Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's basic warehouse business shows strong resilience, with a year-on-year revenue increase of 2.62% to 2.554 billion yuan in 2024, and a net profit increase of 9.79% to 787 million yuan [4][6] - The company has a robust growth trajectory in its adsorption materials segment, with total production increasing by 33.4% to 65,700 tons and sales volume increasing by 33.6% to 63,700 tons [6][9] - The internationalization strategy is yielding results, with overseas revenue growing by 45.1% to 655 million yuan in 2024 [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 577 million yuan, a year-on-year decrease of 8.58%, but net profit increased by 14.18% to 193 million yuan [5][8] - The company’s gross profit margin for Q1 2025 was 50.79%, up 5.37 percentage points year-on-year, while the net profit margin was 33.90%, up 6.79 percentage points year-on-year [8] Business Segments - The life sciences segment generated revenue of 568 million yuan in 2024, a growth of 28% year-on-year, driven by the company's solid phase synthesis carriers [9] - The water treatment segment saw revenue of 688 million yuan in 2024, reflecting a year-on-year increase of 34% [9] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 3.283 billion yuan, 4.245 billion yuan, and 5.561 billion yuan for 2025, 2026, and 2027 respectively [10][12] - The net profit forecasts for the same years are 1.059 billion yuan, 1.371 billion yuan, and 1.872 billion yuan, indicating a strong growth potential [10][12]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][11]. Core Views - The company's basic warehouse business shows steady growth, while the large lithium extraction project from salt lakes has been a drag on performance [1]. - In 2024, the company achieved a revenue of 2.554 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 787 million yuan, up 9.79% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a year-on-year decrease of 8.58%, but a net profit of 193 million yuan, which is a 14.18% increase year-on-year [1]. Financial Performance - The basic business revenue, excluding the salt lake lithium extraction system, reached 2.45 billion yuan in 2024, growing 24.7% year-on-year, accounting for 96.1% of total revenue [5]. - The revenue from the adsorption materials segment was 1.99 billion yuan, representing 80.9% of the basic business revenue [5]. - The company has diversified its lithium-related projects, achieving a production capacity of 100,000 tons of lithium carbonate/hydroxide [5]. - The life sciences segment generated 568 million yuan in revenue in 2024, a 28% increase year-on-year, benefiting from the strong market performance of GLP-1 peptide drugs [5]. - The water treatment and ultra-purification segment achieved a revenue of 688 million yuan in 2024, growing 34% year-on-year [5][6]. International Expansion - The company reported a significant increase in overseas sales, reaching 655 million yuan in 2024, a 45.1% year-on-year growth, indicating successful international market penetration [11]. - The establishment of a wholly-owned subsidiary in the United States has further strengthened the company's overseas presence and improved response efficiency to key clients [11]. Financial Projections - Revenue projections for 2025-2027 are estimated at 3.060 billion yuan, 3.697 billion yuan, and 4.517 billion yuan, with year-on-year growth rates of 20%, 21%, and 22% respectively [11]. - The net profit attributable to shareholders is projected to be 925 million yuan, 1.107 billion yuan, and 1.344 billion yuan for the same period, with year-on-year growth rates of 18%, 20%, and 21% respectively [11]. Valuation Metrics - The company’s current price-to-earnings (PE) ratio is 31.6, projected to decrease to 16.8 by 2027, indicating potential for valuation improvement [14]. - The price-to-book (PB) ratio is currently at 6.6, expected to decline to 3.6 by 2027, suggesting a more attractive valuation over time [14].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance is in line with expectations, and there is a sustained positive outlook on its development potential as a platform company [2][6] - The company reported a total revenue of 2.554 billion yuan for 2024, with a year-on-year growth of 3%, and a net profit attributable to shareholders of 787 million yuan, reflecting a year-on-year increase of 10% [6][7] - The company is expected to achieve a net profit of 1.015 billion yuan in 2025, representing a growth rate of 29% [5][6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.098 billion yuan, with a year-on-year growth rate of 21.3% [5] - The net profit attributable to shareholders is projected to be 1.015 billion yuan for 2025, with a corresponding earnings per share of 2.00 yuan [5][6] - The company's gross margin is expected to be around 49.7% in 2025, with a return on equity (ROE) of 23.1% [5][6] - The company’s market capitalization is approximately 13.722 billion yuan, with a price-to-earnings (PE) ratio of 22 for 2025 [2][5] Business Performance Insights - The company’s core business, excluding the lithium extraction project, generated revenue of 2.455 billion yuan in 2024, showing a stable growth of 25% year-on-year [6] - The sales of adsorption materials reached 6.37 million tons, generating revenue of 1.986 billion yuan, with a gross margin of 52.85% [6] - The life sciences segment is benefiting from the growth of GLP-1 peptide drugs, while the water treatment and ultra-pure water sectors are experiencing significant breakthroughs [6]

Financial Performance - In 2024, the company achieved operating revenue of 2.55 billion, a year-on-year increase of 2.6% [2] - The net profit attributable to shareholders reached 787 million, up 9.8%, with a profit growth rate exceeding revenue growth by 7.2 percentage points [2] - Excluding the salt lake lithium extraction project, the core business revenue was 2.46 billion, a 25% increase, accounting for 96.1% of total revenue [2] - The comprehensive gross profit margin for 2024 was 49.5%, remaining stable compared to the previous year [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 577 million, a decrease of 8% year-on-year, but net profit attributable to shareholders increased by 1.93% [2][3] - Excluding the salt lake lithium project, core business revenue in Q1 2025 was 577 million, reflecting a 9% year-on-year growth [3] Project Revenue Recognition - In Q1 2024, the company recognized approximately 99 million in revenue from the Guotou Luokai project [4] - Revenue from ongoing salt lake lithium projects will be recognized based on project progress and fulfillment of contractual obligations [4] Life Sciences Sector - The company has expanded production capacity in the life sciences sector, achieving capacities of 120 tons and 70,000 liters for solid-phase carriers and agarose/dextran respectively [5] - Plans are in place to establish a new GMP-grade production facility and an independent life sciences park to enhance product quality and stability [5] Domestic and International Market Strategy - The company achieved overseas sales revenue of 655 million, a significant increase of 45.1% year-on-year, outpacing domestic growth [10] - The internationalization strategy has been a key competitive advantage, with a focus on expanding into North America, Europe, Asia, South America, and Africa [10] - In 2024, the company established a wholly-owned subsidiary in the U.S. and set up storage units in North America and Europe to enhance operational efficiency [10] Technological Advancements - The company has achieved effective domestic substitution in various fields, including cephalosporin production and gallium extraction, leveraging proprietary adsorption technology [6] - The demand for solid-phase synthesis carriers is driven by the significant growth in GLP-1 peptide drug sales, maintaining a high market share [7] - The company is actively innovating in energy-saving and environmental protection technologies, with stable sales trends in CO2 capture and wastewater treatment products [9]

02 产品创新与供应链管理 | 产品责任 | 25 | | --- | --- | | 持续研发创新 | 30 | | 供应链管理 | 36 | 03 环境管理与可持续发展 | 安全生产 | 39 | | --- | --- | | 环境管理 | 41 | | 能源管理 | 43 | | 水资源管理 | 45 | | 排放物管理 | 46 | | 应对气候变化 | 50 | | 开展绿色行动 | 51 | SUÑRESIN 量而目 2024 环境、社会和公司治理(ESG)报告 西安蓝 晓 科 技 新 材 料 股 份 有 限 公 司 E蒙 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 走进蓝晓科技 | 05 | | 公司简介 | 05 | | 发展历程 | 07 | | 企业文化 | 09 | | ESG亮点数据回顾 | 10 | | 荣誉与奖项 | 11 | | ESG管理 | 12 | 01 公司治理 稳健的公司治理 商业道德与反贪腐 报告对标索引 63 64 读者反馈表 (0)47 员工关爱与社会公益 | 员工权益与福利 | 55 | | - ...

Core Insights - Blue Sky Technology (蓝晓科技) reported a total revenue of 2.554 billion yuan for 2024, reflecting a year-on-year growth of 2.62% [1] - The net profit attributable to shareholders reached 787 million yuan, marking a year-on-year increase of 9.79% [1] - Despite the slowdown in revenue growth, the net profit showed strong performance [1] Business Performance - The core business of Blue Sky Technology demonstrated robust growth, with basic business revenue reaching 2.45 billion yuan, up 24.7% year-on-year, accounting for 96.1% of total revenue [4] - Sales revenue from adsorption materials was 1.99 billion yuan, representing 80.9% of the total revenue, while device sales revenue was 370 million yuan, making up 15.1% [4] - The significant decline in revenue from the salt lake lithium extraction project, which was only 100 million yuan, down 81.0% year-on-year, raised concerns about the overall performance [4] Sector Performance - The metal resources sector showed strong performance, with adsorption materials sales revenue of 256 million yuan, a 30% increase year-on-year [5] - Prices for metals such as gallium and uranium rose compared to the previous year, contributing to the sector's high prosperity [5] - The life sciences sector also performed well, with sales revenue of 568 million yuan, reflecting a 28% year-on-year growth [5] Growth in Other Segments - The water treatment and ultrapure water segment achieved explosive growth, with sales revenue of 688 million yuan, up 34% year-on-year [6] - The chemical and catalysis segment reported sales revenue of 202 million yuan, a 42% increase year-on-year, indicating strong market demand and potential for domestic substitution [6] - Overall, Blue Sky Technology maintained a healthy financial status and steady growth across various business segments, despite the significant decline in the salt lake lithium project revenue [6]

关于 2024 年度利润分配预案的公告 | 证券代码：300487 | 证券简称：蓝晓科技 | 公告编号：2025-017 | | --- | --- | --- | | 债券代码：123195 | 债券简称：蓝晓转 02 | | 西安蓝晓科技新材料股份有限公司 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.西安蓝晓科技新材料股份有限公司（以下简称"公司"）拟以未来实施 2024 年年度权益分配方案时股权登记日的总股本扣除公司回购专户上已回购股份为 基数，每 10 股派送现金股利 6.00 元（含税），不送红股，不以资本公积转增股 本。分配方案公告后至实施前，公司总股本由于股权激励、可转债转股等原因而 发生变化的，将按照分配比例不变的原则调整分配总额。 2.公司 2024 年度现金分红包括年度现金分红及 2024 年前三季度现金分红， 合计派发现金分红金额占 2024 年度合并报表归属于上市公司股东净利润的 46%， 旨在积极响应相关政策，切实回馈广大投资者。但需特别提示，本次分红方案不 代表公司每年度均按照此固定比例进行分红，未来年度的分红 ...

国信证券股份有限公司 关于西安蓝晓科技新材料股份有限公司 2024年度持续督导培训情况的报告 国信证券股份有限公司（以下简称"国信证券"、"保荐人"）根据《深圳证券 交易所上市公司自律监管指引第 13 号—保荐业务》等规则的要求对西安蓝晓科 技新材料股份有限公司（以下简称"蓝晓科技"、"公司"）的董事、监事、高级管 理人员及公司控股股东和实际控制人等相关人员进行了 2024 年度持续督导培训， 并对相关人员派发了相关培训资料，督促其认真学习培训内容，本次培训的具体 情况如下： 一、培训时间 2025 年 4 月 21 日 二、培训地点 国信证券股份有限公司 本次培训内容主要包括：资本市场概况、上市公司现场检查规则及违规案例、 短线交易认定及合规建议、并购重组规则及案例分析等。 四、培训总结 本次持续督导培训的工作过程中，蓝晓科技及参会人员给予了积极配合。通 过此次培训授课，总体上提升了公司及其股东、董事、监事、高级管理人员和相 关人员的规范运作意识及对资本市场的理解。本次培训将有助于进一步提升公司 的规范运作水平和信息披露水平，达到了预期的目标，取得了良好的结果。 （以下无正文） （本页无正文，为《国信证券股 ...

国信证券股份有限公司 关于西安蓝晓科技新材料股份有限公司 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2023〕628号文核准，并经深圳证券 交易所同意，本公司由主承销商国信证券股份有限公司采用公开发行方式，向不 特定对象发行546.0645万张可转换公司债券，每张面值100元，共计募集资金 54,606.45万元。扣除承销费和保荐费491.46万元后的募集资金为人民币54,114.99 万元，已由主承销商国信证券股份有限公司于2023年4月21日汇入本公司募集资 金监管账户。另扣除律师费、审计费及验资费、资信评级费、信息披露及其他费 用等发行费用（不含税）合计人民币156.08万元，公司本次募集资金净额为人民 币53,986.73万元。 上述募集资金到位情况业经致同会计师事务所（特殊普通合伙）验证，并出 2024 年度募集资金存放与使用情况的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号—保荐业务》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》等有关法律 法规和规范性 ...

1 | 6.发表专项意见情况 | | | --- | --- | | （1）发表专项意见次数 | 次 6 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 无 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展情况或者整改情况 | 不适用 | | 8．关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 无 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 次 1 | | （2）培训日期 | 2025 年 4 月 21 日 | | | 资本市场概况、上市公司现场检 查规则及违规案例、短线交易认 | | （3）培训的主要内容 | 定及合规建议、并购重组规则及 | | | 案例分析等 | | 11.上市公司特别表决权事项（如有） | 不适用 | | （1）持有特别表决权股份的股东是否持续符 合《股票上市 | | | ...