Group 1: Research Basic Information - The research object is Wodun Technology, belonging to the environmental protection industry, with a reception time of September 4, 2025. The listed company's reception staff includes Chairman Cai Zhiqi, General Manager Jin Yan, Deputy General Manager, Financial Controller, and General Counsel Zheng Wei, Independent Director Wang Liming, and Board Secretary Zhao Feng [16] Group 2: Detailed Research Institutions - The reception object is investors participating in Wodun Technology's 2025 semi - annual online performance briefing, and the reception object type is "others" [19] Group 3: Main Content Information - The company's R & D expenses in the first half of the year were 46.7002 million yuan. It has launched products such as high - salt wastewater membranes, enhanced anti - pollution membranes, and high - boron - rejection seawater desalination membranes, and the products have shown good performance [23] - The company's membrane technology is a mature application in the steel and coal chemical industries, and the overall application volume in the first half of the year was normal [23] - The company is leading the formulation of the "Reverse Osmosis Membrane for Semiconductor Ultrapure Water Preparation" group standard. Ultrapure water is a high - margin business with high entry barriers, and the company will strive to expand in this field [23][24] - The company's MASE special separation nanofiltration membrane product line and multi - membrane coupling separation and purification technology have been successfully applied in multiple salt lake lithium extraction projects, contributing to the company's performance [24] - The decrease in the company's current liabilities compared to the beginning of the period is mainly due to the reduction in the amount that needs to be restored for endorsed and undated bank acceptance bills according to accounting standards [24] - The company's production capacity utilization rate in the first half of the year was 104.02%, and the current production capacity can meet market demand [24] - As of now, the company has not received information from its second - largest shareholder, Guoneng Longyuan Environmental Protection Co., Ltd., regarding its intention to reduce its holdings [24] - The company will adopt a reasonable pricing strategy based on market supply - demand relationships and its own cost situation [25]

Group 1: Financial Performance - The company's R&D expenses for the first half of the year amounted to 46.7 million yuan, with new products such as high-salt wastewater membranes and enhanced anti-pollution membranes launched [2] - Current liabilities decreased by approximately 19.5% compared to the beginning of the period, primarily due to a reduction in the amount of bank acceptance bills that need to be restored [5] - The company's capacity utilization rate for the first half of the year was 104.02%, indicating that production capacity can meet market demand [6] Group 2: Product Development and Market Applications - The zero-emission membrane technology has been successfully applied in the steel and coal chemical industries, with overall application volume stabilizing [2] - The lithium extraction membrane product has achieved a magnesium retention rate of over 95%, with successful applications in multiple lithium extraction projects, contributing to the company's performance [4] - The company is actively working on high-margin ultra-pure water production, with costs ranging from $2 to $5 per ton, significantly higher than ordinary industrial water [3] Group 3: Shareholder and Market Strategy - There has been no communication from the second-largest shareholder regarding intentions to reduce holdings, despite significant gains from the stock's increase [6] - The company will adjust its pricing strategy for core products based on market supply and demand dynamics [7]