Zhefu Holding Group Co., Ltd. (002266)

Individual Stock Analysis Report | Industry: Hazardous Waste Resource Recovery and Clean Energy Equipment | Report Date: September 13, 2026 | As of the close on September 11, 2026; some public technical indicators such as RSI and MACD are as of September 9, 2026, shareholder structure data is as of June 30, 2026, and main capital flow data is mainly as of September 3, 2026.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

The most decision-relevant change is the significant recovery in profitability in the first half of 2026: the company achieved operating revenue of RMB 13.440 billion, up 26.28% year-on-year; net profit attributable to shareholders of the parent company of RMB 1.356 billion, up 139.45% year-on-year; net profit attributable to shareholders after deducting non-recurring gains and losses of RMB 1.252 billion, up 194.89% year-on-year, with half-year net profit attributable to shareholders already exceeding the full-year 2025 figure of RMB 1.118 billion. During the same period, net cash flow from operating activities was RMB 1.211 billion, a significant improvement from net outflow in the same period last year. Revenue from hazardous waste resource recovery-related business was approximately RMB 12.739 billion, with a gross margin of approximately 15.59%, making it the primary source of performance growth.

The company's revenue structure is highly concentrated in hazardous waste resource recovery and recycled metals business, which generated revenue of RMB 21.913 billion in 2025, accounting for 94.40% of operating revenue, but with a gross margin of only 10.62%. Profitability remains influenced by metal prices, raw material grades, hazardous waste disposal prices, inventory, and downstream customer bargaining power. Clean energy equipment business accounted for only 5.32% of revenue, but had a gross margin of 36.29% in 2025, possessing high gross margin potential, though its improvement of the overall profit structure still depends on order scale and recognition pace.

Overall gross margin in the first half of 2026 was approximately 16.73%, up 5.01 percentage points year-on-year, indicating that the recovery in resource recovery product prices and gross margins has significant profit elasticity. The institutional average forecast for 2026 net profit attributable to shareholders is approximately RMB 2.213 billion, representing approximately 98% growth over 2025, but this forecast is not official company guidance, and different institutions differ in their judgments on hazardous waste resource recovery product prices, gross margin recovery levels, and clean energy equipment order recognition pace.

As of September 11, 2026, the company's stock closed at RMB 4.79, below MA5, MA10, and MA20, positioned below the Bollinger middle band and above the lower band, with short-term technical form having weakened; main capital flow data as of September 3 showed phased net outflow. Current valuation data differs due to different statistical methodologies, with dynamic P/E ratio of approximately 9.21x, while some data sources show P/E ratio of approximately 13.11x, which needs to be observed in conjunction with earnings realization.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Hazardous waste harmless treatment and recycled metal resource recovery: Covers hazardous waste collection, transportation, storage, harmless treatment, metal enrichment, deep processing, and recycled metal product sales. Mainly processes industrial hazardous waste, metallurgical solid waste, electronic solid waste, metal-containing dust, waste liquid, and other general solid waste, and can recover metals including copper, gold, silver, palladium, platinum, tin, nickel, lead, zinc, and antimony. 2025 revenue was RMB 21.913 billion, accounting for 94.40% of operating revenue, with a gross margin of 10.62%.
• Clean energy equipment: Includes hydroelectric generating units, pumped storage units, hydropower engineering electromechanical general contracting, as well as control rod drive mechanisms, nuclear power maintenance and support tools, three-waste treatment and transfer equipment, nuclear auxiliary system equipment, nuclear main pumps, and key components for advanced reactor types and other nuclear power equipment. 2025 revenue was RMB 1.234 billion, accounting for 5.32% of operating revenue, with a gross margin of 36.29%.
• Other businesses: Retains a small amount of oil extraction and other businesses.

2.3 Industry Chain Upstream and Downstream Position and Cost-Profit Structure

Zhefu Holding is positioned in the mid-to-back-end of the hazardous waste resource recovery industry chain, forming an integrated model of "front-end hazardous waste treatment + back-end multi-metal deep resource recovery"; simultaneously, it engages in equipment manufacturing with technical, certification, and project experience barriers in the hydropower and nuclear power equipment industry chains. In 2025, hazardous waste resource recovery business accounted for the vast majority of revenue, while clean energy equipment had higher gross margins but lower revenue share.

• The actual inputs for hazardous waste resource recovery business are mainly industrial hazardous waste and metal-containing solid waste, sourced from non-ferrous metal smelting, electronic manufacturing, chemicals, electroplating and surface treatment, steel and metallurgy, new energy batteries, and other industrial enterprises; raw material costs are affected by hazardous waste collection prices, metal content, grades, impurity structure, transportation radius, and disposal competition.
• Hazardous waste resource recovery costs also include fuel, electricity, oxygen and auxiliary materials, transportation and collection, labor, depreciation, environmental protection facility operations, back-end smelting and refining, and secondary hazardous waste disposal costs. The company enhances its capability to handle complex hazardous waste through pyrometallurgical, hydrometallurgical, and combined processes and material blending, but has limited pricing power over the sales prices of metals such as copper, gold, silver, tin, and zinc, and is partly a price taker for metals.
• In 2025, the top five suppliers' procurement amount was RMB 4.412 billion, accounting for 21.44% of total annual procurement; the largest supplier accounted for 8.72%, and the second largest supplier accounted for 6.22%. Supplier names were not disclosed, and public information cannot fully break down whether they are raw material, energy, equipment, or trading suppliers, so raw material supply concentration and specific bargaining relationships are uncertain.
• Upstream of clean energy equipment includes special steel and thick plates, castings and forgings, copper materials, insulation materials, electromagnetic materials, bearings, seals, valves, electrical control components, nuclear-grade materials, and specialized parts, and also involves large-scale processing, welding, heat treatment, and testing services. The company has large-scale processing, assembly, and testing capabilities, but some nuclear-grade materials, specialized components, and large castings and forgings may still rely on external supply systems.
• Downstream of hazardous waste resource recovery business includes purchasers of recycled metals such as copper, gold, silver, tin, and zinc, non-ferrous metal smelting and deep processing enterprises, electronics, materials, electrical, and new energy industry chain customers, as well as building materials enterprises purchasing by-products such as glassy water-quenched slag. Metal products have certain standardized characteristics, and prices are typically influenced by market benchmark prices, with downstream customers having relatively strong bargaining power.
• In 2025, the top five customers' sales amount was RMB 13.761 billion, accounting for 59.29% of total annual sales; the largest customer accounted for 23.58%, the second largest for 13.88%, and the third largest for 11.73%. This data is on a 2025 annual basis, and the annual report only lists "Customer 1–Customer 5," so the specific customers' industries and actual payment collection quality cannot be verified; please refer to the latest annual report for specifics.
• The hazardous waste resource recovery business improves product categories, grades, and sales value through the combination of front-end disposal and back-end multi-metal deep processing; however, the company is still affected by metal price benchmarks and key customers' procurement bargaining power, and cannot completely escape the metal price cycle.
• Downstream of clean energy equipment includes State Grid and local power investment entities, the five major power generation groups, pumped storage power station owners, nuclear power operators, nuclear power engineering companies, nuclear power design institutes, domestic and international hydropower engineering general contractors, and power station project companies. This business adopts a project-based, bidding-based, and long-term order-based system, with central and state-owned enterprise owners and large engineering companies having strong procurement bargaining power, but nuclear power and hydropower equipment have certification, design, and delivery barriers.
• The company states that Huadu Company is the sole supplier of control rod drive mechanisms for the "Hualong One," a statement that mainly pertains to this specific product segment and cannot be expanded to mean that the company has a sole supply position in the entire nuclear power equipment industry.
• In 2025, operating revenue was RMB 23.214 billion and net profit attributable to shareholders was RMB 1.118 billion; year-end inventory book value was RMB 10.666 billion, of which inventory related to resource recovery product sales and hazardous waste disposal was RMB 10.352 billion. Net cash flow from operating activities in 2025 was approximately RMB 31.29 million, significantly lower than RMB 1.540 billion in 2024, indicating pressure on cash flow from metal inventory, working capital, and receivables and settlement cycles. Complete and verifiable figures for accounts receivable and accounts receivable turnover days at the end of 2025 were not obtained, so the collection cycle cannot be further quantified.
• In 2025, the top five customers accounted for 59.29% of sales, and the top five suppliers accounted for 21.44% of procurement, with customer concentration significantly higher than supplier concentration. Both customers and suppliers are listed only by number, and the related concentration data comes from the 2025 Annual Report; the specific customers, suppliers, and their industry attributes could not be cross-verified, so please refer to the latest annual report for specifics.

The company is a mid-to-back-end integrated enterprise in the hazardous waste resource recovery industry chain, characterized as "hazardous waste treatment + recycled metal deep processing," and overall remains a low-to-medium overall gross margin, metal price-sensitive business; clean energy equipment is in a manufacturing segment with high technical and certification barriers. Future profit improvement mainly depends on metal recovery rate and grade enhancement, increased share of back-end refining and deep processing, fuel and transportation cost control, metal price and inventory risk management, and expansion of clean energy equipment business scale, rather than simply expanding hazardous waste disposal capacity.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

As of September 12, 2026, the latest disclosed financial report is the 2026 Semi-Annual Report, approved for disclosure by the Board of Directors on August 27, 2026. Net profit attributable to shareholders after deducting non-recurring gains and losses in H1 2026 was RMB 1.252 billion, up 194.89% year-on-year; basic earnings per share was RMB 0.26/share, compared with RMB 0.11/share in the same period last year; weighted average return on equity was 10.71%; operating profit was RMB 1.612 billion, compared with RMB 677 million in the same period last year; net profit was RMB 1.391 billion, compared with RMB 607 million in the same period last year. The specific amount of net cash flow from operating activities was not disclosed; the summary states that operating cash flow improved significantly.

The company's performance accelerated significantly in H1 2026, with profit growth mainly from revenue growth in hazardous waste resource recovery business and gross margin recovery in resource recovery products. Hazardous waste resource recovery-related business revenue was approximately RMB 12.739 billion, up 27.40% year-on-year, with a gross margin of approximately 15.59%, up 6.04 percentage points year-on-year; clean energy equipment business revenue was RMB 654 million, up 6.32% year-on-year, with a gross margin of approximately 33.31%, down 11.36 percentage points year-on-year; overall company gross margin was approximately 16.73%, up 5.01 percentage points year-on-year. Hazardous waste resource recovery business accounted for approximately 94.8% of H1 revenue. H1 2026 net profit attributable to shareholders has exceeded the full-year 2025 level.

3.2 Earnings Forecast

The forecast data is a summary of institutional forecasts within 6 months compiled by Tonghuashun F10 as of September 10, 2026, and is not official company guidance. A total of 7 institutions participated in the 2026 summary, 7 institutions for 2027, and 6 institutions for 2028. Major institutions' forecast range for 2026 operating revenue is RMB 26.470 billion–30.382 billion, and the forecast range for net profit attributable to shareholders is RMB 2.143 billion–2.405 billion, with differences mainly from different judgments on hazardous waste resource recovery product prices, gross margin recovery levels, and clean energy equipment order recognition pace.

3.3 Valuation Levels and Institutional Ratings

Valuation data is as of the close on September 11, 2026. Closing price is approximately RMB 4.79/share, with some historical quote sources showing RMB 4.78; total market capitalization is approximately RMB 25.0 billion; static P/E ratio is approximately 21.77x; PE-TTM is approximately 13.1x; ex-non-recurring P/E ratio is approximately 14.58x; price-to-book ratio is approximately 1.87–1.91x; dynamic P/E ratio is approximately 9.21x, depending on the quote platform's methodology for next-year earnings forecasts. Cfi.cn shows earnings per share of approximately RMB 0.37 as of June 30, 2026, P/E of approximately 13.11x, and PB of approximately 1.87x. Based on the RMB 4.79 stock price and institutional average EPS, forward PE for 2026–2028 is approximately 11.4x, 10.4x, and 9.8x respectively; based on Huatai Securities' target price of RMB 7.97 and 2026 EPS of RMB 0.41, the corresponding target PE is approximately 19.4x. Institutional target prices show significant platform and sample methodology differences, with the reference range in public information being approximately RMB 6.0–8.0, while other platforms also show an average target price of approximately RMB 6.71, a range of approximately RMB 6.66–6.76, and a median of approximately RMB 6.86; RMB 7.97 cannot be regarded as an undisputed consensus target price. The large difference between current static PE and TTM and dynamic PE is mainly due to the low 2025 earnings base and rapid profit growth in 2026. Going forward, attention should be paid to hazardous waste resource recovery products and non-ferrous metal prices, hazardous waste raw material supply, clean energy equipment order recognition, and asset-liability ratio, inventory, and goodwill impairment risks.

4. Recent News and Announcements

4.1 2026 Semi-Annual Report Disclosed, Net Profit Attributable to Shareholders Up 139.45% YoY

On August 29, 2026, Zhefu Holding disclosed its 2026 Semi-Annual Report and summary. During the reporting period, the company achieved operating revenue of RMB 13.440 billion, up 26.28% year-on-year; net profit attributable to shareholders of the listed company of RMB 1.356 billion, up 139.45% year-on-year; net profit after deducting non-recurring gains and losses of RMB 1.252 billion, up 194.89% year-on-year; net cash flow from operating activities of RMB 1.211 billion, compared with net outflow of RMB 232 million in the same period last year; basic earnings per share of RMB 0.26, up 136.36% year-on-year. Performance growth mainly came from hazardous waste disposal and renewable resource comprehensive utilization business.

4.2 Semi-Annual Earnings Forecast Fulfilled, Actual Performance in Middle of Forecast Range

The company disclosed its semi-annual earnings forecast on July 6, 2026, expecting H1 2026 net profit attributable to shareholders of the listed company of RMB 1.250 billion to RMB 1.450 billion, up 120.78% to 156.11% year-on-year; net profit after deducting non-recurring gains and losses of RMB 1.150 billion to RMB 1.350 billion, up 170.84% to 217.94% year-on-year; basic earnings per share of RMB 0.24 to RMB 0.28. The semi-annual report disclosed on August 29, 2026 shows net profit attributable to shareholders of RMB 1.356 billion and ex-non-recurring net profit of RMB 1.252 billion, both within the previously forecast range.

4.3 Subsidiary Guarantee Announcements Disclosed Intensively, Mainly for Daily Operating Financing

From August 12 to August 28, 2026, the company and its subsidiaries continuously disclosed multiple guarantee and guarantee limit adjustment matters, involving entities such as Jiangxi Zili, Shenlian Environmental Protection Group, Shenneng Environmental Protection, Lanxi Zili, and Zhefu Nuclear Power. On August 26, 2026, Zhejiang Shenlian Environmental Protection Group Co., Ltd. signed a Maximum Amount Guarantee Contract with Agricultural Bank of China Co., Ltd. Fuzhou Jinggong Sub-branch, providing joint and several liability guarantee for the maximum balance of RMB 405 million in claims applied for by Jiangxi Zili Environmental Protection Technology Co., Ltd., with the guarantee period being three years from the date of expiration of the debt performance period.

4.4 Large Guarantee Scale, No Overdue Guarantees Disclosed Thus Far

According to relevant announcements disclosed on August 26, 2026, the company's cumulative approved guarantee limit for subsidiaries within the consolidated statement scope was RMB 5.300 billion, with a guarantee balance of RMB 1,210,645,500, accounting for 10.06% of the latest audited net assets; subsidiaries' guarantee balance for subsidiaries within the consolidated statement scope was RMB 5,574,090,800. The 2026 Semi-Annual Report shows that as of June 30, 2026, the company's approved guarantee limit for subsidiaries was RMB 5.300 billion, with period-end guarantee balance for subsidiaries of RMB 1,347,005,200. The company disclosed that there are no overdue guarantees, external guarantees involving litigation, or losses incurred from losing guarantee-related lawsuits; the actual balance may change after the new guarantees in August.

4.5 Ye Biao and His Concert Parties Continue to Reduce Holdings, Combined Shareholding Ratio Falls to 13.00%

On August 8, 2026, the company disclosed an announcement on equity changes of shareholders holding more than 5% and their concert parties. From July 23 to August 6, 2026, Ye Biao and his concert parties Hu Jinlian and Zhejiang Shenlian Investment Management Co., Ltd. cumulatively reduced their holdings of company shares through centralized bidding, with a share change ratio of 1.0000%, and the combined shareholding ratio decreased from 14.0000% to 13.0000% after the reduction. The relevant shareholders cumulatively reduced approximately 52,192,700 shares. The pre-reduction shareholding situation disclosed in the announcement was: Ye Biao held approximately 544.48 million shares, accounting for 10.4322% of total share capital; Zhejiang Shenlian Investment Management Co., Ltd. held approximately 186.21 million shares, accounting for 3.5678%; Hu Jinlian did not directly hold shares.

4.6 Company Improves Internal Reporting System for Major Matters

On August 29, 2026, the company disclosed the "Major Matters Reporting System (August 2026)," clarifying the internal reporting scope and procedures for major transactions, external investments, guarantees, related-party transactions, major litigation, changes in shareholding by shareholders and actual controllers, changes in directors and senior management, and major policy changes. The system requires relevant information reporting obligors to report to the Chairman by telephone, email, or other means on the day they become aware of major information and to notify the Board Secretary. This matter is an improvement of internal governance systems and is not a regulatory penalty or administrative regulatory measure.

4.7 No New Share Buybacks, Major Mergers and Acquisitions, or Regulatory Penalties Identified Recently

As of September 12, 2026, the research summary did not retrieve any newly disclosed share buyback plans, buyback progress announcements, buyback cancellation announcements, major asset purchases, equity acquisitions, major asset restructurings, or external merger and acquisition announcements from August to September 2026; nor were any newly filed investigations, disciplinary actions, regulatory letters, or administrative penalty announcements issued by the CSRC or Shenzhen Stock Exchange against the company retrieved. The above conclusions are based on this public announcement list and multi-source searches, and do not mean the company will not disclose new matters in the future.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Zhefu Holding closed at RMB 4.79, below MA5, MA10, and MA20, and below the Bollinger middle band of RMB 4.88 and above the lower band of approximately RMB 4.72, with short-term technical form somewhat weaker than earlier. Public indicators as of September 9 still showed RSI in a relatively strong zone and MACD as a buy signal, but the relevant data is as of September 9 and cannot replace the latest indicators after the September 11 close. Turnover and turnover rate were slightly below recent averages, with no extreme volume sell-off on the day; main capital flow data as of September 3 showed low-level control and phased net outflow. In the short term, key focus should be on the RMB 4.75–4.82 support zone, the RMB 4.70–4.72 strong support zone, and whether the RMB 4.95–5.01 resistance zone is broken through or lost.

5.3 Short-Term Trend Outlook (Next Week, Scenario Simulation, For Reference Only)

⚠️ Risk Warning: The following content is solely a subjective scenario simulation based on the September 11, 2026 closing data and historical prices and technical indicators. It does not constitute investment advice, nor does it represent a deterministic prediction of price movements.

① Key Technical Levels

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Range-bound consolidation (relatively high weight, approximately 60%; a subjective heuristic weight based on current technical form, volume, and capital flow, not statistical probability): Price range of RMB 4.75–4.95. Trigger conditions include holding the RMB 4.75–4.82 support zone, turnover maintained at approximately RMB 250–350 million without consecutive volume sell-offs, and no obvious negative shocks in the market and environmental protection sector. If valid, price may fluctuate repeatedly around RMB 4.80–4.90, with RMB 4.95 forming upper resistance
• Weaker downward (medium weight; a subjective heuristic judgment, not statistical probability): Price range of RMB 4.60–4.75. Trigger conditions include closing price falling below the RMB 4.70–4.72 strong support zone, and single-day turnover significantly expanding to above RMB 400 million but price unable to recover RMB 4.75; if main capital continues net outflow or the environmental governance sector weakens simultaneously, after losing the Bollinger lower band, it may seek support in the RMB 4.60–4.65 range
• Rebound strengthening (low-to-medium weight; a subjective heuristic judgment, not statistical probability): Price range of RMB 4.95–5.10. Trigger conditions include regaining the MA20 area around RMB 4.88 and further breaking through the RMB 4.95–5.01 resistance zone, turnover continuously expanding to above RMB 400 million with up-day volume above recent averages, and main capital shifting from net outflow to continuous net inflow, with sector-wide catalysts in environmental protection or nuclear power related themes. If volume confirmation is lacking, the effectiveness of the breakout should be cautiously observed

③ Capital and Liquidity Background

From September 1 to September 11, 2026, turnover was approximately RMB 237–400 million and turnover rate was approximately 0.99%–1.72%; the ten trading days from August 28 to September 10, 2026 had average turnover of approximately RMB 334 million and average turnover rate of approximately 1.42%. As of June 30, 2026, the top ten shareholders cumulatively held approximately 48.36% of total share capital, with controlling shareholders, actual controllers, and concert party-related shareholders holding relatively high proportions; on the same date, a total of 582 main institutional holders held approximately 42.25% of tradable A-shares, including 576 fund institutions, 3 general legal persons, and 3 sunshine private funds, with Hong Kong Securities Clearing Company Limited, private funds, and index funds also appearing in the shareholder list. The above shareholder structure data has a time lag of more than two months and cannot fully represent the real-time chip structure on September 11, 2026. Combined with the low-level control and phased net outflow of main capital as of September 3, there is currently certain market liquidity, but short-term buy and sell orders have not yet formed obvious one-sided concentration; when turnover expands, it is still necessary to judge based on price position whether it is capital absorption or risk release. Also, as of September 11, pledged shares were approximately 937 million with a pledge ratio of approximately 17.95%, which is background information on liquidity and shareholder pressure and does not equate to certain short-term selling pressure.

If single-day turnover continuously expands to above RMB 400 million and the stock price closes firmly above RMB 4.95–5.01, it can be viewed as an observation signal of enhanced short-term capital absorption; if turnover expands to above RMB 400 million but the stock price falls below RMB 4.70, it is closer to a signal of volume distribution or risk release.

④ Key Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observation idea, not trading instruction: Watch whether the RMB 4.75–4.82 first support zone can be maintained, and whether the RMB 4.70–4.72 strong support zone is lost with volume.
• Observation idea, not trading instruction: Watch whether the RMB 4.95–5.01 resistance zone can be effectively broken through with turnover continuously reaching above RMB 400 million.
• Observation idea, not trading instruction: Combine turnover, closing price position, and main capital direction to distinguish between volume-supported absorption and volume-driven decline.
• Observation idea, not trading instruction: Note that shareholder concentration and institutional holdings data are as of June 30, 2026, and main capital data is mainly as of September 3, 2026, neither of which can fully replace the real-time capital and chip information on September 11.

The above scenario simulation is based on the September 11, 2026 closing data and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors including news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual movements, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The hazardous waste industry consists of multiple sub-sectors including hazardous waste collection, harmless disposal, metal resource recovery, spent catalyst recovery, power battery recycling, and waste acid and waste salt disposal. Industry competition is reflected in regional, qualification, technology, environmental compliance, safety production, metal price management, and cash flow management capabilities. Zhefu Holding's differentiated positioning is "front-end hazardous waste disposal + back-end multi-metal deep resource recovery," but public information lacks unified industry-wide gross margin and capacity statistics, so it should not be concluded that it is the absolute leader of the entire industry.

6.2 Competitive Landscape

• National comprehensive environmental protection groups include光大环境, 中节能, etc., with advantages in capital, government and central enterprise resources, project coverage, and comprehensive environmental service capabilities.
• Comprehensive hazardous waste and resource recovery enterprises include高能环境, 东江环保, 浙富控股, 丛麟科技, etc., with varying degrees of overlap in hazardous waste disposal, industrial solid waste resource recovery, and metal recovery.
• Specialized technology enterprises include惠城环保, 格林美, 飞南资源, etc., respectively biased toward spent catalyst resource recovery, power battery and rare metal recovery, and non-ferrous metal solid waste resource recovery.
• The large hydroelectric generating unit and pumped storage equipment industry has relatively high concentration, with large power equipment enterprises such as东方电气 and 哈尔滨电气 participating heavily, and the international market also includes Andritz, Voith, and other enterprises. Zhefu Hydropower has a private enterprise mechanism, medium-to-large hydroelectric unit experience, pumped storage project experience, and 4,500 MW annual production capacity, but still has scale and brand gaps in ultra-large hydropower, national-level major projects, and large central enterprise customer resources.
• The nuclear power equipment industry has characteristics of high certification, high safety, high quality traceability, and long verification cycles. 东方电气, 上海电气, 哈尔滨电气, etc. cover large nuclear power complete units and nuclear island main equipment, while Zhefu Holding focuses on control rod drive mechanisms, reactor internals, nuclear main pumps, and key components for advanced reactor types and other sub-sectors, with business scale smaller than large comprehensive nuclear power equipment groups.

6.3 Major Competitors

The main comparison dimensions between Zhefu Holding and 高能环境, 东江环保, 丛麟科技, and 惠城环保 are hazardous waste qualifications, regional coverage, complex hazardous waste compatibility processing capability, metal recovery rate, product grade, and back-end deep processing capability; the comparison with 东方电气 and 哈尔滨电气 mainly focuses on hydropower, pumped storage, and some nuclear power equipment. The company's advantages lie in the integration of hazardous waste treatment and multi-metal deep resource recovery, as well as hydropower and nuclear power sub-sector equipment capabilities; the main constraints are the low gross margin of hazardous waste resource recovery business, which is affected by metal prices, raw material grades, inventory, and cash flow, and the clean energy equipment business, which, despite higher gross margins, accounts for a relatively low revenue share.

7. Risk Warnings

• Hazardous waste resource recovery business accounts for an extremely high proportion of revenue, 94.40% of operating revenue in 2025, while this business's gross margin is only 10.62%; if metal prices such as copper, gold, silver, tin, and zinc decline, or hazardous waste disposal prices, raw material grades, and product structure deteriorate, the company's profit may experience significant fluctuations.
• The company's working capital and inventory occupation is relatively heavy. At the end of 2025, inventory book value was RMB 10.666 billion, of which inventory related to resource recovery product sales and hazardous waste disposal was RMB 10.352 billion; net cash flow from operating activities in 2025 was only approximately RMB 31.29 million, significantly lower than RMB 1.540 billion in 2024. If metal inventory, settlement cycles, or receivable collection deteriorate again, it may put pressure on cash flow and financing arrangements.
• Customer concentration is relatively high. In 2025, the top five customers' sales amount was RMB 13.761 billion, accounting for 59.29% of total annual sales, with the largest customer accounting for 23.58%; the specific identities and industry attributes of customers were not verified in existing materials. If key customers' procurement pace, bargaining terms, or payment collection change, it may affect revenue recognition, gross margin, and cash flow.
• The company and its subsidiaries have a relatively large guarantee scale. As of June 30, 2026, the company's approved guarantee limit for subsidiaries was RMB 5.300 billion, with period-end guarantee balance for subsidiaries of RMB 1.347 billion; it also disclosed that subsidiaries' guarantee balance for subsidiaries within the consolidated statement scope was RMB 5.574 billion. Although no overdue guarantees or losses from guarantees have been disclosed, changes in the operating or financing conditions of relevant subsidiaries may increase contingent risks.
• Shareholder reductions may affect market supply and demand and investor expectations. Ye Biao and his concert parties cumulatively reduced approximately 52,192,700 shares of the company from July 23 to August 6, 2026, with the combined shareholding ratio decreasing from 14.00% to 13.00%; as of September 11, 2026, subsequent shareholding changes of relevant shareholders still require continuous attention.
• Clean energy equipment business revenue share is relatively low and profitability has fluctuated. In H1 2026, this business revenue was approximately RMB 654 million, up 6.32% year-on-year, but gross margin was approximately 33.31%, down 11.36 percentage points year-on-year; if hydropower, pumped storage, or nuclear power equipment order recognition is delayed or project delivery falls short of expectations, it may limit this business's contribution to the company's overall profit.
• The company provides guarantees for multiple subsidiaries and has a certain equity pledge background. As of September 11, 2026, pledged shares were approximately 937 million, with a pledge ratio of approximately 17.95%; this data does not equate to certain reduction or default, but during stock price fluctuations, tightening financing conditions, or rising shareholder funding needs, it may amplify liquidity and shareholder reduction pressure.
• Short-term technical side carries pullback risk. As of the September 11, 2026 close, the price of RMB 4.79 was below MA5, MA10, and MA20, and main capital showed phased net outflow as of September 3; if the RMB 4.70–4.72 area is lost with volume, it may reflect short-term risk release. Relevant capital and technical indicators have time lags and cannot be regarded as deterministic trend judgments.

8. Conclusion and Outlook

The company's current growth logic mainly comes from the scale growth of hazardous waste resource recovery business, gross margin recovery of resource recovery products, and enhancement of multi-metal deep recovery and back-end refining capabilities. The improvement in operating cash flow in H1 2026 indicates that the phased profit growth has received some cash flow support; if metal prices, raw material supply, and product gross margins can be maintained, 2026 earnings have strong performance elasticity compared with 2025.

In the medium to long term, the clean energy equipment business has technical, certification, and project experience barriers in hydropower, pumped storage, and nuclear power sub-sectors, but currently accounts for a relatively low revenue share, and in H1 2026 this business's gross margin was approximately 33.31%, down 11.36 percentage points year-on-year, with its contribution to the company's overall growth still awaiting further manifestation through order scale and delivery recognition. Hazardous waste resource recovery business remains the core determinant of the company's operating results, and the business model has not escaped the metal price cycle and working capital occupation.

Follow-up judgment priorities include hazardous waste raw material grade and supply stability, whether resource recovery product gross margins can continue, changes in inventory and operating cash flow, key customer payment collection and order concentration, and clean energy equipment order recognition. On the technical side, RMB 4.75–4.82 is the short-term support observation zone, RMB 4.70–4.72 is the stronger support zone, and RMB 4.95–5.01 is the resistance observation zone, but these price levels only reflect historical price and indicator simulations and cannot replace fundamental judgment.

Data Sources

• 浙富控股(002266)_公司公告_浙富控股：2025年年度报告摘要新浪财经_新浪网
• 浙富控股(002266)_公司公告_浙富控股：2025年年度报告新浪财经_新浪网
• 浙富控股(002266)_公司公告_浙富控股：2025年年度报告新浪财经_新浪网
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• 浙富控股(002266.SZ) 走勢圖 - Yahoo股市
• 浙富控股(002266)股票行情走势技术分析_未来预测_买卖操作建议_英为财情Investing.com
• 浙富控股(002266)股票历史数据:历史行情,价格,走势图表_英为财情Investing.com
• 浙富控股(002266)个股分析_牛叉诊股_同花顺财经
• 浙富控股_ 个股日历 _ 东方财富网_ 数据频道

This report is automatically retrieved, compiled, and generated by AI based on public channel information, with information as of the close on September 11, 2026; some public technical indicators such as RSI and MACD are as of September 9, 2026, shareholder structure data is as of June 30, 2026, and main capital flow data is mainly as of September 3, 2026. There may be timeliness differences; please refer to the company's official announcements and authoritative data terminals for specific data. This report is solely for information compilation and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.