Revenue Forecast - For the first half of 2025, the company expects revenue to be between RMB 410 million and RMB 440 million, an increase of RMB 53.99 million to RMB 83.99 million, representing a year-on-year growth of 15.17% to 23.59%[2]. - The revenue growth is primarily driven by increases in operational services and product sales[4]. Net Profit Forecast - The net profit attributable to the parent company is projected to be between RMB 46 million and RMB 49 million, a decrease of RMB 66.36 million to RMB 69.36 million, reflecting a year-on-year decline of 57.53% to 60.13%[2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between RMB 45 million and RMB 48 million, a decrease of RMB 6.09 million to RMB 9.09 million, indicating a year-on-year decline of 11.25% to 16.80%[2]. - The decline in net profit is attributed to significant investment income from acquisitions in the previous year[4]. Bad Debt Provisions - Increased sales and longer account periods for overseas business have led to higher bad debt provisions[4]. R&D and Market Development - The company has intensified efforts in market development and technology research and development, resulting in a substantial rise in sales and R&D expenses[4]. Financial Data and Risks - The performance forecast has not been audited by registered accountants and is based on preliminary calculations[5]. - Investors are advised to consider the risks associated with the preliminary nature of the forecast data[6]. - The final financial data will be disclosed in the official 2025 semi-annual report[6].

Summary of Conference Call Notes Company Overview - **Company Name**: 长江环保 (Changjiang Environmental Protection) - **Industry**: Environmental Protection and Resource Recovery - **Founded**: 2009 by a team from Central South University - **Key Milestones**: Listed at the end of 2022, expanded into overseas markets post heavy metal pollution incident in Jiangxi Core Business and Market Performance - **Business Segments**: - Comprehensive Solutions (EPC) - Operational Services - Product Sales - **Revenue Composition**: - Product sales are becoming the core focus, with a projected increase in revenue share - EPC revenue share decreased from 70% in 2019 to 33% in 2024, while operational services increased from 8.9% to 35% in the same period [5][6] - **Market Potential**: - In the copper, lead, and zinc industry, the annual EPC market space is approximately 1.4 billion CNY, and operational space is 7.1 billion CNY [9] - The company aims to increase market share in the acid-free and wastewater treatment sectors, with potential revenue reaching 1.03 billion CNY if market shares reach 30% and 10% respectively [9] Financial Goals and Incentives - **Equity Incentive Plan**: - Revenue growth targets set at 30%, 15%, and 30% for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 25% [6] - Profit growth targets are 20%, 20%, and 10% for the same years, with a CAGR of 17% [6] Strategic Partnerships - **Key Client**: 紫金矿业 (Zijin Mining) - Transaction amounts with Zijin increased from 140 million CNY in 2022 to approximately 300 million CNY in 2024 [10][11] - The partnership is expected to deepen, with Zijin's overseas projects being managed by the company [11] Recent Developments and Projects - **Acquisition**: - Acquired 龙利化学 (Longli Chemical) to enter the chemical agent sector, focusing on copper extraction agents [13] - Sales dependency on Zijin reduced to about 20%, enhancing sustainability [14] - **New Projects**: - Announced a high-efficiency flotation agent project with a total capacity of 100,000 tons and an investment of 600 million CNY [16] - Initiated a high-purity sodium sulfide project with a capacity of 60,000 tons and an investment of 210 million CNY [21] Market Expansion and Future Outlook - **Overseas Market**: - Benefiting from Chinese enterprises acquiring mining projects in Africa and Central Asia, with significant revenue from Congo and Chile [15] - **Resource Recovery Strategy**: - Focus on expanding resource recovery projects, including rhenium recovery, with a potential revenue of 19 million CNY if fully operational [19][20] - **Overall Development Outlook**: - Strong sustainability in core business, with a shift towards chemical agents and resource recovery expected to drive future growth [23]

丨证券研究报告丨 联合研究丨公司点评丨赛恩斯（688480.SH） [Table_Title] 赛恩斯：品类再扩张打开成长空间，扣非业绩目 标复合增速达 17.0% 报告要点 [Table_Summary] 7 月 21 日晚公司发布公告：①拟投资建设年产 10 万吨高效浮选药剂建设项目；②拟投资建设 年产 6 万吨高纯硫化钠项目；③披露股权激励计划（草案）。2024Q1 以来公司持续拓展铜萃取 剂、铼酸铵、高效浮选药剂、高纯硫化钠产品，看好技术优势带来的品类扩张，有望打开新的 成长空间。 分析师及联系人 [Table_Author] 徐科 王鹤涛 王筱茜 李博文 SAC：S0490517090001 SAC：S0490512070002 SAC：S0490519080004 SAC：S0490524080004 SFC：BUV415 SFC：BQT626 赛恩斯（688480.SH） cjzqdt11111 [Table_Title 赛恩斯：品类再扩张打开成长空间，扣非业绩目 2] 标复合增速达 17.0% [Table_Summary2] 事件描述 7 月 21 日晚公司发布公告：①新建高效浮选药剂项目： ...

Core Viewpoint - Company Sains announced a partnership with Tongling Ruijia Special Materials Co., Ltd. to establish a subsidiary, Tongling Longrui Chemical Co., Ltd., focusing on a high-purity sodium sulfide project with an annual production capacity of 60,000 tons and a total investment of 210 million yuan [1] Group 1: Project Details - The high-purity sodium sulfide project is expected to meet the growing demand in the market, with the global sodium sulfide market projected to reach approximately $13 billion by 2025, growing at a compound annual growth rate of 4.9% [1] - The project will be constructed in two phases: the first phase will have a capacity of 20,000 tons per year and is expected to be completed in 7 months, while the second phase will have a capacity of 40,000 tons per year with a construction period of 12 months [1] - The project is strategically located in the Binjiang Industrial Park of Tongling Economic Development Zone, aligning with local industrial planning and benefiting from existing infrastructure [2] Group 2: Technological and Environmental Aspects - Sains' production technology for high-purity sodium sulfide is derived from its core environmental business, utilizing a hydrogen sulfide synthesis technique that minimizes waste emissions and maximizes raw material utilization [2] - The technology has undergone small-scale, pilot, and industrial trials, with some products already validated by downstream PPS manufacturers [2] Group 3: Strategic Implications - The new business initiative is expected to increase capital expenditure and cash outflow in the short term, but it is anticipated to positively impact the company's business layout and operational performance in the long run [3] - The establishment of Longrui Chemical will not alter the control situation of the company's actual controller, ensuring continuity in governance [2]

Core Viewpoint - Company Sains plans to establish a subsidiary, Tongling Longrui Chemical Co., Ltd., to develop a new business in high-purity sodium sulfide production, addressing the domestic demand for this key raw material in the production of polyphenylene sulfide [1] Group 1: Company Initiatives - Sains will invest 210 million yuan in the high-purity sodium sulfide project, holding a 65% equity stake in the new subsidiary [1] - The project aims to produce 60,000 tons of high-purity sodium sulfide annually, which is currently primarily imported [1] Group 2: Market Demand and Collaboration - There is a pressing need for a high-quality, low-cost sodium sulfide production process to support the growth of China's specialty engineering plastics, particularly in the polyphenylene sulfide sector [1] - The company's partner, Tongling Ruijia, plans to expand its polyphenylene sulfide production, which will utilize part of the output from the high-purity sodium sulfide project [1]

Meeting Overview - The third meeting of the Supervisory Board of Sains Environmental Co., Ltd. was held on July 19, 2025, combining both in-person and online formats, with all three supervisors present [1]. Resolutions Passed - The Supervisory Board approved the use of part of the raised funds to invest in establishing a wholly-owned subsidiary for new projects, which aligns with regulatory requirements and the company's business development needs, enhancing the efficiency of fund usage [1][2]. - The Supervisory Board also approved the retroactive use of temporarily idle raised funds for cash management, ensuring that this does not affect the investment progress or the normal operations of the company, while aiming to increase returns for shareholders [2][3]. - Additionally, the Supervisory Board agreed to apply for an increase in bank credit and guarantee limits for the company and its subsidiaries, which is deemed beneficial for the ongoing and future financial stability of the company [3].

证券代码：688480 证券简称：赛恩斯 公告编号：2025-025 赛恩斯环保股份有限公司 关于召开2025年第二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： ? 股东大会召开日期：2025年8月7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 一、 召开会议的基本情况 （一） 股东大会类型和届次 （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 （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 8 月 7 日 至2025 年 8 月 7 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 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购 ...

Core Viewpoint - Company plans to invest in a new project for producing high-purity sodium sulfide, with an estimated investment of 210 million yuan, aiming to enhance its business structure and profitability [1][7]. New Business Overview - The new business involves the production of high-purity sodium sulfide, which is a key industrial raw material used in various sectors including textiles, leather, paper, and pharmaceuticals [1][5]. - The project will be executed through a subsidiary, Tongling Longrui Chemical Co., Ltd., with the company holding a 65% stake [1][3]. Industry Situation - The global sodium sulfide market is projected to reach approximately 13 billion USD by 2025, with a compound annual growth rate (CAGR) of 4.9%. China accounts for over half of the global production and consumption [2]. - The rapid development of industries such as pharmaceuticals, paper, and specialty engineering plastics in China is driving the growth of the sodium sulfide market [2]. Management and Implementation - The project is currently in the preliminary construction phase, with plans to appoint a board and management team to oversee operations [3][4]. - The project requires compliance with environmental regulations due to potential pollution from industrial waste [3]. Collaboration and Financial Aspects - The project involves a partnership with Tongling Ruijia Special Materials Co., Ltd., which has a registered capital of 290 million yuan [4]. - The financial impact of the new business is expected to increase capital expenditure in the short term but is projected to positively influence long-term business performance [7]. Technological and Operational Advantages - The project utilizes advanced technologies for producing high-purity sodium sulfide, which reduces impurities and enhances product quality compared to traditional methods [6]. - The production process aligns with national energy-saving and environmental protection policies, contributing to sustainable development [6]. Market Demand and Future Prospects - The demand for high-purity sodium sulfide is anticipated to grow due to the expansion of the specialty engineering plastics market, particularly for polyphenylene sulfide (PPS) [5][6]. - The project is expected to create synergies with existing operations, reducing procurement costs and improving overall operational efficiency [5].

赛恩斯环保股份有限公司 第三届董事会薪酬与考核委员会关于公司 2025 年限制性股 票激励计划（草案）的核查意见 赛恩斯环保股份有限公司（以下简称"公司"）董事会薪酬与考核委员会参 照并依据《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》")、《上市公司股权激励管理办法》(以下简 称"《管理办法》")、《上海证券交易所科创板股票上市规则》(以下简称"《科 创板上市规则》")、《科创板上市公司自律监管指南第 4 号——股权激励信息 披露》等相关法律、法规及规范性文件和《赛恩斯环保股份有限公司章程》(以 下简称"《公司章程》")的有关规定,对《公司 2025 年限制性股票激励计划 （草案）》(以下简称"《激励计划(草案)》") 及其相关事项进行了核查,发表核 查意见如下： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近 36 个月内出现过未按法律法规、《公司章程》、公开承诺 进行利润分配的情形； （4）法律法规规 ...

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： 证券代码：688480 证券简称：赛恩斯 公告编号：2025-024 赛恩斯环保股份有限公司 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 一、本激励计划实施的目的 ? 股权激励方式：第二类限制性股票 ? 股份来源：公司向激励对象定向发行公司 A 股普通股 为了进一步健全公司长效激励机制，吸引和留住优秀人才，充分调动公司员 工的积极性，有效地将股东利益、公司利益和核心团队个人利益结合在一起，使 各方共同关注公司的长远发展，在充分保障股东利益的前提下，按照收益与贡献 匹配的原则，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》）《上市公司股权激励管理办法》（以 下简称《管理办法》）《上海证券交易所科创板股票上市规则》（以下简称《上 市规则》）《科创板上市公司自律监管指南第 4 号—股权激励信息披露》（以下 简称《自律监管指南》）等有关法律、法规和规范性文件以及《赛恩斯环保股份 有限公司章程》（以下简称《公司章程》）的规定，制定本激励计划。 截至本激励计划公告日 ...