Group 1: Chip ETF Performance - The Chip ETF Tianhong (159310) saw a peak increase of over 5%, currently up 4.53%, with a transaction volume of 18.4087 million yuan [3] - The ETF's net asset value has increased by 123.20% over the past year, ranking first among comparable funds [3] - Key component stocks such as Chip Yuan Co. (688521) rose by 18.02%, Haiguang Information (688041) by 14.17%, and Shengke Communication (688702) by 11.33% [3] Group 2: Sci-Tech Index ETF Performance - The Sci-Tech Index ETF Tianhong (589860) increased by 2.11%, with a turnover rate of 18.23% and a transaction volume of 59.0919 million yuan, indicating active market trading [4] - Major component stocks like Honglida (688330) surged by 20.00%, and Zhongke Lanyun (688332) by 19.02% [4] Group 3: Product Highlights - The Chip ETF Tianhong (159310) tracks the CSI Chip Industry Index, with top holdings including SMIC, Northern Huachuang, and Haiguang Information, with the estimated weight of Cambrian Technology at 12.26% [5] - The Sci-Tech Index ETF Tianhong (589860) covers 97% of the Sci-Tech board's market value, with over 80% allocation to strategic emerging industries such as semiconductors, AI, and biomedicine [5] Group 4: Market News - Moer Thread's IPO on the Sci-Tech board is scheduled for September 26, aiming to raise 8 billion yuan for AI and graphics chip development [5] - Xiaomi's fund has invested in Qichip Microelectronics, marking its fourth investment in the company, which has begun mass production of automotive-grade MCU products [5] - OpenAI and Luxshare Precision have agreed to jointly produce AI hardware devices, with prototypes in development [6]

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： 投资者可于 2025 年 8 月 28 日（星期四）至 9 月 3 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqb_tongyuan@sina.com）进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 证券代码：688679 证券简称：通源环境 公告编号：2025-019 安徽省通源环境节能股份有限公司 关于参加 2025 年半年度科创板节能环保行业 集体业绩说明会的公告 安徽省通源环境节能股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司经 营成果、财务状况，公司计划于 2025 年 9 月 4 日（星期四）15:00-17:00 参加 2025 年半年度科创板节能环保行业集体业绩说明会，就投资者关心的问题进行 交流。 一、说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2025 年半年度的 经 ...

Core Viewpoint - The environmental sector in the A-share market has shown significant growth in the first half of 2025, with over 63% of listed companies reporting a year-on-year increase in net profit, indicating a robust recovery and operational efficiency in the industry [1][5]. Group 1: Financial Performance - A total of 68 listed companies in the environmental sector disclosed their semi-annual reports, with 43 companies achieving a year-on-year increase in net profit, representing approximately 63.2% of the total [1]. - Among these, 28 companies reported both revenue and profit growth, accounting for about 41.2% [1]. - The top three companies by revenue were: High Energy Environment at 6.7 billion yuan, Feinan Resources at 6.543 billion yuan, and Yingfeng Environment at 6.463 billion yuan [1]. Group 2: Notable Company Performances - Hengyu Environmental reported a net profit of 839.7 million yuan, a significant turnaround from a loss of 804,700 yuan in the previous year, marking a year-on-year growth of 1143.4% [5]. - Huahong Technology achieved a net profit of 79.63 million yuan, up nearly 35 times from 2.22 million yuan year-on-year, driven by strong performance in its rare earth resource utilization and magnetic materials sectors [5]. - Jiuwu High-Tech reported a net profit of 38.69 million yuan, a 226.53% increase from 11.85 million yuan in the previous year, attributed to growth in revenue and gross margin [5]. Group 3: Industry Trends - Over 40% of the listed environmental companies reported simultaneous growth in both revenue and profit, reflecting their operational capabilities and the resilience of the environmental equipment industry [7]. - Companies are focusing on refining their core businesses while also exploring new growth opportunities, which is essential for sustainable development in a competitive market [6].

Core Viewpoint - Tongyuan Environment (688679) reported disappointing financial results for the first half of 2025, with a total revenue of 642 million yuan, a year-on-year decrease of 2.63%, and a net profit attributable to shareholders of -9.99 million yuan, a significant decline of 443.81% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 642 million yuan, down 2.63% from 659 million yuan in the same period of 2024 [1] - Net profit attributable to shareholders was -9.99 million yuan, a decrease of 443.81% from 2.91 million yuan in 2024 [1] - Gross margin fell to 14.77%, a decline of 20.17% year-on-year, while net margin dropped to -2.38%, a decrease of 492.12% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 75.48 million yuan, accounting for 11.75% of revenue, an increase of 20.09% year-on-year [1] - Earnings per share were -0.08 yuan, a drastic decline of 500% compared to 0.02 yuan in 2024 [1] Accounts Receivable and Cash Flow - Accounts receivable increased to 1.215 billion yuan, up 8.50% from 1.12 billion yuan, with accounts receivable to net profit ratio reaching 5588.54% [1][6] - Operating cash flow per share improved to 0.11 yuan, a year-on-year increase of 114.49% [1] Changes in Financial Items - Significant changes in financial items included a 35.22% increase in receivables due to an increase in commercial acceptance bills [3] - A decrease of 89.72% in receivables financing was noted due to a reduction in bank acceptance bills [3] - Inventory decreased by 73.05% as it was transferred to operating costs [3] - Contract liabilities fell by 86.69% due to a decrease in pre-received project payments [3] Debt and Financing - Interest-bearing debt rose to 356 million yuan, an increase of 11.10% from 321 million yuan [1] - Financial expenses increased by 49.67% due to higher financing costs associated with increased borrowing [4] - Net cash flow from financing activities decreased by 52.84% due to increased cash payments for debt repayment [4] Business Evaluation - The company's return on invested capital (ROIC) was 2.65%, indicating weak capital returns, with a historical median ROIC of 9.03% since its listing [5] - The net profit margin for the previous year was 1.62%, suggesting low added value for products or services [5] Cash Flow and Debt Servicing - The company's cash assets are considered healthy, but attention is needed on cash flow ratios, with cash assets to current liabilities at 77.12% and a three-year average operating cash flow to current liabilities at 5.29% [6]

Core Insights - Shenzhen is celebrating its 45th anniversary as a Special Economic Zone, showcasing a unique blend of "time" and "efficiency" that has defined its development [1] - The entrepreneurial stories from Bao'an District highlight the resilience and innovation that characterize the "Shenzhen spirit" [2][3] Company Highlights - Jinzhong Times Co., Ltd. has emerged as a global leader in the supercapacitor sector, breaking free from foreign monopolies and achieving the top position in its niche market [3][4] - Yingshi Innovation Technology Co., Ltd. has redefined industry standards with its lightweight 360° immersive panoramic cameras, earning the title of "new consumption champion" and successfully listing on the Science and Technology Innovation Board [3][5] - Both companies exemplify the entrepreneurial spirit of Bao'an, focusing on innovation and market leadership [4][6] Entrepreneurial Paths - Jinzhong Times focuses on internal development to address the anxiety of "whether there is" a product, while Yingshi Innovation seeks to explore the quality of products, aiming to redefine the future [4] - The journey of Jinzhong Times began with a commitment to self-reliance after facing challenges in the import market, leading to significant technological advancements and market leadership [5][6] - Yingshi Innovation's rise is marked by its innovative approach to immersive video technology, achieving significant market share in both professional and consumer segments [7] Industry Environment - Bao'an District provides a conducive business environment characterized by high efficiency and strong supply chain resources, which are crucial for the growth of companies like Jinzhong Times and Yingshi Innovation [8][10] - The region boasts a dense network of high-tech enterprises, with 7,397 national high-tech companies, significantly enhancing collaboration and operational efficiency [9] Supportive Ecosystem - Bao'an's proactive service model offers tailored support for businesses at various stages, facilitating connections within the industry and enhancing growth opportunities [10][11] - The district has established a systematic innovation nurturing framework, enabling startups to transition into established enterprises through targeted policies and support [11][12] Conclusion - The evolution of Shenzhen, particularly in Bao'an, reflects a new "Shenzhen time" that combines resilience with agility, embodying a spirit of innovation and entrepreneurship that is essential for its continued vitality [12]

Core Viewpoint - Tongyuan Environment (688679.SH) reported a decline in institutional ownership in its half-year report for 2025, with a total of 21.56 million shares held by five institutional investors, representing 16.37% of the total share capital, a decrease of 0.95 percentage points from the previous quarter [1] Institutional Ownership - As of August 25, 2025, five institutional investors disclosed their holdings in Tongyuan Environment, totaling 21.56 million shares [1] - The institutional investors include Anhui Yuantong Equity Investment Partnership, Anhui Zhong'an Overseas Technology Introduction Investment Partnership, Shanghai Yuhuang Investment Management Co., Ltd., Ningbo Luxi Equity Investment Partnership, and CITIC Securities Asset Management (Hong Kong) Co., Ltd. [1] - The total institutional ownership percentage decreased by 0.95 percentage points compared to the previous quarter [1] Foreign Investment - One new foreign institutional investor disclosed its holdings this quarter, namely CITIC Securities Asset Management (Hong Kong) Co., Ltd. [1]

Group 1 - The report emphasizes the importance of reviewing the full semi-annual report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1] - There are no profit distribution plans or capital reserve conversion proposals approved by the board during the reporting period [2] - The company confirms that there are no special arrangements regarding corporate governance [2] Group 2 - The report includes basic company information, such as stock details and contact information [2] - Major financial data is presented in the report, although specific figures are not detailed in the provided text [2] - The report indicates that there are no significant changes in the company's operational situation during the reporting period [3]

Core Viewpoint - Anhui Tongyuan Environmental Energy Saving Co., Ltd. reported a decline in key financial metrics for the first half of 2025, indicating challenges in revenue generation and profitability [1][2]. Financial Performance Summary - Total assets decreased to CNY 2,895.36 million, down 6.36% from the previous year [2]. - Operating revenue for the period was CNY 642.17 million, a decrease of 2.63% compared to CNY 659.48 million in the same period last year [2]. - The total profit for the period was a loss of CNY 15.52 million, a significant decline of 350.22% from a profit of CNY 6.20 million in the previous year [2]. - Net profit attributable to shareholders was a loss of CNY 9.99 million, down 443.81% from a profit of CNY 2.91 million in the same period last year [2]. - The net profit after deducting non-recurring gains and losses was a loss of CNY 10.46 million, a decrease of 965.83% from a profit of CNY 1.21 million in the previous year [2]. - The weighted average return on net assets was -0.88%, a decrease of 1.14 percentage points from 0.26% in the previous year [2]. - Basic earnings per share were -CNY 0.08, a decline of 500% from CNY 0.02 in the previous year [3]. Shareholder Information - The total number of shareholders as of the reporting period was 3,451 [3]. - Major shareholders include Yang Ming with a 45.10% stake, and other significant shareholders include Anhui Yuan Tong Equity Investment Partnership and Shanghai Yuhuang Investment Management [3][4].

智通财经APP讯，通源环境(688679.SH)披露2025年半年度报告，报告期公司实现营收6.42亿元，同比下 降2.63%;归母净利润亏损999万元，同比由盈转亏;扣非净利润亏损1046万元，同比由盈转亏;基本每股收 益-0.08元。 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter provides definitions of key terms, company and subsidiary names, environmental technology terms, and macro concepts used in the report, ensuring accurate understanding of the content - The report defines the names of the company and its main subsidiaries, such as "**Tongyuan Environment**" referring to Anhui Tongyuan Environment Energy-Saving Co., Ltd., and "**Tongyuan Technology**" referring to Anhui Tongyuan Environmental Protection Technology Co., Ltd[12](index=12&type=chunk) - Multiple environmental technology terms are explained in detail, such as "**high-dry dewatering**" referring to further reducing sludge moisture content through mechanical dewatering, and "**carbonization**" referring to the thermal cracking of sludge organic matter to form gaseous and solid products[12](index=12&type=chunk) - Macro environmental concepts are introduced, such as "**Dual Carbon**" referring to carbon peaking and carbon neutrality, and "**photovoltaic**" referring to power generation systems that directly convert solar radiation energy into electricity using photovoltaic cells[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's basic registration information, including its Chinese name, abbreviation, legal representative, registered and office addresses, company website, and email, also mentioning historical changes to the registered address - The company's Chinese name is Anhui Tongyuan Environment Energy-Saving Co., Ltd., abbreviated as **Tongyuan Environment**[15](index=15&type=chunk) - The company's legal representative is **Yang Ming**, and its registered and office address is No. 3966 Qimen Road, Baohe District, Hefei City, Anhui Province[15](index=15&type=chunk) - The company's registered address changed on **September 27, 2022**, from "No. 856 Jinzhai South Road, Baohe District, Hefei City, Anhui Province" to "No. 3966 Qimen Road, Baohe District, Hefei City, Anhui Province"[15](index=15&type=chunk) [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including contact address, phone, fax, and email, to facilitate communication with investors and relevant parties - The Board Secretary is **Qi Dunwei**, with contact number **0551-65130570** and email **qi_dunwei@sina.com**[16](index=16&type=chunk) - The Securities Affairs Representative is **Lv Lili**, with contact number **0551-65121503** and email **lily_tongyuan@sina.com**[16](index=16&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=6&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's chosen information disclosure newspapers and states that the semi-annual report is published on the Shanghai Stock Exchange website and kept at the company's Securities Investment Department - The company's selected information disclosure newspapers include "**China Securities Journal**", "**Shanghai Securities News**", "**Securities Times**", and "**Securities Daily**"[17](index=17&type=chunk) - The semi-annual report is published on **www.sse.com.cn**, and the custody location is the company's Securities Investment Department[17](index=17&type=chunk) [IV. Company Stock/Depositary Receipt Overview](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section briefly introduces the company's stock information, clarifying that the company's stock is RMB ordinary shares (A-shares), listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Tongyuan Environment" and stock code 688679 - The company's stock type is **RMB ordinary shares (A-shares)**, listed on the **STAR Market of the Shanghai Stock Exchange**[18](index=18&type=chunk) - The stock abbreviation is "**Tongyuan Environment**", and the stock code is **688679**[18](index=18&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's key accounting data and financial indicators showed a significant decline in performance, with operating revenue decreasing by 2.63% year-on-year, and total profit and net profit attributable to shareholders both incurring substantial losses, primarily due to a decline in gross profit margin Major Accounting Data (Jan-Jun 2025 vs. Prior Year) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 642,166,932.22 | 659,481,187.66 | -2.63 | | Total Profit (yuan) | -15,517,682.98 | 6,201,643.39 | -350.22 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | -9,991,758.97 | 2,906,148.48 | -443.81 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) (yuan) | -10,460,780.76 | 1,208,185.64 | -965.83 | | Net Cash Flow from Operating Activities (yuan) | 14,504,899.18 | -100,088,160.32 | Not Applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-end) (yuan) | 1,129,213,294.64 | 1,144,201,316.47 | -1.31 | | Total Assets (Period-end) (yuan) | 2,895,358,374.44 | 3,091,938,697.12 | -6.36 | Major Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.08 | 0.02 | -500.00 | | Diluted Earnings Per Share (yuan/share) | -0.08 | 0.02 | -500.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (yuan/share) | -0.08 | 0.01 | -900.00 | | Weighted Average Return on Net Assets (%) | -0.88 | 0.26 | Decreased by 1.14 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | -0.92 | 0.11 | Decreased by 1.03 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 3.12 | 3.41 | Decreased by 0.29 percentage points | - The company's net profit attributable to shareholders of the listed company decreased by **443.81%** year-on-year, primarily due to a decrease in gross profit margin during the current period[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the non-recurring gains and losses items and their amounts for the reporting period, primarily including government grants recognized in current profit or loss, fair value changes and disposal gains/losses from financial assets and liabilities, and other non-operating income and expenses, totaling a net amount of 469,021.79 yuan Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government grants recognized in current profit or loss | 253,903.66 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 253,377.21 | | Other non-operating income and expenses apart from the above | 57,026.56 | | Total non-recurring gains and losses | 564,307.43 | | Less: Income tax impact | 92,013.64 | | Minority interest impact (after tax) | 3,272.00 | | Total | 469,021.79 | Section III Management Discussion and Analysis [XI. Description of the Company's Industry and Main Business During the Reporting Period](index=10&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This chapter details the company's industry, ecological protection and environmental governance, including national and local policy guidance, as well as the company's specific services and technological advantages in solid waste pollution control, wastewater and water environment comprehensive treatment, soil and groundwater remediation, and photovoltaic energy [(I) Company's Industry Overview](index=10&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company operates in the "N77 Ecological Protection and Environmental Governance Industry" and is a technology innovation-oriented enterprise within the STAR Market's key supported energy-saving and environmental protection sector, with national and local policies continuously driving industry development - The company's industry belongs to the "**N77 Ecological Protection and Environmental Governance Industry**", and it is an enterprise in the energy-saving and environmental protection sector, a key area supported by the STAR Market[28](index=28&type=chunk) - The "**Beautiful Countryside Construction Implementation Plan**" proposes that by **2027**, the proportion of counties achieving beautiful countryside status will reach **40%**, with basic completion by **2035**[28](index=28&type=chunk) - Anhui Province's "**2025 Ecological Environment Work Key Points**" sets targets such as an average PM2.5 concentration of **35 micrograms/cubic meter**, stable proportion of Class I-III surface water sections, and a rural domestic sewage treatment rate of **over 45%**[29](index=29&type=chunk) [(II) Company's Main Business Operations](index=10&type=section&id=(%E4%BA%8C)%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company specializes in comprehensive ecological environment remediation, offering integrated solutions for solid waste pollution control and resource utilization, wastewater and water environment comprehensive treatment, soil and groundwater remediation, and photovoltaic energy, leveraging its independently developed core technologies - The company's main businesses cover three major areas: **solid waste pollution control and resource utilization**, **wastewater and water environment comprehensive treatment**, and **soil and groundwater remediation**, and it also expands into **photovoltaic energy** business[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - In solid waste pollution control, the company utilizes aerobic degradation, existing waste screening for resource utilization, and ecological restoration technologies for comprehensive landfill remediation, and employs its independently developed sludge conditioning + high-dry dewatering + drying and carbonization technology to convert sludge into biochar[31](index=31&type=chunk) - In wastewater and water environment comprehensive treatment, the company provides water ecosystem construction technology and wastewater treatment services, including rural domestic wastewater treatment and industrial wastewater treatment[33](index=33&type=chunk) - The company enters the new energy business through its Tongyuan New Energy subsidiary, covering diversified areas such as household, commercial, landfill + photovoltaic composite projects, wind power, charging piles, and energy storage[34](index=34&type=chunk) [XII. Discussion and Analysis of Operating Performance](index=11&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company's operating performance was significantly affected by the environmental industry's prosperity and declining gross profit margins, leading to substantial losses, despite management's efforts in cost control, market expansion, and R&D investment - During the reporting period, the company's operating revenue was **642 million yuan**, a year-on-year decrease of **2.63%**; net profit attributable to company shareholders was a **loss of 9.99 million yuan**, a year-on-year decrease of **443.81%**[34](index=34&type=chunk) - The company mitigated operating pressure from declining project gross profit margins by strengthening cost control, reducing expense budgets, and accelerating project execution speed[34](index=34&type=chunk) - The company won the "**Gansu Juhua New Materials Co., Ltd. High-Performance Silicon-Fluorine New Materials Integrated Project Section Seven EPC+O General Contracting Project**", marking a significant breakthrough in the chemical industry pollution control sector[35](index=35&type=chunk) - During the reporting period, the company applied for **7 invention patents** and **23 utility model patents**, and was granted **12 new invention patents** and **5 new utility model patents**[35](index=35&type=chunk) - The company's associate, Aminuo Company, plans to invest in building the world's first 100,000-ton polyester blended fabric recycling plant in Lianyungang City, Jiangsu, cultivating new development momentum[36](index=36&type=chunk) [XIII. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This chapter deeply analyzes the company's core competitiveness, primarily in technology and R&D advantages, full industry chain advantages, brand advantages, and business qualification advantages, driving high-quality development through continuous technological innovation and R&D investment [(I) Core Competitiveness Analysis](index=12&type=section&id=(%E4%B8%80)%20%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in technology and R&D, full industry chain, brand, and business qualifications, supported by multiple research platforms, extensive intellectual property, comprehensive implementation capabilities, and top-tier industry qualifications - The company possesses multiple scientific research platforms such as a "**Post-doctoral Research Workstation**" and a "**Provincial Recognized Enterprise Technology Center**", having accumulated **303 intellectual property rights** (**40 invention patents**, **257 utility model patents**)[37](index=37&type=chunk) - The company masters core technology systems including solid waste pollution barrier remediation, sludge high-dry dewatering carbonization treatment, and integrated river and lake sediment treatment, enabling it to provide customized overall solutions[38](index=38&type=chunk) - The company has comprehensive specialized implementation capabilities from design to construction, and engineering construction to equipment installation, owning production factories that can independently produce key components, thereby reducing costs[38](index=38&type=chunk) - The company holds multiple top-tier business qualifications such as "**Municipal Public Works General Contracting Grade I**" and "**Environmental Engineering Professional Contracting Grade I**", enhancing its competitiveness in undertaking projects[39](index=39&type=chunk) [(III) Core Technologies and R&D Progress](index=13&type=section&id=(%E4%B8%89)%20%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company's core technologies, all self-developed, include solid waste pollution barrier remediation, sludge high-dry dewatering carbonization, integrated river/lake sediment treatment, and municipal/rural wastewater mud-film symbiosis treatment, with continuous R&D efforts yielding new patents and projects in CO2 resource utilization and urban sludge pyrolysis carbonization - The company's core technologies include solid waste pollution barrier remediation system construction, sludge high-dry dewatering carbonization treatment, integrated river and lake sediment treatment, and municipal and rural wastewater mud-film symbiosis treatment process packages[41](index=41&type=chunk) - During the reporting period, the company successfully developed various high-efficiency defluorination materials, optimized defluorination process systems, and achieved kilogram-scale preparation of high-efficiency carbon dioxide catalysts in collaboration with Anhui University's team[41](index=41&type=chunk) Intellectual Property Acquired During the Reporting Period | | New Applications This Period (units) | New Grants This Period (units) | Cumulative Applications (units) | Cumulative Grants (units) | | :--- | :--- | :--- | :--- | :--- | | Invention Patents | 7 | 12 | 121 | 40 | | Utility Model Patents | 23 | 5 | 306 | 257 | | Design Patents | 0 | 0 | 2 | 2 | | Software Copyrights | 0 | 0 | 4 | 4 | | Total | 30 | 17 | 433 | 303 | R&D Investment | | Current Period (million yuan) | Prior Year Period (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 20.05 | 22.47 | -10.76 | | Total R&D Investment | 20.05 | 22.47 | -10.76 | | Total R&D Investment as Percentage of Operating Revenue (%) | 3.12 | 3.41 | Decreased by 0.29 percentage points | - The company has **15 ongoing R&D projects**, including research on carbon dioxide resource utilization and key technologies for efficient thermal energy and high-value product utilization in urban sludge pyrolysis carbonization, with a total estimated investment of **140 million yuan**, and **19.33 million yuan** invested in the current period[49](index=49&type=chunk)[50](index=50&type=chunk)[52](index=52&type=chunk) - The company has **119 R&D personnel**, accounting for **14.62%** of the company's total workforce, with **28.57%** holding master's degrees or above[56](index=56&type=chunk) [XIV. Risk Factors](index=19&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including performance loss, uncollectible accounts receivable, project management issues, financial instability, hazardous waste project profitability, and intensified industry competition - The company faces **performance loss risk**, primarily due to intensified market competition in the environmental industry and increased material and subcontracting costs leading to lower project gross profit margins[57](index=57&type=chunk) - A large balance of accounts receivable, coupled with increased payment pressure from local governments due to national policy adjustments, poses a risk of **uncollectibility and bad debts**[57](index=57&type=chunk) - **Project management risks** include project suspension or delay due to objective factors such as natural disasters or unsuitable construction conditions, or increased costs, quality non-compliance, and schedule delays due to improper management[57](index=57&type=chunk) - **Financial risks** are mainly reflected in a significant amount of working capital tied up in accounts receivable and inventory, and large fluctuations in net cash flow from operating activities[59](index=59&type=chunk) - Hazardous waste treatment projects of subsidiaries Aivis and associate Donghua Tongyuan continue to incur losses due to intense industry competition, declining market prices, and insufficient hazardous waste volume[59](index=59&type=chunk) - **Industry risks** include intensified market competition due to the entry of large state-owned enterprises, and a potential reduction in environmental industry investment scale due to a slowdown in domestic economic growth[59](index=59&type=chunk) [XV. Key Operating Performance During the Reporting Period](index=20&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue decreased by 2.63% year-on-year, and net profit attributable to shareholders and non-recurring net profit attributable to shareholders both incurred substantial losses, with significant changes in expenses, cash flow, and asset/liability structure - During the reporting period, the company's operating revenue was **642 million yuan**, a year-on-year decrease of **2.63%**; net profit attributable to company shareholders was a **loss of 9.99 million yuan**, a year-on-year decrease of **443.81%**[60](index=60&type=chunk) - As of the end of the reporting period, the company's total assets were **2.895 billion yuan**, a decrease of **6.36%** from the beginning of the period; net assets attributable to shareholders of the listed company were **1.129 billion yuan**, a decrease of **1.31%** from the beginning of the period[60](index=60&type=chunk) [(I) Main Business Analysis](index=20&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) This period, the company's operating revenue decreased by 2.63% year-on-year, and operating costs increased by 1.83%, with selling expenses and financial expenses showing significant increases, while net cash flow from financing activities substantially decreased due to increased debt repayment Financial Statement Related Items Variation Analysis | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 642,166,932.22 | 659,481,187.66 | -2.63 | | Operating Costs | 547,306,869.76 | 537,447,299.60 | 1.83 | | Selling Expenses | 23,205,878.82 | 17,628,932.06 | 31.64 | | Administrative Expenses | 45,531,585.10 | 42,415,159.40 | 7.35 | | Financial Expenses | 6,742,342.72 | 4,504,671.15 | 49.67 | | R&D Expenses | 20,049,268.18 | 22,467,921.88 | -10.76 | | Net Cash Flow from Operating Activities | 14,504,899.18 | -100,088,160.32 | Not Applicable | | Net Cash Flow from Investing Activities | -3,813,555.88 | -29,843,280.40 | Not Applicable | | Net Cash Flow from Financing Activities | 40,527,678.98 | 85,928,950.59 | -52.84 | - Selling expenses increased by **31.64%** in the current period, mainly due to organizational structure changes and a stronger sales team leading to increased personnel compensation[62](index=62&type=chunk) - Financial expenses increased by **49.67%** in the current period, mainly due to an increase in financing scale and rising financing costs[63](index=63&type=chunk) - Net cash flow from financing activities decreased by **52.84%** in the current period, mainly due to increased cash payments for debt repayment[63](index=63&type=chunk) [(III) Analysis of Assets and Liabilities](index=21&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's asset and liability structure underwent several changes, including increases in trading financial assets and notes receivable, and significant decreases in accounts receivable financing, inventory, and contract liabilities, with various restricted assets noted Assets and Liabilities Status Variation (Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Current Period-end as % of Total Assets | Prior Year-end (yuan) | Prior Year-end as % of Total Assets | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 600,000.00 | 0.02 | 0.00 | 0.00 | Not Applicable | | Notes Receivable | 12,957,829.87 | 0.45 | 9,582,430.17 | 0.31 | 35.22 | | Accounts Receivable Financing | 81,804.68 | 0.00 | 796,086.82 | 0.03 | -89.72 | | Inventory | 19,929,352.44 | 0.69 | 73,961,590.85 | 2.39 | -73.05 | | Contract Liabilities | 2,434,933.87 | 0.08 | 18,297,370.94 | 0.59 | -86.69 | | Employee Compensation Payable | 22,063,041.17 | 0.76 | 40,754,512.48 | 1.32 | -45.86 | | Other Payables | 50,330,817.67 | 1.74 | 32,610,938.32 | 1.05 | 54.34 | | Long-Term Payables | 3,211,000.00 | 0.11 | 8,211,000.00 | 0.27 | -60.89 | | Minority Interests | 2,496,155.15 | 0.09 | 7,756,617.57 | 0.25 | -67.82 | - Trading financial assets increased, mainly due to new wealth management product investments by controlling subsidiary Tongyuan New Energy[66](index=66&type=chunk) - Inventory decreased, mainly due to initial inventory being transferred to cost of goods sold in the current period[66](index=66&type=chunk) - The company's main restricted assets include co-managed account funds of **54.04 million yuan**, bank acceptance bill deposits of **67.47 million yuan**, letter of guarantee deposits of **10.78 million yuan**, litigation-frozen funds of **7.04 million yuan**, pledged long-term equity investments of **24.55 million yuan**, and pledged long-term receivables of **18.47 million yuan**[68](index=68&type=chunk)[69](index=69&type=chunk) [(IV) Investment Status Analysis](index=23&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Overall analysis of the company's external equity investments shows no significant equity or non-equity investments during the reporting period, with financial assets measured at fair value totaling 52.90 million yuan at period-end, while the investment amount for the reporting period was 0 yuan Financial Assets Measured at Fair Value (Period-end vs. Period-start) | Asset Category | Period-start (yuan) | Fair Value Change Gain/Loss This Period (yuan) | Purchase Amount This Period (yuan) | Sale/Redemption Amount This Period (yuan) | Period-end (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 0.00 | 90,600,000.00 | 90,000,000.00 | 600,000.00 | | Accounts Receivable Financing | 796,086.82 | 0.00 | 0.00 | 0.00 | 81,804.68 | | Other Equity Instrument Investments | 51,585,074.16 | 630,360.65 | 0.00 | 0.00 | 52,215,434.81 | | Total | 52,381,160.98 | 630,360.65 | 90,600,000.00 | 90,000,000.00 | 52,897,239.49 | - The investment amount for the reporting period was **0 yuan**, a **100% decrease** from **13.25 million yuan** in the prior year[73](index=73&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=24&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial situation of the company's major holding and associate companies, all of which reported operating losses or net losses during the reporting period, with Tongyuan New Energy, Guangxi Jintou, and Donghua Tongyuan showing significant losses Financial Situation of Major Holding and Associate Companies (Unit: Million Yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tongyuan Technology | Subsidiary | R&D, manufacturing, installation, and commissioning of environmental governance equipment | 40.00 | 47.23 | 26.94 | 2.32 | -2.66 | -2.59 | | Aivis | Subsidiary | R&D and consulting for environmental engineering technology | 95.00 | 123.92 | 13.93 | 10.80 | -4.68 | -4.65 | | Tongyuan New Energy | Subsidiary | Electricity and heat production and supply | 10.00 | 47.12 | -11.30 | 66.66 | -13.12 | -10.81 | | Donghua Tongyuan | Associate | Collection, treatment, and comprehensive remediation of industrial waste | 100.00 | 302.67 | 71.63 | 14.47 | -7.84 | -7.85 | | Guangxi Jintou | Associate | Environmental governance | 100.00 | 381.90 | 140.44 | 7.79 | -11.02 | -9.98 | - Tongyuan New Energy, Donghua Tongyuan, and Guangxi Jintou, among other major holding and associate companies, were all in a **loss-making state** during the reporting period[74](index=74&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=26&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in the company's directors, supervisors, senior management, and core technical personnel, with independent director Liu Guijian resigning, and specific changes disclosed on the Shanghai Stock Exchange website - Independent director **Liu Guijian resigned** during the reporting period[77](index=77&type=chunk) - Relevant changes were disclosed on the Shanghai Stock Exchange website on **February 11, 2025**, in the "Announcement on the Resignation of Independent Directors"[77](index=77&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The profit distribution plan or capital reserve to share capital conversion plan approved by the Board of Directors for this reporting period is "none", meaning the company will not undertake profit distribution or capital reserve to share capital conversion - This semi-annual report has **no profit distribution plan** or capital reserve to share capital conversion plan[77](index=77&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=26&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company's 2024 restricted stock incentive plan's reserved 740,000 restricted shares expired, and part of the 2024 restricted stock incentive plan's restricted shares were cancelled on April 12, 2025 - The company's **2024 restricted stock incentive plan's reserved 740,000 restricted shares expired** because the grantees were not identified within 12 months[78](index=78&type=chunk) - The company cancelled part of the **2024 restricted stock incentive plan's restricted shares** on **April 12, 2025**[78](index=78&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) During this reporting period, the company was not included in the list of enterprises required to disclose environmental information by law, thus there is no relevant environmental information to disclose - The company was **not included** in the list of enterprises required to disclose environmental information by law, and there is **no relevant environmental information disclosure** for the current period[80](index=80&type=chunk) [V. Specifics of Work on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, etc.](index=27&type=section&id=%E4%BA%94%E3%80%81%E5%B7%B1%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) During this reporting period, the company has no specific information to disclose regarding work on consolidating and expanding poverty alleviation achievements, rural revitalization, etc - There is **no specific disclosure** on consolidating and expanding poverty alleviation achievements or rural revitalization work for the current period[80](index=80&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=28&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This chapter details the various commitments made by the company's actual controller, shareholders, related parties, and the company itself during the initial public offering, along with their fulfillment status, indicating all commitments have been fulfilled promptly and strictly - Actual controller **Yang Ming** committed that after the share lock-up period, during his tenure as a director, supervisor, or senior manager of the company, he would transfer no more than **25%** of his total shares annually, and would not transfer shares within six months of leaving office; as a core technical personnel, he would transfer no more than **25%** of his pre-IPO shares annually within four years[82](index=82&type=chunk) - The company and **Yang Ming** committed that there was no fraudulent issuance of shares in this public offering, and if the listing conditions were not met, all new shares would be repurchased[84](index=84&type=chunk)[85](index=85&type=chunk) - The company, **Yang Ming**, directors, supervisors, and senior management committed to strictly implement the profit distribution policy and dividend return plan[85](index=85&type=chunk)[86](index=86&type=chunk) - **Yang Ming** committed not to directly or indirectly operate businesses that compete with the company and its controlling subsidiaries, and to compensate for any losses caused by violating this commitment[89](index=89&type=chunk) - All committed parties have **timely and strictly fulfilled** their respective commitments, with no unfulfilled commitments[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties During the Reporting Period](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties of the company - During the reporting period, the company had **no non-operating funds occupied** by controlling shareholders or other related parties[8](index=8&type=chunk) [III. Irregular Guarantees](index=37&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company had **no irregular external guarantees** provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=37&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During this reporting period, the company had no significant litigation or arbitration matters - The company had **no significant litigation or arbitration matters** during the current reporting period[91](index=91&type=chunk) [X. Significant Related Party Transactions](index=37&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This chapter discloses the company's significant related party transactions during the reporting period, including procurement of goods/acceptance of services, sales of goods/provision of services, and related party guarantees, involving various associated entities and the company's actual controllers - The company paid **89,233.96 yuan** in disposal fees to related party Donghua Tongyuan[170](index=170&type=chunk) - The company provided **2.57 million yuan** in water environment restoration services and **0.51 million yuan** in operation services to related party Wuhu Chenjian[170](index=170&type=chunk) Company as Guarantor for Related Parties | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Anhui Environmental Technology Group Co., Ltd. | 48,000,000.00 | 2020/8/22 | 2033/8/19 | No | | Anhui Environmental Technology Group Co., Ltd. | 24,000,000.00 | 2021/6/21 | 2034/7/21 | No | | Donghua Tongyuan | 68,954,000.00 | 2022/10/20 | 2030/5/24 | No | | Taida Tongyuan | 10,359,000.00 | 2024/10/29 | 2032/10/29 | No | Company as Guarantee Recipient from Related Parties | Guarantor | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Yang Ming, Yang Ning | 10,000,000.00 | 2022/12/28 | Three years from debt fulfillment date | No | | Yang Ming, Yang Ning | 14,420,000.00 | 2018/10/22 | Two years after debt fulfillment date | No | | Yang Ming, Yang Ning, Li Zhiguo, Guo Xiaojun | 7,120,000.00 | 2019/9/12 | Two years after debt fulfillment date | No | [XI. Significant Contracts and Their Fulfillment](index=38&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This chapter primarily discloses the significant guarantees executed and outstanding during the reporting period, with the company's total external guarantees amounting to 171.21 million yuan, representing 15.13% of its net assets, including guarantees for subsidiaries and associate companies [(II) Significant Guarantees Executed and Outstanding During the Reporting Period](index=40&type=section&id=(%E4%BA%8C)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total guarantees amounted to 171.21 million yuan, representing 15.13% of its net assets, including external guarantees and guarantees for subsidiaries, with a notable portion for guaranteed parties with an asset-liability ratio exceeding 70% Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guarantor | Relationship with Listed Company | Guaranteed Party | Guarantee Amount (million yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company | Company Headquarters | Anhui Environmental Technology Group Co., Ltd. | 48.00 | 2020.8.22 | 2033.8.19 | General Guarantee | No | No | | Company | Company Headquarters | Anhui Environmental Technology Group Co., Ltd. | 24.00 | 2021.6.21 | 2034.7.21 | General Guarantee | No | No | | Company | Company Headquarters | Donghua Tongyuan | 68.95 | 2022.10.20 | 2030.5.24 | Joint Liability Guarantee | No | No | | Company | Company Headquarters | Taida Tongyuan | 10.36 | 2024.10.29 | 2032.10.29 | Joint Liability Guarantee | No | No | | Total Guarantee Balance at Period-end (A) | | | 151.31 | | | | | | Company and Its Subsidiaries' Guarantees for Subsidiaries | Guarantor | Relationship with Listed Company | Guaranteed Party | Relationship with Listed Company | Guarantee Amount (million yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Guarantee Fulfilled | Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company | Company Headquarters | Ji'an Tongyuan | Holding Subsidiary | 3.24 | 2019.12.6 | 2029.12.3 | Joint Liability Guarantee | No | No | | Company | Company Headquarters | Yeji Tongyuan | Holding Subsidiary | 13.42 | 2018.11.16 | 2029.12.14 | Joint Liability Guarantee | No | No | | Company | Company Headquarters | Tongyuan New Energy | Holding Subsidiary | 4.50 | 2024.7.15 | 2025.5.11 | Joint Liability Guarantee | Yes | No | | Total Guarantees for Subsidiaries at Period-end (B) | | | | 19.90 | | | | | | Company's Total Guarantee Situation | Indicator | Amount (million yuan) | | :--- | :--- | | Total Guarantees (A+B) | 171.21 | | Total Guarantees as % of Company's Net Assets | 15.13 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 68.95 | | Total of the Above Three Guarantee Amounts (C+D+E) | 68.95 | Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure, with both beginning and end-of-period share totals remaining at 131,689,675.00 shares - During the reporting period, there were **no changes** in the company's total ordinary share capital or share capital structure[102](index=102&type=chunk) Total Share Capital Changes | | Beginning Balance (shares) | Changes This Period (+, -) | Ending Balance (shares) | | :--- | :--- | :--- | :--- | | Total Shares | 131,689,675.00 | — | 131,689,675.00 | [II. Shareholder Information](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 3,451 ordinary shareholders, with Yang Ming as the largest shareholder, and the company is unaware of other related party or concerted action relationships among shareholders beyond Yang Ming's control over Anhui Yuantong Equity Investment Partnership - As of the end of the reporting period, the company had a total of **3,451 ordinary shareholders**[103](index=103&type=chunk) Top Ten Shareholders' Shareholding (Excluding Shares Lent Through Refinancing) | Shareholder Name (Full Name) | Change During Reporting Period | Shares Held at Period-end | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Yang Ming | 0 | 59,385,600 | 45.10 | Domestic Natural Person | | Anhui Yuantong Equity Investment Partnership (Limited Partnership) | 0 | 11,959,200 | 9.08 | Domestic Non-State-Owned Legal Person | | Anhui Zhong'an Overseas Technology Introduction Investment Partnership (Limited Partnership) | 0 | 4,361,478 | 3.31 | Domestic Non-State-Owned Legal Person | | Shanghai Yuhuang Investment Management Co., Ltd. - Yuhuang Yibaofeng No. 1 Private Securities Investment Fund | 352,216 | 2,176,993 | 1.65 | Domestic Non-State-Owned Legal Person | | Yu Yuming | 0 | 2,016,123 | 1.53 | Domestic Natural Person | | Ningbo Luxi Equity Investment Partnership (Limited Partnership) | -745,610 | 1,933,390 | 1.47 | Domestic Non-State-Owned Legal Person | | Feng Guizhong | -2,045,357 | 1,290,751 | 0.98 | Domestic Natural Person | | Zhao Caihong | 1,287,728 | 1,287,728 | 0.98 | Domestic Natural Person | | CITIC Securities Asset Management (Hong Kong) Limited - Client Funds | 1,122,849 | 1,125,179 | 0.85 | Overseas Legal Person | | Huang Yiwei | 1,000,657 | 1,000,657 | 0.76 | Domestic Natural Person | - **Yang Ming** is the actual controller of Anhui Yuantong Equity Investment Partnership (Limited Partnership)[108](index=108&type=chunk) [III. Information on Directors, Supervisors, Senior Management, and Core Technical Personnel](index=44&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, the shareholding changes of the company's current and former directors, supervisors, senior management, and core technical personnel were "not applicable", indicating no changes in their shareholdings - During the reporting period, the shareholding changes of the company's current and former directors, supervisors, senior management, and core technical personnel were **not applicable**[109](index=109&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During this reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the current reporting period, the company had **no corporate bonds** (including enterprise bonds) and **no non-financial enterprise debt financing instruments**[112](index=112&type=chunk) [II. Convertible Corporate Bonds](index=46&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) During this reporting period, the company had no convertible corporate bonds - During the current reporting period, the company had **no convertible corporate bonds**[112](index=112&type=chunk) Section VIII Financial Report [I. Audit Report](index=47&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has **not been audited**[6](index=6&type=chunk) [II. Financial Statements](index=47&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, reflecting the company's financial status and operating performance [Consolidated Balance Sheet](index=47&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total consolidated assets were 2.895 billion yuan, a 6.36% decrease from the end of the prior year, with total liabilities of 1.764 billion yuan and owners' equity attributable to the parent company of 1.129 billion yuan Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 2,895,358,374.44 | | Total Current Assets | 2,029,118,012.76 | | Total Non-Current Assets | 866,240,361.68 | | Total Liabilities | 1,763,648,924.65 | | Total Current Liabilities | 1,569,991,652.31 | | Total Non-Current Liabilities | 193,657,272.34 | | Total Owners' Equity | 1,131,709,449.79 | | Total Owners' Equity Attributable to Parent Company | 1,129,213,294.64 | [Parent Company Balance Sheet](index=49&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were 2.719 billion yuan, a 5.83% decrease from the end of the prior year, with total liabilities of 1.588 billion yuan and total owners' equity of 1.131 billion yuan Parent Company Balance Sheet Key Data (As of June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 2,718,695,922.60 | | Total Current Assets | 1,943,917,026.32 | | Total Non-Current Assets | 774,778,896.28 | | Total Liabilities | 1,587,866,280.67 | | Total Current Liabilities | 1,437,235,953.66 | | Total Non-Current Liabilities | 150,630,327.01 | | Total Owners' Equity | 1,130,829,641.93 | [Consolidated Income Statement](index=51&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the company achieved total operating revenue of 642.17 million yuan, a year-on-year decrease of 2.63%, resulting in an operating loss of 15.57 million yuan and a net loss attributable to parent company shareholders of 9.99 million yuan Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 642,166,932.22 | | Total Operating Costs | 647,002,852.55 | | Operating Profit | -15,574,709.54 | | Total Profit | -15,517,682.98 | | Net Profit | -15,252,221.39 | | Net Profit Attributable to Parent Company Shareholders | -9,991,758.97 | | Basic Earnings Per Share (yuan/share) | -0.08 | [Parent Company Income Statement](index=53&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) From January to June 2025, the parent company achieved operating revenue of 592.22 million yuan, with an operating loss of 8.93 million yuan, a net loss of 8.98 million yuan, and a total comprehensive income loss of 8.45 million yuan Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 592,215,642.56 | | Operating Profit | -8,925,948.99 | | Total Profit | -8,964,710.58 | | Net Profit | -8,982,960.92 | | Net Other Comprehensive Income After Tax | 535,806.55 | | Total Comprehensive Income | -8,447,154.37 | [Consolidated Cash Flow Statement](index=54&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the company's net cash flow from operating activities was 14.50 million yuan, a significant improvement from the prior year, while net cash flow from financing activities decreased by 52.84% due to increased debt repayment Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 14,504,899.18 | | Net Cash Flow from Investing Activities | -3,813,555.88 | | Net Cash Flow from Financing Activities | 40,527,678.98 | | Net Increase in Cash and Cash Equivalents | 51,219,022.28 | | Cash and Cash Equivalents at Period-end | 306,665,325.11 | - Net cash flow from operating activities turned positive from a negative value in the prior year, indicating **significant improvement** in operating cash flow status[129](index=129&type=chunk) - Net cash flow from financing activities decreased by **52.84%** year-on-year, mainly due to increased cash payments for debt repayment in the current period[130](index=130&type=chunk) [Parent Company Cash Flow Statement](index=56&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) From January to June 2025, the parent company's net cash flow from operating activities was 42.11 million yuan, a significant improvement from the prior year, while net cash flow from financing activities decreased by 85.76% due to increased debt repayment Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 42,108,477.93 | | Net Cash Flow from Investing Activities | -3,100,012.79 | | Net Cash Flow from Financing Activities | 12,646,064.27 | | Net Increase in Cash and Cash Equivalents | 51,654,529.41 | | Cash and Cash Equivalents at Period-end | 276,395,210.45 | - The parent company's net cash flow from operating activities turned positive from a negative value in the prior year, indicating **significant improvement** in operating cash flow status[133](index=133&type=chunk) - Net cash flow from financing activities decreased by **85.76%** year-on-year, mainly due to increased cash payments for debt repayment[133](index=133&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=58&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) From January to June 2025, the company's total consolidated owners' equity decreased by 20.25 million yuan, with owners' equity attributable to the parent company decreasing by 14.99 million yuan, primarily due to net loss and profit distribution Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Change Amount This Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 1,144,201,316.47 | -14,988,021.83 | 1,129,213,294.64 | | Minority Interests | 7,756,617.57 | -5,260,462.42 | 2,496,155.15 | | Total Owners' Equity | 1,151,957,934.04 | -20,248,484.25 | 1,131,709,449.79 | | Of which: Net Profit Attributable to Parent Company Owners | 2,906,148.48 | -9,991,758.97 | - | | Capital Reserve | 668,951,803.16 | 1,052,414.34 | 670,004,217.50 | | Other Comprehensive Income | -1,856,517.16 | 535,806.55 | -1,320,710.61 | | Retained Earnings | 302,854,112.43 | -16,576,242.72 | 286,277,869.71 | - Owners' equity attributable to the parent company decreased by **14.99 million yuan**, mainly due to net loss and profit distribution[135](index=135&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=65&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) From January to June 2025, the parent company's total owners' equity decreased by 13.98 million yuan, primarily due to net loss and profit distribution, with capital reserve and other comprehensive income showing increases Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (yuan) | Change Amount This Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,144,808,865.71 | -13,979,223.78 | 1,130,829,641.93 | | Of which: Net Profit | 2,798,991.26 | -8,982,960.92 | - | | Capital Reserve | 668,951,803.16 | 1,052,414.34 | 670,004,217.50 | | Other Comprehensive Income | -1,856,517.16 | 535,806.55 | -1,320,710.61 | | Retained Earnings | 303,461,661.67 | -15,567,444.67 | 287,894,217.00 | - The parent company's owners' equity decreased by **13.98 million yuan**, mainly due to net loss and profit distribution[146](index=146&type=chunk) [III. Company Basic Information](index=69&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter briefly introduces the establishment history of Anhui Tongyuan Environment Energy-Saving Co., Ltd., which was restructured and established in 2015 and listed on the STAR Market of the Shanghai Stock Exchange in 2020 - The company was restructured and established as a joint-stock company on **August 6, 2015**[151](index=151&type=chunk) - The company was approved by the China Securities Regulatory Commission in **December 2020** for its initial public offering and listing on the STAR Market of the Shanghai Stock Exchange, with stock code **688679**[151](index=151&type=chunk) [IV. Basis of Financial Statement Preparation](index=69&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This chapter clarifies that the company's financial statements are prepared on a going concern basis and assesses the company's ability to continue as a going concern for 12 months from the end of the reporting period, finding no issues affecting its going concern ability - The company's financial statements are prepared on a **going concern basis**[152](index=152&type=chunk) - The company assessed that there are **no issues** affecting its ability to continue as a going concern for **12 months** from the end of the reporting period[153](index=153&type=chunk) [V. Significant Accounting Policies and Estimates](index=69&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter elaborates on the significant accounting policies and estimates formulated by the company in accordance with enterprise accounting standards, covering various financial and operational aspects, providing a foundation for understanding the company's financial statements - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position and operating results[155](index=155&type=chunk) - The company classifies financial assets at initial recognition as measured at amortized cost, fair value through profit or loss, or fair value through other comprehensive income, based on the business model for managing financial assets and their contractual cash flow characteristics[180](index=180&type=chunk) - The company recognizes revenue when performance obligations in a contract are satisfied, meaning when the customer obtains control of the relevant goods, and uses either the input method or output method depending on whether the performance obligation is satisfied over time or at a point in time[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - The company classifies government grants into two categories: asset-related and income-related, recognizing them as deferred income or directly in current profit or loss, respectively[261](index=261&type=chunk) [VI. Taxation](index=98&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This chapter details the main tax types and rates for the company and its subsidiaries, including value-added tax, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, with preferential rates for high-tech and small/micro-profit enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue, provision of services | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | Payable turnover tax | 7%, 5%, 1% | | Education Surcharge | Payable turnover tax | 3% | | Local Education Surcharge | Payable turnover tax | 2% | | Corporate Income Tax | Taxable income | 15% (some subsidiaries 20%, some 25%) | - The company and its subsidiary Tongyuan Technology, as high-tech enterprises, have a corporate income tax rate of **15%** for the year 2025[275](index=275&type=chunk) - Some subsidiaries (e.g., Yangxing Rubber & Plastic, Yeji Tongyuan) enjoy a corporate income tax preferential rate of **20%** for the year 2025 as small and micro-profit enterprises[276](index=276&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=99&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes for each item in the consolidated financial statements, highlighting that despite a net loss, operating cash flow turned positive, while selling and financial expenses increased, and credit impairment losses significantly decreased [1. Monetary Funds](index=99&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) At period-end, the company's total monetary funds were 445.99 million yuan, mainly composed of bank deposits and other monetary funds, with significant portions of funds being restricted due to project co-management, litigation, and guarantees Monetary Funds Composition (Period-end) | Item | Period-end Balance (yuan) | | :--- | :--- | | Cash on Hand | 3,734.50 | | Bank Deposits | 367,727,308.04 | | Other Monetary Funds | 78,259,792.10 | | Total | 445,990,834.64 | - Bank deposits at period-end include **54.04 million yuan** in co-managed project account funds and **7.04 million yuan** in litigation-frozen funds[279](index=279&type=chunk) - Other monetary funds at period-end include **67.47 million yuan** in bank acceptance bill deposits and **10.78 million yuan** in letter of guarantee deposits[279](index=279&type=chunk) [2. Trading Financial Assets](index=100&type=section&id=2%E3%80%81%E4%BA%A4%E6%98%93%E6%80%A7%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7) The company's trading financial assets at period-end were 0.6 million yuan, a 100% increase from the beginning of the period, mainly due to the purchase of wealth management products during the current period Trading Financial Assets (Period-end) | Item | Period-end Balance (yuan) | | :--- | :--- | | Wealth Management Products | 600,000.00 | | Total | 600,000.00 | - Trading financial assets at period-end increased by **100%** compared to the beginning of the period, mainly due to the purchase of wealth management products in the current period[281](index=281&type=chunk) [4. Notes Receivable](index=100&type=section&id=4%E3%80%81%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) The company's total notes receivable at period-end were 12.96 million yuan, a 35.22% increase from the beginning of the period, mainly due to an increase in commercial acceptance bills held, with 0.43 million yuan in bad debt provisions accrued Notes Receivable Classification (Period-end) | Item | Period-end Balance (yuan) | | :--- | :--- | | Bank Acceptance Bills | 4,815,808.87 | | Commercial Acceptance Bills | 8,142,021.00 | | Total | 12,957,829.87 | - Bank acceptance bills that were endorsed or discounted and not yet due at period-end amounted to **4.81 million yuan**[284](index=284&type=chunk) - Notes receivable at period-end increased by **35.22%** compared to the beginning of the period, mainly due to an increase in commercial acceptance bills held at period-end[290](index=290&type=chunk) [5. Accounts Receivable](index=102&type=section&id=5%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) The company's book balance of accounts receivable at period-end was 1.420 billion yuan, with 57.99% due within 1 year, and 205 million yuan in bad debt provisions accrued, while the top five accounts receivable and contract assets totaled 421 million yuan Accounts Receivable Aging Distribution (Period-end) | Aging | Period-end Book Balance (yuan) | | :--- | :--- | | Within 1 year (inclusive) | 823,427,953.11 | | 1 to 2 years | 360,944,469.11 | | 2 to 3 years | 89,944,978.67 | | Over 3 years | 145,648,831.78 | | Total | 1,419,966,232.67 | - Bad debt provisions for accounts receivable totaled **205 million yuan** at period-end[292](index=292&type=chunk) Top Five Accounts Receivable and Contract Assets by Debtor at Period-end | Unit Name | Accounts Receivable Period-end Balance (yuan) | Contract Assets Period-end Balance (yuan) | Total Accounts Receivable and Contract Assets Period-end Balance (yuan) | Percentage of Total Accounts Receivable and Contract Assets Period-end Balance (%) | Bad Debt Provision Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zongyang County Township Sewage Treatment Upgrade Project Command Post | 165,663,480.24 | 11,146,901.40 | 176,810,381.64 | 10.77 | 11,299,867.80 | | Jieshou City Environmental Sanitation Management Office | 38,342,629.63 | 38,803,120.02 | 77,145,749.65 | 4.70 | 3,857,287.48 | | Huaneng Nengke Hefei New Energy Co., Ltd. | 58,161,656.70 | 0.00 | 58,161,656.70 | 3.54 | 2,908,082.84 | | Huaibei Tianhui Construction Investment Co., Ltd. | 43,450,796.68 | 12,561,816.61 | 56,012,613.29 | 3.41 | 3,780,504.44 | | Guixi City Culture, Radio, Television and Tourism Bureau | 47,273,611.19 | 5,237,018.80 | 52,510,629.99 | 3.20 | 2,625,531.50 | | Total | 352,892,174.44 | 67,748,856.83 | 420,641,031.27 | 25.62 | 24,471,274.06 | [6. Contract Assets](index=105&type=section&id=6%E3%80%81%E5%90%88%E5%90%8C%E8%B5%84%E4%BA%A7) The company's book value of contract assets at period-end was 250 million yuan, primarily comprising completed but unsettled assets and unexpired deposits, with 13.14 million yuan in bad debt provisions accrued at a 5% ratio Contract Assets (Period-end) | Item | Book Balance (yuan) | Bad Debt Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Completed but Unsettled Assets | 251,904,586.22 | 12,595,229.31 | 239,309,356.91 | | Unexpired Deposits | 31,797,976.21 | 1,589,898.81 | 30,208,077.40 | | Subtotal | 283,702,562.43 | 14,185,128.12 | 269,517,434.31 | | Less: Contract Assets Presented in Other Non-Current Assets | 20,950,397.25 | 1,047,519.86 | 19,902,877.39 | | Total | 262,752,165.18 | 13,137,608.26 | 249,614,556.92 | - The bad debt provision ratio for contract assets is **5%**[301](index=301&type=chunk) [7. Accounts Receivable Financing](index=107&type=section&id=7%E3%80%81%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9%E8%9E%8D%E8%B5%84) The company's accounts receivable financing at period-end was 81,804.68 yuan, a significant decrease of 89.72% from the beginning of the period, mainly due to a reduction in bank acceptance bills held from systemically important banks, with 4.67 million yuan in bank acceptance bills derecognized Accounts Receivable Financing Classification (Period-end) | Item | Period-end Balance (yuan) | | :--- | :--- | | Notes Receivable | 81,804.68 | | Total | 81,804.68 | - Accounts receivable financin