[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the report's authenticity and completeness; the report is unaudited, with no profit distribution or capital reserve conversion planned, and investors should be aware of forward-looking statements and investment risks - The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, bearing legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - The company plans no profit distribution or capital reserve conversion for this reporting period[6](index=6&type=chunk) - Forward-looking statements in this report do not constitute a substantial commitment to investors; investors should be aware of investment risks[7](index=7&type=chunk) - No non-operating funds occupied by controlling shareholders or related parties, nor any irregular external guarantees[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including company names, reporting period, regulatory bodies, related parties, and specific water utility business models like BOT and BT, ensuring accurate understanding of the content - "Interchina Water", "Company", "the Company" refer to Heilongjiang Interchina Water Treatment Co., Ltd[13](index=13&type=chunk) - "2025 Semi-Annual Period", "Reporting Period" refer to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Explains BOT (Build-Operate-Transfer) and BT (Build-Transfer) business models for water projects[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's Chinese name, abbreviation, foreign name, and legal representative information - The company's Chinese name is Heilongjiang Interchina Water Treatment Co., Ltd., abbreviated as Interchina Water[16](index=16&type=chunk) - The legal representative is Ding Hongwei[16](index=16&type=chunk) [Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - Board Secretary is Zhuang Jianlong, Securities Affairs Representative is Dai Yang[17](index=17&type=chunk) - Company contact address is 2nd Floor, West Building, No. 1, 1188 Lianhang Road, Minhang District, Shanghai[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines historical changes to the company's registered address and provides its current office address, website, and email - The company's registered address changed on December 24, 2019, and June 29, 2022, currently located at Room 324-326, 3rd Floor, Building A1, China Cloud Valley Software Park, No. 9 Songhua Road, Haping Road Centralized Area, Harbin Economic and Technological Development Zone, Harbin, Heilongjiang Province[18](index=18&type=chunk)[19](index=19&type=chunk) - Company office address is 2nd Floor, West Building, No. 1, 1188 Lianhang Road, Minhang District, Shanghai, and the company website is www.interchinawater.com[19](index=19&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's selected newspapers for information disclosure, the website for semi-annual reports, and the location for report custody - Selected information disclosure newspapers are "China Securities Journal" and "Shanghai Securities News", with the semi-annual report website at www.sse.com.cn[20](index=20&type=chunk) - The company's semi-annual report is available at the company's Securities Affairs Department[20](index=20&type=chunk) [Brief Introduction to Company Shares](index=6&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section briefly introduces the company's stock type, listing exchange, stock abbreviation, and stock code - Company stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Interchina Water and stock code 600187[21](index=21&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year declines in operating revenue and total profit, a shift from profit to loss for net profit attributable to shareholders, and negative basic EPS and ROE Major Accounting Data (Jan-Jun 2025 vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 77,036,699.15 | 85,494,686.40 | -9.89 | | Total Profit | -17,291,330.48 | 5,677,879.50 | -404.54 | | Net Profit Attributable to Listed Company Shareholders | -18,317,632.48 | 5,179,950.32 | -453.63 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -15,175,415.92 | 10,845,517.79 | -239.92 | | Net Cash Flow from Operating Activities | -25,695,315.85 | -21,957,770.75 | Not Applicable | | **Current Period End** | **Prior Year End** | **Current Period End vs. Prior Year End Change (%)** | | | Net Assets Attributable to Listed Company Shareholders | 3,186,051,258.90 | 3,205,272,730.75 | -0.60 | | Total Assets | 3,422,456,032.03 | 3,600,734,727.21 | -4.95 | Major Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year Period (Jan-Jun) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.0114 | 0.0032 | -454.71 | | Diluted Earnings Per Share (yuan/share) | -0.0114 | 0.0032 | -454.71 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.0094 | 0.0067 | -240.35 | | Weighted Average Return on Net Assets (%) | -0.57 | 0.16 | -0.73 | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -0.48 | 0.34 | -0.82 | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details non-recurring gains and losses for the reporting period, totaling **-3,142,216.56 yuan**, primarily including disposal gains/losses on non-current assets, government subsidies, and fair value changes Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 2,713,569.53 | Investment income from disposal of long-term equity investments | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 156,225.35 | | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | -6,302,866.31 | Securities investment, wealth management income, private equity fund redemption income, etc | | Other non-operating income and expenses apart from the above | 215,848.23 | | | Less: Impact of minority interests (after tax) | -75,006.64 | | | **Total** | **-3,142,216.56** | | [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Explanation of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The environmental protection industry is experiencing growth driven by national policies, market evolution, and technological innovation, particularly in urban wastewater treatment upgrades; the company, as a private comprehensive water utility, focuses on wastewater treatment and environmental engineering services with nationwide investment and operation capabilities - China's environmental protection market shows new development trends with national policy support, 2025 being a critical year for transformation and upgrading[27](index=27&type=chunk) - "14th Five-Year Plan" promotes urban wastewater treatment, with rapid growth expected in upgrading and efficiency improvement markets[27](index=27&type=chunk) - Company's main business is wastewater treatment and environmental engineering technical services, with nationwide investment and operation capabilities, using BOT, BT, EPC models[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's wastewater treatment business operates through 7 project companies under concession agreements; during the reporting period, both treated and billed wastewater volumes decreased year-on-year, mainly due to winter temperatures and influent water quality fluctuations - Company's wastewater treatment business operates through 7 project companies, primarily under concession models[28](index=28&type=chunk) Wastewater Treatment Project Company Status (Partial) | No. | Project Company | Concession Period | Contracted Water Treatment Capacity (10,000 tons/day) | Existing Water Treatment Capacity (10,000 tons/day) | | :--- | :--- | :--- | :--- | :--- | | 1 | Ma'anshan Wastewater | 22 years | 6.00 | 6.00 | | 2 | Taiyuan Wastewater | 25 years | 16.00 | 16.00 | | 3 | Dongying Wastewater | 30 years | 4.00 | 4.00 | | 4 | Shenyang Zhangwu Wastewater | 29.5 years | 2.00 | 1.00 | | 5 | Rongxian Water | 30 years | 0.27 | 0.23 | | 6 | Nanjiang Jiayuan | 30 years | 1.11 | 1.11 | | 7 | Bengbu Wastewater | 15 years | 0.23 | 0.1 | | **Subtotal** | | | **29.61** | **28.44** | - During the reporting period, the company's wastewater project treatment volume was **36.42 million tons**, a year-on-year decrease of **10.45%**; billed water volume was **44.74 million tons**, a year-on-year decrease of **6.76%**[30](index=30&type=chunk) - The decrease in treated water volume was mainly due to individual projects reducing treatment volume to ensure effluent quality, affected by winter temperatures and influent water quality fluctuations[30](index=30&type=chunk) [Analysis of Core Competencies during the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) As a pioneer private capital in the water utility sector, the company's core competencies include investment and M&A, internationalization, synergistic environmental industry development, technological innovation, project operation management, and talent development, supporting its transformation into broader environmental and dual-carbon technology fields - The company is a pioneer private capital in the water utility sector, accumulating rich experience in water engineering and operation management over years of development[31](index=31&type=chunk) - The company continuously seeks high-quality investment targets in areas such as grand environmental protection, dual-carbon technology, green healthy brand food, new environmental materials, and intelligent energy-saving new processes[31](index=31&type=chunk) - Through deep interaction and resource allocation with customers and sales networks, the company can provide comprehensive environmental governance solutions for government and enterprise clients[31](index=31&type=chunk) - The company consistently encourages innovation in operational practices, emphasizing technology R&D, introduction, and industrial application of technological achievements[32](index=32&type=chunk) - The company's team possesses extensive practical experience in grasping industry trends, establishing organizational structures, expanding market operations, and controlling operating costs[32](index=32&type=chunk) - The company strengthens talent recruitment and training management, improves internal training systems, and refines performance appraisal and job responsibility systems[33](index=33&type=chunk) [Major Operating Performance during the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue decreased by **9.89%** year-on-year, and total profit decreased by **404.54%**, mainly due to reduced wastewater treatment volume in Taiyuan, lower heating revenue from Bichen Xi'an, increased chemical costs in Taiyuan, and private equity fund redemptions; the company also terminated the acquisition of Zhuji Wenshenghui's controlling stake, resulting in a **17.175 million yuan** reduction in investment income compared to the prior year Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 77,036,699.15 | 85,494,686.40 | -9.89 | Mainly due to reduced wastewater treatment volume in Taiyuan and lower heating revenue from Bichen Xi'an in the current period | | Operating Cost | 60,124,432.30 | 58,461,042.49 | 2.85 | Mainly due to increased chemical and other costs for Taiyuan wastewater treatment in the current period | | Selling Expenses | 2,291,312.60 | 2,754,605.29 | -16.82 | Mainly due to reduced business personnel at Zhongke Guoyi in the current period | | Administrative Expenses | 43,693,448.55 | 40,665,679.01 | 7.45 | Mainly due to severance payments at Qinhuangdao Wastewater in the current period | | Financial Expenses | 1,601,999.69 | 2,155,416.19 | -25.68 | Mainly due to reduced bank loan interest in the current period | | R&D Expenses | 3,338,824.34 | 1,710,044.78 | 95.25 | Mainly due to increased R&D personnel in the current period | | Net Cash Flow from Operating Activities | -25,695,315.85 | -21,957,770.75 | Not Applicable | Mainly due to the impact of restricted funds being unfrozen in the current period | | Net Cash Flow from Investing Activities | 17,320,396.95 | -174,117,728.20 | Not Applicable | Mainly due to private equity fund redemptions in the current period | | Net Cash Flow from Financing Activities | -14,993,579.53 | -18,258,195.38 | Not Applicable | Mainly due to absorption of minority shareholder investments in the current period | - The company plans to terminate the transaction to acquire the controlling stake in Zhuji Wenshenghui from Shanghai Yongrui Enterprise Management Partnership (Limited Partnership), which would have made it the controlling shareholder of Wenshenghui and Beijing Huiyuan[36](index=36&type=chunk) - In the first half of 2025, investment income from the Zhuji Wenshenghui project was **22.0661 million yuan**, a decrease of **17.175 million yuan** compared to the prior year, leading to significant changes in the company's profit[36](index=36&type=chunk) [Analysis of Assets and Liabilities](index=11&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to the parent company both decreased; prepayments and other receivables significantly increased due to prepaid trade goods and intercompany receivables from the disposal of Bichen Tianjin; assets and liabilities held for sale substantially decreased as Bichen Tianjin's transfer was completed; some cash was restricted for guarantees, letter of credit deposits, and judicial freezes Asset and Liability Status Changes (Current Period End vs. Prior Year End) | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Current Period End vs. Prior Year End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 14,838,521.88 | 0.43 | 4,496,280.52 | 0.12 | 230.02 | Mainly due to the company's prepaid trade goods in the current period | | Other Receivables | 81,323,486.81 | 2.38 | 8,727,392.86 | 0.24 | 831.82 | Mainly due to intercompany receivables formed after the completion of Bichen Tianjin's disposal, outside the scope of consolidation | | Assets Held for Sale | 329,481,613.24 | 9.63 | 577,324,073.23 | 16.03 | -42.93 | Mainly due to the completion of the transfer of the disposal group Bichen Tianjin held for sale in the current period | | Other Current Assets | 16,250,656.13 | 0.47 | 12,414,406.22 | 0.34 | 30.90 | Mainly due to increased input VAT to be deducted in the current period | | Contract Liabilities | 1,197,624.06 | 0.03 | 3,114,744.25 | 0.09 | -61.55 | Mainly due to the carry-over of prepaid heating fees and goods payments in the current period | | Liabilities Held for Sale | 1,785,143.63 | 0.05 | 154,352,629.67 | 4.29 | -98.84 | Mainly due to the completion of the transfer of the disposal group Bichen Tianjin held for sale in the current period | | Lease Liabilities | 46,437.72 | 0.00 | 285,400.40 | 0.01 | -83.73 | Mainly due to rent payments in the current period | | Provisions | 0 | 0.00 | 663,055.00 | 0.02 | -100.00 | Mainly due to the settlement of litigation in the current period | - The company's overseas assets amounted to **61,894,095.04 yuan**, accounting for **1.81%** of total assets[38](index=38&type=chunk) Major Restricted Assets at the End of the Reporting Period | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 3,000,000.00 | Guarantee for subsidiary Taiyuan Haofeng Wastewater Treatment Co., Ltd | | Cash and Bank Balances | 14,554,999.29 | Letter of credit deposit for subsidiary Shanghai Zhongchenghui International Trade Co., Ltd | | Cash and Bank Balances | 11.50 | Subsidiary Beijing Zhongke Guoyi Environmental Engineering Co., Ltd. bank account transferred to dormant account | | Cash and Bank Balances | 1,612,940.59 | Judicially frozen funds for subsidiary Beijing Zhongke Guoyi Environmental Engineering Co., Ltd | | Cash and Bank Balances | 9,000,000.00 | Judicially frozen funds for subsidiary Interchina (Ma'anshan) Wastewater Treatment Co., Ltd | | Cash and Bank Balances | 3,491.61 | Frozen funds for subsidiary Shanghai Bichen Interchina Energy Technology Co., Ltd | | Cash and Bank Balances | 703,595.68 | Judicially frozen funds for subsidiary Dongying Interchina Environmental Protection Technology Co., Ltd | | **Total** | **28,875,038.67** | | [Analysis of Investment Status](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company engaged in equity and financial asset investments; a significant equity investment in Zhuji Wenshenghui was made, but the acquisition of its controlling stake has been terminated; financial asset investments included private equity funds, structured deposits, bank wealth management products, and securities investments, with all private equity funds redeemed and securities investments incurring fair value change losses Major Equity Investment Status (As of Reporting Period End) | Investee Company Name | Main Business | Investment Method | Investment Amount (10,000 yuan) | Shareholding Ratio (%) | Impact on Current Period Profit/Loss (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuji Wenshenghui Self-Funded Investment Co., Ltd. | Holding platform company, holds 60% equity of Beijing Huiyuan Food and Beverage Co., Ltd. | Acquisition | 93,000 | 36.49 | 2,207 | | Shanghai Lianggu Ecological Environment Technology Co., Ltd. | Permeable pavement construction, slope restoration, prefabricated greening, etc. | Acquisition | 1,000 | 10 | -32 | | **Total** | | | **94,000** | | **2,175** | - The company has terminated the acquisition of the controlling stake in Zhuji Wenshenghui[36](index=36&type=chunk) Financial Assets Measured at Fair Value (Period End vs. Period Start) | Asset Category | Period Start Amount (yuan) | Current Period Fair Value Change Gain/Loss (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Period End Amount (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 37,976,926.32 | | | 38,999,326.32 | 1,022,400.00 | | Structured Deposits | 90,000,000.00 | | 115,000,000.00 | 120,463,438.36 | 85,000,000.00 | | Bank Wealth Management Products | 0.00 | | 1,920,000.00 | 720,000.00 | 1,200,000.00 | | Securities Investments | 15,021,213.75 | -1,992,618.36 | 94,303,087.67 | 69,043,732.82 | 32,376,118.00 | | **Total** | **142,998,140.07** | **-1,992,618.36** | **211,223,087.67** | **229,226,497.50** | **118,576,118.00** | - The company has redeemed all shares of Wuwenshishiquan Shimei Private Securities Investment Fund, with a cumulative loss of **13.4599 million yuan**[46](index=46&type=chunk) [Major Asset and Equity Sales](index=15&type=section&id=(%E4%BA%94)%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company sold 100% equity of its wholly-owned subsidiary, Dongying Interchina Environmental Protection Technology Co., Ltd., for **338 million yuan**, having received **75 million yuan** in equity transfer payments as of the report disclosure date - The company transferred 100% equity of its wholly-owned subsidiary, Dongying Interchina Environmental Protection Technology Co., Ltd., to Dongying Hekou District Financial Investment Group Co., Ltd[47](index=47&type=chunk) - The equity transfer price is **338 million yuan**[47](index=47&type=chunk) - As of the report disclosure date, the company has cumulatively received **75 million yuan** in equity transfer payments[47](index=47&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists financial information for the company's major subsidiaries and participating companies with a net profit impact exceeding 10%; during the reporting period, the company disposed of its equity in Bichen Interchina Energy Technology (Tianjin) Co., Ltd Major Subsidiaries and Participating Companies with Net Profit Impact Exceeding 10% (Partial) | Company Name | Company Type | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongying Interchina Environmental Protection Technology Co., Ltd. | Subsidiary | 32,938.60 | 36,742.14 | 35,800.08 | 2,165.48 | 1,397.28 | 1,047.96 | | Interchina (Ma'anshan) Wastewater Treatment Co., Ltd. | Subsidiary | 5,265.52 | 15,592.65 | 10,897.28 | 2,211.14 | 530.83 | 452.81 | | Interchina (Shanghai) Environmental Protection Technology Co., Ltd. | Subsidiary | 5,000.00 | 7,067.81 | -10,515.30 | 40.50 | -1,368.09 | -1,368.09 | | Taiyuan Haofeng Wastewater Treatment Co., Ltd. | Subsidiary | 9,093.20 | 22,814.67 | 10,386.81 | 1,992.11 | -1,282.80 | -1,322.80 | | Zhuji Wenshenghui Self-Funded Investment Co., Ltd. | Associate | 160,000.00 | 323,022.52 | 260,087.02 | 112,122.00 | 16,075.04 | 10,079.73 | - During the reporting period, the company disposed of Bichen Interchina Energy Technology (Tianjin) Co., Ltd. through equity transfer[49](index=49&type=chunk) [Potential Risks](index=17&type=section&id=(%E4%BA%94)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks related to new business expansion, industry policy changes, market competition, project operation, and construction cost control, which could lead to underperforming investments, hindered business expansion, adverse operational impacts, or cost overruns - The company is transforming from traditional urban water utility construction services to dual-carbon technology, green brand healthy food, new environmental materials, and intelligent energy-saving new processes, posing risks of underperforming investments or project failures[49](index=49&type=chunk) - Changes in national environmental protection industry policies, fiscal and tax policies, and monetary policies may alter regional policy support and market supply-demand, affecting the company's various operating activities[49](index=49&type=chunk) - After a period of large-scale construction, the water utility industry's existing urban environmental governance and wastewater treatment businesses have been increasingly consolidated by large industry leaders, causing small and medium-sized private enterprises to gradually lose their industrial scale advantage in urban environmental operation and construction, potentially bringing new challenges and obstacles to the company's business expansion[50](index=50&type=chunk) - Strict administrative supervision and inspections in the environmental protection industry, along with uncontrollable factors like influent water quality exceeding standards, natural disasters, and changes in government fiscal revenue and credit, will adversely affect the production, operation, sales, or collection of payments for the company's projects[50](index=50&type=chunk) - Rising prices of energy, labor, and materials in recent years pose a risk of higher-than-expected project construction costs; additionally, existing operational projects requiring upgrades due to outdated equipment or aging pipelines could adversely affect the achievement of the company's annual operating plan objectives[50](index=50&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[53](index=53&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company plans no profit distribution or capital reserve conversion for this reporting period - The company plans no profit distribution or capital reserve conversion for this reporting period[53](index=53&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Three of the company's subsidiaries are included in the list of enterprises required to disclose environmental information, with corresponding inquiry indexes provided Number of Enterprises Included in the List of Enterprises Required to Disclose Environmental Information | Indicator | Quantity (units) | | :--- | :--- | | Number of Enterprises Included in the List of Enterprises Required to Disclose Environmental Information | 3 | Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information | No. | Enterprise Name | Inquiry Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Interchina (Ma'anshan) Wastewater Treatment Co., Ltd. | https://39.145.37.16:8081/zhhb/yfplpub_html//home | | 2 | Taiyuan Haofeng Wastewater Treatment Co., Ltd. | https://sthjt.shanxi.gov.cn/qyhjxxyfpl// | | 3 | Dongying Interchina Environmental Protection Technology Co., Ltd. | http://221.214.62.226:8090/EnvironmentDisclosure/ | [Section V Significant Matters](index=20&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Major Litigation and Arbitration Matters](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company was involved in several major litigations and arbitrations during the reporting period, including an arbitration with Shanghai Dino Investment Development Co., Ltd. for earnest money return (awarded and enforced, involving **50 million yuan** plus interest), a goods payment dispute with Beijing Hehai Petrochemical Group Co., Ltd. (second instance ruling for payment of **3.0544 million yuan** plus interest), an engineering payment dispute with Jiangsu Longgou Environmental Engineering Co., Ltd. (pending judgment), and administrative litigations with Qinhuangdao Municipal Government regarding concession rights (not yet heard) - In the arbitration with Shanghai Dino Investment Development Co., Ltd., the respondent was ordered to return **50,000,000.00 yuan** in earnest money and pay capital occupation fees and liquidated damages; enforcement has been applied to the court[58](index=58&type=chunk) - In the goods payment lawsuit between the company's subsidiary Beijing Zhongke Guoyi Environmental Engineering Co., Ltd. and Beijing Hehai Petrochemical Group Co., Ltd., the second instance ruled that the defendant pay the plaintiff **3,054,400.00 yuan** in goods payment and overdue interest[59](index=59&type=chunk) - In the engineering payment lawsuit between the company's subsidiary Beijing Zhongke Guoyi Environmental Engineering Co., Ltd. and Jiangsu Longgou Environmental Engineering Co., Ltd., the plaintiff requested immediate payment of outstanding engineering fees and overdue interest totaling **8,965,561.88 yuan**; the case is still pending[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - The company's subsidiary Interchina (Qinhuangdao) Wastewater Treatment Co., Ltd. is involved in two administrative lawsuits with the Qinhuangdao Municipal Government, both concerning concession rights, and neither has been heard yet[61](index=61&type=chunk)[62](index=62&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=26&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) The company's controlling shareholder and actual controller have not been listed as dishonest judgment debtors, indicating a good integrity status - Upon inquiry, the company's controlling shareholder and actual controller have not been listed as dishonest judgment debtors[64](index=64&type=chunk) [Major Related Party Transactions](index=26&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company did not disclose related party transactions related to daily operations, asset or equity acquisitions/disposals, significant joint external investments, or related party creditor-debtor relationships - During the reporting period, the company did not disclose related party transactions related to daily operations[65](index=65&type=chunk) - During the reporting period, the company did not disclose related party transactions involving asset or equity acquisitions or disposals[65](index=65&type=chunk) - During the reporting period, the company did not disclose significant related party transactions involving joint external investments[65](index=65&type=chunk) - During the reporting period, the company did not disclose related party creditor-debtor relationships[66](index=66&type=chunk)[67](index=67&type=chunk) [Major Contracts and Their Performance](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had external guarantees during the reporting period, primarily for subsidiaries, with a total guarantee amount representing **2.55%** of net assets; guarantees provided for Bichen Interchina Energy Technology (Tianjin) Co., Ltd. have been fulfilled Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (10,000 yuan) | Guarantee Date (Agreement Signing Date) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Heilongjiang Interchina Water Treatment Co., Ltd. | Bichen Interchina Energy Technology (Tianjin) Co., Ltd. | 568.00 | 2020.1.16 | 2020.1.23 | 2025.7.15 | Joint and several liability guarantee | No | | Heilongjiang Interchina Water Treatment Co., Ltd. | Bichen Interchina Energy Technology (Tianjin) Co., Ltd. | 746.00 | 2020.1.16 | 2020.6.30 | 2026.1.15 | Joint and several liability guarantee | No | | Heilongjiang Interchina Water Treatment Co., Ltd. | Bichen Interchina Energy Technology (Tianjin) Co., Ltd. | 1,100.00 | 2021.2.7 | 2021.2.22 | 2026.1.12 | Joint and several liability guarantee | No | | **Total Guarantee Balance at Period End (A)** | | **2,414.00** | | | | | | - Total guarantee balance for subsidiaries (B) at the end of the reporting period was **57.00 million yuan**[69](index=69&type=chunk) - The company's total guarantee amount (A+B) was **81.14 million yuan**, accounting for **2.55%** of the company's net assets[69](index=69&type=chunk) - The company's guarantees for Bichen Interchina Energy Technology (Tianjin) Co., Ltd. have been fulfilled, as the company's equity was sold and it ceased to be included in the company's consolidated financial statements from April 1, 2025[70](index=70&type=chunk) [Explanation of Progress in Use of Raised Funds](index=30&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's total raised funds were **951.8923 million yuan**, net funds **922.3420 million yuan**, with cumulative investment of **874.3782 million yuan** by the end of the period, reaching **94.80%** of the planned investment; several projects were terminated or adjusted due to external environment changes, government buybacks, or feasibility changes, with some remaining funds permanently used to supplement working capital; the company also used idle raised funds for cash management Overall Use of Raised Funds | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Raised Funds | 95,189.23 | | Net Raised Funds (1) | 92,234.20 | | Cumulative Investment of Raised Funds at Period End (4) | 87,437.82 | | Cumulative Investment Progress of Raised Funds at Period End (%) (6)＝(4)/(1) | 94.80% | - The Qinhuangdao Wastewater Treatment Project's upgrade and renovation project faced significant changes in feasibility due to the concession period being deemed expired[74](index=74&type=chunk) - The Shimen Water Supply Project's upgrade and renovation project was terminated due to government buyback, with remaining raised funds used to permanently supplement working capital[75](index=75&type=chunk) - The Yakeshi Water Supply and Drainage Project's continuation project experienced changes in feasibility due to a significant discrepancy between projected and actual water consumption[75](index=75&type=chunk)[76](index=76&type=chunk) - The Management Center Construction Project and Innovation Research Platform Construction Project were terminated due to changes in the macroeconomic environment and the company's transformation, with corresponding raised funds permanently used to supplement working capital[77](index=77&type=chunk) Cash Management of Idle Raised Funds | Board of Directors Review Date | Authorized Amount for Raised Funds Management (10,000 yuan) | Maximum Balance Used for Cash Management in Current Period (10,000 yuan) | Cash Management Balance at Period End (10,000 yuan) | Does Balance Exceed Authorized Amount | | :--- | :--- | :--- | :--- | :--- | | May 8, 2025 | 10,000.00 | 8,500.00 | 8,500.00 | No | [Section VI Share Changes and Shareholder Information](index=34&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Share Capital](index=34&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) There were no changes in the company's total share capital or share structure during the reporting period - There were no changes in the company's total share capital or share structure during the reporting period[82](index=82&type=chunk) [Shareholder Information](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **115,790** common shareholders; among the top ten shareholders, Shanghai Pengxin (Group) Co., Ltd., Tibet Houkang Enterprise Management Co., Ltd., and Mr. Jiang Zhaobai are major shareholders with an associated relationship, acting in concert Total Number of Common Shareholders as of the End of the Reporting Period | Indicator | Quantity (households) | | :--- | :--- | | Total Number of Common Shareholders as of the End of the Reporting Period | 115,790 | Top Ten Shareholders' Shareholdings (Excluding Shares Lent through Securities Lending) | Shareholder Name (Full Name) | Change in Reporting Period | Shares Held at Period End | Percentage (%) | Number of Restricted Shares Held | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Pengxin (Group) Co., Ltd. | 0 | 127,312,500 | 7.89 | 0 | Pledged | 59,340,000 | | Shanghai Pengxin (Group) Co., Ltd. | 0 | 127,312,500 | 7.89 | 0 | Frozen | 67,972,500 | | Tibet Houkang Enterprise Management Co., Ltd. | 0 | 112,950,000 | 7.00 | 0 | Pledged | 112,950,000 | | Jiang Zhaobai | 0 | 100,000,000 | 6.20 | 0 | Unrestricted | | | Tibet Yongguan Investment Co., Ltd. | 0 | 35,387,200 | 2.19 | 0 | Unrestricted | | | Wu Chaoxing | 1,225,600 | 7,987,750 | 0.49 | 0 | Unrestricted | | | Wang Peng | 6,751,600 | 6,751,600 | 0.42 | 0 | Unrestricted | | | Liu Baohui | 118,300 | 5,304,600 | 0.33 | 0 | Unrestricted | | | Tan Shuyu | 0 | 4,673,700 | 0.29 | 0 | Unrestricted | | | Guangzhou Guangshe Import and Export Co., Ltd. | 590,000 | 4,525,800 | 0.28 | 0 | Unrestricted | | | Chen Hui | -3,248,300 | 4,160,500 | 0.26 | 0 | Unrestricted | | - Tibet Houkang Enterprise Management Co., Ltd., Shanghai Pengxin (Group) Co., Ltd., Mr. Jiang Zhaobai, and Tibet Yongguan Investment Co., Ltd. have an associated relationship and are acting in concert; the actual controller of the company is Mr. Jiang Zhaobai[87](index=87&type=chunk) [Section VII Bond-Related Information](index=37&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[90](index=90&type=chunk) [Convertible Corporate Bonds](index=37&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[90](index=90&type=chunk) [Section VIII Financial Report](index=38&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[92](index=92&type=chunk) [Financial Statements](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025; the consolidated statements show total assets of **3.422 billion yuan**, liabilities of **217 million yuan**, and owners' equity of **3.205 billion yuan** at period-end, with a net loss of **22.0893 million yuan** and net cash flow from operating activities of **-25.6953 million yuan** for the current period Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Current Assets | 1,140,378,592.53 | | Total Non-Current Assets | 2,282,077,439.50 | | **Total Assets** | **3,422,456,032.03** | | Total Current Liabilities | 170,070,067.94 | | Total Non-Current Liabilities | 47,267,948.57 | | **Total Liabilities** | **217,338,016.51** | | Total Owners' Equity (or Shareholders' Equity) Attributable to Parent Company | 3,186,051,258.90 | | Minority Interests | 19,066,756.62 | | **Total Owners' Equity (or Shareholders' Equity)** | **3,205,118,015.52** | | Total Liabilities and Owners' Equity (or Shareholders' Equity) | 3,422,456,032.03 | Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | I. Total Operating Revenue | 77,036,699.15 | | II. Total Operating Costs | 112,780,430.41 | | III. Operating Profit (Loss is indicated by "－") | -17,496,816.71 | | IV. Total Profit (Total Loss is indicated by "－") | -17,291,330.48 | | V. Net Profit (Net Loss is indicated by "－") | -22,089,295.70 | | Net Profit Attributable to Parent Company Shareholders (Net Loss is indicated by "－") | -18,317,632.48 | | Minority Interest Income/Loss (Net Loss is indicated by "－") | -3,771,663.22 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | I. Net Cash Flow from Operating Activities | -25,695,315.85 | | II. Net Cash Flow from Investing Activities | 17,320,396.95 | | III. Net Cash Flow from Financing Activities | -14,993,579.53 | | V. Net Increase in Cash and Cash Equivalents | -23,613,705.61 | | VI. Cash and Cash Equivalents at Period End | 146,969,611.05 | [Company Basic Information](index=59&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's history, registration, headquarters, industry, main operations, and scope of consolidated financial statements; originally Heilongjiang Heilong Co., Ltd., it underwent asset restructuring and equity changes to focus on water utility and environmental protection, operating in the electricity, heat, gas, and water production and supply industry - Heilongjiang Interchina Water Treatment Co., Ltd., formerly Heilongjiang Heilong Co., Ltd., was officially established on November 3, 1998, with stock code 600187[121](index=121&type=chunk) - By the end of 2008, the company completed a major asset restructuring, ceasing paper business and focusing on water supply, drainage, and wastewater treatment as its main operations[122](index=122&type=chunk) - The company's registered capital is **1,613,781,103 yuan**, and its legal representative is Ding Hongwei[123](index=123&type=chunk) - The company's industry is electricity, heat, gas, and water production and supply; current main operations include wastewater treatment, clean energy heating, and environmental engineering EPC[124](index=124&type=chunk) - The company's consolidated scope for this period includes 22 subsidiaries, an increase of 1 and a decrease of 1 compared to the previous period[124](index=124&type=chunk) [Basis of Financial Statement Preparation](index=60&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, adhering to accounting standards issued by the Ministry of Finance and relevant CSRC regulations, using the accrual basis of accounting; the company assessed its going concern ability for the 12 months from the reporting period end and found no significant doubts - The company's financial statements are prepared on a going concern basis[126](index=126&type=chunk) - The company prepares its financial statements in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Compilation Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[126](index=126&type=chunk) - The company's accounting is based on the accrual basis[126](index=126&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability[127](index=127&type=chunk) [Significant Accounting Policies and Estimates](index=60&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, as significant accounting policies and estimates - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position as of June 30, 2025, operating results, changes in shareholders' equity, and cash flows for January-June 2025[128](index=128&type=chunk) - The company's accounting year runs from January 1 to December 31, with a 12-month operating cycle, and the functional currency is RMB[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - The company applies different accounting treatments for business combinations (under common control and not under common control) and determines the scope of consolidation based on control[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) - Financial assets are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, based on the business model for managing financial assets and their contractual cash flow characteristics[148](index=148&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the amount of consideration expected to be received; wastewater treatment and heating services are recognized over time, while environmental engineering EPC is recognized based on performance progress[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) - In applying accounting policies, the company makes significant judgments, estimates, and assumptions regarding revenue recognition, impairment of financial instruments, inventory write-downs, impairment of non-current assets, depreciation and amortization, deferred income tax assets, income tax, provisions, fair value measurement, and gains/losses from debt restructuring[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) [Taxation](index=81&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax; the company and some subsidiaries benefit from various tax incentives, such as VAT immediate refund/exemption for comprehensive resource utilization, corporate income tax reduction, halved taxes for small and micro enterprises, and VAT exemption for heating enterprises Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated as the product of VAT-taxable income and the prescribed tax rate, less input VAT allowed for deduction in the current period | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 5%, 7% | | Education Surcharge | Actual turnover tax paid | 3% | | Local Education Surcharge | Actual turnover tax paid | 2% | | Corporate Income Tax | Taxable income | 16.5%, 25% | - Subsidiary Taiyuan Haofeng Wastewater Treatment Co., Ltd. enjoys VAT immediate refund policy, and Dongying Interchina Environmental Protection Technology Co., Ltd. enjoys VAT exemption policy[223](index=223&type=chunk) - Subsidiary Interchina (Ma'anshan) Wastewater Treatment Co., Ltd. enjoys corporate income tax reduction policy[224](index=224&type=chunk) - Several subsidiaries enjoy policies for small and micro enterprises, including halved resource tax, urban maintenance and construction tax, property tax, urban land use tax, and stamp duty[225](index=225&type=chunk) - Subsidiary Shanghai Bichen Interchina Energy Technology Co., Ltd. enjoys VAT exemption for heating fees received from residents by heating enterprises[226](index=226&type=chunk) - Subsidiary Interchina (Ma'anshan) Wastewater Treatment Co., Ltd. is temporarily exempt from environmental protection tax if it does not exceed national and local emission standards for corresponding taxable pollutants[228](index=228&type=chunk) [Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for various assets, liabilities, owners' equity, and profit/loss items in the consolidated financial statements, covering cash, financial assets, receivables, inventories, assets held for sale, long-term equity investments, investment properties, fixed assets, intangible assets, goodwill, long-term deferred expenses, deferred tax assets/liabilities, other non-current assets, restricted assets, payables, contract liabilities, employee benefits, taxes payable, other payables, liabilities held for sale, non-current liabilities due within one year, long-term borrowings, lease liabilities, share capital, other comprehensive income, surplus reserves, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income and expenses, income tax expenses, cash flow statement items, supplementary cash flow information, foreign currency monetary items, and leases - Cash and bank balances at period-end were **175,844,649.72 yuan**, including restricted funds of **28,875,038.67 yuan**[230](index=230&type=chunk)[311](index=311&type=chunk) - Trading financial assets at period-end were **118,576,118.00 yuan**, primarily wealth management products[232](index=232&type=chunk) - Accounts receivable book value at period-end was **258,512,194.61 yuan**, with bad debt provision of **31,793,841.97 yuan**[235](index=235&type=chunk) - Other receivables book value at period-end was **81,162,058.06 yuan**, with bad debt provision of **165,639,037.10 yuan**[252](index=252&type=chunk)[263](index=263&type=chunk) - Inventory book value at period-end was **142,784,665.51 yuan**, with inventory impairment provision and contract performance cost impairment provision of **12,819,096.88 yuan**[267](index=267&type=chunk) - Long-term equity investments at period-end were **1,114,550,311.18 yuan**, primarily investments in associate Zhuji Wenshenghui Self-Funded Investment Co., Ltd[277](index=277&type=chunk) - Goodwill book value at period-end was **17,441,117.69 yuan**, with full impairment provision recognized[297](index=297&type=chunk)[299](index=299&type=chunk) - Operating revenue for the current period was **77,036,699.15 yuan**, and operating cost was **60,124,432.30 yuan**[355](index=355&type=chunk) - Investment income for the current period was **20,159,113.55 yuan**, a year-on-year decrease of **48.51%**, mainly due to reduced investment income from associates and losses from trading financial assets[369](index=369&type=chunk) - Net profit for the current period was **-22,089,295.70 yuan**, and net cash flow from operating activities was **-25,695,315.85 yuan**[100](index=100&type=chunk)[106](index=106&type=chunk) [R&D Expenses](index=134&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's R&D expenses totaled **3,338,824.34 yuan**, all expensed, primarily comprising labor costs, material costs, and testing fees; R&D expenses significantly increased by **95.25%** compared to the prior period, mainly due to new R&D projects by subsidiaries R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Labor Costs | 3,139,625.81 | 1,561,932.04 | | Material Costs | 17,654.05 | | | Testing and Laboratory Fees | 9,504.95 | | | Travel Expenses | 52,186.64 | 38,748.37 | | Management Fees | 10,570.74 | 13,164.23 | | Lease Fees | 5,000.00 | 2,600.00 | | Depreciation | 45,976.01 | 46,430.33 | | Outsourcing Fees | 48,000.00 | | | Other | 10,306.14 | 47,169.81 | | **Total** | **3,338,824.34** | **1,710,044.78** | | Of which: Expensed R&D Expenses | 3,338,824.34 | 1,710,044.78 | | Capitalized R&D Expenses | | | - Current period R&D expenses increased by **1,628,779.56 yuan**, a **95.25%** increase compared to the prior period, mainly due to new R&D projects by subsidiaries[365](index=365&type=chunk) [Changes in Consolidation Scope](index=134&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company established a new wholly-owned subsidiary, Shanghai Zhongchenghui International Trade Co., Ltd., and resolved to deregister its wholly-owned subsidiary, Shanghai Kunyue Interchina Comprehensive Energy Service Co., Ltd., leading to changes in the consolidation scope - The company established a wholly-owned subsidiary, Shanghai Zhongchenghui International Trade Co., Ltd., with a registered capital of **100 million yuan**, on February 18, 2025[401](index=401&type=chunk) - The company resolved and applied to deregister its wholly-owned subsidiary, Shanghai Kunyue Interchina Comprehensive Energy Service Co., Ltd., on April 8, 2025[402](index=402&type=chunk) [Interests in Other Entities](index=137&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section discloses the company's interests in subsidiaries, joint ventures, and associates; the company owns 21 wholly-owned or controlled subsidiaries and holds stakes in associates such as Zhuji Wenshenghui Self-Funded Investment Co., Ltd. and Shanghai Lianggu Ecological Environment Technology Co., Ltd.; some associates have accumulated unrecognized excess losses Composition of Enterprise Group (Partial) | Subsidiary Name | Main Operating Location | Registered Capital (10,000 yuan) | Business Nature | Shareholding Ratio (%) Direct | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Zhongke Guoyi Environmental Engineering Co., Ltd. | Beijing | 6,000 | Environmental engineering design, environmental pollution control facility operation, environmental equipment development; environmental engineering consulting, technology development, chemical product sales | 98.18 | Business combination not under common control | | Yakeshi Interchina Water Treatment Co., Ltd. | Yakeshi | 13,393 | Water supply and drainage engineering facility consulting, equipment supply | 100.00 | Establishment | | Taiyuan Haofeng Wastewater Treatment Co., Ltd. | Taiyuan | 9,093 | Wastewater treatment | 80.00 | Business combination under common control | | Interchina (Ma'anshan) Wastewater Treatment Co., Ltd. | Ma'anshan | 5,265.5215 | Wastewater treatment | 100.00 | Business combination under common control | | Dongying Interchina Environmental Protection Technology Co., Ltd. | Dongying | 13,800 | Wastewater treatment | 100.00 | Establishment | | Shanghai Zhongchenghui International Trade Co., Ltd. | Shanghai | 10,000 | Trade | 100.00 | Establishment | Significant Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders (yuan) | Current Period Dividends Declared to Minority Shareholders (yuan) | Minority Interests Balance at Period End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Taiyuan Haofeng Wastewater Treatment Co., Ltd. | 20.00 | -2,645,602.64 | | 20,773,617.27 | Significant Joint Ventures or Associates | Joint Venture or Associate Name | Main Operating Location | Registered Address | Business Nature | Shareholding Ratio (%) Direct | Accounting Method for Investment in Joint Ventures or Associates | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuji Wenshenghui Self-Funded Investment Co., Ltd. | Shaoxing | Room 311, No. 302 Shuyuan Road, Lipu Town, Zhuji City, Shaoxing City, Zhejiang Province | Investment activities with own funds | 36.49 | Equity method | | Shanghai Lianggu Ecological Environment Technology Co., Ltd. | Shanghai | Rooms 211, 212, No. 383 Huanhu West 1st Road, Lingang New Area, China (Shanghai) Pilot Free Trade Zone | Hazardous chemical business; construction project survey; construction project design | 10.00 | Equity method | - Associate Tianjin Lianda Zhongke Environmental Technology Co., Ltd. has accumulated unrecognized excess losses of **5,664,263.15 yuan**[416](index=416&type=chunk) [Government Grants](index=142&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, government grants recognized as receivables totaled **8,078,600.00 yuan**; government grant-related liability items primarily include asset-related deferred income, with **27,522.96 yuan** transferred to other income in the current period; total government grants recognized in current profit or loss were **128,698.51 yuan**, mainly comprising job stabilization subsidies, individual income tax handling fee refunds, and enterprise support funds - Government grants recognized as receivables at the end of the reporting period totaled **8,078,600.00 yuan**[417](index=417&type=chunk) Liability Items Involving Government Grants (Deferred Income) | Liability Item | Period Start Balance (yuan) | Current Period New Grant Amount (yuan) | Current Period Amount Included in Non-Operating Income (yuan) | Current Period Amount Included in Other Income (yuan) | Current Period Amount Included in Operating Costs (yuan) | Other Changes (yuan) | Period End Balance (yuan) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Boiler Renovation Funds | 215,596.18 | | | 27,522.96 | | | 188,073.22 | Asset-related | | Infrastructure Construction Subsidies | 2,120,000.00 | | | | | | 2,120,000.00 | Asset-related | | **Total** | **2,335,596.18** | | | **27,522.96** | | | **2,308,073.22** | | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-Related | 128,698.51 | 51,903.88 | | **Total** | **128,698.51** | **51,903.88** | | Of which: Job Stabilization Subsidies | 15,098.35 | 3,872.63 | | Individual Income Tax Handling Fee Refunds | 19,041.63 | 18,795.78 | | Enterprise Support Funds | 94,339.62 | 29,235.47 | | Other | 218.91 | | [Risks Related to Financial Instruments](index=143&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market risks (interest rate and foreign exchange risks), credit risk, and liquidity risk; these risks are managed by determining fixed/floating interest rate ratios, buying/selling foreign currencies, depositing funds with highly-rated financial institutions, and monitoring debt and financing facilities - The company's main financial instruments include cash and bank balances, borrowings, receivables, and payables, facing market risk, credit risk, and liquidity risk[422](index=422&type=chunk) - Market risks primarily include interest rate risk (arising from bank borrowings) and foreign exchange risk (related to foreign currency monetary assets and liabilities)[423](index=423&type=chunk) - Regarding credit risk, the company's bank deposits are mainly held with highly-rated financial institutions, and its major customers are government fiscal and environmental protection departments; management believes there is no significant credit risk[425](index=425&type=chunk) - Liquidity risk is managed by ensuring sufficient fund liquidity, regularly analyzing liability structure and maturity, monitoring bank borrowings, and negotiating financing with financial institutions[425](index=425&type=chunk) [Disclosure of Fair Value](index=144&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily including trading financial assets and other equity instrument investments, all measured using Level 1 fair value; the carrying amounts of financial assets and liabilities not measured at fair value approximate their fair values Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurement | | | | | | (I) Trading Financial Assets | 118,576,118.00 | | | 118,576,118.00 | | 1. Financial assets measured at fair value through profit or loss | 118,576,118.00 | | | 118,576,118.00 | | (1) Wealth Management Products | 11

黑龙江国中水务股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 一、募集资金基本情况 （一）募集资金金额及到账情况 经中国证券监督管理委员会证监许可【2016】3220 号文核准，公司获准非公开发行人 民币普通股（A 股）198,310,900 股，发行价格为 4.80 元/股。本次发行募集资金总额为人民 币 951,892,320.00 元，扣除发行费用 29,550,310.90 元，募集资金净额为人民币 922,342,009.10 元。上述募集资金于 2017 年 2 月 24 日存入公司指定的募集资金专用账户。中准会计师事务 所（特殊普通合伙）对募集资金到位情况进行了验证，并出具了中准验字[2017]1017 号《非 公开发行人民币普通股募集资金验资报告》。 （二）募集资金使用及结余情况 公司 2025 年 1-6 月使用本次募集资金 222.19 万元，截至 2025 年 6 月 30 日公司累计使 用本次募集资金 87,437.82 万元。 截至 2025 年 6 月 30 日，本次募集资金余额 12,693.76 万元，其中：公司专项账户期末 余额 206.72 万元（含购置理 ...

Group 1 - The core viewpoint of the news is that Guozhong Water (600187) has shown a mixed performance in its latest financial results, with revenue growth but a significant decline in net profit [1] - As of August 25, 2025, Guozhong Water's stock closed at 3.06 yuan, up 0.33%, with a turnover rate of 2.29% and a trading volume of 369,900 hands, amounting to 113 million yuan [1] - The company's latest quarterly report indicates total operating revenue of 51.93 million yuan, a year-on-year increase of 21.13%, while net profit attributable to shareholders decreased by 152% to 1.02 million yuan [1] Group 2 - The company has a current ratio of 6.369, a quick ratio of 5.700, and a debt-to-asset ratio of 6.66%, indicating strong liquidity and low leverage [1] - Guozhong Water has made investments in 32 companies and participated in four bidding projects, showcasing its active engagement in the market [2] - The company holds five trademark registrations and one patent, reflecting its focus on intellectual property [2]

证券之星消息，8月20日环境治理板块较上一交易日上涨0.29%，丛麟科技领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。环境治理板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688370 | 丛麟科技 | 30.00 | 10.74% | 8.45万 | 2.47亿 | | 600187 | 国中水务 | 3.11 | 4.01% | 101.60万 | 3.11亿 | | 603315 | 福鞍股份 | 13.92 | 3.88% | 18.17万 | 2.51亿 | | 832802 | 保丽洁 | 20.65 | 3.25% | - 3.44万 | 6980.80万 | | 000035 | 中国天楹 | 4.47 | 2.76% | 43.78万 | 1.94亿 | | 600323 | 瀚蓝环境 | 26.86 | 2.52% | 8.36万 | 2.22亿 | | 301127 | 武汉天源 | 15. ...

Core Viewpoint - Beijing Huiyuan is facing internal conflicts and external challenges, including failed acquisitions and ongoing lawsuits, leading to a call for resistance against "malicious capital games" [1][2][4]. Group 1: Internal Conflicts - Beijing Huiyuan's official statement criticized major shareholder Zhuji Wenshenghui for holding a unilateral shareholder meeting on August 11, which was contested by employee supervisors [2]. - The company’s labor union urged all employees not to recognize the decisions made during this meeting, indicating a significant internal divide [2][4]. - The chairman, Ju Xinyan, has filed a lawsuit against Beijing Huiyuan to confirm the validity of a company resolution, highlighting the ongoing power struggle within the company [5]. Group 2: Financial and Legal Issues - Beijing Huiyuan accused Zhuji Wenshenghui of failing to fulfill investment commitments, with 850 million yuan overdue for over a year, despite multiple reminders [4][5]. - Approximately 650 million yuan of the funds claimed to be invested by Zhuji Wenshenghui are reportedly unutilized and under their direct control, raising concerns about "false capital contributions" [4][5]. - The company has initiated legal action against Zhuji Wenshenghui and its associated entities, which has been accepted by the court [5]. Group 3: Historical Context and Recent Developments - Huiyuan Juice, established in the early 1990s, has faced severe debt crises and underwent a court-approved restructuring in June 2022, with plans for a significant investment of 1.6 billion yuan to revitalize operations [8][10]. - In 2023, Huiyuan Juice reported revenues of 2.745 billion yuan and a net profit of 424 million yuan, indicating operational improvements post-restructuring [10]. - A failed acquisition attempt by Guozhong Water in April 2023, due to frozen share rights, has further complicated Huiyuan's financial landscape and potential for future growth [6][11].

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. is embroiled in a power struggle involving its major shareholder, Zhuji Wenshenghui Investment Co., Ltd., questioning the legality of a recent extraordinary shareholders' meeting and the actions taken by the company's sole supervisor [2][3][4]. Group 1: Company Background and Financial Performance - Beijing Huiyuan has recently completed debt restructuring and is projected to achieve profitability in both 2023 and 2024, with net profits of 4.24 billion and 3.44 billion respectively [12]. - The company reported a revenue of 27.45 billion in 2023, with a net profit margin of 15.43% [13]. Group 2: Shareholder Disputes and Legal Issues - The conflict escalated when Zhuji Wenshenghui proposed to dismiss the chairman without notifying the board, leading to allegations of unfair practices regarding capital allocation and profit distribution [4][10]. - The company has initiated legal proceedings against Zhuji Wenshenghui and its associated entities for failing to fulfill their capital contribution obligations as per the restructuring agreement [15]. Group 3: Impact on Stakeholders - A-share listed company Guozhong Water, which invested 930 million in an attempt to gain control over Beijing Huiyuan, is now facing significant losses and has become a passive investor due to the ongoing disputes [17][21]. - The ongoing power struggle and legal disputes may adversely affect the operational recovery that Beijing Huiyuan has recently achieved, raising concerns among creditors and minority shareholders [12][24].

Core Viewpoint - Beijing Huiyuan Food and Beverage Co., Ltd. (Huiyuan) has raised concerns regarding the capital injection commitments from its controlling shareholder, Zhuji Wenshenghui Investment Co., Ltd. (Zhuji Wenshenghui), particularly in light of the upcoming extraordinary shareholders' meeting that may affect the interests of convertible bondholders [1][3][10] Group 1: Shareholder Dynamics - The relationship between Zhuji Wenshenghui and Guozhong Water (600187) has deteriorated since 2024, with Guozhong Water stating its commitment to protect the interests of the listed company while awaiting legal proceedings [2][6] - Huiyuan's public letter indicates that Zhuji Wenshenghui has only contributed 22.81% of the registered capital, with 850 million yuan overdue for over a year and multiple reminders issued [3][4] - The ongoing disputes highlight a shift from a previous cooperative relationship to a contentious one, with potential implications for the company's governance and financial stability [2][3][12] Group 2: Financial Commitments and Disputes - Huiyuan claims that the majority of the 750 million yuan already contributed by Zhuji Wenshenghui is held in a joint account controlled by Zhuji Wenshenghui, rather than being utilized for operational purposes [3][4] - The proposal to use capital reserves to offset losses involves 6.89 billion yuan in debt-to-equity conversion funds, which has not been fully allocated to creditors, raising concerns about the rights of stakeholders [3][10] - Legal experts suggest that if Huiyuan's claims are valid, shareholders should receive dividends based on actual contributions, which could limit the voting rights of those with unpaid capital [10][11] Group 3: Market Implications - The ongoing disputes among Huiyuan, Zhuji Wenshenghui, and Guozhong Water could impact Huiyuan's financing capabilities and brand stability, as the resolution of these conflicts is crucial for future capital raising efforts [12] - The financial struggles of related entities, such as Pengxin Group, which has seen significant declines in revenue and profitability, may further complicate the situation for Guozhong Water and its investment strategies [8][9] - The potential for a capital and control struggle could lead to significant changes in Huiyuan's shareholder structure and operational strategy moving forward [12]

Group 1 - The core viewpoint of the news is that Guozhong Water (600187) has experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in investor sentiment [1][3] - As of August 14, 2025, Guozhong Water's stock closed at 2.96 yuan, down 1.99%, with a turnover rate of 3.33% and a trading volume of 536,600 hands, amounting to 160 million yuan [1] - The latest financial performance shows total revenue of 51.93 million yuan for Q1 2025, a year-on-year increase of 21.13%, but a net profit of 1.02 million yuan, a decrease of 152.00% year-on-year [1] Group 2 - The company has a current ratio of 6.369, a quick ratio of 5.700, and a debt-to-asset ratio of 6.66%, indicating strong liquidity and low leverage [1] - Guozhong Water has made investments in 32 companies and participated in 4 bidding projects, showcasing its active engagement in the market [2] - The company was established in 1998 and is primarily engaged in water production and supply, with a registered capital of 1.61378 billion yuan [1][2]

Core Viewpoint - The article discusses the ongoing struggles of Huiyuan Juice, highlighting the conflicts between its major shareholder and the company, as well as the challenges it faces in its revival efforts after bankruptcy restructuring [3][4][5]. Group 1: Shareholder Conflicts - Huiyuan Juice's parent company, Beijing Huiyuan Food and Beverage Co., publicly accused its major shareholder of failing to fulfill a promised investment of 1.6 billion yuan, with over half of the funds still not received [5][15]. - The company has initiated legal action against the major shareholder, seeking to rally other shareholders and creditors to protect their rights [4][6]. - The major shareholder, Wensheng Asset Management, has only contributed 750 million yuan of the promised investment, with the remaining 850 million yuan overdue for over a year [15][16]. Group 2: Financial Struggles - Since its restructuring approval in June 2022, Beijing Huiyuan has relied primarily on its own resources to maintain operations and achieve continuous profitability [5][6]. - The company reported a cumulative net profit of 760 million yuan for 2023 and 2024, but it still faces approximately 8 billion yuan in debt, indicating a long road ahead to financial stability [47][48]. Group 3: Market Dynamics - The juice market is becoming increasingly competitive, with both new and established players intensifying their efforts, which poses additional challenges for Huiyuan Juice as it attempts to recover [48]. - The article also notes that the major shareholder's proposal to cover losses using capital reserves may lead to further disputes, as it could affect the rights of creditors who have not yet received equity [20][22]. Group 4: Potential for A-Share Listing - There are indications that Huiyuan Juice may be on a path to potentially relist on the A-share market, which could help it recover from its previous delisting from the Hong Kong stock exchange [39][40]. - However, this plan has been complicated by legal disputes involving the major shareholder and other parties, which have led to the freezing of significant shares [40][43].

本文字数：4348，阅读时长大约8分钟 作者 |第一财经王方然 2025.08.14 一场围绕北京汇源饮料食品集团有限公司（下称"北京汇源"）的资本博弈，眼下正在激烈上演。 北京汇源管理层近日罕见发布公开信，直指大股东诸暨文盛汇自有资金投资有限公司（下称"诸暨文盛汇"）存在未缴足出资， 拖欠8.5亿元投资款长达一年，却"掌控实权"的异常状况。此外，大股东还试图通过的资本公积补亏计划，可能变相剥夺债权人 选择权。因此，管理层向其他股东喊话，对大股东进行"限权"。 管理层与大股东发生冲突，已经波及另一股东国中水务。曾经靠入股北京汇源而股价大涨的国中水务，如今的投资收益大幅下 降，控股计划也暂且搁置。 北京汇源与诸暨文盛汇的矛盾，到底有何隐情？第一财经电话联系诸暨文盛汇，接线人员表示"不太了解这一事情"，北京汇源 的电话一直未接通。而国中水务工作人员则在电话中称，这是北京汇源内部事务，该公司是北京汇源的间接投资方，还是会以 国中水务自身利益为主。关于对赌情况，到期后根据协议相关情况来（处理）。 管理层呼吁股东"夺权" 北京汇源管理层在公开信中，试图号召现有股东拿回经营的"主控权"。 诸暨文盛汇是北京汇源的第一大股东 ...