安徽超越环保科技股份有限公司（301049）2025年年度报告深度解读

一、报告核心要点

• 公司主营业务： 专注于固体废物处理及资源化利用，涵盖工业危险废物、医疗废物、废弃电器电子产品、报废汽车、废旧锂电池等多类环保业务。
• 经营表现： 2025年度营业收入约1.95亿元，同比下降32.81%；归属上市公司股东净利润为-1.41亿元，同比下降103.60%，亏损幅度扩大，创下近年新低，盈利前景承压。
• 利润分配： 2025年度不派发现金红利、不送红股、不以公积金转增股本，因累计未分配利润为负数，未满足分红条件。
• 审计意见： 致同会计师事务所出具标准无保留意见。
• 股东结构： 前三大股东为高志江、李光荣（夫妻关系）及其子高德堃，合计持股超72%，高德堃持股全部质押，存在一定流动性及质押风险。
• 现金流表现： 经营活动现金流净额为2717万元，同比增长53.99%，但主要源于经营现金流改善，非利润增长。
• 资产减值与存货跌价： 报告期内计提固定资产及在建工程减值279.56万元，存货跌价损失847.90万元，进一步拖累利润。
• 分业务表现：
  • 电子废物收入同比增长14.59%，但受家电拆解基金补贴政策调整影响，利润空间被大幅压缩。
  • 危险废物处置收入下降38.75%，毛利为-2460万元，行业竞争白热化，危废处置价格大幅下滑。
  • 报废汽车拆解业务收入同比下降86.13%，拆解量锐减，固定成本压力大，亏损明显。
  • 废旧锂电池业务收入同比下降74.40%，产能利用率偏低，拖累整体盈利能力。
• 行业环境： 安徽省危废处置产能持续扩张，市场供大于求，区域“价格战”频发，致使危废处置单价和公司盈利能力大幅下滑。

二、对股东和潜在投资者的重大提示（具股价敏感性）

• 持续大幅亏损： 2025年公司净亏损1.41亿元，连续三年亏损，且亏损规模继续扩大，反映主营业务盈利模式遭遇严重挑战。
• 不分红政策延续： 公司连续不分红，且资本公积金转增股本暂停，表明公司现金流和盈利能力不足以回馈股东，或影响投资者信心。
• 危废行业恶性竞争加剧： 安徽省危废处置产能爆发式增长，行业供需失衡，导致处置价格持续下行，公司主营业务毛利率下滑，市场竞争环境极为严峻。
• 主要股东股权质押风险： 高德堃全部股份质押，若公司股价持续下跌或业绩未改善，存在强制平仓风险，或进一步影响公司控制权稳定。
• 资产减值与存货跌价损失增加： 资产减值与存货跌价损失合计超过1100万元，显示公司部分产能利用及库存管理存在问题，资产价值有下降风险。
• 现金流改善有限： 虽经营活动现金流净额同比大幅提升，但主要来自流动性管理，未能改善利润亏损局面，实际运营依然压力较大。
• 分业务盈利能力下降： 危废、汽车拆解、锂电池等主要业务均出现毛利率严重下滑或亏损，盈利模式和市场前景需高度关注。

三、详细业务与财务数据披露

• 主营业务结构：
  • 工业危险废物处置：焚烧、填埋、物化、暂存与资源化利用，2025年危废处置收入1.07亿元，同比下降38.75%，毛利率为负。
  • 医疗废物处置：滁州市唯一医疗废物集中处置机构，业务量稳定但增长有限，受政府定价约束。
  • 废弃电器电子产品拆解：省内第三大拆解企业，2025年电子废物拆解收入7898.67万元，同比增长14.59%，但补贴政策变化压缩利润。
  • 报废汽车拆解：2025年拆解量7021台，收入527.53万元，同比下降86.13%，产能利用率大幅下降，固定成本高企，业务主动收缩以应对价格倒挂。
  • 废旧锂电池综合利用：2025年营收183.76万元，同比下降74.40%，产能利用率不足。
• 财务数据（2025年末）：
  • 总资产：11.80亿元，同比下降6.23%。
  • 归属于上市公司股东的净资产：5.45亿元，同比下降20.39%。
  • 基本每股收益：-1.50元，同比下降102.70%。
  • 加权平均净资产收益率：-22.98%，亏损大幅扩大。
• 现金流及资产减值：
  • 经营活动现金流净额2717万元，同比增长53.99%。
  • 计提固定资产及在建工程减值279.56万元，存货跌价损失847.90万元。
• 季度业绩表现：
  • 四个季度均为净亏损，尤其第四季度亏损扩大至5336万元，为单季最大亏损。
• 股东结构与风险：
  • 高志江、李光荣、高德堃三人合计持股超72%，高德堃全部股份质押，存在流动性与控制权风险。
  • 前十大股东中，机构持股比例极低，市场流动性欠佳。

四、未来展望与风险提示

• 公司面临主营业务盈利能力持续恶化、行业恶性竞争及核心股东质押风险等多重挑战，短期内扭亏难度极大。
• 若行业供需关系未有实质改善，危废、汽车拆解、锂电池等板块盈利前景仍不乐观，未来业绩反转不确定性极高。
• 公司资产减值和流动性风险需密切关注，若亏损持续或资产价值进一步下滑，可能对公司估值及股价产生更大压力。

五、结语

安徽超越环保科技股份有限公司2025年年度报告反映出公司主营业务盈利能力持续下滑、行业环境竞争加剧、资产减值及主要股东质押风险等多重不利因素，短期内公司扭亏为盈难度大，投资者需保持高度警惕，密切关注公司后续经营与行业变化。

免责声明： 本文仅为公开资料的梳理和分析，不构成任何投资建议。投资者据此操作，风险自担。

English Version

In-depth Interpretation of Anhui Chaoyue Environmental Protection Technology Co., Ltd. (301049) 2025 Annual Report

1. Key Highlights

• Main Business: Specializes in solid waste treatment and resource utilization, covering industrial hazardous waste, medical waste, waste electronic and electrical products, scrapped vehicles, and waste lithium batteries.
• Operating Performance: 2025 revenue approximately RMB 195 million, down 32.81% YoY; net loss attributable to shareholders was RMB 141 million, loss expanded sharply, profitability outlook under significant pressure.
• Dividend Policy: No cash dividends, no bonus shares, and no capital reserve to share capital for 2025 due to negative retained earnings, not meeting distribution conditions.
• Audit Opinion: Standard unqualified opinion from Grant Thornton.
• Shareholder Structure: Top three shareholders are Gao Zhijiang, Li Guangrong (spouses), and their son Gao Dekun, together holding over 72%. All shares held by Gao Dekun are pledged, posing liquidity and pledge risks.
• Cash Flow: Net cash flow from operating activities was RMB 27.17 million, up 53.99% YoY, mainly due to cash management rather than profit improvement.
• Impairments: Asset impairment and inventory write-downs totaled over RMB 11 million, further depressing profits.
• Segment Performance:
  • E-waste revenue up 14.59% YoY, but profit margin sharply compressed by policy changes to the appliance dismantling subsidy.
  • Hazardous waste disposal revenue down 38.75%, gross margin negative, industry competition intensifies, disposal prices fall sharply.
  • Scrapped vehicle dismantling revenue down 86.13% YoY, volume down sharply, high fixed costs, obvious losses.
  • Lithium battery business revenue down 74.40% YoY, low capacity utilization, drags overall profitability.
• Industry Environment: Hazardous waste disposal capacity in Anhui province continues to expand, market is oversupplied, regional “price wars” frequent, resulting in falling disposal prices and shrinking profit margins.

2. Major Shareholder and Price-Sensitive Information

• Continued Large Losses: Net loss of RMB 141 million in 2025, three consecutive years of losses, scale of loss continues to expand, reflecting serious challenges to the core business model.
• No Dividend Policy: No dividend for several years, and no conversion of capital reserve to share capital, indicating insufficient cash flow and profitability, which may impact investor confidence.
• Escalating Industry Competition: Rapid expansion of hazardous waste disposal capacity in Anhui, imbalance of supply and demand, plunging disposal prices, main business gross margin under severe pressure.
• Share Pledge Risk: All shares of major shareholder Gao Dekun are pledged. If the stock price continues to fall or performance does not improve, there is a risk of forced liquidation, which may further affect control stability.
• Rising Impairment and Inventory Write-downs: Asset impairment and inventory write-downs exceeded RMB 11 million, suggesting issues in capacity utilization and inventory management, with risk of further asset devaluation.
• Cash Flow Improvement Limited: While net cash flow from operations improved, this was mainly due to working capital management, not profit improvement; actual operations remain under heavy pressure.
• Declining Segment Profitability: Main businesses including hazardous waste, vehicle dismantling, and lithium batteries all showed severe margin erosion or losses; business model and market outlook require close attention.

3. Detailed Business and Financial Data

• Main Business Structure:
  • Industrial Hazardous Waste: Incineration, landfill, chemical treatment, storage, and resource utilization. Disposal revenue RMB 107 million in 2025, down 38.75%, with negative gross margin.
  • Medical Waste: Only centralized disposal institution in Chuzhou, business volume stable but limited by government pricing.
  • E-waste Dismantling: Third largest in the province, revenue RMB 78.99 million in 2025, up 14.59%, but profit compressed by subsidy policy changes.
  • Scrapped Vehicle Dismantling: 7,021 vehicles dismantled in 2025, revenue RMB 5.28 million, down 86.13%, capacity utilization down, high fixed costs, active business contraction in response to price inversion.
  • Lithium Battery Utilization: Revenue RMB 1.84 million, down 74.40%, low capacity utilization.
• Financial Data (End of 2025):
  • Total Assets: RMB 1.18 billion, down 6.23% YoY.
  • Net Assets Attributable to Shareholders: RMB 545 million, down 20.39% YoY.
  • Basic EPS: -RMB 1.50, down 102.70% YoY.
  • Weighted Average ROE: -22.98%, loss significantly expanded.
• Cash Flow and Impairments:
  • Net cash flow from operations: RMB 27.17 million, up 53.99% YoY.
  • Asset impairment RMB 2.80 million, inventory write-down RMB 8.48 million.
• Quarterly Results:
  • All four quarters recorded net losses, especially Q4 with a loss of RMB 53.36 million — the largest single-quarter loss.
• Shareholder Structure and Risks:
  • Top three shareholders (family) together hold over 72%; all shares held by Gao Dekun are pledged, posing liquidity and control risks.
  • Low institutional shareholding among top shareholders, market liquidity is poor.

4. Outlook and Risk Warning

• The company faces continued deterioration in core business profitability, fierce industry competition, and major shareholder pledge risk. It is very difficult to return to profitability in the short term.
• If industry supply-demand does not substantially improve, profitability for hazardous waste, vehicle dismantling, and lithium batteries remains highly uncertain.
• Asset impairment and liquidity risks deserve close attention; if losses continue or asset values decline further, company valuation and share price could face greater pressure.

5. Conclusion

Anhui Chaoyue Environmental Protection Technology Co., Ltd.’s 2025 annual report reflects a sharp decline in main business profitability, intensified industry competition, asset impairment, and major shareholder pledge risks. It will be challenging for the company to turn around its losses in the short term. Investors should exercise high caution and closely monitor the company’s operations and industry trends.

Disclaimer: This article is based solely on publicly available information and is not investment advice. Investors should make their own decisions and bear their own risks.

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