Core Viewpoint - The stock of Shanghai Fuzhi Technology Co., Ltd. increased by 5.31% on November 28, reaching a price of 21.22 CNY per share, with a total market capitalization of 3.141 billion CNY [1] Company Overview - Shanghai Fuzhi Technology Co., Ltd. was established on November 18, 2011, and went public on August 17, 2020. The company specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [1] - The company's main business revenue composition includes: high-end solid-liquid separation equipment (78.74%), spare parts maintenance and others (12.12%), waste gas purification technology equipment (3.94%), operational services (2.95%), dual-carbon comprehensive services (1.54%), and energy-saving and carbon-reduction technology equipment sales and services (0.71%) [1] Fund Holdings - Huashan Fund has a significant holding in Fuzhi Technology, with the Huashan Tianxiang 6-Month Holding Mixed A Fund (011390) holding 25,000 shares, accounting for 0.74% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 26,700 CNY as of the report date [2] Fund Manager Performance - The fund manager, Shi Yuxin, has a tenure of 10 years and 138 days, with the fund's total asset size at 3.135 billion CNY and a best return of 98.43% during the tenure [3] - Other fund managers, Xu Fuqiang and Lu Ben, have tenures of 7 years and 197 days, and 7 years and 67 days, respectively, with their funds achieving best returns of 66.83% and 119.49% during their respective tenures [3]

复洁科技今年以来股价涨148.79%，近5个交易日跌0.82%，近20日跌0.68%，近60日涨40.85%。 11月27日，复洁科技盘中上涨2.09%，截至11:01，报20.48元/股，成交2064.30万元，换手率0.69%，总 市值30.32亿元。 资金流向方面，主力资金净流出206.34万元，大单买入158.67万元，占比7.69%，卖出365.00万元，占比 17.68%。 分红方面，复洁科技A股上市后累计派现1.62亿元。近三年，累计派现1.19亿元。 责任编辑：小浪快报 今年以来复洁科技已经1次登上龙虎榜，最近一次登上龙虎榜为9月29日，当日龙虎榜净买入5149.29万 元；买入总计1.33亿元 ，占总成交额比17.74%；卖出总计8135.38万元 ，占总成交额比10.87%。 资料显示，上海复洁科技股份有限公司位于上海市杨浦区国权北路1688弄湾谷科技园A7幢8楼，成立日 期2011年11月18日，上市日期2020年8月17日，公司主营业务涉及为城镇和工业(园区)污水处理厂(站)提 供污泥脱水干化及废气净化技术装备及服务,集高端节能环保技术与装备的研发、设计、制造、集成、 安装与运维服务为 ...

Core Viewpoint - The stock price of Shanghai Fuzhijie Environmental Protection Co., Ltd. has experienced a continuous decline, dropping 5.08% on November 21, with a total decrease of 15.71% over the past seven days [1] Company Overview - Shanghai Fuzhijie Environmental Protection Co., Ltd. was established on November 18, 2011, and went public on August 17, 2020. The company specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [1] - The company's main business revenue composition includes: high-end solid-liquid separation equipment (78.74%), spare parts maintenance and others (12.12%), waste gas purification technology equipment (3.94%), operational services (2.95%), dual-carbon comprehensive services (1.54%), and energy-saving and carbon reduction technology equipment sales and services (0.71%) [1] Fund Holdings - Huashan Fund has one fund heavily invested in Fuzhijie Environmental Protection, specifically the Huashan Tianxiang 6-Month Holding Mixed A Fund (011390), which held 25,000 shares as of the third quarter, accounting for 0.74% of the fund's net value [2] - The fund has incurred a floating loss of approximately 26,200 yuan today, with a total floating loss of 96,100 yuan during the seven-day decline [2] Fund Manager Performance - The fund manager of Huashan Tianxiang 6-Month Holding Mixed A includes Shi Yuxin, Xu Fuqiang, and Lu Ben, with varying tenures and performance metrics [3] - Shi Yuxin has a tenure of 10 years and 131 days, with a total fund asset size of 3.135 billion yuan and a best return of 98.59% during the tenure [3] - Xu Fuqiang has a tenure of 7 years and 190 days, managing 533 million yuan, with a best return of 66.83% [3] - Lu Ben has a tenure of 7 years and 60 days, overseeing 4.336 billion yuan, with a best return of 138.1% [3]

Core Insights - The stock of Shanghai Fuzhi Environmental Protection Co., Ltd. dropped by 5.02% on November 12, trading at 23.27 CNY per share with a total market capitalization of 3.445 billion CNY [1] Company Overview - Shanghai Fuzhi Environmental Protection Co., Ltd. was established on November 18, 2011, and went public on August 17, 2020. The company specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [1] - The company's main business revenue breakdown is as follows: high-end solid-liquid separation equipment (78.74%), spare parts maintenance and others (12.12%), waste gas purification technology equipment (3.94%), operational services (2.95%), dual-carbon comprehensive services (1.54%), and energy-saving and carbon reduction technology equipment sales and services (0.71%) [1] Fund Holdings - Huashan Fund has one fund heavily invested in Fuzhi Environmental Protection. The Huashan Tianxiang 6-Month Holding Mixed A Fund (011390) held 25,000 shares in the third quarter, accounting for 0.74% of the fund's net value, ranking as the seventh largest holding [2] - The Huashan Tianxiang 6-Month Holding Mixed A Fund was established on July 21, 2021, with a current size of 103 million CNY. Year-to-date returns are 7.72%, with a one-year return of 5.11% and a cumulative return since inception of 19.39% [2] Fund Manager Performance - The fund managers of Huashan Tianxiang 6-Month Holding Mixed A Fund include Shi Yuxin, Xu Fuqiang, and Lu Ben. Shi Yuxin has a tenure of 10 years and 122 days, managing assets totaling 3.135 billion CNY, with the best return of 98.43% and the worst return of 0.92% during the tenure [3] - Xu Fuqiang has a tenure of 7 years and 181 days, managing 533 million CNY, with the best return of 66.83% and the worst return of 0.27% [3] - Lu Ben has a tenure of 7 years and 51 days, managing 4.336 billion CNY, with the best return of 139.2% and the worst return of 3.83% [3]

Core Insights - The stock price of Fuzhijie Environmental Protection has increased by 153.64% year-to-date, with a recent decline of 0.33% over the last five trading days and a 28.00% drop over the last 20 days [1] - The company reported a revenue of 201 million yuan for the first nine months of 2025, representing a year-on-year growth of 49.84%, and a net profit of 2.43 million yuan, up 115.94% year-on-year [2] - Fuzhijie Environmental Protection has a market capitalization of 3.09 billion yuan and a trading volume of 27.42 million yuan as of November 7 [1] Company Overview - Fuzhijie Environmental Protection, established on November 18, 2011, and listed on August 17, 2020, specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [2] - The company's revenue composition includes high-end solid-liquid separation equipment (78.74%), spare parts and maintenance (12.12%), waste gas purification technology (3.94%), operational services (2.95%), dual-carbon comprehensive services (1.54%), and energy-saving and carbon-reduction technology equipment sales and services (0.71%) [2] - As of September 30, the number of shareholders increased by 49.32% to 6,437, while the average circulating shares per person decreased by 33.03% to 22,997 shares [2] Dividend Information - Fuzhijie Environmental Protection has distributed a total of 162 million yuan in dividends since its A-share listing, with 119 million yuan distributed over the past three years [3]

Core Insights - The stock of Shanghai Fuzhi Environmental Protection Co., Ltd. increased by 5.45% on October 16, reaching a price of 26.30 CNY per share, with a trading volume of 118 million CNY and a turnover rate of 3.17%, resulting in a total market capitalization of 3.893 billion CNY [1] Company Overview - Shanghai Fuzhi Environmental Protection Co., Ltd. was established on November 18, 2011, and went public on August 17, 2020. The company specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [1] - The company's main business revenue composition includes: 78.74% from high-end solid-liquid separation equipment, 12.12% from spare parts maintenance and others, 3.94% from waste gas purification technology equipment, 2.95% from operational services, 1.54% from dual-carbon comprehensive services, and 0.71% from energy-saving and carbon-reduction technology equipment sales and services [1] Fund Holdings - The Zhongjia Specialized and New Quantitative Stock Mixed Fund A (021990) holds a significant position in Fuzhi Environmental Protection, with 100,100 shares, accounting for 1.7% of the fund's net value, making it the seventh-largest holding. The estimated floating profit from this investment is approximately 136,100 CNY [2] - The fund was established on November 12, 2024, with a latest scale of 29.0192 million CNY and has achieved a return of 55.08% this year, ranking 561 out of 8161 in its category [2]

Core Viewpoint - On October 14, 2023, Fujie Environmental experienced a decline of 9.61% in stock price with a trading volume of 498 million yuan, indicating potential market volatility and investor sentiment concerns [1] Financing Summary - On the same day, Fujie Environmental had a financing buy-in amount of 41.51 million yuan and a financing repayment of 43.78 million yuan, resulting in a net financing outflow of 2.27 million yuan [1] - As of October 14, the total financing and securities lending balance for Fujie Environmental was 80.81 million yuan, which represents 2.15% of its circulating market value, indicating a high level of financing activity compared to the past year [1] - The financing balance has exceeded the 90th percentile level over the past year, suggesting a heightened interest in leveraging among investors [1] Company Overview - Fujie Environmental, established on November 18, 2011, and listed on August 17, 2020, specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [2] - The company's revenue composition includes 78.74% from high-end solid-liquid separation equipment, 12.12% from spare parts and maintenance, 3.94% from waste gas purification technology, 2.95% from operational services, 1.54% from carbon neutrality services, and 0.71% from energy-saving and carbon reduction technology sales and services [2] - As of June 30, 2023, the number of shareholders increased by 6.47% to 4,311, while the average circulating shares per person decreased by 6.08% to 34,338 shares [2] Financial Performance - For the first half of 2023, Fujie Environmental reported a revenue of 140 million yuan, representing a year-on-year growth of 122.13%, and a net profit attributable to shareholders of 6.64 million yuan, which is a 148.43% increase compared to the previous year [2] Dividend Information - Since its A-share listing, Fujie Environmental has distributed a total of 162 million yuan in dividends, with 119 million yuan distributed over the past three years [3]

Core Insights - The stock price of Fujie Environmental has dropped by 5.03% on October 13, reaching 27.54 CNY per share, with a total market capitalization of 4.077 billion CNY [1] - The company has experienced a cumulative decline of 13.07% over the past three days [1] Company Overview - Fujie Environmental Technology Co., Ltd. was established on November 18, 2011, and went public on August 17, 2020 [1] - The company specializes in providing sludge dewatering, drying, and waste gas purification technology and services for urban and industrial wastewater treatment plants [1] - The revenue composition includes: 78.74% from high-end solid-liquid separation equipment, 12.12% from spare parts maintenance and others, 3.94% from waste gas purification technology equipment, 2.95% from operational services, 1.54% from carbon neutrality comprehensive services, and 0.71% from energy-saving and carbon reduction technology equipment sales and services [1] Fund Holdings - The Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A (021990) holds 100,100 shares of Fujie Environmental, accounting for 1.7% of the fund's net value, making it the seventh largest holding [2] - The fund has incurred a floating loss of approximately 146,100 CNY today and a total floating loss of 436,400 CNY over the past three days [2] - The fund was established on November 12, 2024, with a current scale of 29.0192 million CNY and has achieved a return of 53.91% this year, ranking 827 out of 8234 in its category [2]

Core Viewpoint - The company, Fuzhijie Environmental Protection, reported a significant decline in revenue and net profit for 2024, attributing the downturn to various factors including a downturn in the environmental protection industry and financial strain on its main customer base [1][2]. Revenue Performance - In 2024, the company achieved operating revenue of 187 million yuan, a year-on-year decrease of 67.56%, with a net profit attributable to shareholders of -50 million yuan, compared to 100 million yuan in the same period last year [1]. - The company's main business segments, including high-end solid-liquid separation equipment, waste gas purification technology equipment, and operational services, all experienced revenue declines of over 90% [2]. Business Segment Analysis - The "high-end solid-liquid separation equipment" segment generated revenue of 117 million yuan, while "operational services" and "waste gas purification technology equipment" segments reported revenues of 12.72 million yuan and 9.62 million yuan, respectively, all showing a year-on-year decline [2]. - The revenue drop in the "high-end solid-liquid separation equipment" and "waste gas purification technology equipment" segments was primarily due to the completion of significant projects in 2023, which did not have comparable projects in 2024 [2]. Employee Compensation - Despite the overall revenue and profit decline, employee compensation increased, with management expenses for employee salaries reaching 38.76 million yuan, a 44.14% increase from 26.89 million yuan in the previous year [2][3]. - The increase in employee compensation was attributed to a reduction in project hours and an adjustment in salaries based on performance and departmental evaluations [3]. Accounts Receivable Management - As of the end of 2024, the company's accounts receivable totaled 166 million yuan, with contract assets of 113 million yuan, exceeding the total revenue for the year [4]. - The accounts receivable turnover rate significantly declined from 5.47 in 2022 to 1.22 in 2024, primarily due to reduced project income and longer collection cycles [4][5]. Collection Cycle Challenges - The prolonged collection cycle was explained by the strong bargaining power of downstream clients, mainly state-owned water companies and large contractors, leading to slower approval processes for receivables [5]. - The impact of two major projects, Bamboo Garden and Old Port, was significant on the accounts receivable turnover rate, with an upward trend observed when excluding these projects from the analysis [5].

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting significant declines in revenue and the need for detailed explanations on various operational aspects [1]. Group 1: Business Performance - The company's revenue from high-end solid-liquid separation equipment was 117 million yuan, accounting for 62.70% of total revenue, which represents a year-on-year decline of 67.08% [1]. - Revenue from operational services and waste gas purification technology equipment was 12.72 million yuan, showing a year-on-year growth of 44.49% [1]. - The revenue contribution in the fourth quarter of 2024 was 28.18%, down from 39.14% in the same period last year [1]. Group 2: Client and Revenue Details - The company provided detailed information on its top five clients, including project names, sales amounts, and historical cooperation status, indicating significant changes in client relationships [2]. - The total revenue from the top five clients amounted to 115.17 million yuan, with varying contributions from each client [3]. - The company highlighted that its spare parts and maintenance services are primarily driven by past high-end solid-liquid separation equipment projects, leading to a mismatch in revenue trends compared to other business segments [5][6]. Group 3: Revenue Recognition and Accounting Policies - The company confirmed that its revenue recognition policies comply with relevant accounting standards, with income recognized upon completion of service obligations or delivery of goods [9][19]. - The average revenue recognition cycle for spare parts and maintenance services is predominantly within one year, accounting for 99.65% of projects [18]. - The company has not identified any significant discrepancies in the timing of revenue recognition over the past two years, indicating accurate income reporting [19]. Group 4: Market and Competitive Analysis - The company’s business model includes selling technical equipment, providing operational services, and offering customized energy-saving solutions, which are affected by market demand and competition [19]. - The significant decline in 2024 performance is attributed to macroeconomic fluctuations, industry downturns, and financial pressures on clients [19].