Investment Rating - The report maintains a "Recommended" rating for the company [1][5]. Core Insights - The company reported a revenue of 1.247 billion yuan for the first half of 2025, a year-on-year decrease of 3.64%, while the net profit attributable to shareholders increased by 10.01% to 445 million yuan [3]. - The gross profit margin and net profit margin improved significantly, reaching 51.26% and 35.97% respectively, with increases of 3.78 percentage points and 4.32 percentage points year-on-year, driven by higher contributions from high-margin businesses in life sciences, metal resources, and ultra-pure water [3]. - The company plans to invest 1.15 billion yuan in building a high-end materials industrial park in Pucheng to enhance its life sciences segment [3]. Financial Performance Summary - For the first half of 2025, the company achieved a net cash flow of 288 million yuan, reflecting a positive trend [3]. - The company’s asset-liability ratio stood at 36.30%, a decrease of 3.73 percentage points year-on-year, indicating low debt risk [3]. - The company’s revenue from adsorption materials was 1.007 billion yuan, a year-on-year increase of 3.40%, with significant growth in the water treatment, life sciences, and metal resources segments [3]. Future Projections - The company is projected to achieve net profits of 1.014 billion yuan, 1.209 billion yuan, and 1.527 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26.98X, 22.63X, and 17.92X [5][4]. - Revenue is expected to grow at rates of 17.66%, 22.90%, and 17.27% for the years 2025, 2026, and 2027 respectively [4][7].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q2 performance met expectations, with a revenue of 6.71 billion yuan in Q2 2025, showing a year-on-year increase of 1% and a quarter-on-quarter increase of 16% [6] - The company is expected to continue its growth trajectory, particularly in the life sciences, metal resources, and water treatment sectors, with a projected revenue of 3.15 billion yuan for 2025, representing a year-on-year growth of 23.3% [6][7] - The company plans to invest 1.15 billion yuan in building a high-end materials industrial park in the life sciences sector, indicating a commitment to expanding its capabilities [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2.55 billion yuan, with a net profit of 787 million yuan, reflecting a year-on-year growth of 9.8% [7] - For 2025, the expected total revenue is 3.15 billion yuan, with a net profit forecast of 1.015 billion yuan, indicating a significant year-on-year growth of 28.9% [7] - The company's gross margin is expected to remain stable at around 49.8% for 2025, with a return on equity (ROE) projected at 23.1% [7]

Core Viewpoint - The company is experiencing growth driven by high-margin businesses, with plans for new capacity expected to further support growth, maintaining a "buy" rating. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to shareholders was 445 million yuan, an increase of 10% [1] - Q2 2025 revenue reached 671 million yuan, a year-on-year increase of 1% and a quarter-on-quarter increase of 16%, with net profit attributable to shareholders at 251 million yuan, up 7% year-on-year and 30% quarter-on-quarter [1] - The company's revenue growth was hindered by the lack of income recognition from the lithium extraction project, but the increase in high-margin businesses and a decline in raw material prices contributed to profit growth [1] Group 2: Margin and Sales Growth - In H1 2025, the company sold 33,400 tons of adsorption materials, a year-on-year increase of 8.35%, with a comprehensive gross margin of 51.26%, up 3.8 percentage points year-on-year [2] - The gross margin for adsorption materials was 54.27%, an increase of 3.2 percentage points year-on-year [2] - The life sciences segment saw a revenue increase of 12.43% year-on-year, with strong growth in the polypeptide solid-phase synthesis carrier business [2] Group 3: Future Growth Prospects - The company is focusing on expanding its life sciences segment, with plans to invest 1.15 billion yuan in a high-end materials industrial park, which is expected to drive future growth [3] - The company has made progress in clinical trials and regulatory approvals for various antibody projects, which may become new growth points for performance [3] - The company is also expanding its global marketing and technical service network to support the development of its life sciences segment [3]

开源证券8月19日发布研报称，给予蓝晓科技（300487.SZ，最新价：52.73元）买入评级。评级理由主 要包括：1）公司高毛利业务占比提升，叠加原材料价格回落，推动公司毛利率增长；2）公司持续发力 生命科学板块，生命科学高端材料产业园投产后助力公司成长。风险提示：新产品推广不及预期、行业 竞争加剧、地缘政策变动较大等。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's high-margin business is driving performance growth, and the planned new capacity is expected to support future growth [5] - In H1 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to the parent company was 445 million yuan, an increase of 10% year-on-year [5] - The company is expected to benefit from the production of its high-end materials industrial park in the life sciences sector, which is projected to enhance growth [7] Financial Performance Summary - In H1 2025, the company sold 33,400 tons of adsorption materials, a year-on-year increase of 8.35%, with a comprehensive gross margin of 51.26%, up 3.8 percentage points year-on-year [6] - The life sciences segment saw a revenue increase of 12.43% year-on-year, while the metal resources segment grew by 22.84% [6] - The company expects net profits for 2025-2027 to be 952 million yuan, 1.195 billion yuan, and 1.534 billion yuan respectively, with corresponding EPS of 1.88, 2.35, and 3.02 yuan [5][8] Future Growth Potential - The company plans to invest 1.15 billion yuan to build a high-end materials industrial park for life sciences, which is expected to drive future growth [7] - The company is expanding its global marketing and technical service network to support the development of its life sciences segment [7]

2025年8月20日， 蓝晓科技 (300487.SZ)发布2025年中报。 公司营业总收入为12.47亿元，较去年同报告期营业总收入减少4707.06万元，同比较去年同期下降 3.64%。归母净利润为4.45亿元。经营活动现金净流入为2.88亿元。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 寇晓康 | 24.38% | | 2 | 田晓军 | 15.16% | | 3 | 高月静 | 12.90% | | 4 | 香港中央结算有限公司 | 9.86% | | 5 | 基本养老保险基金一六零二二组合 | 4.10% | | 6 | 中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF) | 1.97% | | 7 | 苏碧梧 | 1.41% | | 8 | 中国工商银行股份有限公司-易方达创业板交易型开放式指数证券投资基金 | 1.22% | | 9 | 招商银行股份有限公司-睿远成长价值混合型证券投资基金 | 1.13% | | 10 | 全国社保基金 -- 四组合 | 2 0.0896 | 公司最新毛利率为51.26%。最新ROE为10. ...

据Wind数据统计显示，8月20日，养老金现身9只个股前十大流通股东，合计持股1.09亿股，合计持股市 值达19.92亿元。海油发展、蓝晓科技、华峰铝业持股数量居前，养老金分别持有0.52亿股、0.21亿股、 0.10亿股。从养老金持股市值来看，蓝晓科技、海油发展、羚锐制药排名居前，持股市值分别为10.46亿 元、2.13亿元、1.97亿元。 (本文来自第一财经) 截至8月20日，养老金二季度共现身32只个股前十大流通股东，合计持股2.86亿股，合计持股市值达68.9 亿元。其中，6只个股持股数量超千万，海油发展、宏发股份、深圳机场持股数量居前，养老金分别持 有0.52亿股、0.28亿股、0.24亿股。从养老金持股行业分布来看，主要集中在化工、机械、电气设备， 分别有4只、3只、3只。 ...

Key Points - The core viewpoint of the articles highlights significant corporate announcements, including investment plans, financial performance, and changes in ownership stakes across various companies in the industry [1][2][3] Company Announcements - Dazhihui has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments" [1] - Pengding Holdings plans to invest a total of 8 billion yuan in the Huai'an Industrial Park [1] - Tongyuan Environment has won a bid for the expansion project of the sewage treatment plant in Qimen Economic Development Zone, Anhui [1] - Yunda Co., Ltd. reported a revenue of 4.12 billion yuan from express services in July, reflecting a year-on-year growth of 3.75% [2] - Hanwei Electronics intends to acquire a 56.24% stake in Zhancheng Technology for 157 million yuan [1] - Ruoyucheng plans to repurchase shares worth 100 million to 200 million yuan [1] Financial Performance - Fuyao Glass reported a net profit of 4.805 billion yuan for the first half of the year, marking a year-on-year increase of 37.33% [1][2] - Jibite's net profit increased by 24.5% year-on-year, with a proposed dividend of 66 yuan per 10 shares [2] Shareholding Changes - New Zhisoft's OCIL, AL, and CEL collectively plan to reduce their holdings by no more than 2% of the company's shares [1][2] - Zhenbaodao's Bohzhou Junzefanglong intends to reduce its holdings by no more than 3% [1][2] Other Developments - Kesi Technology's actual controller and director Liu Jiande has been placed under detention and is under investigation [3] - Xiling Information's controlling shareholder and general manager Yue Yamei has also been subjected to detention measures [3]

（文章来源：证券日报） 证券日报网讯 8月19日晚间，蓝晓科技发布关于2025年半年度利润分配预案的公告称，公司拟以未来实 施2025年半年度权益分配方案时股权登记日的总股本扣除公司回购专户上已回购股份为基数，每10股派 送现金股利1.8元（含税）。 ...

证券日报网讯 8月19日晚间，蓝晓科技发布公告称，公司于2025年8月18日召开第五届董事会第九次会 议和第五届监事会第六次会议，审议通过了《关于部分募投项目结项并将结余募集资金永久补充流动资 金的议案》。2023年度向不特定对象发行可转换公司债券的募集资金投资项目（以下简称"募投项目"） 中"新能源金属吸附分离材料生产体系扩建项目"已达到预定可使用状态，公司拟将该项目予以结项，并 将项目结余募集资金人民币1，074.94万元（暂估金额，含累计现金管理收益、银行存款利息收入扣除 银行手续费等的净额，最终金额以资金转出当日银行专户实际金额为准）永久补充流动资金，用于与公 司主营业务相关的日常经营活动。 （编辑 楚丽君） ...