Core Viewpoint - 嘉澳环保's 2025 mid-year report shows a significant increase in revenue but a continued net loss, indicating challenges in profitability despite revenue growth [1][4]. Financial Performance - Total revenue reached 1.298 billion yuan, a year-on-year increase of 71.0% [1]. - Net profit attributable to shareholders was -78.23 million yuan, a decrease of 4.73% year-on-year [1]. - In Q2 alone, revenue was 831 million yuan, up 220.66% year-on-year, while net profit was -31.20 million yuan, an increase of 25.82% year-on-year [1]. - Gross margin improved to 2.57%, up 481.88% year-on-year, while net margin was -5.29%, an increase of 46.15% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 106 million yuan, accounting for 8.19% of revenue, down 31.21% year-on-year [1]. Balance Sheet Highlights - Inventory increased significantly by 180.22% year-on-year [1]. - Cash and cash equivalents decreased by 64.22% to 268 million yuan [1]. - Interest-bearing liabilities rose by 29.46% to 3.964 billion yuan [1]. - The company's net asset per share dropped by 58.91% to 5.15 yuan [1]. Cash Flow and Operational Insights - Operating cash flow per share was 0.67 yuan, down 85.73% year-on-year [1]. - The company reported a significant increase in accounts receivable by 30.32% [3]. - The net cash flow from operating activities decreased by 85.79%, attributed to increased inventory purchases [3]. Business Model and Market Position - The company relies heavily on capital expenditure for performance, raising concerns about the sustainability of its business model [5]. - Historical return on invested capital (ROIC) has been low, with a median of 6.62% since listing, indicating average investment returns [4]. - The company has experienced two years of losses since its IPO, reflecting a fragile business model [4]. Fund Holdings - The largest fund holding 嘉澳环保 is HSBC Jintrust Small Cap Stock, with 1.1875 million shares, indicating increased interest from institutional investors [6].

Core Viewpoint - The company, Zhejiang Jiaao Environ Tech Co., Ltd., has released its 2025 semi-annual report, ensuring the accuracy and completeness of the information provided [1][3][10]. Group 1: Company Overview - The company is identified as Zhejiang Jiaao Environ Tech Co., Ltd. with the stock code 603822 [3][10]. - The board of directors and supervisory board confirm the report's content is free from false records and misleading statements [1][3]. Group 2: Financial Data - The semi-annual report includes key financial data, although specific figures are not detailed in the provided text [2]. - The report has been approved by both the board of directors and the supervisory board, with unanimous votes in favor [5][12]. Group 3: Meeting Proceedings - The sixth supervisory board meeting was held on August 22, 2025, with all three supervisors present [4]. - The sixth board of directors meeting was also conducted on August 22, 2025, with all eight directors in attendance [11]. Group 4: Major Operational Data - The company has disclosed its main operational data for the first half of 2025, including production, sales, and revenue, although specific figures are not provided [17]. - There were no significant changes in the company's operational situation during the reporting period [19].

证券日报网讯 8月22日晚间，嘉澳环保发布公告称，公司第六届董事会第二十一次会议审议通过了《关 于审议和批准2025年半年度财务报告报出的议案》。 （文章来源：证券日报） ...

Group 1 - The company, Jiaao Environmental Protection, announced the approval of the financial report for the first half of 2025 by its sixth supervisory board's twelfth meeting [2]

Group 1 - The company, Jiaao Environmental Protection, reported a revenue of 1,298,322,232.10 yuan for the first half of 2025, representing a year-on-year growth of 71.00% [2] - The net profit attributable to shareholders of the listed company was -78,234,718.66 yuan [2]

Group 1 - The company reported a revenue of 1.298 billion yuan for the first half of 2025, representing a year-on-year increase of 71.00% [1] - The net loss attributable to shareholders of the listed company was 78.2347 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 79.3413 million yuan, with a basic loss per share of 1.0183 yuan [1]

Group 1 - The core point of the article is that Jiaao Environmental (603822.SH) reported a net loss attributable to shareholders of 78.23 million yuan for the first half of 2025, despite a significant increase in revenue [1] - The company achieved an operating income of 1.298 billion yuan, representing a year-on-year growth of 71% [1] - The basic loss per share was reported at 1.0183 yuan, with a net loss of 79.34 million yuan after deducting non-recurring gains and losses [1]

Core Viewpoint - The report highlights the financial performance and strategic positioning of Zhejiang Jiaao Environmental Protection Technology Co., Ltd. for the first half of 2025, emphasizing significant revenue growth and ongoing investments in sustainable energy solutions [1][2]. Company Overview and Financial Indicators - Company Name: Zhejiang Jiaao Environmental Protection Technology Co., Ltd. [2] - Stock Code: 603822 [2] - Total Revenue for H1 2025: CNY 1,298,322,232.10, a 71% increase from CNY 759,242,105.67 in the same period last year [2][3]. - Total Assets: CNY 6,497,841,553.48, up 9.10% from CNY 5,956,015,533.61 [2]. - Net Profit attributable to shareholders: CNY -78,234,718.66, compared to CNY -74,699,544.24 in the previous year [2][3]. - Basic Earnings per Share: CNY -1.0183 [2]. Industry Context and Business Operations - The company operates in the context of increasing environmental regulations and a global push for carbon neutrality, which is driving demand for biofuels, particularly sustainable aviation fuel [3][4]. - The company’s main products include environmentally friendly plasticizers, stabilizers, and biomass energy, with biomass energy accounting for 71.86% of its main business revenue [3][4]. - The company is positioned to benefit from policy incentives and its strategic location in the Yangtze River Delta, enhancing its competitive advantage in the biomass energy sector [3][4]. Operational Highlights - The company has made significant investments in technology and innovation, holding 45 authorized national invention patents and 54 utility model patents as of June 2025 [5][6]. - The company emphasizes safety and environmental responsibility, achieving all safety production targets without major incidents during the reporting period [4][5]. - The management team is stable and experienced, focusing on the development of biomass energy and environmentally friendly plasticizers, which enhances the company's market competitiveness [6][7]. Financial Performance Analysis - Operating costs increased by 65.50% to CNY 1,265,013,782.16, primarily due to higher export volumes of biomass energy [3][4]. - The net cash flow from operating activities decreased by 85.79% to CNY 51,750,798.37, indicating challenges in cash generation despite revenue growth [3][4]. - The company’s net assets attributable to shareholders decreased by 35.55% to CNY 395,576,002.29, reflecting financial pressures [2][3]. Strategic Initiatives - The company is actively pursuing the development of a 500,000-ton annual biomass energy project in Lianyungang, which is expected to enhance its production capacity and market presence [8]. - The focus on research and development is aimed at maintaining technological leadership in the production of eco-friendly products, aligning with global sustainability trends [5][6].

Core Viewpoint - Zhejiang Jiaao Environmental Protection Technology Co., Ltd. reported significant financial changes in its 2025 semi-annual report, indicating a substantial increase in revenue but continued losses in net profit [1]. Financial Summary - Total assets at the end of the reporting period reached approximately 6.50 billion RMB, reflecting a 9.10% increase from the previous year [1]. - Total revenue for the reporting period was approximately 1.30 billion RMB, representing a 71.00% increase compared to approximately 759.24 million RMB in the same period last year [1]. - The total profit for the period was a loss of approximately 97.36 million RMB, compared to a loss of approximately 103.58 million RMB in the previous year [1]. - The net profit attributable to shareholders was a loss of approximately 78.23 million RMB, compared to a loss of approximately 74.70 million RMB in the same period last year [1]. - Basic and diluted earnings per share were both approximately -1.0183 RMB, compared to -0.9682 RMB in the previous year [1]. Shareholder Information - As of the end of the reporting period, the total number of shareholders was 7,469 [2]. - The largest shareholder, Tongxiang Shunchang Investment Co., Ltd., holds 38.84% of the shares, amounting to approximately 29.84 million shares [2]. - Other notable shareholders include Tongxiang Zhongxiang Chemical Fiber Co., Ltd. with 5.00% and various investment funds and individual shareholders holding smaller percentages [2].

证券代码：603822 股票简称：嘉澳环保 编号：2025-047 浙江嘉澳环保科技股份有限公司 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。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过。 具体内容详见上海证券交易所网站 www.sse.com.cn。 特此公告。 浙江嘉澳环保科技股份有限公司董事会 浙江嘉澳环保科技股份有限公司（以下简称"嘉澳环保"或"公司"）第六 届董事会第二十一次会议于 2025 年 8 月 22 日在公司会议室以现场会议与通讯会 议相结合的方式召开，本次会议由董事长沈健先生召集和主持，会议应出席董事 部分高级管理人员列席了本次会议。公司第六届董事会第二十一次会议通知和材 料已于 2025 年 8 月 19 日以电子邮件、传真及电话通知等方式向全体董事送达。 会议的召集、召开及表决程序符合《中华人民共和国公司法》和《公司章程》的 有关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于审议和批准 2025 年半年度财务报告报出的议案》 表决结果为：同意 ...