Group 1: Financial Performance - In 2024, the revenue from the system device business increased by 85%, but installation and debugging costs accounted for over 25% of the revenue [4] - The revenue from the life sciences sector reached 5.68 billion yuan, with a growth rate of 28% [14] - The revenue from the water treatment and ultrapure water business grew by 20%, with a total revenue of 6.88 billion yuan [7] Group 2: Operational Efficiency - The inventory turnover days extended to 180 days due to increased stock of system devices [4] - The company aims to reduce work-in-progress inventory by 25% through digital twin technology optimization [4] - The company achieved a 5-fold increase in inspection efficiency by replacing manual visual inspection with AI visual detection [3] Group 3: Market Expansion and Strategy - In 2024, overseas revenue accounted for 38% of total revenue, amounting to 6.55 billion yuan [10] - The company plans to enhance market development efficiency through the release of industry solution white papers covering six major fields [5] - The life sciences sector's revenue share increased to 29%, with a focus on new product development in peptide synthesis [5] Group 4: Research and Development - The R&D investment intensity reached 9.8%, but the patent implementation rate was below 45% [9] - The company holds 66 domestic and 13 foreign authorized patents, with 74 domestic and 103 foreign patents in the application stage [9] - The company is focusing on developing new types of polyethylene glycol carriers to increase drug loading capacity by 20% [5] Group 5: Supply Chain and Risk Management - The company reported no supply chain security challenges, with most raw materials already localized [12] - The accounts receivable turnover days extended to 125 days, with 65% of accounts receivable from system device projects [10] - The company is exploring credit insurance to cover 80% of accounts receivable to improve cash flow [10]

Investment Rating - The investment rating for the company is "Buy" [2][6] - The previous rating was also "Buy" [2] Core Views - The company is expected to maintain steady growth in its performance, particularly in the adsorption materials business, leading to a sustained "Buy" rating [2][6] - The company reported a revenue of 2.554 billion RMB in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million RMB, up 9.79% year-on-year [4][9] - The company plans to distribute a cash dividend of 6.00 RMB per 10 shares to all shareholders [4][9] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 662.3 million RMB, a decrease of 27.40% year-on-year, but a 10.89% increase quarter-on-quarter [11] - For Q1 2025, the company reported a revenue of 576.79 million RMB, down 8.58% year-on-year, but a net profit of 193.14 million RMB, up 14.18% year-on-year [12] - The company’s gross margin for 2024 was 49.47%, with a net margin of 31.11% [9] Business Segment Performance - The adsorption materials segment saw a revenue of 1.986 billion RMB in 2024, with a gross margin of 52.85% [9] - The life sciences segment generated 568 million RMB in revenue, reflecting a growth of 28% [9] - The water treatment and ultra-purification segment achieved a revenue of 688 million RMB, up 34% year-on-year [9] Future Projections - The company expects net profits of 987 million RMB, 1.2 billion RMB, and 1.454 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.94 RMB, 2.36 RMB, and 2.86 RMB [6][8] - The projected PE ratios for 2025, 2026, and 2027 are 23.3, 19.2, and 15.8 respectively [6][8]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The company is expected to maintain steady growth in its performance, particularly in the adsorption materials business, leading to a sustained "Buy" rating [4][6] - The company reported a revenue of RMB 2.554 billion in 2024, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of RMB 787 million, up 9.79% year-on-year [9][10] Financial Performance Summary - In 2024, the company achieved a total revenue of RMB 2,554.03 million, with a gross profit margin of 49.47% and a net profit margin of 31.11% [10] - The company’s revenue from the adsorption materials segment reached RMB 1.986 billion in 2024, reflecting a year-on-year growth of 27.61% [9] - The company plans to distribute a cash dividend of RMB 6.00 per 10 shares to all shareholders [4] Future Earnings Projections - The projected net profits for 2025, 2026, and 2027 are RMB 987 million, RMB 1.200 billion, and RMB 1.454 billion, respectively, with corresponding earnings per share of RMB 1.94, RMB 2.36, and RMB 2.86 [6][8] - The company’s EBITDA is expected to grow from RMB 1.209 billion in 2025 to RMB 1.835 billion in 2027 [8][13] Business Segment Performance - The adsorption materials segment showed a total production of 65,700 tons in 2024, with a sales volume of 63,700 tons, both reflecting significant year-on-year increases [9] - The life sciences segment generated revenue of RMB 568 million in 2024, marking a 28% increase year-on-year, driven by strong demand for peptide carriers [9] - The water treatment and ultra-purification segment reported revenue of RMB 688 million in 2024, up 34% year-on-year, indicating a growing market presence [9] Market Position and Shareholder Information - The company has a total market capitalization of RMB 23,007.40 million, with major shareholder holding 24.38% of the shares [4][8] - The company has been expanding its overseas market presence, achieving RMB 655 million in overseas revenue in 2024, a 45.1% increase year-on-year [9]

北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 北京德恒律师事务所 关于西安蓝晓科技新材料股份有限公司 2024 年年度股东大会的 法律意见 为出具本法律意见，本所律师出席本次股东大会会议，本所律师严格履行了 法定职责，遵循勤勉尽责和诚实信用原则，审查了《公司章程》、公司董事会为 召开本次股东大会所做出的决议及公告文件、本次股东大会会议文件、出席现场 会议的股东或股东委托代理人的登记证明等必要的文件和资料，保证本法律意见 所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假 记载、误导性陈述或者重大遗漏，并承担相应法律责任。 1 在本法律意见中，本所律师根据《上市公司股东大会规则》及公司的要求， 仅对公司本次股东大会的召集、召开程序是否符合法律、行政法规、《公司章程》 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 《上市公司股东大会规则》《深圳证券交易所上市公司股东大会网络投票实施细 则 ...

西安蓝晓科技新材料股份有限公司 2024 年年度股东大会决议公告 本公司及全体董事会成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者遗漏。 特别提示： 1. 本次股东大会不存在否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 3. 本次股东大会采取现场投票、网络投票相结合的方式召开。 一、会议召开和出席情况 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | （一）会议召开情况 1.股东大会届次：2024 年年度股东大会。 2.股东大会的召集人：公司董事会。 3.会议召开的日期、时间： （1）现场会议的召开时间：2025 年 5 月 19 日（星期一）下午 14:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 5 月 19 日 9:15-9:25，9:30-11:30，13:00-15:00。 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 5 月 19 日 ...

西安蓝晓科技新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日在 巨潮资讯网（http://www.cninfo.com.cn）发布了《关于召开 2024 年年度股东大会的通 知》（公告编号：2025-021）。本次股东大会采用现场投票与网络投票相结合的方式 召开，为方便公司股东行使股东大会表决权，现将本次会议相关事项再次提示如下： 一、召开会议的基本情况 1.股东大会届次：2024 年年度股东大会。 2.股东大会的召集人：公司董事会。 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-028 | | --- | --- | --- | | 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 关于召开 2024 年年度股东大会的提示性公告 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。 3.会议召开的合法、合规性：经公司第五届董事会第八次会议审议通过，决定召 开 2024 年年度股东大会，召集程序符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 4.会议召开 ...

2024 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会根据中 国证券监督管理委员会陕西监管局工作部署，联合深圳市全景网络有限公司举办 "2025 年陕西辖区上市公司投资者集体接待日暨 2024 年度业绩说明会"。 | 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2025-027 | | --- | --- | | 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 关于参加"2025 年陕西辖区上市公司投资者集体接待日暨 活动时间：2025 年 5 月 20 日（星期二）15:00—17:00。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可提前访问网 址 https://ir.p5w.net/zj，进入问题征集专题页面，选择本公司并在登录后提问。公 司将在 2024 ...

Core Viewpoint - The company reported steady revenue and profit growth in 2024, with a notable performance in its core business segments, despite challenges in specific projects like the lithium extraction project [1][3]. Financial Performance Summary - In 2024, the company achieved revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - The weighted average return on equity was 21.33%, down 1.79 percentage points year-on-year [1]. - The gross profit margin was 49.47%, an increase of 0.80 percentage points year-on-year, while the net profit margin was 31.11%, up 2.12 percentage points year-on-year [1]. - In Q4 2024, revenue was 662 million yuan, a year-on-year decrease of 27.40%, but a quarter-on-quarter increase of 10.89% [1]. - For Q1 2025, revenue was 577 million yuan, down 8.58% year-on-year and 12.91% quarter-on-quarter, while net profit was 193 million yuan, up 14.18% year-on-year [2]. Business Segment Performance - The lithium extraction project generated revenue of 99 million yuan in 2024, a significant decline of 80.96% year-on-year, primarily due to cyclical industry conditions and project execution delays [3]. - Excluding the lithium project, the core business achieved revenue of 2.455 billion yuan, a year-on-year increase of 24.71%, indicating strong growth momentum [3]. - Key segments such as water treatment and ultrapure water, life sciences, and metal resources reported revenues of 688 million, 568 million, and 256 million yuan, respectively, with year-on-year growth rates of 34%, 28%, and 30% [3]. - The chemical and catalysis, and food processing segments also showed strong performance, with revenues of 202 million and 56 million yuan, reflecting year-on-year increases of 42% and 28% [3]. Growth Drivers and Strategic Initiatives - The water treatment and ultrapure water business saw significant breakthroughs, with sales reaching 688 million yuan, a 34% increase year-on-year, driven by increased market penetration and long-term contracts with major clients [4]. - The life sciences segment is benefiting from the strong market performance of GLP-1 peptide drugs, leading to rapid growth in solid-phase synthesis carrier business [5]. - The company is expanding its international marketing and technical service network, enhancing its local team in North America and Europe, and investing in capacity expansion and upgrades to support long-term growth [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.026 billion, 1.283 billion, and 1.576 billion yuan for 2025-2027, with corresponding EPS of 2.02, 2.53, and 3.10 yuan [6]. - The current price corresponds to PE ratios of 22.85, 18.26, and 14.87 for the respective years, indicating a favorable long-term growth outlook [6].

关于持股 5%以上股东部分股份质押展期的公告 万股 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"）接到公司持股 5%以 上的股东田晓军先生的通知，田晓军先生于近日办理了其持有的部分股份质押展 期业务，现将有关情况公告如下： 注：田晓军先生此次质押展期限售股份性质为高管锁定股。 二、股东股份累计被质押情况 截止公告披露日，上述股东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：2025-026 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 股东 名称 是否为 第一大 股东及 一致行 动人 本次质 押展期 股份数 量（万 股） 占其所 持股份 比例 占公司 总股本 比例 原质押 起始日 原质押到 期日 本次展期 后质押到 期日 质权人 质押 用途 田晓军 否 33 0.43% 0.07% 2023.5.8 2025.5.7 2026.5.7 国泰海通 证券股份 有限公司 个人 融资 7 0.09% 0.01% 2024.5.7 2025.5.7 20 ...

Core Viewpoint - The company achieved stable growth in both operating revenue and net profit attributable to shareholders in 2024, driven by consistent sales growth in materials, which offset the decline in revenue from lithium extraction projects [1][2]. Financial Performance - In 2024, the company reported total operating revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [2]. - For Q1 2025, the company achieved total operating revenue of 577 million yuan, a year-on-year decrease of 8.58%, while net profit attributable to shareholders was 193 million yuan, reflecting a year-on-year increase of 14.18% [2]. Segment Performance - The metal resources segment saw sales revenue from adsorption materials reach 256 million yuan, a year-on-year increase of 30%, with price increases for gallium and uranium compared to 2023 [3]. - The life sciences segment's sales revenue from adsorption materials was 568 million yuan, up 28% year-on-year, benefiting from the demand for GLP-1 peptide drugs [3]. - Water treatment and ultra-purification adsorption materials generated sales revenue of 688 million yuan, a year-on-year increase of 34%, while chemical and catalytic adsorption separation materials saw revenue rise to 202 million yuan, up 42% year-on-year [3]. - Energy-saving and environmental protection adsorption materials achieved sales revenue of 181 million yuan, remaining stable year-on-year [3]. Project Development - The lithium extraction project in Tibet is progressing, with the construction of a 3,300-ton lithium hydroxide production line expected to become the first industrialized lithium extraction project in the region [3]. - A subsequent 6,700-ton production line is anticipated to accelerate construction as conditions permit [3].