Core Points - Beijing Biyuan Technology Co., Ltd. plans to reduce its holdings in Bixing Wulian by selling up to 785,189 shares, which represents 1% of the company's total share capital [1] Summary by Category Shareholder Actions - The reduction will be executed through centralized bidding transactions [1] - The selling period is set to begin 15 trading days after the announcement, lasting from December 1, 2025, to February 28, 2026 [1]

Core Viewpoint - Beijing Bihaiyuan Technology Co., Ltd. plans to reduce its stake in Bihang Wulian (688671.SH) due to funding needs, intending to sell up to 785,189 shares, representing 1% of the total share capital, between December 1, 2025, and February 28, 2026 [1][2]. Group 1 - The planned reduction in shares is through centralized bidding, with a maximum of 785,189 shares to be sold [2]. - As of the announcement date, Bihaiyuan holds 8,814,811 shares in Bihang Wulian, accounting for 11.23% of the total shares [2]. - The shares to be sold were acquired before the company's IPO and have been tradable since August 9, 2024 [2]. Group 2 - Bihang Wulian went public on August 9, 2023, issuing 19.63 million shares at a price of 36.12 yuan per share, currently trading below the IPO price [2]. - The total amount raised from the IPO was 709.0356 million yuan, with a net amount of 623.4436 million yuan after deducting issuance costs [3]. - The actual net fundraising exceeded the original target by 210.834 million yuan, which was initially set at 412.6096 million yuan for various projects [3].

Core Viewpoint - The company, BWS (碧水源), has indicated that its membrane technology can be applied to wastewater treatment in data centers, but it has not yet engaged in any collaboration with Alibaba's chip construction project [1] Group 1 - BWS's membrane technology is suitable for wastewater treatment in data centers [1] - There is currently no partnership between BWS and Alibaba regarding the chip construction project [1]

Core Viewpoint - The company BWS (碧水源) has developed a dual-membrane technology (UF+DF) that can convert domestic sewage into drinkable surface water of Class II and III [2] Group 1 - The UF+DF dual-membrane technology is capable of transforming domestic wastewater into potable water [2]

Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. plans to reduce its stake in Bixing Wulian by selling up to 785,200 shares, representing 1% of the company's total equity [1] Group 1 - Bixing Wulian announced on November 9 that Beijing Beishuiyuan holds an 11.23% stake in the company [1] - The reduction in shares will be executed through centralized bidding transactions [1] - The total number of shares to be sold is capped at 785,200 [1]

Core Viewpoint - Beijing Biyuan Technology Co., Ltd. plans to reduce its stake in Bixing Wulian by selling up to 785,200 shares, representing 1% of the total share capital, due to its own funding needs [1] Summary by Sections Shareholding Information - As of the announcement date, Biyuan holds 8,814,800 shares in Bixing Wulian, accounting for 11.23% of the total share capital [1] Reduction Plan - The share reduction will occur through centralized bidding from December 1, 2025, to February 28, 2026 [1] - The reduction plan complies with relevant laws and regulations as well as previously disclosed commitments [1]

Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. (Beishuiyuan) has announced a financing plan totaling 8 billion yuan to expand its financing channels, reduce costs, and enhance fund management flexibility [1][4]. Financing Plan - The financing plan includes the issuance of medium-term notes not exceeding 4 billion yuan and super short-term financing bonds also not exceeding 4 billion yuan [1][4]. - The funds will be used for project construction, supplementing working capital, and repaying interest-bearing debts [1][4]. Company Overview - Beishuiyuan specializes in environmental protection and water treatment, providing comprehensive technical solutions through the development and manufacturing of advanced membrane materials and related systems [4]. - The company's products are applied in five major areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization [4]. Accounts Receivable Situation - As of September 30, 2025, Beishuiyuan's accounts receivable reached 12.638 billion yuan, showing a slight decrease from 12.4 billion yuan at the end of 2024, but still at a high industry level [5]. - The accounts receivable turnover rate declined from 0.9 in 2022 to 0.73 in 2024, indicating an extended cash recovery cycle [5]. Industry Context - The difficulty in recovering accounts receivable is a common issue in the environmental protection industry, with a total of 156.26 billion yuan in accounts receivable reported across 115 listed environmental companies as of June 30, 2025 [5]. - Beishuiyuan's management is actively working to reduce accounts receivable and contract assets through internal and external strategies [6]. Financial Performance - Beishuiyuan's revenue for 2024 was 8.549 billion yuan, a year-on-year decrease of 4.51%, with a net profit of only 59 million yuan, down 92.34% [6]. - The company reported a net cash flow from operating activities of -238 million yuan in 2024, a significant decline from 331 million yuan in 2023, although there are signs of improvement in 2025 [6]. Financing Strategy - The combination of short-term and medium-term financing strategies is intended to quickly supplement cash flow and optimize debt structure, thereby reducing short-term repayment pressure [6].

Group 1 - The core point of the article is that a major shareholder of the company, Mr. Wen Jianping, will have 29,675,142 shares judicially auctioned, representing 14.69% of his holdings and 0.82% of the company's total share capital [1] - The auction will occur in three phases: 10,000,000 shares from December 8 to December 9, 2025; another 10,000,000 shares from December 10 to December 11, 2025; and 9,675,142 shares from December 12 to December 13, 2025 [1] - The auction is being executed by the Intermediate People's Court of Ningbo City, Zhejiang Province, and is currently in the public announcement stage, indicating that the outcome remains uncertain [1]

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。 特别风险提示： 1. 本次将被拍卖的股份为北京碧水源科技股份有限公司（以下简称"公司"） 持股 5%以上股东文剑平先生所持公司的 29,675,142 股股票，占其所持公司全部 股份的 14.69%，占公司总股本的 0.82%。 证券代码：300070 证券简称：碧水源 公告编号：2025-065 2. 本次司法拍卖事项尚处于公示阶段，后续需经过竞拍、缴款、法院裁定、 股权变更过户等环节，最终是否拍卖成功，具有不确定性。公司将持续关注该事 项的进展，依法履行信息披露义务。 北京碧水源科技股份有限公司 关于持股5%以上股东部分股份将被司法拍卖的提示性公告 1. 本次股份被拍卖情况 1 | | | | | | | 2025 年 | 2025 年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 10,000,000 | 4.95% | 0.28% | 否 | 12 月 8 | 12 月 9 | | | | | | | | ...

Core Viewpoint - The article highlights the phenomenon of "zombie stocks" in the A-share market, where companies with declining stock prices continue to report profits, leading to perplexing situations for investors [1][3][5]. Group 1: Stock Performance - A stock that was listed in April 2015 at a price of 5.47 yuan peaked at 72 yuan but has since fallen to 3.67 yuan, representing a 93.5% decline over ten years [1]. - Another company, Shanying International, saw its stock price drop from a high of 62.64 yuan to 1.62 yuan, a decline of 97.4%, while facing a 13% year-on-year drop in corrugated paper prices in 2024 [3]. - Watson Bio's stock price fell from 12.20 yuan in May 2015 to a cumulative decline of 18%, with a peak drop of 89.6% from its historical high of 96.73 yuan [3]. - Tongce Medical's stock price plummeted from 300.98 yuan to 40.13 yuan, an 88% decline, despite a market peak where its P/E ratio exceeded 200 [3]. - Chongqing Steel has reported losses for three consecutive years, with a projected loss of 1.26 billion yuan in 2024, amid an oversupply in the steel industry [3]. Group 2: Company Fundamentals - BWS, a veteran in the water treatment industry, has annual revenues exceeding 9 billion yuan but has seen its stock price decline for five consecutive years due to liquidity issues, with a daily trading volume below 100 million yuan [5]. - Huaping Co. has raised 980 million yuan since its listing but has only distributed 31 million yuan in dividends, with major shareholders cashing out 230 million yuan [5]. - Dongjiang Environmental, another established player in environmental management, has seen its stock price drop from 30.30 yuan to 4.54 yuan, an 85% decline, with continuous losses reported [7]. Group 3: Market Trends and Investor Behavior - The A-share market contains numerous stocks that have been in a downward trend for ten years, characterized by persistent declines and failed bottom-fishing attempts by investors [5][9]. - Extreme cases include companies like Baofeng Group, which fell from 327.01 yuan to a delisting price of 0.28 yuan, a 99.9% drop, and LeTV, which dropped from 179.03 yuan to 0.31 yuan, a 99% decline [5]. - Investors often make the mistake of blindly bottom-fishing and trusting low-priced stocks, leading to deeper losses as seen with BWS shareholders who increased their holdings during price declines [7][9]. Group 4: Identifying Zombie Stocks - Zombie stocks typically exhibit characteristics such as a long-term average turnover rate below 1%, minimal price fluctuations, continuous performance declines, and lack of institutional coverage [9]. - Fundamental screening is crucial to avoid risks, with recommendations to steer clear of companies with declining revenues or high debt ratios, while favoring financially healthy industry leaders [9]. - Data indicates that stocks with declines exceeding 90% rarely return to historical highs, often remaining stagnant or heading towards delisting [9].