Revenue and Profitability - The company's revenue for Q1 2025 was ¥576,792,352.46, a decrease of 8.58% compared to ¥630,918,111.12 in the same period last year[6] - Net profit attributable to shareholders increased by 14.18% to ¥193,136,181.95 from ¥169,143,949.73 year-on-year[6] - Total operating revenue decreased to ¥576,792,352.46 from ¥630,918,111.12, representing a decline of approximately 8.6% year-over-year[21] - Net profit increased to ¥195,524,270.68 from ¥171,070,494.43, reflecting a growth of approximately 14.3% year-over-year[22] - Basic earnings per share rose by 11.76% to ¥0.38, compared to ¥0.34 in the same period last year[6] - Earnings per share (basic) rose to ¥0.38 from ¥0.34, indicating an increase of about 11.8% year-over-year[23] Cash Flow and Financial Position - The net cash flow from operating activities surged by 101.81% to ¥146,514,402.56, up from ¥72,599,287.10 in the previous year[10] - Cash flow from operating activities increased to ¥489,681,223.73 from ¥477,849,001.70, showing a growth of approximately 2.7% year-over-year[25] - Total cash and cash equivalents at the end of the period reached $2,395,635,334.36, up from $1,756,901,062.14, reflecting a net increase of $143,819,629.43[27] - The net cash flow from financing activities improved to $2,589,721.53 from a negative $24,954,866.11, showing a recovery in financing operations[26] - Cash outflows for operating activities totaled $343,166,821.17, a decrease from $405,249,714.60, reflecting cost management efforts[26] Assets and Liabilities - Total assets increased by 3.14% to ¥6,276,193,800.69 from ¥6,085,140,907.36 at the end of the previous year[6] - Total liabilities decreased to ¥2,143,231,753.10 from ¥2,158,316,086.51, a reduction of about 0.7% year-over-year[19] - The company's equity attributable to shareholders grew by 5.20% to ¥4,118,395,775.74 from ¥3,914,646,637.73 at the end of the last year[6] - The company's total equity increased to ¥4,132,962,047.59 from ¥3,926,824,820.85, representing a growth of about 5.2% year-over-year[19] Investment and Expenses - Investment income increased significantly by 937.57% to ¥3,086,808.72 from a loss of ¥368,544.31 in the previous year[9] - Research and development expenses decreased to ¥32,910,445.02 from ¥39,146,377.46, a decline of about 16.0% year-over-year[22] - The company received $80,000,000.00 from investment recoveries, up from $46,000,000.00, highlighting improved asset management[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 21,799[12] - The largest shareholder, Mr. Kou Xiaokang, holds 24.38% of shares, totaling 123,743,485 shares, with 12,110,000 shares pledged[12] - The top ten shareholders collectively hold significant stakes, with the top four shareholders alone accounting for over 57% of the total shares[12] Legal Matters - The company is involved in ongoing litigation regarding a compensation claim of ¥53.5 million related to an incident involving Inner Mongolia Tongwei High Purity Crystalline Silicon Co., Ltd.[14] - The company has initiated legal action against San Da Membrane Environmental Technology Co., Ltd. for unpaid contract amounts, with a counterclaim for breach of contract amounting to ¥17.556 million[14] Other Financial Metrics - The company reported a 35.66% increase in income tax expenses, amounting to ¥34,531,325.73 compared to ¥25,454,733.71 last year, due to increased profits[9] - The company experienced a 339.27% increase in the impact of exchange rate changes on cash and cash equivalents, amounting to ¥6,049,151.14[10] - The company paid $89,335,851.98 in employee compensation, an increase from $77,019,376.10, indicating a rise in workforce costs[26] - The impact of exchange rate changes on cash and cash equivalents was a positive $6,049,151.14, contrasting with a negative impact of $2,528,126.60 in the previous period[26] - The first quarter report was not audited, which may affect the reliability of the financial data presented[28]

西安蓝晓科技新材料股份有限公司 第五届董事会第八次会议决议公告 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。 西安蓝晓科技新材料股份有限公司（以下简称"公司"或"蓝晓科技"）第五 届董事会第八次会议通知和议案等材料已于 2025 年 4 月 11 日以电子邮件、书 面送达等方式发送至各位董事，并于2025年4月21日在公司会议室召开会议。 本次会议应出席董事 9 人，实际到会 9 人，公司部分监事和相关人员参加了会 议。会议由董事长高月静女士主持。会议符合《中华人民共和国公司法》（以 下简称《公司法》）及《公司章程》的有关规定。会议审议通过了如下决议： 一、审议通过《2024 年度总经理工作报告》 董事会听取了公司总经理所做的《2024 年度总经理工作报告》，认为 2024 年度公司管理层有效执行了董事会以及股东大会的各项决议，完成了 2024 年 度的经营目标。 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-011 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | 表决 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | | 公告编号：2025-010 | 西安蓝晓科技新材料股份有限公司 关于"蓝晓转 02"2025 年付息公告 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。 特别提示： 1. 蓝晓转 02（债券代码：123195）将于 2025 年 4 月 17 日按面值支付第二 年利息，每 10 张蓝晓转 02（面值 1,000 元）利息为 6.00 元（含税）。 2. 债权登记日：2025 年 4 月 16 日。 3. 本次付息期间及票面利率：计息期间为 2024 年 4 月 17 日至 2025 年 4 月 16 日，票面利率为 0.60%。 4. 付息日：2025 年 4 月 17 日。 5. 除息日：2025 年 4 月 17 日。 6. "蓝晓转 02"本次付息的债权登记日为 2025 年 4 月 16 日，截至 2025 年 4 月 16 日下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深 圳分公司（以下简 ...

| 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2025-009 | | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转02 | 注：高月静女士、寇晓康先生、田晓军先生累计质押限售股份性质为高管锁定股。 备查文件 中国证券登记结算有限责任公司出具的《证券质押及司法冻结明细表》。 西安蓝晓科技新材料股份有限公司（以下简称"公司"）接到公司控股股东高 月静女士、寇晓康先生，持股股东田晓军先生的通知，高月静女士、寇晓康先生、 田晓军先生于近日办理了其持有的部分股份解除质押业务，现将有关情况公告如 下： 二、股东股份累计被质押情况 截止本公告披露日，上述股东所持质押股份情况如下： 股东 名称 是否为 第一大 股东及 一致行 动人 本次解除 质押股份 数量 （万股） 占其 所持 股份 比例 占公司 总股本 比例 起始日 解除日 质权人 高月静 是 220 3.36% 0.43% 2024.3.28 2025.4.7 中原信托有限公司 108 1.65% 0.21% 2024.3.29 2025.4.7 云南国际信托有限 公司 寇晓康 是 630 5.09% 1.24% 2024. ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under investigation for antitrust violations in China, which may accelerate the domestic substitution process for ion exchange resins [5] - DuPont's sales in the Asia-Pacific region account for 43% of its total sales, with significant contributions from electronic and water treatment sectors [4] - The water treatment and protection business of DuPont generated sales of $5.6 billion in 2023, with a slight decline expected in 2024 [5] - The investigation could benefit domestic leaders in ion exchange resins, such as Bluestar Technology and Zhengguang Co., as they may capture market share previously held by DuPont [5][6] Summary by Sections Industry Overview - The global market for ion exchange resins used in ultra-pure water production reached $1.34 billion in 2023 and is projected to grow to $2.3 billion by 2030, with a CAGR of 8.5% from 2024 to 2030 [6] Company Insights - DuPont plans to spin off its electronic business by November 2025, while retaining its water treatment business [4] - The water treatment business's sales are expected to decline slightly in 2024 but show growth in the second half of the year [5] Market Dynamics - The antitrust investigation may catalyze the domestic production of ion exchange resins, particularly in industrial water treatment [5] - Domestic manufacturers are actively pursuing high-end applications in sectors like semiconductors and nuclear industries [6]

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

Investment Rating - The report maintains a "Buy" rating for the ion exchange resin industry, indicating a strong potential for investment returns exceeding 15% over the next 6-12 months [5]. Core Insights - The demand for ion exchange resins is rapidly growing, particularly in emerging fields such as nuclear industry, biomedicine, and electronic applications, which presents significant development opportunities for the industry [3]. - The high-end market for ion exchange resins is dominated by international leaders, while domestic companies are making strides in localizing production and enhancing competitiveness [2]. - The report emphasizes the importance of new separation and purification processes in various industries, highlighting the critical role of ion exchange resins in ensuring operational efficiency and product quality [3]. Summary by Sections Industry Overview - Ion exchange resins are versatile organic polymers used for separation and purification processes across various sectors, including pharmaceuticals, food processing, and environmental protection [1]. - The industry is witnessing increased R&D investments and market expansion, leading to the development of specialized resins with unique functionalities [1]. Market Competition - The ion exchange resin market is structured into three tiers: leading multinational corporations (e.g., Dow Chemical, Lanxess) dominate the high-end market, while domestic players (e.g., Bluestar Technology, ZG Co.) are advancing in local market share and international brand recognition [2]. - Smaller enterprises in the industry face challenges due to limited resources and technology, primarily serving as suppliers or niche players [2]. Future Prospects - The report forecasts robust growth in the ion exchange resin market driven by increasing demand in nuclear power, metallurgy, and other high-tech industries, with significant potential for domestic companies to replace imports [3]. - Key companies to watch include Bluestar Technology and ZG Co., which are positioned to benefit from the ongoing trend of domestic substitution and product upgrades [3].

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-007 | | --- | --- | --- | | 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 关于股东部分股份质押的公告 公司董事会及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。 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 高月静女士、寇晓康先生，持股股东田晓军先生的通知，高月静女士、寇晓康 先生、田晓军先生于近日办理了其持有的部分股份质押业务，现将有关情况公 告如下： 注 2：高月静女士、寇晓康先生、田晓军先生本次质押限售股份性质为高管锁定股。 | 持股 | | | 本次质押 | 本次质押 | | 已质押股份情况 已质押股 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 数量 | 持股 | 前质押股 | 后质押股 | 占其所 占公司 | | 占已质 | 未质押股份限 | | | 名称 | | | | ...

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。 | 证券代码：300487 | 证券简称：蓝晓科技 公告编号：2025-008 | | --- | --- | | 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 2025 年第一季度可转换公司债券转股情况公告 特别提示： 1.蓝晓转 02（债券代码：123195）转股期限为 2023 年 10 月 23 日至 2029 年 4 月 16 日，最新转股价格为人民币 60.28 元/股。 2.2025 年第一季度，共有 91 张"蓝晓转 02"完成转股（票面金额共计 9,100 元人民币），合计转为 150 股"蓝晓科技"股票（股票代码：300487）。 3.截至 2025 年第一季度末，公司剩余可转债为 5,459,698 张，剩余票面总金 额为 545,969,800 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，西安蓝晓科技新材料 股份有限公司（以下简称"公司"）现将 202 ...