Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. (Beishuiyuan) has announced a financing plan totaling 8 billion yuan to expand its financing channels, reduce costs, and enhance fund management flexibility [1][4]. Financing Plan - The financing plan includes the issuance of medium-term notes not exceeding 4 billion yuan and super short-term financing bonds also not exceeding 4 billion yuan [1][4]. - The funds will be used for project construction, supplementing working capital, and repaying interest-bearing debts [1][4]. Company Overview - Beishuiyuan specializes in environmental protection and water treatment, providing comprehensive technical solutions through the development and manufacturing of advanced membrane materials and related systems [4]. - The company's products are applied in five major areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization [4]. Accounts Receivable Situation - As of September 30, 2025, Beishuiyuan's accounts receivable reached 12.638 billion yuan, showing a slight decrease from 12.4 billion yuan at the end of 2024, but still at a high industry level [5]. - The accounts receivable turnover rate declined from 0.9 in 2022 to 0.73 in 2024, indicating an extended cash recovery cycle [5]. Industry Context - The difficulty in recovering accounts receivable is a common issue in the environmental protection industry, with a total of 156.26 billion yuan in accounts receivable reported across 115 listed environmental companies as of June 30, 2025 [5]. - Beishuiyuan's management is actively working to reduce accounts receivable and contract assets through internal and external strategies [6]. Financial Performance - Beishuiyuan's revenue for 2024 was 8.549 billion yuan, a year-on-year decrease of 4.51%, with a net profit of only 59 million yuan, down 92.34% [6]. - The company reported a net cash flow from operating activities of -238 million yuan in 2024, a significant decline from 331 million yuan in 2023, although there are signs of improvement in 2025 [6]. Financing Strategy - The combination of short-term and medium-term financing strategies is intended to quickly supplement cash flow and optimize debt structure, thereby reducing short-term repayment pressure [6].

Core Viewpoint - The performance of the leading domestic membrane technology company, BWS (碧水源), has significantly declined, with a notable drop in both revenue and net profit in the 2024 annual report [2][4]. Financial Performance - BWS reported a revenue of 8.549 billion yuan, a year-on-year decrease of 4.51% [4]. - The net profit attributable to shareholders was only 58.585 million yuan, down 92.34% compared to the previous year [4]. - The company's net profit has decreased from 1.143 billion yuan in 2020 to 58.585 million yuan in 2024 [4]. Accounts Receivable - As of the end of 2024, BWS's accounts receivable reached 12.4 billion yuan, an increase of 12.27% year-on-year [7]. - The accounts receivable turnover rate has declined from 0.9 in 2022 to 0.73 in 2024, indicating a slower cash recovery speed [7]. - The increase in accounts receivable is attributed to the macroeconomic environment and delayed payment capabilities of local governments [7][8]. Debt Pressure - BWS's asset-liability ratio rose to 62.18% in 2024, up from 60.53% in 2023 [9]. - Total liabilities reached 49.584 billion yuan, with current liabilities amounting to 29.367 billion yuan [9]. - The company had only 4.252 billion yuan in cash at the end of 2024, while the net profit was 58.585 million yuan, indicating a significant cash flow issue [9]. Industry Context - The overall environmental protection industry is facing challenges due to a complex economic environment, leading to reduced investment in environmental projects by governments and enterprises [5]. - Local governments are adjusting budgets for environmental projects due to fiscal pressures, impacting business expansion and project progress for companies in the industry [5].