Group 1 - The company is actively working on collecting accounts receivable and has implemented multiple measures to enhance the recovery process [2] - The company is cooperating with government debt resolution efforts, which has already resulted in some projects receiving debt repayments [2] - The company plans to closely monitor and actively support further collection efforts to achieve greater repayment results [2]

Core Insights - The company stated that its ultra-pure water business constitutes a small proportion of its overall revenue [1] - The company will promptly announce any projects that meet disclosure standards [1] Company Summary - The ultra-pure water business is not a significant revenue driver for the company [1] - The company is committed to transparency and will disclose relevant project information as required [1]

Core Insights - The analyst meeting held by Beijing Beishuiyuan Technology Co., Ltd. on September 26, 2025, revealed key information regarding the company's competitive advantages, internal controls, R&D effectiveness, and business collaboration [1] Competitive Advantages - The company possesses dual advantages in integrated membrane material R&D, equipment manufacturing, process application, and digital water management, with fully independent intellectual property rights across the entire membrane technology chain, covering microfiltration, ultrafiltration, nanofiltration, and reverse osmosis [2] - The company focuses on foundational research in membrane technology applications, driving continuous R&D investment and achieving significant breakthroughs in high-end membrane technology [2] - The operational scale of membrane technology in water treatment exceeds 22 million tons per day, with an annual addition of over 7 billion tons of high-quality reclaimed water, indicating potential for sustained revenue and profit growth [2] Accounts Receivable Management - As of the first half of the year, accounts receivable amounted to approximately 12.4 billion, primarily from early PPP projects, with expectations for a decrease in bad debt provisions in the future [3] - The company has implemented a toolbox for accounts receivable collection, establishing internal management processes and incentive mechanisms to enhance recovery efforts [3] - Active participation in government debt restructuring projects and improved communication with clients are part of the strategy to facilitate accounts receivable recovery [3] R&D Achievements - The company is committed to the "dual carbon" goals, focusing on foundational research in membrane technology and increasing R&D investment to achieve breakthroughs in high-end membrane technology [4] - Successful participation in the integrated seawater comprehensive utilization project in Huanghua City, combining photovoltaic and energy storage systems to achieve "green electricity for green water" [4] - Significant improvements in intelligent manufacturing capabilities, with a 25% cost reduction in self-developed V-MBR equipment and enhanced production speed for conventional reverse osmosis membranes [4] Collaboration with China Communications Construction Group - The collaboration with China Communications Construction Group enhances the environmental industry chain, leveraging the group's influence for synergistic effects [5] - Technical support from the water design research institute under China Communications Construction Group aids in the front-end design of membrane technology [5] - The partnership has led to reduced financing costs and improved capabilities in research, international business, and talent retention for the company [5]

Competitive Advantage - The company integrates membrane material R&D, equipment manufacturing, process application, and digital water management, possessing a fully independent intellectual property rights across the entire membrane technology chain, including microfiltration, ultrafiltration, nanofiltration, and reverse osmosis [2] - The total scale of membrane technology applied in water treatment exceeds 22 million tons/day, contributing over 7 billion tons of high-quality recycled water annually [2] Financial Management - As of the first half of the year, accounts receivable amounted to approximately 12.4 billion yuan, primarily from early PPP projects, with a high bad debt provision due to aging [3] - The company has implemented a comprehensive accounts receivable management process and incentive mechanisms to enhance collection efficiency, including participation in government debt restructuring projects [3] R&D Investment and Achievements - The company has significantly increased R&D investment, achieving major breakthroughs in high-end membrane technology and leading industry advancements [4] - Successful projects include the integrated seawater comprehensive utilization project in Huanghua City, which innovatively combines photovoltaic and energy storage systems [4] - The self-developed V-MBR equipment has seen a 25% cost reduction, and the production speed of conventional reverse osmosis membranes has increased to 20 meters/minute through automation upgrades [4] Strategic Partnerships - The collaboration with China Communications Construction Group (CCCC) enhances the environmental industry chain and expands market influence, particularly along the Belt and Road Initiative [5] - Post-acquisition by CCCC, the company has experienced reduced financing costs and improved operational capabilities, strengthening its international business and research capabilities [5]

Core Viewpoint - The company has shown a steady increase in net profit from 2021 to 2023, indicating an improvement in operational performance [1] Group 1 - The company's net profit has been rising year-on-year from 2021 to 2023 [1] - The operational situation of the company has improved [1] - In 2024, the company's operational indicators are expected to decline mainly due to losses from certain subsidiaries, while the parent company's fundamentals remain stable [1] Group 2 - The company has seen an increase in order volume in 2024 compared to the same period last year [1] - The operational revenue is steadily increasing [1] - The main business of the company is developing steadily [1]

Group 1 - The company, Beishuiyuan, is advancing its water treatment facilities from "experience-based operation" to "intelligent monitoring" through its self-developed "MBR-Net" and "Membrane Cloud MBR Intelligent Control System" [1] - The implementation of this system is currently taking place at the Changping TBD Water Plant [1]

Core Viewpoint - The company is advancing its operations from "experience-based maintenance" to "intelligent monitoring" through the development of its proprietary AI model, the "MBR-Net" and the "Membrane Cloud MBR Intelligent Control System" [1] Company Developments - The company has developed the "MBR-Net" which is a proprietary AI model tailored to its business needs [1] - The implementation of the "Membrane Cloud MBR Intelligent Control System" is currently taking place at the Changping TBD Water Plant [1]

Group 1: Wastewater Resource Utilization - Wastewater resource utilization is a core business area, focusing on membrane technology iteration and process innovation [2] - The fifth generation of MBR membrane modules has been developed, with significant breakthroughs in structure and nitrogen removal processes [2] - The Meixi Lake wastewater treatment plant, with a design capacity of 250,000 tons/day, is a representative project, recognized as a national green low-carbon benchmark [2] Group 2: Seawater Desalination - The company is expanding into seawater desalination, previously a minor focus, with current technology matching international leaders [3] - The reverse osmosis membrane products achieve a desalination rate of 99.8%, with annual production capacity reaching 3 million square meters [3] - The Bohai New Area integrated seawater utilization project has a total investment exceeding 500 million yuan, aiming to become a new model for seawater desalination in Hebei Province [3] Group 3: Salt Lake Resource Utilization - Salt lake resource utilization is a new focus area, with the development of specialized adsorbents and integrated technologies [4] - The company has launched projects in Tibet and Qinghai, including a lithium extraction project using titanium-based adsorbents [4] - Future plans include expanding from salt lakes to industrial resource recovery, addressing various raw materials [4] Group 4: Biopharmaceutical Applications - The company has entered the biopharmaceutical sector, developing membranes for protein concentration and virus removal [5] - A professional team has been established, achieving breakthroughs in hollow fiber membrane design and manufacturing [5] - Initial applications include projects in CAR-T cell therapy and traditional Chinese medicine, with high recovery rates reported [5]

Core Insights - A new business named Guandu District Biyushui Natural Drinking Water Store has been established, with a registered capital of 50,000 RMB [1] - The business is operated by Jiang Rongkang and focuses on various food-related services, including the sale of drinking water and food products [1] Business Overview - The business operates under several licensed projects, including on-site sales of drinking water and food internet sales [1] - It also engages in small-scale food production and sales, requiring relevant approvals from authorities for certain activities [1] General Operations - The general business activities include retail of small food items, second-hand daily necessities, and seafood [1] - The company also provides technical services, consulting, and marketing planning [1] - Additional services include tourism project planning and enterprise management consulting, which can be conducted independently with a business license [1]

（文章来源：证券日报） 证券日报网讯碧水源9月15日在互动平台回答投资者提问时表示，截至2025年9月10日公司股东人数为 75738户。 ...