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 company reported its 2025 H1 financial results, showing a revenue increase but a significant decline in net profit, primarily due to the impact of its comprehensive solution business and one-time investment gains from the previous year [1][2]. Financial Performance - In 2025 H1, the company achieved a revenue of 423 million yuan, a year-on-year increase of 18.8%, while the net profit attributable to shareholders was 49.03 million yuan, a decrease of 57.5% [1]. - The Q2 revenue was 253 million yuan, reflecting a slight growth of 0.34% year-on-year, with a net profit of 31.3 million yuan, down 12.9% [1]. - The adjusted net profit, excluding one-time gains, showed an 8.75% decline year-on-year [2]. Business Segment Analysis - Revenue from the comprehensive solution business, operational services, and product sales in 2025 H1 was 53 million yuan, 201 million yuan, and 166 million yuan, respectively, with year-on-year changes of -49.8%, +53.0%, and +41.8% [2]. - The gross margin for 2025 H1 decreased by 2.08 percentage points to 35.0%, with product sales, operational services, and comprehensive solutions having gross margins of 45.1%, 29.8%, and 21.0%, respectively [2]. Cost Structure - The company's expense ratio increased slightly to 20.0% in 2025 H1, up 0.52 percentage points year-on-year, driven by higher R&D and sales expenses [2]. Future Outlook - The company has set ambitious targets in its stock incentive plan, aiming for a revenue CAGR of 24.9% and a non-GAAP profit CAGR of 17.0% from 2025 to 2027 [4]. - Profit forecasts for 2025-2027 are 153 million yuan, 236 million yuan, and 299 million yuan, with expected growth rates of 28.6% for 2025 and 54.1% and 26.5% for 2026 and 2027, respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 423 million yuan in H1 2025, representing a year-on-year growth of 18.8%. However, the net profit attributable to shareholders decreased by 57.5% to 49.03 million yuan, while the net profit excluding non-recurring items fell by 12.7% to 47.22 million yuan [2][6] - Excluding the one-time investment income impact from H1 2024, the net profit attributable to shareholders in H1 2025 decreased by 8.75%, primarily due to the drag from the comprehensive solution business. In contrast, the operational services and product sales showed impressive growth, with revenues increasing by 53.0% and 41.8% respectively [2][12] - The company is expanding its copper extraction agent production capacity, achieving a doubling of capacity. The resource recycling and new materials projects are gradually being implemented, indicating potential for category expansion and new growth opportunities [2][12] Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 423 million yuan, a year-on-year increase of 18.8%. The net profit attributable to shareholders was 49.03 million yuan, down 57.5%, while the net profit excluding non-recurring items was 47.22 million yuan, down 12.7% [6][12] - For Q2 2025, the company achieved revenues of 253 million yuan, a slight increase of 0.34% year-on-year, with a net profit of 31.30 million yuan, down 12.9% [6][12] - The comprehensive solution business saw a revenue decline of 49.8%, while operational services and product sales grew significantly [12] Business Segments - Revenue breakdown for H1 2025: heavy metal pollution prevention solutions generated 53 million yuan, operational services 201 million yuan, and product sales 166 million yuan [12] - The gross margin for H1 2025 decreased by 2.08 percentage points to 35.0%, with product sales, operational services, and comprehensive solutions having gross margins of 45.1%, 29.8%, and 21.0% respectively [12] Growth Potential - The core subsidiary, Longli Chemical, reported a net profit of 26.63 million yuan in H1 2025, a year-on-year increase of 76.5%. The total production capacity for copper extraction agents increased from 3,400 tons/year to 7,000 tons/year, a 106% increase [12] - The company is actively pursuing multiple research projects, including lithium slag recycling and high-value recovery of rare metals, with promising results in new lithium extraction agents [12] - A stock incentive plan was announced in July 2025, targeting a revenue CAGR of 24.9% and a net profit CAGR of 17.0% from 2025 to 2027 [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in its business structure, with rapid development in its chemical agent business [1] - The report highlights a significant increase in revenue and a focus on expanding the chemical agent product line, which is expected to drive future growth [1] Financial Performance Summary - For 2023, total revenue is projected at 808.40 million, with a year-on-year growth of 47.47% - The net profit attributable to the parent company for 2023 is estimated at 90.33 million, reflecting a year-on-year increase of 36.39% - The earnings per share (EPS) for 2023 is expected to be 0.95 yuan, with a price-to-earnings (P/E) ratio of 44.42 [1][8] Revenue and Profit Forecast - Total revenue is forecasted to reach 1,271.09 million in 2025, representing a year-on-year growth of 37.09% - The net profit attributable to the parent company is expected to be 163.15 million in 2025, showing a decrease of 9.74% compared to 2024 [1][8] - The EPS for 2025 is projected at 1.71 yuan, with a P/E ratio of 24.59 [1][8] Business Segment Performance - The chemical agent revenue for the first half of 2025 is expected to be 1.66 billion, with a year-on-year growth of 42% - The gross margin for the chemical agent segment is projected to be 45%, contributing to 51% of the total gross profit [1] - The company has made significant investments in expanding its production capacity for copper extractants and other chemical products [1] Strategic Initiatives - The company has implemented a stock incentive plan aimed at achieving a compound annual growth rate of 17% in net profit from 2025 to 2027, reflecting confidence in future growth [1] - The report emphasizes ongoing efforts in market development and technological research, which are expected to enhance the company's competitive position [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 58.80 [7][8]. Core Views - The company reported a revenue of RMB 423 million for H1 2025, representing a year-on-year increase of 18.81%, while the net profit attributable to shareholders decreased by 57.50% to RMB 49 million [1]. - The decline in net profit is attributed to high investment income from acquisitions in H1 2024, with a notable performance in new business areas such as copper extractants and ammonium rhenate, which are expected to drive revenue growth [1][4]. - The company is focusing on environmental governance, resource recovery, and new materials, with significant project wins in environmental governance totaling over RMB 400 million [4]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of RMB 423 million, with a net profit of RMB 49 million, reflecting a decline in profitability due to previous high investment returns [1]. - The revenue for Q2 2025 was RMB 253 million, showing a year-on-year increase of 0.34% and a quarter-on-quarter increase of 48.37% [1]. Business Segments - The operational services and reagent sales segments saw significant growth, with revenues of RMB 201 million and RMB 166 million, respectively, marking increases of 53.02% and 41.84% year-on-year [2]. - The company’s business structure is continuously optimizing, with operational services and reagent sales gaining a larger share of total revenue [2]. Cost and Profitability - The gross margin for H1 2025 was 35.01%, with a net profit margin of 12.36%, both showing declines compared to the previous year [3]. - Increased expenses and impairment losses have pressured short-term profits, but ongoing business optimization is expected to improve profitability in the future [3]. New Business Development - The company is expanding into new business areas, including ammonium rhenate, copper extractants, sodium sulfide, and flotation agents, which are anticipated to enhance revenue growth [4]. - The production line for ammonium rhenate has been completed, and the company has successfully synthesized high-purity sodium sulfide, with new customer orders for copper extractants exceeding 50% [4]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 201 million, RMB 241 million, and RMB 300 million, respectively [5]. - The report assigns a PE ratio of 28 times for 2025, reflecting the company’s diversified business model and expected growth in various sectors [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1] Core Insights - The company is expected to achieve a net profit of 181 million yuan in 2024, with a revenue of 927 million yuan, reflecting a year-on-year growth of 14.69% [4][10] - The business structure has been optimized, leading to a significant increase in profit margins, particularly in the product sales segment, which saw a 96% year-on-year revenue growth [5][6] - The company has made strategic acquisitions, such as that of Longli Chemical, which has positively impacted revenue and profit growth [7][10] Company Overview - Latest closing price: 33.68 yuan - Total shares: 0.95 billion, circulating shares: 0.64 billion - Total market capitalization: 3.2 billion yuan, circulating market capitalization: 2.2 billion yuan - 52-week high/low: 36.10/22.10 - Debt-to-asset ratio: 39.0% - Price-to-earnings ratio: 17.73 - Largest shareholder: Gao Weirong [3] Financial Performance - In 2024, the company expects a net profit of 181 million yuan, a 100.11% increase year-on-year, with a non-recurring net profit of 116 million yuan, up 54.68% [4][10] - The revenue structure has shifted, with the operational service business now accounting for the largest share of revenue at 34.74%, while the comprehensive solution business has decreased to 32.73% [5] - The gross margin for product sales has improved to 49.29%, an increase of 3.99 percentage points year-on-year [6] Future Projections - The company forecasts continued growth in net profit for 2025-2027, with expected figures of 183 million, 218 million, and 258 million yuan respectively, indicating year-on-year growth rates of 1.4%, 18.9%, and 18.6% [10][12] - The EBITDA is projected to grow from 155.88 million yuan in 2024 to 338.69 million yuan by 2027 [12]

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]