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) | | --- | --- | --- | --- | --- ...

Core Insights - The company, Xingrong Environment, has been recognized for its governance practices and sustainable development, winning the "Best Board Practice Case" award from the China Listed Companies Association [1][3] - The company has also received the highest A rating for information disclosure for the 2024-2025 period, reflecting its commitment to governance and transparency [1] - The recognition highlights the company's ability to serve as a model for governance upgrades in the industry [3] Governance and Recognition - The award selection process involved rigorous evaluations across key dimensions such as board operations, information disclosure, investor relations, and ESG practices, with only about 4% of over 5,400 listed companies receiving the award [1] - The company has established a governance system that integrates party leadership and standardized operations, which is seen as a practical path for development in the environmental protection industry [7] - The board of directors is composed of professionals from diverse backgrounds, ensuring decision-making is both professional and independent [8] Business Performance and Growth - The company has shown steady growth in its core business, driven by supportive policies in the water and environmental protection sector, particularly during the "14th Five-Year Plan" period [4] - In the first three quarters of the year, the company achieved a revenue of 6.548 billion and a net profit of 1.764 billion, indicating strong operational performance [5] - The company is well-positioned for future growth, with significant projects underway and a focus on expanding its environmental service offerings [6] ESG and Market Engagement - The company actively engages in ESG practices, integrating these principles into its operations and governance, and has been recognized for its commitment to social responsibility [10] - It has established a comprehensive communication system with investors, conducting over 40 investor engagement activities since 2025 to enhance market confidence [9] - The company has consistently published social responsibility or ESG reports for 15 years, serving as a model for balancing economic benefits with social responsibility [10]

Group 1: Business Overview - The company primarily focuses on waste-to-energy projects, with solid waste comprehensive disposal, environmental equipment, and electrical equipment as core business areas. The waste-to-energy segment accounts for over 85% of total revenue in 2024 [1] - The company operates under BOO and BOT models, with typical project operation periods ranging from 25 to 30 years, generating waste disposal fees and electricity revenue [1] Group 2: Financial Performance - Net profit has shown significant growth in the first three quarters of the year due to enhanced operational efficiency, reduced costs, and increased other income [1] - The company has implemented detailed management practices across all business lines to improve value creation capabilities [1] Group 3: Future Growth and M&A Plans - Future growth is expected from three main areas: improving existing projects, acquiring or developing external projects (including overseas), and expanding into other solid waste business sectors [2] - The company is preparing for the injection of waste-to-energy projects to resolve industry competition issues, with commitments from related parties to address these within five years post-major asset restructuring [2]

Group 1: Company Development Plans - The company has formed a business development pattern centered on waste incineration power generation after significant asset restructuring during the 14th Five-Year Plan period [2][3] - Future plans include enhancing existing projects, acquiring or developing external projects (including overseas), and expanding into other solid waste sectors to strengthen core competitiveness [3] Group 2: Asset Injection and Management - Some projects from the major asset restructuring completed in 2023 have not yet been injected into the listed company, with a commitment to resolve industry competition issues within five years [3] - The company is actively communicating with relevant parties regarding the injection of waste incineration power generation projects to address industry competition [3] Group 3: Revenue and Business Segmentation - Solid waste comprehensive treatment accounts for 86.49% of the company's main business revenue, primarily from waste incineration power generation [3] - As of the end of September, the company's operating revenue increased by 2.38% year-on-year, benefiting from the stable development of waste incineration power generation [3]

Core Viewpoint - The company has released its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and has made adjustments due to the inclusion of a subsidiary in its consolidated financial statements [2][4][11]. Financial Data Summary - The company reported a cumulative power generation of 4,171.78 million kWh and grid-connected power of 3,485.23 million kWh from its waste incineration projects for the first three quarters of 2025 [16]. - The total sewage treatment volume for the same period was 254.51 million tons [16]. Board Meeting Summary - The third board meeting was held on October 28, 2025, with all nine directors present, and the meeting complied with legal and regulatory requirements [12]. - The board unanimously approved the third-quarter report, confirming that it accurately reflects the company's operational results and financial status [13]. Shareholder Information - The company has made changes to its governance structure by abolishing the supervisory board, with its functions now performed by the audit committee of the board [7].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海环境集团股份有限公司（以下简称"公司"）2025年前三季度主要经营数 据公告如下： 证券代码：601200 证券简称：上海环境 公告编号：临 2025-029 上海环境集团股份有限公司 关于 2025 年前三季度主要经营数据的公告 （注：与总和产生差异是因四舍五入时有尾差造成。） 公司 2025 年 1-9 月累计污水处理总量为 25,451.22 万吨。以上数据源自公司 的生产经营统计，未经审计，仅供投资者及时了解公司的生产经营概况。 特此公告。 上海环境集团股份有限公司董事会 2025 年 10 月 30 日 据公司初步统计，公司2025年1-9月生活垃圾焚烧项目（含委托运营项目） 累计发电量417,178.35万度，上网电量348,522.80万度。 | 区域 | 累计发电量 | 上网电量 | 上网电价 | 已结算电量 | | --- | --- | --- | --- | --- | | | （万度） | （万度） | （元/度） | （万度） | | 江苏省 | 2 ...

Group 1: Research Overview - Research object: Zhonghuan Equipment [17] - Industry: Environmental protection [2] - Reception time: September 26, 2025 [17] - Company receptionist: Yi Tian, Securities Affairs Representative [17] Group 2: Detailed Research Institutions - Institution: Guotai Haitong Securities [20] - Institution type: Securities company [20] - Representative: Yang Yichen [20] Group 3: Company Business and Development - Main business: Solid waste comprehensive disposal (centered on domestic waste incineration power generation), environmental protection equipment, and electrical equipment [22] - Waste incineration scale: Daily treatment capacity exceeds 50,000 tons, annual solid waste treatment exceeds 20 million tons, accounting for 7%-8% of the national domestic waste incineration volume [22] - Business expansion: Expand diversified revenue sources through market development, mergers, and fine - management [22] Group 4: Profit Growth - Reason for profit growth: Strengthen quality and efficiency improvement, optimize costs, and reduce expenses [23] Group 5: Accounts Receivable - Composition: Mainly accounts receivable for waste disposal fees and national subsidies [25] - Collection measures: Monitor large - value debts, use information technology, and follow government debt - resolution policies [25] - Recovery outlook: Expected to improve with government debt - resolution measures [25] Group 6: Heating Revenue - Growth in the first half of the year: External steam supply increased by 38.11% to 914,500 tons, external heat supply increased by 14.30% to 227,300 gigajoules [26] Group 7: Overseas Business - Electrical equipment: Overseas business has grown rapidly in recent years [27] - Waste power generation: Expand overseas markets in a risk - controlled manner, focusing on "Belt and Road" countries [27]

Group 1: Business Overview - The company primarily focuses on waste-to-energy projects, with a daily processing capacity of over 50,000 tons and an annual waste treatment exceeding 20 million tons, accounting for approximately 7%-8% of the national waste incineration volume [1] - The company aims to enhance its market development, pursue mergers and acquisitions, and optimize management to diversify revenue sources while improving profitability in its core waste incineration business [1] Group 2: Financial Performance - The company has experienced significant profit growth in the first half of the year due to enhanced operational efficiency, stable revenue, optimized costs, and reduced expenses [1] - The company is actively working on collecting accounts receivable, focusing on major debt recovery risks and utilizing information technology for better management [2] Group 3: Revenue Growth - The company supplied 914,500 tons of steam, marking a year-on-year increase of 38.11%, and provided 227,300 gigajoules of heat, which is a 14.30% increase compared to the previous year [2] Group 4: International Expansion - The overseas business for electrical equipment has seen rapid growth, and the company plans to cautiously expand its waste-to-energy operations in international markets, particularly in countries aligned with the Belt and Road Initiative [2]

Core Insights - The project is a public-private partnership (PPP) for waste incineration and power generation in Gaoyou City, Jiangsu Province, established by Tianjin TEDA Environmental Protection Co., Ltd. and Gaoyou State-owned Assets Investment and Operation Co., Ltd. [1] - The project covers an area of 120 acres and has a total investment of 355 million yuan for the first phase, featuring two 350 tons/day incineration lines and a 15 MW turbine generator [1] - The facility is designed to process approximately 255,500 tons of municipal waste annually, generating around 100 million kWh of electricity, which equates to saving about 33,000 tons of standard coal and reducing carbon emissions by approximately 45,000 tons per year [1] Industry Trends - The solid waste treatment industry is transitioning from end-of-pipe treatment to a full-chain resource utilization model, driven by dual goals of carbon neutrality and "waste-free city" initiatives [2] - High You Tai Da is recognized as a leading brand in the ecological environment sector, having received the "National AAA-level Municipal Solid Waste Incineration Plant" title from the China Urban Environmental Hygiene Association [2] Technological Advancements - The company employs an advanced gas purification technology combining SNCR, semi-dry and dry methods, activated carbon injection, and bag dust collection, ensuring emissions are significantly below EU standards [4] - This technology is not only applied to the incineration project but also extends to leachate treatment and sludge co-disposal [4] Innovative Practices - High You Tai Da integrates into the "waste-free city" initiative by implementing a collaborative disposal model for municipal waste, industrial solid waste, and organic waste, creating a closed-loop resource recycling system [6] - The company serves as a public education base for waste classification, receiving over 3,000 visitors annually to enhance social environmental awareness [6] Strategic Upgrades - The company is evolving from a "project operator" to an "environmental service provider," leveraging advanced technologies developed at its headquarters [8] - High You Tai Da has been recognized for its operational excellence, winning the "Polar Star Cup" for two consecutive years [8] Future Outlook - The company plans to invest 49.73 million yuan in upgrading emission standards, aiming to reduce nitrogen oxide emissions to ≤80 mg/m³ and sulfur dioxide to below 30 mg/Nm³ by 2026, exceeding EU standards [10] - High You Tai Da aims to expand its operations by taking on waste disposal projects from surrounding cities, contributing to the high-quality development of the environmental protection industry in China [11]

Financial Situation - The company has implemented measures to collect accounts receivable and is actively coordinating with local governments to shorten payment times [1] - As of mid-2025, accounts receivable amounted to 4.416 billion CNY, with 60% attributed to government entities [1] - The company has not triggered any delisting or risk warning clauses from the Shenzhen Stock Exchange [3] Operational Highlights - As of June 2025, the annual contract value for integrated environmental sanitation services is 2.475 billion CNY, with a total contract value of approximately 28.63 billion CNY [5] - The company operates 30 wastewater projects with a design capacity of 2.2073 million tons/day and 3 water supply projects with a design capacity of 535,000 tons/day [5] - The daily processing capacity for waste incineration projects is 5,600 tons, with organic waste processing at 1,460 tons/day and medical waste at 60 tons/day [5] Strategic Development - The company is focused on enhancing project standardization and smart operations in response to new national environmental standards [7] - Demonstration operations of unmanned sanitation vehicles are underway, with plans to expand digital and intelligent development in sanitation services [7] Shareholder Information - As of August 30, 2025, the total number of shareholders is 76,134 [8] - The largest shareholder, Tianfu Qingyuan (formerly Tsinghua Holdings), holds 8% of the company's shares, with no controlling shareholder currently [7]