Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 3.854 billion CNY, representing a year-on-year growth of 9.01% [1] - The net profit, excluding non-recurring gains and losses, was 184 million CNY, with a year-on-year increase of 22.35% [1] - From July to September, the net profit attributable to shareholders decreased to 56.95 million CNY, primarily due to the absence of a 100 million CNY compensation received in the same period last year [1] Business Operations - The company’s hazardous waste resource utilization business focuses on recycling non-ferrous metals such as tin, copper, gold, silver, platinum, and palladium [2] - The company has a total production capacity of 358 MW, with 35 boilers and 23 turbines, and a steam evaporation capacity of 4,420 tons/hour [2] - The Hubei Yicheng cogeneration project involves an investment of approximately 385 million CNY, featuring two 100t/h high-temperature and high-pressure coal-fired circulating fluidized bed boilers and one 12 MW back-pressure unit [2] Market Strategy - Fluctuations in metal prices can impact the pricing of products and raw material costs; however, the company employs a pricing strategy to lock in profits and uses commodity futures for hedging against price volatility [2] - The company is committed to seeking investment opportunities both domestically and internationally while focusing on its core business [2] Dividend Policy - The company’s dividend policy stipulates that cash distributions over three years will not be less than 35% of the average distributable profit for those years [2] - Historically, the company has distributed cash dividends exceeding 50% of the annual net profit, with some years reaching 60-70% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in non-recurring net profit by 29% in the first three quarters of 2025, driven by rising metal prices and improved resource recovery capacity [7] - The company's operating revenue for the first three quarters of 2025 was 10.16 billion, a year-on-year decrease of 11.28%, while the net profit attributable to shareholders was 646 million, a year-on-year increase of 15.18% [7] - The report emphasizes the value of recycled resources amid rising metal prices, with the company expanding its resource recovery operations to include a wider range of metals [7] Financial Performance Summary - For 2023A, total revenue is projected at 10.58 billion, with a year-on-year growth of 20.58% [1] - The net profit attributable to shareholders for 2023A is estimated at 504.64 million, reflecting a year-on-year decline of 27.13% [1] - The latest diluted EPS for 2023A is 0.33 yuan per share, with a P/E ratio of 23.09 [1] Future Projections - The company forecasts net profits of 803.26 million, 909.25 million, and 1.05134 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.51, 12.82, and 11.08 [1][7] - The report anticipates a steady increase in operating cash flow, with a net cash flow from operating activities of 367 million in the first three quarters of 2025, a year-on-year increase of 67.29% [7] Market Data - The closing price of the company's stock is 8.02 yuan, with a market capitalization of approximately 12.22 billion [5] - The company has a price-to-book ratio of 1.28 and a debt-to-asset ratio of 61.57% [6]