[Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section provides definitions of key terms used throughout the report [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key financial performance over the past three years [Company Basic Information and Contact Details](index=7&type=section&id=2.1%20Company%20Basic%20Information%20and%20Contact%20Details) This chapter provides the company's basic registration information, office address, website, and contact details for the Board Secretary and Securities Affairs Representative - The company's full Chinese name is Luoyang Jianlong Micro-Nano New Materials Co., Ltd., with stock abbreviation 'Jianlong Weina', and legal representative Li Jianbo[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators for the Last Three Years](index=8&type=section&id=2.2%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Last%20Three%20Years) In 2024, the company's performance faced short-term pressure with revenue decreasing by 19.90% and net profit attributable to shareholders declining significantly by 51.15%, primarily due to revenue reduction and rigid operating expenses, though operating cash flow improved notably due to enhanced supply chain and receivables management Key Accounting Data | Key Accounting Data | 2024 (CNY Million) | 2023 (CNY Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 778.75 | 972.24 | -19.90 | | Net Profit Attributable to Shareholders of Listed Company | 74.76 | 153.03 | -51.15 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 60.77 | 136.89 | -55.61 | | Net Cash Flow from Operating Activities | 118.89 | -97.84 | N/A | | Net Assets Attributable to Shareholders of Listed Company | 1,796.01 | 1,778.67 | 0.98 | | Total Assets | 2,948.14 | 3,029.14 | -2.67 | Key Financial Indicators | Key Financial Indicators | 2024 | 2023 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/Share) | 0.75 | 1.53 | -50.98 | | Diluted Earnings Per Share (CNY/Share) | 0.68 | 1.45 | -53.10 | | Weighted Average Return on Net Assets (%) | 4.14 | 9.06 | Decrease of 4.92 percentage points | | R&D Investment as % of Operating Revenue (%) | 4.54 | 4.71 | Decrease of 0.17 percentage points | - Net cash flow from operating activities significantly improved, primarily due to the company strengthening supply chain management, enhancing inventory and accounts receivable management efficiency, and reducing cash paid for goods and services[26](index=26&type=chunk) [Quarterly and Non-recurring Gains/Losses Data](index=9&type=section&id=2.3%20Quarterly%20and%20Non-recurring%20Gains%2FLosses%20Data) In 2024, the company's performance showed a weakening trend quarter by quarter, with Q1 net profit attributable to shareholders being the highest at CNY 31.64 million, followed by approximately CNY 14 million in the subsequent three quarters, and total non-recurring gains/losses of CNY 13.99 million, mainly from fair value changes of financial assets and government grants Quarterly Data | Quarter | Operating Revenue (CNY Million) | Net Profit Attributable to Shareholders of Listed Company (CNY Million) | | :--- | :--- | :--- | | Q1 | 191.73 | 31.64 | | Q2 | 185.11 | 14.76 | | Q3 | 188.84 | 14.13 | | Q4 | 213.07 | 14.22 | - Total non-recurring gains and losses in 2024 amounted to **CNY 13.99 million**, primarily comprising fair value changes from financial assets and liabilities (**CNY 14.90 million**) and government grants recognized in current profit or loss (**CNY 3.50 million**)[30](index=30&type=chunk)[31](index=31&type=chunk) [Section III Management Discussion and Analysis](index=12&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, business segments, industry landscape, and future development strategies [Discussion and Analysis of Operations](index=12&type=section&id=3.1%20Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company's operating revenue decreased by 19.90% to CNY 779 million, and net profit attributable to shareholders declined by 51.15% to CNY 74.76 million, mainly due to weak demand in industrial gas and normalized household oxygen, though overseas sales grew by 13.36% to 25.55% of total revenue, with future focus on petrochemical, energy chemical, renewable energy, and renewable resources sectors Business Segment Performance | Business Segment | 2024 Revenue (CNY Million) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | Gas Separation | 301.84 | 38.76% | -15.55% | | Adsorption Drying | 251.08 | 32.24% | 11.76% | | Life and Health | 125.74 | 16.15% | -57.82% | | Raw Powder and Others | 100.09 | 12.85% | 8.73% | - Revenue in the Life and Health segment significantly declined by **57.82%**, primarily due to the normalization of medical oxygen demand and downstream customers entering an inventory digestion period, while the Gas Separation segment saw a **15.55%** demand decrease due to slow industrial economic recovery[38](index=38&type=chunk)[40](index=40&type=chunk) - Overseas market expansion yielded significant results, with 2024 international sales revenue reaching **CNY 199 million**, a **13.36%** year-on-year increase, raising its proportion of total revenue to **25.55%**, and the Thai subsidiary became a crucial global market hub, with revenue and net profit growing by **9.00%** and **26.82%** respectively[41](index=41&type=chunk)[43](index=43&type=chunk) - The company is adjusting its development direction, focusing on four new areas: petrochemicals (aromatics adsorption separation), energy chemicals (low-concentration coalbed methane enrichment), renewable resources (Sustainable Aviation Fuel SAF), and renewable energy (adsorption compression energy storage)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Main Business, Operating Model, Industry Overview, and R&D Explanation](index=15&type=section&id=3.2%20Main%20Business%2C%20Operating%20Model%2C%20Industry%20Overview%2C%20and%20R%26D%20Explanation) The company specializes in R&D, production, and sales of molecular sieve adsorbents and catalysts, primarily using a direct sales model with production based on procurement, and is a leading player in the global molecular sieve market, ranking first domestically and third globally in capacity, with R&D focusing on high-value-added areas like SAF and new energy storage - The company is one of the leading players in China's molecular sieve industry, with a formed molecular sieve production capacity of **47,000 tons** at the end of 2022, ranking **first domestically** and **third globally**[62](index=62&type=chunk)[63](index=63&type=chunk) - New industry technologies and business models are extending into high-value-added fields, with the company strategically focusing on emerging sectors such as Sustainable Aviation Fuel (SAF), aromatics adsorption separation, and new energy storage[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[70](index=70&type=chunk) R&D Investment | R&D Investment | Current Year (CNY Million) | Prior Year (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 35.35 | 45.78 | -22.79 | | R&D Investment as % of Operating Revenue (%) | 4.54 | 4.71 | Decrease of 0.17 percentage points | - During the reporting period, the company and its subsidiaries obtained **2 new authorized invention patents** and **8 utility model patents**[74](index=74&type=chunk) [Core Competencies and Risk Factors](index=26&type=section&id=3.3%20Core%20Competencies%20and%20Risk%20Factors) The company's core competencies include technological leadership, quality assurance, full industry chain integration, scale advantages, and extensive customer resources, while facing significant risks such as performance decline, challenges to core competitiveness (product iteration, technology industrialization, talent retention), operational risks (market competition, raw material prices, environmental safety), financial risks (tax incentives, exchange rate fluctuations), and macroeconomic uncertainties - The company's core competencies include: **technological advantage** (product iteration strategy), **quality advantage** (ISO certification), **full industry chain advantage** (from raw powder to finished products), **scale advantage** (domestic leader), and **customer resource advantage** (including PetroChina, Hangyang Group, etc.)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - The company faces a significant risk of performance decline, with net profit attributable to shareholders decreasing by **51.15%** year-on-year in 2024, primarily due to slowing industrial gas demand and normalized household oxygen demand, coupled with increased expenses from expanding operations[87](index=87&type=chunk) - Operational risks primarily include: market competition from international giants like Honeywell UOP and Arkema; price increases for key raw materials such as lithium salt and sodium hydroxide; environmental and safety production risks; and the risk of digesting new production capacity[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [Main Business Analysis](index=30&type=section&id=3.4%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by 19.90%, operating costs by 17.68%, and the comprehensive gross profit margin slightly declined by 1.93 percentage points to 28.35%, with core molecular sieve material revenue down 20.19%, domestic revenue down 27.23%, and overseas revenue up 13.36%, while direct material costs decreased due to lower raw material prices Key Financial Items | Item | Current Period (CNY Million) | Prior Period (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 778.75 | 972.24 | -19.90 | | Operating Cost | 557.94 | 677.80 | -17.68 | | Administrative Expenses | 83.50 | 70.79 | 17.96 | | Net Cash Flow from Operating Activities | 118.89 | -97.84 | N/A | | Net Cash Flow from Investing Activities | -430.81 | -107.83 | N/A | | Net Cash Flow from Financing Activities | -65.09 | 665.26 | -109.78 | Main Business by Region | Main Business by Region | Operating Revenue (CNY Million) | Operating Cost (CNY Million) | Gross Profit Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | | Domestic | 579.74 | 425.59 | 26.59 | -27.23 | | Overseas | 199.01 | 132.35 | 33.50 | 13.36 | - Sales to the top five customers accounted for **16.85%** of total annual sales, and purchases from the top five suppliers accounted for **32.17%** of total annual purchases, indicating no significant reliance on any single customer or supplier[110](index=110&type=chunk)[114](index=114&type=chunk) [Assets, Liabilities, and Investment Status](index=36&type=section&id=3.5%20Assets%2C%20Liabilities%2C%20and%20Investment%20Status) As of the end of the reporting period, total assets were CNY 2.95 billion, a 2.67% decrease, with total liabilities at CNY 1.15 billion and an asset-liability ratio of 39.08%, while cash and equivalents significantly decreased by 62.55% due to investments in wealth management products, leading to an 87.78% increase in financial assets held for trading, and overseas assets constituted 12.52% of total assets Asset and Liability Changes | Item | Current Period End (CNY Million) | Prior Period End (CNY Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 244.20 | 652.08 | -62.55 | | Financial Assets Held for Trading | 676.00 | 360.00 | 87.78 | | Total Assets | 2,948.14 | 3,029.14 | -2.67 | | Total Liabilities | 1,152.12 | 1,250.47 | -7.86 | - As of the end of the reporting period, the company's overseas assets amounted to **CNY 369 million**, accounting for **12.52%** of total assets[123](index=123&type=chunk) - The company utilized its own funds and idle raised funds for cash management (bank wealth management products), with a total outstanding balance of **CNY 666 million** at the end of the period[277](index=277&type=chunk) [Future Development Discussion and Analysis](index=43&type=section&id=3.6%20Future%20Development%20Discussion%20and%20Analysis) The company will continue to adhere to its 'Three-Product Strategy,' 'Adsorption-to-Catalysis Strategy,' and 'Internationalization Strategy,' driven by innovation, focusing on four new areas—petrochemicals, energy chemicals, renewable energy, and renewable resources—to forge a differentiated development path and transition from a material manufacturer to a technology service provider - The core of the company's 2025 development strategy is to adhere to its three established strategies, focus on four emerging sectors, and drive the company's transformation into a technology service provider[146](index=146&type=chunk) [Section IV Corporate Governance](index=44&type=section&id=Section%20IV%20Corporate%20Governance) This section details the company's corporate governance structure, including its compliance with regulations, independence from controlling shareholders, and the composition and activities of its board and management [Overview of Corporate Governance](index=44&type=section&id=4.1%20Overview%20of%20Corporate%20Governance) During the reporting period, the company strictly adhered to relevant laws and regulations, continuously improved its corporate governance structure and internal control system, ensuring clear responsibilities, standardized operations, and independence from its controlling shareholder, while maintaining transparent information disclosure and holding three shareholder meetings and nine board meetings - The company's corporate governance structure is well-established, maintaining independence from its controlling shareholder, with the Board of Directors, Board of Supervisors, and management operating independently[150](index=150&type=chunk) - During the reporting period, the company convened **3 shareholder meetings** and **9 board meetings**, deliberating on significant matters such as the annual report and profit distribution[150](index=150&type=chunk)[152](index=152&type=chunk)[166](index=166&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=47&type=section&id=4.2%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section details the shareholding changes and remuneration of current and former directors, supervisors, senior management, and core technical personnel, noting changes in the executive team, including the departure of the President and Board Secretary and the appointment of new personnel, with Chairman Li Jianbo's pre-tax remuneration totaling CNY 1.621 million for the reporting period - During the reporting period, the company's President changed from Li Jianbo to Li Yicheng, and the Board Secretary from Li Yidan to Gao Ti; additionally, due to re-election, three independent directors resigned, and Huang Ping, Yan Wenfu, and Yang Xintao were newly elected as independent directors[165](index=165&type=chunk) - The total pre-tax remuneration received by the company's directors, supervisors, senior management, and core technical personnel from the company in 2024 amounted to **CNY 7.6529 million**[158](index=158&type=chunk) [Profit Distribution and Equity Incentive](index=55&type=section&id=4.3%20Profit%20Distribution%20and%20Equity%20Incentive) The company has a clear cash dividend policy, having implemented two profit distributions in the reporting period for 2023 (CNY 6 per 10 shares plus 2 bonus shares) and Q1 2024 (CNY 1 per 10 shares), with the Board approving a 2024 annual profit distribution plan of CNY 2 per 10 shares, while the 2023 restricted stock incentive plan was terminated in November 2024 due to unfulfilled performance targets and changing external conditions - The company's Board of Directors approved the 2024 annual profit distribution plan: a proposed cash dividend of **CNY 2 per 10 shares** (including tax), totaling **CNY 20.01 million**, which, combined with the already implemented Q1-Q3 dividends, brings the full-year cash dividend to **40.15%** of net profit attributable to shareholders[8](index=8&type=chunk)[180](index=180&type=chunk)[710](index=710&type=chunk) - The company's 2023 restricted stock incentive plan was terminated in November 2024 due to the failure to meet company-level performance assessment targets and significant changes in the external environment[189](index=189&type=chunk)[190](index=190&type=chunk) [Section V Environmental, Social Responsibility, and Other Corporate Governance](index=61&type=section&id=Section%20V%20Environmental%2C%20Social%20Responsibility%2C%20and%20Other%20Corporate%20Governance) This section outlines the company's commitment to ESG principles, detailing its environmental protection efforts, social contributions, and investor relations management [ESG Overall Work and Environmental Information](index=61&type=section&id=5.1%20ESG%20Overall%20Work%20and%20Environmental%20Information) The company integrates 'green development' into its strategy, increasing environmental investment and earning the national 'Green Factory' title, utilizing digital technology and distributed photovoltaic projects to reduce carbon emissions, and as a key pollutant-discharging unit, it fully discloses compliant wastewater and exhaust gas emissions, with environmental investments totaling CNY 21.40 million and no environmental administrative penalties during the reporting period - The company was awarded the national 'Green Factory' honor and is projected to reduce carbon dioxide emissions by approximately **5,016.08 tons annually** through the construction of distributed photovoltaic power generation projects[201](index=201&type=chunk)[219](index=219&type=chunk) - The company is classified as a key pollutant-discharging unit, investing **CNY 21.40 million** in environmental protection during the reporting period, with all pollutants such as exhaust gas and wastewater meeting discharge standards and no exceedances[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - The company developed specialized molecular sieves for low-concentration coalbed methane enrichment, enabling waste gas resource utilization and filling an industry gap, demonstrating its environmental contribution[200](index=200&type=chunk)[201](index=201&type=chunk) [Social Responsibility and Corporate Governance](index=67&type=section&id=5.2%20Social%20Responsibility%20and%20Corporate%20Governance) The company actively fulfills its social responsibilities through charitable donations and rural revitalization initiatives, with total related investments of CNY 1.819 million during the reporting period, while prioritizing technological innovation, intellectual property rights, data security, and investor relations management, earning multiple awards from the China Association for Public Companies, and integrating Party building into its corporate development Philanthropic Activities | Type of Philanthropic Activity | Funds Invested (CNY Million) | | :--- | :--- | | External Donations | 1.1217 | | Public Welfare Projects | 0.3973 | | Rural Revitalization | 0.30 | - The company prioritizes investor relations protection, engaging with investors through various channels, and has received honorary awards from the China Association for Public Companies for its excellent practices[240](index=240&type=chunk)[244](index=244&type=chunk) - The company has a Party General Branch with three sub-branches, deeply integrating Party building work with corporate production and operations through activities such as 'Three Meetings and One Class'[238](index=238&type=chunk)[239](index=239&type=chunk) [Section VI Significant Matters](index=74&type=section&id=Section%20VI%20Significant%20Matters) This section covers the company's adherence to commitments, absence of major legal issues, and details on significant contracts and the utilization of raised funds [Commitments and Material Contracts](index=74&type=section&id=6.1%20Commitments%20and%20Material%20Contracts) During the reporting period, the company and related parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentives, with no major lawsuits, arbitrations, illegal guarantees, or non-operating fund occupations, and a significant ordinary course contract was signed with Xinxing Huier Green Technology Co., Ltd. for hydrogen production molecular sieves totaling CNY 99 million - All commitments made by the company's actual controllers, shareholders, and the company itself, whether during or continuing into the reporting period, were timely and strictly fulfilled[250](index=250&type=chunk) - During the reporting period, the company signed a sales contract with Xinxing Huier Green Technology Co., Ltd. for hydrogen production molecular sieves, valued at **CNY 99 million** (including tax)[282](index=282&type=chunk) [Use of Raised Funds](index=91&type=section&id=6.2%20Use%20of%20Raised%20Funds) During the reporting period, the company effectively utilized funds from two fundraising rounds: 89.36% of funds from the private placement were invested in the Adsorption Material Industrial Park Expansion Project (Phase I), and 29.09% of funds from convertible bonds were used for Phase II of the Industrial Park and the Thai subsidiary's Phase II project, with a portion of idle funds also used for cash management Raised Funds Utilization | Source of Raised Funds | Net Raised Funds (CNY Million) | Cumulative Investment as of Report End (CNY Million) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Private Placement of Shares | 189.96 | 169.76 | 89.36 | | 2023 Convertible Bonds | 690.05 | 200.76 | 29.09 | - The raised fund investment project 'Adsorption Material Industrial Park Expansion Project (Phase I)' has reached its intended usable state, with an investment progress of **89.36%**, while Phase II and the Thai Phase II projects are under construction, with investment progress of **12.83%** and **76.64%** respectively[286](index=286&type=chunk) [Section VII Share Changes and Shareholder Information](index=95&type=section&id=Section%20VII%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure, including major shareholders [Share Capital Changes and Shareholder Information](index=95&type=section&id=7.1%20Share%20Capital%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital increased from 83,381,977 shares to 100,058,399 shares due to the 2023 profit distribution (capital reserve capitalization) and convertible bond conversion, with 5,476 common shareholders as of the end of the period, and a stable equity structure where actual controllers Li Jianbo and Li Xiaohong and their controlled entities hold a significant combined stake - During the reporting period, the company's total share capital increased from **83,381,977 shares** to **100,058,399 shares** due to the capitalization of capital reserves by **16,676,398 shares** and the conversion of convertible bonds by **24 shares**[291](index=291&type=chunk)[292](index=292&type=chunk) - As of the end of the reporting period, the company had a total of **5,476 shareholders**[298](index=298&type=chunk) Top Shareholders | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Li Jianbo | 24,108,000 | 24.09 | | Li Xiaohong | 6,720,000 | 6.72 | | Shanghai Shenyunlong Enterprise Development Co., Ltd. | 6,400,800 | 6.40 | | Henan Zhongzheng Kaiyuan Venture Capital Investment Fund (Limited Partnership) | 4,846,331 | 4.84 | - The company's controlling shareholders and actual controllers are Mr. Li Jianbo and Ms. Li Xiaohong[304](index=304&type=chunk)[308](index=308&type=chunk) [Section VIII Preferred Shares Information](index=104&type=section&id=Section%20VIII%20Preferred%20Shares%20Information) This section confirms the absence of preferred shares within the company during the reporting period [Preferred Shares Information](index=104&type=section&id=8.1%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares - The company has no preferred shares[314](index=314&type=chunk) [Section IX Bond-Related Information](index=105&type=section&id=Section%20IX%20Bond-Related%20Information) This section provides details on the company's convertible corporate bonds, including issuance, conversion terms, and credit ratings [Convertible Corporate Bonds Information](index=105&type=section&id=9.1%20Convertible%20Corporate%20Bonds%20Information) The company issued CNY 700 million in six-year convertible corporate bonds, 'Jianlong Convertible Bonds,' in March 2023, with the conversion price adjusted four times during the reporting period to CNY 71.91 per share, and as of the period end, 7,154 bondholders held bonds with only 68 shares converted, representing 99.999% unconverted, while the company maintains an 'AA-' credit rating with a stable outlook, ensuring principal and interest repayment - The company's 'Jianlong Convertible Bonds' were listed on April 7, 2023, with a total issuance amount of **CNY 700 million** and a term of **6 years**[316](index=316&type=chunk) - During the reporting period, the conversion price of 'Jianlong Convertible Bonds' underwent **four adjustments**, from **CNY 87.14/share** at the beginning of the year to **CNY 71.91/share** at year-end[321](index=321&type=chunk)[322](index=322&type=chunk) - During the reporting period, **CNY 2,000** of 'Jianlong Convertible Bonds' were converted into **24 company shares**; as of the end of the period, a cumulative total of **68 shares** had been converted, with approximately **CNY 699.99 million** remaining unconverted[319](index=319&type=chunk) - Both the company's corporate credit rating and the 'Jianlong Convertible Bonds' rating are **'AA-'** with a stable outlook, and the company's operating cash flow is sufficient to ensure principal and interest repayment[323](index=323&type=chunk) [Section X Financial Report](index=108&type=section&id=Section%20X%20Financial%20Report) This section presents the company's audited financial statements for 2024, including the audit report, balance sheet, income statement, cash flow statement, statement of changes in equity, and detailed notes [Audit Report](index=108&type=section&id=10.1%20Audit%20Report) Lixin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, affirming that they fairly present the company's financial position and operating results in all material respects, with 'revenue recognition' identified as a key audit matter due to its significance and inherent risk of management override - The auditing firm is Lixin Certified Public Accountants (Special General Partnership), which issued a **standard unqualified audit opinion**[326](index=326&type=chunk) - The key audit matter is revenue recognition, for which auditors performed procedures including internal control testing, contract examination, analytical procedures, voucher inspection, confirmations, and cut-off tests to address the associated risk[328](index=328&type=chunk)[329](index=329&type=chunk) [Financial Statements](index=111&type=section&id=10.2%20Financial%20Statements) This section includes the company's 2024 consolidated and parent company balance sheets, income statements, cash flow statements, statements of changes in owners' equity, and detailed notes, all prepared in accordance with enterprise accounting standards on a going concern basis [Balance Sheet](index=111&type=section&id=10.2.1%20Balance%20Sheet) This sub-section presents the company's financial position at the end of the reporting period, detailing its assets, liabilities, and equity [Income Statement](index=115&type=section&id=10.2.2%20Income%20Statement) This sub-section outlines the company's financial performance over the reporting period, showing its revenues, expenses, and net profit [Cash Flow Statement](index=118&type=section&id=10.2.3%20Cash%20Flow%20Statement) This sub-section details the cash inflows and outflows from operating, investing, and financing activities during the reporting period [Statement of Changes in Owners' Equity](index=123&type=section&id=10.2.4%20Statement%20of%20Changes%20in%20Owners'%20Equity) This sub-section illustrates the changes in the company's equity components over the reporting period, including capital, reserves, and retained earnings [Notes to Financial Statements](index=135&type=section&id=10.2.5%20Notes%20to%20Financial%20Statements) This sub-section provides detailed explanations and supplementary information for the figures presented in the financial statements

| 证券代码：688357 | 证券简称：建龙微纳 公告编号：2025-041 | | --- | --- | | 转债代码：118032 | 转债简称：建龙转债 | 本次更正不涉及对财务报表的调整，对公司 2024 年度财务状况及经营成果 没有影响。 一、更正情况 （一）产能消化风险 本次更正为增加"第三节 管理层讨论与分析"之"四、风险因素"之"（四）经 营风险"之"4、产能消化风险" 4 、产能消化风险 近年来，公司募集资金投资项目吸附材料产业园改扩建项目 ( 一期 ) 、泰国子 公司建设项目 ( 二期 ) 、吸附材料产业园改扩建项目 ( 二期 ) 部分生产线陆续建成， 产能持续增加。考虑产线达到设计产能需要经过较长的产能爬坡期，虽然公司 也对相关项目产能建设及投产后的市场需求进行了审慎客观的分析 , 但国内外经 济环境复杂多变，若 (1) 未来分子筛行业市场增速低于预期； (2) 市场竞争加剧， 公司核心产品需求增长不及预期； (3) 公司新产品市场开拓不力； (4) 分子筛产品 下游主要应用行业发生重大不利变化； (5) 同行业公司跟进扩产导致供需形势发 生变化； (6) 公司不能在激烈的市场竞争中 ...

广发证券股份有限公司 关于洛阳建龙微纳新材料股份有限公司 2024 年年度报告的信息披露监管问询函回复之核查意见 上海证券交易所： 根据贵所出具的《关于洛阳建龙微纳新材料股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证科创公函〔2025〕0227 号）（以下简称"年报问 询函"）的要求，广发证券股份有限公司（以下简称"持续督导机构"）作为洛 阳建龙微纳新材料股份有限公司（以下简称"建龙微纳"、"公司"）向不特定 对象发行可转换公司债券并在科创板上市持续督导期间的保荐机构，对年报问询 函的相关问题进行了审慎核查，出具相关核查意见如下： 问题一、关于收入构成 年报披露：（1）本期营业收入为 7.79 亿元，同比下滑 20%；本期公司产品 销售结构和客户结构同比发生较大变化，气体分离、生命健康业务板块营收分别 同比下滑 16%和 58%，前五名客户中存在三名新进入客户；（2）本期境外收入 2.0 亿元，同比增长 13%，境外毛利率为 34%，较境内毛利率高出 7 个百分点。 请公司： （1）从下游需求、产品结构、产品价格、销量等方面的变化情况，量化分 析各业务板块及营业总收入同比变动的具体原因，与同 ...

| 证券代码：688357 | 证券简称：建龙微纳 公告编号：2025-040 | | --- | --- | | 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 可转债转股结果暨股份变动公告 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。 本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"建龙 转债"未发生转股。 重要内容提示： 一、可转债发行上市概况 累计转股情况：洛阳建龙微纳新材料股份有限公司（以下简称"公司"） 向不特定对象发行的可转换公司债券"建龙转债"自 2023 年 9 月 14 日开始转股， 截至 2025 年 6 月 30 日，"建龙转债"共有人民币 12,000 元已转换为公司股票， 转股数量 150 股，占"建龙转债"转股前公司已发行股份总额的 0.00018%。 经中国证券监督管理委员会证监许可〔2023〕267 号文同意注册，公司于 2023 年 3 月 8 日向不特定对象发行了 7,000,000 张可转换公司债券，每张 ...

Core Viewpoint - The credit rating agency has assigned a stable credit rating of AA- to Luoyang Jianlong Micro-Nano New Materials Co., Ltd, reflecting its strong position in the molecular sieve industry and its comprehensive industry chain advantages [3][5][19]. Company Overview - Luoyang Jianlong Micro-Nano New Materials Co., Ltd is a leading domestic enterprise in the molecular sieve sector, possessing a complete industry chain that includes raw powder, activated powder, and formed molecular sieves [5][11]. - The company has a total asset value of 29.58 billion yuan and equity attributable to shareholders of 18.21 billion yuan as of the latest reporting period [3][4]. Financial Performance - The company reported a revenue of 7.79 billion yuan in 2024, a decrease of 19.90% year-on-year, with a net profit of 0.25 billion yuan [4][16]. - In the first quarter of 2025, the revenue was 1.78 billion yuan, down 7.39% compared to the same period in 2024 [5][16]. - The gross profit margin for the company was 30.37% in the first quarter of 2025, showing a slight recovery from 28.35% in 2024 [16]. Market Dynamics - The molecular sieve industry is experiencing pressure due to adjustments in downstream industries, particularly in gas separation and healthcare sectors, which have seen reduced demand [5][16]. - The company is actively exploring new markets in petrochemicals, renewable energy, and resource recovery to mitigate the impact of declining traditional business areas [5][17]. Production Capacity and Risks - The company plans to increase its production capacity of formed molecular sieves by 1.60 million tons over the next two years, representing a growth of 28.57% compared to the end of 2024 [7][19]. - There are concerns regarding capacity digestion risks due to the anticipated decline in revenue and the potential delay in the commissioning of new projects [6][19]. Competitive Landscape - The molecular sieve market is characterized by high technical barriers, with international giants dominating the high-end market, while domestic companies are gradually breaking through in the catalyst field [13][14]. - Luoyang Jianlong Micro-Nano is positioned as a leader in the industry but faces challenges in brand influence and comprehensive strength compared to international competitors [15][19]. Raw Material Costs - The cost structure of the company is heavily influenced by raw material prices, which have seen a decline in recent periods, alleviating some cost pressures [20][21]. - The main raw materials include sodium hydroxide, solid sodium silicate, and lithium salts, with significant price reductions observed in 2024 [20][21].

Core Viewpoint - The company, Luoyang Jianlong Micro-Nano New Materials Co., Ltd., has maintained its credit rating of "AA-" for both its corporate entity and its convertible bonds, with a stable outlook as assessed by Zhongzheng Pengyuan Credit Rating Co., Ltd. [1][2] Summary by Relevant Sections - Previous Bond Rating: The company's previous credit rating was "AA-" with a stable outlook, and the credit rating for the Jianlong Convertible Bonds was also "AA-" [2]. - Current Bond Rating: The current credit rating remains "AA-" for the corporate entity and "AA-" for the Jianlong Convertible Bonds, with a stable outlook [2]. - Rating Agency: The credit rating was conducted by Zhongzheng Pengyuan, which performed a comprehensive analysis of the company's operational status and related industry [1].

据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市规 则》等有关规定，洛阳建龙微纳新材料股份有限公司（以下简称"公司"）委托信 用评级机构中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对公司主体 及公司向不特定对象发行的可转换公司债券（以下简称"建龙转债"）进行了跟踪 信用评级。 公司前次主体信用等级为"AA-"，评级展望为"稳定"，"建龙转债"的信用等 级为"AA-"，评级机构为中证鹏元，评级日期为 2024 年 6 月 26 日。 | 证券代码：688357 | 证券简称：建龙微纳 公告编号：2025-039 | | --- | --- | | 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"建龙转债"跟踪信用评级结果的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： （www.sse.com.cn）披露。 特此公告。 洛阳建龙微纳新材料股份有限公司董事会 2025 年 7 月 1 日 评级机构中证鹏元在对公司经营状况及相关行业进行综合分 ...

洛阳建龙微纳新材料股份有限公 司相关债券2025年跟踪评级报告 中鹏信评【2025】跟踪第【396】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

Group 1: Mergers and Acquisitions Overview - During the period from June 23 to June 28, 2025, four listed companies announced new mergers and acquisitions, including Guotou Zhonglu, Shaoyang Hydraulic, Longyang Electronics, and Jianlong Micro-Nano, covering industries such as agriculture, machinery, electronics, and basic chemicals [1][6][9]. Group 2: Guotou Zhonglu - Guotou Zhonglu specializes in the production and sales of concentrated fruit and vegetable juices, with its main product being concentrated apple juice. The company operates on a B2B sales model and maintains long-term stable relationships with well-known beverage and food companies [1][6]. - The target company for this transaction is China Electronic Engineering Design Institute Co., Ltd., which has a registered capital of 9,242.74508 million yuan and was established on August 27, 1992 [1][6]. Group 3: Shaoyang Hydraulic - Shaoyang Hydraulic focuses on industrial transmission and high-end manufacturing, achieving domestic substitution of hydraulic products through independent research and technological innovation. In 2024, the R&D investment was 16,007,060.18 yuan, accounting for 4.56% of revenue [2][7]. - The company is planning to issue shares and pay cash to acquire a stake in Chongqing Xincheng Hangrui Technology Co., Ltd., which is expected to constitute a major asset restructuring [2][7]. Group 4: Longyang Electronics - Longyang Electronics primarily deals with electromagnetic shielding materials, with stable and significantly growing revenue. The company has a concentrated customer base among high-end brands, ensuring strong order support [2][7]. - The company plans to acquire 100% of Suzhou Deyou New Material Technology Co., Ltd. through cash payment, with funding sourced from part of the raised funds and its own capital [2][7]. Group 5: Jianlong Micro-Nano - Jianlong Micro-Nano is engaged in the research, production, sales, and technical services of molecular sieve adsorbents and catalysts in various fields, including industrial gas separation and renewable resources [3][8]. - The company is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment, aiming to create a closed-loop integration from material research and process design to end services [3][8].

Core Viewpoint - Jianlong Micro-Nano is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through a cash payment for equity transfer, which will make Jianlong Micro-Nano the controlling shareholder of Hanxing Energy [1][2]. Group 1: Acquisition Details - The acquisition aims to enhance collaboration in product technology, market resources, and organizational capabilities between Jianlong Micro-Nano and Hanxing Energy [1][2]. - Jianlong Micro-Nano is the first listed company on the Science and Technology Innovation Board in Henan, focusing on the research, production, and sales of molecular sieve adsorbents and catalysts for various industries [2][3]. Group 2: Hanxing Energy Overview - Hanxing Energy specializes in the hydrogen energy industry, covering upstream hydrogen production, midstream transportation, storage, and hydrogen refueling stations [2][4]. - The company has developed a comprehensive hydrogen energy ecosystem over 20 years, focusing on hydrogen production technology and related services [2][4]. Group 3: Financial Performance - Hanxing Energy reported revenues of 296 million yuan and 389 million yuan in 2021 and 2022, respectively, with a revenue of 488 million yuan in 2023, marking a year-on-year growth of 25.45% [4][5]. - The net profit attributable to shareholders was 52.87 million yuan in 2021, 68.58 million yuan in 2022, and 73.97 million yuan in 2023, reflecting a growth of 7.85% [4][5]. Group 4: Strategic Implications - The acquisition is seen as a strategic integration of the upstream and downstream of the industry chain, enhancing the company's full-chain closed-loop capability and facilitating its transition from a material manufacturer to a technology service provider [5]. - Hanxing Energy has a strong technical reserve in the petrochemical industry and possesses numerous patents and proprietary technologies, which can be leveraged by Jianlong Micro-Nano to enhance its competitive edge [3][4].