根据披露的机构调研信息2025年9月19日，泉果基金对上市公司赛恩斯进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为163.96亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得60.18%。 截至2025年9月26日，泉果基金近1年回报前8非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A60.182022年10月18日 赵诣 016710泉果旭源三年持有期混合C59.522022年10月18日赵诣 018329泉果思源三年持有期混合 A42.242023年6月2日刚登峰 018330泉果思源三年持有期混合C41.672023年6月2日刚登峰 019624泉果嘉 源三年持有期混合A29.782023年12月5日钱思佳 019625泉果嘉源三年持有期混合C29.252023年12月5日 钱思佳 020855泉果泰然30天持有期债券A2.272024年4月16日钱思佳 徐缘 020856泉果泰然30天持有期债 券C1.86202 ...

9月25日，专利赋力、AI赋能涉重金属污染防治暨关键金属产业高质量发展对接活动在南宁举行。 活动通过促进专利转化、AI技术供需对接，助力涉重金属污染防治从"末端治理"迈向"源头防控"，推动 广西涉重金属污染防治和关键金属产业高质量发展。 当天，现场还发布了知识产权跨区域合作赋能关键金属产业高质量发展倡议，并为重金属污染防治 与资源循环工程中心、关键金属产业知识产权创新联合体揭牌，为广西从"有色金属之乡"向"绿色创新 高地"跨越注入新动能。（刘冬莲 黄柳波 熊康） 活动期间，主办方自治区市场监管局（知识产权局）组织了20个重点项目集中签约，累计签约金额 超200亿元，涵盖技术研发、成果转化、产业落地等多个领域。其中，中食世纪科技集团投资三个项 目，实施地区尾矿治理及全量化资源利用，投资意向签约金额超100亿元；中国银行广西分行与区内多 家关键金属重点企业达成授信合作超100亿元。 活动期间，中国工程院黄小卫院士、段宁院士分别作主题演讲。与会嘉宾还通过主旨演讲、圆桌论 坛等形式，探讨AI技术与专利转化运用如何赋能污染防治技术创新，解析关键金属产业发展的机遇与 挑战，为行业绿色转型与高质量发展提供战略指引。 全国首 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing a revenue increase but a significant decline in net profit, primarily due to the impact of its comprehensive solution business and one-time investment gains from the previous year [1][2]. Financial Performance - In 2025 H1, the company achieved a revenue of 423 million yuan, a year-on-year increase of 18.8%, while the net profit attributable to shareholders was 49.03 million yuan, a decrease of 57.5% [1]. - The Q2 revenue was 253 million yuan, reflecting a slight growth of 0.34% year-on-year, with a net profit of 31.3 million yuan, down 12.9% [1]. - The adjusted net profit, excluding one-time gains, showed an 8.75% decline year-on-year [2]. Business Segment Analysis - Revenue from the comprehensive solution business, operational services, and product sales in 2025 H1 was 53 million yuan, 201 million yuan, and 166 million yuan, respectively, with year-on-year changes of -49.8%, +53.0%, and +41.8% [2]. - The gross margin for 2025 H1 decreased by 2.08 percentage points to 35.0%, with product sales, operational services, and comprehensive solutions having gross margins of 45.1%, 29.8%, and 21.0%, respectively [2]. Cost Structure - The company's expense ratio increased slightly to 20.0% in 2025 H1, up 0.52 percentage points year-on-year, driven by higher R&D and sales expenses [2]. Future Outlook - The company has set ambitious targets in its stock incentive plan, aiming for a revenue CAGR of 24.9% and a non-GAAP profit CAGR of 17.0% from 2025 to 2027 [4]. - Profit forecasts for 2025-2027 are 153 million yuan, 236 million yuan, and 299 million yuan, with expected growth rates of 28.6% for 2025 and 54.1% and 26.5% for 2026 and 2027, respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 423 million yuan in H1 2025, representing a year-on-year growth of 18.8%. However, the net profit attributable to shareholders decreased by 57.5% to 49.03 million yuan, while the net profit excluding non-recurring items fell by 12.7% to 47.22 million yuan [2][6] - Excluding the one-time investment income impact from H1 2024, the net profit attributable to shareholders in H1 2025 decreased by 8.75%, primarily due to the drag from the comprehensive solution business. In contrast, the operational services and product sales showed impressive growth, with revenues increasing by 53.0% and 41.8% respectively [2][12] - The company is expanding its copper extraction agent production capacity, achieving a doubling of capacity. The resource recycling and new materials projects are gradually being implemented, indicating potential for category expansion and new growth opportunities [2][12] Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 423 million yuan, a year-on-year increase of 18.8%. The net profit attributable to shareholders was 49.03 million yuan, down 57.5%, while the net profit excluding non-recurring items was 47.22 million yuan, down 12.7% [6][12] - For Q2 2025, the company achieved revenues of 253 million yuan, a slight increase of 0.34% year-on-year, with a net profit of 31.30 million yuan, down 12.9% [6][12] - The comprehensive solution business saw a revenue decline of 49.8%, while operational services and product sales grew significantly [12] Business Segments - Revenue breakdown for H1 2025: heavy metal pollution prevention solutions generated 53 million yuan, operational services 201 million yuan, and product sales 166 million yuan [12] - The gross margin for H1 2025 decreased by 2.08 percentage points to 35.0%, with product sales, operational services, and comprehensive solutions having gross margins of 45.1%, 29.8%, and 21.0% respectively [12] Growth Potential - The core subsidiary, Longli Chemical, reported a net profit of 26.63 million yuan in H1 2025, a year-on-year increase of 76.5%. The total production capacity for copper extraction agents increased from 3,400 tons/year to 7,000 tons/year, a 106% increase [12] - The company is actively pursuing multiple research projects, including lithium slag recycling and high-value recovery of rare metals, with promising results in new lithium extraction agents [12] - A stock incentive plan was announced in July 2025, targeting a revenue CAGR of 24.9% and a net profit CAGR of 17.0% from 2025 to 2027 [12]

Summary of the Conference Call for Sains Company Overview - Sains is the first heavy metal pollution prevention enterprise listed on A-shares, leveraging technology from Central South University and maintaining multiple national-level research platforms with a research team of nearly 200 people and over 100 patents [2][3] - The company has established long-term collaborations with various universities and research institutes, serving hundreds of non-ferrous enterprises [2][3] Core Business and Innovations - Sains specializes in the treatment and resource utilization of heavy metal wastewater and waste residues, with a focus on technological innovation and research platform development [3] - The company has expanded its business into resource recovery and new materials, including a recent acquisition of Zijin Medicine to enter the copper extraction agent sector [3][19] - Sains' revenue for 2024 is projected at 150 million yuan, with a net profit of 38 million yuan, and an expected increase in revenue for 2025 [3][20] Collaboration with Zijin Mining - Sains has a close partnership with Zijin Mining, which has invested strategically in the company and currently holds approximately 21% of its shares [2][5] - The collaboration has deepened in areas such as waste acid and wastewater treatment, with a revenue-sharing model in place to mitigate risks [5][6][12] Rhenium Extraction Progress - Sains has made significant progress in rhenium extraction, collaborating with Zijin Mining and Luoyang Molybdenum, with expected production of 8-10 tons in the next two to three years [9][10] - The recent surge in rhenium prices is attributed to market speculation and supply-demand gaps, with a long-term optimistic outlook due to increasing high-end application demand and domestic substitution policies [11] Financial Projections and Market Outlook - Sains anticipates revenue of 1.2 to 1.3 billion yuan and a net profit of 140 to 150 million yuan for 2025, driven by environmental policies and demand in the non-ferrous industry [22] - The company is focusing on higher-margin product sales and operational services, which are expected to provide sustainable income and profit [22][23] Challenges and Risks - The decline in net profit is primarily due to increased sales and R&D expenses, as well as longer collection periods for overseas business [18] - The company faces challenges in the short term due to the time required for policy implementation, although long-term prospects remain positive due to increasing governmental focus on heavy metal pollution prevention [16] Global Market Expansion - Sains has successfully expanded its business into global markets, including regions in Africa and South America, with production capacity increasing from 3,000 tons to 7,000 tons [21] Conclusion - Sains is positioned as a leader in heavy metal pollution prevention with strong technological capabilities and strategic partnerships, while also exploring new markets and product lines to drive future growth [2][3][22]

Core Viewpoint - The article discusses the implementation of a new action plan for heavy metal pollution prevention and control in China, aiming to enhance environmental safety and risk management from 2025 to 2030 [1][2]. Summary by Sections Action Plan Overview - The action plan, approved by the State Council, includes six parts and 17 measures, with a focus on identifying and rectifying heavy metal environmental safety hazards by the end of 2023 [1]. - By the end of 2027, the plan aims to complete the remediation of high-risk hazards and significantly improve monitoring and emergency response capabilities [1]. - The final goal is to fully address safety hazards and effectively manage heavy metal environmental risks by the end of 2030 [1]. Target Areas and Pollutants - The plan targets five provinces (Guangxi, Hunan, Jiangxi, Yunnan, Guangdong) and 21 cities (including Sanmenxia in Henan and Qiandongnan in Guizhou) for heavy metal pollution assessment [1]. - Key heavy metal pollutants include lead, mercury, cadmium, chromium, arsenic, thallium, and antimony, with additional focus on manganese, zinc, and copper [1]. Implementation Strategy - The action plan emphasizes a comprehensive approach involving investigation, evaluation, remediation, prevention, and management of heavy metal environmental risks [2]. - It includes creating a pollution source inventory and conducting environmental risk assessments to classify hazards [2]. - Immediate actions include removing waste and blockages to eliminate environmental safety hazards, with tailored remediation plans for unresolved issues [2]. Industry Development and Monitoring - The plan promotes high-quality development in related industries by optimizing industrial structure and preventing new environmental risks [2]. - It calls for strengthening monitoring networks and integrating heavy metal pollution control into ecological protection inspections [2]. - A rapid response system for heavy metal-related environmental incidents is to be established, aiming for a two-hour emergency response capability in key areas [2].

Core Viewpoint - The article discusses the implementation of a new action plan for heavy metal pollution prevention and control in China, aiming to enhance environmental safety and risk management from 2025 to 2030 [1][2]. Group 1: Action Plan Overview - The action plan, approved by the State Council, includes six parts and 17 measures to address heavy metal environmental safety issues [1]. - By the end of 2023, a comprehensive survey and immediate rectification of heavy metal environmental safety hazards are expected to be completed [1]. - By the end of 2027, significant improvements in monitoring, control, and emergency response capabilities for heavy metal risks are anticipated [1]. - The plan targets specific provinces and cities, including Guangxi, Hunan, Jiangxi, Yunnan, Guangdong, and others [1]. Group 2: Implementation Strategy - The plan emphasizes a systematic approach involving "investigation, assessment, rectification, treatment, prevention, and management" to identify and mitigate heavy metal pollution sources [2]. - It requires the establishment of a pollution source inventory and a safety hazard checklist for heavy metals [2]. - The plan mandates the removal of waste and blockages in infrastructure to eliminate environmental safety hazards promptly [2]. - A tailored remediation strategy will be developed for issues that cannot be immediately addressed, based on risk assessment results [2]. Group 3: Industry Development and Monitoring - The action plan aims to optimize industrial structure and prevent new heavy metal environmental risks while promoting high-quality development in related industries [2]. - It calls for the enhancement of monitoring and regulatory frameworks, integrating heavy metal pollution control into ecological protection inspections [2]. - A rapid response system for heavy metal-related environmental incidents will be established, aiming for a two-hour emergency response capability in key areas [2].

Summary of Conference Call Notes Company Overview - **Company Name**: 长江环保 (Changjiang Environmental Protection) - **Industry**: Environmental Protection and Resource Recovery - **Founded**: 2009 by a team from Central South University - **Key Milestones**: Listed at the end of 2022, expanded into overseas markets post heavy metal pollution incident in Jiangxi Core Business and Market Performance - **Business Segments**: - Comprehensive Solutions (EPC) - Operational Services - Product Sales - **Revenue Composition**: - Product sales are becoming the core focus, with a projected increase in revenue share - EPC revenue share decreased from 70% in 2019 to 33% in 2024, while operational services increased from 8.9% to 35% in the same period [5][6] - **Market Potential**: - In the copper, lead, and zinc industry, the annual EPC market space is approximately 1.4 billion CNY, and operational space is 7.1 billion CNY [9] - The company aims to increase market share in the acid-free and wastewater treatment sectors, with potential revenue reaching 1.03 billion CNY if market shares reach 30% and 10% respectively [9] Financial Goals and Incentives - **Equity Incentive Plan**: - Revenue growth targets set at 30%, 15%, and 30% for 2025, 2026, and 2027 respectively, with a compound annual growth rate (CAGR) of 25% [6] - Profit growth targets are 20%, 20%, and 10% for the same years, with a CAGR of 17% [6] Strategic Partnerships - **Key Client**: 紫金矿业 (Zijin Mining) - Transaction amounts with Zijin increased from 140 million CNY in 2022 to approximately 300 million CNY in 2024 [10][11] - The partnership is expected to deepen, with Zijin's overseas projects being managed by the company [11] Recent Developments and Projects - **Acquisition**: - Acquired 龙利化学 (Longli Chemical) to enter the chemical agent sector, focusing on copper extraction agents [13] - Sales dependency on Zijin reduced to about 20%, enhancing sustainability [14] - **New Projects**: - Announced a high-efficiency flotation agent project with a total capacity of 100,000 tons and an investment of 600 million CNY [16] - Initiated a high-purity sodium sulfide project with a capacity of 60,000 tons and an investment of 210 million CNY [21] Market Expansion and Future Outlook - **Overseas Market**: - Benefiting from Chinese enterprises acquiring mining projects in Africa and Central Asia, with significant revenue from Congo and Chile [15] - **Resource Recovery Strategy**: - Focus on expanding resource recovery projects, including rhenium recovery, with a potential revenue of 19 million CNY if fully operational [19][20] - **Overall Development Outlook**: - Strong sustainability in core business, with a shift towards chemical agents and resource recovery expected to drive future growth [23]

Company Overview - Sains Environmental Co., Ltd. is a specialized "little giant" enterprise focused on heavy metal pollution prevention, aiming to become a leader in the global heavy metal pollution control field [2] - The company provides comprehensive solutions for heavy metal pollution prevention, including product sales (environmental agents, copper extractants, integrated equipment, and customized products) and operational services [2] - The business strategy is based on core technology, utilizing comprehensive solutions as a vehicle, and focusing on product sales and operational services to provide all-around heavy metal pollution prevention services [2] Strategic Direction - The company has established a strategic direction of "environmental protection + resource recovery + new materials," focusing on heavy metal pollution control while expanding into resource recovery and new materials markets [3] - Future plans include optimizing the existing business structure, expanding operational scale, and enhancing market position through strategic investments and acquisitions [3] Financial Performance - In Q1 2025, the company achieved sales revenue of 170 million, a year-on-year increase of 63%, while the net profit attributable to shareholders was 17.72 million, a decrease of 77.68% [4][6] - The lower growth rate of net profit compared to revenue is attributed to credit impairment losses and increased sales, management, and R&D expenses [4] - The company reported a gross margin of 36.21% and a debt ratio of 39.12% [6] Future Collaborations - The company sees potential for closer collaboration with Zijin Mining, an important shareholder and a major player in the non-ferrous metals industry, particularly in environmental governance [5] Market Sentiment - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating, and the average target price is 39.18 [7] Profit Forecast - Various institutions have provided profit forecasts for 2025, with estimates ranging from 196 million to 223 million [8] - The company is expected to see continued growth in its operational services and product sales, which are projected to be key areas for future development [3]

Core Viewpoint - The company, Sains Environmental Co., Ltd., focuses on heavy metal pollution prevention and control, reporting significant growth in revenue and net profit for the year 2024, with a net profit of 180,757,969.30 yuan, representing a year-on-year increase of 100.11% [36]. Company Overview - Sains aims to be a leader in heavy metal pollution prevention, offering services in waste acid, wastewater, and waste residue treatment, resource utilization, environmental remediation, and environmental consulting [7][8]. - The company operates a "three-in-one" business model that integrates comprehensive solutions, product sales, and operational services for heavy metal pollution control [18]. Financial Performance - For 2024, the company achieved a total revenue of 927,193,400 yuan, with a net profit of 180,758,000 yuan, marking a 14.69% increase in revenue and a 100.11% increase in net profit year-on-year [36]. - The proposed cash dividend distribution is 6.30 yuan per 10 shares, amounting to a total of 60,055,492.77 yuan, which represents 33.22% of the net profit attributable to shareholders [5]. Business Segments - The main business segments include: - **Comprehensive Solutions**: Providing full-process or stage services for heavy metal pollution treatment, including design, equipment manufacturing, and engineering [9]. - **Product Sales**: Selling specialized environmental agents, copper extractants, and integrated wastewater treatment equipment [10][11]. - **Operational Services**: Managing clients' environmental pollution control facilities, enhancing treatment quality, and reducing operational costs [16]. Industry Context - The heavy metal pollution prevention industry in China is still developing, characterized by a fragmented market with high entry barriers and strong policy-driven demand [23]. - The industry faces challenges such as high treatment costs, complex technology requirements, and the long-term nature of pollution remediation [24][25]. Technological Advancements - The company has developed new technologies for waste acid resource recovery and arsenic slag detoxification, which address significant industry challenges and enhance operational efficiency [31]. - Future trends indicate a shift towards standardized and modular environmental equipment, as well as the integration of IoT and digital technologies in operational management [34][35].