图：主题对话现场 本次对话由全球中小银行可持续金融联盟负责人李新星担任主持，对话嘉宾包括中电环保董事长王政 福，四维传媒董事长罗险峰，易米基金董事长梁旭，易鑫集团副总裁夏令武，霍普股份副总裁、董事会 秘书何亮，爱旭股份董事会秘书李斌。 转自：新华财经 12月11日，在由绿色金融60人论坛（GF60）主办的2025第四届绿色金融北外滩论坛上，来自环保行 业、文化传媒、公募基金、汽车金融科技、工程建设和光伏新能源的多位企业代表围绕"企业可持续发 展的全球机遇与创新探索"展开深度对话，共同分享前沿绿色创新实践，展望可持续发展未来路径。 持续金融联盟负责人李新星 图：全球中小银行可 中电环保董事长王政福结合其三十年创业实践，分享了公司业务布局与行业思考。他介绍，中电环保作 为创业板上市公司，聚焦大工业水处理及市政水环境治理，并涉及固废和烟气治理，长期服务于核电、 火电、石化、煤化工、冶金、造纸等领域，在工业除盐水制备、海水淡化、污水处理、中水回用、高盐 废水零排放等核心技术方面积累了深厚优势和业绩。面对环保行业跌宕起伏的发展历程，他指出大工业 水处理具备真正的技术门槛和广阔市场前景，并强调随着AI、大数据等用电、用水 ...

Core Points - Wharton Technology (000920.SZ) announced plans to invest 300 million yuan to establish a wholly-owned subsidiary, Wharton Technology (Nanjing) Co., Ltd. [2] - The registered capital of the new subsidiary will also be 300 million yuan, and it will be located in Jiangbei New District, Nanjing, Jiangsu Province [2] - The business scope of the subsidiary includes research and development, production, sales, and technical services of reverse osmosis membranes, nanofiltration membranes, and other separation membrane materials [2] - This investment does not require shareholder approval, does not constitute a related party transaction, and is not classified as a major asset restructuring [2]

Core Viewpoint - Wharton Technology (000920.SZ) plans to invest in reverse osmosis membranes and polyphenylene sulfone materials, focusing on high-end products and multifunctional high-performance materials with broad applications [2] Group 1 - The main products of the proposed investment project are reverse osmosis membranes and polyphenylene sulfone materials [2] - The focus on reverse osmosis membranes is on high-end categories [2] - Polyphenylene sulfone is recognized as a multifunctional high-performance material with wide application fields [2]

Core Points - Wharton Technology Co., Ltd. announced on October 15, 2025, its plan to invest in a membrane materials and membrane components capacity enhancement project [1] - The project will be located in Jiangbei New District, Nanjing, Jiangsu Province, and will include the construction of a comprehensive building, R&D building, resin factory, membrane factory, membrane component factory, and related auxiliary facilities [1] - Upon completion, the project is expected to achieve an annual production capacity of 20 million square meters for reverse osmosis membranes and 3,000 tons for polysulfone [1] - The project is currently undergoing environmental assessment procedures and requires internal approvals, facing various risks from policies, market conditions, and the environment, leading to significant uncertainty [1] - The investment does not constitute a related party transaction or a major asset restructuring as defined by the regulations [1] - The company will fulfill its disclosure obligations based on the project's progress and remind investors to be aware of investment risks [1]

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]

Core Insights - Wharton Technology Co., Ltd. hosted a research meeting with Guolian Fund to discuss various aspects of the company's performance in the first half of the year, including membrane business, reverse osmosis membrane localization rate, overseas operations, and production capacity [1] Group 1: Financial Performance - The profit growth in the first half of the year was primarily driven by an increase in reverse osmosis membrane sales, particularly high-margin products like seawater desalination membranes, which contributed significantly to the gross margin [1] - The company reported that its actual production capacity is currently at full capacity, meeting market demand, and that the design capacity disclosed in the annual report is conservative [1] Group 2: Business Operations - The membrane materials are applied in various downstream industries, including coal chemical, power, metallurgy, food, pharmaceuticals, and municipal water treatment, with no single industry accounting for more than 10% of revenue [1] - Overseas revenue accounts for approximately 30% of total revenue, with the company primarily collaborating with local distributors and gradually building its own overseas after-sales service team [1] Group 3: Production Capacity - The company has the ability to enhance production capacity through equipment upgrades, improved production efficiency, and increased automation, with expansion plans dependent on market demand [1] - The production base has surplus space, allowing for the rapid initiation of new production line construction, ensuring that capacity will not become a sales bottleneck [1]

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].