Investment Rating - The report rates the environmental industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][10]. Core Insights - Municipal water services are operating steadily, with some companies benefiting from strategic expansion and adjustments in sewage treatment pricing. However, the overall demand for sewage engineering is declining, leading to a forecasted slight decrease in engineering business [3]. - The waste incineration sector is stable, but performance varies among companies due to factors such as historical electricity revenue recognition and increased depreciation from new capacity. Major companies are expected to show varied net profit growth in Q1-Q2 2025 [3]. - The sanitation market remains stable, with no significant profit contribution from automation technologies yet. Major companies are expected to see steady net profit growth [3]. - Equipment performance is diverging due to different downstream impacts. Conventional equipment companies may face margin pressure, while power environmental equipment is benefiting from increased demand [3]. Summary by Category Municipal Water Services - Overall operations are stable, with net profit growth expected for major companies: Tianyuan Environmental (+50%), Xingrong Environment (+8%), and Hongcheng Environment (+4%) in Q1-Q2 2025 [3][4]. Waste Incineration - The sector is stable, with varied net profit growth: Huanlan Environment (+1%), Junxin Co. (+42%), Green Power (+25%), Chengfa Environment (+10%), and Yongxing Co. (+7%) [3][4]. Sanitation - The sanitation market is stable, with expected net profit growth for major companies: Yingfeng Environment (+5%) and Yuhua Tian (+7%) [3][4]. Equipment - Conventional equipment companies are facing competitive pressure, with expected declines in net profit growth: Jingjin Equipment (-15%). In contrast, power environmental equipment companies are seeing significant growth: Qingda Environmental (+359%) and water treatment equipment companies like Wotton Technology (+23%) [3][4]. Investment Recommendations - Municipal environmental companies are recommended for their stable profitability and improving cash flow, including Junxin Co., Huanlan Environment, Xingrong Environment, Green Power, Hongcheng Environment, Yongxing Co., Yuehai Investment, and Guangda Environment [3]. - Companies in the unmanned sanitation sector, such as Yingfeng Environment and Yuhua Tian, are recommended for their potential in digital transformation [3]. - SAF suppliers and raw material providers are highlighted for their growth potential due to EU policies [3]. - Wotton Technology is recommended for its ongoing import substitution in reverse osmosis membranes [3].

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Core Viewpoint - The water treatment membrane industry in China is experiencing significant growth, driven by increasing demand for wastewater treatment and seawater desalination, supported by government policies and technological advancements [1][6][13]. Industry Overview - Water treatment membranes are selective separation materials used for purifying and concentrating wastewater without the need for chemical additives [4]. - The market size of China's water treatment membrane industry is projected to grow from 26.9 billion yuan in 2019 to 45.6 billion yuan by 2024, indicating strong downstream market demand [1][13]. - The industry is categorized into various types of membranes, including microfiltration, ultrafiltration, nanofiltration, and reverse osmosis, with reverse osmosis holding a 45% market share [15][17]. Market Dynamics - The demand for water treatment membranes is increasing due to urbanization, industrialization, and the rising need for wastewater treatment and recycled water production [1][13]. - The number and scale of seawater desalination projects are also contributing to the growing demand for water treatment membranes [1][13]. Competitive Landscape - The Chinese water treatment membrane market is characterized by a domestic-led structure, with domestic companies holding 78% of the market share, while foreign and joint ventures account for 10% and 12%, respectively [19]. - Key domestic players include Beijing OriginWater Technology Co., Ltd., Waton Technology Co., Ltd., Tianjin Membrane Technology Co., Ltd., and others [19][20]. Policy Support - The Chinese government has implemented various policies to support the development of the water treatment membrane industry, including the "Action Plan for Seawater Desalination Utilization (2021-2025)" and other initiatives aimed at enhancing wastewater treatment technologies [6][8][26]. - These policies are designed to promote technological advancements and increase the application of high-performance membrane materials [6][26]. Future Trends - The industry is expected to see continuous technological innovation, with new materials and manufacturing processes emerging, such as nano-porous membranes and organic/inorganic composite membranes [25]. - The demand for water treatment membranes is anticipated to grow in emerging sectors like photovoltaic and lithium battery industries, which require high-purity water for production processes [27].

Group 1 - CITIC Construction Investment has received approval from the China Securities Regulatory Commission to issue perpetual subordinated bonds with a total face value of no more than 20 billion yuan [1] - Bluefocus Technology has received a loan commitment of up to 900 million yuan from CITIC Bank for stock repurchase [1] - Huaren Pharmaceutical's subsidiary has received approval for the listing of Bumetanide raw materials, which are used to treat severe heart failure and hypertension emergencies [3] Group 2 - Betta Pharmaceuticals has received approval for the listing of Enasidenib capsules in Macau, aimed at treating ALK-positive locally advanced or metastatic non-small cell lung cancer [4] - Juewei Food plans to use 110 million yuan of idle fundraising for cash management, with an expected annual yield of 1.00%-1.89% [6] - China Huadian has successfully completed the issuance of 1 billion yuan medium-term notes with a coupon rate of 1.95% [9] Group 3 - Fosun Pharma's subsidiary has received a GMP certificate from the Belgian Federal Agency for Medicines and Health Products for the production facilities of two monoclonal antibodies [11] - China Nuclear Engineering has signed a civil engineering contract for the Taishan Nuclear Power Units 3 and 4 [13] - Kanglongda has faced administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to the failure of performance commitment parties to fulfill compensation obligations [15] Group 4 - Gaoling Information has received three invention patent certificates in the second quarter, covering various technological fields [16] - Weimais plans to use 190 million yuan of excess fundraising to increase capital in its subsidiary for building a new energy vehicle powertrain production base [17] - Huazhong Technology has received a project designation notice from a leading eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [19] Group 5 - Madi Technology expects a net profit of 25 million to 27 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [19] - Dazhong Mining's subsidiary has obtained a mining license for the Zhouyoufang Iron Mine, increasing production capacity to 6.5 million tons per year [20] - Zhongguancun's subsidiary has had its application for the listing of Arolol hydrochloride tablets accepted by the National Medical Products Administration [21] Group 6 - Tianhong Co. has signed a property management contract worth 15 million yuan with a local company [22] - Dong'an Power has secured nine new market designation agreements in the second quarter, with a projected total sales volume of 1.5 million units [24] - Zhujiang Co. has appointed Zhao Kun as the new deputy general manager [25] Group 7 - Jinyi Industrial has won a bid for a project worth 335 million yuan from the China Railway Shanghai Bureau Group [26] - Kangchen Pharmaceutical has received a clinical trial notification for its innovative drug KC1086, aimed at treating advanced solid tumors [27] - Changhua Group has received a project designation notice from a new energy vehicle company, with an expected total sales amount of 970 million yuan [29] Group 8 - Lingxiao Pump Industry plans to use 60 million yuan of idle funds to purchase financial products [31] - Mould Technology has received a project designation for exterior parts from a well-known North American electric vehicle company, with an expected total sales of 1.236 billion yuan [34] - Fulongma has pre-bid for five sanitation service projects in June, with a total contract amount of 181 million yuan [35] Group 9 - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange [36] - *ST Yuancheng is under investigation by the CSRC for suspected false financial disclosures [37] - Beilu Pharmaceutical's subsidiary has received approval for the listing of Iopamidol raw materials [38] Group 10 - Zhejiang Liming's shareholder plans to reduce their stake by up to 2.93% [39] - Zhejiang Liming's actual controller has committed not to reduce their holdings within a year [40] - SAIC Motor reported a total vehicle sales of 2.0526 million units in the first half of 2025, a year-on-year increase of 12.35% [41] Group 11 - Xinhongcheng expects a net profit increase of 50%-70% for the first half of 2025 [42] - Xianhe Co. plans to invest 11 billion yuan in a bamboo pulp paper integrated project [42] - Great Wall Motors reported a total vehicle sales of 569,800 units in the first half of 2025, a year-on-year increase of 1.81% [43] Group 12 - Dongfeng Co. received a government subsidy of 10 million yuan [44] - Zhongke Environmental Protection has acquired two water environmental companies in Guangxi for a total of 353 million yuan [45] - Anji Food's H-share public offering is priced at 60 Hong Kong dollars per share [46]

以上数据源自公司内部合同金额统计，各项目交付周期差异较 大，不能以此直接推算公司本年度营业收入、净利润等财务数据。合 同可能根据客户需求或项目实际情况发生一定变动，也可能因统计口 径差异、税收等各种因素导致财务核算存在一定差异。以上数据仅供 投资者及时了解公司膜分离工程业务日常经营概况，公司财务数据以 公司披露的定期报告为准。敬请广大投资者理性投资，注意投资风险。 关于膜分离工程业务日常经营性合同情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 沃顿科技股份有限公司（以下简称"公司"）2025 年 4 月至 2025 年 6 月新签订的膜分离工程业务合同金额为人民币 650.33 万元。具 体情况如下： | 序号 | 应用领域 | 合同金额（万元） | | --- | --- | --- | | 1 | 膜法浓缩分离——盐湖提锂 | 180.00 | | 2 | 膜法工业废水处理及资源化利用——磷酸铁 | 342.36 | | 3 | 其他 | 127.97 | | | 合计 | 650.33 | 证券代码：000920 证券简称：沃顿科技 公告编号 ...

投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑现场参观 □其他 参与单位 名称 西部证券 时间 6 月 16 日 地点 公司会议室 上市公司 接待人员 姓名 证券事务代表 宋伟女士 投关事务经理 严珮文女士 投资者关 系活动主 要内容 1. 公司的业务情况介绍。 公司目前业务主要分为三个板块：一、核心膜业务，主要为反渗透膜、纳 滤膜、超滤膜等分离膜产品的研发、制造和销售，公司膜产品应用领域广 泛，产品已销往 130 多个国家和地区；二、膜分离工程业务，依托公司膜 技术优势向下游延伸，开展膜分离技术推广和应用，主要包括提供膜分离 技术应用方案、膜集成设备及项目的全过程服务和项目运营维护服务；三、 植物纤维业务，主要为植物纤维弹性材料及制品、健康环保家具寝具、棕 榈综合开发产品的研发、制造及销售，产品包括棕纤维床垫、枕头、成品 家具、全屋定制家具等。 2. 各业务板块在公司营业收入的占比情况介绍。 2024 年，公司膜产品收入达 10.33 亿元；植物纤维产品贡献了 4.497 亿元 收入；膜分离工程业务实现 1.56 亿元收入。从收入构成来看，膜产品 ...

Core Points - The profit distribution plan for the fiscal year 2024 has been approved by the shareholders' meeting held on April 23, 2025, with a cash dividend of 1.47 RMB per 10 shares, totaling approximately 69.48 million RMB [1][2] - The distribution will be based on the total share capital of 472,621,118 shares as of the end of 2024, and the plan will be adjusted if there are changes in the share capital before implementation [1][2] - The dividend will be distributed to all shareholders registered by June 18, 2025, with the payment date set for June 19, 2025 [2][3] Profit Distribution Details - The cash dividend of 1.47 RMB per 10 shares is inclusive of tax, with different tax treatments for various types of shareholders [1][2] - For overseas institutions and certain individual shareholders, the net dividend after tax will be 1.323 RMB per 10 shares [1][2] - The tax rates for dividends vary based on the holding period of the shares, with specific amounts outlined for different durations [2] Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their custodial securities companies on the payment date [2][3] - The company will bear all legal responsibilities for any insufficient cash dividends during the distribution process [2][4] Consultation Information - Shareholders can consult the board office for any inquiries regarding the dividend distribution [3][4]

沃顿科技股份有限公司 证券代码：000920 证券简称：沃顿科技 公告编号：2025-036 2024 年年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股东会审议通过利润分配方案情况 （一）沃顿科技股份有限公司（以下简称"公司"）2024 年度利润 分配方案已经 2025 年 4 月 23 日召开的 2024 年度股东会审议通过， 利润分配方案为：以公司 2024 年末总股本 472,621,118 股为基数，向 全体股东每 10 股派 1.47 元（含税），不以公积金转增股本，预计分 红金额 69,475,304.35 元，利润分配预案实施前，公司股本若发生变 动，将按照分配总额不变的原则对分配比例进行调整。 （二）自分配方案披露至实施期间公司股本总额未发生变化。 （三）本次实施的分配方案与股东会审议通过的分配方案及其调 整原则一致。 （四）本次实施分配方案距离股东会审议通过的时间未超过两个 月。 二、本次实施的利润分配方案 公司 2024 年度利润分配方案为：以公司现有总股本 472,621,118 股为基数，向全体股东每 10 ...

Core Insights - The ultrafiltration membrane industry is experiencing significant growth driven by increasing water quality demands and environmental awareness, with the market size in China projected to reach 6.8 billion yuan in 2024, representing a year-on-year growth of 9.68% [1][12]. Industry Overview - Ultrafiltration membranes are polymer separation membranes with a pore size typically ranging from 0.001 to 0.1 microns, capable of retaining particles larger than 10 nanometers while allowing water and small solutes to pass through [1][4]. - The industry has evolved through three main stages: initial exploration in the 1970s-80s, industrial breakthroughs in the 1990s-early 2000s, and rapid growth from the early 21st century to present [4][5]. Market Dynamics - The demand for ultrafiltration membranes is increasing in municipal water supply, wastewater treatment, and seawater desalination, as well as in the food and beverage and biopharmaceutical sectors [1][12]. - The urban sewage treatment capacity in China reached 234 million cubic meters per day in 2023, a year-on-year increase of 4.80%, highlighting the growing need for effective wastewater treatment solutions [10]. Industry Chain - The ultrafiltration membrane industry supply chain includes upstream raw materials (organic and inorganic materials), midstream manufacturing, and downstream applications in various sectors such as wastewater treatment, municipal water purification, and food and beverage [8]. Key Players - Major companies in the ultrafiltration membrane sector include Hainan Lifespan, Le Pure Biotechnology, and Beijing Sino, which are leveraging technological advancements to enhance their market positions [14][16]. - Hainan Lifespan has established itself as a leader with a production capacity of 30 million square meters annually, accounting for nearly half of global production [14][16]. Development Trends - The industry is witnessing technological innovations, such as Le Pure's Extreme™ PVDF membrane, which achieves a 99.9999% microbial retention rate, and advancements in membrane materials that enhance performance and sustainability [20][21]. - Market demand is shifting towards industrial wastewater treatment, municipal water supply improvements, and home water purification systems, with increasing consumer preferences for selective filtration products [21][22]. - Chinese ultrafiltration membrane companies are expanding globally, with initiatives to establish overseas production bases and participate in international standard-setting, enhancing their competitive edge [23].

Group 1: Business Overview - The industrial membrane currently accounts for approximately 70% of the company's membrane business revenue [1] - The company's membrane products are exported to over 130 countries and regions, projected to account for about 30% of total revenue in 2024 [2] Group 2: Product Applications - Household reverse osmosis membrane products are widely used in home health water applications, focusing on high-quality needs for sensitive users such as infants and the elderly [1] - The company is actively collaborating with application enterprises to accelerate the domestic substitution process of ultra-pure water key materials [2] Group 3: Financial Performance - In the first quarter, the company reported an operating income of 363 million yuan, an increase of 8.43% year-on-year [2] - The net profit attributable to the parent company was 44.45 million yuan, reflecting a year-on-year growth of 30.35% [2] - The average gross margin in the first quarter increased by 1.66% compared to previous periods, driven by the growth in membrane material sales [2] Group 4: Impact of Tariffs - The revenue from products directly exported to the United States is minimal, thus changes in China-U.S. tariff policies have a limited impact on the company's operations [1]