长江证券承销保荐有限公司 关于美埃（中国）环境科技股份有限公司 调整 2025 年度日常关联交易预计额度的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 美埃（中国）环境科技股份有限公司（以下简称"美埃科技"或"公司"）首次 公开发行股票并在科创板上市及持续督导的保荐机构，根据《证券发行上市保荐 业务管理办法》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》和 《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（2025 年 5 月修订） 》等有关法律法规和规范性文件的要求，对美埃科技调整 2025 年度部分 日常关联交易预计额度事项进行了核查，并发表核查意见如下： 批准的项目，经相关部门批准后方可开展经营活动） 注册资本 人民币 100.00 万元 实际控制人 肖萌 成立日期 2004 年 7 月 6 日 注册地址 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2025 年 4 月 25 日召开第二届董事会独立董事第三次专门会议、第二 届董事会第十九次会议、第二届监事会第十五次会议，审议通过了《关于 2025 年度日常关联交易 ...

Core Viewpoint - Meiya Technology (688376.SH) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved total operating revenue of 935 million yuan, representing a year-on-year growth of 23.51% [1] - The net profit attributable to shareholders reached 98.019 million yuan, showing a year-on-year increase of 5.53% [1] - Basic earnings per share were reported at 0.73 yuan [1]

证券代码：688376 证券简称：美埃科技 公告编号：2025-022 美埃（中国）环境科技股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 美埃（中国）环境科技股份有限公司（以下简称"公司"）第二届监事会第十六 次会议于2025年8月29日以现场与通讯相结合的方式召开。本次会议通知已于2025 年8月19日以邮件的方式发出。本次会议由公司监事会主席，职工代表监事沈明明 女士召集并主持，本次会议应出席监事3名，实际出席监事3名，公司董事会秘书列 席了本次会议。本次会议的召集、召开方式符合有关法律、法规和《美埃（中国） 环境科技股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、监事会会议审议情况 1、审议通过《关于2025年半年度报告及摘要的议案》 具体内容详见同日刊登于上海证券交易所网站（www.sse.com.cn）的相关公告。 表决结果：同意3票，反对0票，弃权0票。 经审核，监事会同意公司《2025年半年度报告》《2025年半年度报告摘要 ...

长江证券承销保荐有限公司 （一）日常关联交易履行的审议程序 公司于 2025 年 4 月 25 日召开第二届董事会独立董事第三次专门会议、第二 届董事会第十九次会议、第二届监事会第十五次会议，审议通过了《关于 2025 年度日常关联交易额度预计的议案》，关联董事均已回避表决。具体内容详见公 司于 2025 年 4 月 26 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 2025 年度日常关联交易额度预计的公告》（公告编号：2025-010）。 关于美埃（中国）环境科技股份有限公司 调整 2025 年度日常关联交易预计额度的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 美埃（中国）环境科技股份有限公司（以下简称"美埃科技"或"公司"）首次 公开发行股票并在科创板上市及持续督导的保荐机构，根据《证券发行上市保荐 业务管理办法》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》和 《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（2025 年 5 月修订）》等有关法律法规和规范性文件的要求，对美埃科技调整 2025 年度部分 日常关 ...

长江证券承销保荐有限公司 关于美埃（中国）环境科技股份有限公司 2025 年半年度持续督导跟踪报告 长江证券承销保荐有限公司（以下简称"长江保荐"、"保荐机构"）作为美 埃（中国）环境科技股份有限公司（以下简称"美埃科技"、"公司"）首次公开 发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导（2025 年 3 月修订）》等有关法律、 法规的规定，负责公司上市后的持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 了持续督导制度，并制定了相应的 | | | 划 | 工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与公司签订保荐协议， | | | 开始前，与上市公司或相关当事人签署持续 | 该协议明确了双方在持续督导期 ...

证券代码：688376 证券简称：美埃科技 公告编号：2025-021 美埃（中国）环境科技股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项 报告 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。 根据《上市公司募集资金监管规则》《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》的相关规定，美埃（中国）环境科技股份有限公 司（以下简称"本公司"、"美埃科技"或"公司"）就 2025 年半年度募集资金存放 与实际使用情况作如下专项报告： 一、募集资金基本情况 （一） 实际募集资金金额、资金到账时间 经上海证券交易所科创板股票上市委员会2021年9月1日审核同意，并经中国 证券监督管理委员会2022年10月18日《关于同意美埃（中国）环境科技股份有限 公司首次公开发行股票注册的批复》（证监许可[2022]2506号）核准，同意公司 公开发行A股普通股股票33,600,000股，发行价格为人民币29.19元/股。募集资金 总额为人民币980,784,000.00元，扣减承销费（不含增值税）人民币6 ...

证券代码：688376 证券简称：美埃科技 公告编号：2025-023 美埃（中国）环境科技股份有限公司 关于调整2025年度日常关联交易预计额度的公告 公司于2025年8月29日召开第二届董事会独立董事第四次专门会议、第二 届董事会第二十次会议、第二届监事会第十六次会议，审议通过了《关于调 整2025年度日常关联交易预计额度的议案》。 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： 是否需要提交股东大会审议：否。 日常关联交易对上市公司的影响：本次调整关联交易预计额度是公司 正常经营活动所需，有利于促进公司相关业务的发展。公司与关联方之间 开展的各项日常关联交易，均会按照实际业务情况签订具体交易协议，交 易价格将严格秉承公平、合理的原则，参照市场化公允价格水平、行业惯 例、第三方定价，由双方协商确定，不会损害公司及全体股东特别是中小 股东的利益，不会影响公司独立性，公司主营业务不会因上述交易而对关 联方形成依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 美埃（中国）环境科技股份有限公司 ...

美埃（中国）环境科技股份有限公司 2025 年度"提质增效重回报"专项行动方案的 半年度评估报告 为践行"以投资者为本"的上市公司发展理念，推动上市公司持 续卓越运营、规范治理，增强投资者回报，提升投资者的获得感。美 埃（中国）环境科技股份有限公司（以下简称"公司"）于 2025 年 4 月制定了《2025 年度"提质增效重回报"行动方案》，为公司 2025 年度 提质增效重回报行动制定出明确的工作方向。公司根据行动方案积极 开展和落实各项工作，现将 2025 年上半年的主要工作成果报告如下： 一、夯实主营业务，坚持研发创新 （一）持续强化主营业务核心竞争力 2025 年上半年，公司积极应对市场变化，通过技术创新、销售 渠道完善、加强内部管理等多种方式推动公司各项业务平稳发展。报 告期内，公司实现营业收入 93,491.57 万元，较上年同期增长 23.51%； 实现归属于上市公司股东的净利润 9,801.90 万元，较上年同期增长 5.53%。公司总资产 422,697.24 万元，较报告期初增加 14.28%。 2025年1月7日，公司通过于中国香港设立的全资子公司MayAir HK Holdings L ...

Section 1: Definitions [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20Definitions%20of%20Common%20Terms) This section defines key terms and company abbreviations used throughout the report, providing a foundational understanding for readers - Defines **"Mayair Technology"**, **"Company"**, **"the Company"** as Mayair (China) Environmental Technology Co., Ltd. and its subsidiaries[12](index=12&type=chunk) - Explains the impact of **VOC/VOCs (Volatile Organic Compounds)** and **AMC (Airborne Molecular Contaminants)** on human health and semiconductor production yield[12](index=12&type=chunk) - Details the classification of air filters (primary, medium, high-medium, sub-high, high, ultra-high efficiency) and their filtration efficiency standards[13](index=13&type=chunk) - Elaborates on the concept of cleanliness, which is distinguished by the number of particles larger than or equal to a certain size per unit volume of air, noting that the final stage filter determines the air purification level[13](index=13&type=chunk) Section 2: Company Profile and Key Financial Indicators [2.1 Company Basic Information](index=6&type=section&id=2.1%20Company%20Basic%20Information) This chapter outlines the company's basic information, contact details, information disclosure channels, and stock overview - The company's name is Mayair (China) Environmental Technology Co., Ltd., abbreviated as **Mayair Technology**, with Yap Wee Keong as the legal representative[15](index=15&type=chunk) - The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, stock code **688376**[18](index=18&type=chunk) [2.2 Company Key Accounting Data and Financial Indicators](index=7&type=section&id=2.2%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter discloses the company's key financial performance for the first half of 2025, including operating revenue, total profit, net profit attributable to parent company, net profit attributable to parent company after deducting non-recurring gains and losses, and net cash flow from operating activities, comparing them with the same period last year and highlighting a significant improvement in net cash flow from operating activities 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 934,915,677.55 Yuan | 756,984,416.03 Yuan | 23.51 | | Total Profit | 119,667,486.30 Yuan | 103,184,307.71 Yuan | 15.97 | | Net Profit Attributable to Shareholders of Listed Company | 98,019,048.42 Yuan | 92,883,740.56 Yuan | 5.53 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 74,874,914.38 Yuan | 85,759,897.40 Yuan | -12.69 | | Net Cash Flow from Operating Activities | 70,265,659.62 Yuan | -85,889,987.29 Yuan | N/A | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.73 | 0.69 | 5.80 | | Diluted Earnings Per Share (Yuan/share) | 0.73 | 0.69 | 5.80 | | Basic EPS After Deducting Non-Recurring Gains and Losses (Yuan/share) | 0.56 | 0.64 | -12.50 | | Weighted Average Return on Net Assets (%) | 5.32 | 5.53 | Decrease by 0.21 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.07 | 5.10 | Decrease by 1.03 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 4.01 | 4.76 | Decrease by 0.75 percentage points | - Net cash flow from operating activities increased year-on-year, primarily due to the company's strengthened management of accounts receivable, leading to an increase in cash received from sales of goods and provision of services in the current period[21](index=21&type=chunk) [2.3 Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.3%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **23,144,134.04 Yuan**, primarily including gains from investment costs in subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets acquired 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 | 20,000.00 | | Government Subsidies Recognized in Current Profit or Loss (Excluding) | 1,204,975.69 | | Gains and Losses from Changes in Fair Value and Disposal of Financial Assets and Liabilities Held | 3,242,700.00 | | Gains Arising from Investment Costs in Subsidiaries, Associates, and Joint Ventures Being Less Than the Fair Value of Identifiable Net Assets Acquired | 18,574,688.83 | | Other Non-Operating Income and Expenses Apart from the Above | 908,142.20 | | Less: Income Tax Impact | 806,372.68 | | **Total** | **23,144,134.04** | [2.4 Net Profit After Deducting Share-Based Payment Impact](index=8&type=section&id=2.4%20Net%20Profit%20After%20Deducting%20Share-Based%20Payment%20Impact) This chapter discloses that the net profit after deducting the impact of share-based payments was **116,207,012.80 Yuan**, representing a **25.95% year-on-year increase**, which is higher than the net profit growth rate before deducting share-based payment impact Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 116,207,012.80 Yuan | 92,265,953.57 Yuan | 25.95 | Section 3: Management Discussion and Analysis [3.1 Explanation of the Company's Industry and Main Business During the Reporting Period](index=9&type=section&id=3.1%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) This chapter details Mayair Technology's R&D and application of industrial ultra-clean technology in semiconductors, biopharmaceuticals, and public health, expanding into commercial residential and industrial dust removal and VOCs treatment markets. The company's main products include FFU, filters, and air purification equipment, and it has expanded its cleanroom comprehensive solution capabilities through the acquisition of Jiexinlong. The report also analyzes the development stage, characteristics, company's industry position, and future trends of the air purification industry, particularly the high prosperity of the semiconductor industry and its migration to Southeast Asia, which presents opportunities for the company - Established in 2001, the company focuses on R&D and application of industrial ultra-clean technology in semiconductors, biopharmaceuticals, and public health, expanding into commercial residential and industrial dust removal and VOCs treatment markets[29](index=29&type=chunk) - The company's main products include **Fan Filter Units (FFU)**, filters (primary-medium efficiency, high efficiency, electrostatic, chemical, etc.), air purification equipment, industrial dust and oil mist removal equipment, VOCs treatment equipment, and cleanroom wall and ceiling systems[30](index=30&type=chunk)[31](index=31&type=chunk) - Through the acquisition of approximately **68.39%** of Jiexinlong's shares, the company possesses the technical strength and integration capabilities to independently provide comprehensive cleanroom solutions, including FFU配套, complete equipment, and cleanroom wall and ceiling systems[29](index=29&type=chunk) - Cleanrooms are a core component in semiconductor, pharmaceutical, and biomedical industries, with the company's products meeting the highest cleanliness level requirement of **ISO Class 1**[41](index=41&type=chunk)[44](index=44&type=chunk) - China is expected to become the world's largest IC wafer capacity source by **2026**, global semiconductor wafer fab equipment spending will exceed **$100 billion** for the first time in **2025**, and the semiconductor industry's migration to Southeast Asia presents significant market opportunities for the company[44](index=44&type=chunk)[47](index=47&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [3.2 Discussion and Analysis of Operations](index=18&type=section&id=3.2%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, Mayair Technology achieved operating revenue of **934.92 million Yuan**, a **23.51% year-on-year increase**, and net profit attributable to parent company of **98.02 million Yuan**, a **5.53% year-on-year increase**. The company's operating strategy focuses on core semiconductor business, actively expanding into biopharmaceuticals, photovoltaics, new energy, indoor air quality optimization, and atmospheric pollution control. The company continues to increase R&D investment, actively expand overseas markets, prioritize replacement demand from existing customers, and accelerate industrial chain integration through the acquisition of Jiexinlong to enhance its comprehensive cleanroom solution capabilities 2025 H1 Operating Performance | Indicator | Amount (10,000 Yuan) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 93,491.57 | 23.51 | | Net Profit Attributable to Shareholders of Listed Company | 9,801.90 | 5.53 | - The company's main business focuses on **semiconductor ultra-clean factories**, being a leading domestic enterprise in clean equipment (Fan Filter Units) and consumables (filters) for the semiconductor sector, with products covering well-known semiconductor enterprises both domestically and internationally[62](index=62&type=chunk)[63](index=63&type=chunk) - Operating revenue from cleanroom air purification was **654.92 million Yuan**, and from other areas was **279.99 million Yuan**[67](index=67&type=chunk) - During the reporting period, the company obtained **6 new authorized invention patents**, **57 utility model patents**, **2 design patents**, **21 software copyrights**, and **18 other intellectual property rights**, with most originating from Jiexinlong[68](index=68&type=chunk) - The company actively expands into overseas markets such as Southeast Asia, has passed qualified supplier certifications from several internationally renowned manufacturers, and its overseas revenue is growing rapidly, reaching **172 million Yuan** in the reporting period[61](index=61&type=chunk)[76](index=76&type=chunk)[80](index=80&type=chunk) - Through the acquisition of approximately **68.39%** of Jiexinlong's shares, the company enhanced its comprehensive solution capabilities in the cleanroom sector, improved its integrated upstream and downstream industrial chain layout, and strengthened its position in cleanroom basic materials[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=26&type=section&id=3.3%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Mayair Technology's core competitiveness lies in its strong R&D capabilities and product technology advantages, boasting **31 professional laboratories** and numerous domestic and international certifications, with industry-leading product performance. The company benefits from a high-quality customer base and continuous replacement revenue from the consumable nature of filters. Diversified products, comprehensive solutions, a global service team, and an international management team collectively form the company's competitive barriers - The company operates **31 professional R&D laboratories** with over **450 sets of R&D testing instruments**, and testing capabilities comply with international and domestic professional standards such as ISO, Chinese GB, EU EN, and US ASHRAE, also holding CNAS certification[68](index=68&type=chunk)[87](index=87&type=chunk) - The company possesses **17 core technologies** in cleanroom air purification, covering high-efficiency filtration, energy-saving and noise-reducing FFU, CFD simulation, high-voltage electrostatic adsorption, media filtration, VOCs treatment, and biomedical air purification[98](index=98&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) - The company's products achieve industry leadership in **total static pressure**, **power consumption**, **FFU energy-saving and noise reduction control**, core materials for media filtration (domestic production of PTFE membranes, mass use of nanofiber filter media), and industrial dust removal technology[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The company is a national-level **'Specialized, Refined, Unique, and New' 'Little Giant' enterprise** (certified in 2021 for its self-contained Fan Filter Unit FFU product) and a **National Manufacturing Single Champion Enterprise** (certified in 2024 for its ultra-clean energy-saving Fan Filter Unit product)[110](index=110&type=chunk) - Filter products have a **'consumable nature'**, with primary and medium-efficiency filters having a replacement cycle of **1-6 months**, and high-efficiency filters **1-8 years**, providing continuous order assurance for the company[90](index=90&type=chunk)[81](index=81&type=chunk) - The company's senior management team possesses an international perspective, with **5 foreign directors, senior executives, and core technical personnel** from Malaysia and Japan, bringing extensive overseas work experience[77](index=77&type=chunk)[78](index=78&type=chunk) [3.4 Risk Factors](index=35&type=section&id=3.4%20Risk%20Factors) The company faces multiple risks, including core competitiveness risks from technological upgrades and potential R&D failures; management risks due to expanding operations and operational risks from overseas expansion falling short of expectations; financial risks from gross margin fluctuations, performance decline, raw material price volatility, and accounts receivable collection; industry risks from semiconductor industry fluctuations and intensified competition in the cleanroom equipment sector; and other significant risks from international political and economic uncertainties and loss of core technical personnel - Technological upgrades and iterations, along with potential failures in cutting-edge technology R&D, could lead to a decline in the company's technological and product competitiveness, impacting future performance growth[118](index=118&type=chunk)[119](index=119&type=chunk) - Rapid expansion of operations demands higher management capabilities, and insufficient management could hinder business development; overseas expansion may face risks due to a downturn in the semiconductor industry or lower-than-expected sales capabilities[121](index=121&type=chunk)[122](index=122&type=chunk) - Net profit attributable to parent company after deducting non-recurring gains and losses decreased by **12.69% year-on-year** during the reporting period, and the company faces financial risks from gross margin fluctuations, performance decline, raw material price volatility, and accounts receivable collection (accounting for **38.45% of current assets**)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - The downstream semiconductor industry is subject to cyclical fluctuations influenced by international policies, global economic cycles, and terminal demand, which may adversely affect the company's operating performance; competition in the cleanroom equipment industry is intensifying[127](index=127&type=chunk)[128](index=128&type=chunk) - Changes in the international political and economic environment, adjustments in trade policies, and geopolitical semiconductor friction may negatively impact the company's customers and business; loss of core technical personnel and technology leakage are also potential risks[129](index=129&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [3.5 Main Operating Conditions During the Reporting Period](index=38&type=section&id=3.5%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) In the first half of 2025, the company's operating revenue was **934.92 million Yuan**, a **23.51% year-on-year increase**; net profit attributable to parent company was **98.02 million Yuan**, a **5.53% year-on-year increase**. Total assets and net assets both increased. Net cash flow from operating activities significantly increased year-on-year, primarily due to strengthened accounts receivable management. The asset and liability structure underwent several changes, such as a decrease in monetary funds, an increase in transactional financial assets and construction in progress, and significant growth in contract liabilities and long-term borrowings. The company's external equity investments substantially increased this period, mainly due to the acquisition of Jiexinlong equity 2025 H1 Main Operating Results | Indicator | Amount (10,000 Yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 93,491.57 | 23.51 | | Net Profit Attributable to Shareholders of Listed Company | 9,801.90 | 5.53 | | Total Assets | 422,697.24 | 14.28 | | Net Assets Attributable to Shareholders of Listed Company | 188,127.80 | 4.96 | - Net cash flow from operating activities increased year-on-year, primarily due to the company's strengthened management of accounts receivable, leading to an increase in cash received from sales of goods and provision of services in the current period[135](index=135&type=chunk) 2025 H1 Main Asset and Liability Changes | Item Name | Period-End Balance (Yuan) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 703,213,198.97 | -30.56 | Primarily due to wealth management products purchased this period not yet matured | | Receivables Financing | 52,360,610.62 | -36.45 | Primarily due to a decrease in bank acceptance bills received this period | | Transactional Financial Assets | 272,884,166.67 | N/A | Primarily due to wealth management products purchased this period not yet matured | | Contract Assets | 32,934,690.16 | 54.63 | Primarily due to quality assurance deposits from newly consolidated subsidiary Jiexinlong | | Long-Term Equity Investment | 712,783.95 | -67.37 | Primarily due to the former joint venture Taima (Shanghai) Technology Co., Ltd. becoming a controlling subsidiary after capital increase and being included in the consolidation scope | | Fixed Assets | 457,661,764.93 | 30.72 | Primarily due to fixed assets from newly consolidated subsidiary Jiexinlong | | Construction in Progress | 217,910,124.78 | 111.53 | Primarily due to the construction of the third phase factory | | Other Non-Current Assets | 20,087,088.70 | -57.47 | Primarily due to the arrival of equipment for which prepayments were made | | Notes Payable | 129,654,256.01 | -30.96 | Primarily due to maturity and payment of notes | | Contract Liabilities | 306,435,015.04 | 73.63 | Primarily due to an increase in company prepayments and prepayments from newly consolidated subsidiary Jiexinlong | | Taxes Payable | 10,807,526.24 | -61.54 | Primarily due to an increase in input VAT from equipment purchases leading to a decrease in VAT payable | | Other Current Liabilities | 9,567,047.07 | 66.49 | Primarily due to an increase in unearned output VAT | - Overseas assets amounted to **750 million Yuan**, accounting for **17.74% of total assets**[140](index=140&type=chunk) - External equity investment for the current period was **223.16 million Yuan**, a **1387.75% year-on-year increase**, primarily due to the acquisition of **68.39%** equity in Jiexinlong High-Tech Clean System Co., Ltd[143](index=143&type=chunk)[144](index=144&type=chunk) - During the reporting period, Jieneng System Building Materials (Shanghai) Co., Ltd. (acquired subsidiary) contributed **85.57 million Yuan** to the company's operating revenue and **18.50 million Yuan** to net profit[148](index=148&type=chunk)[150](index=150&type=chunk) Section 4: Corporate Governance, Environment, and Society [4.1 Overview of Corporate Governance](index=44&type=section&id=4.1%20Overview%20of%20Corporate%20Governance) This chapter briefly states that there were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period, no profit distribution or capital reserve to share capital plans, and no subsequent progress on equity incentives, employee stock ownership plans, or other employee incentive measures. The company was not included in the list of enterprises required to disclose environmental information by law, nor was it involved in poverty alleviation or rural revitalization efforts - There were no changes in the company's directors, supervisors, senior management, and core technical personnel during the reporting period[152](index=152&type=chunk) - No profit distribution plan or capital reserve to share capital plan is applicable for this semi-annual report[152](index=152&type=chunk) - No subsequent progress on equity incentives, employee stock ownership plans, or other employee incentive measures during the reporting period[153](index=153&type=chunk) Section 5: Significant Matters [5.1 Fulfillment of Commitments](index=45&type=section&id=5.1%20Fulfillment%20of%20Commitments) This chapter discloses the company and its controlling shareholders, actual controllers, directors, supervisors, senior management, and core technical personnel's commitments regarding share lock-up, reduction intentions, share price stabilization, fraudulent issuance share repurchase, measures to compensate for diluted immediate returns, profit distribution policies, and unfulfilled commitment constraints, all of which were strictly fulfilled during the reporting period - Shareholders holding **5% or more** directly, Mayair International, T&U, and Tecable, committed not to transfer or entrust others to manage their shares within **36 months** from the company's listing date, and to comply with share reduction regulations[155](index=155&type=chunk) - The company committed to initiating share repurchase plans, actual controller's share increase, and directors'/senior management's share increase when share price stabilization conditions are triggered[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The company committed to initiating a share repurchase program to repurchase all newly issued shares in this public offering if there is any fraudulent issuance and listing[161](index=161&type=chunk) - The company committed to strictly implementing its profit distribution policy and bearing corresponding responsibilities for any unfulfilled commitments[162](index=162&type=chunk) [5.2 Significant Related Party Transactions](index=56&type=section&id=5.2%20Significant%20Related%20Party%20Transactions) During the reporting period, the company's daily related party transaction limits were approved by the board of directors and shareholders' meeting and subsequently adjusted. Related party transactions primarily involved purchasing goods/receiving services and selling goods/providing services, with transaction amounts not exceeding the approved limits. The company had related party leases as a lessee but no related party guarantees or fund borrowings - The company's daily related party transaction limits for **2025** were approved by the board of directors and supervisory board on **April 25, 2025**, and by the shareholders' meeting on **May 23, 2025**[167](index=167&type=chunk) 2025 H1 Main Related Party Purchases/Services Received | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | Approved Transaction Limit (Yuan) | Exceeded Transaction Limit | | :--- | :--- | :--- | :--- | :--- | | Changshu Jianyang Purification Filter Material Factory | Purchase of Goods | 2,229,306.87 | 4,000,000.00 | No | | Santong (Changzhou) Electronic Technology Co., Ltd. | Purchase of Goods | 63,362.85 | 2,000,000.00 | No | | Nanjing Guanfu Construction Engineering Technology Co., Ltd. | Purchase of Equipment | 504,587.16 | 35,000,000.00 | No | 2025 H1 Main Related Party Sales/Services Provided | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | | :--- | :--- | :--- | | Tianjin TICA Environmental Equipment Co., Ltd. | Sale of Goods | 6,260,842.36 | | Nanjing TICA Environmental Technology Co., Ltd. | Sale of Goods | 7,192,814.41 | | Guangzhou TICA Environmental Control Equipment Co., Ltd. | Sale of Goods | 5,061,389.06 | | Hefei TICA Environmental Equipment Co., Ltd. | Sale of Goods | 5,216,298.46 | | Chengdu TICA Environmental Equipment Co., Ltd. | Sale of Goods | 2,940,691.80 | [5.3 Explanation of Progress in Use of Raised Funds](index=58&type=section&id=5.3%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) As of the end of the reporting period, the company's total funds raised from its initial public offering amounted to **980.78 million Yuan**, with a net amount of **891.81 million Yuan**. The overall cumulative investment progress of the raised funds was **55.36%**, and the cumulative investment progress of over-raised funds was **79.97%**. The expected usable date for some raised fund projects ('Production Capacity Expansion Project' and 'R&D Platform Project') has been extended to **July 1, 2026**. The company managed idle raised funds through cash management, with a period-end balance of **270 million Yuan** Overall Use of Raised Funds | Indicator | Amount (Yuan) | Cumulative Investment Progress (%) | Amount Invested This Year (Yuan) | | :--- | :--- | :--- | :--- | | Total Raised Funds | 980,784,000.00 | | | | Net Raised Funds | 891,810,577.60 | | | | Cumulative Raised Funds Invested as of Period-End | 493,741,885.22 | 55.36 | 123,664,715.35 | | Cumulative Over-Raised Funds Invested as of Period-End | 142,553,322.69 | 79.97 | | - The expected usable date for the raised fund projects **'Production Capacity Expansion Project'** and **'R&D Platform Project'** has been extended to **July 1, 2026**[173](index=173&type=chunk) Cash Management of Idle Raised Funds | Board Approval Date | Approved Limit (10,000 Yuan) | Period-End Cash Management Balance (10,000 Yuan) | | :--- | :--- | :--- | | 2024年11月20日 | 58,600.00 | 27,000.00 | Section 6: Share Changes and Shareholder Information [6.1 Changes in Share Capital](index=62&type=section&id=6.1%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[181](index=181&type=chunk) [6.2 Shareholder Information](index=62&type=section&id=6.2%20Shareholder%20Information) As of the end of the reporting period, the total number of ordinary shareholders was **4,275**. Among the top ten shareholders, Mayair International Sdn. Bhd., Tecable Engineering Sdn. Bhd., and T&U Investment Co., Limited were the top three shareholders, holding a combined **62.57%** of shares, all of which were restricted shares Total Number of Ordinary Shareholders as of Period-End | Indicator | Number (Households) | | :--- | :--- | | Total Ordinary Shareholders | 4,275 | Top Three Shareholders' Shareholding as of Period-End | Shareholder Name | Period-End Shareholding (Shares) | Proportion (%) | Number of Restricted Shares Held (Shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Mayair International Sdn. Bhd. | 65,487,559 | 48.73 | 65,487,559 | Overseas Legal Person | | Tecable Engineering Sdn. Bhd. | 11,553,083 | 8.60 | 11,553,083 | Overseas Legal Person | | T&U Investment Co., Limited | 6,373,769 | 4.74 | 6,373,769 | Overseas Legal Person | - The restricted conditions for shares held by the top three shareholders are for initial public offering original shares, with a listing eligibility date of **November 18, 2025**[189](index=189&type=chunk) [6.3 Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=66&type=section&id=6.3%20Information%20on%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the shareholdings (indirectly held through shareholding platforms) of the company's senior management Chen Ling, Ding Ming Dak, and Gan Boon Dia changed, primarily due to personal needs Changes in Senior Management Shareholding During the Reporting Period | Name | Position | Beginning of Period Shareholding (Shares) | End of Period Shareholding (Shares) | Change in Shareholding During Reporting Period (Shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Ling | Deputy General Manager, Core Technical Personnel | 0 | 1,777 | 1,777 | Personal Needs | | Ding Ming Dak (Chen Minda) | Deputy General Manager | 1,459,204 | 1,419,204 | -40,000 | Personal Needs | | Gan Boon Dia (Yan Wenli) | Deputy General Manager | 1,072,664 | 1,042,664 | -30,000 | Personal Needs | Section 7: Bond-Related Information [7.1 Bond-Related Information](index=67&type=section&id=7.1%20Bond-Related%20Information) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[195](index=195&type=chunk) - The company has no convertible corporate bonds[195](index=195&type=chunk) Section 8: Financial Report [8.1 Financial Statements](index=68&type=section&id=8.1%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, serving as the foundational data for financial analysis - Financial statements are unaudited[5](index=5&type=chunk) - The consolidated balance sheet shows total assets of **4,226,972,403.67 Yuan** and total liabilities of **2,215,919,225.70 Yuan** as of **June 30, 2025**[199](index=199&type=chunk) - The consolidated income statement shows total operating revenue of **934,915,677.55 Yuan**, total profit of **119,667,486.30 Yuan**, and net profit attributable to parent company shareholders of **98,019,048.42 Yuan** for January-June 2025[205](index=205&type=chunk)[207](index=207&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **70,265,659.62 Yuan**, net cash flow from investing activities of **-475,854,188.10 Yuan**, and net cash flow from financing activities of **108,022,130.83 Yuan** for January-June 2025[213](index=213&type=chunk) [8.2 Company Basic Information](index=88&type=section&id=8.2%20Company%20Basic%20Information) This chapter introduces Mayair Technology, established in **2001** and listed on the STAR Market of the Shanghai Stock Exchange on **November 18, 2022**. The company's main business is in the air purification industry, focusing on semiconductor ultra-clean factories, supplying Fan Filter Units, high/ultra-high efficiency filters, chemical filters, and system integration to major semiconductor manufacturers - The company was established on **June 21, 2001**, listed on the STAR Market of the Shanghai Stock Exchange on **November 18, 2022**, with a registered capital of **134,400,000.00 Yuan**[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) - The company's main business focuses on **semiconductor ultra-clean factories**, providing manufacturing and sales of environmental protection special equipment, electronic special equipment, and industrial design services[230](index=230&type=chunk) - The company's ultimate parent company is T&U Investment Co., Limited, incorporated in the British Virgin Islands[231](index=231&type=chunk) [8.3 Significant Accounting Policies and Estimates](index=89&type=section&id=8.3%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter elaborates on the enterprise accounting standards, accounting period, operating cycle, functional currency, and various significant accounting policies and estimates followed by the company in preparing its financial statements, including financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee benefits, revenue recognition, government grants, deferred income tax, and explains the uncertainties in significant accounting judgments and estimates - The company adheres to enterprise accounting standards, with the accounting year running from **January 1 to December 31**, an operating cycle of **12 months**, and the functional currency being **RMB**[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, and are subject to impairment based on the expected credit loss model[250](index=250&type=chunk)[252](index=252&type=chunk)[254](index=254&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services; sales of goods are typically recognized upon delivery to the customer's designated location and acceptance, while services are recognized based on the progress of performance[290](index=290&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) - Significant accounting judgments and estimates include business models, contractual cash flow characteristics, impairment of financial instruments and contract assets, inventory write-downs, impairment of non-current assets, deferred income tax assets, and quality assurance[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) [8.4 Taxes](index=107&type=section&id=8.4%20Taxes) This chapter discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, enterprise income tax, education surcharge, and local education surcharge. The company and some subsidiaries enjoy high-tech enterprise income tax preferential policies (**15%**), some subsidiaries enjoy small-profit enterprise income tax preferential policies (**20%**), and also benefit from VAT immediate refund for software products and VAT additional deduction for advanced manufacturing enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Difference between output VAT calculated on sales and applicable tax rates, after deducting deductible input VAT | 9%、13%、14.975%、20%、27% (Taxable Goods Revenue); 6% (Taxable Services Revenue) | | Enterprise Income Tax | Taxable Income | 9%、15%、16.5%、17%、20%、24%、25%、26.5%、28.6% | - The company and its subsidiary Jieneng System Building Materials (Shanghai) Co., Ltd. enjoy high-tech enterprise income tax preferential policies, paying enterprise income tax at a rate of **15%**[315](index=315&type=chunk) - Some subsidiaries are eligible for small-profit enterprise income tax preferential policies, paying enterprise income tax at a rate of **20%**[316](index=316&type=chunk) - The company enjoys VAT immediate refund policy for software products (for the portion exceeding **3%** of actual tax burden) and VAT additional deduction policy for advanced manufacturing enterprises (an additional **5%** deduction on deductible input VAT)[316](index=316&type=chunk)[317](index=317&type=chunk) [8.5 Notes to Consolidated Financial Statement Items](index=109&type=section&id=8.5%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes and explanations for various assets, liabilities, owners' equity, income, expenses, and other items in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, short-term borrowings, long-term borrowings, operating revenue and costs, R&D expenses, financial expenses, and explains the reasons for various changes Period-End Balance of Monetary Funds | Item | Period-End Balance (Yuan) | | :--- | :--- | | Cash on Hand | 1,032,609.83 | | Bank Deposits | 622,267,758.73 | | Other Monetary Funds | 79,912,830.41 | | **Total** | **703,213,198.97** | | Of which: Total funds deposited overseas | 151,342,263.90 | Period-End Aging Distribution of Accounts Receivable | Aging | Period-End Book Balance (Yuan) | | :--- | :--- | | Within 1 year | 1,182,192,710.04 | | 1 to 2 years | 85,837,962.70 | | 2 to 3 years | 20,083,780.96 | | 3 to 4 years | 21,001,369.14 | | 4 to 5 years | 10,927,304.05 | | Over 5 years | 4,728,375.05 | | **Total** | **1,324,771,501.94** | Period-End Balance of Inventory by Category | Item | Book Balance (Yuan) | Inventory Impairment Provision/Contract Performance Cost Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 224,589,965.95 | - | 224,589,965.95 | | Self-Made Semi-Finished Goods | 25,048,997.80 | - | 25,048,997.80 | | Work in Progress | 649,803.90 | - | 649,803.90 | | Goods Issued | 296,119,065.17 | - | 296,119,065.17 | | Finished Goods | 181,375,348.58 | 7,004,451.17 | 174,370,897.41 | | **Total** | **727,783,181.40** | **7,004,451.17** | **720,778,730.23** | Operating Revenue and Operating Cost Information | Item | Amount Incurred This Period (Revenue) (Yuan) | Amount Incurred This Period (Cost) (Yuan) | | :--- | :--- | :--- | | Main Business | 934,915,677.55 | 676,532,473.69 | | **Total** | **934,915,677.55** | **676,532,473.69** | R&D Expense Composition | Item | Amount Incurred This Period (Yuan) | | :--- | :--- | | Employee Compensation | 25,966,459.10 | | Depreciation and Amortization | 3,088,784.62 | | Material Consumption | 6,352,976.48 | | Other | 2,090,552.37 | | **Total** | **37,498,772.57** | [8.6 R&D Expenses](index=156&type=section&id=8.6%20R%26D%20Expenses) During the reporting period, the company's total R&D investment was **37.50 million Yuan**, all expensed, representing a **4.17% year-on-year increase**. R&D expenses primarily consisted of employee compensation, material consumption, and depreciation and amortization R&D Expense Composition | Item | Amount Incurred This Period (Yuan) | Amount Incurred Last Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 25,966,459.10 | 19,789,903.32 | | Depreciation and Amortization | 3,088,784.62 | 2,588,036.68 | | Material Consumption | 6,352,976.48 | 11,351,365.96 | | Other | 2,090,552.37 | 2,269,927.19 | | **Total** | **37,498,772.57** | **35,999,233.15** | - Total R&D investment for the current period was **37.50 million Yuan**, all expensed, representing a **4.17% year-on-year increase**[112](index=112&type=chunk)[477](index=477&type=chunk) [8.7 Changes in Consolidation Scope](index=157&type=section&id=8.7%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed primarily due to the acquisition of **68.39%** equity in Jiexinlong High-Tech Clean System Co., Ltd. and **30.00%** equity in Taima (Shanghai) Technology Co., Ltd. (formerly a joint venture, now a controlling subsidiary after capital increase) through non-same-control business combinations. Additionally, MayAir Hungary Ltd. was newly established as a subsidiary Non-Same-Control Business Combinations This Period | Acquired Entity Name | Equity Acquisition Date | Equity Acquisition Cost (Yuan) | Equity Acquisition Ratio (%) | Net Profit of Acquired Entity from Acquisition Date to Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiexinlong High-Tech Clean System Co., Ltd. | 2025年1月7日 | 221,303,232.18 | 68.39 | 28,767,441.92 | | Taima (Shanghai) Technology Co., Ltd. | 2025年3月14日 | 360,000.00 | 30.00 | -1,547,372.45 | - The acquisition of Jiexinlong High-Tech Clean System Co., Ltd. resulted in a negative goodwill of **-17,995,304.56 Yuan** (merger cost less than the fair value share of identifiable net assets acquired)[479](index=479&type=chunk) - On **January 17, 2025**, MayAir Hungary Ltd., a wholly-owned subsidiary of MayAir UK Holdings Limited, was newly established, expanding the consolidation scope[485](index=485&type=chunk) [8.8 Risks Related to Financial Instruments](index=167&type=section&id=8.8%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk). Risks are managed through credit review, continuous monitoring of accounts receivable, and diversification of investments and business portfolios. The report provides interest rate and exchange rate sensitivity analyses and discloses the maturity analysis of financial liabilities - The company faces **credit risk**, **liquidity risk**, and **market risk** (interest rate risk, exchange rate risk)[499](index=499&type=chunk) - Credit risk management includes conducting credit reviews of customers and continuously monitoring accounts receivable; the standard for a significant increase in credit risk is overdue days exceeding **30 days**, and the standard for credit impairment occurring is overdue days exceeding **90 days**[501](index=501&type=chunk)[502](index=502&type=chunk) Maturity Analysis of Financial Liabilities as of June 30, 2025 (Undiscounted Contractual Cash Flows) | Item | Within One Year (Yuan) | One to Five Years (Yuan) | Over Five Years (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 384,760,208.03 | - | - | 384,760,208.03 | | Accounts Payable | 450,312,054.71 | - | - | 450,312,054.71 | | Other Payables | 98,297,623.66 | - | - | 98,297,623.66 | | Notes Payable | 129,654,256.01 | - | - | 129,654,256.01 | | Lease Liabilities | 21,762,342.44 | 13,410,470.41 | - | 35,172,812.85 | | Long-Term Borrowings | 244,635,920.97 | 450,564,325.39 | 50,394,665.82 | 745,594,912.18 | | **Total** | **1,329,422,405.82** | **463,974,795.80** | **50,394,665.82** | **1,843,791,867.44** | - Interest rate risk sensitivity analysis shows that a **10 basis point increase/decrease** in RMB interest rates would decrease/increase net profit by **620,562.43 Yuan**[508](index=508&type=chunk) - Exchange rate risk sensitivity analysis shows that a **5% depreciation/appreciation** of RMB against the US dollar would increase/decrease net profit by **3,436,982.63 Yuan**[510](index=510&type=chunk) Asset-Liability Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Liabilities | 2,215,919,225.70 | 1,894,651,158.42 | | Total Assets | 4,226,972,403.67 | 3,698,695,987.97 | | Asset-Liability Ratio | 52.42% | 51.22% | [8.9 Disclosure of Fair Value](index=173&type=section&id=8.9%20Disclosure%20of%20Fair%20Value) This chapter discloses the period-end fair values of assets and liabilities measured at fair value, primarily including transactional financial assets and receivables financing. Transactional financial assets are measured using Level 2 fair value, while receivables financing uses Level 3 fair value, with valuation techniques and significant parameters explained Period-End Fair Value Measurement Items | Item | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Transactional Financial Assets | 272,884,166.67 | - | 272,884,166.67 | | Receivables Financing | - | 52,360,610.62 | 52,360,610.62 | | **Total Assets Continuously Measured at Fair Value** | **272,884,166.67** | **52,360,610.62** | **325,244,777.29** | - Transactional financial assets are valued using techniques similar to present value methods, with models incorporating multiple market-observable inputs[526](index=526&type=chunk) - Receivables financing is valued using the discounted cash flow method, with the immediate discount rate as a significant unobservable input[529](index=529&type=chunk) [8.10 Related Parties and Related Party Transactions](index=175&type=section&id=8.10%20Related%20Parties%20and%20Related%20Party%20Transactions) This chapter details the company's parent company, ultimate controlling party, subsidiaries, joint ventures, associates, and other related parties. It discloses related party transactions for purchasing and selling goods, providing and receiving services, and related party leases during the reporting period, and explains the period-end balances of receivables from and payables to related parties - The company's parent company is MayAir International Sdn. Bhd., and the ultimate controlling party is T&U Investment Co., Limited[533](index=533&type=chunk) 2025 H1 Main Related Party Purchases/Services Received | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | | :--- | :--- | :--- | | Changshu Jianyang Purification Filter Material Factory | Purchase of Goods | 2,229,306.87 | | Santong (Changzhou) Electronic Technology Co., Ltd. | Purchase of Goods | 63,362.85 | | Nanjing Guanfu Construction Engineering Technology Co., Ltd. | Purchase of Equipment | 504,587.16 | 2025 H1 Main Related Party Sales/Services Provided | Related Party | Related Transaction Content | Amount Incurred This Period (Yuan) | | :--- | :--- | :--- | | Tianjin TICA Environmental Equipment Co., Ltd. | Sale of Goods | 6,260,842.36 | | Nanjing TICA Environmental Technology Co., Ltd. | Sale of Goods | 7,192,814.41 | | Guangzhou TICA Environmental Control Equipment Co., Ltd. | Sale of Goods | 5,061,389.06 | Main Receivables from Related Parties as of June 30, 2025 | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Accounts Receivable | Nanjing TICA Environmental Technology Co., Ltd. | 6,025,683.03 | | Accounts Receivable | MayAir (Thailand) Co., Ltd. | 5,207,340.86 | | Other Receivables | Nanjing TICA Environmental Technology Co., Ltd. | 100,000.00 | Main Payables to Related Parties as of June 30, 2025 | Item Name | Related Party | Period-End Book Balance (Yuan) | | :--- | :--- | :--- | | Dividends Payable | MayAir International Sdn. Bhd. | 13,097,511.80 | | Dividends Payable | Tecable Engineering Sdn. Bhd. | 2,310,616.60 | | Other Payables | MayAir Group Limited | 9,567,232.867 | | Other Payables | MayAir International Sdn. Bhd. | 19,977,139.94 | [8.11 Share-Based Payment](index=180&type=section&id=8.11%20Share-Based%20Payment) This chapter discloses the company's restricted stock incentive plan approved in **2024**, granting restricted shares to directors, senior management, core technical personnel, and other incentive recipients, with an adjusted exercise price of **15.40 Yuan/share**. The total equity-settled share-based payment expense for this period was **10.06 million Yuan** - The company approved a restricted stock incentive plan on **September 20 and October 17, 2024**, granting restricted shares to **145 directors, senior management, core technical personnel, and other incentive recipients**[547](index=547&type=chunk) - The incentive plan stipulates that recipients are entitled to purchase shares at an exercise price of **15.40 Yuan/share** if performance conditions are met and they remain employed within **1-3 years** from the grant date[547](index=547&type=chunk) Share-Based Payment Expense This Period | Category of Grantee | Equity-Settled Share-Based Payment Expense (Yuan) | | :--- | :--- | | Production Personnel | 899,945.83 | | Sales Personnel | 2,993,216.18 | | Management Personnel | 2,828,454.31 | | R&D Personnel | 3,339,860.40 | | **Total** | **10,061,476.72** | [8.12 Supplementary Information](index=195&type=section&id=8.12%20Supplementary%20Information) This chapter provides supplementary information including a detailed statement of non-recurring gains and losses, and return on net assets and earnings per share. Total non-recurring gains and losses amounted to **23.14 million Yuan**, primarily comprising negative goodwill arising from business combinations. The weighted average return on net assets was **5.32%**, and basic earnings per share was **0.73 Yuan/share** 2025 H1 Total Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Total Non-Recurring Gains and Losses | 23,144,134.04 | 2025 H1 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 5.32 | 0.73 | 0.73 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 4.07 | 0.56 | 0.56 |

Group 1 - The environmental equipment sector experienced a decline of 0.4% on August 28, with *ST Qingyan leading the drop [1][2] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Key stocks in the environmental equipment sector showed varied performance, with Yami Co. rising by 7.00% to a closing price of 18.79 [1] Group 2 - The main funds in the environmental equipment sector saw a net outflow of 264 million yuan, while retail investors had a net inflow of 218 million yuan [2] - The stock *ST Qingyan closed at 14.99, down 3.60%, with a trading volume of 41,900 shares [2] - The top stocks with significant net inflows included Fida Environmental with a net inflow of 21.73 million yuan from main funds [3]