Company Overview - Wuhan Tianyuan Group Co., Ltd. is a private listed company focused on environmental comprehensive governance, including high-end environmental equipment manufacturing, overall environmental solutions, and water treatment services [4][8][9] - The company has undergone adjustments in its organizational structure and management personnel to meet business development needs [4][19] Credit Rating - The credit rating agency maintains the long-term credit rating of Wuhan Tianyuan Group at AA- with a stable outlook for both the company and its convertible bonds [1][3] - The rating reflects the company's strong competitive position in the environmental governance industry and stable profitability [4][6] Financial Performance - In 2024, the company reported a total revenue of 1.98 billion yuan, a year-on-year increase of 1.96%, and a profit of 391 million yuan, up 17.25% from the previous year [10][20] - The company's total assets reached 7.25 billion yuan by March 2025, with owner’s equity increasing to 3.34 billion yuan [10][20] Business Segments - The core revenue source remains the environmental overall solutions segment, which accounted for 85.64% of total revenue in 2024, with a significant increase in income [20] - The high-end environmental equipment manufacturing segment saw a decline in revenue due to project completion and acceptance timing [20][21] Industry Analysis - The wastewater treatment industry in China is experiencing growth due to increasing urban wastewater discharge and government policies aimed at improving treatment capacity [11][14] - The solid waste disposal and resource recycling industry is also expanding, driven by policy support and market demand, with a focus on reducing waste and enhancing resource recovery [15][17] Future Outlook - The company plans to strengthen its water environment governance and solid waste disposal businesses while accelerating the development of green energy and digital technology sectors [4][6] - The overall market for wastewater treatment is expected to continue growing, providing opportunities for companies in this sector [11][14]

前些年狂飙突进，如今陷入低迷期。*ST清研（301288）和众多同行业上市公司一样境况不佳。该公司 近日公布2024年度营业收入为7317.15万元，同比下降48.33%，归母净利润为-1821.66万元。 *ST清研去年营收因为没有达到1亿元的标准而被"*ST"。记者近日了解到，该公司去年营收大幅下调， 有行业原因，也有偶发因素，该公司正通过一系列调整特别是"新合伙人战略"提升经营业绩。 该公司核心高管表示，公司营收没有达到亿元，有两个偶发因素，去年公司判断一家重要客户因为资产 质量恶化无法履约，因此停止了合作，如果有这部分收入，公司本可以达到1亿元的营收线，但是未来 应收账款可能会变成坏账，对公司影响甚大，因此公司没有为了短期业绩而牺牲长期利益。 还有一则交易，合作对象在临近交付时突然中断交易，而选择了其他供应商。 "我们产品面世多年，出现了很多模仿者，使用我们的技术抢我们的单子，市场竞争环境恶化。" 该公 司核心高管表示，很多同行为了生存下去，不惜成本抢占市场，污水处理行业进入低迷期。地方政府受 困资金问题，付款意愿不高，导致有些项目无法结算，这是整个行业面临的难题，营收越多扩张越激烈 的公司，面临的问 ...