特许经营权，会迎来一场资产价值重估吗？ 作者 | 螳螂虾 编辑 | 小白 垃圾焚烧行业近年来面临产能趋于饱和与补贴退坡的挑战。行业增长速度放缓，部分企业开始寻求跨 界转型。 在这样的背景下，湖南省固废处理龙头企业军信股份（301109.SZ）却呈现出不同的发展态势。 2025年前三季度，公司业绩表现亮眼，营收21.6亿元，同比增长23.2%。 （来源：市值风云App） 归母净利润6.1亿，同比增长48.7%，显著高于营收增速，而且非经常性损益占比低，利润质量有保 障。 （来源：市值风云App） 而原因只有一个：收购湖南仁和环境。 （来源：市值风云App） 并购有了模板 公司通过发行股份及支付现金的方式，收购仁和环境63%股份实现并表，继而获得了餐厨垃圾处理和 生活垃圾中转业务。 与之相对于的是公司在2024年底及2025年初的两轮定增募资活动，"发行股份"对应发行价14.56元/ 股，募资15.4亿，"支付现金"对应发行价16元/股，募资7.4亿。 | 公告日期 | 融资方式 | 年度 | 发行价(元) | 募资总额(万元) | 募资净额(万元) | | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of Junxin Environmental Protection Co., Ltd. on November 17, with a slight increase in stock price and significant financing activity [1] - On November 17, Junxin's financing buy amounted to 15.05 million yuan, with a net financing purchase of 2.08 million yuan, indicating strong investor interest [1] - The total financing and securities balance for Junxin reached 135 million yuan, accounting for 3.56% of its market capitalization, which is above the 80th percentile of the past year [1] Group 2 - Junxin Environmental Protection Co., Ltd. was established on September 22, 2011, and listed on April 13, 2022, focusing on waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - For the period from January to September 2025, Junxin reported a revenue of 2.163 billion yuan, representing a year-on-year growth of 23.21%, and a net profit of 605 million yuan, up 48.69% year-on-year [2] - The company has distributed a total of 1.349 billion yuan in dividends since its A-share listing, with 1.245 billion yuan distributed in the last three years [3]

Group 1 - The stock of Junxin Environmental Co., Ltd. increased by 2.43% on August 28, with a trading volume of 366 million yuan [1] - On the same day, the financing buy amount was 30.18 million yuan, while the financing repayment was 40.16 million yuan, resulting in a net financing outflow of 9.98 million yuan [1] - As of August 28, the total financing and securities lending balance for Junxin was 162 million yuan, which is 4.93% of its market capitalization and above the 90th percentile of the past year [1] Group 2 - Junxin Environmental Co., Ltd. was established on September 22, 2011, and went public on April 13, 2022, focusing on waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - The company's revenue composition includes: construction services (34.43%), waste incineration and power generation (24.99%), sludge treatment (22.85%), and other services [2] - For the first half of 2025, Junxin reported a revenue of 1.478 billion yuan, a year-on-year increase of 33.07%, and a net profit of 400 million yuan, up 49.23% year-on-year [2] Group 3 - Since its A-share listing, Junxin has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while some previous shareholders have exited the top ten list [3]