多年的项目实践让蓝然技术不断进行电渗析应用技术的迭代创新，形成了"技术沉淀-吸引新项目-应用 技术迭代创新-扩大技术优势"的正向循环发展模式。蓝然技术项目经验丰富，了解客户生产工艺，精通 物料衡算，能够根据客户行业及使用场景的不同，设计出相应的电渗析技术应用方案，把电渗析应用技 术嫁接到客户生产工艺，或者结合客户生产工艺和原材料使用情况，把客户的工业料液进行经济、高效 分离，分别回收利用，实现循环经济。 目前，蓝然技术在新能源锂电、碳捕捉、生命医药、化工/石化等核心下游领域已形成稳定的业务流， 技术达到国内领先水平，在技术上不断精进基础上，通过产业的延伸与拓展，由点及面，每年为蓝然技 术带来收益。在此基础上，电渗析技术也在各个领域进行全面拓展。 在国家推动绿色低碳发展与产业升级的政策导向下，嘉戎技术通过发行股份及支付现金的方式收购杭州 蓝然技术股份有限公司100%股权的重组并购事件，成为膜分离技术领域产业链整合的重要实践，而蓝 然技术在电渗析技术领域的深厚积淀，正是此次产业协同的核心价值所在。 蓝然技术积累了大量电渗析和双极膜电渗析工程运行数据，并建立了数学模型。结合法拉第定律，通过 运行数据逻辑运算和编程， ...

Core Viewpoint - The company plans to acquire 100% of Hangzhou Lanan Technology Co., Ltd. through a combination of share issuance and cash payment, with the aim of enhancing its technological capabilities and market presence in various industries [2][3]. Group 1: Acquisition Details - The acquisition involves 19 counterparties and aims to raise up to 1 billion yuan through share issuance to Xiamen Puyu Investment Partnership [2]. - Upon completion, Hangzhou Lanan will become a wholly-owned subsidiary, and Xiamen Puyu is expected to become the controlling shareholder [2]. Group 2: Target Company Overview - Hangzhou Lanan is a national high-tech enterprise focused on electrodialysis technology, producing ion exchange membranes and related equipment [3]. - The company has established a comprehensive electrodialysis industry chain and has received multiple national and provincial awards, including the National Science and Technology Progress Award [3]. Group 3: Financial Performance - For the years 2023, 2024, and the first ten months of 2025, Hangzhou Lanan reported revenues of 324 million yuan, 304 million yuan, and 144 million yuan, respectively, with net profits of approximately 70.37 million yuan, 70.78 million yuan, and 13.21 million yuan [4]. Group 4: Strategic Benefits - The acquisition will allow the company to build a comprehensive technology matrix, enhancing its ability to provide integrated solutions by combining pressure-driven and electric-driven membrane technologies [4]. - The integration will enable the company to address industry pain points in lithium extraction and high-concentration wastewater treatment, promoting low-carbon and resource recovery solutions [5]. Group 5: Market Expansion - The company aims to penetrate emerging markets such as lithium battery materials, biomedicine, and carbon capture, leveraging Hangzhou Lanan's established customer channels for business growth [6]. - The acquisition will facilitate the transition from a wastewater treatment service provider to a resource recycling and green technology partner, enhancing customer loyalty and value [6].

Core Viewpoint - *ST Kaixin reported significant growth in its financial performance for the first half of 2025, indicating strong demand for its membrane separation technology solutions [1] Financial Performance - The company achieved operating revenue of 128 million yuan, representing a year-on-year increase of 204.86% [1] - Net profit attributable to shareholders reached 31.65 million yuan, a remarkable year-on-year growth of 2465.61% [1] - The net profit excluding non-recurring items was 28.8 million yuan, showing an extraordinary year-on-year increase of 186.7 times [1] Business Overview - *ST Kaixin specializes in the research and development of membrane separation technology, providing industrial clients with solutions centered around this technology [1] - The company's physical offerings primarily consist of integrated membrane separation system devices provided to clients [1] - The company attributes its success to its strong R&D capabilities and in-depth understanding of client industries, which have led to widespread recognition of its membrane separation technology solutions [1]

Core Insights - *ST Kaixin reported significant growth in its 2025 semi-annual report, with a revenue of 128 million yuan, a year-on-year increase of 204.86%, and a net profit attributable to shareholders of 31.65 million yuan, up 2465.61% year-on-year [1] - The company's core competitiveness in the industrial fluid separation technology sector is highlighted by its impressive performance in the industrial fluid separation solutions business, which generated 115 million yuan in revenue, a 380.11% increase year-on-year, with a gross margin of 39.69%, up 22.09 percentage points from the previous year [1] Business Performance - The industrial fluid separation solutions business is the standout performer, driven by deep market penetration and technological advantages in sectors such as chemical fiber, biopharmaceuticals, textile dyeing, petrochemicals, and new energy [1] - The company's self-developed membrane separation technology has been successfully applied across various industries, particularly in the chemical fiber sector, achieving over 95% waste alkali recovery rate [1] Research and Development - As a research-driven enterprise, *ST Kaixin increased its R&D investment to 8.99 million yuan in the first half of 2025, a 36.37% year-on-year growth, and holds 52 patent certificates, including 18 invention patents and 34 utility model patents [2] - The company has been recognized as a high-tech enterprise multiple times and has received accolades as a "specialized, refined, distinctive, and innovative" enterprise in Shanghai [2] Market Outlook - With the ongoing tightening of national environmental policies and the acceleration of industrial green transformation, the demand for membrane separation technology as an efficient and energy-saving solution is expected to continue growing [2] - The company plans to further increase R&D investment to maintain its technological leadership in traditional industries while actively exploring new application fields to provide high-quality overall solutions for customers, achieving both economic and social benefits [2]

Core Insights - The A-share market is witnessing a significant acceleration in the disclosure of 2025 semi-annual reports, with over 30 companies reporting a year-on-year doubling of net profits [1][4] - Some companies have reported extraordinary profit increases, with certain firms experiencing profit growth exceeding 100 times compared to the previous year [2][3] Group 1: Companies with Doubling Profits - More than 30 companies have reported a year-on-year doubling of net profits for the first half of 2025 [4] - Honghe Technology reported a revenue of approximately 550 million yuan, a 35% increase year-on-year, and a net profit of 87.37 million yuan, which is an increase of over 10,587.74% compared to the previous year [2] - *ST Kaixin achieved a revenue of approximately 128 million yuan, a year-on-year increase of 204.86%, and a net profit of 31.65 million yuan, reflecting a staggering increase of 2,465.61% [3] Group 2: Companies Turning Losses into Profits - Several companies reported turning losses into profits in their 2025 semi-annual reports [5] - Zhongyou Technology reported a revenue of 434 million yuan, a 12.07% increase year-on-year, and a net profit of 695 million yuan, marking a turnaround from losses [5] - China Steel Luonai reported a revenue of 1.011 billion yuan, a 10.49% decrease year-on-year, but achieved a net profit of 32.62 million yuan, recovering from a loss of approximately 5.56 million yuan in the previous year [6]