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]

Group 1 - The company Xirong Environment (SZ 000598) announced the resignation of its director and board secretary, Liu Jie, due to work adjustments, and appointed Hu Han as the new board secretary and non-independent director candidate [1] - For the first half of 2025, the revenue composition of Xirong Environment is as follows: wastewater treatment accounts for 44.64%, the water supply industry accounts for 34.04%, leachate treatment accounts for 18.98%, and other industries account for 2.34% [1] - As of the report date, Xirong Environment has a market capitalization of 20.3 billion yuan [1]

Core Viewpoint - The company BWS (碧水源) has stated that its MBR (Membrane Bioreactor) equipment is effective in filtering nitrogen and phosphorus from water, primarily used in wastewater treatment, seawater desalination, and resource recovery, but has not yet entered the seawater pollution control sector [1] Summary by Relevant Categories Company Information - BWS's MBR equipment is designed to effectively filter nitrogen and phosphorus elements from water [1] - The current applications of the MBR equipment include wastewater treatment, seawater desalination, and resource recovery [1] - The company has not ventured into the seawater pollution control field as of now [1] Industry Context - The MBR technology is significant in addressing water quality issues, particularly in wastewater management and resource recovery [1] - The absence of involvement in seawater pollution control indicates a potential area for future expansion within the industry [1]

Group 1 - The core viewpoint emphasizes the importance of rural sewage treatment in improving agricultural productivity and environmental quality, highlighting the need for tailored solutions based on local conditions [1][2] - The "tidal population" issue in rural tourism areas leads to significant fluctuations in sewage discharge, necessitating innovative management strategies such as the "water storage peak shaving" model in places like Cangxi County, Sichuan [1] - Different sewage treatment methods are recommended based on population size and sewage volume, with larger villages requiring centralized systems and smaller ones utilizing constructed wetlands or purification tanks [1][2] Group 2 - Effective management and maintenance of rural sewage treatment facilities are crucial, with a focus on establishing long-term regulatory mechanisms to ensure stable operation [2] - The implementation of a multi-party responsibility mechanism in Cangxi County, involving community management and financial support, addresses funding challenges in sewage treatment projects [2] - The central government has outlined a plan for rural sewage and waste management, emphasizing the need for region-specific strategies that align with broader rural development goals [2]

Core Viewpoint - The wastewater treatment in Taian City is a crucial initiative for improving living conditions, supporting rural revitalization, and protecting the Yellow River ecosystem, with significant progress made in the management of wastewater in administrative towns [1][2][3]. Group 1: Current Status and Achievements - Taian City has successfully implemented wastewater treatment facilities in 51 administrative towns, achieving a daily treatment capacity of 39,300 tons and a sewage treatment rate of 79% [1]. - The New Tai City Zhaizhen wastewater treatment plant has upgraded its processing technology to A2O, increasing its daily capacity to 4,000 tons, which significantly enhances local sewage collection and treatment capabilities [2]. - In 2022, a total investment of 188 million yuan was made to upgrade 49 wastewater treatment facilities and add 63 kilometers of sewage collection pipelines, ensuring stable operation across all administrative towns [4]. Group 2: Governance and Management Mechanisms - Taian City has established a responsibility chain for wastewater treatment, with a clear division of responsibilities among city, county, and town levels, ensuring effective implementation of the initiative [2][3]. - A closed-loop management mechanism has been created, involving regular assessments and feedback to ensure timely resolution of issues in wastewater treatment facilities [3][5]. - The city has introduced a new operational model that combines construction and operation, focusing on long-term management and the introduction of competitive market mechanisms to enhance service quality [6]. Group 3: Future Plans and Innovations - The city plans to shift its focus from construction to long-term management by 2025, ensuring the stable operation of wastewater treatment facilities [6]. - Future efforts will include optimizing operational models, standardizing management practices, and implementing smart control systems to further improve wastewater treatment efficiency [6].

Group 1: Company Developments - Anzheng Fashion focuses on mid-to-high-end brand fashion, achieving a turnaround in net profit year-on-year in the first half of the year [2] - Zhengye Technology's subsidiary has mastered the "silver-free process" for heterojunction battery technology [2] - Meibang Clothing, a leading domestic leisure apparel brand, is set to enhance its production capacity for foldable screens significantly by 2025 [3] Group 2: Industry Trends - The State Council emphasizes the acceleration of service consumption and new consumption growth points [2] - The demand for data centers and energy storage is expected to grow rapidly [4] - The National Development and Reform Commission is promoting the development of the biopharmaceutical industry among central enterprises [4] Group 3: Market Movements - Companies like Tongrun Equipment and China Ruilin are experiencing stock price increases, with Tongrun Equipment's stock rising for two consecutive days [4] - The international gold price has reached a historical high, benefiting companies like Eurasia Group, which collaborates with well-known gold brands [4] - The stock price of Pop Mart has reached a new historical high, indicating strong market interest in IP economy [5]

Core Viewpoint - The company has announced the signing of two contracts for the first batch of the recycled water supporting project, which involves engineering procurement contracts (EPC) for two segments, with a focus on ensuring compliance with relevant regulations and maintaining fair pricing principles [1][2][12]. Summary by Sections Contract Details - The first batch of Segment One contract involves the total engineering procurement for 25 sub-projects, with a service fee of RMB 16,117,443 (including tax), and a design fee of RMB 540,519 [3][5]. - The first batch of Segment Two contract covers 6 sub-projects, with a service fee of RMB 1,492,355 (including tax), and a design fee of RMB 50,048 [5][11]. Payment Terms - Payment for the first batch of Segment One will be made based on project milestones, including 30% upon budget review, 80% after completion, and the final 100% after project acceptance [4][9]. - Payment for the first batch of Segment Two follows a similar structure, with 30% upon budget review and subsequent payments based on project progress [6][10]. Regulatory Compliance - The transactions under both contracts are classified as continuing connected transactions, with applicable percentage rates exceeding 0.1% but below 5%, thus exempting them from independent shareholder approval [2][16]. - The company anticipates that the total payable amounts for both contracts will not exceed RMB 4.85 million for the fiscal year ending December 31, 2025, and RMB 9.65 million for the fiscal year ending December 31, 2026 [9][10]. Strategic Importance - The contracts align with the company's role in constructing and operating recycled water facilities in Tianjin, supporting municipal planning and policy compliance [11][12]. - The involved parties, including Cheng Investment Construction and Huamiao Planning, possess relevant experience in municipal infrastructure, ensuring quality standards for the project [12][13].

Core Viewpoint - The city of Tai'an in Shandong Province has prioritized the treatment of sewage in administrative towns as a key initiative to improve living conditions, support rural revitalization, and protect the ecological environment of the Yellow River basin [1] Group 1: High-Level Promotion and Coordination - The rapid urbanization has led to a significant increase in sewage generation in administrative towns, revealing shortcomings in early treatment facilities, which are outdated and poorly maintained [2] - The Tai'an municipal government has classified sewage treatment as a key livelihood project and a core task for ecological protection, establishing a responsibility chain from city-level coordination to county-level accountability and town-level implementation [2] - A mechanism for regular monitoring and feedback has been established to ensure effective oversight and resolution of issues related to sewage treatment facilities [2] Group 2: Policy Guidance and Strategic Planning - The Tai'an Housing and Urban-Rural Development Bureau has issued a notification to strengthen sewage treatment, establishing principles for localized and phased approaches to the work [3] - A detailed action plan for 2024 has been developed to enhance the quality and efficiency of sewage treatment facilities, ensuring that all administrative towns have completed the construction or upgrade of sewage treatment facilities [3] Group 3: Closed-loop Supervision and Innovative Support - A joint inspection team has been formed to conduct comprehensive evaluations of sewage treatment facilities, focusing on operational stability and compliance with water quality standards [4] - The team provides targeted support and solutions to address identified issues, ensuring that projects do not stall due to external challenges [4] Group 4: Mechanism Innovation for Sustainable Operation - The focus has shifted from construction to long-term management, with a new operational model being explored that integrates construction and operation while promoting competitive market practices [6] - Professional third-party management has been introduced to enhance the standardization and professionalism of sewage treatment operations [6] Group 5: Significant Achievements and Recognition - In 2024, Tai'an invested 188 million yuan to upgrade 49 sewage treatment facilities, adding 63 kilometers of sewage collection pipelines, resulting in a treatment capacity of 39,300 tons per day and an overall treatment rate of 79% [7] - The successful practices in Tai'an have been recognized by the Shandong Provincial Housing and Urban-Rural Development Department and are being promoted as a model for sewage treatment in administrative towns across the province [7]

Core Viewpoint - The article highlights the successful implementation of wastewater treatment initiatives in Han Yin County, Shaanxi Province, which have significantly improved the local ecological environment and public health. Group 1: Wastewater Treatment Facilities - Han Yin County has established a wastewater treatment plant with a designed daily processing capacity of 23,000 tons, serving a population of approximately 112,000, achieving a centralized treatment rate of 96.2% for urban domestic sewage [1][3] - The county has built one county-level wastewater treatment plant and eight town-level treatment stations, achieving full coverage of wastewater treatment in all towns within Ankang City [3][4] Group 2: Innovative Management Approaches - Han Yin County is exploring intelligent and digital management paths by creating an information control platform that connects the county's wastewater treatment plant with various town treatment stations, allowing for remote management and monitoring [4] - The operational model of "county control + town inspection" has improved the efficiency and regulatory standards of wastewater treatment [4] Group 3: Community Engagement and Environmental Impact - The county regularly holds "Environmental Facility Open Days" to educate the public, including school children, about the complexities of wastewater treatment [4] - The improvement in water quality has led to increased biodiversity, with sightings of species such as the Chinese crested ibis and egrets in the area, indicating a healthier ecosystem [6]

Core Viewpoint - Yantai Kangrun Water Co., Ltd. has been established with a registered capital of 316 million yuan, focusing on wastewater treatment and environmental protection equipment sales [1] Company Information - The legal representative of Yantai Kangrun Water Co., Ltd. is Zhu Yuqiang [1] - The company is registered with a capital of 316 million yuan [1] - The business scope includes wastewater treatment and its recycling, water pollution control, and sales of environmental protection specialized equipment [1] Shareholder Information - The company is jointly held by Yikang Technology Co., Ltd. and China Railway Fourth Engineering Group Co., Ltd., a wholly-owned subsidiary of China Railway [1] - Yikang Technology Co., Ltd. holds 62.9% of the shares, contributing approximately 198.93 million yuan [2] - China Railway Fourth Engineering Group Co., Ltd. holds 0.1% of the shares, contributing approximately 31.63 million yuan [2]