证券代码：688671 证券简称：碧兴物联 公告编号：2025-024 碧兴物联科技（深圳）股份有限公司 第二届董事会第十一次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 碧兴物联科技（深圳）股份有限公司（以下简称"公司"）第二届董事会 第十一次会议于 2025 年 5 月 23 日以通讯方式召开。本次会议已提前通知全体 董事。本次会议由公司董事长何愿平先生召集，会议应参与表决董事 7 人，实 际参与表决董事 7 人。本次会议的召集、召开及决议程序符合《公司法》和 《公司章程》的规定。 二、董事会会议审议情况 经全体董事认真审议后，通过如下决议： （一）审议通过《关于调整 2024 年限制性股票激励计划限制性股票授予价 格的议案》 因公司实施了 2023 年年度权益分派，根据公司《2024 年限制性股票激励 计划（草案）》规定，对限制性股票授予价格进行调整。本次调整完成后，公 司 2024 年限制性股票激励计划限制性股票授予价格由 14.09 元/股调整为 14.00 元/股。 本议案已 ...

Core Viewpoint - The company, Bixing Wulian, has faced significant financial challenges post-IPO, including declining revenues, increasing losses, and lack of progress on fundraising projects, raising concerns about its operational viability and financial health [1][2][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 329 million yuan, a year-on-year decline of 5.91%, marking three consecutive years of revenue decrease [1]. - The net profit attributable to shareholders was -39 million yuan, a staggering year-on-year decline of 264.92% [1]. - The company's gross margin has significantly decreased post-IPO, with a drop of approximately 7 percentage points in both 2023 and 2024 compared to pre-IPO levels [4][6]. Group 2: Gross Margin Comparison - Bixing Wulian's gross margin was over 30% during the IPO application period (2020-2022) but fell sharply after listing, contrasting with peers who maintained stable or slightly improved margins [4][5]. - In 2024, Bixing Wulian's gross margin was reported at 24.31%, significantly lower than its competitors [5][6]. Group 3: Accounts Receivable Issues - The company has seen a substantial increase in overdue accounts receivable, with 65% of accounts over one year old by the end of 2024, raising concerns about the collectability of these receivables [10][12]. - The company reported a credit impairment loss of 37.76 million yuan in 2024, primarily due to delayed payments from clients, particularly local governments [7][10]. Group 4: Fundraising and Project Progress - Bixing Wulian raised 623 million yuan through its IPO, exceeding its target by 51%, but only 6% of the funds had been utilized for project development by the end of 2024 [14][16]. - The company has made little to no progress on its major fundraising projects, with some projects showing 0% investment completion [16][17]. Group 5: Regulatory Scrutiny and Management Changes - The company has faced regulatory scrutiny, receiving multiple inquiries from the Shenzhen Securities Regulatory Bureau and the Shanghai Stock Exchange regarding its financial disclosures and performance [18][20]. - The financial director resigned shortly after the release of the 2024 annual report, indicating potential internal issues within the management team [21]. Group 6: Continued Losses - In the first quarter of 2025, the company reported a revenue of 52.83 million yuan, a year-on-year increase of 9.25%, but still incurred a net loss of 10.22 million yuan, marking the seventh consecutive quarter of losses [24].

Core Viewpoint - The environmental monitoring market is expanding continuously, driven by policy support, technological advancements, and increased environmental awareness, leading to intensified competition and accelerated domestic substitution in the industry [2][3]. Market Overview - The environmental monitoring market is experiencing steady growth, with significant developments in sub-sectors such as carbon monitoring, water ecological monitoring, and pollution source monitoring, attracting numerous companies to compete [3]. - The competitive landscape is characterized by a diversification of players, with large enterprises dominating the high-end market through advanced technology and service innovation, while small and medium-sized enterprises compete in the mid-to-low-end market by enhancing cost performance and after-sales service [3][8]. Financial Performance of Listed Companies - A review of eight representative listed companies in the environmental monitoring sector reveals a clear polarization in financial performance, with some companies like 聚光科技 achieving significant revenue and profit growth, while others like 先河环保 and 蓝盾光电 face substantial losses [8][10]. - 聚光科技 reported a revenue of 36.14 billion and a net profit of 2.07 billion, with a net profit growth of 164.11% [6]. - In contrast, 先河环保 reported a net loss of 1.52 billion, reflecting a decline of over 200% [8]. Business Composition and Margins - Most companies exhibit high gross margins, with 聚光科技's instrument and related software business achieving a gross margin of 48.50% [9]. - 四方光电's gas sensor business accounts for 75.83% of its revenue, with a gross margin of 41.13%, indicating strong product competitiveness in its niche [9]. Industry Trends and Opportunities - The ecological environment monitoring industry is set to benefit from the modernization of monitoring systems, the integration of digital technologies, and the increasing demand for carbon monitoring services due to climate change initiatives [15][17]. - The trend of domestic substitution is accelerating, with local companies overcoming key technological barriers and gaining recognition in government procurement and monitoring sectors [17].

Core Viewpoint - The company reported a revenue of 329 million yuan in 2024, a year-on-year decrease of 5.91%, and a net profit loss of 39 million yuan, a decline of 264.92%, primarily due to weakened industry demand, project delays, and the nurturing period of new businesses [2][3]. Financial Performance - Revenue for 2024 was 329,358,434.20 yuan, down from 350,043,672.31 yuan in 2023, reflecting a decrease of 5.91% [4][7]. - The net profit attributable to shareholders was -38,546,083.85 yuan, compared to a profit of 23,371,981.23 yuan in the previous year, marking a decline of 264.92% [4][5]. - The net profit after excluding non-recurring gains and losses fell by 601.42% [5]. - Operating cash flow turned positive at 188,267,936.18 yuan, a significant improvement from a negative cash flow of -251,313,462.47 yuan in the previous year [6][7]. Cost and Expense Analysis - Operating costs increased to 249,312,245.26 yuan, up 4.52% from the previous year [7]. - Research and development expenses rose by 25.41% to 41,617,857.26 yuan, reflecting increased investment in R&D [7][12]. - Management expenses increased by 5.50% due to the hiring of senior management personnel [7][10]. - Financial expenses decreased significantly due to increased returns from idle funds invested in bank financial products [7][11]. Business Segment Performance - The digital ecological sector, which includes environmental monitoring instruments and systems, saw a revenue decline of 5.90% [14]. - The digital agriculture and digital water management sectors are still in their nurturing phase, contributing to higher costs and lower revenues [8][14]. - The company’s main products include water quality monitoring instruments, gas monitoring instruments, and environmental monitoring big data systems [13]. Regional Performance - Revenue from the Northeast region increased by 54.33%, while the North China region saw a decrease of 7.09% [15]. - The East China region experienced a significant drop in revenue by 73.55% [15]. Sales Model Analysis - Direct sales revenue increased by 11.18%, while indirect sales revenue decreased by 31.13% [15].

Core Viewpoint - Bixing Wulian's performance has drastically changed post-IPO, raising questions about the authenticity of its financial data and potential irregularities surrounding its listing [1][2][4] Group 1: Performance and Financial Data - Bixing Wulian reported a revenue of 329 million yuan in 2024, a decrease of 5.91% year-on-year, and a net loss of 38.54 million yuan, a decline of 264.92% [2] - The company experienced a significant performance drop after its IPO, with a net loss of 10.22 million yuan in Q1 2024, a decrease of 443.46% year-on-year [2] - The company has faced continuous regulatory inquiries since its listing, indicating concerns about the authenticity of its financial data [2][4] Group 2: IPO and Valuation Concerns - Bixing Wulian's IPO was marked by a significant valuation increase, with a registered capital increase from 53 million yuan to 58.89 million yuan, raising its valuation to approximately 900 million yuan [9][10] - The company’s financial performance prior to its IPO showed substantial growth, with revenue growth rates of 13.52% and 40.3% in 2020 and 2021, respectively [4] - There are discrepancies between Bixing Wulian's reported data and that of its industry peers, raising questions about the accuracy of its financial disclosures [7] Group 3: Customer Relationships and Transactions - Shanghai Koze became Bixing Wulian's largest customer in 2022, contributing 57.69 million yuan in sales, which accounted for 12.21% of total revenue [18] - There are concerns regarding the high performance bond ratios in contracts with Shanghai Koze, which exceed standard industry practices [24][25] - Bixing Wulian's relationship with former employees who now work for Shanghai Koze raises potential conflicts of interest and questions about the legitimacy of business dealings [20][21] Group 4: Regulatory and Compliance Issues - The company has faced criticism from regulators for its slow project progress and failure to disclose significant contracts in a timely manner [30] - Bixing Wulian's core investment projects have seen minimal progress, with completion rates of 0% and 6.57% for key initiatives as of the end of 2024 [30] - The company has been subject to public criticism and regulatory scrutiny due to its financial practices and governance issues [30]

证券代码：688671 证券简称：碧兴物联 公告编号：2025-023 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 7 日(星期三)至 5 月 13 日(星期二)16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@bx-tec.com 进行 提问。公司将在说明会上对投资者普遍关注的问题进行回答。 碧兴物联科技(深圳)股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日在《上海证券报》《证券时报》及上海证券交易所网站（www.sse.com.cn） 披露公司《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 14 日（星期三） 上午 09:00-10:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行 交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第一季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 ...

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 2024 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 根据贵所出具的《关于碧兴物联科技（深圳）股份有限公司 2024 年年度报 告的信息披露监管问询函》(上证科创公函【2025】0051 号)(以下简称"年报问 询函")的要求，国联民生证券承销保荐有限公司(以下简称"持续督导机构") 作为碧兴物联科技（深圳）股份有限公司(以下简称"碧兴物联"或"公司") 首次公开发行股票并在科创板上市的保荐机构，会同公司及相关中介机构，就年 报问询函提及的事项逐项进行了认真讨论、核查与落实，并出具了明确的核查意 见如下： 一、关于经营业绩 1、近三年环境监测仪器及系统业务前五大客户名称、合同金额、履约进度、 收入确认情况、销售模式及终端销售情况、期后回款情况 第 2页 近三年环境监测仪器及系统业务前五大客户情况如下： | | | | | 年度 2024 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 客户名称 | 合同金额 | 履约进度 | 收入确 ...

关于碧兴物联科技（深圳）股份有限公司 2024 年年度报告的信息披露监管问询函 的专项说明 信会师函字[2025]第ZL003号 立信会计师事务所(特殊普通合伙) O CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS I 贵所于 2025年4月17日出具的《关于碧兴物联科技(深圳)股 份有限公司 2024年年度报告的信息披露监管问询函》(上证科创公 函〔2025〕0051 号,以下简称"问询函")已收悉。立信会计师事务所 (特殊普通合伙)(以下简称"本所"、"年报会计师"、"会计师")作 为碧兴物联科技(深圳)股份有限公司(以下简称"碧兴物联"或"公 司")的2024年度年审会计师,我们对问询函中的相关问题逐项进行 了认真核查落实。现将有关问题出具专项说明如下: 问询函的回复 第1页 一、关于经营业绩 1、关于环境监测仪器及系统业务。 2022-2024 年，公司环境监测仪器及系统业务分别实现收入 3.31 亿元、2.03 亿元 和 1.36 亿元,近 2 年分别同比下滑 38.55%、32.93%，且占公司总收入的比重从 70% 下滑到 41.38%;毛利率分别为 ...

特别风险提示： 碧兴物联科技（深圳）股份有限公司 1、公司环境监测仪器及系统业务收入持续下滑的风险 证券代码：688671 证券简称：碧兴物联 公告编号：2025-022 关于 2024 年年度报告的信息披露监管问询函回复公告 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、准确性和完整性承担法律责任。 公司环境监测仪器及系统业务的终端客户以政府类客户为主，受整体经济放 缓以及产品处在行业所需的升级转型阶段的影响较大。2023 年以来客户新建项 目减少，公司承接的环境监测仪器及系统业务项目数量和规模有所减少，进而导 致相应业务收入持续下滑。如未来行业需求复苏或产品升级情况未达预期，市场 需求未能持续增长导致行业竞争进一步加剧，公司环境监测仪器及系统业务收入 将面临持续下滑的风险。 2、公司部分募投项目延期的风险 公司智慧生态环境大数据服务和智慧水务大数据溯源分析服务两个募投项 目受限于当前的行业环境，目前投入比例较低，存在不能如期完成并申请延期的 风险。 碧兴物联科技（深圳）股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日收到上海证券交易 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688671 证券简称：碧兴物联 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □ ...