证券代码：300070 证券简称：碧水源 公告编号：2025-030 北京碧水源科技股份有限公司 关于持股5%以上股东部分股份解除冻结及再冻结的公告 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"）今日通过查询中国证券 登记结算有限责任公司业务系统，获悉公司持股 5%以上股东文剑平先生所持公 司的部分股份解除冻结及再被司法冻结，具体事项如下： 一、股东股份解除冻结及再冻结的情况 | 股东 | 是否为控 股股东或 | 本次解除冻 | 占其所 | 占公司 | | | | 解除冻结 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | 结数量 | 持股份 | 总股本 | 起始日 | 解除日期 | | 申请人 | | | 东及其一 | （股） | 比例 | 比例 | | | | | | | 致行动人 | | | | | | | | | | | | | | 2024 年 7 | 2025 | 年 5 | 浙江省宁 | | 文剑平 | 否 ...

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].