Core Viewpoint - The company has launched four new products aimed at enhancing its competitive edge in the water treatment industry, focusing on technological innovation and high-quality development [2]. Product Innovations - The company introduced the Hongmai Pulse MBR membrane module, characterized by high energy efficiency, high throughput, high packing density, high fouling resistance, and long lifespan, significantly improving the overall performance of membrane systems [2]. - The Membrane Force Cloud Smart Water Management System utilizes data-driven approaches for intelligent regulation, promoting an upgrade in operational models [2]. - The special separation adsorbent targets lithium extraction from salt lakes and deep defluorination, addressing resource and environmental challenges through material innovation [2]. - The Life Health Separation Purification Hollow Fiber Membrane Column offers good biocompatibility and reliability, catering to precise separation needs in high-end applications such as vaccine preparation and artificial organ filtration [2]. Strategic Focus - The company aims to establish itself as a world-class water enterprise led by membrane technology, consolidating its advantages in membrane material research, equipment manufacturing, process application, and digital water management [2]. - The strategic focus includes six growth engines: maintaining core business stability, continuous product leadership, increasing market share, solid project management, optimizing asset layout, and strengthening value mechanisms [2]. Performance Outlook - The company has seen steady performance improvement in 2022 and 2023, with ongoing enhancements in operational efficiency [2]. - In 2024, overall performance is expected to decline due to environmental factors and the performance of certain affiliated companies, although the company is actively maintaining stability in its core business and new order acquisition [2].

摄影机已架好。专访结束，我们想请德国科学院院士、汉诺威大学讲席教授尤尔根·卡罗录一段简短的 开场白，用在短视频里。 "正式的，还是非正式的？"他问。 "非正式一点，轻松就好。"我们答。 卡罗神情有些严肃，想了几秒，抬头看向镜头，刚说出两个单词，又忽然摆手："等一等。" 现场有些安静。我们以为这位教授有些疲倦了。 几秒后，他忽然转身，从包里翻出一本护照。"也许我可以从这里开始。"他翻开来，向镜头展示上面收 集的15个入境中国的印章，"我现在有了永久签证，可以更方便地来中国了，我喜欢中国。"他说。 一瞬间，现场笑开了花。这位严谨的科学家，原来是在设计小短片的桥段…… 这个小插曲，让人看到卡罗的另一面：他身上既有科学家的理性与克制，也有对世界的热情与幽默。 他的科学，从不冰冷。 1977年，他以优异成绩获得自然科学博士学位。在东德科学院解散后，科研机构骤然转向市场化。卡罗 从所长变成无依无靠的"自由科学家"。他带着十几名研究员，自筹经费，为企业定制催化剂维系实验 室。那是他人生中最艰难的两年，也是他重新理解科学意义的起点。 2023年10月，在清华大学举行的"巅峰对话"活动中，卡罗 （左）与2018年沃尔夫化学奖得 ...

Core Insights - The forum highlighted the importance of functional membrane materials as a key component of China's strategic emerging industries, with the total output value of the membrane industry expected to reach 800 billion yuan by 2030 [1] Industry Overview - In 2024, China's membrane industry is projected to achieve a total output value of 482.2 billion yuan, accounting for approximately 29% of the global market [1] - The development of membrane technology is anticipated to be driven by both technological innovation and practical application, emphasizing the need for deep collaboration between industry, academia, and research [1] Company Developments - Beijing Water Source Technology Co., Ltd. (碧水源) introduced four innovative products at the event, including the macro-pulse MBR membrane module (MBRU5.0), a smart water management system, a high-efficiency porous adsorbent, and a hollow fiber membrane column for health separation and purification [1] - The company's chairman, Huang Jianglong, emphasized the commitment to making wastewater treatment more energy-efficient, enhancing smart water operations, effectively utilizing water resources, and ensuring health safety [1]

2025年11月22日，由中国膜工业协会、中国交通建设集团有限公司(简称中交集团)、中国城乡控股 集团有限公司(简称中国城乡)及北京碧水源科技股份有限公司(简称碧水源)共同主办的"膜技术高质量发 展论坛暨碧水源2025年度创新产品发布会"在北京举行。本次发布会以"膜力驱动·智创价值新生态"为主 题，汇聚了来自政府部门、行业协会、科研院所、企业伙伴及媒体代表等200多名各界嘉宾，大会向社 会公众进行现场直播，并通过交建通与中交集团全体员工直播分享。 启幕·4位重量级嘉宾致辞高擎行业与企业"新质使命" 大会由中国膜工业协会秘书长王继文主持。 新加坡工程院院士、国际水协膜技术专家委员会主席黄浩勇教授发表致辞。他指出，在以碧水源为 代表的一批民族企业关键推动下，我国膜技术已实现从"跟跑""并跑"到部分"领跑"的历史性跨越。形成 了成熟的产品体系与产业链，并从单一水处理拓展至海水淡化、工业零排、盐湖提锂及新能源等战略新 兴领域；面对全球膜技术竞争进入以"材料创新、系统集成、绿色化与智慧化"为特征的深水区，黄浩勇 提出未来发展的三大核心路径：一是推动技术范式从"污染去除"向"资源回收"转变，使水处理设施成为 水、能源与营 ...

碧水源四位青年科学家发布了四款前沿产品： 1. 宏脉冲MBR膜组器（MBRU5.0） 2025年11月22日，"膜技术高质量发展论坛暨碧水源2025年度创新产品发布会"在北京举行。本次会议由 中国膜工业协会、中交集团、中国城乡及碧水源（300070)共同主办，以"膜力驱动·智创价值新生态"为 主题，汇聚了200多名各界嘉宾。 新加坡工程院院士黄浩勇教授在致辞中指出，我国膜技术已实现从"跟跑"到部分"领跑"的跨越。他提出 未来三大发展路径：从"污染去除"转向"资源回收"；强化膜技术与多学科融合；关注膜技术全生命周期 可持续性。 中国膜工业协会理事长郑根江表示，功能膜材料是国家战略性新兴产业的重要组成部分。2024年我国膜 工业总产值达4822亿元，约占全球29%，预计2030年将达到8000亿元。 四款创新产品亮相 以"高节能、高通量、高装填、高抗污、高寿命"为核心特征，采用宏脉冲技术、均匀集水技术和梯度网 络孔膜技术三大核心技术，从源头减缓膜污染。运行数据显示，其稳定运行通量达35LMH，气水比低 至3:1，吨水吹扫能耗小于0.05kwh/m³，节能效果显著。 （文章来源：证券时报网） 4. 生命健康分离纯化 ...

Core Insights - Saudi Arabia and Toray Industries have established the largest seawater desalination membrane factory in the Middle East, with an investment exceeding 1 billion riyals [1] - The factory, located in Dammam, has an annual production capacity of 300,000 membrane sheets and aims to create over 175 jobs, achieving a localization rate of 70% with plans to increase it to at least 75% [1] - The facility features six integrated production lines to meet local and Gulf market demands, positioning Saudi Arabia as a regional hub for membrane and desalination technology, enhancing the competitiveness of the national industry [1] Company and Industry Summary - The joint venture between Abunayyan Holding and Toray Industries marks Toray's second similar facility outside Japan, indicating a strategic expansion in the desalination technology sector [1] - The establishment of this factory is expected to solidify Saudi Arabia's status as a global center for advanced water treatment technology [1] - The investment and production capabilities of the factory are anticipated to significantly contribute to the local economy and the development of the water treatment industry in the region [1]

Core Insights - The company reported a revenue of 2.928 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -107 million yuan, and a net cash flow from operating activities of 250 million yuan [1] - The company specializes in environmental protection and water treatment, offering comprehensive technical solutions for municipal sewage and industrial wastewater treatment, resource recovery, industrial water supply, high-quality reclaimed water, and drinking water [1][2] - The core business revolves around membrane technology, with applications in wastewater resource recovery, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource recovery [2] Financial Performance - The overall orders for the company and its key subsidiaries have decreased compared to the same period last year, leading to a decline in revenue and gross margin [2] - The company aims to achieve high-quality transformation and growth by focusing on operational stability, structural adjustments, innovation, reform, and management optimization [2] Technological Development - The company's core technology, the Vibrating Membrane Bioreactor (V-MBR), has been promoted nationwide with an engineering scale exceeding 300,000 tons per day [3] - The company has successfully won bids for lithium extraction projects in salt lakes and has added 25 new authorized patents, bringing the total to 632 effective patents as of June 30, 2025 [3] Market Expansion and Risk Management - The company plans to adjust its internal structure and implement differentiated market layouts across the country, enhancing project information sources and optimizing cooperation models [3] - The company will strengthen accounts receivable collection, expand financing channels, and optimize financing structures to reduce financial costs [3] - The company is also addressing potential challenges such as industry policy changes, talent shortages, and management risks through business model adjustments and governance optimization [3]

Core Viewpoint - The water treatment membrane industry in China is experiencing significant growth, driven by increasing demand for wastewater treatment and seawater desalination, supported by government policies and technological advancements [1][6][13]. Industry Overview - Water treatment membranes are selective separation materials used for purifying and concentrating wastewater without the need for chemical additives [4]. - The market size of China's water treatment membrane industry is projected to grow from 26.9 billion yuan in 2019 to 45.6 billion yuan by 2024, indicating strong downstream market demand [1][13]. - The industry is categorized into various types of membranes, including microfiltration, ultrafiltration, nanofiltration, and reverse osmosis, with reverse osmosis holding a 45% market share [15][17]. Market Dynamics - The demand for water treatment membranes is increasing due to urbanization, industrialization, and the rising need for wastewater treatment and recycled water production [1][13]. - The number and scale of seawater desalination projects are also contributing to the growing demand for water treatment membranes [1][13]. Competitive Landscape - The Chinese water treatment membrane market is characterized by a domestic-led structure, with domestic companies holding 78% of the market share, while foreign and joint ventures account for 10% and 12%, respectively [19]. - Key domestic players include Beijing OriginWater Technology Co., Ltd., Waton Technology Co., Ltd., Tianjin Membrane Technology Co., Ltd., and others [19][20]. Policy Support - The Chinese government has implemented various policies to support the development of the water treatment membrane industry, including the "Action Plan for Seawater Desalination Utilization (2021-2025)" and other initiatives aimed at enhancing wastewater treatment technologies [6][8][26]. - These policies are designed to promote technological advancements and increase the application of high-performance membrane materials [6][26]. Future Trends - The industry is expected to see continuous technological innovation, with new materials and manufacturing processes emerging, such as nano-porous membranes and organic/inorganic composite membranes [25]. - The demand for water treatment membranes is anticipated to grow in emerging sectors like photovoltaic and lithium battery industries, which require high-purity water for production processes [27].

Group 1: Business Expansion and Performance - The company achieved overseas business revenue of 26.804 million yuan in 2024, representing a 41.20% increase compared to the same period in 2023 [3] - The overseas market expansion has successfully entered multiple countries, including Europe, Singapore, Brazil, Colombia, Malaysia, and Vietnam [3] - The company plans to enhance its overseas sales and service network by collaborating with local enterprises and understanding market demands [3] Group 2: Technological Applications and Innovations - The company is actively exploring membrane technology applications in emerging sectors, including the new energy industry, to expand its business boundaries [2] - In the circular economy sector, the company has established a presence in the lithium battery industry, focusing on upstream cathode material production processes and associated wastewater treatment [4] - The company is engaged in technical collaborations with leading industry players for projects related to electrolyte recovery, waste acid treatment, and precious metal recovery, with most projects currently in the planning stage [4] Group 3: Strategic Responses to Market Conditions - The impact of Sino-U.S. trade tensions on the company is limited, as the revenue from U.S. operations constitutes a very small percentage of total income [3] - The company has implemented strategic stockpiling and is developing domestic alternatives for raw materials sourced from the U.S. to mitigate potential risks [3] - The company will closely monitor international political and economic changes to adjust its strategies accordingly [3]

Core Insights -碧水源 has been a leader in membrane technology for water treatment and environmental protection since its listing in April 2010, with a focus on innovation and green low-carbon initiatives [1] - The company has faced significant financial volatility over the past five years, with a notable decline in revenue and net profit in 2024 [2] - The market capitalization of碧水源 has decreased by over 26% from its initial value, reflecting challenges in profitability and increasing liabilities [4] Business Overview -碧水源 specializes in membrane technology research and development, wastewater treatment, and seawater desalination, with products like MBR membranes and reverse osmosis membranes used in various sectors [1] - The company is expanding its international presence, particularly in Southeast Asia and Africa, and has received recognition for its seawater desalination and industrial wastewater treatment projects [1] Financial Performance - In 2024,碧水源 reported revenue of 8.549 billion yuan, a year-on-year decrease of 4.51%, and a net profit of 58.58 million yuan, down 92.34% year-on-year [2] - The fluctuations in revenue and profit are attributed to changes in the macroeconomic environment and losses from key equity investments, particularly in Yunnan Water [2] - Accounts receivable increased significantly from 9.548 billion yuan at the end of 2022 to 12.4 billion yuan, indicating pressure on cash flow [2] Market Position -碧水源's market capitalization has fallen from 22.315 billion yuan at the time of listing to 16.091 billion yuan currently, highlighting the impact of declining profits, rising debt, and increasing accounts receivable [4] - Despite its strong technical advantages and market position in the environmental protection industry,碧水源 faces intensified competition and pressure in the global market [4]