证券代码：688480 证券简称：赛恩斯 赛恩斯环保股份有限公司 2025 年第四次临时股东会会议资料 2025 年 11 月 1 目录 | 2025 年第四次临时股东会会议须知 3 | | | --- | --- | | 2025 年第四次临时股东会议程 | 5 | | 2025 年第四次临时股东会会议议案 8 | | | 议案一、关于公司符合向不特定对象发行可转换公司债券条件的议案 | 8 | | 议案二、关于公司向不特定对象发行可转换公司债券方案的议案 | 9 | | 议案三、关于公司向不特定对象发行可转换公司债券预案的议案 | 19 | | 议案四、关于公司向不特定对象发行可转换公司债券方案论证分析报告的议案 .. | 20 | | 议案五、关于公司向不特定对象发行可转换公司债券募集资金使用可行性分析报告 | | | 的议案 21 | | | 议案六、关于公司前次募集资金使用情况报告的议案 22 | | | 议案七、关于公司向不特定对象发行可转换公司债券摊薄即期回报、采取填补措施 | | | 及相关主体承诺的议案 23 | | | 议案八、关于公司本次募集资金投向属于科技创新领域的说明的议案 24 | ...

Summary of the Conference Call for Sains 2025 Q3 Earnings Report Company Overview - The conference call discusses the Q3 earnings report of Sains, a leading environmental company in China focused on heavy metal and wastewater treatment in the non-ferrous metallurgy sector, backed by clients like Zijin Mining [2][3]. Key Financial Highlights - Revenue increased by approximately 16% year-over-year, reaching 677 million [3][4]. - Net profit decreased by over 40% compared to the previous year, primarily due to a reduction in investment income, which fell from over 60 million to around 5-6 million [3][4]. - The adjusted net profit (扣非归母净利润) saw a decline of about 10%, attributed to a rapid increase in operating expenses, including sales, management, and R&D costs, all rising by over 15% [3][4]. Business Segments Performance - Revenue breakdown for Q3: - Operating services: approximately 48% of total revenue - Product sales: around 35-36% - Comprehensive solutions for heavy metal pollution: about 15% [4][8]. - The comprehensive solutions segment is expected to see most of its revenue recognized in Q4, with an estimated revenue of around 100 million [5]. Strategic Initiatives and Future Outlook - The company is undergoing a strategic transformation, investing in several large projects, which has led to increased expenses without immediate revenue recognition [4][5]. - For the full year, the revenue target is set at 1.2 billion, with a net profit target of approximately 139 million [14]. - The company has a significant order backlog of around 600 million, up from 400 million year-over-year, indicating strong future revenue potential [12]. New Business Developments - New projects include: - A flotation reagent project in Shandong with a planned annual capacity of 100,000 tons, expected to start production in late 2024 [16][17]. - A high-purity sodium sulfide project, with an annual capacity of 60,000 tons, targeting a market price of over 4,000 per ton [42][43]. - The company is also exploring the production of lithium ammonium and other small metals, with ongoing collaborations with various mining companies [29][30]. Market Dynamics and Competitive Landscape - The global supply of lithium is limited, with significant reserves concentrated in a few countries, creating a favorable market environment for Sains [31]. - The flotation reagent market is characterized by many small enterprises, with Sains aiming to differentiate itself through technical support and customized solutions [32][33]. Profitability and Cost Structure - The flotation reagent project is expected to achieve a gross margin of 20-25% and a net profit margin of 10-15% once fully operational [36]. - The cost of producing lithium ammonium is relatively low, with initial estimates around 200 million for setup, indicating a strong potential for profitability [24][25]. Conclusion - Sains is positioned for growth with a solid revenue increase, strategic investments in new projects, and a strong order backlog. The company is optimistic about achieving its financial targets for the year and expanding its market presence in the non-ferrous metallurgy sector [46].

Core Viewpoint - Sains is a leading enterprise in the field of heavy metal pollution prevention in China, providing comprehensive solutions and holding multiple core technologies and patents [1] Group 1: Business Performance - In Q3 2025, Sains reported revenue of 677 million yuan, ranking 5th among 15 companies in the industry, with the industry leader, Fulongma, generating 3.599 billion yuan [2] - The company's net profit for the same period was 78.3 million yuan, placing it 4th in the industry, while the industry average was a loss of 27.7 million yuan [2] - The main business composition includes operation services (201 million yuan, 47.5%), product sales (166 million yuan, 39.25%), and comprehensive solutions for heavy metal pollution (52.5 million yuan, 12.42%) [2] Group 2: Financial Ratios - As of Q3 2025, Sains' debt-to-asset ratio was 41.57%, lower than the industry average of 55.85% [3] - The gross profit margin for the same period was 33.87%, higher than the industry average of 22.98% [3] Group 3: Management and Shareholder Information - The chairman, Gao Weirong, received a salary of 1.1574 million yuan in 2024, a decrease of 32,200 yuan from 2023 [4] - The general manager, Jiang Guomin, earned 972,500 yuan in 2024, down 42,900 yuan from the previous year [4] Group 4: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 13.91% to 2,382, while the average number of shares held per shareholder increased by 16.16% to 26,800 shares [5] Group 5: Business Highlights and Future Outlook - In H1 2025, operation services and product sales grew by 53.0% and 41.8% respectively, although net profit decreased by 8.75% due to the underperformance of comprehensive solutions [5] - The core subsidiary, Longli Chemical, saw a net profit increase of 76.5% in H1 2025, with total orders rising by 39% [5] - The company is expected to achieve net profits of 153 million yuan, 236 million yuan, and 299 million yuan from 2025 to 2027 [5][6]

Core Viewpoint - The company Sains (688480.SH) has announced a plan to issue convertible bonds to raise a total of up to 565 million yuan, which will be used for various projects and to supplement working capital [1][2]. Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is capped at 565 million yuan, which includes the principal amount [1]. - The net proceeds after deducting issuance costs will be allocated to three main projects: the expansion of the flotation reagent project, the construction of a high-efficiency flotation reagent project with an annual production capacity of 100,000 tons, and to supplement working capital [1][2]. - The bonds will be issued at par value, with a face value of 100 yuan each, and the total number of bonds to be issued will not exceed 5,650,000 [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 677 million yuan, representing a year-on-year increase of 15.81% [3]. - The net profit attributable to shareholders decreased by 48.32% to 74 million yuan, while the net profit excluding non-recurring gains and losses fell by 10.78% to 72 million yuan [3]. - The net cash flow from operating activities was reported at 37 million yuan [3]. Group 3: Previous Fundraising and Stock Performance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 25, 2022, raising a total of 454.69 million yuan, with a net amount of 399.24 million yuan after costs [4]. - The stock price reached a new high of 64.99 yuan on October 14, 2025, marking the highest price since its listing [5].

Core Viewpoint - Company Sains (688480.SH) plans to issue convertible bonds to raise up to 565 million yuan, with funds allocated to three main projects, including expansion of reagent production and working capital supplementation [1] Fundraising and Project Allocation - The company intends to raise a total of 565 million yuan, with 160 million yuan allocated for the expansion of reagent production, 325 million yuan for a project to produce 100,000 tons of efficient flotation reagents annually, and 80 million yuan for working capital [1] Previous Fund Utilization - The previous fundraising for the construction of an environmental equipment production base did not meet expectations, with cumulative benefits of 15.79 million yuan by September 30, 2025, falling short of promised benefits due to market changes and seasonal factors [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 677 million yuan, a year-on-year increase of 15.81%, while net profit attributable to shareholders decreased by 48.32% to 74 million yuan [1] - As of September 30, 2025, the company had total assets of 1.94 billion yuan, a debt-to-asset ratio of 41.57%, and a current ratio of 1.71 [1]

Core Insights - Sains (688480.SH) reported its Q3 2025 results on October 30, 2025, revealing that five institutional investors hold a total of 26.2917 million shares, representing 27.58% of the company's total equity [1] - The institutional holding percentage decreased by 1.31 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Zijin Mining Zifeng (Xiamen) Investment Partnership, Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product, Guosen Securities Co., Ltd., and Guotai Jiatai Value Balanced Stock Pension Product - China Construction Bank [1] - The total institutional holding percentage stands at 27.58% [1] Public Funds - A total of 50 public funds were not disclosed in this period compared to the previous quarter, including Huabao Research Select Mixed, Huabao Sustainable Development Mixed A, and others [1] Insurance Capital - One insurance capital increased its holdings compared to the previous period, specifically Qianhai Life Insurance Co., Ltd. - Dividend Insurance Product, with a slight increase in holding percentage [1]

Group 1 - Linyi Intelligent Manufacturing plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Jindi Co., Ltd. intends to invest 288 million yuan in a digital transformation project for high-end precision bearing retainers [1] - Tengda Construction has won contracts totaling 1.231 billion yuan in the first three quarters [1] Group 2 - Huali Co., Ltd. plans to acquire 51% of Zhongke Huilian's shares to accelerate its digital transformation [1] - Hemai Co., Ltd. intends to repurchase shares worth 100 million to 200 million yuan [1] - Zhongwei Company reported a net profit of 1.211 billion yuan in the first three quarters, a year-on-year increase of 32.66% [1] Group 3 - Greenfield Machinery's shareholder plans to reduce holdings by no more than 3% [1] - Longyuan Power plans to raise no more than 5 billion yuan through a private placement for wind power projects [1][2] - Sains plans to issue convertible bonds to raise no more than 565 million yuan for a project to produce 100,000 tons per year of efficient flotation agents [2]

Core Insights - The company Sains (688480.SH) reported a revenue of 254 million yuan for Q3 2025, representing an increase of 11.13% year-on-year [1] - The net profit attributable to shareholders of the listed company was 25.01 million yuan, showing a decline of 10.36% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 24.75 million yuan, down 6.88% year-on-year [1]

Core Viewpoint - Sains (688480.SH) announced a plan to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding 565 million yuan, which will be used for various projects and working capital [1] Group 1: Fundraising Details - The total amount of funds raised from the issuance of convertible bonds is capped at 565 million yuan, including the principal [1] - The net proceeds from the fundraising, after deducting issuance costs, will be allocated to specific projects [1] Group 2: Project Allocation - The funds will be used for the expansion of the selection and flotation reagent project (Phase I) [1] - A construction project for an annual production capacity of 100,000 tons of high-efficiency flotation reagents will also be funded [1] - Additional funds will be allocated to supplement working capital [1]

Group 1 - Company Sains announced the convening of its 22nd meeting of the third board of directors on October 28, 2025, discussing the report on the use of previously raised funds [1] - For the year 2024, Sains' revenue composition is 99.7% from the environmental protection industry and 0.3% from other businesses [1] - As of the report date, Sains has a market capitalization of 5.1 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1]