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]

Core Viewpoint - Zhongyuan Environmental Protection (000544) aims to become a leading environmental protection industry group in China, focusing on technological and industrial innovation integration [1] Group 1 - The company emphasizes a steady yet progressive work approach, actively integrating into the new development pattern [1] - The core business areas include wastewater treatment, sludge disposal, and reclaimed water utilization [1] - The company is developing a "1+2+N" industrial layout, starting from Zhengzhou and expanding nationwide [1]

Group 1: Financial Performance - As of September 30, 2025, the total assets of the company reached 42.968 billion CNY, a year-on-year increase of 7.25% [2] - The operating revenue for the first three quarters of 2025 was 3.9 billion CNY, a decrease of 4.6% compared to the previous year [2] - The net profit attributable to the parent company was 1.027 billion CNY, an increase of 2.86% year-on-year [2] - Basic earnings per share were 1.0206 CNY, a decrease of 0.33% year-on-year [2] - In Q3 2025, operating revenue was 1.459 billion CNY, a year-on-year increase of 24.52% [3] - The net profit for Q3 2025 was 323 million CNY, a year-on-year increase of 9.93% [3] Group 2: Business Development and Strategy - The company aims to become a leading environmental protection industry group, focusing on technological and industrial innovation [2] - The business layout is structured as "1+2+N," emphasizing wastewater treatment, sludge disposal, and recycled water utilization [3] Group 3: Financial Management and Challenges - The current asset-liability ratio is 72.07%, a decrease of 1.15 percentage points from the end of 2024, aligning with the company's strategic development [4] - The company is actively working to reduce financial costs through debt replacement and optimizing financing methods [4] - Measures include replacing high-interest debt and utilizing low-cost financing tools like bank acceptance bills and perpetual bonds [4] Group 4: Future Outlook and Investor Relations - The company plans to continue focusing on its core business and expanding into quality projects based on market conditions [4] - Future dividend policies will consider operational performance, cash flow, funding needs, and investor demands [4]

Core Insights - Qianjiang Water Conservancy reported a revenue of 1.679 billion yuan, a year-on-year increase of 7.35%, and a net profit of 184 million yuan, up 11.16% [1] Business Overview - The company has established a comprehensive industrial chain covering "raw water - water transmission - water treatment - municipal water supply - sewage treatment - sludge disposal - water-related chemicals" with five distinct business segments, maintaining a leading competitive position in Zhejiang Province [1] - Qianjiang Water Conservancy operates a wide network with 20 subsidiaries, 6 branch offices, and 6 associated companies, managing over 40 water plants, 17 sewage treatment plants, and 3 water transmission pipelines, with a water treatment capacity exceeding 3.9 million tons per day and an annual water treatment volume surpassing 700 million tons [1] Project Development - The company is advancing major projects to support future capacity release, with significant progress on key projects such as the Daibei Water Plant and the Xiazhi Town seawater desalination project, both over 80% complete [2] - As of June 2025, 350 million yuan of the 581 million yuan raised through a targeted stock issuance has been invested, with a focus on seven core projects, including the Yongkang City sewage treatment plant [2] Strategic Direction - Qianjiang Water Conservancy is shifting its core competitiveness from "scale advantage" to "technology + efficiency advantage," integrating AI technology in smart water management, which has significantly improved process control efficiency and reduced energy costs [3] - The company aligns with national policies on water resource management and aims to expand its national footprint while enhancing its core water service capabilities, focusing on smart water management and comprehensive water environment governance [3] Future Outlook - With a robust industrial chain, ongoing project reserves, deepening digital transformation, and alignment with policy directions, Qianjiang Water Conservancy is expected to continue expanding its competitive advantage in the water industry, providing long-term stable returns for shareholders [4]

Business Overview - The company is a state-controlled listed entity focused on water and environmental services, with its major shareholder being Chengdu Environmental Group and actual control by Chengdu State-owned Assets Supervision and Administration Commission [2][3] - Operations have expanded to nine provinces and regions across China, including Sichuan, Gansu, Ningxia, Shaanxi, Hainan, Jiangsu, Hebei, Shandong, and Tibet [3] Future Development Plans - The company aims for "internal growth and external expansion," focusing on integrated supply and drainage management while exploring new markets and enhancing collaboration within Sichuan [4] - Plans to diversify into strategic emerging markets such as recycled water utilization, direct drinking water, and kitchen waste disposal [4] - Emphasis on refined management and digital transformation to reduce costs and improve efficiency [4][5] Project and Capacity Status - Current operational and in-construction water supply projects have a total capacity of approximately 4.3 million tons/day, with 3.9 million tons/day already operational [6] - Wastewater treatment projects exceed 4.8 million tons/day, with over 4.5 million tons/day in operation [6] - The garbage incineration power generation project has a capacity of 12,000 tons/day, with 6,900 tons/day currently operational [6] Capital Expenditure and Future Projects - Key ongoing projects include several water treatment facilities and a kitchen waste treatment project, expected to be operational within 1 to 2 years [6] - Anticipated decrease in capital expenditure as these projects come online [6] Financial Health and Shareholder Returns - The company is focused on maintaining stable accounts receivable in line with business growth [6] - Plans to enhance dividend levels as free cash flow improves with the completion of ongoing projects [7]

Group 1 - The stock of Junxin Co., Ltd. experienced a decline of 1.85% on September 18, with a trading volume of 126 million yuan [1] - On the same day, the financing buy amount was 11.03 million yuan, while the financing repayment was 15.71 million yuan, resulting in a net financing outflow of 4.68 million yuan [1] - As of September 18, the total balance of margin trading for Junxin Co., Ltd. was 138 million yuan, with a financing balance of 137 million yuan, accounting for 4.55% of the circulating market value [1] Group 2 - Junxin Co., Ltd. was established on September 22, 2011, and listed on April 13, 2022, with its main business involving waste incineration power generation, sludge disposal, leachate treatment, and landfill operations [2] - For the first half of 2025, Junxin Co., Ltd. achieved an operating income of 1.478 billion yuan, representing a year-on-year growth of 33.07%, and a net profit attributable to shareholders of 400 million yuan, up 49.23% year-on-year [2] Group 3 - Since its A-share listing, Junxin Co., Ltd. has distributed a total of 1.349 billion yuan in dividends, with 1.245 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included new entrants such as E Fund Value Growth Mixed Fund and Southern CSI 1000 ETF, while Hong Kong Central Clearing Limited and GF Technology Innovation Mixed Fund exited the top ten [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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 18.422 billion yuan in the first half of 2025, a year-on-year decrease of 7.56%, with a net profit attributable to the parent company of 302 million yuan, down 15.96% year-on-year. The second quarter saw a revenue of 8.473 billion yuan and a net profit of 148 million yuan, reflecting a year-on-year decline of 10.50% and an increase of 23.33% respectively. The overall performance was below expectations primarily due to falling coal prices [4][7] - The company has seen a continuous increase in coal sales, with a total of 31.9 million tons sold, representing a year-on-year increase of 14.13%. The profit from the cogeneration segment has surpassed that of the main coal transportation business, indicating a new growth curve [7] - The company is committed to a minimum dividend payout ratio of 40%, with a projected dividend yield of 5.01% for 2025, assuming the acquisition of a new cogeneration project is completed [7] Financial Data and Earnings Forecast - The total revenue forecast for 2025 is 44.994 billion yuan, with a year-on-year growth rate of 0.6%. The net profit attributable to the parent company is expected to be 940 million yuan, reflecting a year-on-year growth of 27.3% [6] - The earnings per share (EPS) for 2025 is projected at 1.68 yuan, with a return on equity (ROE) of 14.9% [6] - The company maintains a stable operating performance in both coal circulation and cogeneration businesses, contributing consistent profits and cash flow [7]

Core Viewpoint - The stock price of Haixia Environmental Protection closed at 5.97 yuan on August 6, 2025, reflecting a decline of 1.32% from the previous trading day [1] Company Overview - Haixia Environmental Protection primarily engages in wastewater treatment, waste management, and other environmental services, making it a significant player in the environmental infrastructure investment and operation sector in Fujian Province [1] - The company's business scope includes wastewater treatment, leachate treatment, and sludge disposal [1] Financial Information - According to the company's announcement, the annual equity distribution plan for 2024 includes a cash dividend of 0.027 yuan per share (tax included), with the record date set for August 13, 2025, and the ex-dividend date and cash dividend payment date on August 14, 2025 [1] - On August 6, 2025, the net outflow of main funds was 3.2575 million yuan, with a cumulative net outflow of 11.5993 million yuan over the past five trading days [1]