登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688480 证券简称：赛恩斯 公告编号：2025-059 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东会审议：是。 日常关联交易对上市公司的影响：本次预计的关联交易属于公司日常关联交易，为公司正常生产经营业 务，是以公允定价为原则，结合市场价格进行的定价，定价合理、公允，不影响公司的独立性，不存在 损害公司和全体股东利益的情形，不会对关联方形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 赛恩斯环保股份有限公司（以下简称"公司"、"赛恩斯"）于2025年12月15日召开了第三届董事会第二十 三次会议，审议通过了《关于公司2026年度日常关联交易预计的议案》，2026年度公司及下属子公司向 关联方紫金矿业集团股份有限公司及其控制的公司（以下简称"紫金矿业及其控制的公司"）销售商品或 提供服务的日常关联交易（包含重金属污染治理综合解决方案、产品销售、运营服务等商品销售或技术 服务）在合计金额预计不超过5 ...

赛恩斯 20251214 摘要 铼作为关键高温合金元素，在航空航天、催化剂和工业燃气轮机领域应 用广泛，全球 80%的铼需求来自航空航天，需求端受益于航空航天产业 和 AI 数据中心对工业级燃气轮机的需求拉动，未来几年需求将持续增长。 全球铼储量有限，已探明储量仅 2,600 吨，中国储量仅 200 吨，供需缺 口或将快速扩大，推动铼价格上涨。目前价格已从 2025 年前每千克 1.5 万至 2 万上涨至 3 万，这将为相关企业带来显著盈利弹性。 赛恩斯与紫金矿业合作，已建成首个铼回收产能，截至 2025 年上半年 已达成每年两吨高纯铼酸氨生产能力，并计划进一步提炼纯铼。与吉林 紫金铜业合作项目已投产，预计未来将通过新项目合作进一步提升产能， 实现量价齐升。 赛恩斯正从传统重金属污染治理向新材料领域转型，布局铜萃取剂、高 效浮选剂和高纯硫化钠等项目。全资收购龙利化学，铜萃取剂产能扩张 至 7,000 吨/年；投资建设 6 万吨高纯硫化钠项目，用于工程塑料添加 剂；建设 10 万吨高效浮选剂项目，用于铜开采洗选。 新材料项目预计完全达产后将贡献数千万至上亿利润，为赛恩斯的长期 发展提供稳定支撑。收入结构显示，重 ...

Summary of the Conference Call for Sains 2025 Q3 Earnings Report Company Overview - The conference call discusses the Q3 earnings report of Sains, a leading environmental company in China focused on heavy metal and wastewater treatment in the non-ferrous metallurgy sector, backed by clients like Zijin Mining [2][3]. Key Financial Highlights - Revenue increased by approximately 16% year-over-year, reaching 677 million [3][4]. - Net profit decreased by over 40% compared to the previous year, primarily due to a reduction in investment income, which fell from over 60 million to around 5-6 million [3][4]. - The adjusted net profit (扣非归母净利润) saw a decline of about 10%, attributed to a rapid increase in operating expenses, including sales, management, and R&D costs, all rising by over 15% [3][4]. Business Segments Performance - Revenue breakdown for Q3: - Operating services: approximately 48% of total revenue - Product sales: around 35-36% - Comprehensive solutions for heavy metal pollution: about 15% [4][8]. - The comprehensive solutions segment is expected to see most of its revenue recognized in Q4, with an estimated revenue of around 100 million [5]. Strategic Initiatives and Future Outlook - The company is undergoing a strategic transformation, investing in several large projects, which has led to increased expenses without immediate revenue recognition [4][5]. - For the full year, the revenue target is set at 1.2 billion, with a net profit target of approximately 139 million [14]. - The company has a significant order backlog of around 600 million, up from 400 million year-over-year, indicating strong future revenue potential [12]. New Business Developments - New projects include: - A flotation reagent project in Shandong with a planned annual capacity of 100,000 tons, expected to start production in late 2024 [16][17]. - A high-purity sodium sulfide project, with an annual capacity of 60,000 tons, targeting a market price of over 4,000 per ton [42][43]. - The company is also exploring the production of lithium ammonium and other small metals, with ongoing collaborations with various mining companies [29][30]. Market Dynamics and Competitive Landscape - The global supply of lithium is limited, with significant reserves concentrated in a few countries, creating a favorable market environment for Sains [31]. - The flotation reagent market is characterized by many small enterprises, with Sains aiming to differentiate itself through technical support and customized solutions [32][33]. Profitability and Cost Structure - The flotation reagent project is expected to achieve a gross margin of 20-25% and a net profit margin of 10-15% once fully operational [36]. - The cost of producing lithium ammonium is relatively low, with initial estimates around 200 million for setup, indicating a strong potential for profitability [24][25]. Conclusion - Sains is positioned for growth with a solid revenue increase, strategic investments in new projects, and a strong order backlog. The company is optimistic about achieving its financial targets for the year and expanding its market presence in the non-ferrous metallurgy sector [46].

Core Insights - The company, Sains Environmental Co., Ltd., specializes in heavy metal pollution prevention and aims to be a leader in this field globally [2][3] - The company has developed comprehensive solutions for treating heavy metal pollution, which have been widely recognized and applied in numerous large and medium-sized enterprises across the country [2][3] Company Overview - Sains Environmental Co., Ltd. focuses on solving challenges related to heavy metal wastewater, waste acid, and waste residue treatment, as well as environmental remediation [2][3] - The company operates under a "three-in-one" business model, integrating comprehensive solutions, product sales, and operational services to provide extensive heavy metal pollution prevention services [3] Business Strategy - The company is undergoing a strategic transformation to create a dual-main business model of "mining and metallurgy environmental protection + new materials," emphasizing technological innovation and increased R&D investment [3][9] - The company aims to become the largest mining technology service provider globally by developing new materials such as new flotation agents and high-purity sodium sulfide [3][9] Product and Service Offerings - The main products and services include comprehensive solutions for heavy metal pollution prevention, sales of environmental agents, copper extraction agents, integrated equipment, and customized products [3] - The company plans to build a high-purity sodium sulfide project with an annual production capacity of 60,000 tons, with a total investment of approximately 210 million yuan [9] Market Position and Clientele - The core customer base includes large domestic and international non-ferrous industry groups involved in mining, mineral processing, and smelting [4] - The company has established relationships with top research institutions to provide customized solutions, enhancing its competitive edge in the flotation agent market [7] R&D and Innovation - The company has consistently increased its R&D investment since its listing, viewing innovation as a core strategy to enhance its competitive advantage [10] - The company is committed to maintaining its R&D intensity to meet market demands effectively [10] Capital Expenditure and Strategic Investments - The company views capital expenditure as crucial for achieving strategic goals and is actively seeking quality investment projects for potential mergers and acquisitions [11] - The capital expenditure strategy is driven by the company's strategic objectives and is subject to dynamic optimization [11] Environmental Business Stability - The company anticipates stability in its environmental governance business based on current economic conditions and market trends [12]

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]

Summary of the Conference Call for Sains Industry and Company Overview - **Company**: Sains - **Industry**: Environmental protection, mining, and new materials Key Points and Arguments - **Strategic Transformation**: Sains is shifting from heavy metal pollution control to a dual focus on mining environmental protection and new materials, indicating significant future growth potential, especially in the areas of flotation reagents and rare metal recovery [2][4][31] - **International Market Growth**: Revenue from overseas customers increased by 152% year-on-year, with total overseas revenue accounting for 30% of main business revenue, reflecting the effectiveness of the company's globalization strategy [2][6] - **Agricultural Chemicals Performance**: The agricultural chemicals segment, particularly Longli Chemical, saw revenue and net profit growth of 50% and 80% respectively, contributing significantly to profit growth [2][7] - **Resource Recovery Technology**: Sains employs a new adsorption and extraction technology that offers higher recovery rates and lower costs, with installations at several smelting plants. The company aims to secure a significant market share in rare metals through exclusive agreements [2][9][10] - **High-Purity Sodium Sulfide Project**: The first phase of the 20,000-ton project is expected to generate an annual net profit of approximately 10 million yuan, with significant profit contributions anticipated upon expansion to 40,000 tons [2][25] - **Flotation Reagents Expansion**: Longli Chemical plans to expand production to 12,000 tons, aiming to become the largest production base globally, with expected net profits exceeding 100 million yuan at full capacity [2][23] Financial Performance - **2025 Half-Year Results**: Sains reported a revenue of 423 million yuan, a 19% increase year-on-year, but a 57% decline in net profit due to the absence of previous investment gains from acquisitions [4][3] - **Overall Revenue Projection**: The company expects total revenue to reach 1.2 billion yuan for the year, with a net profit growth of over 20%, driven by higher margins from reagents and operational services [3][8] Market and Business Segment Insights - **Business Segment Performance**: The overall gross margin decreased by 2 percentage points, with the comprehensive solutions segment revenue dropping by 50% due to fewer large projects. Product sales and operational services, however, showed strong growth [5][6] - **Contractual Revenue Recognition**: There is 126 million yuan in contract performance costs in inventory yet to be recognized as revenue, with expectations for the comprehensive solutions business to maintain around 400 million yuan in revenue for the year [8] Future Plans and Developments - **Expansion Plans**: Sains plans to expand production capacity based on market demand, with a target completion date for additional capacity set between late 2026 and mid-2027 [16][22] - **Acquisition and Market Expansion**: The company is pursuing acquisitions in Europe to enhance its market presence, with a focus on expanding its reagent production capabilities [22][24] - **Technological Advancements**: Sains is committed to continuous R&D investment, particularly in the extraction of lysine and high-purity sodium sulfide, aiming for higher product purity and profitability [17][31] Additional Important Insights - **Currency Risk Management**: The finance department has established a team to manage currency structure and exchange rate fluctuations, with foreign currency income expected to exceed 50% of total revenue in the future [29] - **Employee Incentives**: A stock incentive plan has been approved and is set to be implemented, aimed at aligning employee interests with company growth [30] - **Long-term Growth Strategy**: Sains is focused on stable growth and technological innovation, with a strategic shift towards materials and chemicals expected to be completed by 2026 [31][28]

Summary of the Conference Call for Sains Company Overview - Sains is the first heavy metal pollution prevention enterprise listed on A-shares, leveraging technology from Central South University and maintaining multiple national-level research platforms with a research team of nearly 200 people and over 100 patents [2][3] - The company has established long-term collaborations with various universities and research institutes, serving hundreds of non-ferrous enterprises [2][3] Core Business and Innovations - Sains specializes in the treatment and resource utilization of heavy metal wastewater and waste residues, with a focus on technological innovation and research platform development [3] - The company has expanded its business into resource recovery and new materials, including a recent acquisition of Zijin Medicine to enter the copper extraction agent sector [3][19] - Sains' revenue for 2024 is projected at 150 million yuan, with a net profit of 38 million yuan, and an expected increase in revenue for 2025 [3][20] Collaboration with Zijin Mining - Sains has a close partnership with Zijin Mining, which has invested strategically in the company and currently holds approximately 21% of its shares [2][5] - The collaboration has deepened in areas such as waste acid and wastewater treatment, with a revenue-sharing model in place to mitigate risks [5][6][12] Rhenium Extraction Progress - Sains has made significant progress in rhenium extraction, collaborating with Zijin Mining and Luoyang Molybdenum, with expected production of 8-10 tons in the next two to three years [9][10] - The recent surge in rhenium prices is attributed to market speculation and supply-demand gaps, with a long-term optimistic outlook due to increasing high-end application demand and domestic substitution policies [11] Financial Projections and Market Outlook - Sains anticipates revenue of 1.2 to 1.3 billion yuan and a net profit of 140 to 150 million yuan for 2025, driven by environmental policies and demand in the non-ferrous industry [22] - The company is focusing on higher-margin product sales and operational services, which are expected to provide sustainable income and profit [22][23] Challenges and Risks - The decline in net profit is primarily due to increased sales and R&D expenses, as well as longer collection periods for overseas business [18] - The company faces challenges in the short term due to the time required for policy implementation, although long-term prospects remain positive due to increasing governmental focus on heavy metal pollution prevention [16] Global Market Expansion - Sains has successfully expanded its business into global markets, including regions in Africa and South America, with production capacity increasing from 3,000 tons to 7,000 tons [21] Conclusion - Sains is positioned as a leader in heavy metal pollution prevention with strong technological capabilities and strategic partnerships, while also exploring new markets and product lines to drive future growth [2][3][22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in net profit for the first half of 2025, primarily due to increased expenses and impairment losses, despite revenue growth driven by operational services and product sales [7] - The company has initiated a stock incentive plan aimed at achieving significant growth in net profit from 2025 to 2027, reflecting confidence in future performance [7] - The company plans to expand its product offerings in the chemical sector, particularly in flotation agents and sodium sulfide, to capitalize on market demand [7] Financial Summary - The company expects total revenue to grow from 808.41 million RMB in 2023 to 1,724.02 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 16.86% [1] - The forecasted net profit for 2025 is adjusted to 163.15 million RMB, a decrease of 9.74% compared to the previous year, with a projected P/E ratio of 25.36 [1][7] - The company anticipates a significant increase in revenue and net profit over the next few years, with a target of 30% revenue growth in 2025 [7]