Core Viewpoint - In 2025, the mineral resource market is strengthening due to rapid development in new energy and geopolitical factors, prompting Beijete (300774.SZ) to announce a cross-industry acquisition plan to enter the mineral resource development sector and create a second growth curve [1][9]. Company Acquisition Plan - Beijete plans to acquire 55% of Wenshan Dahao Mining Development Co., Ltd. for 225 million yuan through its wholly-owned subsidiary, Beijete (Beijing) New Materials Technology Co., Ltd. Additionally, Beijete will provide a loan of 105 million yuan to Dahao Mining for debt repayment [1][8]. - The acquisition target, Dahao Mining, has not yet completed its mining construction, and its revenue for the first seven months of this year was zero [10][19]. Strategic Intent - Beijete aims to strategically enter the mineral resource development sector while continuing to focus on municipal and industrial wastewater resource utilization, particularly in lithium, copper, and salt lake resources [2][11]. - The acquisition is seen as a way to extend the upstream supply chain, secure key raw materials, control costs, and enhance efficiency and risk resistance across the entire industry chain [4][14]. Financial Performance - As of July 2025, Dahao Mining reported total assets of 155 million yuan and total liabilities of 187 million yuan, with a net loss of 12.86 million yuan for the first seven months [7][16]. - Beijete's financial performance shows a revenue of 728 million yuan for the first three quarters of 2025, a year-on-year increase of 11.42%, but a net profit decline of 31.40%, indicating a situation of "increased revenue without increased profit" [18][19]. Market Context - The environmental protection industry is undergoing significant restructuring, transitioning from large-scale infrastructure construction to refined management and operations [12]. - The prices of strategic minor metals, such as antimony and tungsten, have surged significantly, with antimony ingot prices increasing by over 180% within the year [13][19].

Group 1: Financial Performance - In 2024, the company's operating revenue was 81.61 million yuan, and in Q1 2025, it reached 73.38 million yuan, representing a 134.74% increase year-on-year [8] - The net profit attributable to shareholders in Q1 2025 was 18.58 million yuan [8] - As of May 9, 2025, the total number of shareholders was 6,000 [5] Group 2: Business Strategy and Market Expansion - The company is actively expanding into overseas markets, focusing on Southeast Asia, South Asia, Africa, and Europe, leveraging local advantages to meet industrial wastewater treatment demands [3] - The management emphasizes a dual strategy of "vertical deepening and horizontal expansion" to enhance market share and develop new customer bases [7] - The company plans to continue its focus on core business development and will not pursue acquisitions of salt lake resources at this time [5] Group 3: Investor Relations and Shareholder Confidence - The management has not received any plans for share buybacks or significant shareholding reductions from executives [4][8] - The company is committed to enhancing shareholder value through improved operational performance and effective communication with investors [5] - The management will consider various factors when determining future dividend distributions, adhering to legal and regulatory requirements [6] Group 4: Future Outlook and Growth Potential - The company has signed contracts worth approximately 233.89 million yuan, which are yet to be fulfilled, indicating potential future revenue [9] - The management expresses confidence in achieving over 100 million yuan in revenue for 2025, contingent on ongoing business expansion efforts [9] - The company is focused on enhancing its core competencies in membrane separation technology and plans to invest in R&D to drive innovation [6]