Core Insights - Luan Chemical Fengxi Huari Company has successfully completed offline cleaning of the desalination water reverse osmosis membrane, restoring equipment performance and achieving both capacity enhancement and energy savings [1] Group 1: Equipment Performance - The reverse osmosis membrane is a critical component of the desalination water system, which tends to accumulate contaminants such as calcium scale, metal oxides, and microorganisms over time, leading to decreased flux and increased energy consumption [1] - The cleaning process utilized a phased chemical cleaning method, starting with an alkaline solution to remove organic contaminants, followed by an acidic solution to dissolve inorganic scaling, and concluding with a thorough neutral rinse [1] Group 2: Energy and Cost Savings - Post-cleaning, the equipment's energy consumption significantly decreased, saving 5.92 kilowatt-hours per hour, which translates to nearly 1960.7 yuan in monthly electricity costs [1] - The water production capacity increased by 15%, resulting in a cost reduction of 21,472 yuan [1] Group 3: Future Initiatives - The company plans to continue optimizing water treatment processes to further promote energy conservation, emission reduction, and resource recycling [1]

点击查看公告原文>> 责任编辑：小浪快报 调研精彩要点上半年利润增长原因：主要得益于反渗透膜销售增长，特别是海水淡化膜等高端产品贡献 了较高毛利，同时规模效应促使毛利率提升。膜业务下游行业：公司膜材料应用于水资源深度处理、物 料浓缩分离等场景，下游行业高度分散，涵盖煤化工、电力、冶金、食品、制药、市政水处理等。目前 没有单一行业收入占比超10%，传统行业占比较高，仍是主要收入来源。海外业务情况：海外收入占比 约30%，目前主要通过与当地经销商合作开展业务，同时逐步建设自有海外售后服务团队。产能相关： 目前公司处于满产状态，能满足市场需求。年报披露的设计产能较为保守，实际可通过升级设备、提升 生产效率和自动化程度提升产能。扩产计划将依据市场需求而定，公司生产基地有富余场地，具备快速 启动新产线建设能力，产能不会成为销售瓶颈。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容 ...

Group 1: Financial Performance - The main reason for the profit growth in the first half of the year is attributed to the increase in sales of reverse osmosis membranes, particularly high-end products like seawater desalination membranes, which contributed to higher gross margins. Additionally, economies of scale have also boosted the gross margin [2]. Group 2: Industry Application and Revenue Sources - The company's membrane materials are widely used in water resource deep treatment, material concentration, and separation. The downstream industries are highly diversified, including coal chemical, power, metallurgy, food, pharmaceuticals, and municipal water treatment. Currently, no single industry accounts for more than 10% of revenue, with traditional industries still being the main revenue source [2]. Group 3: Market and Production Capacity - The domestic production rate of reverse osmosis membranes in the semiconductor industry is still low, currently in the early stages of promotion, and will require time for significant growth [3]. - Overseas revenue accounts for approximately 30%, primarily through partnerships with local distributors, while gradually building its own overseas after-sales service team [3]. - The current capacity utilization is at full production, meeting market demand. The design capacity disclosed in the annual report is conservative, and actual operations can further enhance capacity through equipment upgrades and increased production efficiency [3]. - Future capacity expansion plans depend on market demand, with the production base having surplus space and the ability to quickly initiate new production line construction, ensuring that capacity will not become a sales bottleneck [3].

Core Insights - Wharton Technology (000920) reported a total revenue of 880 million yuan for the first half of 2025, representing a year-on-year increase of 18.95% [1] - The net profit attributable to shareholders reached 124 million yuan, up 27.81% year-on-year [1] - The company's gross margin improved to 38.91%, an increase of 3.12% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 517 million yuan, showing a year-on-year growth of 27.66% [1] - Q2 net profit attributable to shareholders was approximately 80 million yuan, reflecting a 26.44% increase year-on-year [1] - Accounts receivable rose significantly, with a year-on-year increase of 46.91%, reaching 333 million yuan [1] Key Financial Ratios - Gross margin for the reporting period was 38.91%, up from 37.73% in the previous year [1] - Net profit margin improved to 14.64%, compared to 13.55% a year earlier [1] - The ratio of selling, administrative, and financial expenses to revenue decreased to 15.44%, down 6.02% year-on-year [1] Cash Flow Analysis - Operating cash flow per share decreased by 82.84% to 0.05 yuan, attributed to increased cash payments for goods and services [3] - The net cash flow from investing activities increased by 47.15%, due to reduced cash payments for fixed assets and other long-term assets [3] - Net cash flow from financing activities saw a significant decline of 242.15%, primarily due to increased dividend payments [3] Business Model and Operations - The company operates primarily in three segments: core membrane business, membrane separation engineering, and plant fiber business [4] - The core membrane business includes the R&D, manufacturing, and sales of separation membrane products, which are sold in over 130 countries [4] - The membrane separation engineering segment leverages membrane technology to provide comprehensive services, including project operation and maintenance [4]

Core Viewpoint - The Chinese environmental equipment manufacturing industry has transitioned from a phase of catching up to leading in certain areas, supported by robust industry scale and advanced technology, as highlighted by the recent release of the "Opinions on Promoting High-Quality Development of the Environmental Equipment Manufacturing Industry" by various government departments [1][2]. Policy Empowerment: Opening New Spaces for Industry Development - Since 2011, the Ministry of Industry and Information Technology has issued several plans that have provided stable expectations for the industry, with the total output value of the environmental equipment industry projected to grow from 270 billion yuan in 2011 to 920 billion yuan by 2024, reflecting an average annual growth rate of 10% [2][4]. Strategic Needs and Opportunities - The release of the "Opinions" addresses the industry's current challenges, including the gap between traditional processes and green low-carbon requirements, and aims to enhance innovation capabilities and promote carbon reduction in traditional equipment [3][4]. Standard Reconstruction: User Evaluation System Leading Quality Supply - The "Opinions" encourage the establishment of a user evaluation-based recommendation list for excellent environmental equipment, addressing the structural contradiction of "low-end crowding and high-end deficiency" in the market [5][6]. International Expansion: Policy Support for Global Market Development - The "Opinions" provide systematic policy support for companies to expand internationally, encouraging the establishment of overseas R&D centers and participation in international standard-setting, with China's share of the global environmental industry value reaching 23.8% in 2022 [7][8]. Layout Optimization: Collaborative Development to Address Regional Imbalance - The "Opinions" offer a policy opportunity for optimizing the industrial layout, with a focus on leveraging regional advantages to develop environmental equipment manufacturing in less developed areas, as evidenced by emerging industrial bases in regions like Sichuan and Jiangxi [9][10].

Core Viewpoint - The water treatment membrane industry in China is experiencing significant growth, driven by increasing demand for wastewater treatment and seawater desalination, supported by government policies and technological advancements [1][6][13]. Industry Overview - Water treatment membranes are selective separation materials used for purifying and concentrating wastewater without the need for chemical additives [4]. - The market size of China's water treatment membrane industry is projected to grow from 26.9 billion yuan in 2019 to 45.6 billion yuan by 2024, indicating strong downstream market demand [1][13]. - The industry is categorized into various types of membranes, including microfiltration, ultrafiltration, nanofiltration, and reverse osmosis, with reverse osmosis holding a 45% market share [15][17]. Market Dynamics - The demand for water treatment membranes is increasing due to urbanization, industrialization, and the rising need for wastewater treatment and recycled water production [1][13]. - The number and scale of seawater desalination projects are also contributing to the growing demand for water treatment membranes [1][13]. Competitive Landscape - The Chinese water treatment membrane market is characterized by a domestic-led structure, with domestic companies holding 78% of the market share, while foreign and joint ventures account for 10% and 12%, respectively [19]. - Key domestic players include Beijing OriginWater Technology Co., Ltd., Waton Technology Co., Ltd., Tianjin Membrane Technology Co., Ltd., and others [19][20]. Policy Support - The Chinese government has implemented various policies to support the development of the water treatment membrane industry, including the "Action Plan for Seawater Desalination Utilization (2021-2025)" and other initiatives aimed at enhancing wastewater treatment technologies [6][8][26]. - These policies are designed to promote technological advancements and increase the application of high-performance membrane materials [6][26]. Future Trends - The industry is expected to see continuous technological innovation, with new materials and manufacturing processes emerging, such as nano-porous membranes and organic/inorganic composite membranes [25]. - The demand for water treatment membranes is anticipated to grow in emerging sectors like photovoltaic and lithium battery industries, which require high-purity water for production processes [27].

Group 1: Business Overview - The company operates in three main business segments: core membrane business, membrane separation engineering, and plant fiber business [1] - The core membrane business includes the R&D, manufacturing, and sales of separation membrane products, with applications in over 130 countries [1] - The plant fiber business focuses on the development and sales of eco-friendly furniture and bedding products [1] Group 2: Revenue Contribution - In 2024, revenue from membrane products reached CNY 1.033 billion, accounting for 59.23% of total revenue [2] - Plant fiber products contributed CNY 449.7 million, representing 25.79% of total revenue [2] - Membrane separation engineering generated CNY 156 million, making up 8.95% of total revenue [2] Group 3: Product Performance - Industrial membranes constitute approximately 70% of the membrane business revenue [2] - The impact of U.S.-China tariff adjustments on membrane business exports is minimal, as direct exports to the U.S. represent a small portion of total revenue [2] Group 4: Contract Performance - From January to March 2025, the company signed new contracts for membrane separation engineering worth CNY 62.76 million [2]

Core Insights -碧水源 has been a leader in membrane technology for water treatment and environmental protection since its listing in April 2010, with a focus on innovation and green low-carbon initiatives [1] - The company has faced significant financial volatility over the past five years, with a notable decline in revenue and net profit in 2024 [2] - The market capitalization of碧水源 has decreased by over 26% from its initial value, reflecting challenges in profitability and increasing liabilities [4] Business Overview -碧水源 specializes in membrane technology research and development, wastewater treatment, and seawater desalination, with products like MBR membranes and reverse osmosis membranes used in various sectors [1] - The company is expanding its international presence, particularly in Southeast Asia and Africa, and has received recognition for its seawater desalination and industrial wastewater treatment projects [1] Financial Performance - In 2024,碧水源 reported revenue of 8.549 billion yuan, a year-on-year decrease of 4.51%, and a net profit of 58.58 million yuan, down 92.34% year-on-year [2] - The fluctuations in revenue and profit are attributed to changes in the macroeconomic environment and losses from key equity investments, particularly in Yunnan Water [2] - Accounts receivable increased significantly from 9.548 billion yuan at the end of 2022 to 12.4 billion yuan, indicating pressure on cash flow [2] Market Position -碧水源's market capitalization has fallen from 22.315 billion yuan at the time of listing to 16.091 billion yuan currently, highlighting the impact of declining profits, rising debt, and increasing accounts receivable [4] - Despite its strong technical advantages and market position in the environmental protection industry,碧水源 faces intensified competition and pressure in the global market [4]

Group 1 - The core business of Walton Technology includes core membrane business, membrane separation engineering, and plant fiber business [1] - Membrane products are categorized into ultrafiltration membranes, nanofiltration membranes, and reverse osmosis membranes, with significant price differences between household and industrial membranes [1] - In 2024, the revenue share of household and industrial membranes is expected to be approximately 37% [1] - The growth in gross margin is attributed to increased production scale, production line upgrades, process improvements, and enhanced supply chain management [1] - The production base has reserved expansion space, enabling rapid initiation of new production line construction [1] - Nearly 30% of membrane product revenue comes from exports, with a small proportion of products exported to the United States, and overseas market growth is expected to exceed 20% in 2024 [1] - The membrane separation engineering business aims to explore broader application scenarios, transitioning the company into a comprehensive service provider [1] - The plant fiber business is developing steadily, consolidating its leading position in the palm fiber industry [1] Group 2 - Shanghai Dapu Asset Management Co., Ltd. was established in January 2012 and has a team with rich research and investment experience from well-known domestic securities research institutions and investment firms [2] - The investment team focuses on investment and research in the Chinese securities market, maintaining an active management and steady progress investment style [2] - The company adheres to the principles of standardized operation and professional investment, with a complete corporate governance structure that reflects sufficient incentives, investment independence, professional division of labor, and sustainable operation [2]

Group 1: Xianle Health - The company emphasizes its advantages in pharmaceutical DNA, innovation-driven approach, global supply chain, and comprehensive dosage forms, positioning itself as a leader in global nutrition and health solutions [1] - Xianle Health is facing dual opportunities from the evergreen market and new consumption market, with four competitive advantages: scale, ecosystem, internationalization, and technology [1] - The company expects to achieve a revenue of 4.211 billion yuan in 2024, representing a year-on-year growth of 17.56%, and plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included) [1] Group 2: Wharton Technology - Wharton Technology's business includes core membrane products, membrane separation engineering, and plant fiber business, with membrane products categorized into ultrafiltration, nanofiltration, and reverse osmosis membranes [2] - The revenue share of household membranes and industrial membranes is approximately 37%, with gross margin growth driven by increased production scale, production line upgrades, process improvements, and enhanced supply chain management [2] - The company anticipates over 20% growth in overseas markets in 2024, with nearly 30% of membrane product revenue coming from exports [2] Group 3: Borui Pharmaceutical - Borui Pharmaceutical has made progress in mylin target research, with BGM1812 showing potential for fat reduction with minimal muscle loss, and plans to submit IND applications in China and the U.S. [3] - The company believes that the mylin and dual-target combination has international competitiveness and plans to advance clinical trials in the U.S. [3] - Over half of the R&D investment is directed towards metabolic directions, with the remainder focused on high-barrier generics and innovative drugs, primarily in respiratory and inhalation formulations [3]