9月2日，东江环保（002672.SZ、00895.HK）公告披露，其于近日收到江西省共青城市人民法院下发的 一审民事判决书，涉及与江西环保股份有限公司（以下简称"江西环保"）的合同纠纷案。判决书显示， 东江环保一审败诉，需赔偿江西环保各项费用合计约9465.84万元。此外，公司募集资金专项账户近 9631.76万元资金因诉前保全被冻结，占募集资金净额的8.06%。 东江环保相关人士在接受《中国经营报》记者采访时表示，该案件目前尚未终审，暂未对公司经营、财 务造成影响。除部分募集资金被冻结外，公司其他募集资金可正常使用，不会对募投项目实施及正常运 营产生重大不利影响。 江西环保方面回应记者称，为避免影响后续法律程序的正常推进，同时确保对外披露信息的严谨性，现 阶段暂无法安排采访。 时间回溯至2009年1月，江西环保与江西康泰环保股份有限公司(以下简称"康泰公司")签订《设备租赁 协议》，将"江西省危险废物和九江市医疗废物处置中心"（以下简称"案涉危废项目"）的部分设备出租 给康泰公司，用于危险废物收集、处理处置工作。2010年9月，双方进一步签订《关于租赁经营江西省 危险废物处置中心有限公司的合同》，约定江西 ...

Core Viewpoint - The environmental protection industry in China is undergoing significant transformation due to the "dual carbon" goals, with the hazardous waste sector shifting from a "scale logic" to a "value logic" approach, facing challenges such as intensified market competition and increased operational pressures [1] Group 1: Industry Challenges and Opportunities - The hazardous waste industry is experiencing a restructuring of its competitive landscape, with companies seeking business upgrades and technological breakthroughs to seize development opportunities [1] - Companies are facing external pressures from stricter policies and elevated technical standards, alongside internal challenges from market competition and raw material price fluctuations [1] Group 2: Company Performance and Growth - Dongjiang Environmental achieved approximately 1.5 billion yuan in revenue in the first half of the year, a year-on-year decrease of 3.4%, but made significant breakthroughs in resource recycling business [2] - Sales of resource recycling products reached 646 million yuan, with new product sales surging by 272% year-on-year, becoming the core driver of business growth [2] - The company is actively entering new business areas, such as automotive parts remanufacturing, by forming joint ventures and integrating local resources to create an efficient industrial ecosystem [2] Group 3: Innovation and Technological Advancements - Dongjiang Environmental prioritizes technological innovation as a core driver of development, establishing a national postdoctoral research station and multiple provincial innovation platforms [3] - The company has achieved significant technological advancements, including the development of high-end copper products and environmentally friendly materials, enhancing its competitiveness in the high-end materials sector [3] - The company has successfully industrialized its technological achievements, contributing to resource recycling and providing efficient solutions for waste treatment [3] Group 4: Future Strategies - Despite facing operational challenges, Dongjiang Environmental is committed to continuous transformation in resource recycling and technological innovation [4] - The company plans to deepen its "three poles and four strengths" reform, enhance cost control, and improve operational efficiency [4] - Dongjiang Environmental aims to expand its market presence both domestically and internationally, focusing on high-end and differentiated development in resource recycling [4]

香 港 交 易及 結 算所有 限 公 司及 香 港聯合 交 易 所有 限 公司對 本 公 告的 內 容概不 負 責 ， 對其 準 確性或 完 整 性亦 不 發表任 何 聲 明， 並 明確表 示 概 不就 因 本公告 全 部 或 部份 內 容而產 生 或 因倚 賴 該等內 容 而 引致 之 任何損 失 承 擔任 何 責任。 DONGJIANG ENVIRONMENTAL COMPANY LIMITED* 東江環保股份有限公司 ( 於 中 華 人 民 共 和國註 冊 成 立之 股 份有限 公 司 ) ( 股份代號： 0 0 8 9 5 ) 內幕消息 ( 4 ) 對 本 公司損益產生的影響：本案件尚處於一審判決階段，對 本 公 司 截 至 2025 年 1 2 月 3 1 日 止 年 度 （ 「 本 期 」 ） 的 利 潤 及 期 後 利 潤 的 具 體 影響 尚 具有不 確 定 性。 公司訴訟事項進展暨收到一審判決書 本 公 告 乃 由 東 江 環 保 股 份 有 限 公 司 （ 「 本公司 」 或 「 公 司 」 ） 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 （ 「 上 市 規 ...

Core Viewpoint - The company, Dongjiang Environmental Protection Co., Ltd., is currently involved in a legal dispute regarding environmental pollution, with a court ruling requiring the company to pay significant compensation to the plaintiff, Jiangxi Environmental Protection Co., Ltd. [1][2] Group 1: Lawsuit Overview - The lawsuit is based on a contract dispute, with the plaintiff seeking compensation for environmental pollution investigation and related costs [1] - The court has ordered the company and its executives to pay a total of approximately 85.87 million yuan for pollution-related expenses and additional costs [1][2] Group 2: Court Ruling Details - The court ruling includes specific amounts to be paid: 85,868,122.44 yuan for pollution investigation costs and 1,057,219.89 yuan for personnel and travel expenses related to soil pollution risk management [1][2] - The ruling also stipulates that if the company fails to comply with the payment within the specified period, it will incur double interest on the delayed payments [2] Group 3: Financial Impact and Fund Freezing - A portion of the company's fundraising account, amounting to 96,317,554.88 yuan, has been frozen due to the lawsuit, representing 8.06% of the net fundraising amount [3] - Despite the frozen funds, the company asserts that its operations and project implementations will not be significantly affected [4] Group 4: Future Implications - The impact of the lawsuit on the company's current and future profits remains uncertain, and the company will continue to monitor the situation closely [5] - The company is committed to maintaining communication with relevant parties and taking measures to protect its and its shareholders' interests [5]

1、案件所处的诉讼阶段：一审判决。 关于公司诉讼事项进展暨收到一审民事判决书的公告 股票代码：002672 股票简称：东江环保 公告编号：2025-37 本公司及其董事会全体成员保证信息披露内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 东江环保股份有限公司 特别提示： 2、上市公司所处的当事人地位：东江环保股份有限公司（以下简称"公 司"）为被告一。 3、涉案的金额：94,658,431.51 元（较首次披露暂计金额减少 1,659,123.37 元）。 4、对上市公司损益产生的影响：本次诉讼案件尚处于一审判决阶段，对公 司本期利润及期后利润的影响具有不确定性。 公司于近日收到了江西省共青城市人民法院（以下简称"共青城法院"）送 达的《民事判决书》（（2024）赣 0482 民初 1134 号），现将有关情况公告如下： 一、本次诉讼基本情况 因合同纠纷，原告江西环保股份有限公司（以下简称"江西环保公司"）以 公司、桂建平、周玥为被告向共青城法院提请诉讼，诉请三被告赔偿已产生的 环境污染调查、风险评估等各类费用以及相应的资金占用利息等。该诉讼事项 已经共青城法院立案，案号为（2024）赣 048 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東江環保股份有限公司（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00895 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 2. 股份分類 | 普 ...

[Corporate Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Changes in Board of Directors and Supervisory Committee](index=2&type=section&id=%E5%9F%B7%E8%A1%8C%E8%91%A3%E4%BA%8B) During the reporting period, there were changes in the company's Board of Directors and Supervisory Committee - Executive Director **Yu Fan resigned** on April 25, 2025, and **Zhu Lintao was appointed** on June 25, 2025[4](index=4&type=chunk) - Independent Non-executive Director **Siu Chi Hung resigned** on June 25, 2025, and **Li Kwok Tung was appointed** on the same day, also taking over as Chairman of the Audit and Risk Management Committee[4](index=4&type=chunk) - Supervisor **Chan Pui Wan resigned** on June 25, 2025, and **Ma Xujian was appointed** on the same day[4](index=4&type=chunk) [Share Information and Contact Details](index=3&type=section&id=%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F) The company's A-shares are listed on the Shenzhen Stock Exchange (stock code 002672) and H-shares on the Hong Kong Stock Exchange (stock code 00895) - The company's **A-share stock code is 002672**, and the **H-share stock code is 00895**[5](index=5&type=chunk) - The auditor is **Da Hua Certified Public Accountants (Special General Partnership)**, and the H-share registrar in Hong Kong is **Tricor Investor Services Limited**[5](index=5&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8B%20%E7%BE%A9) [Consolidated Balance Sheet](index=7&type=section&id=%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets were RMB 11.03 billion, a decrease of 2.24% from the beginning of the period, while total liabilities slightly increased to RMB 7.20 billion Key Data from Consolidated Balance Sheet (As of June 30, 2025 vs December 31, 2024) | Item | Closing Balance (2025-06-30) | Opening Balance (2024-12-31) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total current assets | 3,600,500,457.56 | 3,563,956,903.50 | +1.02% | | Total non-current assets | 7,425,026,889.93 | 7,714,522,511.96 | -3.75% | | **Total Assets** | **11,025,527,347.49** | **11,278,479,415.46** | **-2.24%** | | **Liabilities** | | | | | Total current liabilities | 3,750,180,723.18 | 3,877,229,219.04 | -3.28% | | Short-term borrowings | 1,890,353,893.69 | 1,197,012,027.16 | +57.92% | | Non-current liabilities due within one year | 927,936,161.65 | 1,599,167,098.28 | -41.97% | | Total non-current liabilities | 3,450,442,664.04 | 3,250,360,379.76 | +6.16% | | **Total Liabilities** | **7,200,623,387.22** | **7,127,589,598.80** | **+1.02%** | | **Equity** | | | | | Total equity attributable to owners of the parent | 3,324,824,504.66 | 3,599,850,228.42 | -7.64% | | Minority interests | 500,079,455.61 | 551,039,588.24 | -9.25% | | **Total Equity** | **3,824,903,960.27** | **4,150,889,816.66** | **-7.85%** | | **Total Liabilities and Equity** | **11,025,527,347.49** | **11,278,479,415.46** | **-2.24%** | - The company's **debt-to-asset ratio increased** from 63.20% at the end of 2024 to **65.31%** on June 30, 2025[116](index=116&type=chunk) [Parent Company Balance Sheet](index=12&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the parent company's total assets were RMB 7.99 billion, an increase of 2.96% from the beginning of the period, with total liabilities rising to RMB 4.93 billion Key Data from Parent Company Balance Sheet (As of June 30, 2025 vs December 31, 2024) | Item | Closing Balance (2025-06-30) | Opening Balance (2024-12-31) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total current assets | 3,814,254,494.36 | 3,599,282,904.03 | +6.00% | | Total non-current assets | 4,173,464,516.59 | 4,159,079,166.05 | +0.35% | | **Total Assets** | **7,987,719,010.95** | **7,758,362,070.08** | **+2.96%** | | **Liabilities** | | | | | Total current liabilities | 2,931,223,760.36 | 2,929,887,812.29 | +0.05% | | Short-term borrowings | 1,220,606,552.78 | 745,366,293.49 | +63.76% | | Notes payable | 194,298,000.00 | 84,652,905.76 | +129.53% | | Non-current liabilities due within one year | 668,531,096.43 | 1,269,043,698.82 | -47.24% | | Total non-current liabilities | 1,993,889,056.54 | 1,724,321,614.76 | +15.63% | | **Total Liabilities** | **4,925,112,816.90** | **4,654,209,427.05** | **+5.82%** | | **Equity** | | | | | **Total Equity** | **3,062,606,194.05** | **3,104,152,643.03** | **-1.34%** | | **Total Liabilities and Equity** | **7,987,719,010.95** | **7,758,362,070.08** | **+2.96%** | [Consolidated Income Statement (Unaudited)](index=17&type=section&id=%E5%90%88%20%E4%BD%B5%20%E5%88%A9%20%E6%BD%A4%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's total operating revenue decreased by 3.40% year-over-year to RMB 1.50 billion, with the net loss attributable to parent company shareholders widening by 8.09% to RMB 278.18 million Key Data from Consolidated Income Statement (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating revenue | 1,500,470,309.76 | 1,553,358,452.26 | -3.40% | | Total operating costs | 1,846,670,942.48 | 1,882,149,083.44 | -1.89% | | Operating profit | -329,316,352.67 | -313,793,031.30 | -4.95% | | Total profit | -324,780,391.79 | -315,039,567.24 | -3.10% | | Net profit | -328,240,737.00 | -319,313,114.02 | -2.79% | | Net profit attributable to shareholders of the parent company | -278,177,080.22 | -257,357,295.18 | -8.09% | | Basic earnings per share | -0.25 | -0.23 | -8.70% | [Parent Company Income Statement (Unaudited)](index=23&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E5%88%A9%20%E6%BD%A4%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the parent company's operating revenue significantly increased by 259.57% year-over-year to RMB 350.82 million, while the net loss narrowed by 18.69% to RMB 41.55 million Key Data from Parent Company Income Statement (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 350,817,891.13 | 97,567,903.51 | +259.57% | | Operating costs | 343,887,443.53 | 95,598,420.71 | +259.74% | | Operating profit | -42,333,129.75 | -51,075,902.62 | +17.09% | | Total profit | -41,564,100.28 | -51,075,915.58 | +18.62% | | Net profit | -41,546,448.98 | -51,093,275.17 | +18.69% | [Consolidated Statement of Cash Flows (Unaudited)](index=26&type=section&id=%E5%90%88%20%E4%BD%B5%20%E7%8F%BE%20%E9%87%91%20%E6%B5%81%20%E9%87%8F%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's net cash flow from operating activities turned negative to RMB -50.71 million, while net cash flow from financing activities turned positive to RMB 159.54 million Key Data from Consolidated Statement of Cash Flows (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | -50,708,328.58 | 2,381,171.66 | -2237.92% | | Net cash flow from investing activities | -73,967,557.57 | -147,850,885.18 | +49.97% | | Net cash flow from financing activities | 159,540,961.07 | -195,531,541.11 | +181.60% | | Net increase in cash and cash equivalents | 34,893,597.13 | -341,015,021.71 | +110.23% | | Closing balance of cash and cash equivalents | 1,051,200,772.35 | 896,795,765.01 | +17.22% | [Parent Company Statement of Cash Flows (Unaudited)](index=31&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E7%8F%BE%20%E9%87%91%20%E6%B5%81%20%E9%87%8F%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the parent company's net cash flow from operating activities turned positive to RMB 80.20 million, and net cash inflow from investing activities increased significantly Key Data from Parent Company Statement of Cash Flows (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 80,198,751.91 | -259,911,142.48 | +130.85% | | Net cash flow from investing activities | 81,159,015.34 | 10,372,557.68 | +682.44% | | Net cash flow from financing activities | -157,509,683.94 | -85,456,387.45 | -84.32% | | Net increase in cash and cash equivalents | 3,848,083.31 | -334,994,972.25 | +101.15% | | Closing balance of cash and cash equivalents | 764,109,267.64 | 713,387,722.13 | +7.11% | [Consolidated Statement of Changes in Equity (Unaudited)](index=33&type=section&id=%E5%90%88%20%E4%BD%B5%20%E6%89%80%20%E6%9C%89%20%E8%80%85%20%E6%AC%8A%20%E7%9B%8A%20%E8%AE%8A%20%E5%8B%95%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's total equity attributable to parent company shareholders decreased by RMB 275.03 million, primarily due to an expanded net loss Key Data from Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Change in total equity attributable to owners of the parent | -275,025,723.76 | -355,628,130.07 | | Total comprehensive income | -328,212,214.79 | -319,326,881.10 | | Total comprehensive income attributable to owners of the parent | -278,148,558.01 | -257,371,062.26 | | Total comprehensive income attributable to minority interests | -50,063,656.78 | -61,955,818.84 | [Parent Company Statement of Changes in Equity (Unaudited)](index=36&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E6%89%80%20%E6%9C%89%20%E8%80%85%20%E6%AC%8A%20%E7%9B%8A%20%E8%AE%8A%20%E5%8B%95%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the parent company's total equity decreased by RMB 41.55 million, mainly due to the net loss Key Data from Parent Company Statement of Changes in Equity (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Change in total equity | -41,546,448.98 | -51,093,275.17 | | Total comprehensive income | -41,546,448.98 | -51,093,275.17 | [Notes to the Unaudited Interim Financial Statements](index=38&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%9A%84%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. General Information](index=38&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Dongjiang Environmental Company Limited is a joint-stock limited company registered in China, with its H-shares and A-shares listed on the Hong Kong and Shenzhen stock exchanges, respectively - The company's **H-shares and A-shares are listed** on the Hong Kong Stock Exchange and Shenzhen Stock Exchange, respectively[52](index=52&type=chunk) - The Group's main business scope includes **industrial waste recycling, treatment and disposal, wastewater and waste gas treatment, and precious metal recovery**[52](index=52&type=chunk) [2. Basis of Preparation](index=39&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises and relevant disclosure requirements - The financial statements are prepared on a **going concern basis**, following the Accounting Standards for Business Enterprises of China and relevant disclosure regulations[53](index=53&type=chunk) - Management has assessed that the company has **sufficient funds** to meet its needs for the next 12 months, with no significant doubts about its ability to continue as a going concern[53](index=53&type=chunk) - This interim result is **unaudited** but has been reviewed by the Audit and Risk Management Committee[54](index=54&type=chunk) [3. Operating Revenue](index=40&type=section&id=3.%20%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 1.50 billion, a year-over-year decrease of 3.40%, mainly due to a significant drop in revenue from precious metal recycling Analysis of Operating Revenue by Industry (For the six months ended June 30, 2025 vs Same period in 2024) | Industry Segment | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Industrial Waste Recycling | 646,104,217.38 | 564,376,350.26 | +14.48% | | Industrial Waste Treatment and Disposal | 396,990,856.03 | 401,533,859.48 | -1.13% | | Precious Metal Recycling | 287,227,264.88 | 396,750,877.20 | -27.61% | | Municipal Waste Treatment and Disposal | 44,642,362.92 | 61,648,664.38 | -27.59% | | Renewable Energy Utilization | 10,590,979.26 | 15,145,986.04 | -30.08% | | Environmental Engineering and Services | 28,246,587.57 | 50,003,630.90 | -43.51% | | E-waste Dismantling | 67,557,360.90 | 54,742,150.14 | +23.41% | | Other Businesses | 19,110,680.82 | 9,156,933.86 | +108.71% | | **Total** | **1,500,470,309.76** | **1,553,358,452.26** | **-3.40%** | [4. Segment Information](index=41&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operations are divided into eight reportable segments, with most segments reporting a loss for the period, led by industrial waste treatment and disposal - The company's business is divided into **8 reportable segments**, including industrial waste recycling, industrial waste treatment and disposal, precious metal recycling, and others[56](index=56&type=chunk) Segment Operating Revenue and Total Profit (For the six months ended June 30, 2025) | Item | Industrial Waste Recycling | Industrial Waste Treatment & Disposal | Precious Metal Recycling | Municipal Waste Treatment & Disposal | E-waste Dismantling | Environmental Engineering & Services | Renewable Energy Utilization | Others | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB Yuan) | 661,524,909.18 | 418,926,680.14 | 287,227,264.88 | 44,642,362.92 | 67,557,360.90 | 40,908,544.61 | 10,590,979.26 | 26,187,343.82 | | Total Profit (RMB Yuan) | -52,618,411.21 | -194,426,714.65 | -9,576,803.30 | 6,359,051.30 | -9,750,112.09 | 3,576,311.30 | -2,889,308.65 | 1,410,322.78 | [5. Finance Costs](index=42&type=section&id=5.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, the Group's total finance costs were RMB 93.87 million, remaining stable compared to the same period last year Breakdown of Finance Costs (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest expense | 94,743,471.81 | 99,028,016.25 | -4.29% | | Less: Interest income | 2,603,195.24 | 4,522,859.03 | -42.45% | | Foreign exchange gains/losses | 1,517,236.25 | -753,018.73 | +301.35% | | Bank charges and others | 217,207.84 | 143,120.45 | +51.76% | | **Total** | **93,874,720.66** | **93,895,258.94** | **-0.02%** | [6. Taxation](index=43&type=section&id=6.%20%E7%A8%85%20%E9%A0%85) For the six months ended June 30, 2025, the Group's income tax expense was RMB 3.46 million, a year-over-year decrease of 19.03%, while the company benefits from various tax preferential policies Income Tax Expense (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current income tax expense | 3,749,946.01 | 4,759,422.68 | -21.21% | | Deferred income tax expense | -289,600.80 | -485,875.90 | +40.39% | | **Total** | **3,460,345.21** | **4,273,546.78** | **-19.03%** | - The company enjoys a **"three-year exemption and three-year half-reduction" income tax preferential policy** for environmental protection and energy-saving projects, involving several subsidiaries[72](index=72&type=chunk) - Multiple subsidiaries of the company enjoy **income tax incentives for comprehensive resource utilization**, with revenue calculated at 90% of the total amount[72](index=72&type=chunk) - Subsidiaries such as Humen Lvyuan and Xiantao Dongjiang enjoy a **preferential 15% income tax rate** for third-party pollution control enterprises[73](index=73&type=chunk) - Multiple subsidiaries are recognized as **high-tech enterprises** and enjoy a preferential 15% income tax rate[73](index=73&type=chunk) - The company benefits from various **VAT incentives**, including 100% refund for landfill gas power generation and partial refunds for waste/sludge/sewage treatment services[76](index=76&type=chunk) [7. Loss Per Share](index=53&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, the Group's basic loss per share was RMB 0.25, an increase from RMB 0.23 in the same period last year Loss Per Share (For the six months ended June 30, 2025 vs Same period in 2024) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic loss per share (RMB Yuan) | -0.25 | -0.23 | | Diluted loss per share (RMB Yuan) | -0.25 | -0.23 | | Loss attributable to ordinary equity holders of the parent (RMB Yuan) | 278,177,080.22 | 257,357,295.18 | | Weighted average number of shares in issue (shares) | 1,105,255,802 | 1,105,255,802 | - The Group had **no potential dilutive ordinary shares** outstanding during the current and prior periods[78](index=78&type=chunk) [8. Dividends](index=53&type=section&id=8.%20%E8%82%A1%20%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board **does not recommend the payment of an interim dividend** for the six months ended June 30, 2025[79](index=79&type=chunk)[141](index=141&type=chunk) [9. Trade and Other Receivables](index=53&type=section&id=9.%20%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE) As of June 30, 2025, the Group's total trade receivables amounted to RMB 1.13 billion, with a credit period generally set at three months for customers Aging Analysis of Trade Receivables (As of June 30, 2025 vs December 31, 2024) | Aging | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Within 1 year | 512,746,062.02 | 540,139,017.80 | | 1-2 years | 168,691,267.01 | 188,934,086.00 | | 2-3 years | 180,468,225.19 | 192,854,302.94 | | Over 3 years | 272,364,960.69 | 235,942,934.55 | | **Total** | **1,134,270,514.91** | **1,157,870,341.29** | - The company applies an internal credit assessment policy for new customers, with a **credit period generally of three months**, which can be extended to six months for major customers[81](index=81&type=chunk) [10. Trade and Other Payables](index=55&type=section&id=10.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, the Group's total trade payables amounted to RMB 500.16 million, a decrease of 18.63% from the beginning of the period Aging Analysis of Trade Payables (As of June 30, 2025 vs December 31, 2024) | Aging | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Within 90 days | 367,098,862.85 | 479,203,580.77 | | 91 to 180 days | 17,720,105.81 | 23,751,599.77 | | 181 to 365 days | 40,511,096.30 | 34,502,763.87 | | Over 1 year | 74,830,599.44 | 77,278,936.55 | | **Total Trade Payables** | **500,160,664.40** | **614,736,880.96** | [11. Net Current Assets](index=56&type=section&id=11.%20%E6%B7%A8%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net current assets were RMB -149.68 million, showing an improvement but remaining negative Net Current Assets (As of June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Current assets | 3,600,500,457.56 | 3,563,956,903.50 | | Less: Current liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | **Net Current Assets** | **-149,680,265.62** | **-313,272,315.54** | [12. Total Assets Less Current Liabilities](index=56&type=section&id=12.%20%E7%B8%BD%E8%B3%87%E7%94%A2%E6%B8%9B%E6%B5%81%E5%8B%95%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total assets less current liabilities amounted to RMB 7.28 billion, a slight decrease from the end of 2024 Total Assets Less Current Liabilities (As of June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total assets | 11,025,527,347.49 | 11,278,479,415.46 | | Less: Current liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | **Total Assets Less Current Liabilities** | **7,275,346,624.31** | **7,401,250,196.42** | [13. Leases](index=57&type=section&id=13.%20%E7%A7%9F%20%E8%B3%83) For the six months ended June 30, 2025, the Group's rental income from land and buildings was RMB 5.68 million, a year-over-year decrease of 6.89% Lease Income and Future Minimum Lease Payments Receivable (As of June 30, 2025 vs Same period/end of 2024) | Item | H1/End of 2025 (RMB Yuan) | H1/End of 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Rental income from land and buildings | 5,684,646.06 | 6,104,944.86 | -6.89% | | Minimum lease payments receivable within one year | 10,894,111.22 | 12,871,557.61 | -15.36% | | Short-term lease expenses recognized in profit or loss | 4,091,997.49 | N/A | N/A | | Total cash outflow for leases | 7,112,406.89 | N/A | N/A | [14. Changes in the Scope of Consolidation](index=58&type=section&id=14.%20%E5%90%88%E4%BD%B5%E7%AF%84%E5%9C%8D%E7%9A%84%E8%AE%8A%E6%9B%B4) During the reporting period, the Group added one new subsidiary, Dongjiang Automobile Resources Recycling (Hubei) Co, Ltd, through establishment with a 51.00% equity interest Increase in Scope of Consolidation (First half of 2025) | Company Name | Method of Acquisition | Date of Acquisition | Capital Contribution (RMB Yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Dongjiang Automobile Resources Recycling (Hubei) Co, Ltd | Newly established subsidiary | June 3, 2025 | 25,500,000.00 | 51.00 | [15. Commitments and Contingencies](index=58&type=section&id=15.%20%E6%89%BF%E8%AB%BE%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A0%85) As of June 30, 2025, the Group's significant commitments totaled RMB 91.64 million, and it faced several lawsuits, including a franchise agreement termination and a frozen fund issue Significant Commitments (As of June 30, 2025 vs December 31, 2024) | Item | Closing Balance (RMB Yuan) | Opening Balance (RMB Yuan) | | :--- | :--- | :--- | | Major contracting agreements | 57,171,416.77 | 71,830,125.95 | | Commitments for the purchase and construction of long-term assets | 23,043,041.61 | 23,002,506.21 | | External investment commitments | 11,426,136.84 | 23,406,302.44 | | **Total** | **91,640,595.22** | **118,238,934.60** | - The **Shaoyang City operating franchise agreement was unilaterally terminated** by the government due to policy changes; the company has filed an administrative lawsuit for compensation, and the case is awaiting judgment[88](index=88&type=chunk)[89](index=89&type=chunk) - Subsidiary **Hunan Dongjiang was sued** by Jiayuan Environmental over a landfill leachate treatment service contract dispute; the company has filed a counterclaim, and the case has been suspended[91](index=91&type=chunk)[92](index=92&type=chunk) - Some funds in the company's dedicated account for raised capital were **frozen due to a contract dispute**, involving an amount of **RMB 96.32 million**; the case has been heard in court and is awaiting judgment[94](index=94&type=chunk) [16. Related Party Transactions](index=62&type=section&id=16.%20%E9%97%9C%E8%81%AF%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, the Group's purchases from related parties increased by 14.31% while sales to related parties decreased by 31.72% Related Party Transactions for Goods and Services (For the six months ended June 30, 2025 vs Same period in 2024) | Transaction Type | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Purchases of goods and services from related parties | 2,613,936.66 | 2,286,862.29 | +14.31% | | Sales of goods and provision of services to related parties | 4,613,057.52 | 6,756,334.30 | -31.72% | Related Party Guarantees (As of June 30, 2025) | Guaranteed Party | Relationship | Guarantee Amount (RMB Yuan) | Start Date | End Date | | :--- | :--- | :--- | :--- | :--- | | Mianyang Dongjiang Environmental Protection Technology Co, Ltd | Subsidiary | 246,000,000.00 | 2021-04-01 | 2030-03-25 | | Foshan Fulong Environmental Protection Technology Co, Ltd | Subsidiary | 160,497,000.00 | 2020-03-18 | 2030-03-18 | | Xiamen Oasis Environmental Protection Industry Co, Ltd | Subsidiary | 80,000,000.00 | 2024-06-27 | 2027-06-27 | | Fujian Xingye Dongjiang Environmental Technology Co, Ltd | Associate | 57,375,000.00 | 2021-06-30 | 2026-09-15 | | Dongguan Fengye Solid Waste Treatment Co, Ltd | Associate | 44,000,000.00 | 2018-10-15 | 2033-10-15 | | **Total** | | **587,872,000.00** | | | Key Management Personnel Remuneration (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Key management personnel remuneration | 3,620,453.15 | 3,364,618.13 | +7.60% | [17. Approval of the Condensed Interim Financial Information](index=63&type=section&id=17.%20%E6%89%B9%E5%87%86%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The Group's condensed interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on August 22, 2025 - The condensed interim financial information was **approved by the Board of Directors** on August 22, 2025[104](index=104&type=chunk) [Management Discussion and Analysis](index=64&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=64&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the company's hazardous waste collection volume grew over 10%, but intense competition squeezed profit margins, while new business ventures in auto parts remanufacturing were initiated - Hazardous waste collection volume **grew by over 10%**, but profit margins were squeezed due to lower prices for harmless treatment and higher discount rates for resource utilization[106](index=106&type=chunk) - Revenue from the precious metals recycling business **declined by over 20%**, significantly impacted by metal prices[106](index=106&type=chunk) - The company achieved product sales of **RMB 646 million**, with sales of new products surging by **272% year-over-year**[107](index=107&type=chunk) - In R&D, **15 new patents were applied for**, and AI was applied to the comprehensive environmental services industry chain[108](index=108&type=chunk) - The company entered the **auto parts remanufacturing sector** and registered three new brands: "Dongjiang Regeneration," "Dongjiang Renewal," and "Dongjiang New Green"[108](index=108&type=chunk) - The company will continue to deepen reforms, optimize its business structure, and increase its focus on the **resource recycling sector**[109](index=109&type=chunk) [Financial Review](index=66&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the Group's total operating revenue decreased by 3.40% year-over-year to RMB 1.50 billion, with the net loss attributable to parent company shareholders widening by 8.09% to RMB 278.18 million Key Financial Review Indicators (For the six months ended June 30, 2025 vs Same period in 2024) | Indicator | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating revenue | 1,500,470,309.76 | 1,553,358,452.26 | -3.40% | | Comprehensive gross profit margin | 3.24% | 5.00% | -1.76 percentage points | | Net profit attributable to shareholders of the parent company | -278,177,080.22 | -257,357,295.18 | -8.09% | | Selling expenses | 41,851,616.53 | 38,307,401.98 | +9.26% | | Administrative expenses | 170,893,774.94 | 187,314,630.91 | -8.77% | | Finance costs | 93,874,720.66 | 93,895,258.94 | -0.02% | | Income tax expense | 3,460,345.21 | 4,273,546.78 | -19.03% | - The decrease in total operating revenue was mainly due to a **27.61% reduction** in revenue from the precious metals recycling business[110](index=110&type=chunk) - The **widening net loss attributable to the parent** was primarily due to intense market competition and sustained pressure on the main business's profit margins[111](index=111&type=chunk) - The increase in selling expenses was mainly due to **higher business commissions** resulting from increased collection volumes in the harmless treatment business[112](index=112&type=chunk) [Financial Position and Liquidity](index=68&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91) As of June 30, 2025, the Group's net current assets were RMB -149.68 million, with a debt-to-asset ratio of 65.31% and cash and cash equivalents of approximately RMB 1.05 billion Key Financial Position and Liquidity Indicators (As of June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Net current assets | -149,680,265.62 | -313,272,315.54 | | Cash and cash equivalents | 1,051,200,772.35 | 1,016,307,175.22 | | Total liabilities | 7,200,623,387.22 | 7,127,589,598.80 | | Debt-to-asset ratio | 65.31% | 63.20% | | Bank loans | 4,827,608,335.70 | 5,088,018,406.13 | - The Board believes the Group has a **solid financial position and sufficient liquidity** to meet future business development needs[116](index=116&type=chunk) [Material Investments, Acquisitions, and Disposals of Subsidiaries, Associates, or Joint Ventures](index=68&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%88%96%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD) During the reporting period, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had **no material investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures[117](index=117&type=chunk) [Future Plans for Material Investments or Capital Assets](index=68&type=section&id=%E6%9C%AA%E4%BE%86%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E6%80%A7%E8%B3%87%E7%94%A2%E8%A8%88%E5%8A%83) Other than as disclosed in this report, the Group has no other future plans for material investments or capital assets - Other than as disclosed in this report, the Group has **no other future plans for material investments** or capital assets[118](index=118&type=chunk) [Interest Rate and Foreign Exchange Risks](index=69&type=section&id=%E5%88%A9%E7%8E%87%E5%8F%8A%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group is exposed to fair value interest rate risk from fixed-rate bank loans and cash flow interest rate risk from floating-rate loans, while managing foreign exchange risk through forward contracts - The Group is exposed to **fair value interest rate risk** on fixed-rate bank loans and **cash flow interest rate risk** on floating-rate bank loans[119](index=119&type=chunk) - The company maintains floating-rate bank loans to mitigate cash flow interest rate risk and monitors interest rate fluctuations[119](index=119&type=chunk) - Foreign exchange risk mainly arises from assets and liabilities denominated in HKD and USD; the company has used **forward foreign exchange contracts** to hedge against foreign currency borrowing risks[120](index=120&type=chunk) [Contingent Liabilities](index=70&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) Other than the litigation and guarantee matters disclosed in Note 15 to the financial statements, the Group had no other material contingent liabilities as of June 30, 2025 - Other than as disclosed in Note 15 to the financial statements, the Group had **no other material contingent liabilities**[121](index=121&type=chunk) [Employee Information and Remuneration Policy](index=70&type=section&id=%E5%83%B1%E5%93%A1%E8%B3%87%E6%96%99%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 3,904 full-time employees, with total staff costs for the first half of the year amounting to approximately RMB 274.59 million Employee Information and Costs (As of June 30, 2025 vs Dec 31, 2024/Same period in 2024) | Indicator | June 30, 2025/H1 2025 | Dec 31, 2024/H1 2024 | | :--- | :--- | :--- | | Number of full-time employees | 3,904 | 3,984 | | Total staff costs (RMB Yuan) | 274,589,998.00 | 278,693,042.50 | - The Group provides employees with **continuous training, a comprehensive remuneration package**, and a range of additional benefits, including retirement benefits, housing allowances, and medical insurance[122](index=122&type=chunk) [Events During the Period](index=71&type=section&id=%E6%9C%9F%E5%85%A7%E4%BA%8B%E9%A0%85) During the period, the company fulfilled guarantee obligations for subsidiaries, signed a new financial services agreement, issued RMB 400 million in medium-term notes, and changed its H-share registrar - The company fulfilled its guarantee obligation for its subsidiary Mianyang Dongjiang by paying **RMB 21.81 million**[123](index=123&type=chunk) - The company fulfilled its guarantee obligation for its subsidiary Tangshan Wanders by paying **RMB 111.10 million**[124](index=124&type=chunk) - The company entered into a **new financial services agreement with GDFM**, which has been approved by independent shareholders[126](index=126&type=chunk) - The company successfully issued **RMB 400 million** of the first tranche of 2025 medium-term notes with an annual interest rate of **2.66%**[127](index=127&type=chunk) - Effective from July 27, 2025, the H-share registrar will be changed to **Tricor Investor Services Limited**[128](index=128&type=chunk) [Use of Proceeds from the Non-public Issuance of A-Shares](index=73&type=section&id=%E9%9D%9E%E5%85%AC%E9%96%8B%E7%99%BC%E8%A1%8CA%E8%82%A1%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Of the approximately RMB 1.19 billion in net proceeds, RMB 8.95 million was utilized as of June 30, 2025, with some fundraising projects being postponed Use of Proceeds from Non-public A-Share Issuance (As of June 30, 2025) | Proposed Use of Proceeds | Allocated Net Proceeds (RMB million) | Unutilized Net Proceeds (Jan 1, 2025) (RMB million) | Utilized Net Proceeds (H1 2025) (RMB million) | Unutilized Net Proceeds (June 30, 2025) (RMB million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction of Jieyang Dananhai Petrochemical Industrial Zone Green Recycling Center Phase I | 410.00 | 271.52 | 7.26 | 264.26 | By Dec 2025 | | Expansion of Jingzhou City Jiangling County Sewage Treatment Plant (Phase II) in Hubei Province | 165.00 | 93.99 | – | 93.99 | By Dec 2025 | | Digital and Intelligent Construction Project | 184.31 | 160.25 | 0.09 | 160.16 | By Dec 2028 | | Hazardous Waste Treatment Transformation and Upgrade Project | 95.00 | 64.88 | 1.60 | 63.28 | By Dec 2028 | | Supplement general working capital | 340.00 | – | – | – | – | | **Total** | **1,194.31** | **590.64** | **8.95** | **581.69** | | - The company has used the proceeds to replace **RMB 133 million** of self-raised funds pre-invested in the projects and **RMB 1.25 million** in issuance expenses[130](index=130&type=chunk) - Some of the investment projects funded by the proceeds have been **postponed**[131](index=131&type=chunk) [Directors', Supervisors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=74&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no directors, supervisors, or chief executives of the Company had any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations - As of June 30, 2025, **no directors, supervisors, or chief executives** of the Company had any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[132](index=132&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=75&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Guangdong Rising Holdings Group was the largest shareholder, holding a combined interest of 26.37% of the total share capital Substantial Shareholders' Interests in Shares and Underlying Shares (As of June 30, 2025) | Shareholder Name | Class of Shares | Number of Shares | Approx. % of Relevant Share Class | % of Company's Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Guangdong Rising Holdings Group | A-shares | 266,279,028 | 29.42% | 24.09% | | | H-shares | 25,179,200 | 12.58% | 2.28% | | Baowu Environment | A-shares | 86,629,001 | 9.57% | 7.84% | | | A-shares (Interest of controlled corporation) | 37,664,783 | 4.16% | 4.16% | | Huihong Group | A-shares | 50,087,669 | 5.53% | 4.53% | | | A-shares (Interest of controlled corporation) | 25,995,038 | 2.87% | 2.35% | | | H-shares (Interest of controlled corporation) | 18,204,800 | 9.10% | 1.65% | - Percentages are calculated based on **1,105,255,802 shares in issue** as of June 30, 2025 (comprising 200,137,500 H-shares and 905,118,302 A-shares)[135](index=135&type=chunk) [Share Option Scheme](index=77&type=section&id=%E8%82%A1%E4%BB%BD%E8%A8%88%E5%8A%83) During the reporting period, the Group did not implement any share option scheme as defined in Chapter 17 of the Listing Rules - During the reporting period, the Group **did not implement any share option scheme** as defined in Chapter 17 of the Listing Rules[137](index=137&type=chunk) [Competing Interests or Business](index=77&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A%E6%88%96%E6%A5%AD%E5%8B%99) During the reporting period, no director, supervisor, chief executive, or substantial shareholder of the Company had any interest in a business that competes or is likely to compete with the Group's business - During the reporting period, **no director, supervisor, chief executive, or substantial shareholder** of the Company had any interest in a business that competes or is likely to compete with the Group's business[138](index=138&type=chunk) [Audit and Risk Management Committee and Review of Interim Results](index=78&type=section&id=%E5%AF%A9%E8%A8%88%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Company's Audit and Risk Management Committee, chaired by Mr. Li Kwok Tung, has reviewed the Group's unaudited interim results for the six months ended June 30, 2025 - The Audit and Risk Management Committee comprises **Mr. Li Kwok Tung (Chairman), Mr. Li Jinhui, and Mr. Wang Shi**[139](index=139&type=chunk) - The Committee has **reviewed the Group's interim results** and financial statements for the six months ended June 30, 2025, which have not been reviewed by the company's auditor[139](index=139&type=chunk) [Purchase, Sale or Redemption of its Listed Securities](index=78&type=section&id=%E8%B3%BC%E5%85%A5%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E5%85%B6%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries **repurchased, sold, or redeemed** any of the Company's listed securities[140](index=140&type=chunk) [Interim Dividend](index=78&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board **does not recommend the payment of any interim dividend** for the six months ended June 30, 2025[141](index=141&type=chunk) [Corporate Governance](index=78&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to maintaining a high standard of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code - The Company is committed to maintaining a **high overall standard of corporate governance** by continuously improving its corporate management practices and procedures[142](index=142&type=chunk) - The Company has **complied with all applicable code provisions** of the Corporate Governance Code during the reporting period[142](index=142&type=chunk) [Changes in Information of Directors](index=79&type=section&id=%E6%9C%89%E9%97%9C%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E7%9A%84%E8%AE%8A%E5%8B%95) There were no changes in the information of the directors that are required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules - There were **no changes in the information of the directors** that are required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules[143](index=143&type=chunk) [Directors' and Supervisors' Dealings in Securities](index=79&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E8%B2%B7%E8%B3%A3) The Company has adopted the Model Code as the code of conduct for securities transactions by directors and supervisors, all of whom have confirmed compliance during the reporting period - The Company has adopted the **Model Code** as the code of conduct for securities transactions by directors and supervisors[144](index=144&type=chunk) - All directors and supervisors have **confirmed their compliance** with the required standards set out in the Model Code during the reporting period[144](index=144&type=chunk)

Market Overview - On August 28, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.07%, the Shenzhen Component Index up 0.56%, and the ChiNext Index up 1.26% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.8082 trillion CNY, an increase of 619 billion CNY compared to the previous day [1] Semiconductor Sector - The photolithography machine concept stocks experienced a collective rise, with companies like Kaimete Gas, Haili Shares, Maolai Optics, and New Lai Materials showing active trading [3] - The semiconductor sector saw a significant boost, with SMIC's stock price increasing by over 10% [3] - Individual stocks such as Xingwang Yuda and Zhangjiang Hi-Tech hit the daily limit within just 2 minutes of trading [3][12] Company Highlights - Cambrian (688256) reached a new historical high, with its stock price exceeding Kweichow Moutai, trading at 1,484.02 CNY, marking a month-to-date increase of over 100% [7] - Cambrian's total market capitalization reached 615 billion CNY, while Kweichow Moutai's market cap stood at 1.82 trillion CNY [7] - Cambrian reported a revenue of 2.881 billion CNY for the first half of 2025, a year-on-year increase of 4,347.82%, and a net profit of 1.038 billion CNY, indicating a turnaround from losses [12] Financial Performance - Zhangjiang Hi-Tech reported a revenue of 1.704 billion CNY for the first half of 2025, a year-on-year growth of 39.05%, with a net profit of 369 million CNY, up 38.64% [12] - The company announced a dividend plan, proposing to distribute 0.72 CNY per share to shareholders [12] Satellite Communication Sector - Satellite communication concept stocks saw a strong performance, with companies like Chuangyi Information and Zhenlei Technology rising over 10%, and Xingwang Yuda hitting the daily limit within 2 minutes [12] - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry, aiming for significant advancements by 2030 [13]

Core Viewpoint - Dongjiang Environmental Protection (002672) reported disappointing financial results for the first half of 2025, with a decline in revenue and net profit compared to the previous year, indicating increased short-term debt pressure and weak operational performance [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.5 billion yuan, a decrease of 3.4% year-on-year [1]. - The net profit attributable to shareholders was -278 million yuan, down 8.09% year-on-year [1]. - In Q2 2025, total revenue was 805 million yuan, an increase of 5.41% year-on-year, while net profit was -132 million yuan, a decline of 29.91% year-on-year [1]. - The gross profit margin was 3.24%, a decrease of 35.33% year-on-year, and the net profit margin was -21.88%, down 6.42% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 307 million yuan, accounting for 20.43% of revenue, a slight decrease of 0.65% year-on-year [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 2229.55%, attributed to increased inventory in precious metals and industrial waste resource utilization [3]. - The net cash flow from investing activities increased by 49.97%, due to reduced investment payments for project construction [3]. - The net cash flow from financing activities increased by 181.59%, driven by an increase in interest-bearing debt [3]. - The liquidity ratio was 0.96, indicating rising short-term debt pressure [1][4]. Historical Performance and Investment Returns - The company's historical median Return on Invested Capital (ROIC) over the past decade was 6.16%, with a notably poor ROIC of -7.02% in 2023 [3]. - The company has reported losses in three out of twelve annual reports since its listing, suggesting a fragile business model [3]. Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 35.82% and the average operating cash flow over the past three years to current liabilities at 4.2% [4]. - The interest-bearing debt ratio reached 52.08%, and the total interest-bearing debt to average operating cash flow over the past three years was 42.02% [4]. - Financial expenses accounted for 135.94% of the average operating cash flow over the past three years, indicating high financial costs [4].

Group 1 - The eighth meeting of the eighth supervisory board of Dongjiang Environmental Protection Co., Ltd. was held on August 22, 2025, in Shenzhen, Guangdong Province, with all three supervisors present [1] - The supervisory board approved the proposal regarding the 2025 semi-annual report, summary, and semi-annual performance announcement with a unanimous vote of 3 in favor [1][2] - The supervisory board confirmed that the procedures for reviewing the semi-annual report complied with relevant laws and regulations, and the report accurately reflects the company's actual situation without any false records or significant omissions [1] Group 2 - The supervisory board also approved the special report on the storage and use of raised funds for the first half of 2025, with a unanimous vote of 3 in favor [2] - The supervisory board found that the company's use of raised funds complies with the regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and the report accurately reflects the situation regarding the storage and use of raised funds [2] - Detailed information can be found in the special report disclosed on the company's website [2]