分组1 - Shijia Photon reported a revenue of 993 million yuan for the first half of the year, a year-on-year increase of 121.12% [1] - The net profit attributable to shareholders reached 217 million yuan, reflecting a significant year-on-year growth of 1712% [1] - The company has successfully developed new products for data centers and AI computing, including high-power CWDFB lasers and high-temperature FAU devices [1] 分组2 - Hunan Tianyan announced that China Changan Automobile has become its indirect controlling shareholder after a division of the Weaponry Equipment Group [2] - Following the division, China Changan Automobile holds 37.25% of Hunan Tianyan through Chen Zhi Group, maintaining the actual controller as the State-owned Assets Supervision and Administration Commission [2] 分组3 - Dong'an Power stated that its indirect controlling shareholder has changed to China Changan Automobile after the division of the Weaponry Equipment Group [2] - China Changan Automobile now holds 50.93% of Dong'an Power's total shares through Chen Zhi Group [2] 分组4 - Wantong Intelligent signed an exclusive authorization agreement with Shanghai Shenming Aosi Semiconductor Technology, allowing it to produce and sell boards based on the Fellow 1 model chip for five years [3] - This collaboration is expected to positively impact the company's future operations and aligns with its long-term development strategy [3] 分组5 - WuXi AppTec plans to adjust the upper limit for its share repurchase price from 90.72 yuan to 114.15 yuan per share [4] 分组6 - Xinya Electronics reported that the revenue from high-frequency and high-speed copper cable connectors accounted for only 3.31% of its total revenue as of the 2024 annual report [5] - The company experienced abnormal stock trading fluctuations with a cumulative price deviation exceeding 20% over three consecutive trading days [5] 分组7 - Huajin Technology plans to acquire 6% of Crystal Integrated's shares for a total price of 2.393 billion yuan, with a transfer price of 19.88 yuan per share [6] - This transaction does not constitute a related party transaction or a major asset restructuring [6] 分组8 - Fangbang Co. reported that the sales revenue from its peelable copper products accounted for less than 0.3% of its main business revenue in the first half of the year [8] - The company is monitoring potential market demand increases due to the adoption of CoWoP technology by leading overseas companies [8]

Key Points - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors [2] Major Events - Xizang Tianlu experienced significant abnormal fluctuations in the trading of its convertible bonds, with a cumulative price increase exceeding 100% over seven trading days, leading to a closing price of 481.80 CNY per bond, representing a premium of 381.80% over the face value [3][4] - Huqin Technology plans to acquire 6% of Jinghe Integrated's shares for 2.393 billion CNY, with a transfer price of 19.88 CNY per share [4][5] - Liyuan Technology's actual controller received a criminal judgment for violating information disclosure regulations, resulting in a one-year prison sentence with a one-and-a-half-year probation and a fine of 3.3 million CNY [6] - Huashi Technology's general manager had the detention measures lifted, allowing him to resume his duties [7] - Dongfang Materials' chairman resigned for personal reasons but will continue as a board member [8] - WuXi AppTec adjusted its share repurchase price limit to a maximum of 114.15 CNY per share [9] - ST Haihua's subsidiary plans to acquire 100% of Lixin Dingsheng for 43 million CNY [10] - Xizang Tourism clarified that it has not engaged in business cooperation related to the Yarlung Tsangpo River project amid stock price volatility [11][12] - Yabont Chemical decided to terminate its planned external investment in Gansu Haotian Technology [13] - Zhongbei Communication's subsidiary terminated its acquisition of a 55% stake in PT. Semesta Energi Services due to unmet conditions [14] - Quzhou Development plans to purchase shares of Xiandai Electronics and raise matching funds, leading to a temporary stock suspension [15] - Shenli Co. terminated its control change plan due to the buyer's failure to pay the agreed transaction price [16] Performance Reports - Greenland Holdings reported a 16.93% year-on-year increase in contract sales amounting to 21.752 billion CNY in Q2 2025 [17][18] - Lujiazui's net profit for the first half of 2025 was 815 million CNY, a decrease of 7.87% year-on-year [19] - Hongfa Co. achieved a net profit of 964 million CNY in the first half of 2025, reflecting a 14.19% increase [20] - Nanya New Materials expects a net profit increase of 44.69% to 71.82% in the first half of 2025 [21] - ST Tianwei anticipates a significant net profit increase of approximately 2064.85% year-on-year [22] - Fudan Microelectronics expects a net profit decrease of 39.67% to 48.29% in the first half of 2025 [23][24] - Sains expects a net profit decrease of 57.53% to 60.13% despite revenue growth [25] - Baotai anticipates a net loss reduction of 110 million to 140 million CNY in the first half of 2025 [26] Major Contracts - China CNR signed several major contracts totaling approximately 32.92 billion CNY [27] - Wantong Intelligent Control entered into an exclusive authorization agreement in the embodied intelligence field [28] - Anhui Construction won a bid for a highway concession project with an estimated total investment of 3.614 billion CNY [29] - Tiantian Technology's subsidiary signed a procurement order worth 400 million CNY for copper-lithium composite strips [30] - Daoshi Technology signed a strategic cooperation agreement related to humanoid robots [31] Shareholding Changes - Suzhou Planning's shareholders plan to reduce their holdings by up to 4.5% [32] - Jiahe Meikang's shareholder plans to reduce holdings by up to 3% [33] - Huaye Fragrance's controlling shareholder plans to reduce holdings by up to 3% [34] - Lanfeng Biochemical's shareholder plans to reduce holdings by up to 2.61% [35] - Anji Food's actual controller plans to reduce holdings by up to 2% [37] - Saiwei Electronics' National Integrated Circuit Fund reduced its holdings by 1.06% [38] - Lakala's Lenovo Holdings reduced its holdings by 535,960 shares [39] Share Buybacks - Shima Power plans to repurchase shares worth 300 million to 400 million CNY [40]

（文章来源：证券日报） 证券日报网讯 7月29日晚间，赛恩斯发布公告称，公司预计2025年半年度实现归属于母公司所有者的净 利润人民币4，600.00万元至4，900.00万元。 ...

赛恩斯（SH 688480，收盘价：43.22元）7月29日晚间发布业绩预告，预计2025年半年度实现归属于母 公司所有者的净利润人民币4600万元至4900万元，与上年同期相比，将减少6636.4万元至6936.4万元， 同比降低57.53%~60.13%。业绩变动主要原因是，报告期内，公司营业收入增长主要源于运营服务及产 品销售板块的增长。归属于母公司所有者的净利润同比下降，系上年同期存在收购产生的投资收益较大 所致。归属于母公司所有者的扣除非经常性损益的净利润同比下降，主要影响因素：一是公司加大市场 开发与技术研发力度，导致销售费用与研发费用同比较大幅度增长；二是受销售规模增长及海外业务账 期较长的影响，公司坏账计提有所增加。 （文章来源：每日经济新闻） ...

Major Events - Xizang Tianlu announced that its convertible bond "Tianlu Convertible Bond" experienced significant abnormal trading fluctuations, with a cumulative closing price increase of over 100% from July 21 to July 29, 2025, closing at 481.80 yuan per bond, representing a premium of 381.80% over the face value and a conversion premium rate of 16.60% [1] - Huqin Technology plans to acquire 6% of Jinghe Integrated's shares for 2.393 billion yuan, purchasing 120 million shares at a price of 19.88 yuan per share, marking its first stake in the company [2] - Liyuan Technology's actual controller, Shen Wanzhong, received a criminal judgment for violating information disclosure regulations, sentenced to one year in prison with a one and a half year probation, and fined 3.3 million yuan, but this will not significantly impact the company's operations [3] - Huashi Technology announced the lifting of detention measures against its actual controller and general manager, Ye Jianbiao, allowing him to resume his duties [4] - Dongfang Materials' chairman, Xu Guangbin, resigned due to personal reasons but will continue as a board member [5] - WuXi AppTec adjusted its share repurchase price limit from 90.72 yuan to 114.15 yuan per share [6] Performance Overview - Greenland Holdings reported a contract sales amount of 21.752 billion yuan in Q2 2025, a year-on-year increase of 16.93%, with a total sales area of 2.217 million square meters, up 31.03% from the previous year [7] - Lujiazui's H1 2025 net profit was 815 million yuan, a decrease of 7.87%, despite a revenue increase of 33.91% to 6.598 billion yuan [8] - Hongfa Co. achieved a net profit of 964 million yuan in H1 2025, a year-on-year increase of 14.19%, with revenue of 8.347 billion yuan, up 15.43% [9] - Nanya New Materials expects a net profit of 80 million to 95 million yuan in H1 2025, representing a year-on-year increase of 44.69% to 71.82% due to increased sales and improved product structure [9] - Sains expects a net profit decline of 57.53% to 60.13% in H1 2025, with revenue between 410 million and 440 million yuan, a year-on-year increase of 15.17% to 23.59% [9] - Baotai anticipates a net loss of 110 million to 140 million yuan in H1 2025, a reduction in losses compared to the previous year, attributed to increased sales of a specific product and reduced R&D expenses [9] Major Contracts - China CNR announced the signing of several major contracts totaling approximately 32.92 billion yuan, accounting for 13.4% of its projected revenue for 2024 [10] - Wantong Zhikong signed an exclusive authorization agreement with Shanghai Shenming Aosi Semiconductor Technology for the sales and cooperation in the field of embodied intelligence [11] - Anhui Construction won a bid for a highway concession project in Chongqing, with an estimated total investment of 3.614 billion yuan [11] Shareholding Changes - Jiahe Meikang's shareholder, Guoshou Chengda, plans to reduce its stake by up to 3% through various trading methods [12] - Lanfeng Biochemical's shareholder, Hainan Wenqin, intends to reduce its stake by up to 2.61% [12]

Group 1 - Anhui Construction won a joint bid for the Chongqing Rongchang to Sichuan Zigong expressway project, with a total estimated investment of 3.614 billion yuan and a construction period of 3 years [1] - Hongfa Co. reported a net profit of 964 million yuan for the first half of 2025, a year-on-year increase of 14.19%, with revenue of 8.347 billion yuan, up 15.43% [1][2] - Lujiazui's net profit for the first half of 2025 was 815 million yuan, a decrease of 7.87%, despite a revenue increase of 33.91% to 6.598 billion yuan [3] - Enhua Pharmaceutical achieved a net profit of 700 million yuan, up 11.38%, with revenue of 3.010 billion yuan, an increase of 8.93% [4][5] - China CNR signed several major contracts totaling approximately 32.92 billion yuan, covering various sectors including urban rail vehicles and wind power equipment [6] - WanTong Intelligent signed an exclusive sales and cooperation agreement in the embodied intelligence field, gaining global sales rights for specific chip-based products [7][8] Group 2 - Liansheng Technology's subsidiary received a government subsidy of 13.5 million yuan, accounting for 12.24% of the company's latest audited net profit [9] - Guobang Pharmaceutical reported a net profit of 456 million yuan, a year-on-year increase of 12.60%, with revenue of 3.026 billion yuan, up 4.63% [10] - Baotai expects a net loss of 110 to 140 million yuan for the first half of 2025, a reduction in loss compared to the previous year [11] - Sains expects a net profit decrease of 57.53% to 60.13%, with projected revenue growth of 15.17% to 23.59% [12] - Nanya New Materials anticipates a net profit of 80 to 95 million yuan for the first half of 2025, an increase compared to the previous year [13] - Tian Pharmaceutical's subsidiary passed the consistency evaluation for a peritoneal dialysis solution [14] Group 3 - Shede Liquor announced the resignation of director Ni Qiang due to work reasons [15] - Greentown Water plans to transfer assets and liabilities of its ASEAN subsidiary to improve resource allocation [16] - Beibu Gulf Port's subsidiary signed an associated transaction contract worth 11.199 million yuan [17] - Beibu Gulf Port announced multiple resignations of directors and executives [18] - Jidian Co. reported the resignation of its deputy general manager due to work changes [19] - Wanhua Chemical's industrial park in Fujian resumed production after maintenance [20] Group 4 - Shanghai Pharmaceuticals received approval for a clinical trial of a new indication for its B019 injection [21] - Jianbang Co. reported a net profit of 69.66 million yuan, a decrease of 27.72%, with revenue of 307 million yuan, down 15.37% [23] - Jianbang Co. plans to use up to 400 million yuan of idle funds for cash management [25] - Wanfu Bio's subsidiary obtained multiple medical device registrations [28] - Hunan Tianyan announced a change in its controlling shareholder to China Chang'an Automobile Group [29][30] - Xizhuang Co. plans to establish a joint venture for sustainable aviation fuel [32]

证券代码：688480 证券简称：赛恩斯 公告编号：2025-026 赛恩斯环保股份有限公司 2025 年半年度业绩预告的自愿性披露公告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1、经财务部门初步测算，公司预计 2025 年半年度实现营业收入人民币 41,000.00 万元至 44,000.00 万元，与上年同期相比，将增加 5,399.29 万元至 8,399.29 万元，同比增加 15.17%至 23.59%。 2、预计 2025 年半年度实现归属于母公司所有者的净利润人民币 4,600.00 万元至 4,900.00 万元，与上年同期相比，将减少 6,636.40 万元至 6,936.40 万 元，同比降低 57.53%至 60.13%。 （三）本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 （一）2024 年半年度，公司实现营业收入人民币 35,600.71 万元；归属于 ...

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]