（编辑 姚尧） 证券日报网12月16日讯 中国天楹在12月15日至12月16日回答调研者提问时表示，公司始终坚持"环保 +新能源"双轮驱动战略。在环保主业方面，公司依托垃圾焚烧发电、城乡环卫服务和环保装备制造三 大核心业务，通过智慧化运营和工艺优化实现降本增效。同时，公司积极拓展热电联产、协同处置等新 业务模式，培育新的利润增长点。在海外市场，越南河内朔山生活垃圾焚烧发电项目作为公司海外业务 的关键战略落子及区域标杆，今年8月项目成功完成装机扩容，总容量从75MW提升至90MW并全面进 入商业运营。该项目是中国企业截至目前在海外投资的最大垃圾焚烧发电厂，其成功扩容显著提升了项 目的运营效能和盈利水平，巩固了公司在越南及东南亚市场的领先地位。此外，公司在越南清化省、富 寿省的项目也稳步推进中。关于增量目标的落实，在海外市场方面，公司积极拓展东南亚、欧洲等地区 市场，凭借技术优势和项目经验获取更多BOT及EPC项目订单；在项目能效提升方面，公司通过精细化 管理、智能化升级提升现有垃圾焚烧项目的处理效率和能源产出，并在此基础上探索新的业务模式，实 现商业模式创新与盈利结构优化，持续增强板块竞争力与增长动力。 ...

（文章来源：证券日报） 证券日报网12月10日讯中国天楹在12月10日回答调研者提问时表示，在环保业务板块，在环保业务板 块，公司依托垃圾焚烧发电、城乡环卫服务和环保装备制造三大压舱石，全面推进在运营项目的精细化 管理升级，通过智慧化运营和工艺优化实现能耗优化和效益提升；同时重点布局热电联产、协同处 置、"垃圾焚烧+IDC"合作等新业务模式，积极探索环保业务与数字经济的融合发展路径，培育新的利 润增长点。在此基础上，公司敏锐把握全球能源变革机遇，通过整合上下游资源，开辟集风光发电、综 合储能、绿氢、绿氨绿醇、RNG等氢基衍生物制备为一体的风光储氢氨醇产业集群发展路径，打造从 清洁能源生产到绿色化工产品的全产业链布局。 ...

Group 1 - The latest stock price of Sanfeng Environment is 8.56 yuan, reflecting an increase of 0.35% compared to the previous trading day [1] - The stock reached a high of 8.58 yuan and a low of 8.47 yuan during the trading session, with a total transaction amount of 0.53 billion yuan [1] - Sanfeng Environment's main business includes waste incineration power generation and environmental equipment manufacturing, making it a significant player in the domestic waste incineration power generation industry [1] Group 2 - The latest announcement indicates that the controlling shareholder, Derun Environment, has cumulatively increased its holdings by 17.8755 million shares, accounting for 1.07% of the total share capital, with an investment amount of 1.51 billion yuan [1] - The share buyback plan initiated in May this year has a total planned investment amount ranging from 1.5 billion to 3 billion yuan [1]

Core Viewpoint - Zhongyuan Environmental Protection (000544) has experienced a decline in stock price and is focusing on improving cash flow management due to increased accounts receivable [1][2]. Group 1: Company Overview - Zhongyuan Environmental Protection is a national high-tech enterprise and state-controlled listed company, involved in wastewater treatment, sludge treatment, recycled water utilization, and other environmental services [1]. - The company aims to build a leading environmental protection industry group through its "one core, two engines, three elements, one area, four leads, multiple points" development strategy [1]. Group 2: Financial Performance - In 2021, the company's revenue reached 6.14 billion yuan, a year-on-year increase of 185.64%, primarily due to changes in accounting policies regarding revenue recognition for PPP projects [2]. - The company's current market capitalization is 7.953 billion yuan, ranking 27th in the environmental governance sector and 1982nd in the A-share market [1]. Group 3: Cash Flow and Accounts Receivable - The company has reported negative operating cash flow in recent years, mainly due to an increase in accounts receivable [1]. - The company is taking steps to enhance communication with payers to ensure the collection of accounts receivable [1]. Group 4: Recent Announcements - Zhongyuan Environmental Protection has successfully completed the repayment of its first phase of medium-term notes for 2022, amounting to 500 million yuan with a coupon rate of 3.27% [2][4].

Group 1: Company Overview - In 2024, the company achieved a revenue of 5.443 billion CNY and a net profit of 1.071 billion CNY [2] - As of Q1 2025, the company reported a revenue of 1.147 billion CNY and a net profit of 0.359 billion CNY, with total assets amounting to 40.716 billion CNY, reflecting a growth of 1.63% compared to the end of the previous year [2] Group 2: Business Operations - Zhongyuan Environmental Protection is a national high-tech enterprise and a state-controlled listed company, involved in sectors such as wastewater treatment, sludge treatment, recycled water utilization, and ecological governance [2] - The company implements a development strategy focused on innovation and technology, aiming to establish a leading environmental protection industry group in China [2] Group 3: Financial Challenges - The company has faced negative operating cash flow in recent years primarily due to an increase in accounts receivable [3] - The company is prioritizing the collection of accounts receivable to improve its cash flow and financial health [3] Group 4: Revenue Growth Factors - In 2021, the company experienced a significant revenue increase to 6.140 billion CNY, a year-on-year growth of 185.64%, attributed to changes in accounting policies regarding revenue recognition for PPP projects [3] Group 5: Market Position - The company's stock price and price-to-earnings ratio are relatively low due to various factors including macroeconomic conditions and market sentiment [3] - The company is committed to enhancing its market value and investor returns through compliance with policies and regulations [3]