久吾高科（300631）(300631.SZ)公告称，公司中标国投新疆锂业有限公司罗布泊盐湖老卤提锂综合利 用扩能改造工程-膜处理系统采购项目，中标金额8150万元，占公司2024年度经审计营业收入的比例为 15.28%。公司已收到项目的《中标通知书》，尚未签署正式合同。 此前蓝晓科技（300487）(300487.SZ)公布中标国投新疆锂业有限公司罗布泊盐湖老卤提锂综合利用扩 能改造工程吸附系统，中标金额为3577.12万元，约占2024年度经审计营业收入总额的1.40%。 该项目以钾肥生产后的析钾老卤为原料，采用吸附剂吸附法提锂，辅以膜处理、蒸发浓缩等工艺，实现 资源循环利用。该项目从工艺上和盐湖提锂相似。在此方面擅长的蓝晓科技和久吾高科等中标了核心环 节。 2025年5月22日，该项目EPC总承包项目公开招标，截标/开标时间为2025年6月12日，开标形式为线上 开标，计划开工日期为2025年6月25日，合同完工日期为2026年3月1日(完成投料试车)。6月22日，东华 工程(002140.SZ)中标该项目EPC总承包项目，中标金额4.38亿元。中标方需要进行单机、系统、水联 动、投料试车，配合发包人完 ...

蓝晓科技（ [Table_StockNameRptType] 300487） 公司点评 Q2 业绩环比高增，加速生科板块产能布局 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-08-25 | [Table_BaseData] 收盘价（元） | 52.42 | | --- | --- | | 近 12 个月最高/最低（元） | 68.02/37.35 | | 总股本（百万股） | 508 | | 流通股本（百万股） | 307 | | 流通股比例（%） | 60.40 | | 总市值（亿元） | 266 | | 流通市值（亿元） | 161 | [公司价格与沪深 Table_Chart] 300 走势比较 -15% 7% 30% 52% 74% 8/24 11/24 2/25 5/25 蓝晓科技 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 2025 年上半年公司净利润增长，Q2 业绩环比改善，受益于高毛利 ...

8月25日，西藏矿业盘中上涨2.07%，截至09:43，报22.72元/股，成交1.54亿元，换手率1.30%，总市值 118.41亿元。 资金流向方面，主力资金净流入238.93万元，特大单买入643.96万元，占比4.18%，卖出648.22万元，占 比4.21%；大单买入3685.03万元，占比23.91%，卖出3441.84万元，占比22.33%。 西藏矿业今年以来股价涨5.92%，近5个交易日涨0.26%，近20日涨0.04%，近60日涨24.77%。 截至8月20日，西藏矿业股东户数11.72万，较上期减少4.40%；人均流通股4443股，较上期增加4.60%。 2025年1月-6月，西藏矿业实现营业收入1.34亿元，同比减少65.91%；归母净利润-1530.50万元，同比减 少113.78%。 分红方面，西藏矿业A股上市后累计派现4.14亿元。近三年，累计派现3.29亿元。 机构持仓方面，截止2025年6月30日，西藏矿业十大流通股东中，南方中证1000ETF（512100）位居第 三大流通股东，持股384.70万股，相比上期增加72.06万股。香港中央结算有限公司位居第四大流通股 东，持股3 ...

Group 1 - The company reported a revenue of 1.247 billion yuan in 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 [1][2] - In Q2 2025, the company achieved a revenue of 671 million yuan, a year-on-year increase of 1.06% and a quarter-on-quarter increase of 16.27%, with a net profit of 251 million yuan, reflecting a year-on-year growth of 7.00% and a quarter-on-quarter growth of 30.16% [1][2] - The gross profit margin for the first half of 2025 was 51.26%, an increase of 3.8 percentage points year-on-year, indicating improved profitability [2] Group 2 - The company is increasing its investment in the life sciences sector, with a planned high-standard new industrial park in Pucheng, with a total investment of 1.15 billion yuan [3] - The life sciences segment generated revenue of 320 million yuan in the first half of 2025, a year-on-year increase of 12.43%, driven by strong growth in polypeptide solid-phase synthesis carrier business [3] Group 3 - The water treatment segment is seeing an increase in market share, with high-end drinking water contracts established with major clients, leading to continued market penetration [4] - The company achieved revenue of 359 million yuan in the water treatment and ultra-purification segment, a year-on-year increase of 11.25% [4] - The lithium extraction project in Tibet is progressing, with the first production line of the Chaka project successfully trialing, aiming to become a benchmark for "green zero-carbon direct lithium extraction" [4] Group 4 - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 3.032 billion, 3.767 billion, and 4.748 billion yuan, with net profits of 987 million, 1.239 billion, and 1.649 billion yuan respectively [5] - The company maintains a "buy" rating based on its R&D advantages and long-term growth potential [5]

Group 1 - The stock price of Cangge Mining closed at 49.56 yuan on August 22, 2025, down 0.58% from the previous trading day, with a trading volume of 101,734 hands and a transaction amount of 505 million yuan [1] - Cangge Mining primarily engages in the production and sales of potassium fertilizer and lithium salt, holding mining rights in the Qinhai Chahai Salt Lake, with main products including potassium chloride and lithium carbonate [1] - The company has a competitive advantage in lithium resource development as a significant player in the lithium extraction sector [1] Group 2 - The main contract for lithium carbonate futures fell by 9.14% this week, closing at 78,960 yuan per ton [1] - Cangge Mining has submitted its mining license for review by the Ministry of Natural Resources, and during the suspension period, it completed equipment maintenance, maintaining its annual production and sales plan of 11,000 tons of lithium carbonate [1] - The company recently hosted a research meeting with Ningbo Panshi Investment Management Co., discussing its production and operational status [1] Group 3 - On August 22, the main funds experienced a net outflow of 23.63 million yuan, with a cumulative net outflow of 116 million yuan over the past five days [2]

需求端：新能源汽车零售同比增9%，但当前终端需求仍处淡季，车厂备货 谨慎；三元材料价格受镍钴成本推动上行，叠加厂商提锂系数挂钩结算 价，支撑碳酸锂刚需采购。磷酸铁锂电芯价格微跌0.2%，成本传导尚未完 全兑现，动力电池企业备货力度有限。 库存与仓单：碳酸锂总库存环比小幅下降0.1%至14.23万吨，去库速度仍 慢。 市场小结 碳酸锂资金预期反复引发高位宽幅区间震荡 一、日度市场总结 碳酸锂期货市场数据变动分析 主力合约与基差：8月21日碳酸锂主力合约收报82760元/吨，较前一日上涨 2.2%，呈现企稳反弹迹。基差大幅走弱至540元/吨，现货跟涨乏力，市场 对远期价格预期转弱。 持仓与成交：持仓量小幅收缩1.3%至39.0万手，成交量环比下降7.3%，市 场情绪趋向谨慎，部分资金高位止盈离场。 产业链供需及库存变化分析 供给端：锂辉石/云母精矿价格维持稳定，宁德时代宜春云母矿因采矿证到 期停产可能引发区域供应扰动。当前碳酸锂产能利用率维持63.9%的平稳水 平，但原料端因成本倒挂出现惜售，可能抑制未来锂盐生产积极性。 短期碳酸锂期货或转入宽幅震荡格局。上行阻力主要来自现货市场跟涨不 足及高库存压力，而下方支撑 ...

公司报告 | 半年报点评 蓝晓科技（300487） 证券研究报告 风险提示：西藏提锂项目进展低于预期风险；医药行业技术迭代带来产品 迭代风险；国内工业资本开支下降带来系统装置和环保等领域收入下降风 险。 单季度利润创新高，提锂、生命科学、超纯水可期 事件：蓝晓科技公布 2025 年半年报，上半年公司实现营业收入 12.47 亿元， 同比-3.6%，实现归母净利润 4.45 亿元，同比+10.0%，其中第二季度实现 营业收入 6.71 亿元，同比+1.1%，环比+16.3%，实现归母净利润 2.51 亿元， 同比+7.0%，环比+30.2%。 单季度利润创历史新高，净利润率明显上行 公司二季度实现营业收入 6.71 亿元，保持同环比增长同时，二季度毛利率、 净利率持续上行，二季度实现毛利率 51.66%，净利率 37.75%，同环比均实 现不同程度的上行，公司二季度实现归母净利润 2.51 亿元，创历史新高。 毛利率的上升一方面得益于生命科学、金属资源、超纯水等高毛利业务占 比提升，体现了公司的技术优势，另一方面也得益于苯乙烯等主要原材料 价格有所回落。 剔除提锂项目收入实现增长，生命科学、金属资源、水处理保持 ...

Core Viewpoint - Blue Sky Technology has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a slight decline in revenue [1][2]. Financial Performance - As of June 30, 2025, Blue Sky Technology reported a revenue of 1.247 billion yuan, a year-on-year decrease of 3.64% [2]. - The net profit attributable to shareholders was 445 million yuan, reflecting a year-on-year growth of 10.01% [2]. - Cumulative cash dividends since the A-share listing amount to 1.136 billion yuan, with 866 million yuan distributed over the past three years [3]. Stock Performance - On August 22, 2023, Blue Sky Technology's stock price increased by 2.00%, reaching 53.93 yuan per share, with a total market capitalization of 27.378 billion yuan [1]. - Year-to-date, the stock price has risen by 14.09%, with a 5-day increase of 5.54% and a 60-day increase of 18.89% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 9.84% to 19,000, while the average circulating shares per person increased by 10.92% to 16,100 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 50.0449 million shares, an increase of 1.0271 million shares from the previous period [3].

Financial Performance - In the first half of 2025, the company achieved revenue of 1.247 billion CNY, a year-on-year decrease of 3.64% [2] - The net profit attributable to shareholders was 445 million CNY, reflecting a year-on-year increase of 10.01% [2] - The overall gross profit margin was 51.26%, up by 3.8 percentage points compared to the previous year [4] - The cash flow from operating activities was 288 million CNY, an increase of 36.50% year-on-year [2] - The debt-to-asset ratio stood at 36.30%, indicating a stable financial condition [2] Business Development - The company plans to establish a high-end materials industrial park in the life sciences sector, covering an area of 270 acres with a total investment of 1.15 billion CNY [3] - The product range will include chromatography media, polymer chromatography fillers, enzyme carriers, and various adsorption separation materials [3] Profitability Insights - The gross margin for adsorption materials was 54.27%, an increase of 3.2 percentage points, driven by a higher proportion of high-margin businesses [4] - The decline in prices of key raw materials, such as styrene, contributed to the improved gross margin [4] Lithium Projects - In the first half of 2025, there was no revenue recognition from large-scale lithium extraction projects, but other lithium-related business generated approximately 61 million CNY [5] - The company secured a contract worth 35.77 million CNY for a lithium extraction system from Guotou Luojia [5] Market Position - The company remains a leading supplier in the solid-phase synthesis carrier market, primarily serving CDMO enterprises [6] - The competitive landscape for solid-phase synthesis carriers has not changed significantly [6] International Expansion - The company has seen significant growth in overseas revenue, with an increasing proportion of international business [7] - The establishment of subsidiaries, warehouses, and laboratories in various countries supports the company's global market expansion [7]

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].