Group 1 - ST京蓝 held a temporary board meeting on October 14, 2025, to review the proposal for amending the company's board meeting rules [1] - For the first half of 2025, ST京蓝's revenue composition was as follows: resource recovery and comprehensive utilization accounted for 94.5%, soil remediation operation services accounted for 4.99%, and other industries accounted for 0.52% [1] - As of the report date, ST京蓝's market capitalization was 4.9 billion yuan [1]

Core Viewpoint - *ST 京蓝 has shown a financial turnaround due to its bankruptcy restructuring, but the sustainability of its core business remains uncertain, with risks related to goodwill impairment and historical issues still present [1][3]. Financial Performance - In 2023, *ST 京蓝 reported an operating revenue of 149 million, a year-on-year decline of 23.59%, while net profit reached 1.056 billion, marking a return to profitability [2]. - The turnaround in net profit was primarily driven by the completion of the bankruptcy restructuring plan, which generated a substantial restructuring gain of 2.778 billion [2]. - Excluding non-recurring gains, the company's net profit after deducting non-recurring items was a significant loss of 1.398 billion, marking the third consecutive year of negative net profit [2]. Business Operations - The company has divested from its ecological water-saving and landscaping technology services during the restructuring process, retaining only the soil remediation service, which is primarily operated by its subsidiary, Zhongke Dingshi [2]. - The soil remediation industry has received policy support, with funding in 2023 amounting to approximately 12.61 billion, but the ability of Zhongke Dingshi to compete effectively in the market remains to be seen [4]. Risks and Challenges - Goodwill impairment risk is a major concern, with the company recognizing a goodwill impairment of 157 million due to decreased project amounts and delays in project execution and payments [3]. - Historical investment losses have also posed risks, with losses from equity investment funds impacting other comprehensive income by 94.4986 million [3]. - As of the annual report disclosure date, some bank accounts of the subsidiary Zhongke Dingshi remained frozen, with a total of 4.0321 million in bank deposits frozen [3]. - The company faces litigation and arbitration risks amounting to 858 million, and despite claims of eliminating significant uncertainties regarding its ongoing operations, the lack of business growth remains a concern [3]. Future Outlook - All bank accounts of *ST 京蓝 have been unblocked, and net assets have turned positive to 727 million, but this is largely attributed to financial restructuring rather than operational improvement [4]. - The company's revenue in the first quarter of 2024 was only 6.0815 million, a year-on-year decline of 89.53%, indicating significant challenges in business recovery [3].

Core Viewpoint - The company has faced significant financial challenges over the past three years, with a continuous decline in revenue and net profit, but recent restructuring efforts and favorable industry policies may provide a pathway for recovery and growth. Financial Performance - The company reported revenues of 738 million, 195 million, and -1.292 billion from 2021 to 2023, with net profits attributable to shareholders of -1.519 billion, -1.292 billion, and -1.398 billion respectively [1] - The company’s financial statements for 2023 received a standard unqualified audit report, indicating improved financial health compared to previous years [1] Business Operations - The company has restructured its operations, focusing on soil remediation services while divesting from ecological water-saving and landscaping services [2][7] - The soil remediation service operates under various models, including EPC (Engineering Procurement Construction), PC (Procurement Construction), and RCM (Risk Control and Management) [2][3] Market Environment - The soil remediation industry is supported by national policies aimed at ecological protection and sustainable development, which are expected to drive growth in the sector [9][12] - The market for soil remediation projects is projected to be substantial, with an estimated 12.61 billion in project funding and 262 projects reported in 2023 [14] Competitive Position - The company has established a strong research and development foundation, with over 130 patents and collaborations with prestigious institutions, enhancing its competitive edge in the environmental services sector [5][22] - The company has successfully completed numerous large-scale environmental remediation projects across various regions, demonstrating its operational capabilities [6] Restructuring and Recovery - The company has completed a judicial restructuring process, which has alleviated significant debt burdens and improved its financial structure, with a debt-to-asset ratio reduced to 39.96% [28][29] - Following the restructuring, the company has resumed normal operations and is actively pursuing new projects, with a backlog of orders valued at over 80 million for soil remediation services [16][17] Future Outlook - The company anticipates that the favorable policies in the real estate sector will positively impact its soil remediation business, with expected revenue and profit margins to improve [17] - The company is also exploring new business avenues in hazardous waste resource utilization, which could contribute additional revenue streams [18][29]

2021 - 2023年，*ST京蓝营业收入分别为7.38亿元、1.95亿元和1.49亿元，净利润分别为 - 15.28亿元、 - 12.92亿元和10.56亿元，扣非后净利润分别为 - 15.19亿元、 - 12.92亿元和 - 13.98亿元。其中，生态节水 运营服务业务和园林环境科技服务业务已在2023年重整中剥离，留存的土壤修复运营服务业务由子公司 中科鼎实实施，采用EPC、PC、RCM等模式，通过电汇或承兑结算。 公司前五大客户2023年合同总额达2.59亿元，当期收入确认金额1.18亿元，均通过招标定价，价格公 允，且不属于关联方。 政策推动、行业规模及公司自身经营改善等因素，使公司具备成长空间，2024年营收不存在低于3亿的 风险。管理层通过提升治理水平、修复信用、融资、优化人员结构等措施，改善持续经营能力。 2024年5月14日，*ST京蓝（维权）收到深圳证券交易所关于2023年年报的问询函。近日，公司对问询 函进行了答复，就业务开展、营收扣除、退市风险等多方面问题作出说明。 公司对三项股权投资进行减值测试，导致报告期其他综合收益变动。此前存在减值计提不及时、不充分 的情形，2023年已整改。 ...

Group 1 - The core point of the announcement is that *ST Jinglan's stock will be suspended for one day on September 5, 2025, and will resume trading on September 8, 2025, with the removal of the delisting risk warning and some other risk warnings, changing its name from "*ST Jinglan" to "ST Jinglan" while the stock code remains "000711" [1] - For the first half of 2025, *ST Jinglan's revenue composition shows that resource recovery and comprehensive utilization accounted for 94.5%, soil remediation operation services accounted for 4.99%, and other industries accounted for 0.52% [1] - As of the report date, *ST Jinglan has a market capitalization of 5.3 billion yuan [2]

每经AI快讯，*ST京蓝（SZ 000711，收盘价：1.69元）8月14日晚间发布公告称，公司第十一届第十七 次董事会临时会议于2025年8月13日在公司会议室以通讯表决的方式召开。会议审议了《关于召开2025 年第六次临时股东会的议案》等文件。 截至发稿，*ST京蓝市值为48亿元。 每经头条（nbdtoutiao）——防晒霜调查：成本3元，敢卖几十元！工厂老板：这行水太深，几倍利润算 少的 2024年1至12月份，*ST京蓝的营业收入构成为：资源回收及综合利用占比91.41%，土壤修复运营服务 业务占比8.41%，其他行业占比0.17%。 （记者 王晓波） ...