北京碧水源科技股份有限公司（以下简称"公司"）2023年第一次临时股东 大会审议通过了《关于拟注册中期票据的议案》，同意公司申请注册发行中期票 据，详情请参见公司于2023年1月11日披露在中国证监会指定创业板信息披露媒 体上的公告。 2025年7月9日-2025年7月10日公司发行了2025年度第二期绿色科技创新债 券，并于2025年7月14日上市流通，现将发行结果公告如下： | 债券名称 | 北京碧水源科技股份有限公司 25 碧水源 | | | | | | --- | --- | --- | --- | --- | --- | | | 2025 年度第二期绿色科技创新债 债券简称 MTN002(科创债) | | | | | | | 券 | | | | | | 起息日期 | 2025 年 7 月 日 债券代码 102582830 | | 11 | | | | 上市日期 | 2025 7 月 发行价格 100 | 年 | 14 | 日 | 元/百元面值 | | 兑付日期 | 债券期限 2027 年 7 月 日 2 年 | | 11 | | | | 计划发行 | 基础发行规模 5 亿元，发行上限 实际发行 10 ...

Group 1 - The core point of the news is that Beijing Biyuan Technology Co., Ltd. plans to reduce its holdings in Bixing Wulian by selling up to 785,189 shares, which is no more than 1% of the total share capital, from August 1, 2025, to October 31, 2025 [1] - As of the announcement date, Biyuan holds 9,600,000 shares in Bixing Wulian, accounting for 12.23% of the total shares, which were acquired before the company's initial public offering and became tradable on August 9, 2024 [1] - The reduction plan is aimed at optimizing the asset structure of Biyuan and meeting its own funding needs, and it will not significantly impact the governance structure or ongoing operations of Bixing Wulian [1] Group 2 - Bixing Wulian raised a total of 709.04 million yuan from its initial public offering, with a net amount of 623.44 million yuan after deducting issuance costs, which is 210.83 million yuan more than originally planned [2] - The company initially intended to raise 412.61 million yuan for projects related to smart ecological environment big data services, smart water big data traceability analysis services, and research center construction [2] - The total issuance costs (excluding VAT) amounted to 85.59 million yuan, with underwriting and sponsorship fees accounting for 55.06 million yuan [2]

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].

Industry Overview - The urban environmental protection industry focuses on solving urban environmental issues and improving ecological quality through technology and management measures [1][9] - The industry has seen significant growth, with the market size projected to increase from 1.01 trillion yuan in 2019 to 1.49 trillion yuan in 2024 [7][9] Industry Environment - Urban areas are densely populated and face severe environmental challenges, making urban environmental protection a priority for national development [5] - As of the end of 2023, there are 694 cities in China, with an urbanization rate of 67%, indicating ongoing urbanization and a growing demand for environmental services [5] Industry Status - The urban environmental protection industry is categorized into four segments: energy conservation and emission reduction (35.81%), pollution control (29.96%), recycling (20.91%), and natural resource protection (13.32%) [9] - Major companies in the industry include China Everbright Environment, Beijing Enterprises Water Group, and China Tianying, which are part of the leading competitive tier [11] Future Trends - Technological innovation is driving the industry towards smart environmental solutions, with advancements in IoT, AI, and big data enhancing operational efficiency [17] - Continuous policy support is expected to facilitate market reforms, with initiatives aimed at improving resource and environmental market mechanisms [18] - The international market is becoming increasingly important, with Chinese environmental companies expanding their presence in Southeast Asia and the Middle East [19]

Core Viewpoint - The environmental protection market is experiencing a decline in demand, while accounts receivable for companies are increasing, indicating financial strain within the industry [2][3]. Group 1: Market Conditions - Environmental companies are facing increasing accounts receivable, with many relying on project sales to maintain operations [3]. - The total accounts receivable for 97 listed environmental companies reached approximately 172.1 billion yuan in Q1 2025, with an average of about 1.78 billion yuan per company [4]. - The accounts receivable issue is exacerbated by local governments' delayed payments, particularly affecting small and medium-sized enterprises [3][6]. Group 2: Financial Strain and Solutions - Companies are urging local governments to ensure operational funding for projects, with a funding gap estimated between 100 billion to 200 billion yuan, totaling around 400 billion yuan when including historical debts [2]. - Recent regulatory changes, such as the revised "Regulations on Payment of Small and Medium Enterprises' Funds," aim to improve payment timelines but may increase cash flow pressure on contractors [5][9]. Group 3: Legal Actions and Industry Dynamics - There is a rising trend of environmental companies suing local governments for overdue payments, indicating a shift in the industry's approach to financial disputes [7][9]. - The environmental sector is undergoing a survival of the fittest, with some companies exploring new markets and technologies to adapt to changing conditions [13][14]. Group 4: PPP Projects and Future Outlook - The environmental industry is significantly impacted by the challenges associated with existing Public-Private Partnership (PPP) projects, with estimated government payment responsibilities reaching 14.34 trillion yuan [10][12]. - The industry is expected to see structural growth driven by industrial environmental demand, as municipal market growth slows down [14].

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].

证券代码：300070 证券简称：碧水源 公告编号：2025-033 北京碧水源科技股份有限公司 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。 北京碧水源科技股份有限公司（以下简称"公司"）第六届董事会第十二 次会议于 2025 年 5 月 23 日上午 9：30 在公司会议室以现场及通讯方式召开， 会议通知于 2025 年 5 月 13 日以电话及电子邮件方式送达。本次会议应参加董 事 7 人，实际参加董事 7 人，其中独立董事 3 人。本次董事会的召集和召开符 合《中华人民共和国公司法》和《公司章程》的规定。 会议由公司董事长黄江龙先生主持，经全体董事表决，审议了以下议案： 一、审议通过《关于选举公司第六届董事会非独立董事候选人的议案》； 经公司控股股东中国城乡控股集团有限公司提名推荐、公司董事会提名委 员会资格审查后，公司董事会同意提名高艳伟先生为公司第六届董事会非独立 董事候选人（简历详见附件），任期自股东大会选举通过之日起至第六届董事 会届满之日止。 本议案以 7 票同意，0 票反对，0 票弃权获得通过。本议案尚需提交公司股 东大会审议。 二、审议 ...

特此公告。 北京碧水源科技股份有限公司 证券代码：300070 证券简称：碧水源 公告编号：2025-036 北京碧水源科技股份有限公司 关于调整公司组织机构的公告 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。 北京碧水源科技股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日召 开了第六届董事会第十二次会议，审议通过了《关于调整公司组织机构的议案》。 为了适应公司战略发展规划和管理需要，进一步完善公司治理结构，优化管 理流程，提升公司运营效率和管理水平，公司对现有组织机构及相关部门职能进 行优化调整，调整后的组织机构图详见附件。 2 董事会 二〇二五年五月二十三日 1 附件：组织机构图 ...

证券代码：300070 证券简称：碧水源 公告编号：2025-035 北京碧水源科技股份有限公司 关于聘任公司高级副总裁的公告 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。 北京碧水源科技股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日召 开了第六届董事会第十二次会议，审议通过了《关于聘任公司高级副总裁的议 案》。 经公司总裁提名推荐、公司董事会提名委员会资格审查后，公司董事会同意 聘任刘小丹女士担任公司高级副总裁，任期自本次董事会审议通过之日起至第六 届董事会届满之日止。刘小丹女士简历详见附件。 北京碧水源科技股份有限公司 董事会 二〇二五年五月二十三日 1 附件：高级副总裁简历 刘小丹女士，1982年出生，2009年4月参加工作，2004年5月加入中国共产党， 研究生学历，工学硕士学位，高级经济师，中国国籍，现任公司党委副书记、董 事、高级副总裁。2009年4月起先后在中国交通建设股份有限公司战略规划部、 战略发展部工作；2019年1月任中国交通建设股份有限公司战略发展部综合处处 长；2020年4月任中国交通建设股份有限公司战略与运营管 ...

证券代码：300070 证券简称：碧水源 公告编号：2025-033 北京碧水源科技股份有限公司 第六届董事会第十二次会议决议公告 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。 北京碧水源科技股份有限公司（以下简称"公司"）第六届董事会第十二 次会议于 2025 年 5 月 23 日上午 9：30 在公司会议室以现场及通讯方式召开， 会议通知于 2025 年 5 月 13 日以电话及电子邮件方式送达。本次会议应参加董 事 7 人，实际参加董事 7 人，其中独立董事 3 人。本次董事会的召集和召开符 合《中华人民共和国公司法》和《公司章程》的规定。 会议由公司董事长黄江龙先生主持，经全体董事表决，审议了以下议案： 一、审议通过《关于选举公司第六届董事会非独立董事候选人的议案》； 经公司控股股东中国城乡控股集团有限公司提名推荐、公司董事会提名委 员会资格审查后，公司董事会同意提名高艳伟先生为公司第六届董事会非独立 董事候选人（简历详见附件），任期自股东大会选举通过之日起至第六届董事 会届满之日止。 本议案以 7 票同意，0 票反对，0 票弃权获得通过。本议案尚需 ...