Group 1 - The company Zhongzai Zihuan (SH 600217) announced the convening of its 44th meeting of the 8th Board of Directors on August 28, 2025, to review the semi-annual report for 2025 and its summary [1] - For the year 2024, the company's revenue composition is as follows: 99.93% from waste resource comprehensive utilization and 0.07% from other businesses [1]

Core Viewpoint - The company Zhongzai Zihuan reported a revenue of 1.381 billion yuan in the first half of 2025, a year-on-year decrease of 24.31%, but achieved the highest cash inflow from operating activities since its restructuring in 2015 due to subsidies received for waste appliance processing [1][1][1] Company Performance - The company maintained a stable waste appliance processing volume compared to the same period last year despite a challenging industry environment [1][1] - The cash inflow from operating activities reached a historical high for the same period since the company's restructuring [1][1] Strategic Response - The company plans to adjust its operational strategies dynamically in response to changes in national subsidy policies and regional conditions [1][1] - Efforts will be made to enhance waste electrical appliance procurement and optimize price transmission mechanisms to mitigate the impact of reduced special funds on procurement costs [1][1]

Core Viewpoint - The Supervisory Board of Zhongzai Resources Environment Co., Ltd. has approved the 2025 semi-annual report and related proposals, ensuring compliance with regulations and reflecting the company's operational and financial status accurately [1][2][3]. Group 1: Semi-Annual Report Approval - The Supervisory Board reviewed and approved the 2025 semi-annual report, confirming that the preparation and review processes adhered to legal and internal regulations [1]. - The report's content and format comply with the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operations and financial conditions for the first half of 2025 [1][2]. Group 2: Fund Management Reports - The Supervisory Board approved the special report on the management and use of raised funds for the first half of 2025, with a unanimous vote [2]. - Details of the fund management report are available on the designated media and the Shanghai Stock Exchange website [2]. Group 3: Cash Management Proposal - The company has been authorized to use up to 200 million yuan of temporarily idle raised funds for cash management, with a maximum investment period of 12 months in low-risk financial products [3]. - The approval process for this cash management proposal is compliant with relevant regulations, ensuring no change in the purpose of the raised funds or harm to the company's and shareholders' interests [3].

Summary of Key Points Core Viewpoint - The company, Zhongzai Resources Environment Co., Ltd., is utilizing temporarily idle raised funds for cash management to enhance financial efficiency and returns for shareholders while ensuring that the original investment projects remain unaffected [1][6]. Group 1: Fundraising and Management - The company raised a total of RMB 882,299,962.48 through the issuance of 268,993,891 shares at a price of RMB 3.28 per share, with a net amount of RMB 871,857,421.44 after deducting issuance costs [1][2]. - The funds are stored in a dedicated account to ensure they are used specifically for their intended purpose, with a tripartite supervision agreement in place among the company, the sponsor, and the bank [2][6]. Group 2: Adjustments to Investment Projects - The actual net amount raised is lower than the amount disclosed in the 2021 fundraising prospectus, prompting adjustments to the planned investment amounts for various projects [2]. - The total planned investment amount was adjusted from RMB 109,202.81 million to RMB 94,835.49 million, with a reduction of RMB 7,649.75 million [2]. Group 3: Cash Management Plan - The company plans to use up to RMB 200 million of the temporarily idle funds for cash management, focusing on low-risk investment products such as principal-protected financial products and government bonds [4][5]. - The investment products will have a maximum term that ensures the safety and availability of funds for ongoing projects [4]. Group 4: Approval and Compliance - The board of directors and the supervisory board have approved the cash management plan, confirming that it complies with relevant regulations and does not alter the intended use of the raised funds [6][7]. - The sponsor has verified that the necessary approval procedures were followed and that the cash management will enhance fund efficiency without harming shareholder interests [6][7].

证券代码：600217 证券简称：中再资环 公告编号：临 2025-055 中再资源环境股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 重要内容提示： 一、 召开会议的基本情况 召开的日期时间：2025 年 9 月 26 日 14 点 00 分 召开地点：：北京市西城区宣武门外大街甲 1 号环球财讯中心 B 座公司会议 室 股东大会召开日期：2025年9月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 26 日 至2025 年 9 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 ...

一、审议通过《关于公司 2025 年半年度报告及其摘要的议案》 公司监事会对董事会组织编制的公司 2025 年半年度报告及其摘 要进行了认真、严格的审核，并提出如下书面审核意见： ㈠公司 2025 年半年度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定。 证券代码：600217 证券简称：中再资环 公告编号：临 2025-054 中再资源环境股份有限公司 第八届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中再资源环境股份有限公司（以下简称公司）第八届监事会第 二十次会议于 2025 年 8 月 28 日以专人送达方式召开，会议应参与 表决监事 3 人，实际参与表决监事 3 人。经与会监事认真审议，并 书面记名投票进行表决，形成如下决议： ㈡公司 2025 年半年度报告的内容和格式符合中国证监会和上海 证券交易所的各项规定，所包含的信息能从各个方面真实地反映出 公司 2025 年 1-6 月份的经营管理和财务状况等事项。 ㈢在提出本意见前，监事会未发现参与公司 2025 ...

证券代码：600217 证券简称：中再资环 编号：临 2025-050 中再资源环境股份有限公司 第八届董事会第四十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中再资源环境股份有限公司（以下称公司）第八届董事会第四 十四次会议于 2025 年 8 月 28 日以专人送达方式召开。公司在任董 事 5 人，应参与表决董事 5 人，实际参与表决董事 5 人。经与会董 事审议，并以书面记名投票方式表决，会议形成如下决议： 一、审议通过《关于公司 2025 年半年度报告及其摘要的议案》 本议案表决结果：同意 5 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 公司 2025 年半年度报告见上海证券交易所网站，公司 2025 年 半年度报告摘要见公司指定信息披露媒体《中国证券报》《上海证券 报》《证券日报》《证券时报》和上海证券交易所网站。 二、审议通过《关于对财务公司的风险评估报告的议案》 因本议案为关联交易事项，关联董事邢宏伟先生和徐铁城先生 对本议案的表决进行了回避。 本议案由非关联 ...

Group 1 - The core point of the article is that Zhongzai Zihuan (600217.SH) reported a significant decline in its financial performance for the first half of 2025, with total operating revenue of 1.381 billion yuan, a year-on-year decrease of 24.31% [1] - The net profit attributable to shareholders of the parent company was -365 million yuan, compared to a net profit of 162 million yuan in the same period last year [1] - The basic earnings per share were -0.2202 yuan, indicating a loss compared to the previous year's earnings [1]

中信证券股份有限公司 关于中再资源环境股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为中再资源 环境股份有限公司（以下简称"中再资环"、"公司"、"发行人"）向特定对象发 行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第 11 号—— 持续督导》等有关规定，对公司使用暂时闲置募集资金进行现金管理事项进行了 审慎核查，具体核查情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意中再资源环境股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2023〕1808 号）注册，并经上海证券交易 所同意，公司向特定对象发行人民币普通股（A 股）268,993,891 股，发行价格 为每股人民币 3.28 元，募集资金总额为人民币 882,299,962.48 元，扣除相关发行 费用 10,442,541.04 元（不含增值税）后，实际募集资金净额为人民币 871,857 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥1,380,518,540.47, a decrease of 24.31% compared to ¥1,823,973,254.06 in the same period last year[21] - The total profit for the reporting period was -¥369,480,631.53, a decline of 283.29% from a profit of ¥201,577,852.27 in the previous year[21] - The net profit attributable to shareholders was -¥365,056,868.80, down 325.05% from ¥162,208,707.12 in the same period last year[21] - The basic earnings per share for the reporting period was -¥0.2202, a decrease of 288.53% compared to ¥0.1168 in the same period last year[23] - The weighted average return on net assets was -11.18%, a decrease of 17.22 percentage points from 6.04% in the previous year[23] - The company reported a net profit of -CNY 369,294,692.44 for the reporting period, resulting in no profit distribution[58] - The total comprehensive income attributable to the parent company was -365,056,868.80 CNY for the first half of 2025, compared to 162,208,707.12 CNY in the same period of 2024, indicating a significant decline[116] Cash Flow and Assets - The net cash flow from operating activities was ¥281,218,004.25, a significant improvement from -¥249,067,858.84 in the previous year[22] - The total assets at the end of the reporting period were ¥6,946,680,858.67, a decrease of 10.99% from ¥7,804,512,582.61 at the end of the previous year[22] - The net assets attributable to shareholders decreased by 10.59% to ¥3,081,733,024.59 from ¥3,446,789,893.39 at the end of the previous year[22] - The company's current assets totaled RMB 5,613,909,388.90, down from RMB 6,576,469,207.50 in the previous year, indicating a decline of approximately 14.7%[107] - Cash and cash equivalents decreased to RMB 559,038,502.45 from RMB 884,917,549.83, representing a decline of about 36.7%[107] - The company's total liabilities were CNY 386,240,810.00, down by CNY 48,853,700.00 compared to the start of the period[39] - The company's total equity decreased to RMB 3,084,272,776.74 from RMB 3,453,567,469.18, reflecting a decline of approximately 10.7%[109] Subsidies and Government Support - The company experienced a reduction in subsidy income due to adjustments in the waste electrical dismantling processing subsidy policy, contributing to the decline in operating revenue[23] - The national policy will cease the waste electrical appliance processing fund subsidy starting January 1, 2024, impacting future revenue streams[30] - The government aims for a 30% increase in waste home appliance recovery by 2027 compared to 2023 levels, presenting growth opportunities for the company[31] - The 2024 budget for waste electrical appliance processing special funds is set at RMB 7.5 billion, indicating strong governmental support for the industry[34] - The company reported a non-recurring profit of RMB 92.39 million, primarily from government subsidies and asset disposals[26] - The government subsidy related to local industry support amounted to RMB 49.61 million, based on the company's revenue[27] Operational Strategies and Future Plans - The company plans to implement a share issuance in the third quarter of 2024, which will increase the total number of shares and dilute the basic earnings per share[23] - The company aims to enhance its waste procurement efforts and optimize pricing mechanisms to mitigate the impact of reduced subsidies[39] - The company plans to adjust its operational strategies based on the 2024 subsidy amounts announced by the Ministry of Finance[39] - The company aims to expand its market share by enhancing its waste recycling service offerings and establishing strategic partnerships with large waste-producing enterprises[54] - The company plans to optimize its dismantling processes and enhance employee training to improve efficiency and reduce costs[53] Share Issuance and Capital Structure - The company issued 268,993,891 shares at 3.28 yuan per share, increasing total shares from 1,388,659,782 to 1,657,653,673[95] - The newly issued shares will be released from restrictions and listed for trading on February 10, 2025[95] - The total number of shares held by the company before the recent issuance was 1,388,659,782, representing 83.77% of total shares[93] - The company’s total share capital after the issuance is 1,657,653,673 shares, with no change in the total percentage[93] - The company has not reported any significant changes in financial indicators such as earnings per share or net assets per share due to the recent share issuance[96] Management and Governance - The company has appointed new executives, including Peng Chen as Deputy General Manager and Li Gang as Chief Financial Officer[57] - The company has committed to avoiding any direct or indirect competition with Qinling Cement and its subsidiaries[62] - The company will take effective measures to prevent any conflicts of interest that may harm the rights of Qinling Cement and its minority shareholders[62] - The company guarantees that it will not misuse its position in Qinling Cement to engage in unfair transactions or resource allocation[62] - The company will maintain the independence of Qinling Cement in terms of assets, personnel, finance, and operations, adhering to relevant regulations from the China Securities Regulatory Commission[63] Risks and Challenges - The company faces risks related to policy changes in waste treatment, which could impact operational costs and revenue[50] - Labor costs are expected to rise due to decreasing supply of suitable labor, which may negatively affect the company's profitability[52] - Major subsidiaries in waste resource utilization reported significant losses, with Shandong Company posting a net loss of CNY 4,776.20 million, and Henan Company a net loss of CNY 4,939.34 million[48] Financial Reporting and Compliance - The company’s financial statements indicate that it is in a stable position with a solid equity base, supporting potential market expansion and new product development initiatives[134] - The company recognizes identifiable assets acquired in a business combination at fair value, including intangible assets that can be reliably measured[161] - The company applies consistent accounting policies across the group to reflect the overall financial position and performance[170] - The company recognizes foreign currency translation differences in other comprehensive income, which are reclassified to profit or loss upon disposal of foreign operations[180]