北京市河湖水生态健康状况总体良好的同时，河流生态系统也发生了重大转变。过去，本市部分河流水 体中，浮游植物和浮游动物等初级生物占主导地位，通常具有水体富营养化特征，当水体中氮、磷等营 养盐含量较高时，易导致藻类大量繁殖，出现水华。"当水体透明度降低，水质变差，就形成了典型 的'藻型浊水'。"北京市水务局水生态监测中心相关负责人介绍，近年来，北京市持续推进水环境治理 工作，成效显著。得益于此，北京市河流水体中氮、磷等营养盐含量逐渐下降，沉水植物覆盖率大大提 高，构建出的"水下森林"已成为优势群落。 "沉水植物的根系发达，能固着底泥，可以通过释放化感物质抑制藻类生长，防止水华，从而改善水体 的透明度和水质，促使河流生态系统逐渐转为'草型清水'。" 北京市水务局水生态监测中心相关负责人 介绍，草型清水生态系统的形成，可为水生生物提供更适宜的生存环境，标志着本市水生态环境正朝良 好的方向发展，对提升城市生态质量有着深远意义。 除河流生态系统的重大转变外，北京市湖泊和水库在发挥调蓄功能的同时，也成为生物多样性最丰富的 生态系统之一，孕育出了极为丰富的生物资源。2024年，全市153个监测水体中共检测到浮游植物459 种 ...

Core Viewpoint - The article highlights the successful ecological restoration and governance of the Xiyang River and Huasheng Wetland in Loudi, Hunan, transforming it into a popular destination for local tourism and improving the quality of life for nearby residents [1][3][6]. Group 1: Ecological Restoration - The Xiyang River governance project has been initiated with over 49 million yuan in funding, focusing on ecological restoration, construction of ecological banks, and the establishment of artificial wetlands [4]. - The project has successfully removed 0.2 million tons of riverbed debris and constructed 8 kilometers of ecological banks, along with creating a 0.5 square kilometer artificial wetland [4][6]. - The water quality of the Xiyang River has stabilized at Class II standards, leading to the return of fish species and the proliferation of environmental birds like egrets [6]. Group 2: Economic Impact - The improved environment has led to increased tourism, with local residents benefiting from the influx of visitors during holidays, creating business opportunities such as farm-to-table dining experiences [6]. - Local entrepreneur Tan has established a farmhouse restaurant, generating over 600,000 yuan in annual revenue, contributing to a green industry chain along the river [6]. - The transformation has positively impacted over 10,000 residents from five administrative villages, enhancing their quality of life and economic prospects [6].

Group 1: Key Projects and Investments - In May 2025, Shunde District launched 111 key projects, including 23 completed projects with a total investment of approximately 15.3 billion yuan, 29 new projects with about 9.9 billion yuan, and 59 ongoing projects totaling around 27.5 billion yuan [1] - The Shunde Bridge, a major transportation project, officially opened, significantly alleviating traffic pressure and reshaping the development landscape of the eastern urban area [3] - A total of 18 water environment governance projects were introduced, with investments exceeding 6.3 billion yuan, aimed at enhancing urban quality and promoting a modern waterfront city [5] Group 2: Transportation Development - In 2025, Shunde initiated 22 new transportation projects with a total investment of about 6.9 billion yuan, while 14 ongoing projects have a total investment of 9.7 billion yuan [3] - The construction of the Shunde New Port Phase II is expected to enhance the logistics system in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Future transportation networks in Shunde aim to achieve a "30-60" time-space goal, connecting major cities within 60 minutes and enhancing internal accessibility [4] Group 3: Energy Supply and Infrastructure - Shunde's electricity consumption has seen significant growth, with a 9.49% increase in total electricity usage and a 12.17% rise in industrial electricity consumption in the previous year [9] - The district is undergoing a historic expansion in power grid construction, with multiple substations being built to improve power supply quality and support economic development [9][10] - A three-year investment plan for the power grid is set to exceed 16.3 billion yuan in Shunde, focusing on enhancing energy supply for industrial upgrades [10] Group 4: Healthcare Projects - Major healthcare projects, including the Guangzhou University of Chinese Medicine Shunde Hospital, are progressing, with the first phase expected to provide services by July [11][12] - The total investment in healthcare infrastructure in Shunde has reached nearly 7 billion yuan, aimed at improving medical services and creating a comprehensive health service model [12]

Group 1 - The core viewpoint of the article highlights that Taihe Water (605081) reported a significant decline in revenue and net profit for the year 2024, leading to a risk warning for its stock due to financial losses [1] - In 2024, Taihe Water achieved an operating income of 103 million yuan, a year-on-year decrease of 43.53%, and a net profit attributable to shareholders of -334 million yuan [1] - The company faced multiple challenges, including reduced investment demand in the water environment governance industry, difficulties in client cash flow, and impairment provisions for receivables and goodwill [1] Group 2 - Despite the challenges, the water environment governance industry has good development opportunities supported by national policies, although it also faces macroeconomic and competitive pressures [2] - Taihe Water is committed to a development strategy focused on maintaining existing volume, increasing new volume, and seeking variable growth, while actively responding to market changes [2] - The company has developed a comprehensive technical system for water environment ecological governance, including patented methods and technologies for ecological restoration [2] Group 3 - In the drinking water business, Taihe Water has integrated resources and launched new high-end products to meet diverse consumer needs [3] - Recently, the controlling shareholder, He Wenhui, transferred 12% of the company's shares to Beijing Xinxin, making it the new controlling shareholder with 18% voting rights [3] - Looking ahead, Taihe Water plans to enhance its systematic governance approach and explore the integration of ecological governance outcomes with urban development and industrial upgrading [3]

近日，北京科净源科技股份有限公司（以下简称"科净源"，301372.SZ）公告披露，其因涉嫌信息披露 违法违规，被中国证监会立案。 作为一家上市不足两年的企业，科净源为何如此快速地陷入监管漩涡？ 科净源方面表示，经自查发现，其全资子公司北京科净源设备安装工程有限公司（以下简称"科净源设 备"）存在对外担保未及时履行审批程序和信息披露义务的情形。"公司在发现上述对外担保事项后第一 时间成立专项核查小组，根据调查结果，对相关责任人员进行处罚，责令相关人员吸取教训、总结经 验。" 上海汉联律师事务所宋一欣律师向《中国经营报》记者表示，如果上述担保没有及时公开披露，涉嫌信 息披露违法违规，证监会将会按照证券法对其作出行政处罚。 信披违规 2023年8月11日，科净源顶着"水环境治理领军企业"的光环成功登陆深交所创业板，发行价45元/股，募 集资金7.71亿元。 上市当年，科净源的业绩便出现"断崖式"下滑。2023年公司营收同比下跌31.3%至3.02亿元，归母净利 润仅1940万元，同比骤降77.53%。 进入2024年，情况并未好转，反而进一步恶化。据2024年度业绩预告，科净源预计全年归母净利润亏损 9934万元 ...

| 服 | | 本次权益变动前持有权益 | | | | 本次权益变动后持有权益 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东名称 | 持有股份 | 持股占 | 持有表决权 | 表决权 | 持有股份 | 持股 早 | 持有表决 | 表決 权占 | | | | 出 | | 문 | | | 权 | | | | | | | | | | | 出 | | 何文 常 | | | | | | | | | | (转 | 25,553,567 | 22.56% | 25,553,567 | 22.56% | 11,963,918 | 10.56% | 0 | 0 | | 让 | | | | | | | | | | 方) | | | | | | | | | | 北京 | | | | | | | | | | 欣欣 | | | | | | | | | | ( မိုင် | 0 | 0 | 0 | 0 | 13.589.649 | 12% | 20,384,473 | 18% | | 让 | | | | | | | | | | 方) | | | | ...

Core Viewpoint - The recent share transfer agreement signed by He Wenhui, the controlling shareholder of Taihe Water Technology Development Co., Ltd., indicates a significant change in control for the company, which has been facing continuous losses in recent years [2][3]. Group 1: Share Transfer Details - He Wenhui signed a share transfer agreement with Beijing Xinxin Xuancan Technology Center to transfer 13.5896 million shares at a price of 29.18 yuan per share, totaling 397 million yuan, which represents 12% of the company's total share capital [3]. - After the transfer, He Wenhui's shareholding will decrease to 10.56%, while Beijing Xinxin will become the new controlling shareholder with an 18% stake [3]. - A voting rights delegation agreement was also signed, where He Wenhui delegated voting rights for 6.7948 million shares to Beijing Xinxin, effectively allowing the new shareholders to control 20.3845 million shares, or 18% of the total share capital [3]. Group 2: Financial Performance and Challenges - Taihe Water has faced declining performance since its listing, with revenue dropping from 460 million yuan in 2021 to 205 million yuan in 2022 and further to 183 million yuan in 2023, resulting in net losses of 160 million yuan and 287 million yuan respectively [6]. - The company is projected to incur a net loss of between 273 million yuan and 330 million yuan in 2024, which could trigger delisting risk if financial indicators do not meet standards [6][7]. - The decline in performance is attributed to factors such as the impact of COVID-19, natural disasters, and slow project progress due to local government funding constraints [6][7]. Group 3: Strategic Implications of New Shareholders - The new controlling shareholders, who have extensive experience in equity investment and mergers and acquisitions, may bring fresh strategic directions and resources to Taihe Water [4]. - The transfer of shares and voting rights indicates He Wenhui's intention to leverage the new shareholders' strengths to restructure and plan the company's business for better growth potential [4]. - The company has attempted to diversify into computing power business but has not achieved significant results, leading to increased operational costs and further complicating its financial situation [7].

Core Viewpoint - The rapid decline of KJY, a leading company in water environment governance, highlights severe issues in financial disclosure, operational performance, and corporate governance, leading to its investigation by the China Securities Regulatory Commission [1][2][3]. Financial Performance - In 2023, KJY's revenue plummeted by 31.3% to 302 million yuan, with net profit dropping 77.53% to 19.4 million yuan [2] - For the first three quarters of 2024, revenue further declined by 32.55% to 173 million yuan, resulting in a net loss of 38.9 million yuan, a staggering 195.73% decrease [2]. Core Business Challenges - All three main business segments of KJY are struggling: - Water treatment products saw gross margin drop from 50.26% to 40.76% due to intensified market competition [3] - The average repayment period for existing projects extended to 3.7 years, with accounts receivable constituting 379% of revenue [3] - New orders in operational services fell by 68% year-on-year in the first half of 2024, losing market share to competitors [3]. Regulatory and Financial Issues - KJY's investigation was triggered by its subsidiary's unauthorized provision of bank deposit guarantees for third-party debts, leading to forced liquidation risks [4] - Financial discrepancies include: - Revenue recognition issues, with 52% of annual revenue recognized in Q2 2023, suggesting premature revenue booking [4] - Insufficient bad debt provisions, with only 23.2% of overdue accounts receivable accounted for, below the industry average of 35% [4] - No provisions for inventory depreciation despite significant inventory levels [4]. Cash Flow and Fund Utilization - KJY reported a negative net cash flow from operating activities of 184 million yuan in 2023, worsening to -57 million yuan in Q1 2024, while capital expenditures reached 120 million yuan [5] - Despite plans to invest 350 million yuan in a headquarters project, funds were redirected to financial products, raising investor concerns [5]. Strategic and Governance Failures - KJY's strategic misalignment is evident in its low R&D investment (less than 3% post-IPO) compared to the industry average of 6.8%, weakening its technological edge [6] - Governance issues include family control over the board and independent directors lacking relevant industry experience, with significant insider selling by executives prior to the company's financial collapse [7]. - The water environment governance sector is facing challenges due to government policy changes, with new contract signings dropping by 41% in 2024, exacerbating KJY's difficulties [8].

Core Viewpoint - KJY has been investigated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations [3][5] Group 1: Investigation and Compliance - KJY received a notice from the CSRC indicating that it is under investigation for information disclosure violations [3] - The company conducted a self-examination and found that its wholly-owned subsidiary, Beijing KJY Equipment Installation Engineering Co., Ltd., failed to timely fulfill approval procedures and disclosure obligations regarding external guarantees [5] - KJY has taken corrective actions, including lifting all external guarantees and holding responsible personnel accountable [5] Group 2: Management Changes - Following the investigation, KJY's management has undergone changes, with the resignation of General Manager Li Chongxin and the appointment of Chairman Ge Jing as the new General Manager [7][10] - Li Chongxin's resignation was aimed at focusing on market management and development [10] Group 3: Financial Performance - KJY projected a net loss of between 99.34 million yuan and 141.39 million yuan for 2024, a significant decline from a profit of 19.4 million yuan in the previous year [12][13] - The company cited intensified market competition and a slowdown in project payment cycles as contributing factors to the expected losses [13] Group 4: Market Position - KJY has been operating in the water environment governance sector since its establishment in 2000 and is recognized as an innovative comprehensive service provider in this field [11]

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 北京科净源科技股份有限公司 Beijing Sys Science & Technology Co. , Ltd. （北京市顺义区东盈路 19 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 创业板投资风险提示 北京科净源科技股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益做出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。根据《证券法》的规定，股票依法发行后，发行 人经营与收益的变化，由发行人自行负责；投资者自主判断发行人的投资价值， 自主作出投资决策，自行承担股票依法发行后因发行 ...