福建龙净环保股份有限公司2025年年度报告要点深度解读

一、业绩亮点与经营表现

• 营收与利润高速增长：2025年，公司实现营业收入118.72亿元，同比增长18.49%；归属于母公司所有者的净利润达11.12亿元，同比增长33.95%。扣非后归母净利润10.45亿元，同比增长37.18%。盈利能力和质量大幅提升。
• 现金流稳健：经营活动产生的现金流量净额为16.18亿元，虽然同比下降25.67%，但整体依然保持强劲。
• 资产结构优化：至报告期末，公司总资产282.99亿元，归母净资产109.75亿元，资产负债率降至60.65%（下降0.77个百分点），有息负债率维持在16.68%的较低水平，整体财务结构健康、稳健。
• 分红预案：拟每10股派发现金红利3.80元（含税），本年度不进行资本公积转增股本，需经股东大会审议通过。

二、行业与主营业务发展

1. 大气污染治理业务保持龙头地位

• 公司是全球最大工业烟气环保治理装备研发制造商，技术、应用及业绩均为行业领先。
• 2025年中国大气治理市场持续释放，非电行业超低排放改造市场规模超2000亿元。公司在钢铁、水泥、焦化等行业持续获得订单。
• 年内新增环保设备工程合同102.58亿元，在手订单188.90亿元，订单储备充足，未来业绩增长有保障。
• 积极布局AI电控、碳捕集、电解水制氢等新兴绿色技术，驱动公司持续创新。

2. 绿电与储能业务成为新增长极

• 新能源业务板块逐步成为业绩新引擎。2025年国内外绿电投运总装机容量约1.2GW，西藏、刚果（金）等地重大项目有序推进。
• 储能电芯业务与亿纬锂能合作深化，第三条生产线于2026年2月投产，年产能提升至13GWh，2025年累计交付8GWh，95%以上外销并已实现盈利。
• 钠离子电池研发取得突破，170Ah样品已开发并签订订单，2026年将完成交付。
• 海外市场持续拓展，储能系统集成订单实现突破。

3. 电动矿卡业务打开新蓝海

• 公司聚焦矿山运输车辆电动化，9个月内自主研发并投产大吨位纯电动矿用自卸车LK220E，并与西藏巨龙铜业签订首批购销合同。
• 更大吨位与无人驾驶矿卡研发快速推进，LK110EI已实现首单签约，助力矿山绿色智能化转型。
• 全国电动矿卡渗透率仅10%，行业增长空间巨大。

三、业务模式与产业布局

• 公司已形成“环保与新能源技术研发—高端装备及产品制造—EPC工程建设及售后服务—环保设施及新能源电站运营”一体化布局，增强核心竞争力和市场抗风险能力。
• 海外业务聚焦“一带一路”及东盟工业化进程，未来有望持续贡献新增量。

四、股东结构与公司治理

• 控股股东为紫金矿业集团及其全资子公司，合计持股25%；第二大股东为龙岩市国资委旗下企业，持股8.59%。
• 前十大股东结构稳定，机构和险资持股比例提升，显示市场对公司未来发展认可。

五、投资者必须关注的重要事项（可能影响股价）

• 业绩大幅增长：利润和扣非利润均大幅增长，显示主业和新业务双轮驱动，成长性显著。
• 分红政策积极：高比例现金分红，显示公司经营稳健、回馈股东意愿强，有望提振股价。
• 新能源业务高景气和储能电芯产能扩张：储能和绿电业务盈利能力持续释放，新增产能2026年释放，未来成长预期强烈。
• 电动矿卡打开新市场：产品已实现交付并获得大客户订单，打开增量蓝海，有望带来估值重塑。
• 行业政策红利持续：大气治理、超低排放、绿电直连等国家政策持续加码，为公司提供广阔市场空间。
• 订单储备充足：环保主业在手订单近189亿元，锁定未来业绩，基本面强劲。
• 财务结构优化：资产负债率下降，现金流充裕，风险可控。

六、结论

福建龙净环保股份有限公司2025年年度报告显示，公司正处于业绩加速释放、业务多元突破、创新能力持续提升的黄金发展期。主业稳固，新能源和矿卡业务打开新的成长空间，行业政策红利有望持续驱动业绩高增。高分红、订单充沛、产能扩张等均为积极信号，对中长期投资者具备较高吸引力，或将成为推动公司股价表现的重要催化剂。

免责声明：本文内容仅供投资者参考，不构成任何投资建议。投资者据此操作，风险自负。请以公司公告及相关法规为准，关注市场风险。

English Version

In-depth Analysis of Fujian Longking Environmental Protection Co., Ltd. 2025 Annual Report Highlights

1. Performance Highlights and Business Results

• Strong Revenue and Profit Growth: In 2025, the company achieved revenue of RMB 11.872 billion, up 18.49% YoY; net profit attributable to shareholders reached RMB 1.112 billion, up 33.95% YoY. Net profit after deducting non-recurring items was RMB 1.045 billion, up 37.18% YoY, indicating substantial improvement in profitability and quality.
• Robust Cash Flow: Net operating cash flow was RMB 1.618 billion, though down 25.67% YoY, remains healthy overall.
• Optimized Asset Structure: As of the end of the period, total assets stood at RMB 28.3 billion, net assets attributable to shareholders at RMB 10.98 billion; asset-liability ratio fell to 60.65%, and interest-bearing liabilities remained low at 16.68%, indicating a sound financial structure.
• Dividend Proposal: The board proposes a cash dividend of RMB 3.80 (pre-tax) per 10 shares, subject to shareholder approval; no bonus share issue from capital reserve this year.

2. Industry and Major Business Developments

1. Air Pollution Control Remains a Leading Business

• The company remains the world’s largest industrial flue gas environmental protection equipment manufacturer, leading in technology, application, and performance.
• In 2025, China’s air pollution control market continued to expand, with the non-power ultra-low emission retrofit market exceeding RMB 200 billion. The company continued to secure orders from steel, cement, and coking industries.
• New environmental equipment engineering contracts signed in 2025 reached RMB 10.26 billion; orders on hand amounted to RMB 18.89 billion, providing a strong performance guarantee.
• Active R&D in AI controls, carbon capture, green hydrogen, and other emerging technologies propels ongoing innovation.

2. Green Power and Energy Storage as New Growth Drivers

• Clean energy business has become a new growth pole, with total operating installed green power capacity of about 1.2GW in China and overseas, and major projects in Tibet and Congo progressing on schedule.
• Energy storage cell business, in cooperation with EVE Energy, expanded to 13GWh annual capacity with the third production line commissioned in Feb 2026. In 2025, cumulative delivery reached 8GWh (95% exported), and the business achieved profitability.
• Sodium-ion battery R&D achieved a breakthrough, with 170Ah samples developed and purchase contracts signed—scheduled for 2026 delivery.
• Overseas market expansion continued, with new breakthroughs in energy storage system integration orders.

3. Electric Mining Trucks Open New Blue Ocean

• The company focused on electrifying mining transport vehicles, developed and delivered the large-tonnage pure electric mining dump truck LK220E within 9 months, and signed the first sales contract with Tibet Julong Copper.
• Development of larger-tonnage and autonomous electric mining trucks is progressing rapidly, with LK110EI securing the first order, supporting green and intelligent mine transformation.
• Penetration of electric mining trucks nationwide is only 10%, indicating vast growth potential.

3. Business Model and Industrial Layout

• The company has established an integrated chain: “Environmental & new energy technology R&D—high-end equipment & product manufacturing—EPC engineering & after-sales service—environmental facilities and green power station operation,” enhancing core competitiveness and risk resistance.
• Overseas business focuses on the “Belt and Road” and ASEAN industrialization, providing new incremental growth sources.

4. Shareholder Structure and Corporate Governance

• Major shareholder Zijin Mining Group (and its subsidiaries) holds 25%; the second-largest shareholder is Longyan State-owned Assets Investment, holding 8.59%.
• Top 10 shareholders are stable, with increased institutional and insurance capital holdings, indicating market confidence in the company’s future.

5. Key Points for Investors (Potentially Price-Sensitive)

• Significant profit growth: Strong growth in core and new businesses highlights robust fundamentals and high growth potential.
• Active dividend policy: High cash dividend payout demonstrates stable operations and a strong commitment to shareholder returns.
• High growth in new energy and storage: Profitability and capacity expansion in green power and storage businesses will fuel future growth expectations.
• Electric mining trucks open new market: Successful delivery and large customer contracts may drive a re-rating of the company’s valuation.
• Policy tailwinds: National policies continue to support air pollution control and green power, providing a vast market space.
• Sufficient order backlog: Close to RMB 18.9 billion in orders on hand, securing future revenue visibility.
• Improved financial structure: Lower leverage and solid cash flows ensure financial safety.

6. Conclusion

Fujian Longking Environmental Protection Co., Ltd.’s 2025 annual report reveals the company is in a period of accelerated performance release, business diversification, and continuous innovation. With a strong core business, rapid growth in new energy and mining truck segments, and ongoing favorable policies, the company is well positioned for sustained high growth. The combination of strong dividends, abundant orders, and capacity expansion signals a positive outlook for long-term investors and could be a significant catalyst for the stock price.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Investors should operate at their own risk and refer to official company disclosures and regulations. Please be aware of market risks.

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