Core Insights - The analyst meeting held by Beijing Beishuiyuan Technology Co., Ltd. on September 26, 2025, revealed key information regarding the company's competitive advantages, internal controls, R&D effectiveness, and business collaboration [1] Competitive Advantages - The company possesses dual advantages in integrated membrane material R&D, equipment manufacturing, process application, and digital water management, with fully independent intellectual property rights across the entire membrane technology chain, covering microfiltration, ultrafiltration, nanofiltration, and reverse osmosis [2] - The company focuses on foundational research in membrane technology applications, driving continuous R&D investment and achieving significant breakthroughs in high-end membrane technology [2] - The operational scale of membrane technology in water treatment exceeds 22 million tons per day, with an annual addition of over 7 billion tons of high-quality reclaimed water, indicating potential for sustained revenue and profit growth [2] Accounts Receivable Management - As of the first half of the year, accounts receivable amounted to approximately 12.4 billion, primarily from early PPP projects, with expectations for a decrease in bad debt provisions in the future [3] - The company has implemented a toolbox for accounts receivable collection, establishing internal management processes and incentive mechanisms to enhance recovery efforts [3] - Active participation in government debt restructuring projects and improved communication with clients are part of the strategy to facilitate accounts receivable recovery [3] R&D Achievements - The company is committed to the "dual carbon" goals, focusing on foundational research in membrane technology and increasing R&D investment to achieve breakthroughs in high-end membrane technology [4] - Successful participation in the integrated seawater comprehensive utilization project in Huanghua City, combining photovoltaic and energy storage systems to achieve "green electricity for green water" [4] - Significant improvements in intelligent manufacturing capabilities, with a 25% cost reduction in self-developed V-MBR equipment and enhanced production speed for conventional reverse osmosis membranes [4] Collaboration with China Communications Construction Group - The collaboration with China Communications Construction Group enhances the environmental industry chain, leveraging the group's influence for synergistic effects [5] - Technical support from the water design research institute under China Communications Construction Group aids in the front-end design of membrane technology [5] - The partnership has led to reduced financing costs and improved capabilities in research, international business, and talent retention for the company [5]

Competitive Advantage - The company integrates membrane material R&D, equipment manufacturing, process application, and digital water management, possessing a fully independent intellectual property rights across the entire membrane technology chain, including microfiltration, ultrafiltration, nanofiltration, and reverse osmosis [2] - The total scale of membrane technology applied in water treatment exceeds 22 million tons/day, contributing over 7 billion tons of high-quality recycled water annually [2] Financial Management - As of the first half of the year, accounts receivable amounted to approximately 12.4 billion yuan, primarily from early PPP projects, with a high bad debt provision due to aging [3] - The company has implemented a comprehensive accounts receivable management process and incentive mechanisms to enhance collection efficiency, including participation in government debt restructuring projects [3] R&D Investment and Achievements - The company has significantly increased R&D investment, achieving major breakthroughs in high-end membrane technology and leading industry advancements [4] - Successful projects include the integrated seawater comprehensive utilization project in Huanghua City, which innovatively combines photovoltaic and energy storage systems [4] - The self-developed V-MBR equipment has seen a 25% cost reduction, and the production speed of conventional reverse osmosis membranes has increased to 20 meters/minute through automation upgrades [4] Strategic Partnerships - The collaboration with China Communications Construction Group (CCCC) enhances the environmental industry chain and expands market influence, particularly along the Belt and Road Initiative [5] - Post-acquisition by CCCC, the company has experienced reduced financing costs and improved operational capabilities, strengthening its international business and research capabilities [5]