蓝晓科技控股股东和实际控制人均为寇晓康、高月静。董事长高月静，1969 年出生，西北工业大学博士， 她获得国家科学技术进步二等奖等诸多荣誉，回国后创立蓝晓科技并一直担任董事长，2024 年薪酬 54.75 万元，较 2023 年的 54.8 万元减少 0.05 万元。总经理寇晓康，1967 年出生，西北工业大学硕士，曾在西安 电力树脂厂任职，2005 年加入公司，2024 年薪酬 54.54 万元，较 2023 年的 54.52 万元增加 0.02 万元。 A股股东户数较上期减少 9.48% 截至 2025 年 9 月 30 日，蓝晓科技 A 股股东户数为 1.72 万，较上期减少 9.48%；户均持有流通 A 股数量 为 1.78 万，较上期增加 10.47%。十大流通股东中，香港中央结算有限公司位居第一大流通股东，持股 6476.88 万股，相比上期增加 1472.39 万股。易方达创业板 ETF（159915）位居第七大流通股东，持股 531.44 万股，相比上期减少 89.11 万股。富国天惠成长混合(LOF)A/B（161005）位居第八大流通股东，持 股 500.00 万股，相比上期减少 500. ...

Core Insights - Pension funds have increasingly invested in the secondary market, appearing in the top ten shareholders of 146 stocks by the end of Q3, with 54 new entries and 27 increased holdings [1][2] - The total shareholding of pension accounts reached 1.282 billion shares, with a total market value of 30.927 billion yuan [1] - The most significant holdings include Tongling Nonferrous Metals and CNOOC Development, with respective holdings of 69.1589 million shares and 65.3843 million shares [1][2] Summary by Category Shareholding Details - Pension accounts are the third-largest shareholder in Blue Sky Technology, holding 20.781 million shares, which is 6.78% of the circulating shares [1] - The highest shareholding by pension accounts is in Tongling Nonferrous Metals, with 69.1589 million shares, followed by CNOOC Development with 65.3843 million shares [1][2] Performance and Trends - Among the stocks held by pension accounts, 94 companies reported net profit growth in their Q3 reports, with the highest growth seen in Rongzhi Rixin, which achieved a net profit of 26.8952 million yuan, a year-on-year increase of 889.54% [2] - The longest-held stock by pension accounts is Yinlun Co., which has appeared in the top ten shareholders for 32 consecutive reporting periods, currently holding 14.1227 million shares, a decrease of 36.45% from the previous quarter [2] Sector Distribution - Pension accounts predominantly invest in the main board with 95 stocks, followed by 18 in the Sci-Tech Innovation Board and 33 in the Growth Enterprise Market [2] - The primary sectors for pension fund investments are machinery and medical biology, with 23 and 14 stocks respectively [2]

上 市 公 司 基础化工 2025 年 10 月 30 日 蓝晓科技 (300487) —— 费用导致 Q3 业绩环比承压，持续看好平台公司发 展潜力 报告原因：有业绩公布需要点评 增持（维持） | 公 | | --- | 相关研究 《蓝晓科技（300487）点评： Q2 业绩符 合预期，持续看好平台公司发展潜力》 2025/08/20 《蓝晓科技（300487）点评： 业绩基本符 合预期，持续看好平台公司发展潜力》 2025/04/24 证券分析师 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,554 | 1,933 | 2,816 | 3,327 | 3,945 | | 同比增长率（%） | 2.6 | 2.2 | 10.3 | 18.2 | 18.6 | | 归母净利润（百万元） | 787 | 652 | 917 | 1,121 | 1,363 | | 同比增长率（%） | 9.8 | 9.3 | 16.5 | 22.2 | 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company has shown steady performance with a focus on high-margin segments, particularly in life sciences and metal resources, which are expected to drive future growth [3][12]. - The company reported a revenue of 1.933 billion yuan for Q3 2025, reflecting a year-on-year increase of 2.20%, and a net profit of 652 million yuan, up 9.27% year-on-year [3][6]. - The gross margin for the first three quarters of 2025 was 52.81%, an increase of 4.16 percentage points year-on-year, driven by a higher proportion of high-margin products and a decline in raw material prices [3][6]. Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 2.489 billion yuan, with a year-on-year growth rate of 30%. The projected revenue for 2024 is 2.554 billion yuan, with a growth rate of 3% [1]. - The net profit for 2023 was 717 million yuan, with a year-on-year growth of 33%. The forecast for 2024 is a net profit of 787 million yuan, reflecting a growth of 10% [1]. - The earnings per share (EPS) for 2023 was 1.41 yuan, projected to increase to 1.55 yuan in 2024 [1]. Business Segments - The core business segments include ultra-pure water, life sciences, and metal resources, all of which are maintaining growth trends [3]. - The ultra-pure water segment is expected to generate over 500 million yuan in revenue for Q1-Q3 2025, with a year-on-year growth of over 8% [3]. - The life sciences segment is projected to exceed 450 million yuan in revenue for Q1-Q3 2025, with a year-on-year growth of over 10% [3]. - The metal resources segment is anticipated to generate over 200 million yuan in revenue for Q1-Q3 2025, with a year-on-year growth of over 25% [3]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 40.4 in 2023 to 30.4 in 2025, indicating an improving valuation as earnings grow [1]. - The price-to-book (P/B) ratio is expected to decline from 8.4 in 2023 to 6.0 in 2025, reflecting a strengthening financial position [1]. Future Outlook - The company is expected to achieve net profits of 953 million yuan in 2025, 1.169 billion yuan in 2026, and 1.423 billion yuan in 2027, with corresponding P/E ratios of 30.4, 24.8, and 20.3 [3][12]. - The company is focusing on the industrialization of adsorption separation technology and the localization of life science materials, which are expected to contribute to strong growth [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 1.93 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.2%. The net profit attributable to shareholders was 650 million yuan, up 9.3% year-on-year, and the net profit after deducting non-recurring gains and losses was 640 million yuan, an increase of 10.6% year-on-year. In Q3 alone, the revenue reached 690 million yuan, showing a year-on-year growth of 14.9% and a quarter-on-quarter increase of 2.3% [2][7]. Company Overview - The company is a leader in the adsorption separation materials industry, focusing on the research, production, and sales of adsorption separation materials and integrated solutions. It has an annual production capacity of 50,000 tons for adsorption separation materials and 70,000 liters for chromatography fillers [12]. - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park in Pucheng, which will help meet the rapidly growing order demand [12]. Financial Performance - For Q3 2025, the company's gross margin was 55.6%, and the net margin was 30.4%, reflecting a year-on-year increase of 4.4 percentage points and a decrease of 1.8 percentage points, respectively. The increase in gross margin is attributed to the rapid growth in high-value-added areas such as life sciences [12]. - The company has maintained a high level of R&D investment, with a research and development expense ratio of 5.3% in Q3 2025 [12]. Future Outlook - The company is expected to achieve net profits of 890 million yuan, 1.08 billion yuan, and 1.32 billion yuan for the years 2025, 2026, and 2027, respectively [12].

Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company's performance has been impacted by a significant increase in income tax, but its fundamental business remains solid with substantial growth potential [1]. - The company reported a revenue of 1.933 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 2.20%, and a net profit of 652 million yuan, up 9.27% year-on-year [7]. - The company is expected to see continued growth in its key segments, including metal resources, life sciences, and water treatment, with significant investments planned to enhance its capabilities in these areas [7]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024, 2025, 2026, and 2027 are 2.554 billion yuan, 2.820 billion yuan, 3.366 billion yuan, and 3.727 billion yuan respectively, with growth rates of 262.02%, 10.41%, 19.38%, and 10.72% [2]. - **Net Profit Forecast**: Expected net profits for the same years are 787 million yuan, 919 million yuan, 1.102 billion yuan, and 1.335 billion yuan, with growth rates of 979.14%, 16.70%, 20.00%, and 21.06% [2]. - **Profitability Metrics**: The gross margin is projected to be 49.47% in 2024, increasing to 50.05% in 2025, before declining slightly in subsequent years [2]. - **Earnings Per Share (EPS)**: The diluted EPS is forecasted to be 1.55 yuan in 2024, increasing to 2.63 yuan by 2027 [2]. Cash Flow and Debt Management - The company reported a significant increase in cash flow, with a net cash flow of 539 million yuan at the end of the reporting period, marking a 20.50% year-on-year growth [7]. - The asset-liability ratio stands at 34.50%, a decrease of 0.90 percentage points year-on-year, indicating a stable financial position with low debt risk [7].

Group 1 - The core point of the article is that Bluestar Technology announced the release of stock pledges by its controlling shareholder, Mr. Kou Xiaokang, involving 3,800,000 shares [1] - The released shares represent 3.07% of Mr. Kou's total holdings and 0.75% of the company's total share capital [1]

Core Viewpoint - The announcement indicates that the controlling shareholder of Bluestar Technology, Mr. Kou Xiaokang, has recently released a pledge on 3.8 million shares, which represents 3.07% of his holdings and 0.75% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Release** - Mr. Kou Xiaokang has completed the release of a pledge on 3.8 million shares [1] - This release accounts for 3.07% of his total shareholdings [1] - It also represents 0.75% of the total share capital of the company [1] - **Current Pledge Status** - As of the date of the announcement, Mr. Kou Xiaokang has a cumulative pledge of 0 shares [1] - This indicates 0.00% of his holdings and 0.00% of the company's total share capital [1]

截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转02 | | 西安蓝晓科技新材料股份有限公司 关于控股股东部分股份解除质押的公告 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，不存在虚 假记载、误导性陈述或重大遗漏。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）接到公司控股股东寇 晓康先生的通知，寇晓康先生于近日办理了其持有的股份解除质押业务，现将有 关情况公告如下： 二、股东股份累计被质押情况 | 股东 | 持股 | | 本次解除质 | 本次解除质 | 占其所 | | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 数量 | 持股 比例 | 押前质押股 | 押后质押股 | 持股份 | 占公司总 股本比例 | 已质押股份 限售和冻结 | 占已质押股 | 未 ...