10月16日，复洁环保涨5.45%，截至发稿，报26.30元/股，成交1.18亿元，换手率3.17%，总市值38.93亿 元。 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、 安装与运维服务为一体,为客户安全、高效地实现污泥减容减量及恶臭污染物与挥发性有机污染物的净 化处理、污染减排。主营业务收入构成为：高端固液分离装备78.74%，备件维修及其他12.12%，废气 净化技术装备3.94%，运营服务2.95%，双碳综合服务1.54%，节能降碳技术装备销售及服务0.71%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 中加专精特新量化选股混合发起式A（021990）基金经理为林沐 ...

责任编辑：小浪快报 截至6月30日，复洁环保股东户数4311.00，较上期增加6.47%；人均流通股34338股，较上期减少 6.08%。2025年1月-6月，复洁环保实现营业收入1.40亿元，同比增长122.13%；归母净利润663.69万元， 同比增长148.43%。 10月14日，复洁环保跌9.61%，成交额4.98亿元。两融数据显示，当日复洁环保获融资买入额4150.84万 元，融资偿还4378.19万元，融资净买入-227.35万元。截至10月14日，复洁环保融资融券余额合计 8080.91万元。 分红方面，复洁环保A股上市后累计派现1.62亿元。近三年，累计派现1.19亿元。 融资方面，复洁环保当日融资买入4150.84万元。当前融资余额8080.91万元，占流通市值的2.15%，融 资余额超过近一年90%分位水平，处于高位。 融券方面，复洁环保10月14日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 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 ...

中加专精特新量化选股混合发起式A（021990）成立日期2024年11月12日，最新规模2901.92万。今年以 来收益53.91%，同类排名827/8234；成立以来收益53.31%。 中加专精特新量化选股混合发起式A（021990）基金经理为林沐尘。 10月13日，复洁环保跌5.03%，截至发稿，报27.54元/股，成交1.61亿元，换手率3.85%，总市值40.77亿 元。复洁环保股价已经连续3天下跌，区间累计跌幅13.07%。 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、 安装与运维服务为一体,为客户安全、高效地实现污泥减容减量及恶臭污染物与挥发性有机污染物的净 化处理、污染减排。主营业务收入构成为：高端固液分离装备78.74%，备件维修及其他12.12%，废气 净化技术装备3.94%，运营服务2.95%，双碳综合服务1.54%，节能降碳技术装备销售 ...

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].

Operating Performance - The company reported a significant decline in revenue, down 67.56%, with a net profit attributable to shareholders of -0.50 billion yuan, compared to 1.00 billion yuan in the same period last year [2] - The drop in revenue is attributed to the financial difficulties faced by major clients and delays in project bidding and construction in key regions [2] - Revenue from high-end solid-liquid separation equipment was 1.17 billion yuan, accounting for 62.70% of total revenue, a year-on-year decrease of 67.08% [2] - Revenue from operational services and waste gas purification technology equipment fell by 93.99% and 90.61%, respectively, with spare parts maintenance and other business generating 39.14 million yuan [2] Gross Margin - The gross margin for the company has been impacted by the decline in revenue across its primary business segments, particularly in high-end solid-liquid separation equipment [2] Accounts Receivable and Contract Assets - The company is required to provide detailed information regarding its top five clients, including project details, sales amounts, and historical cooperation status, especially for clients with significant changes [3] Goodwill Impairment - The company has not reported any specific goodwill impairment in the current financial disclosures, but the significant drop in revenue may raise concerns regarding asset valuations [2] Period Expenses - The company is expected to clarify its period expenses in relation to the decline in revenue and how these expenses are managed in light of the current financial performance [2] Procurement and Suppliers - The company’s procurement strategy and supplier relationships are crucial, especially given the decline in revenue and the need for efficient supply chain management to support ongoing projects [2] Inquiry Letter Special Explanation - The company received an inquiry letter from the Shanghai Stock Exchange regarding its financial matters, prompting a thorough review of its financial disclosures and performance metrics [1]