Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, and a net profit attributable to the parent company of 787 million yuan, up 9.8% year-on-year [1]. - The revenue from the lithium extraction project significantly declined, impacting the overall performance of the system equipment segment, while the adsorption materials business showed robust growth [2][3]. - The life sciences segment is expected to continue its growth trajectory, driven by the demand for high-quality solid-phase synthesis carriers and the performance of GLP-1 peptide drugs [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 662 million yuan, down 27.4% year-on-year, but up 10.89% quarter-on-quarter, with a net profit of 191 million yuan, down 4.0% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a decrease of 8.6% year-on-year and 12.91% quarter-on-quarter, while the net profit was 193 million yuan, an increase of 14.2% year-on-year [1]. Business Segments - The adsorption materials business generated 1.986 billion yuan in revenue, up 27.61% year-on-year, while the system equipment segment saw a revenue decline of 43.13% to 469 million yuan [2]. - The revenue from the lithium extraction system equipment was only 99 million yuan in 2024, a dramatic drop of 80.96% compared to 520 million yuan in 2023 [2]. Growth Areas - The life sciences segment's revenue reached 568 million yuan in 2024, reflecting a growth of 28% [3]. - The ultra-pure water segment achieved significant breakthroughs, with substantial orders from key semiconductor companies, indicating a growing market presence [3]. Profitability Forecast - The net profit forecasts for 2025-2027 are adjusted to 1.127 billion yuan, 1.463 billion yuan, and 1.706 billion yuan, respectively, maintaining the "Buy" rating [3].

Group 1 - The implementation of new dividend regulations has significantly enhanced the dividend awareness among listed companies in Shaanxi, establishing a stable, timely, and predictable normalization of dividend mechanisms [1] - In 2024, nearly 70% of listed companies in Shaanxi overcame substantial declines in net profits, distributing cash dividends totaling 24.3 billion yuan, maintaining a high level of dividend scale [2] - The overall dividend amount accounted for over 70% of the net profit in the region, a substantial increase of 25 percentage points [2] Group 2 - The dividend payout ratio reached 47% after excluding loss-making companies, reflecting a year-on-year increase of 7 percentage points, indicating a continuous rise in dividend levels [2] - Shaanxi Coal's annual dividend exceeded 13 billion yuan, with a payout ratio close to 60%, setting a benchmark in the Northwest region [2] - In 2024, 36 companies in Shaanxi implemented interim dividends, representing 44% of the total, ranking first in the country [2] Group 3 - Companies such as Shaanxi Coal have maintained cash dividends for five consecutive years, while 11 companies have consistently paid dividends for over ten years, establishing a long-term, stable, and sustainable shareholder return mechanism [3] - Companies are actively improving operations to balance development and returns, as seen with Fenghuo Electronics, which implemented cash dividends and share buybacks after turning its retained earnings positive [3] - Overall, Shaanxi listed companies are responding positively to the new dividend regulations, fulfilling their responsibilities and enhancing investor satisfaction [3]

Core Viewpoint - A legal dispute involving a contract worth 114 million yuan between Bluestar Technology and Sandam Membrane has raised concerns about contract performance risks in the lithium extraction industry chain [2][3]. Group 1: Background of the Dispute - The lawsuit originated from a contract signed in March 2022 for the supply and installation of lithium carbonate adsorption equipment, valued at 114 million yuan, which accounted for 9.54% of Bluestar Technology's 2021 revenue [3]. - Disagreements escalated during the project, leading Bluestar Technology to freeze 58.61 million yuan of Sandam Membrane's assets due to non-payment, prompting Bluestar to file a lawsuit for 47.44 million yuan in contract payments and penalties [3]. - Sandam Membrane counter-sued, claiming Bluestar failed to meet installation deadlines and provided non-compliant equipment, seeking approximately 38.73 million yuan in damages [3]. Group 2: Court Ruling - On May 8, 2025, the court ruled in favor of Bluestar Technology, ordering Sandam Membrane to pay 48.2869 million yuan plus overdue penalties, while dismissing all counterclaims from Sandam [4]. - The court found that Bluestar had fulfilled its contractual obligations, and Sandam's claims regarding delays and equipment quality were unsupported due to insufficient evidence [4]. Group 3: Industry Context - The lawsuit reflects a broader downturn in the lithium extraction industry, where lithium carbonate prices plummeted from 590,000 yuan per ton in 2022 to around 65,000 yuan per ton in 2023, leading to project viability concerns [5]. - The industry is facing prolonged overcapacity and extended expansion cycles due to falling prices [5]. Group 4: Financial Impact - The ongoing litigation has materially affected the financial health of both companies. Bluestar Technology's revenue from lithium extraction systems dropped to 99 million yuan in 2024, a decline attributed to project confirmation delays [7]. - Sandam Membrane is experiencing severe cash flow issues, with a 78.38% year-on-year decline in net cash flow from operating activities, amounting to 12.1899 million yuan in Q1 2025 [7]. - Additionally, Sandam is facing further financial strain from another arbitration case involving 34.09 million yuan [7]. Group 5: Future Implications - Sandam Membrane plans to appeal the ruling, which could lead to a second trial. A favorable outcome for Bluestar could help confirm project revenues and alleviate financial pressures, while a successful appeal for Sandam could mitigate losses [8]. - The dispute highlights the need for clearer risk-sharing mechanisms and enhanced compliance monitoring in the lithium extraction industry to ensure healthy future development [8].

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 ...

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear power, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor industry, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - In the biopharmaceutical sector, ion exchange resins are widely utilized for the separation and purification of various biological drugs, including antibiotics and traditional Chinese medicine components, due to their high efficiency and product purity [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for cleaning and processing electronic components, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are extensively applied in the extraction and purification of a wide range of biopharmaceuticals, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is also highlighted for its significant production capabilities in ion exchange and adsorption resins, with ongoing investments in new projects to enhance its production capacity [4].