In-depth Analysis of Shengyuan Environmental Protection (300867) Strong Performance: Driven by Earnings Surge and Policy Dividends

Shengyuan Environmental Protection (300867) has recently entered the strong stock pool, with its performance driven by three factors: earnings surge, policy dividends, and industry prosperity. Financial data shows that the company’s net profit attributable to shareholders in the first three quarters of 2025 reached 211 million yuan, an increase of 43.22% year-on-year, with the third quarter net profit growth rate as high as 113.85%[0], significantly exceeding market expectations. The main business of waste incineration power generation grew steadily, benefiting from national environmental protection policy support and industry demand growth[3]. At the same time, the company made breakthroughs in technological innovation (such as incineration efficiency improvement and carbon asset conversion) and diversified layout[1], forming a multi-growth pole pattern.

In terms of stock price, the cumulative increase since 2025 has reached 385.84%, with a maximum daily increase of 13.86%, breaking through the previous high of 21.8 yuan[0]. Trading volume increased simultaneously, and market attention continued to rise[2], reflecting investors’ confidence in the company’s future development.

1. Earnings exceeding expectations are the core engine
   : Q3 net profit doubled, indicating a significant improvement in the profitability of the company’s main business[0].
2. Policy and industry resonance
   : The total investment in the environmental protection industry in 2025 exceeded one trillion yuan[3], and the industry’s revenue increased by more than twice in ten years, providing broad space for the company’s development.
3. Technology and diversification form barriers
   : Technological innovation enhances core competitiveness, and diversified layout reduces single business risks[1].

• Continuous加码 of environmental protection policies, maintaining high industry prosperity[3];
• The company’s multi-growth pole pattern is gradually taking shape, and future performance growth is expected[1];
• Emerging businesses such as carbon asset conversion have huge potential[0].

• The stock price has risen too much in the short term, with correction pressure[2];
• Increased competition in the environmental protection industry may affect profit margins[3];
• Changes in policy implementation intensity may bring uncertainty[3].

The strong performance of Shengyuan Environmental Protection (300867) has solid fundamental support, with performance growth, policy support, and technological innovation as the main driving factors. Although the stock price has risen significantly in the short term, in the long run, the company benefits from the long-term development trend of the environmental protection industry and its own diversified layout, and has sustained growth potential. Investors should pay attention to subsequent performance fulfillment and industry policy changes.