--- title: "The dual carbon new policy has been fully upgraded, and DORIGHT is positioning itself during the industrial energy-saving transformation window period with its ultra-high temperature heat exchange technology" type: "News" locale: "en" url: "https://longbridge.com/en/news/288791833.md" description: "The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the \"Opinions on Doing a Better Job in Energy Conservation and Carbon Reduction at a Higher Level and Quality,\" transforming energy conservation and carbon reduction from an advisory indicator to a review threshold, requiring high energy-consuming projects to develop carbon emission replacement plans. The policy upgrade has prompted downstream customers to shift from optional equipment updates to mandatory ones. DORIGHT, with its ultra-high temperature heat exchange technology, occupies a favorable position during the industrial energy-saving renovation window, with its core business involving waste heat recovery and energy-saving equipment" datetime: "2026-06-05T01:30:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288791833.md) - [en](https://longbridge.com/en/news/288791833.md) - [zh-HK](https://longbridge.com/zh-HK/news/288791833.md) --- # The dual carbon new policy has been fully upgraded, and DORIGHT is positioning itself during the industrial energy-saving transformation window period with its ultra-high temperature heat exchange technology Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Doing a Better Job in Energy Conservation and Carbon Reduction at a Higher Level and Quality." This document, referred to by the market as the "dual carbon new policy," has a core change that is not about proposing new targets but rather transforming energy conservation and carbon reduction from "advocacy indicators" into "review thresholds"—new (renovated, expanded) high energy-consuming and high-emission industrial projects must formulate carbon emission equivalent or reduction replacement plans when fulfilling approval procedures; for regions with serious delays in energy conservation and carbon reduction indicators, energy conservation review and carbon emission evaluation powers may be adjusted or suspended according to law, implementing project approval delays or restrictions. Looking back at this policy chain, the context has actually been developing for two years: In May 2024, the State Council issued the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," which clearly sets hard indicators for the proportion of capacity above the energy efficiency benchmark level in the petrochemical, steel, building materials, and non-ferrous industries, requiring capacity below the benchmark level to complete technological transformation or be phased out; In October 2025, the National Development and Reform Commission (NDRC) released the "Special Management Measures for Central Budget Investment in Energy Conservation and Carbon Reduction," where the support ratio for energy conservation and carbon reduction transformation in key industries can reach 20% of the approved total investment; In December 2025, the NDRC and six other departments released the "Benchmark and Baseline Levels for Clean and Efficient Utilization of Coal in Key Areas (2025 Edition)," which for the first time included coal-to-natural gas in key areas, mandating a deadline for the transformation and upgrading of low-level existing projects; In April 2026, new regulations from the General Office and the State Council further elevated these requirements—not industry self-discipline, but embedded in the execution chain of project approval and local government assessments. Translated into the procurement language of enterprises: the equipment updates for downstream high energy-consuming customers are shifting from "whether to change" to "must change." The essence of DORIGHT's business: selling not carbon black equipment, but "monetizing high-temperature waste heat." Qingdao DORIGHT (300950.SZ) was established in 2004 and went public on the Growth Enterprise Market in 2021. Its main business consists of three major sectors: energy-saving heat exchange equipment, powder environmental protection equipment, and specialized custom equipment. The label that outsiders most easily attach to it is "carbon black equipment manufacturer"—which is correct but incomplete. More accurately, DORIGHT's core technology lies in gas-gas, gas-liquid, and gas-solid heat exchange and waste heat recovery under ultra-high temperature conditions: extracting heat from industrial flue gas at thousand-degree levels to preheat air or other medium carriers, helping customers save fuel, reduce emissions, and generate more electricity. This capability was initially refined in the carbon black industry, but the technical principles themselves are universal—wherever there is waste heat to be recovered in high-temperature process applications, there is a place for it. Looking at the industry data from the 2025 annual report, the trend of "reducing reliance on carbon black alone" has already been reflected on the balance sheet: Data source: Company 2025 annual report The proportion of coal chemical industry is steadily rising, and other emerging scenarios have increased by 396.73% year-on-year—although the absolute volume is still small, the direction is more important than the absolute value: the company's reachable market is clearly expanding Financial Bottom Line: The Bargaining Power Behind Stable Gross Margin In 2025, DORIGHT achieved revenue of 547 million yuan (+7.36%) and a net profit attributable to shareholders of 92.05 million yuan (-4.82%); however, excluding the impact of share-based payment expenses, the adjusted net profit attributable to shareholders was 102 million yuan (+3.89%). Several key financial features are worth noting: 1. Gross margin holds steady. The overall gross margin for the year was 37.52%, with the core energy-saving heat exchange equipment (revenue of 356 million yuan, accounting for 65.08%) maintaining a gross margin of about 40%—a quite competitive figure in the specialized equipment industry, backed by the pricing power derived from technological barriers. 2. Overseas is the high-margin engine. Overseas revenue reached 256 million yuan (accounting for 46.76%), with an overseas gross margin as high as 51.08%, while the domestic gross margin was only 25.61%. The company has obtained "international tickets" such as ASME "U/S" certification, EU PED certification, and A1-level pressure vessel manufacturing qualifications, exporting products to over 30 countries, with all of the world's top ten carbon black producers as clients—overseas is not just a bonus, but a ballast for the profit structure. 3. Order visibility is decent. New orders signed in 2025 amounted to 551 million yuan (+5.02%), with overseas orders accounting for about 51%. For an equipment company with annual revenue around 500 million, an order-to-revenue ratio of over 1 indicates a reasonable certainty for short to medium-term revenue recognition. Of course, there are challenges to face: In the first quarter of 2026, the net profit attributable to shareholders was only 5.42 million yuan, down 77.12% year-on-year. The company clearly explained in the earnings briefing—mainly due to increased equity incentive expenses, depreciation of the R&D center, foreign exchange gains and losses, and other cost disturbances, compounded by the low proportion of international business deliveries in the previous quarter, which does not indicate any issues with orders. The logical chain of policy transmission to orders: Why now? Looking at the first two lines together—the relationship between policy and demand becomes clearer: The transmission of policies to DORIGHT's business is also clearly visible: In October 2025, the National Development and Reform Commission issued the "Special Management Measures for Central Budget Investment in Energy Conservation and Carbon Reduction"… with a support ratio of up to 20% of the approved total investment, this policy directly reduces the financial pressure on the company's downstream customers for purchasing energy-saving equipment, thereby stimulating related procurement demand. In December 2025… the "Notice on Implementing Large-Scale Equipment Updates and Consumer Goods Replacement Policies in 2026" included equipment updates in the energy conservation and carbon reduction environmental protection field within the support scope… providing financial support and clear elimination standards for downstream customers in the chemical, energy, and other industries. In addition, once the expansion direction of the carbon market (intended to cover more major emitting industries in industrial sectors) is implemented, the marginal carbon costs for enterprises will become explicit, making the equation "carbon quotas saved from waste heat recovery = tradable assets" more economically meaningful. DORIGHT's current market capitalization is not large, and the market still labels it as a "small-cap carbon black equipment stock"—but this may precisely be where the expectation gap lies Its underlying assets consist of a super high-temperature heat exchange technology platform refined over 20 years + top global industry certifications + overseas high-premium channels. This set of assets is being pushed downstream into broader tracks driven by policy-driven energy-saving renovation demands (coal chemical industry, sludge treatment, waste tire pyrolysis, hydrogen energy support, etc.). The revenue share from "other industries" jumped from 2.67% to 12.35% within a year, with a growth rate close to 400%. Even with a small base, this already indicates the feasibility of scenario replication. The risks are also clear: the sharp decline in profits in Q1 2026 reminds the market that this company is highly sensitive to delivery pace and expense amortization; the overseas revenue share of nearly half means that exchange rates and geopolitical disturbances cannot be ignored; accounts receivable management also needs to be closely monitored. But returning to that document from the Central Committee and the State Council in April 2026—when energy-saving and carbon reduction shifts from "advocacy" to "approval hard constraints," a segmented leader like DORIGHT, which truly masters the core technology of high-temperature waste heat recovery and has already navigated international certification and delivery, occupies a far larger industry position than described as a "carbon black equipment manufacturer." ### Related Stocks - [300950.CN](https://longbridge.com/en/quote/300950.CN.md) ## Related News & Research - [SportsMed Physical Therapy Celebrates Two Stevie Awards at American Business Awards® Ceremony](https://longbridge.com/en/news/295558289.md) - [Koç Holding buys 0.67% Ford Otosan stake for TL 1.85 billion from Temel Ticaret](https://longbridge.com/en/news/295498143.md) - [CATL Battery for Electric Aviation Passes Important Safety Test](https://longbridge.com/en/news/295459818.md) - [Fleury launches BRL 1.83 billion unsecured debenture offering](https://longbridge.com/en/news/295458084.md) - [Uniper net income rises 108.61% to €557 million in H1 FY26; sales increase 0.8% to €33.33 billion](https://longbridge.com/en/news/295490663.md)