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].

Core Viewpoint - Zhejiang Qianjiang Biochemical Co., Ltd. reported a decrease in total assets and operating income for the first half of 2025, while experiencing an increase in total profit and net profit attributable to shareholders [1][2]. Financial Performance - Total assets at the end of the reporting period were approximately 7.02 billion RMB, a decrease of 7.08% compared to the previous year [1]. - Operating income for the period was approximately 779.54 million RMB, down 9.64% from 862.66 million RMB in the same period last year [1]. - Total profit increased by 45.64%, reaching approximately 128.77 million RMB compared to 88.41 million RMB in the previous year [1]. - Net profit attributable to shareholders was approximately 56.74 million RMB, a decrease of 29.39% from 80.35 million RMB in the previous year [1]. Shareholder Information - The total number of shareholders as of the reporting period was 30,138 [2]. - The largest shareholder, Haining Water Investment Group Co., Ltd., holds a significant stake, while other notable shareholders include Yunnan Water Investment Co., Ltd. and Haining Asset Management Co., Ltd. [2].

Group 1 - The board of directors of Zhejiang Qianjiang Biochemical Co., Ltd. held its 13th meeting of the 10th session on August 26, 2025, with no absences or dissenting votes reported [1][2] - The board approved the 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor and no opposition or abstentions [1][2] Group 2 - The board also approved a proposal to absorb and merge its wholly-owned subsidiary, Haining Jiahui Property Management Co., Ltd., to enhance operational efficiency and reduce management costs [2] - The merger will not constitute a related party transaction or a major asset restructuring as defined by regulations, and does not require shareholder approval [2]

股票简称：钱江生化 证券代码：600796 编号：临 2025-038 浙江钱江生物化学股份有限公司 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个别及连带责任。 重要内容提示: ??监事是否未能出席（亲自出席或委托出席）本次监事会：无。 ??有监事是否对本次监事会某项议案投反对/弃权票：无。 ??本次监事会是否有某项议案未获通过：无。 报告期内，公司的财务核算体制健全，会计事项的处理、财务报表的编制及 公司执行的会计制度符合有关法律法规的要求。公司 2025 年半年度报告及其摘 要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； 各项规定，所包含的信息能从各个方面真实地反映出公司当期的经营管理和财务 状况等事项，财务报告中的数据真实。 在提出本意见前，监事会没有发现参与 2025 年半年度报告及其摘要编制和 审议的人员有违反保密规定的行为。 表决结果：3 票同意、0 票反对、0 票弃权。 本次会议表决由监事朱炳其先生和朱霞芳女士进行计票和监票。 特此公告。 浙江钱江生物化学股份有限公司监事会 报备文件 十届十三次 ...

Group 1 - The company reported a revenue of 779,536,580.02 yuan for the first half of 2025, representing a year-on-year decrease of 9.64% [1] - The net profit attributable to shareholders of the listed company was 107,120,040.88 yuan, showing a year-on-year increase of 30.24% [1]