Core Viewpoint - Zhejiang Fu Holdings experienced a decline of 2.09% in stock price on November 20, with a current price of 4.22 CNY per share and a total market capitalization of 22.025 billion CNY [1] Company Overview - Zhejiang Fu Holdings, established on March 26, 2004, and listed on August 6, 2008, is located in Yuhang District, Hangzhou, Zhejiang Province. The company specializes in the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The main revenue sources for the company are: hazardous waste disposal and resource products (93.96%), clean energy equipment (5.78%), other (0.22%), and oil extraction (0.05%) [1] Financial Performance - For the period from January to September 2025, Zhejiang Fu Holdings reported a revenue of 16.155 billion CNY, representing a year-on-year growth of 5.88%. However, the net profit attributable to shareholders decreased by 4.76% to 739 million CNY [2] - The company has distributed a total of 1.818 billion CNY in dividends since its A-share listing, with 830 million CNY distributed over the past three years [3] Stock Market Activity - As of November 20, 2023, the stock price has increased by 37.41% year-to-date, but has seen a decline of 7.05% over the last five trading days and a slight decrease of 1.40% over the last 20 days. In the last 60 days, the stock price has risen by 17.55% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on July 25, where it recorded a net buy of -112 million CNY [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhejiang Fu Holdings increased to 134,600, with an average of 36,389 circulating shares per person, a decrease of 3.34% from the previous period [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 92.326 million shares, a decrease of 17.8951 million shares from the previous period [3]

Core Insights - Zhejiang Fu Holdings' stock price increased by 50.44% year-to-date, with a recent trading price of 4.62 CNY per share and a market capitalization of 24.113 billion CNY [1] - The company operates primarily in the clean energy equipment sector and hazardous waste treatment, with 93.96% of its revenue coming from hazardous waste disposal and resource recovery [1][2] Financial Performance - For the period from January to September 2025, Zhejiang Fu Holdings reported a revenue of 16.155 billion CNY, reflecting a year-on-year growth of 5.88%, while the net profit attributable to shareholders decreased by 4.76% to 739 million CNY [2] - The company has distributed a total of 1.818 billion CNY in dividends since its A-share listing, with 830 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 134,600, with an average of 36,389 circulating shares per shareholder, a decrease of 3.34% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable reductions in their holdings [3]

Group 1 - Zhejiang Fu Holdings experienced a decline of 5.07% on November 12, with a stock price of 4.49 CNY per share, a trading volume of 640 million CNY, a turnover rate of 2.84%, and a total market capitalization of 23.435 billion CNY [1] - The company, established on March 26, 2004, and listed on August 6, 2008, is based in Hangzhou, Zhejiang Province, and specializes in the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The revenue composition of Zhejiang Fu Holdings is as follows: 93.96% from hazardous waste disposal and resource products, 5.78% from clean energy equipment, 0.22% from other sources, and 0.05% from oil extraction [1] Group 2 - Among the top ten circulating shareholders of Zhejiang Fu Holdings, a fund under Southern Fund holds a significant position. The Southern CSI 500 ETF (510500) reduced its holdings by 775,700 shares in the third quarter, now holding 37.8998 million shares, which accounts for 0.77% of the circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 9.096 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 29.27% and a one-year return of 16.9% [2]

Group 1 - Zhejiang Fu Holding Co., Ltd. experienced a decline of 5.05% on October 14, with a stock price of 4.51 yuan per share and a trading volume of 1.405 billion yuan, resulting in a total market capitalization of 23.539 billion yuan [1] - The company, established on March 26, 2004, and listed on August 6, 2008, focuses on the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The revenue composition of the company is as follows: hazardous waste disposal and resource products account for 93.96%, clean energy equipment 5.78%, other 0.22%, and oil extraction 0.05% [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Zhejiang Fu Holding, having increased its holdings by 5.3288 million shares in the second quarter, totaling 38.6755 million shares, which represents 0.79% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 9.2821 million yuan [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 113.438 billion yuan, yielding a return of 30.65% year-to-date, ranking 1692 out of 4220 in its category [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 4.50 [5][4]. Core Insights - The company achieved a revenue of RMB 106.42 billion in H1 2025, representing a year-over-year increase of 3.22%, and a net profit of RMB 5.66 billion, up 16.80% year-over-year, driven primarily by strong performance in the clean energy equipment segment [1][4]. - The clean energy equipment business saw a revenue increase of 37.11% year-over-year in H1 2025, contributing significantly to the overall profitability of the company [2]. - The hazardous waste treatment and resource recovery segment remains a leader in the industry, although it experienced a slight decline in gross margin due to industry pressures [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of RMB 57.05 billion, a decrease of 2.59% year-over-year but an increase of 15.55% quarter-over-quarter, with a net profit of RMB 2.95 billion, reflecting a year-over-year increase of 69.87% [1]. - The clean energy equipment segment's revenue for H1 2025 was RMB 6.15 billion, accounting for 6% of total revenue, with a gross margin of 44.67%, up 7.31 percentage points year-over-year [2]. Business Segments - The hazardous waste treatment and resource recovery business generated RMB 99.99 billion in revenue in H1 2025, making up 94% of total revenue, but faced a slight gross margin decline to 9.54% [3]. - The company has maintained effective cost control, with R&D and financial expenses decreasing by 3.48% and 37.40% year-over-year, respectively [3]. Profit Forecast and Valuation - The forecast for net profit for 2025-2027 has been adjusted to RMB 11.48 billion, RMB 11.82 billion, and RMB 12.65 billion, respectively, with corresponding EPS estimates of RMB 0.22, RMB 0.23, and RMB 0.24 [4]. - The report suggests a target price based on a 20.5x PE ratio for 2025, reflecting confidence in the clean energy equipment segment's future profitability [4].