证券代码：300070 证券简称：碧水源 北京碧水源科技股份有限公司投资者关系活动记录表 编号：2026-002 | | ■特定对象调研 分析师会议 媒体采访 业绩说明会 | | --- | --- | | 投资者关系活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参会人员 | 磊石资本(Stone Venture) | | 时间 2026 年 | 3 月 30 日(周一)13:30-16:00 | | 地点 | 北京碧水源膜科技有限公司 | | 上市公司接待人员 | 碧水源董事会秘书；碧水源膜科技首席科学家；碧水源证券事务代表 | | | 欢迎来到碧水源膜科技调研，我先简要介绍一下公司整体情况，后续可进 | | | 一步交流。碧水源成立于 2001 年，是中关村国家自主创新示范区的高新技术企 | | 业。2010 | 年，公司在深交所创业板上市，也是当时中关村自主创新板块里的代 | | | 表性企业，属于创业板龙头企业之一。2020 年 9 月，央企中交集团旗下的中国 | | | 城乡控股碧水源，公司实际控制人也变更为国务院国资委，碧水源由此进入了 | | ...

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Views - The environmental protection industry is experiencing significant growth, with companies like Longjing Environmental and Guangda Environment showing substantial increases in revenue and profit [1][6]. - The report emphasizes the importance of cash flow and green value in the waste-to-energy sector, highlighting the potential for growth in overseas markets [1][6]. - The report outlines a strategic focus on energy-saving equipment and industrial green transformation, driven by government policies and market dynamics [9][10]. Industry Trends - The report notes a 34% increase in Longjing Environmental's profit, with a revenue of 11.1 billion yuan, reflecting a strong performance despite impairment losses [1][6]. - Guangda Environment's revenue structure is shifting, with operational income increasing to 72% of total revenue, while construction income has decreased significantly [1][6]. - The report highlights the rising prices of biofuels, particularly bio-jet fuel, which has seen a 24.4% increase in Europe and a 4.7% increase in China [19][20]. Company Performance - Longjing Environmental's revenue for 2025 is reported at 11.9 billion yuan, a 43% increase after accounting for impairment [1][6]. - Guangda Environment's financial expenses have decreased, contributing to a net profit increase of 16% [1][6]. - The report recommends several companies for investment, including Longjing Environmental, Guangda Environment, and others, based on their growth potential and market positioning [1][6]. Policy Tracking - The report discusses the "High-Quality Development Implementation Plan for Energy-Saving Equipment," which focuses on six key types of energy-saving equipment to support industrial green transformation [9][10]. - It emphasizes the need for optimizing energy systems and integrating artificial intelligence into energy-saving equipment to enhance efficiency and reduce carbon emissions [9][10]. Market Dynamics - The report indicates a significant increase in the sales of new energy sanitation vehicles, with a 70.9% year-on-year growth, reflecting a growing trend towards electrification in the sanitation sector [34][42]. - The report also notes a decline in lithium and cobalt prices, impacting profitability in the lithium battery recycling sector [48][49].

Group 1 - Wanhua Chemical (600309) is a global leader in the polyurethane industry, with core businesses covering MDI, TDI, and polyether polyols, while also extending into petrochemicals, new materials, and fine chemicals. The company has established a comprehensive industrial chain from raw materials to end products, maintaining a leading market share in MDI due to its scale and technological barriers. It is expanding into high-performance materials and new energy materials, aligning with the trends in new energy and high-end manufacturing, which opens up long-term growth opportunities [1][25] - Juhua Co., Ltd. (600160) is a leading enterprise in the domestic fluorochemical sector, with core businesses including fluorochemicals, chlor-alkali chemicals, and petrochemical materials. The company has a significant capacity in fluorinated refrigerants and is expanding into electronic chemicals and photovoltaic fluorinated materials, gradually breaking through overseas technological monopolies. Its comprehensive layout in the fluorochemical industry chain and strong compliance and cost advantages position it well for growth [2][26] - Satellite Chemical (002648) is a leader in the domestic acrylic acid and ester industry, focusing on acrylic acid, high polymer emulsions, and functional polymer materials. The company is accelerating its layout in photovoltaic-grade EVA and POE new energy materials, leveraging its propane dehydrogenation process to build an integrated industrial chain. Its strong cost control and alignment with the growth of the photovoltaic and lithium battery industries provide sustainable development momentum [3][27] Group 2 - Hoshine Silicon Industry (603260) is a global leader in industrial silicon and organic silicon, with core businesses covering industrial silicon, organic silicon, and graphite electrodes. The company has a leading production capacity in industrial silicon and a comprehensive product range in organic silicon, benefiting from energy-rich production bases. Its complete industrial chain layout and focus on high-purity silicon for photovoltaics align with trends in new energy and high-end manufacturing, offering significant long-term growth potential [4][28] - Adisseo (600299) is a global leader in animal nutrition additives, with core products including methionine and vitamins widely used in livestock farming. The company has established a stable supply system and significant technological and cost advantages, while also expanding into biotechnology and functional food sectors. Its stable performance and low sensitivity to macroeconomic fluctuations enhance its competitive position in the global feed additive industry [5][29] - Zhejiang Longsheng (600352) is a global leader in the dye industry, with core businesses covering dyes, intermediates, and water-reducing agents. The company has a leading market share in disperse and reactive dyes, supported by an integrated industrial chain and strong cost control. Its diversified business structure enhances risk resilience, while its expansion into hydrogen energy and environmental protection projects strengthens its competitive position in the global dye and fine chemical industry [6][30] Group 3 - Haohua Technology (600378) is a domestic leader in high-end fluorinated materials and electronic chemicals, with core businesses including fluororesins, fluororubbers, and electronic-grade chemicals. The company benefits from deep technological reserves and has achieved some degree of import substitution. Its focus on high-end chemical materials aligns with national strategic emerging industries, providing long-term growth support [7][31] - Sanmei Co., Ltd. (603379) is a key player in the domestic fluorochemical sector, focusing on refrigerants, foaming agents, and fluorinated salts. The company has established an integrated fluorochemical industrial chain and is expanding into environmentally friendly refrigerants. Its stable cash flow and strong downstream demand support its competitive position in the domestic fluorochemical market [8][32] - Meihua Biological (600873) is a global leader in the amino acid industry, with core products including monosodium glutamate and amino acids widely used in food, feed, and pharmaceuticals. The company has a leading market share in MSG and lysine, supported by its advanced fermentation technology and cost advantages. Its expansion into pharmaceutical-grade amino acids and biodegradable materials enhances its competitive position in the global amino acid and fermentation industry [9][33]

| 债券名称 | 北京碧水源科技股份有限公司 | 债券简称 | 26 碧水源 | | --- | --- | --- | --- | | | 2026 年度第三期绿色科技创新债券 | | MTN003(科创债) | | 起息日期 | 2026 年 3 月 18 日 | 债券代码 | 102680911 | | 上市日期 | 2026 年 3 月 19 日 | 发行价格 | 100 元/百元面值 | | 兑付日期 | 2028 年 3 月 18 日 | 债券期限 | 2 年 | | 计划发行 金额 | 5 亿元 | 实际发行 金额 | 5 亿元 | | 兑付方式 | 每年付息一次，到期一次还本，最后 一期利息随本金的兑付一起支付 | 票面年利 率 | 2.24% | | 主承销商 | 招商银行股份有限公司、浙商银行股份有限公司 | | | 特此公告。 北京碧水源科技股份有限公司 董事会 二〇二六年三月十八日 证券代码：300070 证券简称：碧水源 公告编号：2026-016 北京碧水源科技股份有限公司 2026年度第三期绿色科技创新债券发行结果公告 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 ...

Investment Rating - The report maintains a rating of "Add" for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies such as Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for solid waste management overseas [16][17]. - The report highlights the growth potential in the environmental protection sector driven by policy support and economic validation, particularly in areas like waste incineration and electric sanitation vehicles [25][30]. Summary by Sections Government Policy Insights - The 2026 government work report outlines a shift from energy consumption control to carbon emission control, with specific targets for reducing carbon emissions per unit of GDP [9][10]. - The report also introduces a national low-carbon transition fund to foster new growth points in hydrogen and green fuels, marking a significant policy shift [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16][17]. - Wangneng Environmental has also secured a similar project in Indonesia, indicating a growing trend of Chinese companies expanding into international waste management markets [18][19]. Industry Trends - The report notes a significant increase in the sales of electric sanitation vehicles, with a year-on-year growth of 70.9% and a penetration rate of 21.11% in 2025 [30][31]. - The prices of biofuels, including biojet fuel and biodiesel, have remained stable, indicating a steady market environment for these products [41][42]. Investment Recommendations - The report recommends focusing on companies with strong growth potential in the environmental sector, such as Longjing Environmental, Green Power, and others involved in waste management and renewable energy [25][26].

Investment Rating - The report maintains a "Buy" rating for the environmental protection industry [1]. Core Insights - The 2026 government work report emphasizes accelerating the comprehensive green transformation and constructing a new energy system, with a target of reducing carbon emissions per unit of GDP by 3.8% [9][10]. - Companies like Weiming and Wangneng have successfully won contracts for waste incineration projects in Indonesia, marking a significant step for Chinese firms in the overseas waste management market [16][17]. - The report highlights the increasing demand for low-emission transformations in key industries such as cement and coking, with specific targets set for 2026 [21][22]. Summary by Sections Government Policy and Industry Trends - The government aims to transition from energy consumption control to carbon emission control, with a target of reducing carbon emissions per unit of GDP by 3.8% in 2026 [9]. - The establishment of a national low-carbon transition fund is intended to foster new growth points in hydrogen and green fuels, with green fuels being included in the government work report for the first time [11][12]. Company Developments - Weiming Environmental has been awarded a contract for a 1500 tons/day waste incineration project in Bali, Indonesia, with a 30-year operational period [16]. - Wangneng Environment has also secured a similar project in Indonesia, indicating a robust market potential for waste-to-energy solutions in the region [17][18]. Market Performance and Recommendations - The report recommends focusing on companies such as Longjing Environmental, High Energy Environment, and Saince, which are expected to benefit from the ongoing green transformation and policy support [4]. - The environmental sanitation equipment sector is projected to see significant growth, with a 70.9% increase in sales of new energy sanitation vehicles in 2025 [30][31]. Biofuels and Recycling - Biofuel prices remain stable, with European biojet fuel averaging $2250 per ton and Chinese biojet fuel at $2150 per ton [41]. - The report notes a decrease in lithium and cobalt prices, which may enhance profitability in the lithium battery recycling sector [42].

Investment Rating - The report indicates a cautious investment outlook for the environmental and hydrogen sectors, emphasizing the importance of government support and fiscal policies in driving growth [2][14]. Core Insights - The report highlights that various provinces are focusing on carbon neutrality and pollution reduction, with significant progress in carbon reduction efforts and wastewater management [2][10]. - The hydrogen sector is entering a full industrial chain development phase, with a focus on green hydrogen production and regional collaboration [2][10]. - The report suggests that the debt resolution efforts by local governments are expected to benefit environmental companies, particularly in terms of receivables from government contracts [7][30]. Summary by Sections Carbon Neutrality - Steady progress is being made in carbon reduction, with many regions emphasizing the construction of zero-carbon parks and participating in national carbon trading markets [10][11]. - The environmental benefits are primarily linked to the restructuring of the energy system and deep decarbonization in end-use sectors, positively impacting waste incineration and biomass industries [10][11]. Water Management - Continuous efforts are being made in wastewater treatment, with specific targets set by several provinces, particularly in rural water management [10][11]. - The integration of plant and network investments is expected to support higher earnings growth for wastewater treatment companies [10][11]. Solid Waste Management - The report discusses the promotion of "waste-free cities" and the enhancement of recycling efforts, with recommendations for leading waste incineration companies [10][11]. - Opportunities are identified in the circular economy, particularly in the recycling of waste metals and plastics [10][11]. Air Quality Management - The focus for 2026 is on reducing PM2.5 concentrations and improving air quality, with coordinated control of multiple pollutants [10][11]. Hydrogen Energy - The hydrogen sector is advancing rapidly, with a focus on green electricity for hydrogen production and comprehensive development across the industrial chain [10][11]. - The report notes that various projects and technologies in the hydrogen sector are expected to progress significantly in 2026 [10][11]. Financial Outlook - The report indicates that 2026 will be a year of deepening debt resolution efforts, with local governments maintaining a cautious approach to GDP growth targets [6][18]. - The cash flow situation for the environmental sector has shown improvement, with a notable increase in operating cash flow [7][30].

致：北京碧水源科技股份有限公司 根据《中华人民共和国公司法》（以下简称"公司法"）和《上市公司股东会规 则》等法律、法规和规范性文件以及《北京碧水源科技股份有限公司章程》（以下 简称"章程"）的规定，北京市融源律师事务所（以下简称"本所"）受北京碧水源 科技股份有限公司（以下简称"碧水源公司"）委托，指派本所王海军律师、王玉 林律师列席了碧水源公司 2026 年第一次临时股东会（以下简称"本次临时股东会"）， 并就本次临时股东会进行见证，出具本见证意见。 关于北京碧水源科技股份有限公司 2026 年第一次临时股东会的 法律意见书 融源股见证字﹝2026﹞第 005 号 为出具本见证意见，本所律师审查了碧水源公司本次临时股东会的有关文件和 材料。本所律师得到碧水源公司如下保证，即其已提供了本所律师认为作为出具本 见证意见所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符 合真实、准确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本见证意见中，本所律师依法仅对本次临时股东会所涉及的召集、召开程序、 出席会议的人员资格及会议表决程序、表决结果是否符合《公司法》《上市公司股 东会规则》等法律、 ...

证券代码：300070 证券简称：碧水源 公告编号：2026-015 特别提示： 一、会议召开和出席情况 2026年2月14日，北京碧水源科技股份有限公司（以下简称"公司")董事会 以公告的方式向全体股东发出召开2026年第一次临时股东会的通知，本次会议以 现场与网络相结合的方式召开。其中，通过深圳证券交易所交易系统进行网络投 票的时间为2026年3月2日的交易时间，即9：15-9：25，9：30-11：30和13：00-15： 00。通过深圳证券交易所互联网系统投票的具体时间为2026年3月2日9：15至15： 00的任意时间。现场会议于2026年3月2日上午9：30在北京市海淀区生命科学园 路23-2号碧水源大厦会议室召开。 出席本次会议的股东及股东代表共 444 人，代表公司有表决权的股份 1,348,262,118 股，占公司有表决权股份总数的 37.20%。其中：出席现场会议的 股东及股东代表 3 人，所持有表决权股份 1,301,473,152 股，占公司有表决权股 份总数的 35.91%；参加网络投票的股东 441 人，所持有表决权股份 46,788,966 股，占公司有表决权股份总数的 1.2 ...

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。 特别提示： 证券代码：300070 证券简称：碧水源 公告编号：2026-013 北京碧水源科技股份有限公司 关于拟变更会计师事务所暨聘任公司2025年度审计机构的公告 1. 拟聘任会计师事务所：北京中天恒会计师事务所（特殊普通合伙）（以 下简称"中天恒所"）； 2. 原聘任会计师事务所：立信会计师事务所（特殊普通合伙）（以下简称 "立信所"）； 3. 变更会计师事务所的原因及前任会计师的异议情况：北京碧水源科技股 份有限公司（以下简称"公司"）原审计机构立信所因 2025 年度审计工作任务 繁重及整体工作安排等原因，预计无法为公司提供 2025 年度财务报告及内部控 制审计服务，向公司提出辞任 2025 年度审计机构。为确保公司年度审计工作顺 利完成，拟聘请中天恒所为公司 2025 年度财务报告及内部控制审计机构，聘期 一年。公司已就本事项与前后任会计师事务所进行充分沟通，前后任会计师事务 所均已明确知悉本次变更事项并表示无异议。 4. 本次拟变更会计师事务所事项符合《国有企业、上市公司选聘会计师事 务所管理办 ...