Group 1: Company Achievements and Strategies - In 2024, the company implemented the "One River Clear Water into the Yellow River" project, contributing to national ecological strategies [2] - The company signed a clean drinking water project in East Timor, supporting the Belt and Road Initiative [2] - The company achieved a breakthrough in the domestic seawater desalination market, leveraging dual-membrane technology [4] Group 2: Financial Performance and Projections - In 2024, the company reported a net profit drop of over 90%, with a dividend per share decrease of over 90% [5] - The company’s dividend payout ratio increased from 15% in 2022 to over 24% in 2024, aiming to enhance investor returns [5] - The total order amount for 2024 reached 11.51% growth, totaling 117.14 billion CNY, despite a decrease in the number of orders [7] Group 3: Market Expansion and Innovation - The company is focusing on technological innovation and market expansion to enhance core competitiveness [3] - The company is actively exploring new markets, including Malaysia, Mauritania, and Namibia, while exporting products to Dubai, Mexico, Russia, and Italy [6] - The company is enhancing its product offerings, including the development of anaerobic reactors and AI-driven precise dosing systems [3] Group 4: Operational Challenges and Responses - The company faced challenges with a significant drop in net cash flow, which was -2.38 billion CNY at the end of last year [8] - The company plans to improve cash flow by actively collecting debts and reducing costs [8] - The company is addressing management efficiency by implementing budget control measures, resulting in a reduction of management expenses by 57 million CNY [8]

Investment Rating - The industry investment rating is "Positive" and is maintained [9] Core Viewpoints - As of April 25, 2025, the issuance of special refinancing bonds for replacing hidden debts has reached 80% of the 2 trillion yuan quota, indicating strong momentum in debt replacement efforts. The environmental sector, particularly in government-related debts, is expected to benefit significantly from this policy shift, which is supported by a more proactive fiscal policy in 2025 [2][4][15] Summary by Sections Background - Since November 2024, local debt replacement has accelerated, with a total of 2 trillion yuan in debt limits set for replacement from 2024 to 2026. The central government has emphasized the need to resolve local government debts and accelerate payments owed to enterprises [4][14] Progress - By April 25, 2025, a total of 1.59 trillion yuan in special refinancing bonds has been issued, all aimed at replacing hidden debts. The issuance has significantly increased compared to previous years, with 2025 showing a marked acceleration in bond issuance [5][25][28] Investment Logic - The debt replacement strategy is expected to provide substantial benefits to companies with receivables from government entities. Two investment strategies are recommended: 1. Value Side: Focus on sectors with large receivables and low risk, such as waste incineration and water operations, which are likely to see reduced bad debt risks and improved cash flow [7][41] 2. Elasticity Side: Target leading companies in water, waste incineration, and environmental services that have a high proportion of government receivables and are significantly impacted by credit impairment losses [7][41]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,590,633,910.60, a decrease of 12.65% compared to ¥1,820,967,527.46 in the same period last year[4] - Net profit attributable to shareholders was ¥60,041,626.11, down 34.29% from ¥91,377,739.87 year-on-year[4] - Basic and diluted earnings per share decreased by 34.13% to ¥0.0166 from ¥0.0252 in the same period last year[4] - Total operating revenue decreased to CNY 1,590,633,910.60 from CNY 1,820,967,527.46, representing a decline of approximately 12.6% year-over-year[30] - Net profit for the period was CNY 83,816,499.20, down from CNY 105,939,735.27, indicating a decrease of approximately 20.8% year-over-year[31] - The total comprehensive income attributable to the parent company was 68,827,287.24, a decrease of 11,767,181.26 compared to the previous period[32] - The company reported a total comprehensive income of 92,602,160.33, an increase of 2,794,814.14 compared to the previous period[32] Cash Flow - The net cash flow from operating activities was negative at -¥21,885,256.86, a decline of 118.31% compared to ¥119,506,231.45 in the previous year[4] - Cash inflow from operating activities totaled 1,914,988,103.09, compared to 2,349,135,501.84 in the previous period, indicating a decline[34] - The net cash flow from investing activities was -384,050,876.24, an improvement from -498,381,424.78 in the previous period[36] - Cash inflow from financing activities was 6,009,352,834.24, an increase from 5,614,370,108.01 in the previous period[36] - The net increase in cash and cash equivalents was 279,252,118.05, compared to 553,533,704.47 in the previous period[36] Assets and Liabilities - Total assets increased by 1.82% to ¥81,192,374,276.88 from ¥79,743,789,975.40 at the end of the previous year[4] - Total liabilities rose to CNY 50,853,327,354.68 from CNY 49,584,354,368.36, marking an increase of approximately 2.6%[27] - Long-term borrowings increased to CNY 16,641,366,275.63 from CNY 16,262,868,253.29, reflecting a growth of about 2.3%[27] - The company's cash and cash equivalents increased to RMB 4,309,694,611.63 from RMB 4,252,003,967.85, reflecting a growth of approximately 1.7%[25] - The total cash and cash equivalents at the end of the period were 3,778,068,860.52, down from 4,311,475,144.90 in the previous period[36] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 76,831[12] - The largest shareholder, China Urban Holdings Group Co., Ltd., holds 33.04% of the shares, totaling 1,197,585,927 shares[12] - The total restricted shares increased to 251,782,416 from 188,852,367, marking an increase of about 33.3%[16] - The company experienced a change in major shareholders, with no significant changes in the top 10 shareholders due to margin trading[14] Management and Expenses - Management expenses decreased by 40.17% to ¥83,653,179.19 from ¥139,821,102.05 in the previous year[9] - Research and development expenses decreased to CNY 47,948,307.53 from CNY 62,920,210.56, a reduction of about 23.8% year-over-year[31] - The weighted average return on equity was 0.22%, down from 0.33% year-on-year[4] - The company reported a retirement of a senior executive, which may impact future management strategies[17] Investment and Financing Activities - Investment income increased significantly by 420.45% to ¥18,203,358.62 from -¥5,680,645.91 in the same period last year[9] - The company plans to apply for reverse factoring business with a credit limit of RMB 50,000,000, valid for 12 months[18] - The company issued a short-term financing bond with an actual issuance amount of RMB 600,000,000 at a coupon rate of 2.20%[20] - The company announced a financing lease with a limit of RMB 15,000,000 for a duration of 12 months[19] Future Outlook - The company is set to release its 2024 annual performance forecast on January 24, 2025[21]

会议由监事会主席谢华东先生主持，经全体监事表决，审议通过了《关于 <2025 年第一季度报告>的议案》。 本着对全体股东负责的态度，各位监事谨慎履行法律、法规赋予的职责，认 真地审核了公司《2025 年第一季度报告》。经全体监事审议后认为：公司《2025 年第一季度报告》的编制和审议程序符合法律、法规、公司章程和公司内部管理 制度的各项规定，内容和格式符合中国证监会和深圳证券交易所的各项规定，所 披露的信息真实、准确、完整地反映了公司的实际经营情况。在审核过程中，未 发现参与编制和审议的工作人员有违反保密规定的行为。 证券代码：300070 证券简称：碧水源 公告编号：2025-026 北京碧水源科技股份有限公司 第六届监事会第七次会议决议公告 本公司及监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"）第六届监事会第七次会 议于 2025 年 4 月 24 日上午 10：00 在公司会议室以现场及通讯方式召开，会议 通知于 2025 年 4 月 14 日以电话及电子邮件方式送达。本次会议应参加监事 3 人，实际参加监事 3 ...

第六届董事会第十一次会议决议公告 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"）第六届董事会第十一 次会议于 2025 年 4 月 24 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 4 月 14 日以电话及电子邮件方式送达。本次会议应参加董 事 8 人，实际参加董事 8 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，审议通过《关于 <2025 年第一季度报告>的议案》，具体内容详见公司于同日公告在中国证监会 指定创业板信息披露媒体上的《2025 年第一季度报告》。 本议案以 8 票同意，0 票反对，0 票弃权获得通过。 证券代码：300070 证券简称：碧水源 公告编号：2025-025 北京碧水源科技股份有限公司 特此公告。 北京碧水源科技股份有限公司 董事会 二〇二五年四月二十五日 1 ...

碧水源（300070）公告，2025年第一季度营收为15.91亿元，同比下降12.65%；净利润为6004.16万元， 同比下降34.29%。 ...

Core Insights -碧水源 has been a leader in membrane technology for water treatment and environmental protection since its listing in April 2010, with a focus on innovation and green low-carbon initiatives [1] - The company has faced significant financial volatility over the past five years, with a notable decline in revenue and net profit in 2024 [2] - The market capitalization of碧水源 has decreased by over 26% from its initial value, reflecting challenges in profitability and increasing liabilities [4] Business Overview -碧水源 specializes in membrane technology research and development, wastewater treatment, and seawater desalination, with products like MBR membranes and reverse osmosis membranes used in various sectors [1] - The company is expanding its international presence, particularly in Southeast Asia and Africa, and has received recognition for its seawater desalination and industrial wastewater treatment projects [1] Financial Performance - In 2024,碧水源 reported revenue of 8.549 billion yuan, a year-on-year decrease of 4.51%, and a net profit of 58.58 million yuan, down 92.34% year-on-year [2] - The fluctuations in revenue and profit are attributed to changes in the macroeconomic environment and losses from key equity investments, particularly in Yunnan Water [2] - Accounts receivable increased significantly from 9.548 billion yuan at the end of 2022 to 12.4 billion yuan, indicating pressure on cash flow [2] Market Position -碧水源's market capitalization has fallen from 22.315 billion yuan at the time of listing to 16.091 billion yuan currently, highlighting the impact of declining profits, rising debt, and increasing accounts receivable [4] - Despite its strong technical advantages and market position in the environmental protection industry,碧水源 faces intensified competition and pressure in the global market [4]

Core Viewpoint - The performance of the leading domestic membrane technology company, BWS (碧水源), has significantly declined, with a notable drop in both revenue and net profit in the 2024 annual report [2][4]. Financial Performance - BWS reported a revenue of 8.549 billion yuan, a year-on-year decrease of 4.51% [4]. - The net profit attributable to shareholders was only 58.585 million yuan, down 92.34% compared to the previous year [4]. - The company's net profit has decreased from 1.143 billion yuan in 2020 to 58.585 million yuan in 2024 [4]. Accounts Receivable - As of the end of 2024, BWS's accounts receivable reached 12.4 billion yuan, an increase of 12.27% year-on-year [7]. - The accounts receivable turnover rate has declined from 0.9 in 2022 to 0.73 in 2024, indicating a slower cash recovery speed [7]. - The increase in accounts receivable is attributed to the macroeconomic environment and delayed payment capabilities of local governments [7][8]. Debt Pressure - BWS's asset-liability ratio rose to 62.18% in 2024, up from 60.53% in 2023 [9]. - Total liabilities reached 49.584 billion yuan, with current liabilities amounting to 29.367 billion yuan [9]. - The company had only 4.252 billion yuan in cash at the end of 2024, while the net profit was 58.585 million yuan, indicating a significant cash flow issue [9]. Industry Context - The overall environmental protection industry is facing challenges due to a complex economic environment, leading to reduced investment in environmental projects by governments and enterprises [5]. - Local governments are adjusting budgets for environmental projects due to fiscal pressures, impacting business expansion and project progress for companies in the industry [5].

Core Viewpoint - The company's performance in 2024 declined significantly due to poor operating conditions of its key associate company, resulting in a substantial drop in net profit and revenue [2][3] Financial Performance - In 2024, the company achieved operating revenue of 8.549 billion yuan, a year-on-year decrease of 5% [1] - The net profit attributable to shareholders was 59 million yuan, down 92% year-on-year [1][2] - The non-recurring net profit was 33 million yuan, also down 92% year-on-year [1][2] - The associate company, Yunnan Water, reported operating revenue of 2.798 billion yuan, a decline of 11% year-on-year, and a net loss of 1.739 billion yuan, a decrease of 153% [2] Business Segments - Water treatment and ecological business generated revenue of 7.230 billion yuan, down 13% year-on-year, with a gross margin increase of 0.23 percentage points to 30.45% [2] - Municipal and water supply, along with optical technology business, saw a significant revenue increase of 92% year-on-year, totaling 1.320 billion yuan, with a gross margin increase of 8.97 percentage points to 21.73% [2] Order Growth and Market Expansion - The company experienced continuous growth in new orders, with 178 new EPC orders amounting to 11.714 billion yuan, and a total of 334 orders on hand valued at 9.648 billion yuan [3] - The company is actively expanding into overseas markets, including Malaysia, Mauritania, and Namibia, while exporting industrial reverse osmosis membranes to Dubai and household reverse osmosis membrane components to Mexico, Russia, and Italy [3] Research and Development - The R&D expenditure for 2024 was 343 million yuan, with an R&D expense ratio of 3.51%, an increase of 0.01 percentage points from 2023 [4] - The company is focusing on strategic emerging industries, particularly in seawater desalination, industrial zero discharge, and salt lake resource utilization [4] - The company developed a new series of high desalination rate, low energy consumption, and low leaching ultra-pure water reverse osmosis membranes, accelerating the domestic replacement of high-end membrane materials [4] Profit Forecast - The company is projected to achieve operating revenues of 9.017 billion yuan, 9.531 billion yuan, and 10.098 billion yuan for 2025-2027, with year-on-year growth rates of 5.47%, 5.70%, and 5.95% respectively [5] - The net profit attributable to shareholders is expected to be 231 million yuan, 262 million yuan, and 295 million yuan for the same period, with growth rates of 294.78%, 13.24%, and 12.47% respectively [5]

北京 碧水源 科技股份有限公司（以下简称"碧水源"）近日发布2024年年度报告，报告期内，公司业绩 受到多方面因素的 综合 影响，整体利润水平出现了一定程度的下降。本文将对碧水源2024年年报进行 深入解读，分析公司在过去一年中的财务表现、业务发展及面临的风险。 关键财务指标分析 营收微降，净利润暴跌 2024年，碧水源实现营业收入85.49亿元，较上年的89.53亿元下降4.51%。归属于上市公司股东的净利 润为5858.50万元，与去年同期的7.65亿元相比，大幅下降92.34%。这一净利润的急剧下滑，无疑给公 司的发展态势敲响了警钟。从数据来看，整体市场环境的影响以及重要参股公司的经营不佳，是导致利 润下降的主要原因。公司重要参股公司在报告期内经营状况不佳，出现较大亏损，直接拖累了公司整体 利润。 费用有增有减，研发投入持续 财务费用：财务费用2.23亿元，同比下降22.66%，主要得益于公司合理的融资安排和资金管理，有效降 低了财务成本。 研发费用：研发费用为3.00亿元，较上年的3.13亿元下降4.12%。尽管有所下降，但公司在研发上的投 入仍保持较高水平，占营业收入的4.01%，显示了公司对技术创 ...