Company Overview - Nanjing Wanders Environmental Technology Co., Ltd. is located in Jiangning District, Nanjing, Jiangsu Province, established on August 14, 2007, and listed on January 14, 2020 [1] - The company's main business focuses on organic waste management and industrial wastewater treatment, emphasizing refined technology and quality projects [1] Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 362 million yuan, a year-on-year decrease of 10.90%, and a net profit attributable to shareholders of -36.95 million yuan, a year-on-year decrease of 877.25% [2] - The company has cumulatively distributed cash dividends of 59.56 million yuan since its A-share listing, with 22.16 million yuan distributed over the past three years [3] Stock Performance - As of November 4, the stock price of Wanders fell by 2.27% to 25.79 yuan per share, with a total market capitalization of 2.192 billion yuan [1] - Year-to-date, the stock price has increased by 106.49%, but it has decreased by 4.41% in the last five trading days and 7.50% in the last 20 days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 7.83 million yuan on March 24 [1] Shareholder Information - As of September 30, the number of shareholders is 3,714, a decrease of 11.74% from the previous period, while the average circulating shares per person increased by 13.30% to 22,885 shares [2] Industry Classification - Wanders is classified under the environmental protection industry, specifically in waste management, and is associated with concepts such as margin trading, small-cap stocks, energy conservation, waste classification, and micro-cap stocks [2]

Core Viewpoint - Wandes, established in 2007 and listed in 2020, is a leader in organic waste and industrial wastewater treatment in China, with a full industry chain service capability and multiple core technologies and patents [1] Group 1: Business Performance - For Q3 2025, Wandes reported revenue of 362 million yuan, ranking 31st among 35 companies in the industry, with the industry leader, Zhejiang Fu Holdings, generating 16.155 billion yuan [2] - The company's net profit for the same period was -39.772 million yuan, placing it 29th in the industry, while the top performer, Weiming Environmental, achieved a net profit of 2.238 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wandes had a debt-to-asset ratio of 50.59%, higher than the previous year's 45.90% and above the industry average of 50.06% [3] - The company's gross profit margin for Q3 2025 was 14.36%, significantly lower than the previous year's 30.28% and below the industry average of 25.02% [3] Group 3: Executive Compensation - The chairman, Liu Jun, received a salary of 472,800 yuan in 2024, an increase of 16,000 yuan from 2023 [4] - The general manager, Chen Can, earned 472,800 yuan in 2024, which is an increase of 76,300 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.74% to 3,714, while the average number of circulating A-shares held per account increased by 13.30% to 22,900 [5]

Financial Performance - The company's operating revenue for Q3 2025 was ¥154,256,381.17, representing a 12.00% increase compared to the same period last year[3]. - The total profit for the period was -¥11,763,511.84, a decrease of 220.29% year-on-year[3]. - The net profit attributable to shareholders was -¥8,518,263.41, reflecting a 193.93% decline compared to the previous year[3]. - Total operating revenue for the first three quarters of 2025 is CNY 361,626,594.30, a decrease of 10.9% compared to CNY 405,852,457.28 in the same period of 2024[19]. - Operating profit for the first three quarters of 2025 is a loss of CNY 45,705,152.36, compared to a profit of CNY 2,327,356.64 in the same period of 2024[19]. - Net profit for the first three quarters of 2025 is a loss of CNY 39,771,979.70, compared to a profit of CNY 1,010,130.45 in the same period of 2024[20]. - Basic and diluted earnings per share for the first three quarters of 2025 is CNY -0.43, compared to CNY 0.06 in the same period of 2024[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥59,920,706.32, an increase of 89.10%[4]. - In the first three quarters of 2025, the net cash flow from operating activities was RMB 59,920,706.32, an increase of 89.0% compared to RMB 31,688,077.12 in the same period of 2024[22]. - Total cash inflow from investment activities reached RMB 539,346,516.58, significantly higher than RMB 205,226,306.72 in the previous year, marking a growth of 162.0%[23]. - The net cash flow from investment activities was negative at RMB -119,714,819.98, an improvement from RMB -172,366,439.99 in the same period last year[23]. - Cash inflow from financing activities totaled RMB 187,080,000.00, down from RMB 266,820,289.78 in the previous year, representing a decrease of 30.0%[23]. - The net cash flow from financing activities was RMB 72,295,941.39, a decrease of 24.4% compared to RMB 95,632,208.02 in the same period of 2024[23]. - The company reported a cash and cash equivalents balance of RMB 105,148,652.66 at the end of the period, up from RMB 50,733,236.47 at the end of the previous year[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,089,093,144.16, a slight increase of 0.65% from the end of the previous year[4]. - The company's total liabilities increased to CNY 1,056,963,271.43, up from CNY 1,003,842,721.38 year-over-year[16]. - Non-current liabilities rose to CNY 386,769,673.59, an increase from CNY 321,378,038.60 in the previous year[16]. - The total equity attributable to shareholders decreased to CNY 996,007,261.85 from CNY 1,032,898,823.63 year-over-year[16]. - Total current assets decreased to RMB 1,069,256,121.60 from RMB 1,125,827,990.59 in the previous year[14]. - Short-term borrowings decreased to RMB 100,770,152.81 from RMB 140,759,729.65[15]. - Accounts payable decreased to RMB 280,923,758.84 from RMB 369,156,683.41[15]. - Contract liabilities increased significantly to RMB 74,013,148.79 from RMB 24,491,747.97[15]. - Long-term receivables decreased to RMB 29,953,478.16 from RMB 38,414,029.06[14]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 3,714[11]. - The largest shareholder, Nanjing Wandes Investment Co., Ltd., holds 24,584,139 shares, accounting for 28.92% of total shares[12]. - The company has not reported any changes in the top 10 shareholders due to securities lending or borrowing[13]. Research and Development - Research and development expenses totaled ¥5,267,479.12, accounting for 3.41% of operating revenue, a decrease of 1.12 percentage points[4]. - The company experienced a decrease in research and development expenses, which amounted to CNY 19,040,208.86, down from CNY 23,885,984.67 year-over-year[19]. Financial Challenges - The decline in profits is primarily attributed to intensified industry competition, leading to a decrease in revenue scale and gross margin[8]. - The company reported a significant increase in financial expenses, totaling CNY 13,410,050.77, compared to CNY 10,988,302.98 in the previous year[19]. - The company reported a total of -¥36,759.99 in non-recurring gains and losses for the period[7]. Accounting Standards - The company did not apply new accounting standards for the first time in 2025[24].

Core Points - Wande's announcement on October 28 states that a workers' representative meeting will be held on October 28, 2025, to comply with relevant regulations for decision-making [1] - The meeting will involve democratic discussion and voting, with all worker representatives unanimously approving the proposal to elect Mr. Mei Xuekuai as a worker director [1]

2025 年 10 月 29 日 附件：梅学奎简历 梅学奎先生，1982 年 12 月生，中国国籍，无境外永久居留权，本科学历，中 级会计师、中级经济师、拥有基金从业资格证。2013 年 9 月至 2017 年 7 月，担任 奇瑞控股集团有限公司财务控制本部预算副经理、资金副经理；2017 年 8 月至 2019 年 12 月，担任芜湖瑞源物流有限公司财务负责人；2019 年 1 月至 2022 年 5 月， 担任安徽麦卡出行汽车有限公司总经理助理兼财务总监；2022 年 6 月至 2025 年 7 月，担任合肥瑞丞私募基金管理有限公司财务总监；2022 年 6 月至 2025 年 9 月， 担任芜湖奇瑞资本管理有限公司财务总监。现任公司职工董事、财务总监。 根据《中华人民共和国公司法》、修订后的《南京万德斯环保科技股份有限公 司章程》（以下简称"《公司章程》"）等有关规定，南京万德斯环保科技股份有 限公司（以下简称"公司"）董事会成员中应包含一名职工董事。公司于 2025 年 10 月 28 日召开职工代表大会，会议的召开及表决程序符合职工代表大会决策的有 关规定，会议经民主讨论、表决，全体职工代表一致审议 ...

证券代码：688178 证券简称：万德斯 公告编号：2025-043 南京万德斯环保科技股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 27 | | --- | --- | | 普通股股东人数 | 27 | | 2、出席会议的股东所持有的表决权数量 | 41,143,134 | | 普通股股东所持有表决权数量 | 41,143,134 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 48.4049 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 48.4049 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由董事会召集，会议采取现场投票和网络投票相结合的表决方式。 会议由董事长刘军主持，本次股东大会的召集和召开程序、出席会议人员的资格 重要内容提示： 本次 ...

江苏世纪同仁律师事务所 法律意见书 PARTNERS 二律师事务所 江 苏 世 纪 同 仁 律 师 事 务 所 关于南京万德斯环保科技股份有限公司 2025年第三次临时股东大会的 法律意见书 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮编:210019 电话: +86 25-83304480 传真: +86 25-83329335 l 江苏世纪同仁律师事务所 法律意见书 本次股东大会由董事会召集。2025年10月9日,公司召开第四届董事会第 九次会议,决定于 2025年 10 月 28 日召开 2025 年第三次临时股东大会。2025 江苏世纪同仁律师事务所 关于南京万德斯环保科技股份有限公司 2025 年第三次临时股东大会的法律意见书 致:南京万德斯环保科技股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》和中国证监会《上市公司股东会规则》等法律、法规和规范性文 件以及《南京万德斯环保科技股份有限公司章程》(以下简称"《公司章程》") 的相关规定,江苏世纪同仁律师事务所(以下简称"本所")受南京万德斯环保 科技股份有限公司(以下简称"公司")的委托,指派本所 ...

Core Viewpoint - The lawsuit between Wandes (688178.SH) and Dongjiang Environmental (002672.SZ) has raised concerns about the risk of guarantee chains in the environmental protection industry, with the dispute centered around the disposal of Wandes' 16% equity stake in a joint venture, involving an amount of approximately 17.78 million yuan [1] Company Summary - Wandes has received a summons from the Tangshan Caofeidian District People's Court due to issues related to the performance of counter-guarantee responsibilities, with the lawsuit amounting to about 17.78 million yuan [1] - A representative from Wandes stated that the lawsuit will not affect the company's overall capital operations and normal functioning, indicating that the matter primarily concerns the equity aspect of the joint venture [1]

Core Viewpoint - The company Wandes has received a court summons regarding a lawsuit from Dongjiang Environmental, which seeks to auction the equity stakes of Wandes in Caofeidian Environmental Technology Co., Ltd. due to unpaid debts [1][6]. Group 1: Company Overview - Wandes holds a 16% stake in Caofeidian Environmental, while Dongjiang Environmental owns 80% [2][3]. - Caofeidian Environmental was established in 2013 and is involved in environmental sanitation, equipment manufacturing, and hazardous waste management [2]. Group 2: Financial Situation - As of March 31, 2025, Caofeidian Environmental reported total assets of 29.01 billion, total liabilities of 22.98 billion, and a net profit loss of 628.68 million for the first quarter [3]. - The company has taken out a loan of 200 million, with Dongjiang providing a guarantee for 160 million [4]. Group 3: Legal and Operational Developments - Wandes has provided a pledge guarantee for 256 million, corresponding to its 16% stake in Caofeidian Environmental, to support Dongjiang's debt obligations [4]. - Caofeidian Environmental has faced operational challenges, including lower-than-expected waste collection and declining disposal prices, leading to financial difficulties [6]. - Dongjiang has already compensated 111 million to HSBC for the loan, and has requested Wandes to fulfill its guarantee obligation of 17.78 million [6][7]. Group 4: Future Actions - Wandes is preparing for legal proceedings and plans to pursue claims against Caofeidian Environmental for any amounts paid under the guarantee [7]. - The company has made provisions for impairment on its long-term equity investment in Caofeidian Environmental [7].

证券代码：688178 证券简称：万德斯 公告编号：2025-042 南京万德斯环保科技股份有限公司 关于要求公司履行反担保责任的进展公告 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、准确性和完整性依法承担法律责任。 一、基本情况 万德斯（唐山曹妃甸）环保科技有限公司（以下简称"曹妃甸环保"）为南京 万德斯环保科技股份有限公司（以下简称"公司"）参股公司，公司持有曹妃甸环 保 16%的股权。为满足曹妃甸环保的业务经营需求，曹妃甸环保的控股股东东江环 保股份有限公司（以下简称"东江环保"）为其向银行贷款中的 1.6 亿元提供连带 责任担保，公司以持有曹妃甸环保股权比例为限，向东江环保提供因其承担 1.6 亿 元债务连带责任担保的 16%部分（即 2,560 万元）所涉及的本金、利息、罚息、违 约金等对应的担保责任的质押反担保，若东江环保实际承担的担保责任金额不足 1.6 亿元的，则公司在其实际承担担保责任的 16%范围内承担反担保责任，质押反 担保标的为公司持有曹妃甸环保的 16%股权。 因危废行业持续维持激烈竞争态势，曹妃甸环保生产经营资金周转困难，无 ...