Core Views - The report outlines the continuous supervision and guidance provided by Shenwan Hongyuan Securities for Sains Environmental Co., Ltd. during its initial public offering and subsequent listing on the Sci-Tech Innovation Board [1][2][3] Continuous Supervision Work - Shenwan Hongyuan has established and effectively implemented a continuous supervision work system, including a corresponding work plan [1] - A sponsorship agreement has been signed with Sains, clarifying the rights and obligations of both parties during the supervision period [1] - The supervision work includes daily communication, regular visits, on-site inspections, and due diligence [1][2] Compliance and Governance - During the first half of 2025, Sains and its directors, supervisors, and senior management did not have any violations of laws or commitments [2] - Sains has established and effectively executed its corporate governance system, including rules for shareholders' meetings, board meetings, and supervisory meetings [2][3] Financial Performance - For the first half of 2025, Sains reported a revenue of approximately 422.97 million, an increase of 18.81% compared to 356.01 million in the same period of 2024 [10] - The total profit for the same period was approximately 57.42 million, a decrease of 53.24% from 122.79 million in the previous year [10] - The net cash flow from operating activities was approximately -46.67 million, compared to -0.88 million in the previous year [10] Research and Development - The total R&D expenditure for the first half of 2025 was approximately 25.75 million, an increase of 26.34% from 20.39 million in the same period of 2024 [17] - R&D expenditure accounted for a higher proportion of revenue, indicating a commitment to innovation and technology development [17] Market Position and Competitive Advantage - Sains is recognized as a leading provider of comprehensive solutions for heavy metal pollution prevention, focusing on the treatment of wastewater and resource recovery [12][15] - The company has developed advanced technologies for heavy metal wastewater treatment, which are more efficient and cost-effective compared to traditional methods [13][14] Shareholder Structure - As of June 30, 2025, the controlling shareholder and actual controller of the company, Gao Weirong, increased his shareholding from 24,065,685 to 24,763,572 shares [21] - There were no pledges, freezes, or reductions in shareholdings by the controlling shareholders, actual controllers, directors, supervisors, and senior management [22]

Summary of the Conference Call for Sains Company Overview - Sains is the first heavy metal pollution prevention enterprise listed on A-shares, leveraging technology from Central South University and maintaining multiple national-level research platforms with a research team of nearly 200 people and over 100 patents [2][3] - The company has established long-term collaborations with various universities and research institutes, serving hundreds of non-ferrous enterprises [2][3] Core Business and Innovations - Sains specializes in the treatment and resource utilization of heavy metal wastewater and waste residues, with a focus on technological innovation and research platform development [3] - The company has expanded its business into resource recovery and new materials, including a recent acquisition of Zijin Medicine to enter the copper extraction agent sector [3][19] - Sains' revenue for 2024 is projected at 150 million yuan, with a net profit of 38 million yuan, and an expected increase in revenue for 2025 [3][20] Collaboration with Zijin Mining - Sains has a close partnership with Zijin Mining, which has invested strategically in the company and currently holds approximately 21% of its shares [2][5] - The collaboration has deepened in areas such as waste acid and wastewater treatment, with a revenue-sharing model in place to mitigate risks [5][6][12] Rhenium Extraction Progress - Sains has made significant progress in rhenium extraction, collaborating with Zijin Mining and Luoyang Molybdenum, with expected production of 8-10 tons in the next two to three years [9][10] - The recent surge in rhenium prices is attributed to market speculation and supply-demand gaps, with a long-term optimistic outlook due to increasing high-end application demand and domestic substitution policies [11] Financial Projections and Market Outlook - Sains anticipates revenue of 1.2 to 1.3 billion yuan and a net profit of 140 to 150 million yuan for 2025, driven by environmental policies and demand in the non-ferrous industry [22] - The company is focusing on higher-margin product sales and operational services, which are expected to provide sustainable income and profit [22][23] Challenges and Risks - The decline in net profit is primarily due to increased sales and R&D expenses, as well as longer collection periods for overseas business [18] - The company faces challenges in the short term due to the time required for policy implementation, although long-term prospects remain positive due to increasing governmental focus on heavy metal pollution prevention [16] Global Market Expansion - Sains has successfully expanded its business into global markets, including regions in Africa and South America, with production capacity increasing from 3,000 tons to 7,000 tons [21] Conclusion - Sains is positioned as a leader in heavy metal pollution prevention with strong technological capabilities and strategic partnerships, while also exploring new markets and product lines to drive future growth [2][3][22]

Core Viewpoint - The company Sains has experienced a decline in stock price, closing at 42.20 yuan on August 4, down 2.00% from the previous trading day, indicating market volatility and investor sentiment towards the environmental sector [1] Company Overview - Sains operates in the environmental industry, focusing on heavy metal pollution prevention, with its main business encompassing the treatment of heavy metal-containing waste acid, wastewater, waste residue, and environmental restoration [1] - As a "specialized and innovative" small giant enterprise, Sains possesses a technical advantage in the field of heavy metal pollution prevention [1] Recent Developments - From July 30 to August 1, Sains hosted research visits from several institutions, including CITIC Asset Management, focusing on the company's heavy metal pollution prevention technology and business development [1] - Over the past year, Sains has received a total of 143 research visits from 121 institutions, indicating strong interest and engagement from the investment community [1] Financial Insights - On August 4, the net inflow of main funds into Sains was 2.116 million yuan, while there was a net outflow of 266,900 yuan over the past five days, reflecting fluctuating investor confidence [1]

Core Viewpoint - The article discusses the implementation of a new action plan for heavy metal pollution prevention and control in China, aiming to enhance environmental safety and risk management from 2025 to 2030 [1][2]. Summary by Sections Action Plan Overview - The action plan, approved by the State Council, includes six parts and 17 measures, with a focus on identifying and rectifying heavy metal environmental safety hazards by the end of 2023 [1]. - By the end of 2027, the plan aims to complete the remediation of high-risk hazards and significantly improve monitoring and emergency response capabilities [1]. - The final goal is to fully address safety hazards and effectively manage heavy metal environmental risks by the end of 2030 [1]. Target Areas and Pollutants - The plan targets five provinces (Guangxi, Hunan, Jiangxi, Yunnan, Guangdong) and 21 cities (including Sanmenxia in Henan and Qiandongnan in Guizhou) for heavy metal pollution assessment [1]. - Key heavy metal pollutants include lead, mercury, cadmium, chromium, arsenic, thallium, and antimony, with additional focus on manganese, zinc, and copper [1]. Implementation Strategy - The action plan emphasizes a comprehensive approach involving investigation, evaluation, remediation, prevention, and management of heavy metal environmental risks [2]. - It includes creating a pollution source inventory and conducting environmental risk assessments to classify hazards [2]. - Immediate actions include removing waste and blockages to eliminate environmental safety hazards, with tailored remediation plans for unresolved issues [2]. Industry Development and Monitoring - The plan promotes high-quality development in related industries by optimizing industrial structure and preventing new environmental risks [2]. - It calls for strengthening monitoring networks and integrating heavy metal pollution control into ecological protection inspections [2]. - A rapid response system for heavy metal-related environmental incidents is to be established, aiming for a two-hour emergency response capability in key areas [2].

Core Viewpoint - The article discusses the implementation of a new action plan for heavy metal pollution prevention and control in China, aiming to enhance environmental safety and risk management from 2025 to 2030 [1][2]. Group 1: Action Plan Overview - The action plan, approved by the State Council, includes six parts and 17 measures to address heavy metal environmental safety issues [1]. - By the end of 2023, a comprehensive survey and immediate rectification of heavy metal environmental safety hazards are expected to be completed [1]. - By the end of 2027, significant improvements in monitoring, control, and emergency response capabilities for heavy metal risks are anticipated [1]. - The plan targets specific provinces and cities, including Guangxi, Hunan, Jiangxi, Yunnan, Guangdong, and others [1]. Group 2: Implementation Strategy - The plan emphasizes a systematic approach involving "investigation, assessment, rectification, treatment, prevention, and management" to identify and mitigate heavy metal pollution sources [2]. - It requires the establishment of a pollution source inventory and a safety hazard checklist for heavy metals [2]. - The plan mandates the removal of waste and blockages in infrastructure to eliminate environmental safety hazards promptly [2]. - A tailored remediation strategy will be developed for issues that cannot be immediately addressed, based on risk assessment results [2]. Group 3: Industry Development and Monitoring - The action plan aims to optimize industrial structure and prevent new heavy metal environmental risks while promoting high-quality development in related industries [2]. - It calls for the enhancement of monitoring and regulatory frameworks, integrating heavy metal pollution control into ecological protection inspections [2]. - A rapid response system for heavy metal-related environmental incidents will be established, aiming for a two-hour emergency response capability in key areas [2].

证券代码：688480 证券简称：赛恩斯 公告编号：2025-020 赛恩斯环保股份有限公司 关于对外投资暨开展新业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 ? 对外投资项目名称：铜陵龙瑞化学有限公司年产 6 万吨高纯硫化钠项目 （以下简称"高纯硫化钠项目"） ? 项目投资金额：预计投入 2.1 亿元（以后期项目实际投入为准），其中 赛恩斯环保股份有限公司（以下简称"公司"或"赛恩斯"）按照 65%的股权比 例进行出资。 ? 本次投资不涉及关联交易，不构成重大资产重组 ? 相关风险提示：尽管已对本次拟投资建设的项目进行了充分的可行性研 究和论证，但仍不排除项目实施过程中可能出现的相关风险,具体详见后文"六、 主要风险分析"，敬请广大投资者理性投资，并注意投资风险。 一、新业务基本情况 二、新业务的实施主体情况 （一）新业务的类型 硫化钠是一种工业原料，广泛应用于纺织、皮革、造纸、印染、医药、农药、 特种工程塑料聚苯硫醚等产品生产，其中高纯硫化钠在聚苯硫醚生产中扮演着 核心原料的角色，其纯度直接 ...

Company Overview - Sains Environmental Co., Ltd. is a specialized "little giant" enterprise focused on heavy metal pollution prevention, aiming to become a leader in the global heavy metal pollution control field [2] - The company provides comprehensive solutions for heavy metal pollution prevention, including product sales (environmental agents, copper extractants, integrated equipment, and customized products) and operational services [2] - The business strategy is based on core technology, utilizing comprehensive solutions as a vehicle, and focusing on product sales and operational services to provide all-around heavy metal pollution prevention services [2] Strategic Direction - The company has established a strategic direction of "environmental protection + resource recovery + new materials," focusing on heavy metal pollution control while expanding into resource recovery and new materials markets [3] - Future plans include optimizing the existing business structure, expanding operational scale, and enhancing market position through strategic investments and acquisitions [3] Financial Performance - In Q1 2025, the company achieved sales revenue of 170 million, a year-on-year increase of 63%, while the net profit attributable to shareholders was 17.72 million, a decrease of 77.68% [4][6] - The lower growth rate of net profit compared to revenue is attributed to credit impairment losses and increased sales, management, and R&D expenses [4] - The company reported a gross margin of 36.21% and a debt ratio of 39.12% [6] Future Collaborations - The company sees potential for closer collaboration with Zijin Mining, an important shareholder and a major player in the non-ferrous metals industry, particularly in environmental governance [5] Market Sentiment - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating, and the average target price is 39.18 [7] Profit Forecast - Various institutions have provided profit forecasts for 2025, with estimates ranging from 196 million to 223 million [8] - The company is expected to see continued growth in its operational services and product sales, which are projected to be key areas for future development [3]

Core Viewpoint - The company, Sains Environmental Co., Ltd., focuses on heavy metal pollution prevention and control, reporting significant growth in revenue and net profit for the year 2024, with a net profit of 180,757,969.30 yuan, representing a year-on-year increase of 100.11% [36]. Company Overview - Sains aims to be a leader in heavy metal pollution prevention, offering services in waste acid, wastewater, and waste residue treatment, resource utilization, environmental remediation, and environmental consulting [7][8]. - The company operates a "three-in-one" business model that integrates comprehensive solutions, product sales, and operational services for heavy metal pollution control [18]. Financial Performance - For 2024, the company achieved a total revenue of 927,193,400 yuan, with a net profit of 180,758,000 yuan, marking a 14.69% increase in revenue and a 100.11% increase in net profit year-on-year [36]. - The proposed cash dividend distribution is 6.30 yuan per 10 shares, amounting to a total of 60,055,492.77 yuan, which represents 33.22% of the net profit attributable to shareholders [5]. Business Segments - The main business segments include: - **Comprehensive Solutions**: Providing full-process or stage services for heavy metal pollution treatment, including design, equipment manufacturing, and engineering [9]. - **Product Sales**: Selling specialized environmental agents, copper extractants, and integrated wastewater treatment equipment [10][11]. - **Operational Services**: Managing clients' environmental pollution control facilities, enhancing treatment quality, and reducing operational costs [16]. Industry Context - The heavy metal pollution prevention industry in China is still developing, characterized by a fragmented market with high entry barriers and strong policy-driven demand [23]. - The industry faces challenges such as high treatment costs, complex technology requirements, and the long-term nature of pollution remediation [24][25]. Technological Advancements - The company has developed new technologies for waste acid resource recovery and arsenic slag detoxification, which address significant industry challenges and enhance operational efficiency [31]. - Future trends indicate a shift towards standardized and modular environmental equipment, as well as the integration of IoT and digital technologies in operational management [34][35].