探索金融史的无尽奥秘，见证金融文明的持续发展。从金融启蒙的普及到金融逻辑的解构，从博物馆实践 到产业案例的深耕，我们以记录者的身份，填补金融史叙事中民间视角的空缺。自2025年5月起，由金融 博物馆主办的《金融史》汇编资料已上线六期。借助先进数字化平台优化阅读体验，面向公众提供免费阅 读及下载。金融时报、金融投资报等行业知名媒体均对此持续关注并发文推荐。 很多人提起并购，会想到"大鱼吃小鱼"的资本游戏，但在金融强国的坐标系里，并购是产业升级的加速 器，是资源整合的最优解，并购竞争力是金融强国的重要推手。当新能源产业力图突破供应链瓶颈，并购 能帮助企业锁定锂矿、电池等核心资源，在全球市场里拿到"定价权"。结合该话题深入延展，在最新一期 《金融史》中，我们以"在瀚蓝并购案视角下，中国环保产业与地方金融的协同演进史"为题，特别刊发文 章，介绍瀚蓝环境股份有限公司在环保领域的整合经验，以便社会各界对未来趋势与行业发展能有更清 晰、更系统的理解和思考。现将全文分享如下： 以下内容选自《金融史》第6期 ——【金融观察】专栏—— 在瀚蓝并购案视角下 中国环保产业与地方金融的协同演进史 在我国资本市场深化改革与产业结构转型升 ...

资料显示，瀚蓝环境股份有限公司位于广东省佛山市南海区桂城融和路23号瀚蓝广场，成立日期1992年 12月17日，上市日期2000年12月25日，公司主营业务涉及自来水供应、污水处理、固废处理、燃气供 应。主营业务收入构成为：固废业务37.71%，能源供应业务32.36%，环卫业务9.14%，供水业务 8.48%，排水业务5.11%，PPP项目合同产生的利息收入3.46%，PPP项目合同产生的建设收入2.22%，其 他业务1.52%。 12月31日，瀚蓝环境盘中上涨2.02%，截至13:22，报28.77元/股，成交6221.34万元，换手率0.27%，总 市值234.58亿元。 资金流向方面，主力资金净流入8.04万元，特大单买入141.10万元，占比2.27%，卖出107.64万元，占比 1.73%；大单买入907.23万元，占比14.58%，卖出932.64万元，占比14.99%。 瀚蓝环境今年以来股价涨27.47%，近5个交易日跌1.24%，近20日跌1.44%，近60日涨7.43%。 机构持仓方面，截止2025年9月30日，瀚蓝环境十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1288 ...

12月31日，瀚蓝环境涨1.03%，截至发稿，报28.49元/股，成交1690.13万元，换手率0.07%，总市值 232.29亿元。 资料显示，瀚蓝环境股份有限公司位于广东省佛山市南海区桂城融和路23号瀚蓝广场，成立日期1992年 12月17日，上市日期2000年12月25日，公司主营业务涉及自来水供应、污水处理、固废处理、燃气供 应。主营业务收入构成为：固废业务37.71%，能源供应业务32.36%，环卫业务9.14%，供水业务 8.48%，排水业务5.11%，PPP项目合同产生的利息收入3.46%，PPP项目合同产生的建设收入2.22%，其 他业务1.52%。 从基金十大重仓股角度 数据显示，中庚基金旗下1只基金重仓瀚蓝环境。中庚价值领航混合（006551）三季度增持40.53万股， 持有股数436.21万股，占基金净值比例为3.96%，位居第五大重仓股。根据测算，今日浮盈赚取约126.5 万元。 中庚价值领航混合（006551）成立日期2018年12月19日，最新规模29.77亿。今年以来收益53.72%，同 类排名1027/8085；近一年收益52.45%，同类排名933/8085；成立以来收益23 ...

Core Viewpoint - The stock of Hanlan Environment has shown a positive trend with a year-to-date increase of 29.20%, reflecting strong performance in the environmental services sector [1][2]. Company Overview - Hanlan Environment, established on December 17, 1992, and listed on December 25, 2000, is based in Nanhai District, Foshan, Guangdong Province. The company specializes in water supply, wastewater treatment, solid waste management, and gas supply [1]. - The revenue composition of Hanlan Environment includes: solid waste business 37.71%, energy supply 32.36%, sanitation 9.14%, water supply 8.48%, drainage 5.11%, interest income from PPP projects 3.46%, construction income from PPP projects 2.22%, and other businesses 1.52% [1]. Financial Performance - For the period from January to September 2025, Hanlan Environment achieved a revenue of 9.737 billion yuan, representing a year-on-year growth of 11.52%. The net profit attributable to shareholders was 1.605 billion yuan, with a year-on-year increase of 15.85% [2]. - The company has distributed a total of 3.203 billion yuan in dividends since its A-share listing, with 1.427 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hanlan Environment was 19,900, a decrease of 5.52% from the previous period. The average circulating shares per person increased by 5.84% to 40,980 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest with 12.8864 million shares, marking a new entry. ICBC Red Fortune Mixed A (005833) is the eighth largest, holding 8.8278 million shares, an increase of 1.8244 million shares from the previous period [3].

Summary of Financial Environment Company Conference Call Company Overview - **Company**: Financial Environment Company - **Industry**: Water Treatment and Environmental Services Key Points Financial Performance - The company reported a **13% year-on-year increase** in net profit attributable to shareholders in Q3, driven by stable project operations, VAT policy benefits, and reduced credit impairment losses [2][5] - Revenue grew by **6.8%** to **2.356 billion yuan**, with gross profit increasing by **1.7 billion yuan** to **1.224 billion yuan** [5] Cash Flow and Capital Expenditure - Operating cash flow has steadily improved, with capital expenditures decreasing by **22%** year-on-year [2][6] - The company expects capital expenditures to decline further next year, with a key turning point anticipated as free cash flow turns positive [2][6] Regional Economic Impact - The economic development and population inflow in Chengdu are driving water demand, providing a stable market foundation for the company [7] - The company has signed a franchise agreement with the Chengdu government, ensuring a **10% return on investment** and stable pricing adjustments during the operational period [7] Future Growth and Capacity Expansion - New capacity is expected to come online by the end of this year and early next year, gradually reflecting in performance [2][8] - The company currently operates **4.52 million tons** of wastewater treatment capacity, with an additional **300,000 tons** under construction, expected to be released by the end of 2025 and into 2026 [11] Investment Characteristics - The company’s new underground wastewater treatment plants have a unit investment exceeding **15,000 yuan per ton**, which is more than three times that of conventional plants, potentially leading to higher processing fees and enhanced asset quality [9] - The pricing mechanism for wastewater assets is approaching international standards, which could lead to stable profitability [9] Valuation and Market Position - The company’s current price-to-book (PB) ratio is around **1.1**, with a price-to-earnings (PE) ratio of approximately **9.9**, indicating undervaluation compared to peers [4] - A projected **50% increase** in valuation is expected as free cash flow turns positive by 2026, with potential for PB to reach around **15 times** [3][13] Comparison with Other Sectors - The water treatment sector shows similarities to the waste-to-energy sector in terms of growth and cash flow dynamics, with both sectors benefiting from reduced capital expenditures and potential for dividend-driven valuation increases [14] Regulatory and Market Dynamics - Domestic wastewater treatment fees are primarily government-funded, contrasting with the "polluter pays" model in markets like the U.S., which is a significant factor in aligning domestic pricing with international standards [10] Conclusion - Financial Environment Company is positioned for significant growth with a strong operational foundation in Chengdu, improving cash flow, and a favorable investment outlook, supported by strategic capacity expansions and a stable pricing mechanism.

Core Insights - The company demonstrated robust revenue growth and significant profit improvement in the third quarter of 2025, reflecting strong operational efficiency and resilience [1][2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.42 billion yuan, a year-on-year increase of 2.38%, with third-quarter revenue reaching 1.46 billion yuan, up 5.20% [1] - The net profit attributable to shareholders for the first three quarters was 883 million yuan, a substantial increase of 32.97%, while the net profit after deducting non-recurring gains and losses was 862 million yuan, also up 32.90% [1] - In the third quarter alone, the net profit attributable to shareholders surged to 338 million yuan, marking a year-on-year increase of 49.11% [1] - Basic earnings per share rose to 0.2848 yuan, reflecting a growth of 33.65%, indicating enhanced shareholder returns [1] Cash Flow and Financial Structure - The net cash flow from operating activities was 1.739 billion yuan, an increase of 11.26%, providing strong support for the company's healthy operations and future development [2] - As of the end of the reporting period, total assets were approximately 30.485 billion yuan, with equity attributable to shareholders amounting to 14.061 billion yuan, a growth of 3.91% compared to the previous year [2] Shareholder Composition and Strategic Positioning - The top ten shareholders, including China Energy Conservation and Environmental Protection Group, collectively hold 71.78% of the shares, showcasing the company's platform advantages in resource integration and strategic advancement [2] Industry Context - The overall characteristics of the report indicate "steady revenue growth, rapid profit increase, ample cash flow, and optimized asset structure," positioning the company favorably within the context of favorable environmental policies and industry transformation [2] - With the ongoing advancement of the "dual carbon" goals, the company is expected to strengthen its leading position in solid waste treatment and comprehensive environmental protection services, creating long-term value for shareholders and society [2]

Core Points - The stock price of Hanlan Environment has decreased by 2.01% to 28.74 CNY per share, with a market capitalization of 23.433 billion CNY [1] - Year-to-date, the stock has increased by 25.94%, with a recent 5-day increase of 0.49% and a 20-day increase of 7.04% [2] - The company reported a revenue of 5.763 billion CNY for the first half of 2025, a year-on-year decrease of 1.05%, while net profit attributable to shareholders increased by 8.99% to 966 million CNY [2] Company Overview - Hanlan Environment, established on December 17, 1992, and listed on December 25, 2000, is located in Nanhai District, Foshan, Guangdong Province [2] - The company's main business includes water supply, wastewater treatment, solid waste treatment, and gas supply, with revenue contributions from solid waste business (37.71%), energy supply (32.36%), sanitation (9.14%), water supply (8.48%), drainage (5.11%), and PPP project revenues [2] - As of June 30, 2025, the number of shareholders is 21,100, a decrease of 11.23%, with an average of 38,719 circulating shares per person, an increase of 12.65% [2] Financial Performance - Hanlan Environment has distributed a total of 3.203 billion CNY in dividends since its A-share listing, with 1.427 billion CNY distributed in the last three years [3] - The top ten circulating shareholders include ICBC Hongli Dividend Preferred Mixed A, which is a new shareholder holding 7.0034 million shares, while Hong Kong Central Clearing Limited has exited the top ten list [3]

Core Viewpoint - The stock price of Huanlan Environment has shown significant growth this year, with a year-to-date increase of 29.62% and a recent upward trend in the last few trading days [2] Group 1: Stock Performance - As of October 27, Huanlan Environment's stock price reached 29.58 CNY per share, with a market capitalization of 24.118 billion CNY [1] - The stock has increased by 4.34% over the last five trading days, 12.60% over the last 20 days, and 6.14% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Huanlan Environment reported a revenue of 5.763 billion CNY, a year-on-year decrease of 1.05%, while the net profit attributable to shareholders increased by 8.99% to 967 million CNY [2] - The company has distributed a total of 3.203 billion CNY in dividends since its A-share listing, with 1.427 billion CNY distributed in the last three years [3] Group 3: Business Segments - Huanlan Environment's main business segments include solid waste management (37.71%), energy supply (32.36%), sanitation (9.14%), water supply (8.48%), drainage (5.11%), and income from PPP projects [2] - The company operates in the environmental protection sector, specifically in waste management, and is involved in various concept sectors such as natural gas, waste-to-energy, and carbon neutrality [2] Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 11.23% to 21,100, while the average number of circulating shares per person increased by 12.65% to 38,719 shares [2] - ICBC Hong Kong Central Clearing Limited has exited the top ten circulating shareholders, while ICBC Dividend Preferred Mixed A has entered as the ninth largest shareholder with 7.0034 million shares [3]

Core Viewpoint - The stock of Hanlan Environment has experienced fluctuations, with a current price of 28.61 CNY per share, reflecting a year-to-date increase of 25.37% [1] Group 1: Stock Performance - As of October 23, Hanlan Environment's stock price decreased by 2.02%, with a trading volume of 1.12 billion CNY and a turnover rate of 0.47% [1] - The stock has seen a 0.85% increase over the last five trading days, a 5.34% increase over the last 20 days, and a 6.12% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Hanlan Environment reported a revenue of 5.763 billion CNY, a year-on-year decrease of 1.05%, while the net profit attributable to shareholders was 969 million CNY, reflecting an increase of 8.99% [2] - Cumulatively, the company has distributed 2.999 billion CNY in dividends since its A-share listing, with 1.223 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Hanlan Environment was 21,100, a decrease of 11.23% from the previous period, with an average of 38,719 circulating shares per shareholder, an increase of 12.65% [2] - The ninth largest circulating shareholder is ICBC Red Fortune Mixed A, holding 7.0034 million shares as a new shareholder, while Hong Kong Central Clearing Limited has exited the top ten circulating shareholders [3] Group 4: Business Overview - Hanlan Environment, established on December 17, 1992, and listed on December 25, 2000, operates in water supply, wastewater treatment, solid waste treatment, and gas supply [1] - The revenue composition includes solid waste business (37.71%), energy supply (32.36%), sanitation (9.14%), water supply (8.48%), drainage (5.11%), interest income from PPP projects (3.46%), construction income from PPP projects (2.22%), and other businesses (1.52%) [1]

Core Viewpoint - The company is divesting its engineering subsidiary, Walker Construction, to optimize resource allocation and focus on its core environmental and highway operation businesses [1][2]. Group 1: Transaction Details - The company announced the transfer of 100% equity in its wholly-owned subsidiary, Walker Construction, at a base price of 115 million yuan [1]. - The controlling shareholder, Henan Investment Group, is the sole bidder and intends to acquire Walker at the base price [1]. - Upon completion of the transaction, Walker will no longer be included in the company's consolidated financial statements [1]. Group 2: Strategic Rationale - The divestment is aimed at concentrating on core businesses such as environmental protection and highway operations, as internal construction needs have significantly decreased [2]. - The transaction is expected to lower the company's debt-to-asset ratio and improve cash flow performance [2]. - Proceeds from the sale will be used for high-quality projects in the environmental sector, aligning with the company's strategic development plan [2]. Group 3: Financial Performance - Walker's projected revenues for 2024 and the first half of 2025 are 1.485 billion yuan and 360 million yuan, respectively, with net profits of 157 million yuan and 5.7583 million yuan [2]. - In the first half of 2025, the company reported revenues of 3.216 billion yuan, a year-on-year increase of 11.25%, and a net profit of 589 million yuan, up 20.15% [2]. - The company's solid waste treatment and sanitation business generated 1.869 billion yuan in revenue in the first half of 2025, a 16.13% increase, accounting for 58.1% of total revenue [3].