财务费用变动幅度为62.41%,原因:报告期财务利息收入和汇兑收益较上年同期减少。 所得税费用变动幅度为306.04%,原因:上年同期公司存在可弥补亏损。 经营活动产生的现金流量净额变动幅度为-82.84%,原因:购买商品、接收劳务支付的现金较上年同期增 加，报告期支付的各项税费及人工成本较上年增加。 据证券之星公开数据整理，近期沃顿科技（000920）发布2025年中报。截至本报告期末，公司营业总收 入8.8亿元，同比上升18.95%，归母净利润1.24亿元，同比上升27.81%。按单季度数据看，第二季度营 业总收入5.17亿元，同比上升27.66%，第二季度归母净利润7997.47万元，同比上升26.44%。本报告期 沃顿科技应收账款上升，应收账款同比增幅达46.91%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率38.91%，同比增3.12%，净利率14.64%，同比增 7.97%，销售费用、管理费用、财务费用总计1.36亿元，三费占营收比15.44%，同比减6.02%，每股净资 产4.07元，同比增4.91%，每股经营性现金流0.05元，同比减82.84%，每股收益0.26元，同比增27.67% ...

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].