证券代码：688671 证券简称：碧兴物联 上海荣正企业咨询服务（集团）股份有限公司 关于 碧兴物联科技（深圳）股份有限公司 2024 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 2025 年 5 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、独立财务顾问意见 6 | | 五、备查文件及咨询方式 12 | | 碧兴物联、本公司、公司、上市 公司 | 指 | 碧兴物联科技（深圳）股份有限公司 | | --- | --- | --- | | 本激励计划、本计划 | 指 | 碧兴物联科技（深圳）股份有限公司 2024 年限制性 | | | | 股票激励计划 | | 限制性股票、第二类限制性股票 | 指 | 符合本激励计划授予条件的激励对象，在满足相应获 | | | | 益条件后分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的公司董事、 高级管理人员、中层管理人员及核心技术（业务）人 | | | | 员 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期 | | 授予价格 | 指 | 公司授 ...

及作废部分已授予尚未归属的限制性股票事项的 2024 年限制性股票激励计划调整授予价格、 授予预留限制性股票 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 关于碧兴物联科技（深圳）股份有限公司 法律意见书 致：碧兴物联科技（深圳）股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）接受碧兴物联科技（深 圳）股份有限公司（以下简称"公司"或"碧兴物联"）的委托，担任公司 2024 年限制性股票激励计划（以下简称"本次激励计划"）相关事宜的专项法律顾问， 于 2024 年 5 月 13 日就本次激励计划出具《北京市中伦（深圳）律师事务所关 于碧兴物联科技（深圳）股份有限公司 2024 年限制性股票激励计划（草案）的 法律意见书》，于 2024 年 6 月 6 日就本次激励计划出具《北京市中伦（深圳） 律师事务所关于碧兴物联科技（深圳）股份有限公司 2024 年限制性股票激励计 划首次授予相关事项的法律意见书》。 本所律师根据《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》"）、中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公 ...

证券代码：688671 证券简称：碧兴物联 公告编号：2025-029 碧兴物联科技（深圳）股份有限公司 关于部分募投项目延期的公告 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。 碧兴物联科技（深圳）股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日召 开第二届董事会第十一次会议及第二届监事会第十次会议，审议通过了《关于部分募投 项目延期的议案》，同意公司将首次公开发行股票募集资金投资项目（以下简称"募投 项目"）"智慧生态环境大数据服务项目"和"智慧水务大数据溯源分析服务项目"达 到预定可使用状态时间延长至 2026 年 8 月。本次延期不涉及募投项目实施主体、募集 资金投资用途及投资规模的变更。保荐机构国联民生证券承销保荐有限公司（以下简称 "保荐机构"）对本事项出具了明确同意的核查意见。本事项无需提交公司股东大会审 议。现将相关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意碧兴物联科技（深圳）股份有限公司首次公 开发行股票注册的批复》（证监许可[2023]1009 号）同意注册 ...

证券代码：688671 证券简称：碧兴物联 公告编号：2025-025 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监事。 本次会议由公司监事会主席庞莉女士召集，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《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》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：调整 2024 年限制性股票激励计划限制性股票授予价格的事项 符合有关法律、法规及公司 2024 年限制性股票激励计划的相关规定，不存在损 害股东利益的情况，监事会同意公司此次调整事项。 碧兴物联科技（深圳）股份有限公司 第二届监事会第十次会议决议公告 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 （三）审 ...

（3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； 碧兴物联科技（深圳）股份有限公司监事会 关于 2024 年限制性股票激励计划预留授予 激励对象名单（预留授予日）的核查意见 碧兴物联科技（深圳）股份有限公司（以下简称"公司"）监事会依据《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"《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、规章及 规范性文件和《碧兴物联科技（深圳）股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，对公司本次限制性股票激励计划预留授予的激励对象名单（预 留授予日）进行了核查，发表核查意见如下： 1、本次股权激励计划预留授予激励对象均不存在《管理办法》第八条规定 的不得成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2） ...

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].

导读： 碧兴物联2024年营收3.29亿元，同比下降5.91%，净利润亏损0.39亿元，同比下降264.92%，主要受行业需求减弱、项目进度放缓及新业务培育期等因素 影响。 2 0 2 4年度公司实现营业收入3 . 2 9亿元，同比上年下降5 . 9 1%，归属于母公司股东净利润- 0 . 3 9元，同比下降2 6 4 . 9 2%。主要系受行业市场需求偏 弱，部分客户财政资金紧张，在执行订单部分项目工程实施进度推进缓慢；而数字农业、数字水利水务等新业务增长尚需一定的周期等综合因 素影响，公司经营业绩不及上年，由盈转亏。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 | | | | | 里应: 元 巾神:人民巾 | | --- | --- | --- | --- | --- | | | | | 本期比 上年同 | | | 主要会计数据 | 2024年 | 2023年 | 期增减 | 2022年 | | | | | (%) | | | 营业收入 | 329, 358, 434. 20 | 350. 043. 672. 31 | -5. 91 ...

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]