300854.SZ深圳证券交易所 · 创业板 ChiNext
GAD Environmental Technology 中兰环保
Environmental Services 环境治理
¥15.37−¥0.12 · −0.77%
Open 开盘
¥15.39
High 最高
¥15.60
Low 最低
¥15.25
Prev Close 昨收
¥15.49
Volume 成交量
187.4万股
Turnover 成交额
¥2,892.8万
Mkt Cap 总市值
¥22亿
P/E 市盈率
−26.0×
Recent Activity 近期动态All Filings 全部公告 →
21 significant filings since 31 May 2026: 1 on litigation, 13 on equity incentive and 3 on major contract or bid won, and 3 other kinds. The latest, on 24 Sep 2026: 关于实际控制人的一致行动人完成工商变更登记的公告.
自 31 May 2026 起有 21 份重大公告：litigation 1 份、equity incentive 13 份、major contract or bid won 3 份，另有 3 类。最新一份（24 Sep 2026）：关于实际控制人的一致行动人完成工商变更登记的公告。
10.0015.0020.0025.0030.00
Volume 成交量
2,320.2万
20212022202420252026
Overview 概览Deep Report 深度报告Financials 财务Valuation 估值Ownership 股东Analysts 券商Estimates 预测News 动态Events 事件Peers 同业
As of 25 Sep 2026 截至2026年9月25日
Assessment 评估
GAD Environmental Technology is an environmental services company listed in 2021. It reported a net loss of -RMB86.7m in 2025, a sharp decline from a profit of RMB13.1m in 2024, with revenue falling 21.0% to RMB510.4m. The loss was driven by a steep drop in net profit excluding non-recurring items, down 1,567.2%. Operating cash flow remained negative at -RMB0.69 per share. However, the six-month period to 30 Jun 2026 showed improvement, with a profit of RMB7.3m, up 30.2% year-on-year. The company has a strong balance sheet with a liabilities to assets ratio of 36.8% and current and quick ratios above 2.4. A major litigation update was filed in Jun 2026. Shareholder葛芳 remains the largest holder with 22.83%.
中兰环保是一家环境治理公司，2021年上市。2025年归母净利润为-8,674.9万元，较2024年1,309.5万元的盈利大幅下滑，营业收入同比下降21.0%至5.10亿元。扣非净利润同比下滑1,567.2%。每股经营现金流为-0.69元。但截至2026年6月30日的半年度显示改善，归母净利润732.9万元，同比增长30.2%。公司资产负债率为36.8%，流动比率和速动比率均超2.4，短期偿债能力较强。2026年6月披露重大诉讼进展公告。葛芳仍为第一大股东，持股22.83%。
Risk Register 风险登记
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025; a profit in the period to 30 Jun 2026, +30.2% on the same period a year earlier 2025年归母净利润亏损；截至2026年6月30日的报告期盈利，较上年同期+30.2% | The company reported a net loss in 2025 after a profit in 2024. 公司2025年由盈转亏。 | A shift from profit to loss indicates deteriorating earnings performance. The six-month period to 30 Jun 2026 achieved a profit of RMB7.3m, up 30.2% from the same period a year earlier, showing improvement but not a recovery from a prior loss in that half. 由盈利转为亏损显示盈利能力恶化。截至2026年6月30日的半年度实现利润732.9万元，较上年同期增长30.2%，显示改善，但并非由上年同期亏损转为盈利。 |
| Operating cash outflow 经营现金净流出 | Operating cash flow per share was negative in 2025. 2025年每股经营现金流为负。 | Negative operating cash flow suggests the company generated less cash from core operations than it consumed, which could strain liquidity despite reported profits in early 2026. 经营现金流为负表明公司核心业务产生的现金少于消耗，可能对流动性造成压力，尽管2026年上半年实现盈利。 |
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined more than 20% in 2025 compared to 2024. 2025年营业收入较2024年下降超20%。 | A revenue drop of 21.0% reflects weakening demand or operational challenges, which contributed to the net loss and raises concerns about growth and market position. 营业收入下降21.0%，反映需求减弱或经营困难，是导致净亏损的原因之一，引发对增长和市场地位的担忧。 |
What to Watch 关注要点
- Whether the attributable net profit for the full year 2026 remains positive, following the first-half profit of RMB7.3m.
2026年全年归母净利润是否保持盈利，此前上半年为732.9万元。 - Operating cash flow per share in the full year 2026, after a negative RMB0.69 in 2025.
2026年全年每股经营现金流，此前2025年为-0.69元。 - Revenue trend in the full year 2026, after a 21.0% decline in 2025.
2026年全年营业收入趋势，此前2025年同比下降21.0%。 - Further developments in the major litigation first reported in the 4 Jun 2026 filing.
2026年6月4日公告的重大诉讼后续进展。 - Changes in the shareholding of actual controller 葛芳, who held 22.83% at 30 Jun 2026.
实际控制人葛芳的持股变动，其2026年6月30日持股22.83%。 - The receivable days and inventory days in the next published balance sheet, currently at 176 and 675 days respectively.
下一期财报中的应收账款周转天数和存货周转天数，目前分别为176天和675天。
Facts 事实
- Company: GAD Environmental Technology 中兰环保, Shenzhen Stock Exchange 300854; industry Environmental Services; listed 16 Sep 2021.
公司：中兰环保，深圳证券交易所 300854；行业：环境治理；上市日期：2021年9月16日。 - Close on 24 Sep 2026 RMB15.37; close on 24 Sep 2025 RMB23.17, RMB16.55 in today's terms; one-year change, adjusted for distributions and share changes -7.1%.
2026年9月24日收盘价15.37元；2025年9月24日收盘价23.17元（前复权16.55元）；一年涨跌幅（复权）-7.1%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB11.08 to RMB33.74.
52周区间（前复权）11.08元至33.74元。 - In the last 12 months 15 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 1 Jun 2026 -14.3%; 17 Jun 2026 -11.6%; 26 Jun 2026 -11.5%; 31 Jul 2026 +10.7%; 3 Aug 2026 +9.3%. The longest run of them on consecutive trading days: 2 days.
近12个月共有15个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近5个：2026年6月1日 -14.3%；2026年6月17日 -11.6%；2026年6月26日 -11.5%；2026年7月31日 +10.7%；2026年8月3日 +9.3%。其中最长连续2个交易日。 - Market capitalisation RMB2.21bn; P/E TTM not meaningful (loss-making); price to book 2.39x.
总市值22.10亿元；市盈率（TTM）不适用（亏损）；市净率2.39倍。 - Revenue 2025 RMB510.4m; 2024 RMB645.8m; change -21.0%.
营业收入2025年5.10亿元；2024年6.46亿元；同比-21.0%。 - Attributable net profit 2025 -RMB86.7m; 2024 RMB13.1m; change -762.5% (from a profit to a loss).
归属于母公司股东的净利润2025年-8,674.9万元；2024年1,309.5万元；同比-762.5%（由盈转亏）。 - Net profit excluding non-recurring items, 2025 change -1,567.2%.
2025年扣除非经常性损益后的净利润同比-1,567.2%。 - Basic EPS 2025 -RMB0.87; 2024 RMB0.13.
基本每股收益2025年-0.87元；2024年0.13元。 - Operating cash flow per share 2025 -RMB0.69; 2024 -RMB0.57.
每股经营现金流2025年-0.69元；2024年-0.57元。 - 2025 gross margin 16.8%; net margin -18.1%; ROE -9.2%.
2025年毛利率16.8%；净利率-18.1%；净资产收益率-9.2%。 - At 30 Jun 2026: liabilities to assets 36.8%; current ratio 2.48; quick ratio 2.43; receivable days 176; inventory days 675.
截至2026年6月30日：资产负债率36.8%；流动比率2.48；速动比率2.43；应收账款周转天数176；存货周转天数675。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB241.7m, change -16.9%; attributable net profit RMB7.3m, change +30.2%; operating cash flow per share RMB0.53.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入2.42亿元，同比-16.9%；归母净利润732.9万元，同比+30.2%；每股经营现金流0.53元。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Litigation. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为诉讼仲裁的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 4 Jun 2026, Litigation (high): filing titled 《关于重大诉讼的进展公告》.
2026年6月4日，诉讼仲裁：公告《关于重大诉讼的进展公告》。 - Ownership: actual controller 葛芳,孔熊君; controlling shareholder 葛芳; largest holder at 30 Jun 2026: 葛芳, 22.83%.
股权：实际控制人：葛芳,孔熊君；控股股东：葛芳；2026年6月30日第一大股东：葛芳，持股22.83%。 - Latest distribution: ex-date 29 May 2026, 4 new shares for every 10 held, no cash.
最近一次分配：除权除息日2026年5月29日，每10股送转4股，无现金分红。 - Aurelian Grade C, score 55.5 of 100, graded within a peer group of 108 companies in its industry; no rank among peers is given.
金源评级C，得分55.5（满分100），于行业同业108家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。