Core Viewpoint - The company, Sanda Membrane, is planning to launch an H-share listing in Hong Kong to expand its capital base and address growth challenges, particularly in its membrane technology and water treatment sectors [2][7][9]. Group 1: Company Background and Financial Performance - Sanda Membrane was founded by Blue Weiguang and has a history of capital market activities, including listings in Singapore and A-shares in China [3]. - The company reported revenue growth from 74.2 million yuan in 2019 to 125.9 million yuan in 2022, but net profit decreased from 27.7 million yuan to 21.8 million yuan during the same period [3][5]. - In 2023, the company achieved revenue of 1.451 billion yuan and net profit of 254 million yuan, with a projected revenue decline to 1.391 billion yuan in 2024, although net profit is expected to grow by 23.97% [3][5]. Group 2: Challenges and Strategic Moves - The company has faced challenges in its core membrane technology business, with profits increasingly reliant on government subsidies and non-recurring gains, which accounted for 18% of net profit in 2024 [5][7]. - Sanda Membrane's four major fundraising projects have not been completed as planned, raising concerns about the efficiency of capital use [5][7]. - The company is diversifying into the renewable energy sector, securing lithium extraction orders worth 366 million yuan in 2022, which constituted 29% of its revenue that year [5][6]. Group 3: H-share Listing Motivation - The decision to pursue an H-share listing is seen as a strategic move to alleviate funding pressures for new projects and international expansion, particularly in Southeast Asia [7][8]. - The company has a significant amount of cash on hand (1.36 billion yuan) but faces rising accounts receivable, which exceeded 900 million yuan in 2024, representing over 60% of revenue [7][8]. - The H-share listing is expected to attract international long-term capital and improve the company's governance structure, especially in light of management changes [9][10]. Group 4: Market Perception and Future Outlook - There is a misalignment in market perception, with investors viewing Sanda Membrane primarily as a water treatment company rather than a comprehensive membrane technology enterprise [10]. - The H-share listing could serve as an opportunity to reshape this perception and attract international investors, potentially stabilizing the company's valuation [10][11]. - The company's international ambitions, particularly in addressing industrial wastewater treatment needs in Southeast Asia and the Middle East, align with its strategic goals [8][9].

Group 1 - The concept stocks related to nuclear pollution prevention have seen a significant rise, with Jihua Group hitting the daily limit up [1] - China Nuclear Technology previously reached the daily limit up, indicating strong market interest [1] - Other companies such as Jieqiang Equipment and China General Nuclear Power Technology have increased by over 5% [1] Group 2 - Additional stocks that experienced gains include Sandam Membrane, China Electric Environmental Protection, Construction Repair, and Beihua Co., Ltd [1]

Group 1 - The company announced plans to initiate the process for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its international presence and brand recognition [1] - The board of directors has authorized the management to start preparatory work for the H-share listing, with a timeframe of 12 months from the board's approval [1] - The H-share listing is subject to further approval from the board, shareholders, and relevant regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] Group 2 - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 15, 2019, with an issuance of 83.47 million shares at a price of 18.26 yuan per share [2] - The total funds raised from the initial public offering amounted to 152.42 million yuan, with a net amount of 145.02 million yuan after deducting issuance costs [2] - The funds raised were intended for various projects including the production line for inorganic ceramic nanofiltration membranes and a research center for membrane materials and technology [2][3]

Key Points - The National Medical Products Administration plans to complete the review and approval of clinical trial applications for innovative drugs that meet requirements within 30 working days [4] - The U.S. and U.K. have reached a trade agreement, which includes a quota of 100,000 vehicles per year for U.S. imports from the U.K. with a 10% tariff rate [6] - The U.S. President Trump announced a temporary suspension of sanctions against Russia to facilitate negotiations [6] - The industrial added value in China increased by 5.8% year-on-year in May, while the retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year [4] Company News - GAC Group denied rumors regarding employee stock ownership related to GAC Aion [9] - Midea Group plans to repurchase shares worth between 5 billion to 10 billion yuan [9] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with Chongqing Iron and Steel Group [9] - Muyuan Foods has submitted H-share filing materials to the China Securities Regulatory Commission [9] - Weir Group's stock name will change to "Haowei Group" starting June 20 [9] - LaKala is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - China Bank's Vice President Zhang Xiaodong has left due to job relocation [9] Industry Insights - CITIC Securities has received approval to issue up to 6 billion yuan in technology innovation bonds [10] - Huatai Securities has received registration approval from the CSRC for issuing up to 10 billion yuan in technology innovation corporate bonds [10] - Huatai Securities is optimistic about the home appliance sector, highlighting the strong demand for core assets and the potential for overseas market expansion [11] - CITIC Securities predicts a price increase of 5%-10% in the wind turbine sector by 2025, indicating a new profit recovery cycle for the industry [12]

三达膜环境技术股份有限公司 章 程 二零二五年六月 | 第- 一章 总 则 . . | | --- | | 第二章 经营宗旨和范围. | | 第三章 股 份 . | | 第一节 股份发行 . | | 第二节 股份增减和回购 | | 第三节 股份转让 . | | 第四章 股东和股东大会 . | | 第一节 股东 . | | 第二节 股东大会的一般规定 | | 第三节 股东大会的召集 14 | | 第四节 股东大会的提案与通知 15 | | 第五节 股东大会的召开 | | 第六节 股东大会的表决和决议 . | | 第五章 董事会 | | 第一节 董事 . | | 第二节 独立董事 . | | 第三节 董事会 | | 第六章 总经理及其他高级管理人员. | | 第七章 监事会 | | 第一节 监事 . | | | | 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》（以下简称"《证券法》"）《上市公司章程指引》《上市公司治理准则》《上海 证券交易所科创板股票上市规则》等法律、法规和规范性文件的有关规定 ...

三达膜环境技术股份有限公司 证券代码：688101 证券简称：三达膜 公告编号：2025-030 二、《公司章程》部分条款的修订情况 基于公司拟增加经营范围的情况，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司章程指引》《上海证券交易所科创 板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律、法规及规范性文件的有关规定，公司董事会 拟对《公司章程》进行修订，具体修订内容如下： | 序号 | 修订前 | 修订后 | | --- | --- | --- | | | 第十四条 公司经营范围是：环 | 第十四条 公司经营范围是：环境保护与 | | | 境保护与资源综合利用工程设 | 资源综合利用工程设计与施工；各类工程 | | | 计与施工；各类工程建设活动； | 建设活动；环境保护与资源综合利用技术 | | | 环境保护与资源综合利用技术 | 与设备的开发、设计、制造及安装；经营 | | 1 | 与设备的开发、设计、制造及安 | 各类商品和技术的进出口（不另附进出 | | | 装（所从事经营项目中，需取得 | 口商品目录），但国家限定公司经营或禁 | | | ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 证券代码：688101 证券简称：三达膜 公告编号：2025-031 三达膜环境技术股份有限公司 关于授权公司管理层启动公司境外发行股份（H 股） 并在香港联合交易所有限公司上市相关筹备工作的公告 董事会 2025 年 6 月 17 日 三达膜环境技术股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日召开第五届董事会第六次会议，审议通过了《关于授权公司管 理层启动公司境外发行股份（H 股）并在香港联合交易所有限公司上市 相关筹备工作的议案》，现将相关事项公告如下： 为加快构建公司国内国际双循环格局，推进公司海外战略布局， 进一步提升公司品牌形象及知名度，提高公司的资本实力和综合竞争 力，根据公司总体发展战略及运营需要，公司拟在境外发行股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）上市 （以下简称"本次 H 股上市"）。公司董事会同意授权公司管理层启 动本次 H 股上市的前期筹备工作，授权期限为自董事会审议通过之日 起 12 个月内。公司计 ...

证券代码：688101 证券简称：三达膜 公告编号：2025-032 三达膜环境技术股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 7 月 3 日 14 点 30 分 召开地点：福建省厦门市集美区锦亭北路 66 号三达科技园办公楼三层 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 3 日 至2025 年 7 月 3 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年7月3日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 东大会召 ...

Core Viewpoint - A legal dispute involving a contract worth 114 million yuan between Bluestar Technology and Sandam Membrane has raised concerns about contract performance risks in the lithium extraction industry chain [2][3]. Group 1: Background of the Dispute - The lawsuit originated from a contract signed in March 2022 for the supply and installation of lithium carbonate adsorption equipment, valued at 114 million yuan, which accounted for 9.54% of Bluestar Technology's 2021 revenue [3]. - Disagreements escalated during the project, leading Bluestar Technology to freeze 58.61 million yuan of Sandam Membrane's assets due to non-payment, prompting Bluestar to file a lawsuit for 47.44 million yuan in contract payments and penalties [3]. - Sandam Membrane counter-sued, claiming Bluestar failed to meet installation deadlines and provided non-compliant equipment, seeking approximately 38.73 million yuan in damages [3]. Group 2: Court Ruling - On May 8, 2025, the court ruled in favor of Bluestar Technology, ordering Sandam Membrane to pay 48.2869 million yuan plus overdue penalties, while dismissing all counterclaims from Sandam [4]. - The court found that Bluestar had fulfilled its contractual obligations, and Sandam's claims regarding delays and equipment quality were unsupported due to insufficient evidence [4]. Group 3: Industry Context - The lawsuit reflects a broader downturn in the lithium extraction industry, where lithium carbonate prices plummeted from 590,000 yuan per ton in 2022 to around 65,000 yuan per ton in 2023, leading to project viability concerns [5]. - The industry is facing prolonged overcapacity and extended expansion cycles due to falling prices [5]. Group 4: Financial Impact - The ongoing litigation has materially affected the financial health of both companies. Bluestar Technology's revenue from lithium extraction systems dropped to 99 million yuan in 2024, a decline attributed to project confirmation delays [7]. - Sandam Membrane is experiencing severe cash flow issues, with a 78.38% year-on-year decline in net cash flow from operating activities, amounting to 12.1899 million yuan in Q1 2025 [7]. - Additionally, Sandam is facing further financial strain from another arbitration case involving 34.09 million yuan [7]. Group 5: Future Implications - Sandam Membrane plans to appeal the ruling, which could lead to a second trial. A favorable outcome for Bluestar could help confirm project revenues and alleviate financial pressures, while a successful appeal for Sandam could mitigate losses [8]. - The dispute highlights the need for clearer risk-sharing mechanisms and enhanced compliance monitoring in the lithium extraction industry to ensure healthy future development [8].

重要内容提示： ● 会议召开时间：2025 年 05 月 30 日（星期五） 证券代码：688101 证券简称：三达膜 公告编号：2025-029 三达膜环境技术股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩暨现金分红说明 会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依 法承担法律责任。 下午 16:00-17:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络文字互动问答 ● 投资者可于 2025 年 05 月 23 日（星期五）至 05 月 29 日（星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱（ir@suntar.com）进行提问。公司将通过本次业绩 说明会，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 一、说明会类型 三达膜环境技术股份有限公司（以下简称"公司" ）已于 2025 年 公司 2025 年第一季度报告，为便于广大投资者更全面深入地 ...