此外，"新三样"退役装备回收利用能力提升较快。总体上看，回收利用能力均超过实际退役量。 郭伊均表示，生态环境部将立足职责，进一步加大环境监管力度，促进报废机电产品及装备规范回收拆 解，防治环境污染，促进资源回收利用。不断完善污染控制技术规范，同时加强拆解企业常态化执法监 管，严肃打击环境违法行为。继续将非法拆解处置行为纳入非法倾倒处置固体废物专项整治行动，推动 更多退役设备流入正规回收利用企业，畅通资源循环利用。 新华社北京11月28日电（记者高敬）随着"两新"政策持续加力实施和新能源产业快速发展，全国淘汰报 废的电视机、电冰箱、洗衣机、空调和电脑等"四机一脑"，报废的机动车，动力电池、光伏组件及风机 叶片等"新三样"退役装备数量不断增加。生态环境部将加强监管力度，促进相关退役装备规范拆解和回 收利用。 在生态环境部28日举行的新闻发布会上，生态环境部固体废物与化学品司司长郭伊均表示，相关部门在 推动废弃机电产品及装备规范拆解能力建设的同时，将非法拆解处置废弃机电产品，包括"四机一脑"、 报废机动车、"新三样"退役装备，纳入非法倾倒处置固体废物专项整治范围，促进规范拆解，取得较好 效果。 他介绍，自去年1月1 ...

一是废弃"四机一脑"等拆解规范、能力有保障。我国自去年1月1日起停征"四机一脑"基金后，财政部继 续安排专项资金通过"以奖代补"方式对符合规定的拆解企业给予补助，确保回收拆解持续规范有序开 展。据统计，全国纳入财政专项资金支持范围的拆解企业90余家，形成废弃"四机一脑"年规范回收拆解 能力约1.8亿台（套）。2024年共规范拆解废弃"四机一脑"约9500万台（套），实际拆解量约占产能的 一半左右，产出近200万吨再生资源；今年1-10月共规范拆解约8600万台（套），产出约190万吨再生资 源。规范拆解不仅能有效防范环境污染，还能有效促进资源回收利用，是非常有意义的事情。 11月28日，生态环境部召开11月例行新闻发布会，固体废物与化学品司司长郭伊均表示，报废机动车规 范回收处理数量快速增长。全国目前具备资质的报废机动车回收拆解企业超过1900家，2024年全国报废 机动车回收量达到846万辆，同比增长64%。 郭伊均表示，党中央、国务院高度重视废弃机电产品及装备规范拆解和资源回收工作，相关部门在推动 废弃机电产品及装备规范拆解能力建设的同时，将非法拆解处置废弃机电产品，包括电视机、电冰箱、 洗衣机、空调和电 ...

Core Viewpoint - The company Huaxin Environmental (301265) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by growth in the recycling of scrapped vehicles, hazardous waste, and electronic waste [1][2]. Financial Performance - Total revenue reached 417 million yuan, a year-on-year increase of 64.36% [1] - Net profit attributable to shareholders was 38.27 million yuan, up 71.96% year-on-year [1] - In Q2 alone, total revenue was 276 million yuan, reflecting a 55.29% increase year-on-year [1] - Q2 net profit attributable to shareholders was 27.35 million yuan, a 22.06% increase year-on-year [1] Cost and Profitability - Gross margin was 20.57%, down 9.61% year-on-year [1] - Net margin improved to 8.95%, an increase of 5.16% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 30.84 million yuan, accounting for 7.39% of revenue, a decrease of 28.48% year-on-year [1] Cash Flow and Receivables - The company reported a significant increase in operating cash flow, with a change of 95.12% attributed to increased business transactions [4] - Accounts receivable were notably high, with the ratio of accounts receivable to net profit reaching 1394.53% [1][9] Investment and Financing Activities - Cash flow from investing activities decreased by 113.78% due to increased capital expenditures on infrastructure projects [5] - Cash flow from financing activities increased by 185.04%, driven by cash received from minority shareholders' investments in subsidiaries [6] Return on Investment - The company's return on invested capital (ROIC) was reported at 1.94%, indicating weak capital returns [7] - Historical data shows a median ROIC of 12.44% since the company went public, suggesting generally better investment returns in the past [8]

Group 1: Policy Impact - The "reverse invoicing" policy has effectively addressed the long-standing issue of "source invoice shortage" in the resource recovery industry, facilitating smoother transactions for resource recovery companies [2][3] - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices amounting to 515.2 billion yuan, with 5.11 million invoices issued to 1.67 million individuals [1] - The policy has significantly reduced financial costs for companies, allowing them to directly issue invoices to individuals selling scrap, thus enhancing operational efficiency [2][4] Group 2: Economic Benefits - The implementation of the "reverse invoicing" policy has led to a notable increase in the volume of recycled goods, with a reported 65% year-on-year increase in the domestic scrap car recovery volume, reaching 2.767 million vehicles in the first four months of this year [8] - In Wuhu, the company has issued reverse invoices totaling nearly 8 million yuan, with an expected increase in the dismantling of scrapped vehicles by over 100% this year [2] - The policy has also stimulated consumer spending, with the "old-for-new" consumption program generating approximately 5.7 billion yuan in transactions [3] Group 3: Compliance and Awareness - The awareness of compliance among individuals and enterprises in the resource recovery sector has increased since the implementation of the "reverse invoicing" policy, leading to more direct transactions and reduced reliance on intermediaries [4][5] - The policy has encouraged individuals to register as individual businesses, with over 150 individuals in a specific city transitioning to registered businesses since the policy's implementation [5] Group 4: Environmental Impact - The "reverse invoicing" policy has facilitated the recycling of construction waste, with one company producing over 45 million eco-bricks and processing approximately 105,000 tons of solid waste, contributing to a reduction of 12,000 tons of carbon emissions [6][7] - The policy has also supported the resource utilization and harmless treatment of waste, with companies achieving over 98% utilization rates of recyclable materials [7]

Core Insights - The report released by the China Material Recycling Association indicates that the recycling industry in China is expected to continue expanding in 2024, with a total recycling volume reaching 401 million tons, representing a year-on-year growth of 6.5% [1] - The total recycling value is projected to reach 1.33 trillion yuan, with waste steel remaining the most recycled material, accounting for over 60% of the total [1] - The successful implementation of the "old-for-new" policy for consumer goods has significantly increased the recycling volumes of discarded electrical and electronic products as well as scrapped vehicles [1] - The report highlights that the recycling system in China is becoming increasingly refined, driven by policy incentives and technological innovations, and the industry is moving towards standardization, scaling, and intensification [1]