2025.10. 09 本文字数：2448，阅读时长大约4分钟 作者 | 第一财经 章轲 自然资源部表示，将研究推进在沿海地区谋划布局大型"平急两用"海水淡化工程，纳入国家水网并加 强水资源统一配置。配合国家发展改革委研究论证将海水、苦咸水淡化纳入国家"十五五"规划部署。 在日前对十四届全国人大三次会议第6909号建议的答复中，自然资源部表示，水资源是事关国计民 生的基础性自然资源和战略性经济资源，海水、苦咸水淡化是增加水资源供给、优化供水结构的重要 手段，对缓解区域水资源瓶颈制约、保障经济社会可持续发展具有重要意义。 今年全国两会上，全国人大代表郭洪泉提出《关于推进海水苦咸水淡化技术创新与产业发展的建 议》。自然资源部表示，经商国家发展改革委、工业和信息化部、财政部、水利部、国家能源局，将 提升海水淡化战略地位，推进科技创新与产业创新深度融合，强化政策保障。 "十四五"期间，工业和信息化部、水利部、国家能源局等分别依托相关国家重点研发计划，部署了系 列项目支持海水淡化关键材料与技术攻关，推动海水淡化和可再生能源耦合利用装备研制和示范验 证。目前，我国海水淡化工程建设能力全球领先，国内企业设计采购施工（EPC ...

将通过中央预算内投资、超长期特别国债等支持符合条件的海水淡化、苦咸水利用等项目建设。 自然资源部表示，将研究推进在沿海地区谋划布局大型"平急两用"海水淡化工程，纳入国家水网并加强 水资源统一配置。配合国家发展改革委研究论证将海水、苦咸水淡化纳入国家"十五五"规划部署。 在日前对十四届全国人大三次会议第6909号建议的答复中，自然资源部表示，水资源是事关国计民生的 基础性自然资源和战略性经济资源，海水、苦咸水淡化是增加水资源供给、优化供水结构的重要手段， 对缓解区域水资源瓶颈制约、保障经济社会可持续发展具有重要意义。 今年全国两会上，全国人大代表郭洪泉提出《关于推进海水苦咸水淡化技术创新与产业发展的建议》。 自然资源部表示，经商国家发展改革委、工业和信息化部、财政部、水利部、国家能源局，将提升海水 淡化战略地位，推进科技创新与产业创新深度融合，强化政策保障。 《中华人民共和国国民经济和社会发展第十四个五年规划和2035年远景目标纲要》作出"推进海水淡化 和海洋能规模化利用"的重大部署。2024年5月，《节约用水条例》公布施行，从法制层面保障海水淡化 水等非常规水源利用。 截至2024年年底，全国海水淡化工程分布 ...

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]

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 - The ultrafiltration membrane industry is experiencing significant growth driven by increasing water quality demands and environmental awareness, with the market size in China projected to reach 6.8 billion yuan in 2024, representing a year-on-year growth of 9.68% [1][12]. Industry Overview - Ultrafiltration membranes are polymer separation membranes with a pore size typically ranging from 0.001 to 0.1 microns, capable of retaining particles larger than 10 nanometers while allowing water and small solutes to pass through [1][4]. - The industry has evolved through three main stages: initial exploration in the 1970s-80s, industrial breakthroughs in the 1990s-early 2000s, and rapid growth from the early 21st century to present [4][5]. Market Dynamics - The demand for ultrafiltration membranes is increasing in municipal water supply, wastewater treatment, and seawater desalination, as well as in the food and beverage and biopharmaceutical sectors [1][12]. - The urban sewage treatment capacity in China reached 234 million cubic meters per day in 2023, a year-on-year increase of 4.80%, highlighting the growing need for effective wastewater treatment solutions [10]. Industry Chain - The ultrafiltration membrane industry supply chain includes upstream raw materials (organic and inorganic materials), midstream manufacturing, and downstream applications in various sectors such as wastewater treatment, municipal water purification, and food and beverage [8]. Key Players - Major companies in the ultrafiltration membrane sector include Hainan Lifespan, Le Pure Biotechnology, and Beijing Sino, which are leveraging technological advancements to enhance their market positions [14][16]. - Hainan Lifespan has established itself as a leader with a production capacity of 30 million square meters annually, accounting for nearly half of global production [14][16]. Development Trends - The industry is witnessing technological innovations, such as Le Pure's Extreme™ PVDF membrane, which achieves a 99.9999% microbial retention rate, and advancements in membrane materials that enhance performance and sustainability [20][21]. - Market demand is shifting towards industrial wastewater treatment, municipal water supply improvements, and home water purification systems, with increasing consumer preferences for selective filtration products [21][22]. - Chinese ultrafiltration membrane companies are expanding globally, with initiatives to establish overseas production bases and participate in international standard-setting, enhancing their competitive edge [23].

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]