| 证券代码：688357 | 证券简称：建龙微纳 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：118032 | 转债简称：建龙转债 | | 经审核，董事会认为公司 2025 年半年度报告的编制和审议程序符合相关法 律法规及《公司章程》等内部制度的规定，公允反映了公司 2025 年半年度的财 务状况和经营成果等事项，所披露的信息真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《2025 年半年度报告》及《2025 年半年度报告摘要》。 洛阳建龙微纳新材料股份有限公司（以下简称"公司"）第四届董事会第十三 次会议于 2025 年 8 月 28 日以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 18 日通过邮件等方式送达全体董事。本次会议由董事长李建波先生主持， 会议应出席董事 8 人，实际出席董事 8 人。本次会议的召集、召开程序符合《公 司法》等法律法规和《公司章程》的规定，会议形成的决议合法有效。 二、 董事会会议审议情况 经与会董事审议，逐项表决，形成决议 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines key terms, company names, financial concepts, and industry-specific molecular sieve technologies for report clarity - Company full name: Luoyang Jianlong Micro-Nano New Materials Co., Ltd., abbreviated as **Jianlong Micro-Nano**[12](index=12&type=chunk) - Molecular sieve is an inorganic non-metallic porous crystalline material with three major functions: adsorption, catalysis, and ion exchange, widely used across various industrial sectors[12](index=12&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) - **SAF (Sustainable Aviation Fuel)** refers to aviation fuel produced from non-fossil raw materials, offering significant carbon reduction benefits[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's fundamental registration details, including its name, legal representative, addresses, and contact information - Company Chinese name: Luoyang Jianlong Micro-Nano New Materials Co., Ltd., abbreviated as **Jianlong Micro-Nano**[15](index=15&type=chunk) - Legal Representative: **Li Jianbo**[15](index=15&type=chunk) - Company Website: **www.jalon.cn**, Email: **ir@jalon.cn**[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&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, facilitating investor communication - Board Secretary (Domestic Representative for Information Disclosure): **Gao Ti**, Contact Number: **0379-67758531**[16](index=16&type=chunk) - Securities Affairs Representative: **Peng Guanghui**, Contact Number: **0379-67758531**[16](index=16&type=chunk) [III. Information Disclosure and Location for Report Availability Changes](index=6&type=section&id=%E4%B8%89%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 specifies the designated media and locations for company information disclosure, ensuring transparency and accessibility - Designated newspapers for company information disclosure: **Shanghai Securities News, Securities Times**[17](index=17&type=chunk) - Website address for semi-annual reports: **www.sse.com.cn**[17](index=17&type=chunk) - Location for company semi-annual reports: **Company Board of Directors Office**[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section briefly introduces the company's stock listing details, including its type, exchange, abbreviation, and code - Stock Type: **A-share**, Listing Exchange and Board: **Shanghai Stock Exchange STAR Market**[18](index=18&type=chunk) - Stock Abbreviation: **Jianlong Micro-Nano**, Stock Code: **688357**[18](index=18&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%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 financial performance for H1 2025, showing revenue growth, increased net profit, and significantly improved operating cash flow 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,074,183.65 | 376,832,841.57 | 0.33 | | Total Profit | 54,275,717.48 | 52,562,423.96 | 3.26 | | Net Profit Attributable to Shareholders of Listed Company | 48,678,075.41 | 46,401,427.36 | 4.91 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 45,957,537.21 | 41,591,392.05 | 10.50 | | Net Cash Flow from Operating Activities | 44,942,575.74 | 18,075,311.27 | 148.64 | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 1,833,936,996.81 | 1,796,014,365.43 | 2.11 | | Total Assets (Period-End) | 2,998,434,140.64 | 2,948,137,566.53 | 1.71 | 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.49 | 0.46 | 6.52 | | Diluted Earnings Per Share (Yuan/share) | 0.46 | 0.42 | 9.52 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.46 | 0.42 | 9.52 | | Weighted Average Return on Net Assets (%) | 2.67 | 2.60 | Increased by 0.07 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.52 | 2.33 | Increased by 0.19 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.42 | 4.52 | Decreased by 0.10 percentage points | - Net cash flow from operating activities increased by **148.64%** year-on-year, primarily due to a decrease in cash paid for goods and services in the current period[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%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 the company's non-recurring gains and losses for H1 2025, totaling **2.72 million yuan**, primarily from financial assets, government grants, and asset disposals 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -793,904.46 | | Government grants recognized in profit or loss for the current period | 1,061,238.16 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 3,762,260.42 | | Other non-operating income and expenses apart from the above | -828,960.94 | | Less: Income tax impact | 480,094.98 | | Total | 2,720,538.20 | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=9&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) This section details the company's industry, the molecular sieve market's competitive landscape, and its core business in industrial gas separation, medical oxygen, and energy chemicals [1. Description of the Company's Industry](index=9&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E8%AF%B4%E6%98%8E) The company operates in the chemical manufacturing sector, with the molecular sieve market projected to reach **$16.3 billion by 2027** amid high technical barriers - The company's industry belongs to "**C26 Chemical Raw Materials and Chemical Products Manufacturing**" under "**C261 Basic Chemical Raw Material Manufacturing**"[27](index=27&type=chunk) - The global molecular sieve market size was **$13.45 billion in 2022**, projected to reach **$16.3 billion by 2027**, with a compound annual growth rate of **3.92%**[29](index=29&type=chunk) - Molecular sieve product development is challenging, with long development cycles and high technical barriers from laboratory to industrial application[31](index=31&type=chunk) [2. Description of the Company's Main Business Operations](index=10&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%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 company specializes in R&D, production, sales, and technical services for molecular sieve adsorbents and catalysts, achieving import substitution in key industrial applications - The company primarily focuses on the R&D, production, sales, and technical services of molecular sieve adsorbents and catalysts for industrial gas separation, medical oxygen, energy chemicals, petrochemicals, and environmental governance[32](index=32&type=chunk) - The company's various molecular sieve products have broken monopolies and achieved import substitution in fields such as **cryogenic air separation for oxygen production, PSA oxygen production, and natural gas separation and purification**[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=11&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) In H1 2025, the company achieved stable growth in revenue and net profit, optimized product structure, expanded overseas, and advanced major asset restructuring to become a comprehensive technical service provider [(I) Operations in the First Half](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, the company achieved steady growth in revenue and net profit by optimizing product structure and controlling costs amidst a complex economic environment 2025 H1 Operating Performance | Indicator | Amount (10,000 Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 37,807.42 | 0.33 | | Net Profit | 4,867.81 | 4.91 | | Net Profit After Deducting Non-Recurring Gains and Losses | 4,595.75 | 10.50 | [(II) Analysis of Business Segments](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%90%84%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97%E5%88%86%E6%9E%90) The company's business segments showed optimizing sales trends, with growth in life and health, and broad prospects in emerging green technologies 2025 H1 Sales Performance by Business Segment | Business Segment | Revenue (10,000 Yuan) | Share of Revenue (%) | | :--- | :--- | :--- | | Life and Health | 8,408.41 | 22.24 | | Gas Separation | 11,721.19 | 31.00 | | Adsorption Drying | 13,714.21 | 36.27 | | Raw Powder and Other | 3,963.61 | 10.48 | | Total | 37,807.42 | 100.00 | - The revenue share of the life and health segment increased, mainly due to the steady growth in orders for **animal feed molecular sieves** and the rebound in gross profit margin for **medical oxygen molecular sieves**[36](index=36&type=chunk)[37](index=37&type=chunk) - Molecular sieve products have broad application prospects in emerging fields such as **Sustainable Aviation Fuel (SAF), CO2 energy storage, carbon capture, and p-xylene separation technology**[37](index=37&type=chunk) [(III) Overseas Business Progress](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%B5%B7%E5%A4%96%E4%B8%9A%E5%8A%A1%E8%BF%9B%E5%B1%95) In H1 2025, overseas business remained robust, with export revenue at **26.82%** of total, and Thailand Jianlong's second-phase project boosting capacity and market penetration - In the first half of 2025, the company's export revenue accounted for **26.82%** of operating revenue[38](index=38&type=chunk) Thailand Jianlong 2025 H1 Performance | Indicator | Amount (10,000 Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 5,746.50 | 47.89 | | Net Profit | 1,075.90 | 43.50 | - Thailand Jianlong's second-phase project commenced production in the first half of 2025, which will form stronger overseas capacity synergy support[38](index=38&type=chunk) [(IV) Steady Progress in Major Asset Restructuring](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E9%87%8D%E7%BB%84%E7%A8%B3%E6%AD%A5%E6%8E%A8%E8%BF%9B) The company is advancing the acquisition of Shanghai Hanxing Energy Technology, aiming to integrate "materials + process + engineering" for a comprehensive technical service transformation - The company plans to acquire no less than **51%** of Shanghai Hanxing Energy Technology Co., Ltd.'s shares, with due diligence, auditing, and valuation work currently progressing in an orderly manner[41](index=41&type=chunk) - This acquisition aims to build a full-chain technical closed-loop of "**high-performance molecular sieve materials + customized process systems + engineering delivery services**" and deepen the "materials + process" integrated competitive advantage[42](index=42&type=chunk) [(V) Outlook for the Second Half](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B1%95%E6%9C%9B) For H2 2025, the company will prioritize innovation, deepen core businesses, accelerate advanced technology industrialization, expand global markets, and enhance internal management to achieve its strategic goals - The company will continue to deepen its service to key industry clients, focusing on high-end and differentiated demands in traditional application scenarios such as **gas separation, life and health, petrochemicals, and energy chemicals**[43](index=43&type=chunk) - The company will accelerate the development of high-performance product solutions for emerging markets and application scenarios such as **Sustainable Aviation Fuel, CO2 adsorption energy storage, and p-xylene separation**[43](index=43&type=chunk) - In overseas markets, the company will continue to leverage the comprehensive advantages of Thailand Jianlong, focusing on countries along the "**Belt and Road**," ASEAN, and North America, to promote the construction of a localized service system[43](index=43&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=14&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) This section analyzes the company's core strengths, including technological leadership, quality control, full industrial chain integration, scale, customer base, and supply capabilities, detailing R&D progress and investment [(I) Core Competitiveness Analysis](index=14&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company maintains strong competitive advantages through continuous innovation, stringent quality control, a comprehensive value chain, significant production capacity, and a robust client portfolio - The company's lithium molecular sieve products have more than **doubled** nitrogen adsorption capacity and oxygen-nitrogen separation coefficient, and cryogenic air separation oxygen molecular sieve products can extend the air separation adsorption tower switching cycle to **8 hours**, significantly saving energy[47](index=47&type=chunk) - The company is one of the few domestic enterprises with a full industrial chain covering the R&D, production, marketing, and technical services of **molecular sieve raw powder, activated molecular sieve powder, molded molecular sieves, and supporting activated alumina**[49](index=49&type=chunk) - As of June 30, 2025, the company has a molecular sieve material production capacity of **108,000 tons** and an activated alumina production capacity of **5,000 tons**, possessing a certain scale advantage[49](index=49&type=chunk) - The company's molecular sieve products have been applied in large and medium-sized domestic enterprises such as **PetroChina, Shenhua Ningxia Coal, and CSIC**, and have long-term cooperation with international large molecular sieve enterprises such as **Arkema (France) and Zeochem**[50](index=50&type=chunk) [(III) Core Technologies and R&D Progress](index=16&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company consistently invests in R&D, achieving international and domestic leading product performance, with **5 new invention patents** and R&D investment at **4.42%** of operating revenue - The company was recognized as a **National "Little Giant" Enterprise (2020)** and a "**Single Champion Enterprise**" in the field of inorganic non-metallic medical oxygen molecular sieves (2024)[53](index=53&type=chunk) - During the reporting period, the company and its wholly-owned subsidiaries obtained **5 new authorized invention patents** and **4 utility model patents**[54](index=54&type=chunk) R&D Investment | Indicator | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | | Expensed R&D Investment | 16,693,512.85 | 17,036,001.85 | -2.01 | | Total R&D Investment | 16,693,512.85 | 17,036,001.85 | -2.01 | | Total R&D Investment as Percentage of Operating Revenue (%) | 4.42 | 4.52 | Decreased by 0.10 percentage points | [4. R&D Project Status](index=18&type=section&id=4%E3%80%81%20%E5%9C%A8%E7%A0%94%E9%A1%B9%E7%9B%AE%E6%83%85%E5%86%B5) The company has multiple R&D projects in advanced stages, covering energy storage, bioenergy, oral care, and chemical separation, with most reaching industrial trial production or market promotion Major R&D Projects | No. | Project Name | Estimated Total Investment (Yuan) | Current Period Investment (Yuan) | Progress or Stage | Target | Technical Level | Specific Application Prospects | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | R&D of Adsorbed Compressed Gas Energy Storage Molecular Sieves | 8,500,000.00 | 2,996,859.85 | Market promotion stage | Develop adsorbents suitable for large-scale, long-duration energy storage | International leading | New energy storage field | | 2 | R&D of Molecular Sieve Catalysts for Bioenergy | 8,000,000.00 | 2,214,857.89 | Industrial trial production stage | Develop molecular sieve catalysts for efficient catalytic conversion of biomass resources | International leading | Biomass chemical field | | 3 | R&D of Molecular Sieves for Oral Care | 3,800,000.00 | 1,050,906.00 | Industrial trial production stage | Develop molecular sieve materials for oral care | International leading | Oral care field | | 5 | R&D of JLPS-200 Molecular Sieve Adsorbent | 8,500,000.00 | 1,171,661.84 | Research stage | Develop molecular sieve adsorbents for mixed xylene adsorption separation | International leading | Petrochemical field | [5. R&D Personnel Status](index=19&type=section&id=5%E3%80%81%20%E7%A0%94%E5%8F%91%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) The company's R&D team expanded to **92 personnel**, representing **11.43%** of the total workforce, with a majority holding master's or bachelor's degrees and a strong core of 30-40 year olds R&D Personnel Basic Information | Indicator | Current Period Number | Prior Year Period Number | | :--- | :--- | :--- | | Number of Company R&D Personnel (persons) | 92 | 83 | | R&D Personnel as Percentage of Total Company Personnel (%) | 11.43 | 10.53 | | Total R&D Personnel Compensation (10,000 Yuan) | 579.14 | 736.98 | | Average R&D Personnel Compensation (10,000 Yuan) | 6.30 | 8.88 | R&D Personnel Education Level | Education Level | Number (persons) | Proportion (%) | | :--- | :--- | :--- | | PhD | 5 | 5.43 | | Master's | 24 | 26.09 | | Bachelor's | 32 | 34.78 | | Associate's | 31 | 33.70 | | Total | 92 | 100.00 | [IV. Risk Factors](index=19&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) This section outlines key risks, including product obsolescence, R&D industrialization failure, talent loss, intellectual property leakage, market volatility, and capacity oversupply - Product iteration risk: If competitors launch more efficient, energy-saving, and environmentally friendly molecular sieve products, it may significantly squeeze the company's market share[62](index=62&type=chunk) - Risk of technology failing to industrialize: R&D of new technologies and products involves large investments and long cycles, with risks of technical development failure or being untimely[62](index=62&type=chunk) - Risk of loss of core technical personnel: The company's innovation capability and sustainable development depend on technical personnel, and intense industry talent competition may lead to talent loss[63](index=63&type=chunk) - Market risk: The operating conditions of end-user industries (such as petrochemicals, coal chemicals) are positively correlated with the macroeconomic environment, and their fluctuations may affect the company's performance[63](index=63&type=chunk) - Capacity digestion risk: As fundraising projects are completed, capacity continues to increase. If market demand falls short of expectations or competition intensifies, the company may face risks of overcapacity[64](index=64&type=chunk) [V. Major Operating Conditions During the Reporting Period](index=20&type=section&id=%E4%BA%94%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) This section analyzes the company's H1 2025 operating performance, including main business financials, asset-liability changes, and investment activities, showing revenue and net profit growth, and significantly increased operating cash flow [(I) Main Business Analysis](index=20&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue grew by **0.33%**, net profit by **4.91%**, and non-recurring net profit by **10.50%**, with operating cash flow significantly increasing by **148.64%** due to reduced cash payments for goods and services Financial Statement Related Account Changes Analysis | Account | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 378,074,183.65 | 376,832,841.57 | 0.33 | | Operating Costs | 258,978,756.34 | 263,004,254.83 | -1.53 | | Selling Expenses | 10,463,368.19 | 10,306,847.04 | 1.52 | | Administrative Expenses | 39,850,777.22 | 37,304,708.24 | 6.83 | | Financial Expenses | -2,225,598.43 | -1,643,018.54 | Not applicable | | R&D Expenses | 16,693,512.85 | 17,036,001.85 | -2.01 | | Net Cash Flow from Operating Activities | 44,942,575.74 | 18,075,311.27 | 148.64 | | Net Cash Flow from Investing Activities | 276,168,567.65 | -451,482,406.29 | Not applicable | | Net Cash Flow from Financing Activities | -30,220,064.28 | -50,428,169.86 | Not applicable | - Changes in financial expenses were mainly due to an increase in interest income and exchange gains/losses in the current period[68](index=68&type=chunk) - Changes in net cash flow from investment activities were mainly due to a decrease in wealth management product purchases in the current period[68](index=68&type=chunk) [(III) Analysis of Assets and Liabilities](index=22&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 period-end, total assets and net assets increased, with cash and cash equivalents up **118.69%** and trading financial assets down **40.24%**, reflecting dynamic capital and project adjustments Changes in Assets and Liabilities | Item Name | Current Period-End Amount (Yuan) | Current Period-End as % of Total Assets | Prior Year-End Amount (Yuan) | Prior Year-End as % of Total Assets | Current Period-End vs. Prior Year-End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 534,037,270.92 | 17.81 | 244,199,312.33 | 8.28 | 118.69 | Mainly due to an increase in matured wealth management products at period-end | | Trading Financial Assets | 404,000,000.00 | 13.47 | 676,000,000.00 | 22.93 | -40.24 | Mainly due to a decrease in wealth management product purchases | | Accounts Receivable | 132,163,980.79 | 4.41 | 102,737,837.18 | 3.48 | 28.64 | | | Prepayments | 6,759,368.49 | 0.23 | 2,966,211.74 | 0.10 | 127.88 | Mainly due to an increase in prepayments for energy and raw material purchases | | Fixed Assets | 1,191,946,322.16 | 39.75 | 1,097,930,828.30 | 37.24 | 8.56 | | | Construction in Progress | 249,965,168.88 | 8.34 | 320,699,252.44 | 10.88 | -22.06 | | | Total Assets | 2,998,434,140.64 | 100.00 | 2,948,137,566.53 | 100.00 | 1.71 | | - Overseas assets amounted to **414,314,828.93 yuan**, accounting for **13.82%** of total assets[72](index=72&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=23&type=section&id=3%E3%80%81%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) At period-end, certain cash, notes receivable, and accounts receivable financing were restricted, primarily as collateral for notes payable, performance bonds, or guarantees Major Asset Restrictions | Item | Period-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 24,162,338.69 | Guarantees for notes payable, performance bonds, letter of guarantee business | | Notes Receivable | 25,842,912.40 | Notes receivable endorsed by the company and not yet due at the balance sheet date, not derecognized | | Notes Receivable | 10,130,472.97 | Pledged notes | | Accounts Receivable Financing | 13,601,731.60 | Pledged notes | | Total | 73,737,455.66 | / | [(IV) Investment Status Analysis](index=24&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) This section analyzes the company's investment status, specifically financial assets measured at fair value, totaling **423,061,055.80 yuan** at period-end Financial Assets Measured at Fair Value | Asset Category | Beginning of Period Amount (Yuan) | Current Period Purchases (Yuan) | Current Period Sales/Redemptions (Yuan) | Period-End Amount (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other | 701,389,144.59 | 1,051,359,680.42 | 1,329,687,769.21 | 423,061,055.80 | | Of which: Trading Financial Assets | 676,000,000.00 | 982,550,000.00 | 1,254,550,000.00 | 404,000,000.00 | | Accounts Receivable Financing | 25,389,144.59 | 68,809,680.42 | 75,137,769.21 | 19,061,055.80 | Section IV Corporate Governance, Environment, and Society [I. Changes in Company Directors, Senior Management, and Core Technical Personnel](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%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%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company restructured its governance, abolishing the supervisory board and electing employee representative directors, with several key personnel changes - Supervisory Board Chairman Ning Hongbo, Employee Representative Supervisor Liu Qiaoxiang, and Supervisor Huang Shaofei resigned[78](index=78&type=chunk) - Vice President Bai Pu resigned and was elected as an employee representative director[78](index=78&type=chunk) - The company abolished the supervisory board organizational structure and elected employee representative directors through the employee representative assembly[78](index=78&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=26&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) For this reporting period, the company's board of directors approved no profit distribution or capital reserve conversion plan - During this reporting period, the company had no profit distribution plan or capital reserve conversion to share capital plan[79](index=79&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=27&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) The company is listed among enterprises required to disclose environmental information, with reports accessible on the Henan platform, demonstrating compliance - The company was included in the list of enterprises required to disclose environmental information, with **1 enterprise** listed[81](index=81&type=chunk) - Environmental information disclosure reports can be accessed on the Enterprise Environmental Information Disclosure Platform (Henan)[81](index=81&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=28&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the timely and strict fulfillment of all commitments made by the company, its controlling shareholders, and management during IPO and refinancing, covering share lock-up, competition, and profit distribution Overview of Commitment Fulfillment | Commitment Background | Commitment Type | Committing Party | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Share lock-up | Company's controlling shareholders, actual controllers Li Jianbo, Li Xiaohong | Yes | | Commitments related to initial public offering | Share lock-up | Shareholders serving as company's core technical personnel Bai Pu, Zhang Yan | Yes | | Commitments related to initial public offering | Other (repurchase for fraudulent issuance) | Company | Yes | | Commitments related to initial public offering | Other (safeguarding operational autonomy) | Company and its controlling shareholders, actual controllers, directors, supervisors, senior management | Yes | | Competition | Resolution of horizontal competition | Controlling shareholders, actual controllers Li Jianbo, Li Xiaohong, and Shenyunlong | Yes | | Transactions | Resolution of related party transactions | Controlling shareholders, actual controllers Li Jianbo, Li Xiaohong | Yes | | Commitments related to refinancing | Other (filling diluted immediate returns) | Controlling shareholders, actual controllers | Yes | | Commitments related to refinancing | Other (filling diluted immediate returns) | Directors, senior management | Yes | - Controlling shareholders and actual controllers committed not to transfer shares within **36 months** from the date of the company's initial public offering and to comply with regulations such as a reduction price not lower than the issue price[85](index=85&type=chunk)[86](index=86&type=chunk) - The company committed to implement an active profit distribution policy, prioritize reasonable returns for investors, and distribute profits when conditions are met[91](index=91&type=chunk) [VII. Major Litigation and Arbitration Matters](index=36&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) During this reporting period, the company had no major litigation or arbitration matters - During this reporting period, the company had no major litigation or arbitration matters[103](index=103&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=39&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) This section details the overall use of raised funds, project specifics, including extensions, and cash management of idle funds [(I) Overall Use of Raised Funds](index=39&type=section&id=(%E4%B8%80)%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company raised **894 million yuan** through stock issuance and convertible bonds, with **393 million yuan** cumulatively invested by period-end, including **22.2 million yuan** in the current year Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (Yuan) | Net Raised Funds (Yuan) | Current Year Investment (Yuan) | Cumulative Investment as of Period-End (Yuan) | Cumulative Investment as % of Net Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shares issued to specific targets | 193,999,926.12 | 189,962,191.66 | 15,531,594.42 | 185,290,485.73 | 97.54 | | Issuance of convertible bonds | 700,000,000.00 | 690,053,018.87 | 6,683,599.98 | 207,447,603.28 | 30.06 | | Total | 893,999,926.12 | 880,015,210.53 | 22,215,194.40 | 392,738,089.01 | / | [(II) Details of Fundraising Projects](index=40&type=section&id=(%E4%BA%8C)%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) The company's fundraising projects, including the Adsorption Material Industrial Park and Thailand subsidiary expansion, are progressing, with Phase I nearing completion and Thailand Phase II largely invested and operational, though extended Details of Fundraising Project Use | Project Name | Committed Investment of Raised Funds (Yuan) | Current Year Investment (Yuan) | Cumulative Investment as of Period-End (Yuan) | Cumulative Investment Progress (%) | Expected Date of Reaching Usable State | | :--- | :--- | :--- | :--- | :--- | :--- | | Adsorption Material Industrial Park Expansion Project (Phase I) | 189,962,191.66 | 15,531,594.42 | 185,290,485.73 | 97.54 | December 2024 | | Adsorption Material Industrial Park Expansion Project (Phase II) | 514,155,818.87 | 2,390,653.52 | 68,340,855.00 | 13.29 | December 2026 | | Thailand Subsidiary Construction Project (Phase II) | 175,897,200.00 | 4,292,946.46 | 139,106,748.28 | 79.08 | December 2024 | [(III) Changes or Termination of Fundraising Projects During the Reporting Period](index=41&type=section&id=(%E4%B8%89)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E6%8A%95%E5%8F%98%E6%9B%B4%E6%88%96%E7%BB%88%E6%AD%A2%E6%83%85%E5%86%B5) The Adsorption Material Industrial Park Expansion Project (Phase II) has been approved for extension by the board of directors - The Adsorption Material Industrial Park Expansion Project (Phase II) has been extended, with details disclosed in the company's announcement on June 18, 2025[108](index=108&type=chunk) [(IV) Other Uses of Raised Funds During the Reporting Period](index=42&type=section&id=(%E5%9B%9B)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company managed temporarily idle raised funds through cash management, with a period-end balance of **154 million yuan** against an approved limit of **520 million yuan** Cash Management of Idle Raised Funds | Board of Directors Approval Date | Effective Approved Limit for Cash Management of Raised Funds (10,000 Yuan) | Start Date | End Date | Period-End Cash Management Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | April 8, 2025 | 52,000.00 | April 8, 2025 | April 7, 2026 | 15,400.00 | | April 8, 2025 | 2,000.00 | April 8, 2025 | April 7, 2026 | 0.00 | Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=43&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) This section details the company's share capital changes, primarily an increase of **82 shares** in unrestricted tradable shares and total shares due to convertible bond conversions [1. Table of Share Changes](index=43&type=section&id=1%E3%80%81%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) During the reporting period, the company's unrestricted tradable shares and total shares both increased by **82 shares** due to convertible bond conversions Share Changes | | Quantity Before Change | Proportion Before Change (%) | Increase/Decrease in Current Change (Subtotal) | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 100,058,399 | 100.00 | 82 | 100,058,481 | 100.00 | | 1. RMB Ordinary Shares | 100,058,399 | 100.00 | 82 | 100,058,481 | 100.00 | | III. Total Shares | 100,058,399 | 100.00 | 82 | 100,058,481 | 100.00 | [2. Explanation of Share Changes](index=44&type=section&id=2%E3%80%81%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) During the reporting period, **6,000 yuan** of "Jianlong Convertible Bonds" were converted into **82 shares** of company stock - During the reporting period, "**Jianlong Convertible Bonds**" totaling **6,000 yuan** were converted into **82 shares** of company stock[115](index=115&type=chunk) [II. Shareholder Information](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides the total number of shareholders and the shareholding details of the top ten shareholders, including their proportions, nature, and any pledges [(I) Total Number of Shareholders:](index=44&type=section&id=(%E4%B8%80)%20%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0:) As of the end of the reporting period, the company had **5,703** common stock shareholders - Total number of common stock shareholders as of the end of the reporting period: **5,703** households[117](index=117&type=chunk) [(II) Table of Shareholding Status of Top Ten Shareholders and Top Ten Unrestricted Shareholders as of the End of the Reporting Period](index=45&type=section&id=(%E4%BA%8C)%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) At period-end, Li Jianbo, Li Xiaohong, and Shanghai Shenyunlong were the top three shareholders, holding **24.09%, 6.72%, and 6.40%** respectively, with all top ten shares being unrestricted and unencumbered Shareholding Status of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Li Jianbo | 24,108,000 | 24.09 | Domestic Natural Person | | Li Xiaohong | 6,720,000 | 6.72 | Domestic Natural Person | | Shanghai Shenyunlong Enterprise Development Co., Ltd. | 6,400,800 | 6.40 | Domestic Non-State-Owned Legal Person | | Henan Zhongzheng Kaiyuan Venture Capital Investment Fund (Limited Partnership) | 4,846,331 | 4.84 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Nuoan Pioneer Mixed Securities Investment Fund | 3,572,723 | 3.57 | Other | | Guo Nenghong | 1,680,000 | 1.68 | Domestic Natural Person | | Bohai Bank Co., Ltd. - Nuoan Optimal Return Flexible Allocation Mixed Securities Investment Fund | 1,644,775 | 1.64 | Other | | Minquan County Innovation Industry Investment Fund (Limited Partnership) | 1,378,525 | 1.38 | Other | | Anyang Purun High-Tech Industry Investment Fund (Limited Partnership) | 1,378,525 | 1.38 | Other | | Wu Jiawang | 950,008 | 0.95 | Domestic Natural Person | - Li Jianbo and Li Xiaohong are a married couple, and Shanghai Shenyunlong Enterprise Development Co., Ltd. is a company controlled by Li Jianbo[121](index=121&type=chunk) [III. Status of Directors, Senior Management, and Core Technical Personnel](index=47&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%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%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section discloses changes in shareholdings of the company's directors, senior management, and core technical personnel during the reporting period, primarily due to secondary market trading Changes in Shareholdings of Directors, Senior Management, and Core Technical Personnel | Name | Position | Beginning of Period Shareholding (shares) | Period-End Shareholding (shares) | Change in Shareholding During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Yan Wenfu | Independent Director | 2,374 | 1,784 | -590 | Secondary market trading | | Xu Shiye | Core Technical Personnel | 23,543 | 22,543 | -1,000 | Secondary market trading | | Zhang Yan | Core Technical Personnel | 19,019 | 14,000 | -5,019 | Secondary market trading | Section VII Bond-Related Information [II. Convertible Corporate Bonds](index=49&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) This section details the issuance, holders, changes, cumulative conversion, and price adjustments of "Jianlong Convertible Bonds," affirming the company's stable credit and repayment capacity [(I) Convertible Bond Issuance](index=49&type=section&id=(%E4%B8%80)%E8%BD%AC%E5%80%BA%E5%8F%91%E8%A1%8C%E6%83%85%E5%86%B5) The company issued **7 million** "Jianlong Convertible Bonds" totaling **700 million yuan** on March 8, 2023, which were listed on the Shanghai Stock Exchange on April 7, 2023 - The company issued **7 million** convertible corporate bonds on March 8, 2023, with a total issuance amount of **700 million yuan**[126](index=126&type=chunk) - "**Jianlong Convertible Bonds**" were listed and traded on the Shanghai Stock Exchange from April 7, 2023, with the bond abbreviation "**Jianlong Convertible Bonds**" and bond code "**118032**"[126](index=126&type=chunk) [(II) Convertible Bond Holders and Guarantor Status During the Reporting Period](index=49&type=section&id=(%E4%BA%8C)%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E6%8C%81%E6%9C%89%E4%BA%BA%E5%8F%8A%E6%8B%85%E4%BF%9D%E4%BA%BA%E6%83%85%E5%86%B5) As of period-end, "Jianlong Convertible Bonds" had **6,053** holders, with no guarantor, and China Merchants Bank's Boshi CSI Convertible Bond ETF was the largest holder - Number of convertible bond holders at period-end: **6,053** households[127](index=127&type=chunk) - The company's convertible bonds have no guarantor[127](index=127&type=chunk) - China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond Trading Open-Ended Index Securities Investment Fund held **30.902 million yuan**, accounting for **4.41%**[127](index=127&type=chunk) [(III) Convertible Bond Changes During the Reporting Period](index=50&type=section&id=(%E4%B8%89)%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, "Jianlong Convertible Bonds" decreased by **6,000 yuan** due to conversion into shares, resulting in a period-end balance of **699,988,000 yuan** Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before Change (Yuan) | Increase/Decrease in Current Change (Conversion) (Yuan) | Amount After Change (Yuan) | | :--- | :--- | :--- | :--- | | Jianlong Convertible Bonds | 699,994,000 | 6,000 | 699,988,000 | [(IV) Cumulative Convertible Bond Conversion Status During the Reporting Period](index=50&type=section&id=(%E5%9B%9B)%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E7%B4%AF%E8%AE%A1%E8%BD%AC%E8%82%A1%E6%83%85%E5%86%B5) During the reporting period, **6,000 yuan** of "Jianlong Convertible Bonds" converted into **82 shares**, bringing the cumulative converted shares to **150**, representing **0.00018%** of total pre-conversion shares - Converted amount during the reporting period: **6,000 yuan**, number of converted shares: **82 shares**[131](index=131&type=chunk) - Cumulative number of converted shares: **150 shares**, accounting for **0.00018%** of the company's total shares issued before conversion[131](index=131&type=chunk) - Unconverted amount: **699,988,000 yuan**, accounting for **99.99829%** of the total convertible bond issuance[131](index=131&type=chunk) [(V) Historical Adjustments to Conversion Price](index=50&type=section&id=(%E4%BA%94)%E8%BD%AC%E8%82%A1%E4%BB%B7%E6%A0%BC%E5%8E%86%E6%AC%A1%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) The conversion price of "Jianlong Convertible Bonds" has been adjusted multiple times from **123.00 yuan/share** to **71.71 yuan/share** due to equity distributions and restricted stock vesting Historical Adjustments to Conversion Price | Conversion Price Adjustment Date | Adjusted Conversion Price (Yuan) | Disclosure Time | Explanation of Conversion Price Adjustment | | :--- | :--- | :--- | :--- | | 2023/6/8 | 87.14 | 2023/6/2 | Conversion price adjusted due to company's 2022 annual equity distribution | | 2024/2/1 | 87.01 | 2024/1/31 | Conversion price adjusted due to company's 2020 restricted stock incentive plan vesting | | 2024/5/24 | 72.01 | 2024/5/20 | Conversion price adjusted due to company's 2023 annual equity distribution | | 2024/12/20 | 71.91 | 2024/12/13 | Conversion price adjusted due to company's 2024 Q1-Q3 equity distribution | | 2025/6/26 | 71.71 | 2025/6/19 | Conversion price adjusted due to company's 2024 annual equity distribution | - The latest conversion price as of the end of this reporting period is **71.71 yuan/share**[134](index=134&type=chunk) [(VI) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Future Debt Repayment](index=51&type=section&id=(%E5%85%AD)%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E5%8F%8A%E5%9C%A8%E6%9C%AA%E6%9D%A5%E5%B9%B4%E5%BA%A6%E8%BF%98%E5%80%BA%E7%9A%84%E7%8E%B0%E9%87%91%E5%AE%89%E6%8E%92) As of June 30, 2025, the company's asset-liability ratio was **38.84%**, with a stable "AA-" credit rating, ensuring sufficient cash flow for timely "Jianlong Convertible Bonds" repayment - As of June 30, 2025, the company's total assets were **2,998.4341 million yuan**, total liabilities were **1,164.4971 million yuan**, and the asset-liability ratio was **38.84%**[135](index=135&type=chunk) - The company's main credit rating is "**AA-**," with a "stable" outlook, and "**Jianlong Convertible Bonds**" credit rating is "**AA-**"[135](index=135&type=chunk) - The company's operations are normal, its asset structure is reasonable, and cash flow is sufficient to ensure timely and full repayment of principal and interest for "**Jianlong Convertible Bonds**"[135](index=135&type=chunk) [(VII) Other Explanations Regarding Convertible Bonds](index=51&type=section&id=(%E4%B8%83)%E8%BD%AC%E5%80%BA%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's board decided not to adjust the "Jianlong Convertible Bonds" conversion price downwards this time, nor will it propose a downward adjustment if triggered again within the next three months - The company decided not to adjust the conversion price of "**Jianlong Convertible Bonds**" downwards this time[136](index=136&type=chunk) - Within the next three months (June 18, 2025, to September 17, 2025), if the downward adjustment clause for "**Jianlong Convertible Bonds**" is triggered again, no downward adjustment plan will be proposed[136](index=136&type=chunk) Section VIII Financial Report [I. Audit Report](index=52&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[7](index=7&type=chunk) [II. Financial Statements](index=52&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Consolidated Balance Sheet](index=52&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **2.998 billion yuan**, total liabilities **1.164 billion yuan**, and total owners' equity **1.834 billion yuan** [Parent Company Balance Sheet](index=54&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **2.961 billion yuan**, total liabilities **1.162 billion yuan**, and total owners' equity **1.798 billion yuan** [Consolidated Income Statement](index=56&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company achieved consolidated operating revenue of **378.07 million yuan**, total profit of **54.28 million yuan**, and net profit attributable to parent company shareholders of **48.68 million yuan** [Parent Company Income Statement](index=58&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%B5%E8%A1%A8) In H1 2025, the parent company achieved operating revenue of **363.86 million yuan**, total profit of **46.39 million yuan**, and net profit of **40.61 million yuan** [Consolidated Cash Flow Statement](index=60&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the company's consolidated net cash flow from operating activities was **44.94 million yuan**, from investing activities **276.17 million yuan**, and from financing activities **-30.22 million yuan** [Parent Company Cash Flow Statement](index=61&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, the parent company's net cash flow from operating activities was **31.37 million yuan**, from investing activities **277.50 million yuan**, and from financing activities **-29.32 million yuan** [Consolidated Statement of Changes in Owners' Equity](index=64&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, the company's consolidated owners' equity increased by **37.92 million yuan** to **1.834 billion yuan** at period-end, driven by net profit and foreign currency translation differences [Parent Company Statement of Changes in Owners' Equity](index=72&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, the parent company's owners' equity increased by **20.61 million yuan** to **1.798 billion yuan** at period-end, primarily due to net profit and profit distribution [III. Company Basic Information](index=76&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 outlines the company's history, listing, share structure, registered details, and primary business activities in adsorption and catalytic materials - The company's predecessor was Luoyang Jianlong Chemical Co., Ltd., established on **July 27, 1998**[177](index=177&type=chunk) - The company was listed on the Shanghai Stock Exchange on **December 4, 2019**[177](index=177&type=chunk) - As of June 30, 2025, the company's total issued share capital was **100,058,481 shares**, with a registered capital of **100,058,481.00 yuan**[177](index=177&type=chunk) - The actual controllers of the company are **Mr. Li Jianbo and Ms. Li Xiaohong**[177](index=177&type=chunk) - Main business activities include: production and sales of adsorption materials; production and sales of catalytic materials; sales of industrial sodium chloride; retail of chemical products (excluding hazardous chemicals), etc.[177](index=177&type=chunk) [IV. Basis of Financial Statement Preparation](index=76&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) This section confirms that the financial statements are prepared under Chinese accounting standards and on a going concern basis, ensuring accuracy and completeness - These financial statements are prepared in accordance with the "**Accounting Standards for Business Enterprises**" issued by the Ministry of Finance and relevant provisions of the "**Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports**" by the China Securities Regulatory Commission[178](index=178&type=chunk) - These financial statements are prepared on a going concern basis, as the company's production and operations are normal, its operating condition is good, and it has the ability to continue as a going concern for **12 months** from the end of the reporting period[179](index=179&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=76&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 key accounting policies and estimates for financial instruments, inventories, fixed assets, intangible assets, revenue, government grants, deferred tax, and leases, ensuring report accuracy and comparability - The company recognizes a financial asset, financial liability, or equity instrument when it becomes a party to a financial instrument contract, and classifies and measures it based on the business model and contractual cash flow characteristics[197](index=197&type=chunk) - Inventories are classified as raw materials, goods in transit, revolving materials, merchandise inventory, work in progress, etc., initially measured at cost, and valued using the **weighted average method** when issued[221](index=221&type=chunk)[222](index=222&type=chunk) - Fixed assets are initially measured at cost, and depreciation is calculated using the **straight-line method** by category, with depreciation periods ranging from **3 to 30 years** and a residual value rate of **5%**[236](index=236&type=chunk)[239](index=239&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, and determines the progress of performance using either the **output method or input method** based on the nature of the goods or services[265](index=265&type=chunk)[266](index=266&type=chunk) [VI. Taxation](index=103&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section details the company's and its subsidiaries' main tax categories, applicable rates, and tax incentives, including high-tech enterprise status, small and micro-enterprise benefits, and a **6-year** income tax exemption for the Thai subsidiary [1. Main Tax Categories and Rates](index=103&type=section&id=1%E3%80%81%20%E4%B8%BB%E8%A6%81%E7%A8%8E%E7%A7%8D%E5%8F%8A%E7%A8%8E%E7%8E%87) The company's main taxes include VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, with rates varying by entity, including a **15%** rate for the parent company and **20%** for some subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting deductible input VAT for the current period | 6%, 7%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 20%, Jianlong (Thailand) income tax rate detailed in tax incentives | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate (%) | | :--- | :--- | | Luoyang Jianlong Micro-Nano New Materials Co., Ltd. | 15 | | Luoyang Jianyang Technology Co., Ltd. | 20 | | Luoyang Jiancheng New Materials Technology Co., Ltd. | 20 | | Jianlong (Thailand) Co., Ltd. | See tax incentives | | Shanghai Jianlong Micro-Nano New Materials Technology Co., Ltd. | 20 | | Luoyang Jianlong Micro-Nano Business Management Co., Ltd. | 20 | [2. Tax Incentives](index=103&type=section&id=2%E3%80%81%20%E7%A8%8E%E6%94%B6%E4%BC%98%E6%83%A0) As a high-tech enterprise, the company enjoys a **15%** corporate income tax rate and VAT deduction; small and micro subsidiaries benefit from a **20%** corporate income tax rate, and Jianlong (Thailand) is exempt for **6 years** - Luoyang Jianlong Micro-Nano New Materials Co., Ltd., as a high-tech enterprise, is subject to corporate income tax at a reduced rate of **15%** and enjoys a **5%** VAT additional deduction policy[103](index=103&type=chunk)[104](index=104&type=chunk) - Luoyang Jianyang, Luoyang Jiancheng, Shanghai Jianlong Micro-Nano, and Luoyang Jianlong Micro-Nano Business Management Co., Ltd., as small and micro-profit enterprises, calculate their taxable income at **25%** and pay corporate income tax at a rate of **20%**[104](index=104&type=chunk) - Jianlong (Thailand) Co., Ltd., in accordance with Thailand's "**Investment Promotion Act of 1977**," is exempt from income tax on net profits derived from the processing and production of nanomaterials or advanced materials for **6 years**[104](index=104&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=104&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 explanations for each consolidated financial statement item, including assets, liabilities, equity, income, and expenses, clarifying period-end balances, changes, and accounting treatments [1. Cash and Cash Equivalents](index=104&type=section&id=1%E3%80%81%20%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) At period-end, the company's cash and cash equivalents totaled **534.04 million yuan**, a significant increase, primarily in bank deposits, with overseas funds at **28.82 million yuan** Composition of Cash and Cash Equivalents | Item | Period-End Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 86,419.86 | 33,580.61 | | Bank Deposits | 509,788,512.37 | 219,594,001.50 | | Other Cash and Cash Equivalents | 24,162,338.69 | 24,571,730.22 | | Total | 534,037,270.92 | 244,199,312.33 | | Of which: Total Funds Deposited Overseas | 28,824,883.72 | 19,781,788.30 | [2. Trading Financial Assets](index=105&type=section&id=2%E3%80%81%20%E4%BA%A4%E6%98%93%E6%80%A7%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's trading financial assets at period-end were **404 million yuan**, primarily wealth management products, a decrease from **676 million yuan** at the beginning of the period Trading Financial Assets | Item | Period-End Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Financial assets measured at fair value with changes recognized in profit or loss for the current period | 404,000,000.00 | 676,000,000.00 | | Of which: Wealth Management Products | 404,000,000.00 | 676,000,000.00 | | Total | 404,000,000.00 | 676,000,000.00 | [5. Accounts Receivable](index=108&type=section&id=5%E3%80%81%20%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) At period-end, accounts receivable totaled **134.06 million yuan**, mostly current, with **1.89 million yuan** in bad debt provisions; the top five debtors accounted for **32.64%** of total receivables and contract assets Accounts Receivable by Aging | Aging | Period-End Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 129,180,099.35 | 101,660,693.22 | | 1 to 2 years | 4,156,505.94 | 797,378.75 | | 2 to 3 years | 193,242.40 | 748,382.40 | | Over 3 years | 526,098.46 | 468,818.46 | | Total | 134,055,946.15 | 103,675,272.83 | Accounts Receivable Bad Debt Provision | Category | Beginning of Period Balance (Yuan) | Current Period Accrual (Yuan) | Current Period Recovered or Reversed (Yuan) | Current Period Written Off or Derecognized (Yuan) | Period-End Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Aging Portfolio | 937,435.65 | 1,357,325.06 | 819.45 | 401,975.90 | 1,891,965.36 | - The top five debtors' accounts receivable and contract assets at period-end totaled **49,926,180.33 yuan**, accounting for **32.64%** of the total accounts receivable and contract assets at period-end[315](index=315&type=chunk) [10. Inventories](index=121&type=section&id=10%E3%80%81%20%E5%AD%98%E8%B4%A7) At period-end, total inventories were **301.31 million yuan**, primarily merchandise, work in progress, and raw materials, showing a slight increase with no impairment provisions Inventory Classification | Item | Period-End Book Balance (Yuan) | Period-End Book Value (Yuan) | Beginning of Period Book Balance (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 46,853,924.30 | 46,853,924.30 | 44,970,939.70 | 44,970,939.70 | | Goods in Transit | 4,028,372.15 | 4,028,372.15 | 4,435,668.40 | 4,435,668.40 | | Goods Sent Out | 669,627.40 | 669,627.40 | 3,269,379.60 | 3,269,379.60 | | Revolving Materials | 26,689,178.38 | 26,689,178.38 | 23,476,796.35 | 23,476,796.35 | | Work in Progress | 53,159,208.04 | 53,159,208.04 | 48,820,846.95 | 48,820,846.95 | | Merchandise Inventory | 169,906,987.01 | 169,906,987.01 | 173,502,034.36 | 173,502,034.36 | | Total | 301,307,297.28 | 301,307,297.28 | 298,475,665.36 | 298,475,665.36 | [21. Fixed Assets](index=126&type=section&id=21%E3%80%81%20%E5%9B%BA%E5%AE%9A%E8%B5%84%E4%BA%A7) At period-end, fixed assets totaled **1.191 billion yuan**, increasing due to transfers from construction in progress, with some building ownership certificates still pending Fixed Assets Book Value | Item | Period-End Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Buildings and Structures | 572,594,677.96 | 507,859,057.34 | | Machinery and Equipment | 604,459,339.70 | 574,967,173.11 | | Transportation Vehicles | 9,141,465.46 | 10,093,049.00 | | Electronic Equipment and Other | 4,619,199.61 | 3,840,169.68 | | Total | 1,190,814,682.73 | 1,096,759,449.13 | - The original value of fixed assets increased by **133,068,084.72 yuan** in the current period, of which **122,954,208.57 yuan** was transferred from construction in progress[353](index=353&type=chunk) - The book value of buildings for which property ownership certificates have not yet been obtained is **81,646,492.25 yuan**, and they are currently being processed[355](index=355&type=chunk) [22. Construction in Progress](index=128&type=section&id=22%E3%80%81%20%E5%9C%A8%E5%BB%BA%E5%B7%A5%E7%A8%8B) At period-end, construction in progress totaled **249.97 million yuan**, a decrease, with significant transfers to fixed assets from the Thailand subsidiary project Construction in Progress | Project | Period-End Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Adsorption Material Industrial Park Expansion Project (Phase I) | 42,242,898.92 | 32,242,378.15 | | Adsorption Material Industrial Park Expansion Project (Phase II) | 127,393,730.01 | 108,926,675.49 | | Technology Innovation Center Construction Project | 8,193,901.52 | 7,881,293.86 | | Thailand Subsidiary Construction Project (Phase II) | 35,712,966.40 | 133,825,594.71 | | Other | 36,421,672.03 | 37,823,310.23 | | Total | 249,965,168.88 | 320,699,252.44 | - **105,733,836.33 yuan** from the Thailand Subsidiary Construction Project (Phase II) was transferred to fixed assets in the current period[362](index=362&type=chunk) [26. Intangible Assets](index=132&type=section&id=26%E3%80%81%20%E6%97%A0%E5%BD%A2%E8%B5%84%E4%BA%A7) At period-end, intangible assets totaled **82.87 million yuan**, primarily land use rights, land ownership, and patent rights, with a slight increase due to exchange rate changes Intangible Assets | Item | Period-End Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Land Use Rights | 57,833,686.49 | 58,498,182.29 | | Land Ownership | 24,851,993.27 | 24,055,019.93 | | Patent Rights | 184,999.97 | 194,999.99 | | Total | 82,870,679.73 | 82,748,202.21 | - The original value of intangible assets increased by **796,973.34 yuan** in the current period, mainly due to exchange rate changes[369](index=369&type=chunk) [32. Short-Term Borrowings](index=138&type=section&id=32%E3%80%81%20%E7%9F%AD%E6%9C%9F%E5%80%9F%E6%AC%BE) At period-end, total short-term borrowings were **33.02 million yuan**, all credit-based, representing a decrease from **37.02 million yuan** at the beginning of the period Short-Term Borrowings Classification | Item | Period-End Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Credit Borrowings | 33,019,216.67 | 37,024,055.56 | | Total | 33,019,216.67 | 37,024,055.56 | [35. Notes Payable](index=138&type=section&id=35%E3%80%81%20%E5%BA%94%E4%BB%98%E7%A5%A8%E6%8D%AE) At period-end, total notes payable were **176.04 million yuan**, all bank acceptance bills, an increase from **157.44 million yuan** at the beginning of the period Notes Payable Classification | Type | Period-End Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 176,039,418.88 | 157,436,672.88 | | Total | 176,039,418.88 | 157,436,672.88 | [36. Accounts Payable](index=138&type=section&id=36%E3%80%81%20%E5%BA%94%E4%BB%98%E8%B4%A6%E6%AC%BE) At period-end, total accounts payable were **178.64 million yuan**, primarily for materials and engineering equipment, a slight increase from **171.70 million yuan** at the beginning of the period Accounts Payable Listing | Item | Period-End Balance (Yuan) | Beginning

洛阳建龙微纳新材料股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总则 第一条 为规范洛阳建龙微纳新材料股份有限公司（以下简称 "公司"）信息披露暂缓与豁免行为，督促公司及相关信息披露义务 人依法合规履行信息披露义务，保护投资者的合法权益，根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管 理办法》《上市公司信息披露暂缓与豁免管理规定》《上海证券交易所 科创板股票上市规则》（以下简称"《上市规则》"）、《上海证券交 易所科创板上市公司自律监管指引第 1 号——规范运作》（以下简称 "《规范运作指引》"）等相关法律、法规、规范性文件和《洛阳建 龙微纳新材料股份有限公司章程》（以下简称"《公司章程》"）的 规定，结合公司实际情况，特制定本制度。 第二条 公司按照《上市规则》《规范运作指引》及上海证券交易 所（以下简称"上交所"）其他相关业务规则的规定，实施信息披露 暂缓、豁免业务的，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及 时、公平地披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、 误导投资者，不得实施内幕交易、操纵市场等违法行为。 判断，可依照本制 ...

Group 1 - The company reported a revenue of 378 million yuan for the first half of 2025, representing a year-on-year growth of 0.33% [1] - The net profit for the same period was 48.68 million yuan, showing a year-on-year increase of 4.91% [1]

| 证券代码：688357 | 证券简称：建龙微纳 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118032 | 转债简称：建龙转债 | | 洛阳建龙微纳新材料股份有限公司 关于筹划重大资产重组事项的进展公告 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、准确性和完整性依法承担法律责任。 风险提示 本次交易尚处于筹划阶段，交易各方尚未签署正式的交易协议，具体交易方 案仍在商讨论证中，相关事项尚存在不确定性；本次交易需按照相关法律、法规 及公司章程的规定履行必要的决策和审批程序，最终能否实施及实施的具体进度 均具有重大不确定性。 一、本次筹划重大资产重组事项的基本情况 洛阳建龙微纳新材料股份有限公司（以下简称"公司"）正在筹划以支付现金 受让股权的方式合计取得上海汉兴能源科技股份有限公司（以下简称"标的公司"） 不少于 51%的股份（以下简称"本次交易"）。本次交易完成后，公司将成为标的 公司的控股股东。 本次交易不构成关联交易。经初步测算，本次交易预计构成《上市公司重大 资产重组管理办法》规定的重大资产重组情 ...

证券日报网讯 8月20日晚间，建龙微纳发布公告称，公司于2025年8月20日召开第四届董事会第12次会 议，审议通过了《关于使用部分暂时闲置自有资金进行现金管理的议案》，拟使用暂时闲置自有资金进 行现金管理的最高额度不超过30，000万元（含本数），在上述额度内，资金可以滚动使用。 （文章来源：证券日报） ...

（原标题：建龙微纳(688357.SH)：使用暂时闲置自有资金进行现金管理的最高额度不超过3亿元） 格隆汇8月20日丨建龙微纳(688357.SH)公布，公司本次使用暂时闲置自有资金进行现金管理的最高额度 不超过30,000万元（含本数），在上述额度内，资金可以滚动使用。 ...

证券代码：688357 证券简称：建龙微纳 公告编号：2025-044 转债代码：118032 转债简称：建龙转债 洛阳建龙微纳新材料股份有限公司 关于使用部分暂时闲置自有资金进行现金管理的公告 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法律责任。 重要内容提示： 基本情况 | 投资金额 | 不超过人民币 万元 30,000 | | --- | --- | | 投资种类 | 安全性高、流动性好的中低风险理财产品 | | 资金来源 | 自有资金 | 已履行的审议程序 （一）投资目的 在保证公司正常生产经营、项目建设等资金需求和资金安全的前提下，使用 部分暂时闲置自有资金进行现金管理，有利于提高资金使用效率，增加资金收益， 为公司及股东获取更多的投资回报。 （二）投资金额 公司本次使用暂时闲置自有资金进行现金管理的最高额度不超过 30,000 万 元（含本数），在上述额度内，资金可以滚动使用。 （三）资金来源 公司部分暂时闲置自有资金。 （四）投资方式 洛阳建龙微纳新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日 ...

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has shown a positive market performance, with the new materials index rising by 2.57%, outperforming the ChiNext index which increased by 2.09% [3][19]. - The report highlights significant growth in various sub-sectors, including biodegradable plastics (up 3.34%), semiconductor materials (up 2.90%), and industrial gases (up 2.03%) [3][19]. - The report emphasizes the potential of Direct Air Capture (DAC) technology, particularly in the context of carbon capture and storage, with companies like Occidental Petroleum making progress in this area [6][7]. Summary by Sections Market Performance - The new materials sector has experienced an overall increase, with specific indices showing notable gains over the past week [3][19]. - The report details the performance of individual stocks, noting that 73.03% of stocks in the new materials sector achieved positive returns, with standout performers including Astone (up 32.78%) and Zhongchuan Special Gas (up 17.03%) [25][27]. Price Tracking - The report provides a weekly price update for various chemical products, including amino acids, biodegradable materials, vitamins, and industrial gases, indicating fluctuations in prices [4][30][39]. - For instance, the price of valine is reported at 13,900 RMB/ton, showing a decrease of 2.11% week-on-week [30]. Investment Recommendations - The report suggests focusing on companies involved in DAC technology, particularly those producing adsorption materials and related equipment, such as Blue Sky Technology and Jianlong Micro-Nano [6][7]. - It also highlights the importance of technological advancements in reducing costs associated with DAC systems, which are crucial for the sector's growth [6][7]. Industry News - The report notes the upcoming World Robot Conference and its implications for advancements in humanoid robot materials, indicating a growing intersection between robotics and new materials [2]. - It also mentions the strategic partnerships formed by companies like Blue Sky Technology with global carbon capture firms, enhancing their market position [7].

Investment Rating - The report maintains an "A" rating for the industry, indicating an expected performance that will exceed the benchmark index by more than 10% [1][9]. Core Insights - The report emphasizes the significance of Direct Air Capture (DAC) technology as a "negative carbon asset" in the context of the artificial intelligence and carbon finance era. It highlights the increasing demand for DAC due to the surge in carbon emissions from data centers driven by AI [2][3]. - Major technology companies, including Microsoft and Meta, are accelerating their procurement of DAC carbon removal credits to achieve carbon neutrality goals. The integration of DAC with data centers is seen as beneficial due to the availability of clean energy and the potential to utilize waste heat from cooling systems [2][3]. - The report also notes that DAC possesses unique attributes as a "negative carbon asset," which does not rely on carbon emission sources and can remove existing CO2. This positions DAC as a foundational asset in the carbon finance era [3][4]. Summary by Sections Section 1: Technology and Market Dynamics - The report discusses the explosive growth in energy consumption by global data centers, projected to reach 1,200 terawatt-hours by 2035, and the corresponding increase in greenhouse gas emissions from major tech firms [2]. - It highlights the strategic partnerships between DAC technology companies and major players in the chemical and energy sectors, such as the collaboration between Bluestar Technology and Climeworks [4][6]. Section 2: Investment Opportunities - The report identifies key companies in the DAC space, including Bluestar Technology and Jianlong Micro-Nano, which are involved in the development of efficient CO2 adsorption materials and equipment [4]. - It mentions that Jianlong Micro-Nano is working on a sustainable aviation fuel project utilizing DAC technology, with plans for commercial production by 2027 [6]. Section 3: Industry Trends - The report notes the increasing interest from petrochemical giants in DAC technology due to their existing advantages in carbon storage and the potential for financialization of carbon credits [3][4]. - It emphasizes the ongoing technological advancements in DAC materials and equipment, which are crucial for reducing costs and enhancing efficiency in carbon capture [4].