稳健。 3、目前公司膜产品主要供应国内还是海外市场？ 从销售收入看，国内仍是我们的主要市场。中国作为工业大国，在水 深度处理、液体分离浓缩等众多工业流程中需求巨大。海外市场我们 也非常重视，也在加大投入力度。 4、公司产品产销单位为何使用"支"？年报中的产能单位为"平方 米"，如何理解？ 这涉及产品形态的差异。"平方米"指的是核心膜片的生产面积，是 产能的计量基础。而最终销售给客户的产品，是将膜片卷制而成的膜 元件，该成品即以"支"为单位进行销售。 5、应用于不同领域的膜元件，其价格区间是否有差异？ 不同应用领域对膜元件的性能要求不同，导致存在价格梯度。例如， 应用于海水淡化、耐强酸强碱等复杂工况，以及电子半导体超高纯水 等高性能膜产品的产业，技术门槛高，其价格也相对更高。 附件清单 （如有） 无 日期 2026 年 1 月 8 日 编号：202601 | 投资者关 | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位 | 华泰证券 | | 名称 | ...

Core Viewpoint - The company, Kenen Health, is a global provider of comprehensive solutions, products, and services for residential water treatment, emphasizing its pioneering role in the "whole-house water purification" concept since 2001 [1] Group 1: Company Overview - Kenen Health was established with a focus on developing, manufacturing, selling, and servicing various water treatment products and core components [1] - The company offers a range of products including whole-house water purifiers, whole-house water softeners, commercial drinking water purifiers, RO membrane reverse osmosis water purifiers, multi-way control valves, composite pressure vessels, and membrane elements [1]

Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. (Beishuiyuan) has announced a financing plan totaling 8 billion yuan to expand its financing channels, reduce costs, and enhance fund management flexibility [1][4]. Financing Plan - The financing plan includes the issuance of medium-term notes not exceeding 4 billion yuan and super short-term financing bonds also not exceeding 4 billion yuan [1][4]. - The funds will be used for project construction, supplementing working capital, and repaying interest-bearing debts [1][4]. Company Overview - Beishuiyuan specializes in environmental protection and water treatment, providing comprehensive technical solutions through the development and manufacturing of advanced membrane materials and related systems [4]. - The company's products are applied in five major areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization [4]. Accounts Receivable Situation - As of September 30, 2025, Beishuiyuan's accounts receivable reached 12.638 billion yuan, showing a slight decrease from 12.4 billion yuan at the end of 2024, but still at a high industry level [5]. - The accounts receivable turnover rate declined from 0.9 in 2022 to 0.73 in 2024, indicating an extended cash recovery cycle [5]. Industry Context - The difficulty in recovering accounts receivable is a common issue in the environmental protection industry, with a total of 156.26 billion yuan in accounts receivable reported across 115 listed environmental companies as of June 30, 2025 [5]. - Beishuiyuan's management is actively working to reduce accounts receivable and contract assets through internal and external strategies [6]. Financial Performance - Beishuiyuan's revenue for 2024 was 8.549 billion yuan, a year-on-year decrease of 4.51%, with a net profit of only 59 million yuan, down 92.34% [6]. - The company reported a net cash flow from operating activities of -238 million yuan in 2024, a significant decline from 331 million yuan in 2023, although there are signs of improvement in 2025 [6]. Financing Strategy - The combination of short-term and medium-term financing strategies is intended to quickly supplement cash flow and optimize debt structure, thereby reducing short-term repayment pressure [6].