根据披露的机构调研信息2025年9月19日，泉果基金对上市公司赛恩斯进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为163.96亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得60.18%。 截至2025年9月26日，泉果基金近1年回报前8非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A60.182022年10月18日 赵诣 016710泉果旭源三年持有期混合C59.522022年10月18日赵诣 018329泉果思源三年持有期混合 A42.242023年6月2日刚登峰 018330泉果思源三年持有期混合C41.672023年6月2日刚登峰 019624泉果嘉 源三年持有期混合A29.782023年12月5日钱思佳 019625泉果嘉源三年持有期混合C29.252023年12月5日 钱思佳 020855泉果泰然30天持有期债券A2.272024年4月16日钱思佳 徐缘 020856泉果泰然30天持有期债 券C1.86202 ...

Core Viewpoint - The acquisition of a 61% stake in Fujian Zijin Mining Reagent Co., Ltd. by Sains is under scrutiny due to a significant valuation discrepancy, resulting in a goodwill of 169 million yuan, and the absence of performance guarantees in the deal [1][10]. Group 1: Acquisition Details - Sains plans to use its own funds of 183 million yuan to acquire the 61% stake in Zijin Reagent, which will make it a wholly-owned subsidiary [2]. - The previous acquisition of a 39% stake in Zijin Reagent in June 2019 was valued at only 80 million yuan, highlighting a valuation increase of 2.75 times in the current transaction [1][5]. - The acquisition is Sains' first since its listing on the Sci-Tech Innovation Board in November 2022, where it raised approximately 455 million yuan [2]. Group 2: Valuation Concerns - The valuation of Zijin Reagent has raised questions, as its equity value increased from 79.44 million yuan in 2019 to 90.73 million yuan in 2023, a mere 14.21% growth, while the overall valuation surged to 300 million yuan [5][6]. - Sains compared Zijin Reagent's valuation with that of Chongqing Kangpu Chemical Industry Co., Ltd., which has a dynamic price-to-earnings ratio of 21.858, suggesting that Zijin Reagent's estimated value could be higher than the transaction price [6]. Group 3: Financial Performance - Zijin Reagent's net profits from 2020 to 2022 were 8.05 million yuan, 8.76 million yuan, and 10.43 million yuan respectively, with an expected net profit of 20.52 million yuan for 2023 [7]. - The significant increase in expected profits for 2023 has prompted inquiries into the reasons behind this change and its alignment with comparable companies [7]. Group 4: Related Party Transactions - The acquisition involves related parties, as Zijin Mining Group, a major stakeholder, has previously committed to minimizing unnecessary related transactions with Sains [8][9]. - The transaction is expected to increase related party transactions post-acquisition, raising concerns about the fairness and necessity of the deal [9]. Group 5: Goodwill and Performance Guarantees - The acquisition will result in a goodwill of 169 million yuan on Sains' balance sheet, with the exchange not including performance guarantees, which has drawn criticism [10]. - The absence of performance commitments raises questions about the protection of shareholder interests and the rationale behind the timing of the acquisition [10].

Company Overview - Sains Environmental Co., Ltd. is a specialized "little giant" enterprise focused on heavy metal pollution prevention, aiming to become a leader in the global heavy metal pollution control field [2] - The company provides comprehensive solutions for heavy metal pollution prevention, including product sales (environmental agents, copper extractants, integrated equipment, and customized products) and operational services [2] - The business strategy is based on core technology, utilizing comprehensive solutions as a vehicle, and focusing on product sales and operational services to provide all-around heavy metal pollution prevention services [2] Strategic Direction - The company has established a strategic direction of "environmental protection + resource recovery + new materials," focusing on heavy metal pollution control while expanding into resource recovery and new materials markets [3] - Future plans include optimizing the existing business structure, expanding operational scale, and enhancing market position through strategic investments and acquisitions [3] Financial Performance - In Q1 2025, the company achieved sales revenue of 170 million, a year-on-year increase of 63%, while the net profit attributable to shareholders was 17.72 million, a decrease of 77.68% [4][6] - The lower growth rate of net profit compared to revenue is attributed to credit impairment losses and increased sales, management, and R&D expenses [4] - The company reported a gross margin of 36.21% and a debt ratio of 39.12% [6] Future Collaborations - The company sees potential for closer collaboration with Zijin Mining, an important shareholder and a major player in the non-ferrous metals industry, particularly in environmental governance [5] Market Sentiment - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating, and the average target price is 39.18 [7] Profit Forecast - Various institutions have provided profit forecasts for 2025, with estimates ranging from 196 million to 223 million [8] - The company is expected to see continued growth in its operational services and product sales, which are projected to be key areas for future development [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company is expected to achieve a net profit attributable to shareholders of 181 million yuan in 2024, representing a year-on-year growth of 100% [2] - The non-recurring net profit for 2024 is projected to be 116 million yuan, with a year-on-year increase of 54.7% [2] - For Q1 2025, the non-recurring net profit is anticipated to be 17 million yuan, reflecting a year-on-year growth of 10.1% [2] - The company's business structure has significantly improved, with an increase in the proportion of operational revenue, enhancing its sustainable operating capacity [2] - The ramp-up of production capacity at Longli Chemical and the ammonium rhenate project are expected to contribute to revenue growth [2] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 927 million yuan, a year-on-year increase of 14.69% [6] - The net profit attributable to shareholders reached 181 million yuan, a year-on-year growth of 100.11% [6] - The non-recurring net profit for 2024 was 116 million yuan, up 54.68% year-on-year [6] - For Q1 2025, the company reported revenue of 17 million yuan, a significant year-on-year increase of 63.46% [6] Business Structure and Revenue Breakdown - The operational service revenue increased by 66.1% to 321 million yuan in 2024, with a stable gross margin [12] - The revenue from product sales rose by 96.0% to 269 million yuan, primarily due to the integration of Longli Chemical [12] - The revenue from comprehensive solutions for heavy metal pollution decreased by 34.2% to 303 million yuan, attributed to reduced downstream copper smelting projects [12] Future Outlook - The company plans to invest 5.2 million yuan in collaboration with Jilin Zijin Copper Industry to build a production line for ammonium rhenate, which is expected to generate approximately 19 million yuan in annual revenue once fully operational [12] - The production capacity utilization rate for Longli Chemical is projected to reach 79.6% in 2024, indicating potential for profit growth as capacity increases [12] - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 157 million, 195 million, and 235 million yuan respectively, with corresponding PE ratios of 21x, 17x, and 14x [12]

Core Viewpoint - The company, Sains Environmental Co., Ltd., focuses on heavy metal pollution prevention and control, reporting significant growth in revenue and net profit for the year 2024, with a net profit of 180,757,969.30 yuan, representing a year-on-year increase of 100.11% [36]. Company Overview - Sains aims to be a leader in heavy metal pollution prevention, offering services in waste acid, wastewater, and waste residue treatment, resource utilization, environmental remediation, and environmental consulting [7][8]. - The company operates a "three-in-one" business model that integrates comprehensive solutions, product sales, and operational services for heavy metal pollution control [18]. Financial Performance - For 2024, the company achieved a total revenue of 927,193,400 yuan, with a net profit of 180,758,000 yuan, marking a 14.69% increase in revenue and a 100.11% increase in net profit year-on-year [36]. - The proposed cash dividend distribution is 6.30 yuan per 10 shares, amounting to a total of 60,055,492.77 yuan, which represents 33.22% of the net profit attributable to shareholders [5]. Business Segments - The main business segments include: - **Comprehensive Solutions**: Providing full-process or stage services for heavy metal pollution treatment, including design, equipment manufacturing, and engineering [9]. - **Product Sales**: Selling specialized environmental agents, copper extractants, and integrated wastewater treatment equipment [10][11]. - **Operational Services**: Managing clients' environmental pollution control facilities, enhancing treatment quality, and reducing operational costs [16]. Industry Context - The heavy metal pollution prevention industry in China is still developing, characterized by a fragmented market with high entry barriers and strong policy-driven demand [23]. - The industry faces challenges such as high treatment costs, complex technology requirements, and the long-term nature of pollution remediation [24][25]. Technological Advancements - The company has developed new technologies for waste acid resource recovery and arsenic slag detoxification, which address significant industry challenges and enhance operational efficiency [31]. - Future trends indicate a shift towards standardized and modular environmental equipment, as well as the integration of IoT and digital technologies in operational management [34][35].