Jiujiang Shanshui Technology 善水科技
5 significant filings since 31 May 2026: 2 on equity incentive, 1 on earnings pre-announcement and 1 on dividend, and 1 other kind. The latest, on 25 Aug 2026: 董事会薪酬与考核委员会关于2025年限制性股票激励计划相关事项的核查意见. On 20 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to rise by 61.17% to 98.84% from the same period a year earlier.
自 31 May 2026 起有 5 份重大公告：equity incentive 2 份、earnings pre-announcement 1 份、dividend 1 份，另有 1 类。最新一份（25 Aug 2026）：董事会薪酬与考核委员会关于2025年限制性股票激励计划相关事项的核查意见。20 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期上升 61.17% 至 98.84%。
As of 25 Sep 2026 截至2026年9月25日
Jiujiang Shanshui Technology 善水科技, listed in 2021, operates in the Basic Chemicals industry. The company reported revenue of RMB770.4m in 2025, up 52.7% from RMB504.6m in 2024, with attributable net profit rising to RMB71.9m from RMB53.0m. Profit quality remains weak, as operating cash flow per share was -RMB0.68 in 2025, compared to -RMB0.36 in 2024. The company's financial position at 30 Jun 2026 shows a strong balance sheet, with liabilities to assets at 10.8%, a current ratio of 5.73 and a quick ratio of 5.03. For the period to 30 Jun 2026, revenue was RMB477.2m and attributable net profit was RMB85.2m. Operating cash flow per share was RMB0.18. The actual controller is 吴新艳, who also holds 16.31% as the largest shareholder.
善水科技于2021年上市，所属行业为化学原料。公司2025年营业收入为7.70亿元，较2024年的5.05亿元同比上升52.7%；归属于母公司股东的净利润为7,188.6万元，较2024年的5,295.5万元上升35.7%。盈利质量较弱，2025年每股经营现金流为-0.68元，2024年为-0.36元。截至2026年6月30日，公司资产负债率为10.8%，流动比率5.73，速动比率5.03，财务状况稳健。2026年上半年营业收入为4.77亿元，归母净利润为8,516.0万元，每股经营现金流为0.18元。实际控制人及第一大股东为吴新艳，持股16.31%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company faces a risk from operating cash outflows in 2025. 公司面临2025年经营现金流净流出的风险。 | In 2025, operating cash flow per share was -RMB0.68, wider than -RMB0.36 in 2024, indicating increased cash outflow from operations. This weakens profit quality despite reported net profit growth. A negative operating cash flow to net profit ratio of -2.03x shows profits are not converting into cash. 2025年每股经营现金流为-0.68元，较2024年的-0.36元进一步扩大，显示经营性现金流出增加。尽管净利润增长，但经营现金流与净利润之比为-2.03倍，表明盈利未能转化为现金，盈利质量弱。 |
- Operating cash flow per share in the 2026 full-year report
2026年全年报告中的每股经营现金流 - Attributable net profit for the full year 2026
2026年全年归属于母公司股东的净利润 - Revenue growth rate in the 2026 full-year report compared to 2025
2026年全年营业收入增长率与2025年相比 - Liabilities to assets ratio at 31 Dec 2026
2026年12月31日的资产负债率 - Change in net profit excluding non-recurring items for 2026
2026年扣除非经常性损益后的净利润变动 - Next shareholder structure update at 31 Dec 2026
2026年12月31日的股东结构更新
- Company: Jiujiang Shanshui Technology 善水科技, Shenzhen Stock Exchange 301190; industry Basic Chemicals; listed 24 Dec 2021.
公司：善水科技，深圳证券交易所 301190；行业：化学原料；上市日期：2021年12月24日。 - Close on 24 Sep 2026 RMB20.79; close on 24 Sep 2025 RMB29.20, RMB28.92 in today's terms; one-year change, adjusted for distributions and share changes -28.1%.
2026年9月24日收盘价20.79元；2025年9月24日收盘价29.20元（前复权28.92元）；一年涨跌幅（复权）-28.1%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB14.52 to RMB29.28.
52周区间（前复权）14.52元至29.28元。 - In the last 12 months 4 trading days closed 9% or more above or below the day before (all days, not only this year). The 4 most recent of them: 20 Oct 2025 -17.0%; 2 Feb 2026 -9.1%; 20 Jul 2026 +20.0%; 24 Jul 2026 -9.2%. No two of the 4 fell on consecutive trading days.
近12个月共有4个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近4个：2025年10月20日 -17.0%；2026年2月2日 -9.1%；2026年7月20日 +20.0%；2026年7月24日 -9.2%。其中任意两个交易日均不相邻。 - Market capitalisation RMB4.46bn; P/E TTM 40.8; price to book 2.23x.
总市值44.62亿元；市盈率（TTM）40.8；市净率2.23倍。 - Revenue 2025 RMB770.4m; 2024 RMB504.6m; change +52.7%.
营业收入2025年7.70亿元；2024年5.05亿元；同比+52.7%。 - Attributable net profit 2025 RMB71.9m; 2024 RMB53.0m; change +35.7%.
归属于母公司股东的净利润2025年7,188.6万元；2024年5,295.5万元；同比+35.7%。 - Net profit excluding non-recurring items, 2025 change +117.0%.
2025年扣除非经常性损益后的净利润同比+117.0%。 - Basic EPS 2025 RMB0.35; 2024 RMB0.25.
基本每股收益2025年0.35元；2024年0.25元。 - Operating cash flow per share 2025 -RMB0.68; 2024 -RMB0.36; operating cash flow to net profit -2.03x.
每股经营现金流2025年-0.68元；2024年-0.36元；经营现金流与净利润之比-2.03倍。 - 2025 gross margin 30.8%; net margin 9.3%; ROE 3.7%.
2025年毛利率30.8%；净利率9.3%；净资产收益率3.7%。 - At 30 Jun 2026: liabilities to assets 10.8%; current ratio 5.73; quick ratio 5.03; receivable days 9; inventory days 89.
截至2026年6月30日：资产负债率10.8%；流动比率5.73；速动比率5.03；应收账款周转天数9；存货周转天数89。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB477.2m, change +56.4%; attributable net profit RMB85.2m, change +78.2%; operating cash flow per share RMB0.18.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入4.77亿元，同比+56.4%；归母净利润8,516.0万元，同比+78.2%；每股经营现金流0.18元。 - Pre-announcement of 20 Jul 2026 for the period to 30 Jun 2026: attributable net profit change +61% to +99%.
2026年7月20日发布的截至2026年6月30日业绩预告：归母净利润同比+61%至+99%。 - Ownership: actual controller 吴新艳; largest holder at 30 Jun 2026: 吴新艳, 16.31%.
股权：实际控制人：吴新艳；2026年6月30日第一大股东：吴新艳，持股16.31%。 - Latest distribution: ex-date 14 Jul 2026, cash RMB0.15 per share.
最近一次分配：除权除息日2026年7月14日，每股现金0.15元。 - Aurelian Grade B, score 75.6 of 100, graded within a peer group of 61 companies in its industry; no rank among peers is given.
金源评级B，得分75.6（满分100），于行业同业61家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。