◎林玉莲 记者 李少鹏 曾庆怡 永川，雄踞成渝腹地，厚植巴渝文脉，智造新潮在此激荡奔涌。 近年来，永川锚定重庆城市副中心定位加速蝶变。一座兼具产业硬核与创新潜能的现代化新城，正在成 渝地区双城经济圈强势崛起。 2月5日至6日，上市公司重庆行暨重庆市"四企"联动发展对接活动在重庆永川区举行。来自全国多地的 上市公司、优强企业、投资机构和重庆市"四企"联动协同发展联盟代表约300人参加活动，共商发展大 计，共觅合作商机。 本次活动以"相约永川·共创未来"为主题，由重庆市经济和信息化委员会、重庆市国有资产监督管理委 员会指导，重庆市永川区人民政府、重庆国际投资咨询集团有限公司联合主办，新华社重庆分社、上海 证券报社支持。 上市公司重庆行暨重庆市"四企"联动发展对接活动现场 并邀请企业家们检验永川的服务水平和服务能力。 上海证券报社党委书记、董事长叶国标在致辞时表示，重庆锚定"33618"世界级先进制造业集群建设目 标，正以开放包容的姿态汇聚全球资源。当前，从中央到地方都在加紧培育新质生产力，着力构建"资 本+科创+产业"的新生态体系和新发展逻辑，以资本力量、金融活水牵引科技创新，以科技创新引领产 业进步，从而实现经 ...

Core Viewpoint - The forum highlighted the importance of sustainable development and the integration of green finance, technology, and industry, emphasizing that green development is now a critical dimension of global competition [1][21]. Group 1: Company Insights - China Electric Environmental Protection (CEEP) focuses on large-scale industrial water treatment and municipal water environment governance, emphasizing the importance of water conservation and environmental technology innovation [5][6]. - Four Dimensions Media has integrated green and sustainable development into its operations, achieving over 70% of its business in the European and American markets, and is preparing for the EU's upcoming "Zero Deforestation Regulation" [8]. - Easy Money Fund emphasizes active equity investment based on industry chain research, aiming to inject financial capital directly into industries to enhance the marginal value of the real economy [10][11]. - Easy Car Group, as an AI-driven automotive financial service provider, has increased its new energy vehicle financing from 27% in 2023 to 58%, focusing on inclusive and green finance [13][14]. - Hope Co., Ltd. has transitioned from traditional building design to green zero-carbon services, focusing on community, factory, and park scenarios, and aims to provide comprehensive zero-carbon solutions [16]. - Aishuo Co., Ltd. has achieved a battery production efficiency of over 27.3% and is the first company to scale produce silver-free photovoltaic products, addressing raw material price volatility [19][20]. Group 2: Industry Trends - The integration of finance, technology, and the real economy is crucial for achieving sustainable development, requiring long-term commitment and systematic innovation breakthroughs [21]. - The forum featured discussions on the role of financial institutions in providing foundational financing services for green industries and optimizing costs for green technologies [11].

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].