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]

Core Insights - The overall profit level of the company has significantly declined due to various factors, including poor performance of key equity investments and adverse market conditions [1] Financial Performance - Revenue decreased by 4.51% to 8.549 billion yuan from 8.953 billion yuan in the previous year [1] - Net profit plummeted by 92.34% to 58.585 million yuan from 765 million yuan year-on-year, indicating a severe warning for the company's development [1] Expense Analysis - Sales expenses increased by 20.51% to 140 million yuan from 116 million yuan, reflecting efforts to expand market presence, though this did not translate into revenue growth [2] - Management expenses slightly decreased by 2.10% to 479 million yuan from 489 million yuan, indicating some success in cost control [2] - Financial expenses dropped by 22.66% to 223 million yuan, attributed to effective financing arrangements [2] - R&D expenses decreased by 4.12% to 300 million yuan, maintaining a high level of investment at 4.01% of revenue, showcasing the company's commitment to innovation [2] Cash Flow Analysis - Operating cash flow turned negative at -238 million yuan, a decline of 171.78% from 331 million yuan, primarily due to collection pressures and delayed payments from local governments [3] - Investment cash flow showed a net outflow of -1.066 billion yuan, an improvement of 23.99% from -1.403 billion yuan, indicating ongoing investment activity [3] - Financing cash flow significantly improved to 1.043 billion yuan from -34 million yuan, a year-on-year increase of 3197.28%, providing substantial operational support [4] Business Segment Performance - Environmental solutions revenue fell by 23.44% to 4.242 billion yuan, while operational services grew by 9.70% to 2.988 billion yuan [5] - Light technology solutions revenue surged by 276.45% to 835 million yuan, and municipal and drainage engineering revenue increased by 3.90% to 485 million yuan, highlighting uneven growth across business segments [6] Competitive Advantage and Innovation - The company holds a leading position in the water treatment sector with proprietary technologies such as membrane bioreactors and reverse osmosis membranes [7] - In 2024, the company added 38 new patents and has 75 patents under application, focusing on various water treatment innovations [7] Market Challenges - Increased competition in the wastewater treatment industry due to market reforms and the entry of large state-owned enterprises poses a threat to the company's market position [8] - Rising accounts receivable and cash flow risks are evident as the company expands its business, particularly in EPC projects [9] - The competitive landscape in membrane technology necessitates continuous R&D investment to maintain technological leadership [10] Executive Compensation - The compensation for executives is linked to performance, with the chairman receiving 491,900 yuan, reflecting the company's approach to talent retention amid declining performance [11]

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。 根据《上市公司监管指引第 10 号——市值管理》的相关规定，股票连续 12 个月每个交易日收盘价均低于其最近一个会计年度经审计的每股归属于公司普 通股股东的净资产的上市公司（以下简称"长期破净公司"），应当制定上市公 司估值提升计划，并经董事会审议后披露。 一、触及情形及审议程序 （一）触及情形说明 自 2024 年 1 月 1 日至 2024 年 12 月 31 日，北京碧水源科技股份有限公司（以 下简称"碧水源"或"公司"）连续 12 个月每个交易日的收盘价均低于公司当 日已披露的最近一个会计年度经审计的每股净资产。其中2024年1月1日至2024 年 4 月 3 日公司股票收盘价低于 2022 年经审计每股净资产 7.39 元/股，2024 年 4月4日至2024年12月31日公司股票收盘价低于2023年经审计每股净资产7.58 元/股。根据证监会《上市公司监管指引第 10 号——市值管理》的相关要求，公 司已触及长期破净情形。 | 日期区间 | 股价变动区间 | 对比每股净资产 | 是否破净 | | -- ...

Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. has released its 2024 ESG report, highlighting its commitment to sustainable development and its achievements in the environmental, social, and governance (ESG) fields over the past 13 years [1] Group 1: Company Overview - Beishuiyuan ranks 36th among the "Global Water 50" companies, with total assets nearing 80 billion yuan, and is recognized as a leading enterprise in environmental water services in China [1] - The company integrates membrane material research and development, equipment manufacturing, and process application, making it the only high-tech enterprise in China with a complete series of membrane technology [1][2] Group 2: Technological Innovation - The company has invested 343 million yuan in R&D for 2024, representing 3.99% of its main business, focusing on technological innovation to drive green transformation in the industry [2] - Key products, such as the MBR membrane technology, have seen upgrades, with membrane flux increased to 30 LMH and energy consumption reduced to below 0.3 kWh/m, achieving over 20% energy savings compared to traditional methods [2][3] Group 3: Environmental Responsibility - Beishuiyuan has implemented a dynamic climate risk identification mechanism and integrated renewable energy applications, with 16 operational projects adopting the "water + photovoltaic" model [3] - The company has achieved zero industrial wastewater discharge in high-pollution industries, processing over 1.498 billion tons of wastewater annually, providing sustainable solutions for water scarcity [3] Group 4: Social Responsibility - The company has established over 10,000 rural wastewater treatment stations and provided health water stations benefiting nearly 14 million residents, demonstrating its commitment to rural revitalization [4] - Beishuiyuan has also exported its technology to Timor-Leste, deploying 100 smart water purification devices to improve drinking water safety for 50,000 people [4] Group 5: Employee Development - The company prioritizes talent development, with an average of 9.18 hours of training per employee and a total training expenditure of 1.2156 million yuan [5] - Beishuiyuan has implemented a comprehensive care system for employees, including personalized facilities and various welfare policies to create a supportive workplace [5][6] Group 6: Governance and Compliance - The company has established a modern governance structure with a board of directors and a strategic investment and sustainable development committee, ensuring the integration of ESG strategies into corporate development [7] - Beishuiyuan has maintained a record of zero environmental violations and major safety incidents, enhancing its brand credibility and recognition in ESG management [7]

专项说明 第 1 页 关于北京碧水源科技股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZG10461 号 关于北京碧水源科技股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZG10461 号 北京碧水源科技股份有限公司： 我们审计了北京碧水源科技股份有限公司(以下简称"贵公司")2024 年度的 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表、2024 年度合并 及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表和 相关财务报表附注，并于 2025 年 4 月 10 日出具了报告号为信会师报字(2025)第 10456 号的【无保留意见】审计报告。 贵公司管理层根据中国证券监督管理委员会《关于规范上市公司与企业集团 财务公司业务往来的通知》（证监发〔2022〕48 号）和【《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》/《深圳证券交易所上市公司自 律监管指引第 7 号——交易与关联交易》】的相关规定编制了后附的贵公司 2024 年度涉及财务公司关联交易汇总表（以下 ...

北京碧水源科技股份有限公司 审计报告及财务报表 二○二四年度 信会师报字[2025]第 ZG10456 号 北京碧水源科技股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-183 | 审计报告 信会师报字[2025]第 ZG10456 号 北京碧水源科技股份有限公司全体股东： 一、 审计意见 我们审计了北京碧水源科技股份有限公司（以下简称贵公司）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财 ...

内部控制审计报告 信会师报字[2025]第 ZG10457 号 北京碧水源科技股份有限公司： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了北京碧水源科技股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是北京碧水 源科技股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 一、企业对内部控制的责任 四、财务报告内部控制审计意见 我们认为，贵公司于 2024 年 12 月 31 日按照《企业内部控制基本规范》和 相关规定在所有重大方面保持了有效的财务报告内部控制。 立信会计师事务所 中国注册会计师： 王红娜 （特殊普通合伙） 中国注册会计师：胡 碟 中国·上海 2025 年 4 月 10 日 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由 ...

北京碧水源科技股份有限公司 2024年度独立董事述职报告 一、基本情况 本人王月永，1965年出生，天津大学管理学博士，高级会计师，中国国籍， 现任公司独立董事。1988年至1994年于山东财经大学任教；1994年至2000年就职 于山东证券交易中心，历任研究发展部经理、清算部经理、总会计师；2000年至 2002年任山东省东西结合信用担保有限公司副总裁；2002年至2009年任北京安联 投资有限公司总裁助理；2010年至今任北京圣博扬投资管理有限公司总经理，现 兼任潜能恒信能源技术股份有限公司、中海油能源发展股份有限公司独立董事， 兼任山东新华医疗器械股份有限公司董事、英大泰和人寿保险股份有限公司独立 董事；2021年3月起任本公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、2024年度履职情况 （一）出席董事会和股东大会会议情况 2024年度，本着勤勉尽责的态度，本人积极参加公司召开的董事会及股东大 1 北京碧水源科技股份有限公司各位股东和股东代表： 本人王月永，作为北京碧水源科技股份有限公司（以下简称"公司"）的独 立董事，在20 ...

北京碧水源科技股份有限公司 2024年度独立董事述职报告 北京碧水源科技股份有限公司各位股东和股东代表： 本人张鸿涛，作为北京碧水源科技股份有限公司（以下简称"公司"）的独 立董事，在2024年度严格按照《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相 关法律、法规、规范性文件及《公司章程》《独立董事工作制度》的规定和要求 履行独立董事的职务，认真行使公司所赋予的权利，及时了解公司的生产经营信 息，全面关注公司的发展状况，积极出席公司2024年召开的相关会议，对公司董 事会审议的相关事项发表了独立客观的意见，忠实履行职责，充分发挥独立董事 的独立作用，维护了公司整体利益，维护了全体股东尤其是中小股东的合法权益。 现将2024年度履行独立董事职责情况向各位股东述职如下： 一、基本情况 本人张鸿涛，1961年出生，清华大学环境工程硕士，1988年7月参加工作， 1984年6月加入中国共产党，清华大学副教授，博士生导师，教授级高级工程师， 中国国籍，清控环境（北京）有限公司董 ...

北京碧水源科技股份有限公司 2024年度独立董事述职报告 北京碧水源科技股份有限公司各位股东和股东代表： 本人薛涛，作为北京碧水源科技股份有限公司（以下简称"公司"）的独立 董事，在2024年度严格按照《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相关 法律、法规、规范性文件及《公司章程》《独立董事工作制度》的规定和要求履 行独立董事的职务，认真行使公司所赋予的权利，及时了解公司的生产经营信息， 全面关注公司的发展状况，积极出席公司2024年召开的相关会议，对公司董事会 审议的相关事项发表了独立客观的意见，忠实履行职责，充分发挥独立董事的独 立作用，维护了公司整体利益，维护了全体股东尤其是中小股东的合法权益。现 将2024年度履行独立董事职责情况向各位股东述职如下： 一、基本情况 本人薛涛，1973年出生，中科院在读博士，高级工程师，中国国籍，北京易 二零环境股份有限公司总经理，现任公司独立董事。1994年至2014年就职于中国 通用技术集团中国通用技术咨询公司；201 ...