Core Viewpoint - The recent financial report of Sains (688480) shows a mixed performance with a significant increase in revenue but a sharp decline in net profit, indicating potential challenges in cost management and cash flow [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 423 million yuan, an increase of 18.81% year-on-year, while net profit attributable to shareholders was 49.03 million yuan, down 57.5% [1]. - In Q2 2025, total revenue was 253 million yuan, a slight increase of 0.34% year-on-year, with net profit of 31.30 million yuan, down 12.91% [1]. - The gross margin decreased to 35.01%, down 5.61% year-on-year, and the net margin fell to 12.36%, down 62.72% [1]. - Total receivables increased by 36.01% year-on-year, indicating potential liquidity issues [1]. Expense Analysis - Total operating expenses (sales, management, and financial expenses) amounted to 58.95 million yuan, accounting for 13.94% of revenue, a slight decrease of 1.79% year-on-year [1]. - Sales expenses rose by 24.02% due to increased market development costs associated with expanding domestic and international markets [3]. - Management expenses increased by 17.77% as the company invested in talent development and faced higher employee compensation [3]. - Financial expenses decreased by 73.4% due to reduced exchange losses and interest expenses [3]. Cash Flow and Investment - Operating cash flow per share was -0.49 yuan, a significant decline of 5194.18% year-on-year, primarily due to changes in customer payment methods and increased R&D investments [1][4]. - Investment cash flow increased by 67.04% due to last year's significant investment in acquiring a stake in another company [4]. - Financing cash flow decreased by 184.43% as the company increased cash payments for loan repayments [4]. Research and Development - R&D expenses increased by 36.06%, reflecting the company's commitment to innovation and growth in R&D personnel and materials [4]. Market Position and Future Outlook - The company's return on invested capital (ROIC) was 17.09%, indicating strong capital returns, with a historical median ROIC of 10.22% since its listing [5]. - Analysts expect the company's performance in 2025 to reach 192 million yuan, with an average earnings per share of 2.01 yuan [6].

Summary of the Conference Call for Sains Industry and Company Overview - **Company**: Sains - **Industry**: Environmental protection, mining, and new materials Key Points and Arguments - **Strategic Transformation**: Sains is shifting from heavy metal pollution control to a dual focus on mining environmental protection and new materials, indicating significant future growth potential, especially in the areas of flotation reagents and rare metal recovery [2][4][31] - **International Market Growth**: Revenue from overseas customers increased by 152% year-on-year, with total overseas revenue accounting for 30% of main business revenue, reflecting the effectiveness of the company's globalization strategy [2][6] - **Agricultural Chemicals Performance**: The agricultural chemicals segment, particularly Longli Chemical, saw revenue and net profit growth of 50% and 80% respectively, contributing significantly to profit growth [2][7] - **Resource Recovery Technology**: Sains employs a new adsorption and extraction technology that offers higher recovery rates and lower costs, with installations at several smelting plants. The company aims to secure a significant market share in rare metals through exclusive agreements [2][9][10] - **High-Purity Sodium Sulfide Project**: The first phase of the 20,000-ton project is expected to generate an annual net profit of approximately 10 million yuan, with significant profit contributions anticipated upon expansion to 40,000 tons [2][25] - **Flotation Reagents Expansion**: Longli Chemical plans to expand production to 12,000 tons, aiming to become the largest production base globally, with expected net profits exceeding 100 million yuan at full capacity [2][23] Financial Performance - **2025 Half-Year Results**: Sains reported a revenue of 423 million yuan, a 19% increase year-on-year, but a 57% decline in net profit due to the absence of previous investment gains from acquisitions [4][3] - **Overall Revenue Projection**: The company expects total revenue to reach 1.2 billion yuan for the year, with a net profit growth of over 20%, driven by higher margins from reagents and operational services [3][8] Market and Business Segment Insights - **Business Segment Performance**: The overall gross margin decreased by 2 percentage points, with the comprehensive solutions segment revenue dropping by 50% due to fewer large projects. Product sales and operational services, however, showed strong growth [5][6] - **Contractual Revenue Recognition**: There is 126 million yuan in contract performance costs in inventory yet to be recognized as revenue, with expectations for the comprehensive solutions business to maintain around 400 million yuan in revenue for the year [8] Future Plans and Developments - **Expansion Plans**: Sains plans to expand production capacity based on market demand, with a target completion date for additional capacity set between late 2026 and mid-2027 [16][22] - **Acquisition and Market Expansion**: The company is pursuing acquisitions in Europe to enhance its market presence, with a focus on expanding its reagent production capabilities [22][24] - **Technological Advancements**: Sains is committed to continuous R&D investment, particularly in the extraction of lysine and high-purity sodium sulfide, aiming for higher product purity and profitability [17][31] Additional Important Insights - **Currency Risk Management**: The finance department has established a team to manage currency structure and exchange rate fluctuations, with foreign currency income expected to exceed 50% of total revenue in the future [29] - **Employee Incentives**: A stock incentive plan has been approved and is set to be implemented, aimed at aligning employee interests with company growth [30] - **Long-term Growth Strategy**: Sains is focused on stable growth and technological innovation, with a strategic shift towards materials and chemicals expected to be completed by 2026 [31][28]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 58.80 [7][8]. Core Views - The company reported a revenue of RMB 423 million for H1 2025, representing a year-on-year increase of 18.81%, while the net profit attributable to shareholders decreased by 57.50% to RMB 49 million [1]. - The decline in net profit is attributed to high investment income from acquisitions in H1 2024, with a notable performance in new business areas such as copper extractants and ammonium rhenate, which are expected to drive revenue growth [1][4]. - The company is focusing on environmental governance, resource recovery, and new materials, with significant project wins in environmental governance totaling over RMB 400 million [4]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 423 million, with a net profit of RMB 49 million, reflecting a decline in profitability due to previous high investment returns [1]. - The revenue for Q2 2025 was RMB 253 million, showing a year-on-year increase of 0.34% and a quarter-on-quarter increase of 48.37% [1]. Business Segments - The operational services and reagent sales segments saw significant growth, with revenues of RMB 201 million and RMB 166 million, respectively, marking increases of 53.02% and 41.84% year-on-year [2]. - The company’s business structure is continuously optimizing, with operational services and reagent sales gaining a larger share of total revenue [2]. Cost and Profitability - The gross margin for H1 2025 was 35.01%, with a net profit margin of 12.36%, both showing declines compared to the previous year [3]. - Increased expenses and impairment losses have pressured short-term profits, but ongoing business optimization is expected to improve profitability in the future [3]. New Business Development - The company is expanding into new business areas, including ammonium rhenate, copper extractants, sodium sulfide, and flotation agents, which are anticipated to enhance revenue growth [4]. - The production line for ammonium rhenate has been completed, and the company has successfully synthesized high-purity sodium sulfide, with new customer orders for copper extractants exceeding 50% [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 201 million, RMB 241 million, and RMB 300 million, respectively [5]. - The report assigns a PE ratio of 28 times for 2025, reflecting the company’s diversified business model and expected growth in various sectors [5].

Core Viewpoint - The company, Sains Environmental Co., Ltd., has released its 2025 semi-annual report, which reflects its financial status and operational results for the first half of the year [1][6]. Company Overview - The company is listed under the stock code 688480 and is referred to as Sains [1]. - The semi-annual report is not audited [2]. Financial Data - The company raised a total of RMB 454.69 million through its initial public offering, with a net amount of RMB 399.24 million after deducting underwriting and related fees [11]. - As of June 30, 2025, the company has invested RMB 321.70 million of the raised funds into relevant projects [16]. Shareholder Information - The report includes details about the top ten shareholders and their holdings, although specific data is not provided in the excerpts [2][4]. Management of Raised Funds - The company has established a special account for managing the raised funds, adhering to regulatory requirements [14]. - A total of RMB 1.05 million was earned from cash management of temporarily idle raised funds [19]. Use of Raised Funds - The company has not used idle raised funds to supplement working capital during the reporting period [18]. - As of June 30, 2025, the company has permanently supplemented working capital with RMB 50 million from the remaining raised funds [21]. Project Completion and Fund Allocation - The construction project for the environmental equipment production base was completed and reached a usable state by June 30, 2024, with a remaining balance of RMB 57.84 million expected to be used for working capital [26].

Group 1 - The company reported a revenue of 422,965,470.05 yuan for the first half of 2025, representing a year-on-year growth of 18.81% [2] - The net profit attributable to shareholders of the listed company was 49,028,285.58 yuan, showing a year-on-year decline of 57.50% [2]

证券日报网讯 8月20日晚间，赛恩斯发布公告称，公司第三届监事会第十八次会议审议通过了《关于公 司2025年半年度报告及其摘要的议案》《关于〈2025年半年度募集资金存放、管理与实际使用情况的专 项报告〉的议案》。 （文章来源：证券日报） ...

Core Viewpoint - The company reported a revenue of 423 million yuan for the first half of 2025, reflecting an 18.81% year-on-year growth, but the net profit attributable to shareholders decreased by 57.50% to 49.03 million yuan due to significant investment income from the acquisition of an associate company in the previous year [1][1][1] Financial Performance - Revenue for the reporting period reached 423 million yuan, marking an 18.81% increase compared to the same period last year [1] - Net profit attributable to shareholders was 49.03 million yuan, a decline of 57.50% year-on-year [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 47.22 million yuan, down 12.70% year-on-year [1] - Basic earnings per share stood at 0.51 yuan [1]

（文章来源：每日经济新闻） 赛恩斯（SH 688480，收盘价：42.6元）8月20日晚间发布半年度业绩报告称，2025年上半年营业收入约 4.23亿元，同比增加18.81%；归属于上市公司股东的净利润约4903万元，同比减少57.5%；基本每股收 益0.51元，同比减少57.85%。 ...

报告期内，公司实现归属于上市公司股东的净利润4902.83万元，较上年同期下降57.50%，主要系上年 同期存在收购参股公司产生的投资收益较大所致。 智通财经APP讯，赛恩斯(688480.SH)发布2025年半年度报告，该公司营业收入为4.23亿元，同比增长 18.81%。归属于上市公司股东的净利润为4902.83万元，同比减少57.50%。归属于上市公司股东的扣除 非经常性损益的净利润为4721.82万元，同比减少12.70%。基本每股收益为0.51元。 ...

Core Viewpoint - Sains (688480.SH) reported a revenue of 423 million yuan for the first half of 2025, marking an 18.81% year-on-year increase, while net profit attributable to shareholders decreased by 57.50% to 49.03 million yuan [1] Financial Performance - The company achieved a revenue growth of 18.81% compared to the same period last year, driven by a proactive development strategy focusing on market expansion, research and development innovation, and overseas business layout [1] - Net profit attributable to shareholders was 49.03 million yuan, reflecting a significant decline of 57.50% year-on-year [1] - The net profit excluding non-recurring gains and losses was 47.22 million yuan, down 12.70% year-on-year [1] - Basic earnings per share stood at 0.51 yuan [1]