Core Viewpoint - The article discusses the critical role of fundraising investment projects (募投项目) in corporate development, highlighting the delays and terminations faced by several companies in the industry due to various factors [1][3]. Summary by Company 普源精电 (Puyuan Precision Electric) - The company announced a delay in the "Shanghai R&D Center Construction Project" to April 2026 due to changes in the implementation method and the late completion of the new building [4][5]. 高华科技 (Gaohua Technology) - The "Gaohua R&D Capability Construction Project" has been postponed to June 30, 2026, due to tight operating funds before the IPO and the establishment of two new subsidiaries affecting the project timeline [6]. 莱伯泰科 (Leibotai Technology) - The timeline for the "Trace and Ultra-trace Element Analysis ICP-MS and Online Analysis System Production and R&D Project" has been extended to September 2026, influenced by evolving user demands and market conditions [7][8]. 迈拓股份 (Maituo Co., Ltd.) - The "Ultrasonic Measuring Instrument Production Base Construction Project in Nanjing" is delayed until December 31, 2025, due to delays in obtaining construction permits and other unforeseen factors [9][10]. 智能自控 (Intelligent Control) - The company decided to extend the timeline for its fundraising projects due to changes in the macroeconomic environment and market conditions, affecting project completion [11]. 碧兴物联 (Bixing IoT) - The "Smart Ecological Environment Big Data Service Project" and "Smart Water Big Data Traceability Analysis Service Project" have been postponed to August 2026, with no changes to the project scope or funding [12][13]. 煜邦电力 (Yubang Electric) - The company has terminated certain sub-projects and extended the timeline for remaining projects to December 2026, citing increased competition and market conditions [14][15]. 天罡股份 (Tiangang Co., Ltd.) - The "IoT Smart Ultrasonic Measuring Instrument Industrialization Project" and "R&D Center Upgrade Construction Project" have been postponed to June 30, 2026, due to equipment procurement delays and project adjustments [17][18].

Market Overview - On September 16, the environmental equipment sector rose by 0.76% compared to the previous trading day, with Senyuan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Senyuan Co., Ltd. (300210) closed at 10.67, with a gain of 5.43% and a trading volume of 241,700 shares, amounting to a transaction value of 258 million yuan [1] - Other notable performers included: - Jilong Environment (000967) at 7.11, up 4.87% with a volume of 613,400 shares [1] - Farsen (000890) at 4.25, up 3.16% with a volume of 273,100 shares [1] - ST Qingyan (301288) at 17.76, up 3.14% with a volume of 10,300 shares [1] Capital Flow - The environmental equipment sector experienced a net outflow of 218 million yuan from institutional investors, while retail investors saw a net inflow of 274 million yuan [2] - The capital flow for specific stocks showed: - Jilong Environment had a net outflow of 33.78 million yuan from institutional investors [3] - Senyuan Co., Ltd. had a net inflow of 26.84 million yuan from institutional investors [3] - ST Jieneng (000820) had a significant net inflow of 4.44 million yuan from institutional investors [3]

国联民生证券承销保荐有限公司关于 碧兴物联科技（深圳）股份有限公司 2025 年半年度持续督导跟踪报告 | | 对上市公司的信息披露文件及向中国证监 | | | | --- | --- | --- | --- | | | 会、上海证券交易所提交的其他文件进行 | | | | | 事前审阅，对存在问题的信息披露文件及 | | | | | 时督促公司予以更正或补充，公司不予更正 | | | | | 或补充的，应及时向上海证券交易所报告； | 保荐机构对碧兴物联的信息披露文 | | | 10 | 对上市公司的信息披露文件未进行事前审 | 件进行了审阅，不存在应及时向上海 | | | | 阅的，应在上市公司履行信息披露义务后 5 | 证券交易所报告的情况 | | | | 个交易日内，完成对有关文件的审阅工作， | | | | | 对存在问题的信息披露文件应及时督促上 | | | | | 市公司更正或补充，上市公司不予更正或补 | | | | | 充的，应及时向上海证券交易所报告 | | | | | 关注上市公司或其控股股东、实际控制人、 | | | | | 董事、监事、高级管理人员受到中国证监会 | 本持续督导期内， ...

Market Overview - On August 27, the environmental equipment sector declined by 2.61%, with Bixing Wulian leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the environmental equipment sector included: - Fida Environmental (600526) with a closing price of 5.62, up 5.24% and a trading volume of 903,600 shares, totaling 502 million yuan [1] - Qinda Environmental (688501) closed at 32.00, up 4.37% with a trading volume of 51,000 shares, totaling 162 million yuan [1] - Significant decliners included: - Bixing Wulian (688671) closed at 22.51, down 5.70% with a trading volume of 33,500 shares, totaling 77.19 million yuan [2] - Hengying Environmental (688309) closed at 27.71, down 5.62% with a trading volume of 51,000 shares, totaling 146 million yuan [2] Capital Flow - The environmental equipment sector experienced a net outflow of 268 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2] - Key stocks with notable capital flows included: - Fida Environmental had a net inflow of 17.23 million yuan from institutional investors, while retail investors had a net outflow of 76.53 million yuan [3] - Bixing Wulian saw a net inflow of 6.74 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [3]

Group 1 - The core viewpoint of the news is the performance and market position of Bixing IoT, which experienced a decline in stock price and has a significant market capitalization [1] - Bixing IoT's main business areas include smart environmental monitoring and public safety big data, with revenue contributions from various segments such as digital ecology and digital water management [1] - The company was established on January 18, 2012, and went public on August 9, 2023, with a current stock price of 22.66 CNY per share and a total market value of 1.779 billion CNY [1] Group 2 - The fund "Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiation A" holds a significant position in Bixing IoT, ranking as the eighth largest holding in the fund [2] - As of the latest report, the fund has a total asset size of 29.0192 million CNY and has achieved a year-to-date return of 57.52% [2] - The fund manager, Lin Muchen, has been in charge for 2 years and 124 days, with the best fund return during this period being 56.91% [3]

Group 1 - The core viewpoint of the article is that Bixing Wulian (688671.SH) reported its semi-annual results for 2025, highlighting the institutional investor holdings and changes in public fund disclosures [1] - As of August 26, 2025, a total of 9 institutional investors disclosed holdings in Bixing Wulian A-shares, with a combined holding of 42.1802 million shares, representing 53.72% of the total share capital [1] - The institutional investor holding ratio decreased by 0.13 percentage points compared to the previous quarter [1] Group 2 - Two new public funds were disclosed in this period compared to the previous quarter, including Zhongjia Specialized and New Quantitative Stock Selection Mixed Fund A and Huiquan Qiyuan Future Mixed Fund A [1]

证券代码：688671 证券简称：碧兴物联 公告编号：2025-039 碧兴物联科技（深圳）股份有限公司 本公司监事会及全体监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、准确性和完整性承担法律责任。 一、监事会会议召开情况 碧兴物联科技（深圳）股份有限公司（以下简称"公司"）第二届监事会第 十一次会议于 2025 年 8 月 25 日上午 11 时 30 分在公司会议室以现场及通讯方式 召开。本次会议已于 2025 年 8 月 15 日以电子邮件方式提前通知全体监事。本次 会议由监事会主席庞莉女士召集并主持，会议应参与表决监事 3 人，实际参与表 决监事 3 人。本次会议的召集、召开及决议程序符合《中华人民共和国公司法》 和《公司章程》的规定。 二、监事会会议审议情况 经全体监事认真审议后，通过了如下决议： （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司 2025 年半年度募集资金存放与使用情况符合相关法律法 规的要求，对募集资金 ...

Core Viewpoint - The company, Bixing Wulian, announced the approval of several proposals, including the 2025 semi-annual report and its summary, during the 11th meeting of the second supervisory board [2] Group 1 - The company held its 11th meeting of the second supervisory board on August 26 [2] - The meeting resulted in the approval of the 2025 semi-annual report and its summary [2]

Core Viewpoint - The company reported a revenue of 111 million yuan for the first half of the year, reflecting an 11.16% year-on-year growth, driven by the growth in existing environmental monitoring instruments and digital public security business, despite facing challenges in high-margin product sales due to weakened demand in the environmental monitoring industry [2] Group 1: Financial Performance - The company incurred a loss of 23.91 million yuan in the first half of the year [2] - Research and development expenses reached 21.97 million yuan, marking a 22.38% increase year-on-year, with the revenue share rising to 19.74% [2] Group 2: Business Development - The company focused on key provinces and central special fund projects, successfully winning multiple provincial water station operation projects in Guangdong, Ningxia, Yunnan, Fujian, and Liaoning [3] - The company secured contracts for surface water construction in Honghu City and groundwater environmental monitoring in Fujian, and initiated groundwater pilot projects with Hainan's ecological monitoring center [3] - The company was awarded the online monitoring data service procurement project in Shenzhen, further demonstrating its technical advantages in the water resources sector [3] Group 3: Technological Advancements - The company has developed a "Three Intelligences Integration" system, transitioning from passive response to proactive prevention in ecological governance [3] - The company has completed the initial development of smart equipment systems, including intelligent water stations, sampling, and laboratories, in line with national strategies [3] Group 4: Operational Efficiency - The company is enhancing cost control and promoting quality improvement across various business segments to ensure steady development [4]

Core Points - Company reported a revenue of 111 million yuan for the first half of 2025, representing a year-on-year growth of 11.16% [1] - However, the company faced challenges in profitability, with a total profit of -29.68 million yuan, compared to -9.13 million yuan in the same period last year [1] - The net profit attributable to shareholders was -23.91 million yuan, worsening from -6.01 million yuan year-on-year [1] Revenue and Profitability - Revenue growth was primarily driven by the recognition of income from existing environmental monitoring instruments and digital public security business [1] - Sales of high-margin products faced pressure, and delays in customer project progress led to increased costs [1] - The increase in bad debt provisions for accounts receivable significantly impacted net profit [1] Cash Flow and Accounts Receivable - The net cash flow from operating activities was -47.51 million yuan, a decline from 129 million yuan in the same period last year [2] - A high proportion of accounts receivable aged over one year indicates significant capital occupation, which could affect operational cash flow if not managed properly [2] - The company also has a large inventory scale, which needs effective control to maintain reasonable turnover rates [2] Assets and Equity - As of June 30, 2025, the total assets of the company were 1.36 billion yuan, a decrease of 1.57% from the end of the previous year [2] - The net assets attributable to shareholders were 1.08 billion yuan, down 2.00% from the end of the previous year [2] Industry Outlook - The environmental monitoring industry is rapidly developing, and the company must maintain continuous technological innovation and market expansion to avoid declining competitiveness and market share [2]