清水源：年产2万吨五氯化磷项目部分行政审批尚未取得

Core Viewpoint - Recent investor interest in Qing Shui Yuan (300437) has increased due to its involvement in the phosphorus chemical sector, despite the company's main business being the research, production, and sales of water treatment agents [1] Group 1: Company Overview - Qing Shui Yuan's main business focuses on the research, production, and sales of water treatment agents, with trichlorophosphate being primarily used in the production of these agents [1] - The company's revenue from water treatment agents and related products accounts for 80.55% of its total revenue as per the 2024 annual report [1] Group 2: Project Development - The company is facing delays in the administrative approvals for its project to relocate and construct a facility with an annual production capacity of 20,000 tons of pentachlorophosphate, which poses a risk of project termination [1]