Investment Rating - The report maintains a "Buy" rating for Lanxiao Technology (300487) [5] Core Views - Lanxiao Technology's Q1 2024 performance met expectations, with steady growth across multiple application fields [1] - The company's long-term growth potential is promising, driven by its diversified application scenarios and technological advancements [1] - Revenue for 2023 reached RMB 2.489 billion (YoY +30%), with net profit attributable to shareholders of RMB 717 million (YoY +33%) [5] - Q1 2024 revenue was RMB 631 million (YoY +26%), with net profit attributable to shareholders of RMB 169 million (YoY +26%) [5] Financial Performance - 2023 gross margin was 48.67% (YoY +4.68pct), and net margin was 28.99% (YoY +1.15pct) [5] - Q1 2024 gross margin was 45.42% (YoY -2.23pct, QoQ -3.61pct), and net margin was 27.11% (YoY +0.06pct, QoQ +5.14pct) [5] - R&D expenses increased by 21% to RMB 147 million in 2023 [5] Business Segments - Core business (excluding salt lake lithium extraction systems) generated revenue of RMB 1.969 billion (YoY +20%) in 2023 [5] - Salt lake lithium extraction projects contributed RMB 520 million (YoY +85%) in 2023 [5] - Adsorption materials revenue was RMB 1.556 billion (YoY +113%), with a gross margin of 51.13% (YoY +7.16pct) [5] - Life sciences segment grew by 40% YoY, driven by solid-phase synthesis carriers and GLP-1 market demand [5] - Water treatment and purification segment saw a 22% YoY increase in revenue [5] Salt Lake Lithium Extraction Projects - The company secured 4 major industrial project orders in 2023, with new contracts worth nearly RMB 500 million [5] - As of 2023, the company had 12 salt lake lithium extraction projects, with a total capacity of 86,000 tons of lithium carbonate/hydroxide [5] - The company established a South American R&D center in Argentina to enhance local technical services [5] Future Projections - 2024-2026 revenue is projected to be RMB 2.839 billion, RMB 3.340 billion, and RMB 3.910 billion, respectively [6] - 2024-2026 net profit attributable to shareholders is forecasted to be RMB 955 million, RMB 1.193 billion, and RMB 1.454 billion, respectively [6] - The company's PE ratio for 2024-2026 is estimated at 26X, 21X, and 17X, respectively [5] Market Data - Closing price on April 19, 2024: RMB 48.49 [2] - Market capitalization: RMB 14.747 billion [2] - Price-to-book ratio: 6.8 [2] - Share price performance over the past year: -40% compared to the CSI 300 index [3]

西安蓝晓科技新材料股份有限公司 独立董事提名人声明与承诺 提名人西安蓝晓科技新材料股份有限公司董事会现就提名强力为西安蓝晓 科技新材料股份有限公司第五届董事会独立董事候选人发表公开声明。被提名人 已书面同意作为西安蓝晓科技新材料股份有限公司第五届董事会独立董事候选 人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职等情况后作出的，本提名人认为被提名人符合 相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立 董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过西安蓝晓科技新材料股份有限公司第四届董事会提名 委员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职 情形的密切关系。 ☑是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 ☑是 □否 四、被提名人符合公司章程规定的独立董事任职条件。 ☑是 □否 五、被提名人已经参加培训并取得证券交易所认可的相关培训证明材料（如 有）。 ☑是 □否 六、被提名人担任独立董事不会违反《中 ...

| 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2024-030 | | --- | --- | --- | | 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（以下简称"公司"）依照中华人民共 和国财政部（以下简称"财政部"）发布的相关企业会计准则解释而进行的相 应变更，无需提交公司董事会和股东大会审议，不会对公司财务状况、经营成 果和现金流量产生重大影响。相关会计政策变更的具体情况如下： 一、本次会计政策变更概述 1.会计政策变更的原因 财政部于 2022 年 11 月发布了《企业会计准则解释第 16 号》（财会 〔2022〕31 号）（以下简称"解释第 16 号"）。解释第 16 号规定，对于不是 企业合并、交易发生时既不影响会计利润也不影响应纳税所得额（或可抵扣亏 损）、且初始确认的资产和负债导致产生等额应纳税暂时性差异和可抵扣暂时 性差异的单项交易，因资产和负债的初始确认所产生的应纳税暂时性差异和可 抵扣暂时性差异，应当根据《企业会计准则第 18 号——所得税》等有关规定， 在交易发生时分别确认相应的递延所得税负债和递延所得税资产。对于在 ...

Financial Performance - The company's annual revenue reached 2.5 billion yuan, with a net profit of 720 million yuan, both marking historical highs[4]. - Operating cash flow was reported at 670 million yuan, and a dividend of 290 million yuan is planned, bringing total dividends since listing to 770 million yuan[4]. - Revenue has grown from 600 million yuan five years ago to 2.5 billion yuan, and net profit increased from 140 million yuan to 720 million yuan during the same period[4]. - The company's operating revenue for 2023 reached ¥2,488,817,821.21, representing a 29.62% increase compared to ¥1,920,086,703.53 in 2022[25]. - Net profit attributable to shareholders for 2023 was ¥717,032,641.13, up 33.35% from ¥537,702,763.60 in 2022[25]. - The total assets at the end of 2023 amounted to ¥5,695,042,410.99, a 24.59% increase from ¥4,571,129,858.81 at the end of 2022[25]. - The basic earnings per share for 2023 was ¥1.43, reflecting a 32.41% increase from ¥1.08 in 2022[25]. - The company achieved quarterly revenues of ¥912,216,274.19 in Q4 2023, marking a significant increase compared to previous quarters[27]. - The company reported a total net profit of ¥198,844,316.97 in Q4 2023, indicating strong performance in the last quarter[27]. - The company achieved a revenue of 2.489 billion yuan in 2023, a year-on-year increase of 29.64%, and a net profit attributable to shareholders of 717 million yuan, up 33.35%[92]. Market Expansion and Internationalization - The company is focusing on expanding its international market presence, which has rapidly increased in proportion to overall business volume[13]. - The company plans to deepen internationalization in R&D, supply chain, and organizational structure to align with world-class standards[5]. - The company is committed to enhancing its production capacity and operational efficiency in response to the increasing scale of fixed assets[14]. - The company is actively pursuing market expansion strategies, aiming to increase its footprint in both domestic and international markets through strategic partnerships and collaborations[82]. - The company aims to enhance its international market coverage and expand its overseas sales network, leveraging existing subsidiaries in Belgium, Germany, and Argentina to tap into new markets and increase brand influence[151]. Research and Development - Continuous innovation is highlighted as a key driver for growth, with emerging markets in new energy, life sciences, and water treatment presenting significant demand[5]. - The company is committed to strengthening R&D investment to maintain competitive advantages and meet evolving customer needs[8]. - Research and development expenses amounted to 147 million yuan, accounting for 5.93% of revenue, with cumulative R&D investment over five years reaching 463 million yuan[103]. - The company has developed multiple core technologies for adsorbent materials, including methods for purifying quinoid compounds and recovering valuable substances from waste solutions[76]. - The company is focused on developing innovative technologies, including a lithium extraction process that has become an industry-recognized solution, contributing to the advancement of downstream industries[158]. Product Development and Innovation - The company has developed a comprehensive solution that integrates materials and equipment, catering to the needs of emerging application fields[41]. - The company has established a comprehensive production line for agarose, dextran, and polymer-based separation media, enhancing its competitive edge in the market[76]. - The company has achieved stable production of high-capacity protein G affinity ligands, enhancing its market competitiveness[121]. - The company has successfully scaled up the production of aluminum-based adsorbents, improving performance in high-temperature environments[121]. - New product development efforts have led to the introduction of three innovative materials, which are expected to contribute an additional 300 million RMB in revenue next year[184]. Challenges and Risks - The company faces challenges from geopolitical factors, economic cycles, and trade barriers, which are reshaping global industry structures[4]. - The company is addressing the risk of increased asset depreciation due to the rapid growth of fixed assets by enhancing market expansion efforts to ensure timely project profitability[14]. - The company is implementing effective market development plans and management systems to mitigate risks from regulatory changes in international markets[13]. Corporate Governance and Compliance - The governance structure of the company is complete and complies with relevant laws and regulations, ensuring effective risk management and information disclosure[161]. - The company maintains independence from its controlling shareholders in terms of business operations, personnel, assets, and finances[169]. - The company has established an independent financial management system and internal audit department, ensuring compliance and transparency in financial operations[174]. - The board of directors consists of 9 members, including 3 independent directors, ensuring a balanced governance structure[164]. - The company is committed to enhancing its corporate governance and ensuring transparency in its operations[189]. Sustainability and Social Responsibility - The company is committed to sustainability, having implemented an environmental management system that aligns with global best practices[82]. - The company emphasizes ESG principles, focusing on sustainable development and social responsibility, while integrating ESG into daily operations to enhance investor confidence and corporate reputation[153]. Financial Strategies and Investments - The company has successfully issued convertible bonds raising 546 million yuan to support new capacity and R&D center construction[106]. - The company plans to ensure the delivery of major projects and maintain stable growth in core businesses, focusing on lithium extraction and advanced separation technologies[147]. - The company is actively exploring acquisition opportunities for quality overseas assets and technologies to enhance its competitive position in the global market[151]. - The company has implemented a share repurchase plan with a maximum amount of RMB 30 million, repurchasing approximately 550,000 shares, accounting for 0.11% of the total share capital[156]. Market Trends and Industry Insights - The adsorption separation materials industry is experiencing stable growth, driven by increasing demands for product precision and purity in traditional sectors like food and chemicals[34]. - The demand for adsorption materials is rapidly increasing due to environmental pressures, particularly for VOCs and carbon capture technologies[36]. - The biopharmaceutical market in China was valued at 421 billion RMB in 2022 and is expected to grow to 675.2 billion RMB by 2025, with a compound annual growth rate (CAGR) of 17%[62]. - The global market for plant extracts was approximately $23.7 billion in 2019 and is projected to reach $59.4 billion by 2025, with a CAGR of 16.5%[63]. - The ultra-pure water market was valued at $8.2 billion in 2022 and is expected to grow to $15.87 billion by 2030, with a CAGR of 8.6%[64].

西安蓝晓科技新材料股份有限公司 2023 年度监事会工作报告 1.第四届监事会第十六次会议于 2023 年 1 月 17 日召开，审议通过了《关 于调整向不特定对象发行可转换公司债券方案的议案》《关于公司向不特定对 象发行可转换公司债券预案（修订稿）的议案》《关于公司向不特定对象发行 可转换公司债券论证分析报告（修订稿）的议案》《关于公司向不特定对象发 行可转换公司债券募集资金运用可行性分析报告（修订稿）的议案》《关于公 司向不特定对象发行可转换公司债券摊薄即期回报与采取填补措施以及相关主 体承诺（修订稿）的议案》。 2.第四届监事会第十七次会议于 2023 年 4 月 12 日召开，审议通过了《关 于进一步明确公司向不特定对象发行可转换公司债券方案的议案》《关于公司 向不特定对象发行可转换公司债券上市的议案》《关于开设募集资金专项账户 并签署募集资金监管协议的议案》。 3.第四届监事会第十八次会议于 2023 年 4 月 24 日召开，审议通过了 《2022 年度监事会工作报告》《2022 年年度报告及摘要》《2022 年度财务决 算报告》《2022 年度募集资金存放与使用情况的专项报告》《2022 年度利 ...

一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 西安蓝晓科技新材料股份有限公司 2023年度募集资金存放与使用情况的 专项报告 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》和《深圳证券交易所上市公司自律监管指引第2号-创业板上市公司 规范运作》有关规定，现将本公司2023年度募集资金存放与使用情况说明如下： 经中国证券监督管理委员会《关于同意西安蓝晓科技新材料股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕628号）核准，并经 深圳证券交易所同意，本公司于2023年4月17日向不特定对象发行了546.0645万张可 转换公司债券，每张面值100元，共计募集资金546,064,500.00元，扣除承销及保荐 费用4,914,580.50元后的募集资金为541,149,919.50元，已由主承销商招商证券股份有 限公司于2023年4月21日汇入本公司募集资金监管账户。 上述募集资金到位情况业经致同会计师事务所（特殊普通合伙）验证，并由其 出具《验资报告》（致同验字〔2023〕第110C000186号）。 本次发行过程中，公司应 ...

国信证券股份有限公司 关于西安蓝晓科技新材料股份有限公司 2023年度内部控制自我评价报告的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号—保荐业务》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等有关法律法 规和规范性文件的要求，国信证券股份有限公司（简称"国信证券"或"保荐机 构"）作为西安蓝晓科技新材料股份有限公司（简称"蓝晓科技"或"公司"）的 持续督导保荐机构，就《西安蓝晓科技新材料股份有限公司内部控制自我评价报 告》（以下简称"评价报告"）出具核查意见如下： 一、保荐机构进行的核查工作 国信证券保荐代表人通过与公司董事、监事、高级管理人员、内部审计、注 册会计师等人员交谈，查阅了董事会、监事会等会议记录、内部审计报告、年度 内部控制自我评价报告、监事会报告，以及各项业务和管理规章制度，从公司内 部控制环境、内部控制制度的建设、内部控制的实施情况等方面对其内部控制制 度的完整性、合理性及有效性进行了核查。 二、公司内部控制自我评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控 ...

西安蓝晓科技新材料股份有限公司 独立董事提名人声明与承诺 提名人西安蓝晓科技新材料股份有限公司董事会现就提名徐友龙为西安蓝 晓科技新材料股份有限公司第五届董事会独立董事候选人发表公开声明。被提名 人已书面同意作为西安蓝晓科技新材料股份有限公司第五届董事会独立董事候 选人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学 历、职称、详细的工作经历、全部兼职等情况后作出的，本提名人认为被提名人 符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对 独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过西安蓝晓科技新材料股份有限公司第四届董事会提名 委员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职 情形的密切关系。 ☑是 □否 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不得 担任公司董事的情形。 ☑是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交 易所业务规则规定的独立董事任职资格和条件。 ☑是 □否 四、被提名人符合公司章程规定的独立董事任职条件。 ☑是 □否 五、被提名人已经参加 ...

| 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：2024-024 | 西安蓝晓科技新材料股份有限公司 关于选举产生第五届监事会职工代表监事的公告 本公司及监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"）第四届监事会任 期已经届满，为保证监事会的正常运作，根据《中华人民共和国公司法》《深 圳证券交易所创业板股票上市规则》等法律、法规、规范性文件及《公司章 程》的有关规定，公司于 2024 年 4 月 18 日在公司会议室召开 2024 年第一次职 工代表大会。经与会职工代表认真审议，通过并形成以下决议： 选举许淑娥女士为公司第五届监事会职工代表监事候选人（简历见本公告 附件）。许淑娥女士将与公司股东大会选举产生的 2 名非职工代表监事共同组 成公司第五届监事会。公司第五届监事会成员任期自股东大会选举通过之日起 三年。 特此公告。 西安蓝晓科技新材料股份有限公司监事会 2024 年 4 月 22 日 附件：第五 ...

西安蓝晓科技新材料股份有限公司 独立董事候选人声明与承诺 声明人强力，作为西安蓝晓科技新材料股份有限公司第五届董事会独立董事 候选人，已充分了解并同意由提名人西安蓝晓科技新材料股份有限公司董事会提 名为西安蓝晓科技新材料股份有限公司（以下简称该公司）第五届董事会独立董 事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的 关系，且符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所业 务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下： 一、本人已经通过西安蓝晓科技新材料股份有限公司第四届董事会提名委员 会资格审查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密 切关系。 ☑是 □否 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任 公司董事的情形。 ☑是 □否 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件。 ☑是 □否 四、本人符合该公司章程规定的独立董事任职条件。 ☑是 □否 五、本人已经参加培训并取得证券交易所认可的相关培训证明材料（如有）。 ☑是 □否 六、本人担任独立董事 ...