Group 1 - Yunnan Water Investment Co., Ltd. holds approximately 165 million shares of Zhejiang Qianjiang Biochemical Co., Ltd., representing 19.08% of the company's total share capital, all of which are restricted circulation shares [1] - Yunnan Water has a total of approximately 58.76 million shares frozen, accounting for 35.53% of its holdings and 6.78% of the company's total share capital [1] - The total pledged shares amount to approximately 106 million, which is 64.16% of Yunnan Water's holdings and 12.24% of the company's total share capital [1] Group 2 - Approximately 56.33 million shares are under pending freezing, representing 34.07% of Yunnan Water's holdings and 6.5% of the company's total share capital [1] - Among the pending frozen shares, about 3.84 million shares are newly pending, accounting for 2.32% of Yunnan Water's holdings and 0.44% of the company's total share capital [1] - As of September 3, 2025, the company verified through the China Securities Depository and Clearing Corporation that Yunnan Water's 3,842,436 shares are pending freezing [1]

证券代码：600796 股票简称：钱江生化 编号：临 2025—043 浙江钱江生物化学股份有限公司 关于持股 5%以上股东股份被轮候冻结的公告 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个别及连带责任。 重要内容提示： 1、持股 5%以上股东云南水务投资股份有限公司（以下简称"云南水务"） 持有浙江钱江生物化学股份有限公司（以下简称"公司"或"钱江生化"）股份 165,350,891 股，全部为限售流通股，占公司总股本的 19.08%；云南水务累计被 冻结股份 58,755,428 股，占其所持股份比例为 35.53%，占公司总股本比例为 6.78%；累计质押股份 106,095,463 股，占其所持股份比例为 64.16%，占公司总 股本比例为 12.24%；累计被轮候冻结的股份为 56,333,810 股，占其所持股份比 例为 34.07%，占公司总股本比例为 6.50%，其中本次被轮候冻结的股份为 3,842,436 股，占其所持股份比例为 2.32%，占公司总股本比例为 0.44%。 2、云南水务不属于公司的控股股东、实际 ...

Group 1 - The company Zhejiang Qianjiang Biochemical Co., Ltd. announced the listing of 2,000,000 restricted shares on September 5, 2025, which were acquired through a private placement approved by the China Securities Regulatory Commission on December 6, 2021 [2] - The shares were obtained by Mr. Chen Mian through judicial auction, and the lock-up period of 36 months has ended, during which he complied with all relevant commitments [2] - The company has a registered capital of 8,665.85766 million RMB and is primarily engaged in ecological environmental protection, biopesticides, and water operations [2] Group 2 - The company has 26 affiliated companies, including Zhejiang Haiyun Environmental Protection Co., Ltd. and Haining Haiyun Changxin Environmental Engineering Co., Ltd. [3] - The company's revenue for 2022 to 2024 is projected to be 2.009 billion, 2.034 billion, and 1.768 billion RMB, with year-on-year growth rates of -1.09%, 1.27%, and -13.08% respectively [3] - The net profit attributable to the parent company for the same period is expected to be 206 million, 211 million, and 160 million RMB, with year-on-year growth rates of 39.28%, 2.25%, and -24.06% respectively [3]

Group 1 - The company Qianjiang Biochemical announced a non-public offering of shares, with a total of 2,000,000 shares to be listed [1] - The subscription method for the shares will be offline, and the listing date is set for September 5, 2025 [1] - The total number of shares available for circulation is also 2,000,000 [1]

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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 2,000,000股。 证券代码：600796 证券简称：钱江生化 公告编号：2025-042 浙江钱江生物化学股份有限公司 本次股票上市流通总数为2,000,000股。 关于非公开发行限售股部分上市流通的公告 其中，云南水务所持有公司的 8,075,745 股限售流通股，因司法冻结于 2024 年 9 月 20 日被司法拍卖至钟革女士，于 2024 年 9 月 25 日过户至其名下，并已于 2025 年 1 月 17 日上市流通。 云南水务所持有公司的 2,000,000 股限售流通股，因司法冻结于 2025 年 1 月 20 日被司法拍卖至陈棉先生，并于 2025 年 2 月 11 日过户至其名下。 本次股票上市流通日期为2025 年 9 月 5 日。 一、本次限售股上市类型 （一）本次限售股上市类型为：非公开发行的有限售条件流通股 （二）核准情况 浙江钱江生物化学股份有限公司（以下简称"公 ...

中信证券股份有限公司 关于浙江钱江生物化学股份有限公司 发行股份购买资产限售股份部分上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券""独立财务顾问"）作为浙 江钱江生物化学股份有限公司（以下简称"钱江生化""上市公司"或"公司"） 发行股份购买资产并募集配套资金暨关联交易的独立财务顾问（以下简称"本独 立财务顾问"），根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》等 法律法规的要求，对钱江生化本次交易所涉及限售股份部分上市流通的事项进行 了审慎核查，核查情况如下： 一、本次解除限售股份取得的基本情况 公司于 2021 年 12 月 6 日收到中国证券监督管理委员会（以下简称"中国证 监会"）核发的《关于核准浙江钱江生物化学股份有限公司向海宁市水务投资集 团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可〔2021〕3803 号），核准公司向海宁市水务投资集团有限公司（以下简称"海宁水务集团"） 发行 299,336,343 股股份、向云南水务投资股份有限公司（以下简称"云南水务"） 发行 175,426,6 ...

Core Insights - The company reported a revenue of 780 million yuan for H1 2025, a year-over-year decrease of 9.64%, while net profit reached 107 million yuan, showing a growth of 25.51% when excluding non-recurring items [1] - The company achieved a significant increase in cash flow, with a cash collection ratio of 107.31% and a net cash ratio of 1.05, indicating improved cash flow conditions [1] - The company is actively expanding its product offerings in the biopesticide sector and has maintained a leading position in the domestic market for gibberellins [2] Financial Performance - H1 2025 gross margin was 25.96%, an increase of 2.57 percentage points year-over-year, while the net profit margin rose by 5.29 percentage points to 12.90% [1] - The company's asset-liability ratio stood at 47.98%, down 5.19 percentage points year-over-year, and interest-bearing debt ratio was 28.46%, a decrease of 2.64 percentage points [1] - The company processed 103 million tons of wastewater, a decrease of 4.17% year-over-year, while drinking water production increased by 7.72% to 30 million tons [2] Project Developments - The company has completed the construction and acceptance of the wastewater treatment project in Haining Qianshan Chemical Park, with plans for trial production in the second half of the year [3] - New projects, including the construction of a new wastewater treatment plant and an industrial wastewater pretreatment plant, are expected to begin trial operations in the second half of the year [3] - The company is also planning to start trial production for its biopesticide raw material and formulation relocation project in the upcoming months [3] Investment Outlook - The company is projected to achieve net profits of 211 million yuan, 188 million yuan, and 198 million yuan for the years 2025 to 2027, with current price-to-earnings ratios of 24.13x, 27.04x, and 25.75x respectively [3]

Core Viewpoint - Qianjiang Biochemical (600796) reported a mixed performance in its 2025 mid-year financial results, with a decline in total revenue but an increase in net profit, indicating improved profitability metrics despite challenges in revenue generation [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 780 million yuan, a decrease of 9.64% year-on-year [1]. - Net profit attributable to shareholders reached 107 million yuan, reflecting a year-on-year increase of 30.24% [1]. - In Q2 2025, total revenue was 402 million yuan, down 17.8% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was approximately 76.6 million yuan, up 43.28% year-on-year [1]. - Gross margin improved to 25.96%, an increase of 11.01% year-on-year, while net margin rose to 12.9%, up 69.58% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 96.25 million yuan, accounting for 12.35% of revenue, a decrease of 5.17% year-on-year [1]. - Earnings per share increased to 0.12 yuan, a rise of 33.33% year-on-year, and operating cash flow per share surged to 0.12 yuan, up 1298.31% year-on-year [1]. Balance Sheet Changes - Cash and cash equivalents decreased by 22.92% to 779 million yuan [1]. - Accounts receivable fell by 13.39% to 935 million yuan [1]. - Interest-bearing liabilities decreased by 10.88% to 2.275 billion yuan [1]. - Significant changes in other financial items included a 100% decrease in notes receivable due to a reduction in commercial acceptance bills [9]. Operational Insights - The company’s return on invested capital (ROIC) was reported at 3.56%, indicating weak capital returns [10]. - The net profit margin for the previous year was 7.09%, suggesting average value addition from products or services [10]. - Historical data shows a median ROIC of 5.08% over the past decade, with two years of losses since the company went public, indicating a fragile business model [10]. - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 99.55% [10]. - The debt situation is also a point of concern, with interest-bearing debt ratio reaching 28.45% [10].

Core Viewpoint - The company, Zhejiang Qianjiang Biochemical Co., Ltd., has announced its 2025 semi-annual report and plans to hold an investor performance briefing to discuss its financial results and operational status [14][15][16]. Group 1: Company Overview - The company is identified as Zhejiang Qianjiang Biochemical Co., Ltd., with the stock code 600796 [3]. - The company has a registered capital of 866.585766 million yuan and operates in various sectors including chemical production and environmental services [36]. Group 2: Financial Data - The semi-annual report for 2025 has been approved by the board of directors, indicating that the financial accounting system is sound and complies with relevant laws and regulations [8][24]. - The company has proposed to absorb and merge its wholly-owned subsidiary, Haining Jiahui Property Management Co., Ltd., to improve operational efficiency and reduce management costs [28][34]. Group 3: Board and Supervisory Committee Decisions - The board of directors and the supervisory committee have confirmed that all members were present for the meetings held on August 26, 2025, and that no members opposed any resolutions [4][9][26]. - The board approved the semi-annual report and the proposal for the absorption of the subsidiary, with unanimous votes in favor [25][30]. Group 4: Investor Communication - An investor performance briefing is scheduled for September 4, 2025, to address common investor concerns and provide insights into the company's financial performance [15][18][19]. - Investors can submit questions prior to the briefing through the designated online platform or via email [19][20].

Core Viewpoint - Zhejiang Qianjiang Biochemical Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a shift in financial dynamics due to changes in subsidiary control and operational adjustments [2][17]. Financial Summary - The company's operating income for the first half of 2025 was CNY 779.54 million, a decrease of 9.64% compared to the same period last year [2]. - Total profit reached CNY 128.77 million, an increase of 45.64% year-on-year [2]. - Net profit attributable to shareholders was CNY 107.12 million, up 30.24% from the previous year [2]. - The net cash flow from operating activities surged by 1,298.31%, amounting to CNY 105.87 million, primarily due to increased cash inflow from engineering sales [2]. - Total assets decreased by 7.08% to CNY 7.02 billion, while net assets attributable to shareholders increased by 3.19% to CNY 3.38 billion [2]. Business Segments Overview Water and Environmental Protection - The water and environmental protection segment generated CNY 632 million in revenue, accounting for 81.03% of total revenue, but saw an 11.85% decline year-on-year [17]. - The company operates multiple wastewater treatment plants and has significant market presence in regions such as Jiangsu, Gansu, and Inner Mongolia [5][11]. - The company aims to enhance its market position by expanding its service offerings and participating in regional water projects [11][19]. Biological Manufacturing - The biological manufacturing segment achieved revenue of CNY 141 million, representing an increase of 6.82% compared to the previous year [17]. - The market for biological pesticides, particularly microbial and plant-derived products, is expected to grow significantly, with a projected compound annual growth rate exceeding 25% [8]. - The company is focusing on product innovation and expanding its market reach, particularly in the domestic rice seed production market [17][10]. Industry Trends - The water and environmental protection industry is transitioning towards a green and low-carbon economy, with policies aimed at reducing pollution and enhancing resource utilization [4][5]. - The biological pesticide market is experiencing a shift towards environmentally friendly products, driven by regulatory changes and increasing demand for sustainable agricultural practices [8][9]. - The overall agricultural chemical market is facing challenges such as overcapacity and intense competition, leading to price declines for many pesticide products [16].