Core Viewpoint - The company, Shun'an Environment, disclosed that as of the end of the first half of 2025, the total number of shareholders is 39,065 [1] Summary by Category - **Company Information** - Shun'an Environment's total number of shareholders is reported to be 39,065 as of the end of the first half of 2025 [1]

截至6月30日，盾安环境股东户数3.91万，较上期增加4.27%；人均流通股23456股，较上期减少4.09%。 2025年1月-6月，盾安环境实现营业收入67.29亿元，同比增长6.05%；归母净利润5.35亿元，同比增长 12.94%。 分红方面，盾安环境A股上市后累计派现7.39亿元。近三年，累计派现0.00元。 盾安环境今年以来股价涨17.67%，近5个交易日涨1.19%，近20日涨1.84%，近60日涨13.37%。 资料显示，浙江盾安人工环境股份有限公司位于浙江省杭州市滨江区泰安路239号盾安发展大厦，成立 日期2001年12月19日，上市日期2004年7月5日，公司主营业务涉及制冷配件、制冷设备的研发设计、生 产和销售,以及提供节能服务系统解决方案。主营业务收入构成为：制冷空调零部件产业80.42%，制冷 设备产业7.18%，新能源汽车热管理产业7.15%，其他5.25%。 盾安环境所属申万行业为：家用电器-家电零部件Ⅱ-家电零部件Ⅲ。所属概念板块包括：热泵概念、核 电、航天军工、轨道交通、高铁等。 9月9日，盾安环境盘中下跌2.00%，截至11:02，报12.72元/股，成交1.52亿元，换手 ...

Core Insights - On September 1, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for Zhuhai Gree, Anhui Energy, and Fulian Precision, showing target price increases of 54.55%, 42.86%, and 40.28% respectively, all within the battery and power sectors [1]. Group 1: Target Price Increases - Zhuhai Gree (688772) received a target price of 34.00 yuan, reflecting a 54.55% increase [2]. - Anhui Energy (000543) has a target price of 10.30 yuan, indicating a 42.86% increase [2]. - Fulian Precision (300432) was assigned a target price of 21.00 yuan, showing a 40.28% increase [2]. Group 2: Additional Companies with Notable Increases - Double Star New Materials (002585) has a target price of 7.80 yuan, with a 39.78% increase [3]. - Zhonglun New Materials (301565) received a target price of 33.00 yuan, reflecting a 38.36% increase [3]. - Jack Shares (603337) has a target price of 66.00 yuan, indicating a 37.47% increase [3]. Group 3: Brokerage Recommendations - A total of 39 listed companies received brokerage recommendations on September 1, 2023, with Double Star New Materials, China National Freight, and Postal Savings Bank each receiving one recommendation [3]. - Zhonglun New Materials was given a "Buy" rating in its first coverage by Citic Securities [3].

Core Viewpoint - The stock of Shun'an Environment has experienced fluctuations, with a year-to-date increase of 19.89% but a recent decline of 2.34% over the past five trading days [2] Group 1: Stock Performance - As of August 29, Shun'an Environment's stock price was 12.96 CNY per share, with a market capitalization of 13.808 billion CNY [1] - The stock has seen a 12.50% increase over the past 20 days and a 13.88% increase over the past 60 days [2] Group 2: Financial Performance - For the first half of 2025, Shun'an Environment reported a revenue of 6.729 billion CNY, reflecting a year-on-year growth of 6.05%, and a net profit attributable to shareholders of 535 million CNY, up 12.94% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shun'an Environment was 39,100, an increase of 4.27% from the previous period [2] - The average number of circulating shares per shareholder was 23,456, a decrease of 4.09% from the previous period [2] - The company has distributed a total of 739 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Group 4: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 12.8895 million shares, a decrease of 2.0803 million shares from the previous period [3] - In contrast, the Southern CSI 1000 ETF entered the top ten circulating shareholders with a holding of 5.8978 million shares [3]

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Group 1 - The home appliance parts sector increased by 2.4% on August 28, with Haili Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Key stocks in the home appliance parts sector showed significant price increases, with Haili Co., Ltd. rising by 7.12% to a closing price of 24.06 [1] Group 2 - The home appliance parts sector experienced a net inflow of 117 million yuan from institutional investors, while retail investors saw a net inflow of 51.175 million yuan [2] - Major stocks like Sanhua Intelligent Control and Haili Co., Ltd. had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - Haili Co., Ltd. had a net inflow of 17.9 million yuan from institutional investors, but a net outflow of 31.6346 million yuan from retail investors [3]

Market Overview - On August 27, the home appliance components sector declined by 2.13%, with Haili Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock performances included: - Hongchang Technology (301008) closed at 33.20, up 2.60% with a trading volume of 206,400 shares and a transaction value of 712 million [1] - Haili Co., Ltd. (600619) closed at 22.46, down 5.43% with a trading volume of 1,027,400 shares and a transaction value of 2.392 billion [2] - Kangsheng Co., Ltd. (002418) closed at 4.60, up 1.55% with a trading volume of 1,875,600 shares and a transaction value of 872 million [1] Capital Flow - The home appliance components sector experienced a net outflow of 929 million from institutional investors, while retail investors saw a net inflow of 808 million [2] - The capital flow for specific stocks showed: - Kangsheng Co., Ltd. had a net inflow of 44.16 million from institutional investors [3] - Haili Co., Ltd. had a net outflow of 4.32 million from institutional investors [3] Summary of Key Stocks - Key stocks in the sector included: - Haili Co., Ltd. (600619) with a significant decline of 5.43% [2] - Kangsheng Co., Ltd. (002418) showing resilience with a slight increase of 1.55% [1] - Other notable declines included Tongxing Technology (301252) down 5.00% and Laowen Aolin (603311) down 4.87% [2]

Core Viewpoint - Shielding Environment's stock price has shown fluctuations with a year-to-date increase of 21.28%, but a recent decline of 2.82% over the last five trading days [1] Group 1: Stock Performance - As of August 27, Shielding Environment's stock price was 13.11 CNY per share, with a market capitalization of 13.968 billion CNY [1] - The stock experienced a net outflow of 17.6392 million CNY in principal funds, with significant selling pressure [1] - The stock has seen a 12.92% increase over the last 20 days and a 15.10% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Shielding Environment reported a revenue of 6.729 billion CNY, reflecting a year-on-year growth of 6.05% [2] - The net profit attributable to shareholders for the same period was 535 million CNY, marking a year-on-year increase of 12.94% [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 4.27% to 39,100, while the average circulating shares per person decreased by 4.09% to 23,456 shares [2] - The company has cumulatively distributed 739 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall Energy Infrastructure Mixed A, with some changes in holdings noted [3]

Group 1 - The company achieved total revenue of 6.729 billion, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 535 million, up 12.94% year-on-year [1] - The automotive thermal management revenue reached 481 million, showing a significant growth of 81.84% year-on-year, with over 15 billion in confirmed orders from major domestic manufacturers [1] - The company’s cooling components for air conditioning generated revenue of 5.412 billion in the first half of 2025, an increase of 8.8% year-on-year, with a gross margin of 17.78% [1] Group 2 - The cooling equipment business faced short-term pressure, with revenue of 483 million, a decline of 31.43% year-on-year, and a gross margin decrease of 2.69 percentage points [2] - The company is focusing on cold chain construction, energy storage, and nuclear power sectors, leveraging policy-driven growth opportunities [2] - The company has made progress in energy storage thermal management, securing orders from top industry clients such as BYD and CATL [2] Group 3 - Revenue projections for 2025-2027 are estimated at 14.117 billion, 15.614 billion, and 17.003 billion, with year-on-year growth rates of 11.3%, 10.6%, and 8.9% respectively [2] - Net profit attributable to shareholders is projected to be 1.149 billion, 1.340 billion, and 1.512 billion for the same period, with growth rates of 9.9%, 16.6%, and 12.8% [2] - The current stock price corresponds to PE ratios of 12.31, 10.55, and 9.35 for the years 2025, 2026, and 2027 respectively [2]

Core Viewpoint - The company reported a stable performance in the first half of 2025, with revenue growth driven by the new energy vehicle thermal management business, despite a slight decline in Q2 revenue [1][2][4]. Financial Performance - In H1 2025, the company achieved revenue of 6.729 billion yuan, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 535 million yuan, up 12.94% [1]. - In Q2 2025, revenue was 3.708 billion yuan, a slight decline of 0.31% year-on-year, while net profit attributable to shareholders increased by 19.69% to 318 million yuan [1][2]. Business Segment Analysis - The refrigeration equipment segment saw a significant revenue decline of 31.43%, attributed to a downturn in the central air conditioning industry and strategic contraction to avoid competition with the controlling shareholder, Gree Electric [2]. - The refrigeration air conditioning components segment grew by 8.80%, benefiting from the "old-for-new" policy boosting demand for downstream air conditioning products [2]. - The new energy vehicle thermal management segment experienced substantial growth of 81.84%, driven by the gradual release of prior orders [2]. Profitability Metrics - In H1 2025, the company's gross margin decreased by 0.54 percentage points, with the refrigeration equipment segment's gross margin down by 2.69 percentage points [3]. - The operating profit for H1 2025 was 530 million yuan, reflecting a year-on-year increase of 10.93%, with an operating profit margin of 7.87%, up 0.35 percentage points [3]. - In Q2 2025, the operating profit was 336 million yuan, a 16.82% increase year-on-year, with an operating profit margin of 9.05%, up 1.33 percentage points [3]. Strategic Outlook - The company is focusing on its core refrigeration business and has made strategic adjustments to avoid competition with Gree Electric, which may lead to short-term challenges [4]. - The domestic air conditioning market still has significant growth potential, and the company aims to leverage its technological advantages for stable revenue and profit growth [4]. - The new energy vehicle thermal management business is expected to be a key growth driver, with a broad global market potential and increasing order volumes [4].