福建龙净环保股份有限公司2025年年度报告深度解读：营收与利润创历史新高，新能源与海外项目成看点

【导语】 福建龙净环保股份有限公司（下称“龙净环保”）于近日发布了2025年年度报告。报告披露，公司2025年营收和利润均创历史新高，新能源与海外大型项目投资布局成为未来增长新引擎。本文将从核心财务数据、分红政策、主要业务动态、重大投资项目、股东结构、治理情况等方面为投资者做全方位解读。

一、业绩持续高增长，利润大幅提升

• 营业收入：2025年实现营业收入118.72亿元，同比增长18.49%，连续三年增长。
• 归属于上市公司股东的净利润：实现11.12亿元，同比增长33.95%，增速进一步加快。
• 扣非净利润：10.45亿元，同比增长37.18%，显示主营业务质量持续提升。
• 加权平均净资产收益率：10.58%，较上年提升0.45个百分点。
• 基本每股收益：0.88元，同比增长14.29%。
• 现金流：经营活动现金流净额16.18亿元，同比下降25.67%，需关注现金流波动。

二、分红大方，回报股东

• 2025年度拟每10股派发现金红利3.80元（含税），分红金额4.83亿元，占归属净利润的43.39%，延续高分红传统。
• 最近三年累计现金分红10.53亿元，年均净利润8.17亿元，分红比例较高。

三、主营业务稳健，新能源业务快速突破

• 环保主业：除尘器、脱硫脱硝工程为核心，原材料、外协加工、人工等成本结构稳定。
• 新能源板块：储能业务成为增长亮点。2025年新能源分部收入26.99亿元，占总收入22.7%，营业利润2.17亿元。
• 研发投入：全年研发投入4.64亿元，占营业收入3.91%，研发团队1317人，技术创新能力突出。

四、重大项目与投资布局，海外扩张加速

• 2025年9月董事会通过在非洲刚果（金）投资建设140MW水电站项目，总投资约3.99亿美元，进军海外绿色能源市场。
• 同时在西藏阿里地区投资23.91亿元，建设420MWp光伏+412.5MW/1650MWh储能+30MW柴发的源网荷储一体化能源站，新能源业务版图扩大。
• 收购湖南创远高新机械、北京吉泰同创智能科技等企业，增强智能制造与矿山机械、工业机器人等领域布局。

五、客户与供应链稳定，风险可控

• 前五大客户贡献销售额31.65亿元，占总销售额26.66%，客户集中度适中，其中关联方销售占比仅4.16%。
• 前五大供应商采购额15.43亿元，占比21.98%，未出现依赖单一客户或供应商的风险。
• 主要资产受限规模3.24亿元，主要包括质押、保函、冻结等，整体风险可控。
• 公司披露了原材料如碳酸锂价格波动对储能业务成本的影响，已通过套期保值等措施对冲风险。

六、治理结构完善，股东结构持续优化

• 控股股东为紫金矿业，持股比例21.08%，实际控制人为上杭县财政局。
• 公司股权结构分散，前十大股东合计持股比例约71%，龙岩国资、紫金系、保险资金、基金等多元股东构成。
• 公司治理良好，董事会下设审计、提名、薪酬等专门委员会，信息披露合规透明。

七、员工队伍与激励机制

• 公司员工总数6808人，技术、生产、销售、管理人才结构合理。
• 2025年实施员工持股计划与股票期权激励，员工持股计划合计认购104万股，激励对象覆盖公司核心管理层与骨干。

八、合规与风险披露

• 2025年公司无重大诉讼、仲裁及违规处罚，无控股股东资金占用、违规担保等问题。
• 会计师事务所出具标准无保留意见审计报告，内部控制有效。
• 公司已详细披露行业风险与经营风险，尤其关注原材料价格、国际化业务、政策变化等可能带来的不利影响。

九、未来展望与投资者关注点

• 公司明确提出将加大新能源、海外绿电、智能制造等领域投资，培育新的利润增长点。
• 现金流波动、原材料成本上涨、海外项目执行仍需持续关注。
• 高分红政策、稳健治理、持续创新及海外扩张，综合提升公司长期价值。

【投资者重点关注风险与机会】

• 新能源业务高增长与海外项目落地进展，或将成为推动股价波动的核心变量。
• 高分红政策延续、激励机制完善，有望提振市场信心。
• 原材料价格及国际业务风险，需密切跟踪。

免责声明：本新闻稿基于福建龙净环保股份有限公司2025年年度报告公开信息整理，不构成投资建议。投资有风险，决策需谨慎。请以公司公告及官方信息为准。

Fujian Longking Environmental Protection Co., Ltd. 2025 Annual Report Deep Dive: Record High Revenue and Profits, New Energy and Overseas Projects in Focus

[Introduction] Fujian Longking Environmental Protection Co., Ltd. (“Longking Environmental”) has released its 2025 annual report. The report reveals record-high revenue and profits, with new energy and overseas mega-projects set to drive future growth. This article provides a comprehensive analysis for investors, covering key financials, dividend policy, core business trends, major investments, shareholder structure, and governance.

1. Sustained High Growth in Performance, Significant Profit Increase

• Operating Revenue: RMB 11.87 billion in 2025, up 18.49% YoY, with growth for three consecutive years.
• Net Profit Attributable to Shareholders: RMB 1.112 billion, up 33.95% YoY, with accelerating growth.
• Net Profit Excluding Non-Recurring Items: RMB 1.045 billion, up 37.18% YoY, reflecting quality in core operations.
• ROE (weighted): 10.58%, up 0.45 percentage points YoY.
• Basic EPS: RMB 0.88, up 14.29% YoY.
• Cash Flow: Net operating cash flow RMB 1.618 billion, down 25.67% YoY, so cash flow fluctuations should be monitored.

2. Generous Dividends, Strong Shareholder Returns

• 2025 proposed dividend: RMB 3.80 per 10 shares (tax inclusive), totaling RMB 482 million, representing 43.39% of net profit attributable to shareholders, maintaining a high payout tradition.
• Over the past three years, cumulative cash dividends amounted to RMB 1.05 billion, with an annual average net profit of RMB 817 million—high payout ratio.

3. Solid Core Business, Fast Breakthrough in New Energy

• Environmental Protection Core: Dust collectors, desulfurization & denitrification engineering as core, with stable cost structure.
• New Energy Segment: Energy storage business emerging as a highlight. In 2025, new energy revenue reached RMB 2.7 billion, accounting for 22.7% of total revenue, with operating profit of RMB 217 million.
• R&D Investment: RMB 464 million for the year, 3.91% of revenue. R&D team of 1,317, showing strong innovation.

4. Major Projects and Investments, Accelerated Overseas Expansion

• In September 2025, Board approved investment in a 140MW hydropower project in Congo (DRC), with \$399 million investment, entering overseas green energy market.
• Simultaneously, RMB 2.39 billion investment in Tibet for a 420MWp PV + 412.5MW/1650MWh storage + 30MW diesel integrated project, expanding new energy footprint.
• Acquisitions of Hunan Chuangyuan High-tech Machinery, Beijing Jitai Tongchuang Intelligent Technology, etc., enhance presence in smart manufacturing, mining, and industrial robots.

5. Stable Customers and Supply Chain, Controllable Risks

• Top five customers contributed RMB 3.17 billion sales, 26.66% of total, with only 4.16% from related parties—customer concentration moderate.
• Top five suppliers accounted for 21.98% of procurement, with no over-reliance risk.
• Main restricted assets RMB 324 million, mainly pledges, guarantees, and frozen funds—overall risk controllable.
• Company disclosed impact of raw material (lithium carbonate) price volatility on storage business costs and has implemented hedging strategies to mitigate risk.

6. Robust Governance and Optimized Shareholding Structure

• Controlling shareholder Zijin Mining holds 21.08%; actual controller is Shanghang County Finance Bureau.
• Shareholding structure diversified; top 10 shareholders hold about 71%, including Longyan SOE, Zijin, insurers, and funds.
• Good governance: Board has audit, nomination, remuneration committees, and disclosure is compliant and transparent.

7. Employee Team and Incentive Mechanisms

• Total staff: 6,808, with a balanced structure across technical, production, sales, and management.
• 2025 saw employee stock ownership and option incentive plans, with 1.04 million shares subscribed by key management and core staff.

8. Compliance and Risk Disclosure

• No major lawsuits, violations, or penalties in 2025; no shareholder fund misappropriation or improper guarantees.
• Auditor issued an unqualified opinion; internal controls are effective.
• Detailed disclosure of industry and operational risks, especially on raw material prices, internationalization, and policy changes.

9. Outlook and Investor Focus

• Company to increase investment in new energy, overseas green power, and smart manufacturing to foster new profit drivers.
• Cash flow volatility, raw material costs, and overseas project execution require ongoing attention.
• High dividend policy, solid governance, ongoing innovation, and overseas expansion all enhance long-term value.

[Key Risks and Opportunities for Investors]

• High-growth new energy segment and progress in overseas projects may become key drivers for share price movement.
• Continued high dividend policy and improved incentive schemes likely to boost market confidence.
• Risks from raw material prices and international operations must be closely monitored.

Disclaimer: This news article is compiled based on the public 2025 annual report of Fujian Longking Environmental Protection Co., Ltd. and does not constitute investment advice. Please refer to official company disclosures for investment decisions. Investing carries risks; proceed with caution.

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