垃圾的协同处置力度，累计掺烧存量垃圾超80万吨，垃圾焚烧发电项目的产能 利用率显著提升。公司主要生产指标也同步向好，垃圾焚烧发电项目垃圾进厂总量为535.83万吨，垃圾 焚烧发电量25.76亿度，上网电量22.05亿度。推动公司业绩提升。 同时，公司为周边工业企业提供蒸汽合计8.83万吨，供热业务规模保持增长。同时，公司推动供热管网 向周边工业片区延伸覆盖，移动储能供热项目在多个项目投入运营，未来供热业务增长可期。公司下属 循环经济产业园具备绿色电能综合应用的载体优势，有着与新产业、新业态战略融合发展的巨大潜力。 本报讯 （记者李雯珊见习记者张美娜）8月27日，广州环投永兴集团股份有限公司（以下简称"永兴股 份"）发布2025年半年度报告，公司2025年上半年实现营业收入20.65亿元，同比增长12.60%；实现归属 于上市公司股东的净利润4.61亿元，同比增长9.32%。公司业绩持续保持稳健增长势头，盈利能力得到 持续提升。 根据公告，公司在智慧电厂多场景应用、SNCR液态高分子脱硝工艺、新一代移动储能供热设备等技术 的研发及实践上持续投入，取得多项技术和应用成果，结合公司精细化管理实 ...

京能清洁能源(00579)公布2025年中期业绩，收入约人民币108.997亿元，同比增长2.91%。公司权益持有 人应占溢利约19.83亿元，同比减少4.98%。每股基本及摊薄盈利24.05分。 京内燃气发电板块运行平稳，各项指标稳中有增，表现出强大的韧性。上半年燃气发电及供热板块完成 发电量97.2亿千瓦时，同比增长2.3%，设备利用小时数约2,036小时，同比增长了17小时，高于全国平 均水平1,029小时;贡献营业收入人民币65.8亿元，同比增长2.0%。集团通过深化热电联产调度、拓展工 业蒸汽用户等措施，有效平抑电价波动影响。其中北京京能高安屯燃气热电有限责任公司发电量同比增 长2.8亿千瓦时，增幅达19%，产能释放效率提升显著;北京京桥热电有限责任公司综合供电气耗同比下 降0.6%，彰显精细化管理纵深成效;北京上庄燃气热电有限公司依託创新业务驱动，利润同比跃升 26.9%，为燃气电厂转型升级提供实践典范。 截至2025年6月30日，该集团总装机容量稳步增至1,791.4万千瓦，同比增长21.4%，非化石能源装机容 量达到1,313.9万千瓦，占总装机容量的73.3%，能源结构进一步优化。其中，风力 ...

报告期内，公司在智慧电厂多场景应用、SNCR液态高分子脱硝工艺、新一代移动储能供热设备等技术 的研发及实践上持续投入，取得多项技术和应用成果，结合公司精细化管理实施，有效提升了公司核心 业务的运行效率。 此外，上半年公司完成了2024年度利润分配，派发现金红利5.4亿元，每10股获派现金红利6.0元(税 前)，分红比例为65.81%，持续兑现分红承诺，向投资者提供合理回报。 在复杂的市场环境下，永兴股份展现出强大的业务韧性，公司核心业务为长期稳定健康发展提供稳定支 撑，为投资者带来可预期的稳健收益。 报告期内，公司加大存量垃圾的协同处置力度，累计掺烧存量垃圾超80万吨，垃圾焚烧发电项目的产能 利用率显著提升。公司主要生产指标也同步向好，垃圾焚烧发电项目垃圾进厂总量为535.83万吨，垃圾 焚烧发电量25.76亿度，上网电量22.05亿度。推动公司业绩提升。 公司为周边工业企业提供蒸汽合计8.83万吨，供热业务规模保持增长。同时，公司推动供热管网向周边 工业片区延伸覆盖，移动储能供热项目在多个项目投入运营，未来供热业务增长可期。公司下属循环经 济产业园具备绿色电能综合应用的载体优势，有着与新产业（300832） ...

大公国际：2025 年以来 平台公司债券首发融资特征分析 王燕 舒蕴泽 2025 年 8 月 22 日 摘要 一揽子化债方案实施以来，传统城投公司融资受限，各地纷纷组建产业类公司以 应对新形势的变化。本文通过研究 2025 年以来1实现首发融资的平台公司2，分析其较 2024 年的变动情况，并总结信用状况、业务构成及财务表现等方面的特征，以期为产 业类公司债券首发融资提供借鉴。 正文 一、债券首发融资主体特征 1、总体概况 2025 年 1-7 月实现债券首发融资的平台公司共 149 家，已达到 2024 年全年的 84%，同时 1-7 月首发平台公司中只有 7 家公司的收入构成中基础设施代建、土地一 级开发等公益性业务收入占比超过 30%，具有较为明显的城投公司属性，其他公司产 业类特征较为明显，表明城投公司产业化转型进程及产业类公司的组建已经取得积极 效果，符合债券新增融资标准的平台公司日益增多。 图 1 2024-2025 年债券首发融资的平台公司月份分布（单位：家数） 数据来源：Wind 数据库，大公国际整理 23 4 22 18 8 14 10 7 12 15 20 24 26 8 13 33 20 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to lower gross margins in wind and solar energy, as well as unexpected asset impairment losses [1][2]. Financial Performance - In 1H25, the company achieved revenue of 6.569 billion yuan, a year-over-year decrease of 4.6%, and a net profit attributable to shareholders of 726 million yuan, down 33.7% year-over-year [1]. - For Q2, revenue was 2.808 billion yuan, reflecting an 8.6% year-over-year decline and a 25.3% quarter-over-quarter decline, with net profit at 102 million yuan, a significant drop of 78.5% year-over-year and 83.6% quarter-over-quarter [1]. - The company's wind energy revenue decreased by 9.0% year-over-year, with a gross margin of 46.9%, down 7.8 percentage points [1]. - Solar energy revenue fell by 3.9% year-over-year, with a gross margin of 40.3%, down 4.8 percentage points [1]. Coal and Heat Performance - The company's coal power revenue decreased by 3.4% year-over-year, with a gross margin of 29.1%, an increase of 1.3 percentage points [2]. - Heat revenue declined by 2.41% year-over-year, with a gross margin of -21.2%, but improved by 1.1 percentage points [2]. - The improvement in coal and heat gross margins was attributed to a decrease in coal prices and increased auxiliary service revenue [2]. Strategic Initiatives - The company is focusing on dual-track development in "new energy+" and green hydrogen-based energy, with plans to construct integrated demonstration projects for green hydrogen and synthetic ammonia [2]. - The company aims to enhance renewable energy consumption through the "new energy+" model and is implementing localized wind energy projects [2]. Profit Forecast and Target Price Adjustment - The company has revised its profit forecasts downward for 2025-2026, reducing the net profit estimates by 36% to 1.121 billion yuan and 1.315 billion yuan, respectively, with a projected net profit of 1.423 billion yuan for 2027 [3]. - The target price has been adjusted to 5.76 yuan, based on a price-to-book ratio of 1.2x for 2025, down from a previous target of 6.73 yuan [3].

Core Viewpoint - Zhongke Environmental Technology Co., Ltd. reported a steady growth in revenue and profit for the first half of 2025, indicating strong operational performance and effective management strategies [1][2]. Financial Performance - In the first half of 2025, Zhongke Environmental achieved an operating revenue of 848 million yuan, a year-on-year increase of 4.48% - The net profit attributable to shareholders was 196 million yuan, reflecting a year-on-year growth of 19.83% - The company's asset-liability ratio stood at 50.68%, maintaining a stable financial structure [1]. Operational Expansion - The company has successfully launched the Yuxi project in May 2025, which became profitable in its first month of operation - Ongoing projects include the comprehensive construction of the Hengyang project and accelerated preparations for the Shijiazhuang and Tengxian projects - In the first half of 2025, Zhongke Environmental completed the acquisition of the Jinzhou project and successfully acquired 100% equity in the Guigang and Pingnan projects, with plans to expedite the delivery of the Zaoyang project - Once all projects are consolidated, the total capacity will reach 20,900 tons per day, with 14,400 tons per day already operational [2]. R&D and Innovation - Zhongke Environmental focuses on addressing industry challenges through continuous technological innovation and the commercialization of research outcomes - The company has developed a "Research and Development Results Industrialization Implementation Plan (2025-2027)" covering 14 categories and 90 industrialization projects - In the first half of 2025, 14 new patents were granted, including 7 invention patents and 7 utility model patents - The waste incineration flue gas purification system's residual heat utilization technology has been successfully implemented in the Jincheng project, with plans for broader application in other projects [3]. Commitment to Investor Returns - In the first half of 2025, Zhongke Environmental launched the "Quality Return Dual Improvement" action plan, focusing on innovation and governance to enhance value return - The controlling shareholder, Zhongke Group, voluntarily extended the lock-up period for pre-IPO restricted shares by 12 months to support the company's long-term development - Analysts expect steady growth in operating performance and an increase in dividend payouts, ensuring stable returns for investors [4].

Investment Rating - The investment rating for Zhongke Environmental Protection is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on performance metrics and growth potential. Core Viewpoints - The company achieved a revenue of 848 million yuan in the first half of 2025, representing a year-on-year growth of 4.48%. The net profit attributable to the parent company was 196 million yuan, reflecting a growth of 19.83% year-on-year [1]. - The company's gross profit margin increased by 4.6 percentage points to 43.96%, indicating a significant improvement in profitability [3]. - The company processed 2.1363 million tons of household waste, a year-on-year increase of 10.07%, with a revenue from waste incineration power generation of 691 million yuan, up 14.81% [3]. - The heating volume reached 877,500 tons, growing by 12.01%, with a heating ratio maintained above 40% [3]. - The company is expanding its capacity through acquisitions, with a current capacity of 20,900 tons per day, of which 14,400 tons per day are operational [3]. - A high dividend commitment was announced, with a plan to distribute no less than 60% of the net profit attributable to the parent company in cash from 2024 to 2028 [3]. - Revenue forecasts for 2025-2027 are projected at 1.857 billion yuan, 2.147 billion yuan, and 2.387 billion yuan, respectively, with net profits of 399 million yuan, 483 million yuan, and 545 million yuan [5]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 298 million yuan, a year-on-year increase of 24.52% [1]. - Basic earnings per share (EPS) for the first half of 2025 was 0.1333 yuan, up 19.77% year-on-year [1]. Business Segments - The waste incineration power generation business is the core driver of growth, with a gross margin of 52.57% [3]. - The project construction business saw a revenue increase of 43.70%, contributing to overall performance [3]. Growth Strategy - The company is actively pursuing external acquisitions to enhance its operational capacity and market presence, particularly in southern China [3]. - Ongoing projects in heating capacity expansion are expected to further drive growth [3]. Dividend Policy - The company has committed to a high dividend payout ratio, reflecting confidence in future earnings and shareholder returns [3]. Earnings Forecast - The projected P/E ratios for 2025-2027 are 20.73x, 17.13x, and 15.19x, indicating a favorable valuation trend as earnings grow [4].

Core Viewpoint - Jiangsu Guoxin's stock price closed at 7.50 yuan on August 11, 2025, reflecting a decline of 1.06% from the previous trading day [1] Company Overview - Jiangsu Guoxin primarily engages in the electricity sector, with business operations including power generation and heating [1] - The company is a significant energy enterprise within Jiangsu Province [1] Market Performance - On August 11, 2025, the trading volume for Jiangsu Guoxin was 22.24 million shares, with a total transaction value of 166.7 million yuan [1] - The net inflow of main funds on that day was 12.62 million yuan, with a cumulative net inflow of 2.87 million yuan over the past five trading days [1] Financial Metrics - The current price-to-earnings (P/E) ratio for Jiangsu Guoxin is 8.20 times, while the price-to-book (P/B) ratio stands at 0.87 times [1]