第 1页 共 2页 | 小计 | - | - | - | 57,511.10 | 53.04 | 1,157.67 | 30,018.63 | 28,703.18 | - | - | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 金圆环保发展有限 公司 | 子公司 | 其他应收款 | 3,566.22 | 60.00 | | | 3,626.22 | 应收暂付款 | 非经营性 | | | 江苏金圆新材科技 | 子公司金圆环保发展有 | 其他应收款 | 22,190.56 | 35.5 | | | 22,225.06 | 应收暂付款 | 非经营性 | | | 有限公司 | 限公司之子公司 | | | | | | | | | | | 杭州连威贸易有限 | 子公司 | 其他应收款 | 67.74 | 5.00 | | | 72.74 | 应收暂付款 | 非经营性 | | | 公司 | | | | | | | | | | | | 金圆新材料有限公 司 | 子公司 | 其他应收款 | 155,438.87 | 8,918. ...

证券代码：000546 证券简称：金圆股份 公告编号：2025-057 号 金圆环保股份有限公司 第十一届监事会第十一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 本次会议由公司监事会主席叶剑飞先生主持，公司部分董事、高级管理人员列席了 本次会议。 3．本次会议的召开符合《公司法》等有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所业务规则和《公司章程》的规定。 二、监事会会议审议情况 1、审议通过《2025 年半年度报告及摘要》。 表决情况：3 票同意，0 票反对，0 票弃权。 公司监事在全面了解和审阅 2025 年半年度报告后，发表书面审核意见如下：经审 核，监事会认为董事会编制和审议 2025 年半年度报告的程序符合相关法律、行政法规、 中国证券监督管理委员会和深圳证券交易所的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 1．会议通知、召开情况 金圆环保股份有限公司（以下简称"公司"）第十一届监事会第十一次会议通知于 2025 年 08 月 18 ...

证券代码：000546 证券简称：金圆股份 公告编号：2025-056 号 金圆环保股份有限公司 第十一届董事会第十九次会议决议公告 本次会议于 2025 年 08 月 28 日在杭州市滨江区江虹路 1750 号信雅达国际 1 幢 30 层公司会议室以现场与通讯相结合方式召开。 2．会议出席情况 本次会议应出席董事 6 人，实际出席董事 6 人。 本次会议由公司董事长邱永平先生主持，公司监事、高级管理人员列席了本 次会议。 3．本次会议的召开符合《公司法》等有关法律、行政法规、部门规章、规 范性文件、深圳证券交易所业务规则和《公司章程》的规定。 二、董事会会议审议情况 1.审议通过《2025 年半年度报告及摘要》。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1．会议通知、召开情况 金圆环保股份有限公司（以下简称"公司"）第十一届董事会第十九次会议 通知于 2025 年 08 月 18 日以电子邮件形式发出。 本议案已经公司董事会审计委员会审议通过。 2.审议通过《关于 2025 年半年度计提信用及资产减值准备的议案》。 表决情况： ...

Part I Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, lists reference documents, and defines key terms used throughout the report for clarity [Important Notes](index=2&type=section&id=重要提示) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, taking legal responsibility - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal liabilities[5](index=5&type=chunk) - The company's responsible person Qiu Yongping, chief accountant Huang Bo, and head of accounting department Huang Bo declare that the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=备查文件目录) This section lists the semi-annual report's reference documents, including signed financial statements and publicly disclosed company files - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department[11](index=11&type=chunk) - Reference documents also include originals of all company files and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[12](index=12&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines common terms used in the report, covering company names, related parties, subsidiaries, and significant business events Partial Definitions | Definition Item | Definition Content | | :--- | :--- | | Jinyuan Shares, the Company, this Company | Jinyuan Environmental Protection Co., Ltd. | | Jinyuan Holdings | Jinyuan Holdings Group Co., Ltd. | | Major Asset Restructuring, this Major Asset Restructuring | The company issued 428,933,014 shares to 10 transaction counterparts including Jinyuan Group and Conba Group | Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and position [I. Company Profile](index=7&type=section&id=一、公司简介) Jinyuan Environmental Protection Co., Ltd., stock code 000546, is listed on the Shenzhen Stock Exchange, with Qiu Yongping as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jinyuan Shares | | Stock Code | 000546 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Jinyuan Environmental Protection Co., Ltd. | | Legal Representative | Qiu Yongping | [II. Contact Persons and Contact Information](index=7&type=section&id=二、联系人和联系方式) The company's Board Secretary is Huang Bo and Securities Affairs Representative is Yang Xiaofen, with disclosed contact addresses, phone numbers, and email addresses Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Bo | 30th Floor, Building 1, Runhe Xinyada Creative Center, No. 1750 Jianghong Road, Binjiang District, Hangzhou | 0571-86602265 | jygf@jyc.group | | Securities Affairs Representative | Yang Xiaofen | 30th Floor, Building 1, Runhe Xinyada Creative Center, No. 1750 Jianghong Road, Binjiang District, Hangzhou | 0571-86602265 | jygf@jyc.group | [III. Other Information](index=7&type=section&id=三、其他情况) The company's registered address is in Changchun, office in Hangzhou, with no changes in contact or disclosure information during the reporting period Company Registration and Office Information | Item | Content | | :--- | :--- | | Company Registered Address | Room 801, 5A Comprehensive Building, Phase IV, Jilin Financial Building Commercial Complex, Intersection of Ecological West Street and Bing45th Road, Jingyue District, Changchun City | | Company Office Address | 30th Floor, Building 1, Runhe Xinyada Creative Center, No. 1750 Jianghong Road, Binjiang District, Hangzhou | | Company Website | http://www.jysn.com/gfindex.html | | Company Email | jygf@jyc.group | - The company's website and media for disclosing the semi-annual report, as well as the location for report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) During the reporting period, operating revenue increased by 59.05% year-on-year, but net profit attributable to shareholders turned into a loss, decreasing by 128.53% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,188,443,836.95 | 2,633,477,404.91 | 59.05% | | Net Profit Attributable to Shareholders of Listed Company | -49,596,929.73 | 173,825,799.40 | -128.53% | | Net Profit from Non-recurring Gains and Losses | -143,460,955.04 | -79,370,682.61 | -80.75% | | Net Cash Flow from Operating Activities | -87,824,447.42 | -492,829,198.66 | 82.18% | | Basic Earnings Per Share (RMB/share) | -0.0638 | 0.23 | -127.74% | | Diluted Earnings Per Share (RMB/share) | -0.0638 | 0.23 | -127.74% | | Weighted Average Return on Net Assets | -1.20% | 4.15% | -5.35% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,656,761,947.93 | 5,626,873,768.88 | 0.53% | | Net Assets Attributable to Shareholders of Listed Company | 4,111,643,212.69 | 4,161,887,438.48 | -1.21% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[25](index=25&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=9&type=section&id=六、非经常性损益项目及金额) Total non-recurring gains and losses amounted to 93.86 million RMB, primarily from government subsidies and capital occupation fees, with VAT refunds classified as recurring Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -169,434.81 | | | Government subsidies recognized in current profit or loss | 113,978,671.21 | Primarily government subsidies received by Jiangxi subsidiaries | | Capital occupation fees collected from non-financial enterprises recognized in current profit or loss | 10,921,386.27 | Primarily interest accrued from Zhejiang Huayue | | Other non-operating income and expenses apart from the above | -699,753.89 | | | Less: Income tax impact | 30,128,099.54 | | | Impact on minority interests (after tax) | 38,743.93 | | | Total | 93,864,025.31 | | - Value-added tax refunds of **72,240,883.84 RMB** were classified as recurring gains and losses because they are closely related to the company's normal operations and are continuously enjoyed according to certain standards[28](index=28&type=chunk) Part III Management Discussion and Analysis This section analyzes the company's business operations, industry trends, core competencies, financial performance, investment activities, and risk management strategies [I. Main Businesses Engaged in by the Company During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company's main businesses are environmental protection and new energy materials, with the latter expanding and the former optimizing its operating model [(I) Industry Development During the Reporting Period](index=10&type=section&id=%28一%29报告期内所属行业发展情况) The solid (hazardous) waste disposal industry faces overcapacity and declining profits, while the lithium resource sector benefits from strong demand and improving salt lake lithium extraction technology - In 2024, national general industrial solid waste generation was **4.47 billion tons**, a year-on-year increase of **4.44%**; comprehensive utilization was **2.65 billion tons**, an increase of approximately **3.11%**, with the comprehensive utilization rate rising from **55.4% in 2020 to 59.3% in 2024**[30](index=30&type=chunk) - As of the end of 2023, national hazardous waste centralized disposal capacity reached approximately **210 million tons per year**, while the total hazardous waste generation in 2024 was only **130 million tons**, indicating disposal capacity still far exceeds generation, with the industry transitioning from scale expansion to inventory optimization[33](index=33&type=chunk) - According to Minsheng Securities Research Institute, global lithium supply will increase by **352,000 tons LCE** to **1.743 million tons LCE** in 2025, an increase of **25%**[34](index=34&type=chunk) [(II) Main Businesses and Products Engaged in by the Company During the Reporting Period](index=12&type=section&id=%28二%29报告期内公司从事的主要业务及产品) The company's core businesses include solid (hazardous) waste disposal and resource utilization, alongside salt lake brine lithium extraction for lithium salt products - The company's main businesses are environmental protection and new energy materials, with the new energy materials industry continuously developing and the environmental protection industry further optimizing its operating model[40](index=40&type=chunk) - The new energy materials business primarily involves the extraction and refining of lithium salt products (including but not limited to crude lithium salt, industrial-grade, and battery-grade lithium carbonate) from upstream salt lake brine lithium ore[42](index=42&type=chunk) Main Business Segment Performance (Current Reporting Period) | Business Segment | Operating Revenue (RMB 10,000) | Net Profit Attributable to Parent (RMB 10,000) | Year-on-Year Change (Operating Revenue) | | :--- | :--- | :--- | :--- | | New Energy Materials | 1,639.66 | -2,459.91 | N/A | | Solid (Hazardous) Waste Resource Utilization | 409,795.06 | -81.02 | +61.06% | | Solid (Hazardous) Waste Harmless Disposal (excluding impact of deconsolidated companies) | 6,589.79 | -1,203.71 | +39.96% | [II. Analysis of Core Competencies](index=14&type=section&id=二、核心竞争力分析) The company's core competencies include efficient management, "internationally leading" electrochemical extraction technology for salt lake lithium, a strategic global lithium resource layout, and an experienced team with a strong corporate culture - The company fully leverages its flat organizational structure, rapid decision-making, and efficient execution as a private enterprise, continuously strengthening its refined management capabilities[49](index=49&type=chunk) - The electrochemical intercalation method technology used by the company in salt lake lithium extraction has been recognized by experts as reaching "international leading level," characterized by strong raw material adaptability, high lithium recovery rate, low processing cost, small investment, and quick returns[50](index=50&type=chunk) - The company's "Second Take-off" strategic goal is clear, having already deployed salt lake lithium mines in Tibet, China, and Argentina, South America, and actively expanding hard rock lithium resources in West Africa (Nigeria) and Southern Africa, gradually achieving a global lithium resource strategic layout[51](index=51&type=chunk) [III. Analysis of Main Business](index=14&type=section&id=三、主营业务分析) Operating revenue increased by 59.05% due to higher sales and prices from Jiangxi Huiying, but a larger increase in operating costs led to a decline in gross profit margin and a net loss Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,188,443,836.95 | 2,633,477,404.91 | 59.05% | Primarily due to significant growth in sales volume and prices of Jiangxi Huiying products compared to the previous period | | Operating Cost | 4,321,127,572.26 | 2,564,777,319.90 | 68.48% | Primarily due to increased raw material procurement volume and prices | | Administrative Expenses | 60,247,286.58 | 100,637,676.36 | -40.13% | Primarily due to deconsolidation of subsidiaries, reduced employee compensation, and depreciation reclassified to other operating costs | | Net Cash Flow from Operating Activities | -87,824,447.42 | -492,829,198.66 | 82.18% | Primarily due to a significant increase in inventory in the prior year period due to business scale expansion | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount for Current Reporting Period (RMB) | Proportion of Operating Revenue | Amount for Prior Year Period (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Environmental Protection Industry | 4,163,848,494.72 | 99.41% | 2,613,543,474.37 | 99.24% | 59.32% | | | New Energy Materials | 16,396,595.57 | 0.39% | N/A | N/A | N/A | | **By Product** | Solid (Hazardous) Waste Resource Utilization | 4,097,950,634.21 | 97.84% | 2,544,316,159.05 | 96.61% | 61.06% | | | Solid (Hazardous) Waste Harmless Disposal | 65,897,860.51 | 1.57% | 69,227,315.32 | 2.63% | -4.81% | | | Lithium Salt Products | 16,396,595.57 | 0.39% | N/A | N/A | N/A | | **By Region** | Jiangxi Province | 4,098,546,647.14 | 97.85% | 2,461,854,550.96 | 93.48% | 66.48% | [IV. Analysis of Non-Main Business](index=16&type=section&id=四、非主营业务分析) Non-main businesses significantly impacted total profit, with positive contributions from investment income and fair value changes, and negative impacts from asset impairment and non-operating expenses Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 12,298,707.23 | -17.58% | | No | | Gains and losses from changes in fair value | 1,817,146.27 | -2.60% | | No | | Asset Impairment | -32,422,543.19 | 46.36% | Primarily due to inventory impairment provisions | No | | Other Income | 186,182,569.12 | -266.20% | Primarily VAT refunds and government subsidies related to daily operating activities | Yes | [V. Analysis of Assets and Liabilities](index=16&type=section&id=五、资产及负债状况分析) Total assets slightly increased, while net assets attributable to shareholders slightly decreased, with notable changes in cash, inventory, contract liabilities, and other receivables Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 262,652,151.99 | 4.64% | 125,905,620.71 | 2.24% | 2.40% | | | Inventory | 1,009,758,519.31 | 17.85% | 941,809,253.23 | 16.74% | 1.11% | | | Contract Liabilities | 332,578,403.62 | 5.88% | 183,456,804.86 | 3.26% | 2.62% | Primarily due to increased advance receipts for goods from Jiangxi Huiying | | Other Receivables | 346,094,066.19 | 6.12% | 608,141,689.72 | 10.81% | -4.69% | Primarily due to partial repayment of debts by Zhejiang Huayue | - The company's financial assets and liabilities measured at fair value totaled **81,010,767.95 RMB** during the reporting period, including **2,137,019.36 RMB** in trading financial assets and **77,103,975.73 RMB** in other equity instrument investments[62](index=62&type=chunk) - As of the end of the period, **5,025,188.59 RMB** in cash and cash equivalents were frozen due to litigation, classified as restricted assets[63](index=63&type=chunk) [VI. Analysis of Investment Status](index=17&type=section&id=六、投资状况分析) Total investment decreased significantly by 73.54% year-on-year, with the major non-equity investment in the Geji County Baqiancuo Salt Lake Boron-Lithium Mine project progressing but not yet generating returns Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment amount during the reporting period | 16,495,641.99 | | Investment amount in the prior year period | 62,350,456.95 | | Change Percentage | -73.54% | Major Non-Equity Investment Status | Project Name | Investment Method | Industry Involved in Investment | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Geji County Baqiancuo Salt Lake Boron-Lithium Mine Resource Comprehensive Utilization Project | Self-built | New Energy Materials | 6,695,436.19 | 710,713,848.65 | 80.85% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [VII. Major Asset and Equity Sales](index=18&type=section&id=七、重大资产和股权出售) The company did not sell any major assets during the reporting period, but previously sold 100% equity of Qinghai Huzhu Jinyuan Cement Co., Ltd. in 2022 to optimize its industrial structure - The company did not sell any major assets during the reporting period[70](index=70&type=chunk) Major Equity Sale Status | Equity Sold | Sale Date | Transaction Price (RMB 10,000) | Impact of Sale on the Company | | :--- | :--- | :--- | :--- | | 100.00% equity of Qinghai Huzhu Jinyuan Cement Co., Ltd. (including its controlled subsidiaries) | July 11, 2022 | 172,440 | After the transaction, the company will adjust its industrial structure and optimize its asset structure, focusing on the new energy materials industry and low-carbon environmental protection industry. This transaction will help the company maintain good sustainable operating capabilities and effectively improve its asset condition | [VIII. Analysis of Major Holding and Participating Companies](index=20&type=section&id=八、主要控股参股公司分析) Key subsidiaries include Jiangxi Huiying, which generated 4.098 billion RMB in revenue from solid (hazardous) waste resource utilization, and Geji Lithium, which contributed 16.40 million RMB in new energy materials revenue but reported a net loss Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Huiying | Subsidiary | Resource utilization and harmless disposal of solid (hazardous) waste | 250,000,000 | 1,823,957,715.69 | 117,767,552.07 | 4,098,006,647.14 | 21,129,422.08 | | Jiangxi Xinjinye | Subsidiary | Resource utilization and harmless disposal of solid (hazardous) waste | 220,000,000 | 759,803,043.11 | 164,591,275.45 | 590,000.00 | -13,241,738.49 | | Geji Lithium | Subsidiary | New Energy Materials | 100,000,000 | 897,821,720.17 | -54,232,051.83 | 16,404,643.80 | -34,934,238.58 | | Beijing Jinyuan | Subsidiary | New Energy Materials | 10,000,000 | 6,030,207.37 | -9,373,572.37 | 0.00 | -7,979,968.24 | - The company did not acquire or dispose of any subsidiaries during the reporting period[75](index=75&type=chunk) [IX. Structured Entities Controlled by the Company](index=20&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[76](index=76&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=20&type=section&id=十、公司面临的风险和应对措施) The company faces risks from macroeconomic changes, project underperformance, overseas investments, industry competition, metal price volatility, and exchange rate fluctuations, with corresponding mitigation strategies in place - **Risks of macroeconomic environment and industrial policy changes**: The lithium industry market is influenced by lithium resources, competitive landscape, terminal demand, technological development, government policies, and global economic conditions. **Countermeasures**: Closely monitor domestic and international economic and policy situations, adjust operating decisions, and enhance market competitiveness and risk resistance capabilities[76](index=76&type=chunk) - **Risks of new projects falling short of expectations**: New energy material projects have long construction cycles, high investment, and technical difficulties, potentially failing to achieve expected benefits due to macroeconomic, industry policy, market environment changes, or subjective/objective factors during construction. **Countermeasures**: Establish detailed project management systems, clarify responsibilities, daily progress checks, collaborative departmental review and judgment, and timely problem resolution[77](index=77&type=chunk) - **Overseas investment risks**: Deploying salt lake lithium mines in Argentina and exploring more international projects in the future, facing risks such as laws and regulations, business environment, cultural differences, policy changes, political and economic instability, and intellectual property protection. **Countermeasures**: Closely monitor economic environment and political situations, comply with local policies and regulations, conduct regular risk identification and assessment, timely adjust strategies, prudently select investment targets and partners, and introduce high-level talent[78](index=78&type=chunk) - **Risks of intensified competition in the environmental protection industry**: The solid (hazardous) waste disposal industry faces overcapacity, declining disposal volumes, and falling gross profit margins; the resource utilization industry faces rising raw material prices and limited profit margins; entry of central and state-owned enterprises intensifies competition. **Countermeasures**: Strengthen management of existing solid (hazardous) waste resource utilization businesses, improve production efficiency and capacity utilization, divest inefficient assets, and explore new material fields[79](index=79&type=chunk) - **Risks of non-ferrous metal price fluctuations**: The main products of the resource utilization business are electrolytic copper and gold-containing materials, whose prices are affected by economic environment, supply and demand, inflation, USD trends, wars, and unrest. **Countermeasures**: Continuously monitor macroeconomic and political environments, analyze non-ferrous metal price trends, formulate marketing strategies, and use financial instruments to hedge against price fluctuation risks[81](index=81&type=chunk) - **Exchange rate fluctuation risks**: Increased overseas project investment and operation intensity means exchange rate fluctuations may increase RMB costs or reduce RMB revenues, affecting profit margins and the value of foreign currency-denominated assets and liabilities. **Countermeasures**: Actively improve foreign exchange fund utilization efficiency, reasonably reduce financial expenses, continuously monitor exchange rate trends, and adopt foreign exchange hedging measures[82](index=82&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[83](index=83&type=chunk) - The company has not disclosed a valuation enhancement plan[83](index=83&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=22&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[83](index=83&type=chunk) Part IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, Fang Guangquan resigned from multiple positions, while Huang Bo and Yang Xiaofen were appointed to new senior management and board roles Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fang Guangquan | Director | Resignation | January 10, 2025 | Personal reasons | | Fang Guangquan | Deputy General Manager, Board Secretary | Dismissal | January 10, 2025 | Personal reasons | | Fang Guangquan | Chief Accountant, Head of Finance | Dismissal | March 26, 2025 | Personal reasons | | Huang Bo | Chief Accountant, Head of Finance | Appointment | March 27, 2025 | Job transfer | | Huang Bo | Deputy General Manager, Board Secretary | Appointment | April 23, 2025 | Job transfer | | Huang Bo | Director | Elected | May 15, 2025 | Job transfer | | Yang Rihong | Deputy General Manager | Appointment | April 23, 2025 | Job transfer | [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=23&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[86](index=86&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[87](index=87&type=chunk) [IV. Environmental Information Disclosure](index=23&type=section&id=四、环境信息披露情况) The company and its seven major subsidiaries are listed as legally required environmental information disclosure enterprises, with public access to their reports - The listed company and its major subsidiaries, totaling **7 entities**, are included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jiangxi Huiying Environmental Protection Technology Co., Ltd. | http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information | | 2 | Qinghai Gelvxin Environmental Protection Technology Co., Ltd. | http://125.72.26.66:8074/idp-province//home | | 3 | Heyuan Jinyuan Environmental Protection Technology Co., Ltd. | https://www.app.gdeei.cn/gdeepub/front/dal/report/list | | 4 | Kuluqi Jinyuan Dongmeng Environmental Protection Technology Co., Ltd. | http://111.56.142.62:40010/cas/login?pagePublishTicket=a5a7eb4fc8c741f0bca2ea78de4bca68 | | 5 | Ankang Jinyuan Xuanlong Environmental Protection Technology Co., Ltd. | http://113.140.66.227:11077//noLogin/index | | 6 | Guannan Jinyuan Environmental Protection Technology Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchivewebapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchivewebapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 7 | Sichuan Tianyuanda Environmental Protection Technology Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprisesearch | [V. Social Responsibility](index=24&type=section&id=五、社会责任情况) The company maintains sound corporate governance, engages with investors, protects employee and stakeholder rights, adheres to environmental regulations, and actively participates in social welfare - The company has established a standardized corporate governance structure, forming scientific and effective corporate governance systems and work processes to ensure good communication and director performance[89](index=89&type=chunk) - The company maintains close communication with investors through various channels, including investor hotlines, email exchanges, and the SZSE Listed Company Cloud Service Platform[90](index=90&type=chunk) - The company strictly complies with regulations such as the "Labor Law" and "Labor Contract Law," safeguarding employees' legitimate rights and interests and providing a good working and living environment[91](index=91&type=chunk) - The company strictly implements environmental protection laws and regulations, strengthens environmental management, lawfully practices clean production, ensures stable and compliant discharge of wastewater, exhaust gas, and waste residue, and has committed no environmental violations[92](index=92&type=chunk) - Subsidiary Geji Lithium donated **10,000 RMB** to local Children's Day activities, actively fulfilling its social welfare responsibilities[93](index=93&type=chunk) Part V Significant Matters This section covers the fulfillment of commitments, related party transactions, external guarantees, auditor appointments, litigation, penalties, and other major corporate events [I. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=25&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) Actual controller Zhao Hui's commitments regarding competition, related party transactions, and independence were fulfilled, and the company has no overdue unfulfilled commitments - Zhao Hui's commitments regarding horizontal competition, related party transactions, fund occupation, independence, and social security were fulfilled on May 21, 2025, as he is no longer the company's actual controller[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company has no overdue unfulfilled commitments[98](index=98&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company](index=28&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[99](index=99&type=chunk) [III. Irregular External Guarantees](index=28&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[100](index=100&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=28&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[101](index=101&type=chunk) [V. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period](index=28&type=section&id=五、董事会、监事会对会计师事务所本报告期“非标准审计报告”的说明) The company's Board of Directors and Supervisory Board provided no explanations regarding a "non-standard audit report" for the current period - The company's Board of Directors and Supervisory Board provided no explanations regarding the accounting firm's "non-standard audit report" for the current reporting period[102](index=102&type=chunk) [VI. Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=29&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) The company's Board of Directors provided no explanations regarding the "non-standard audit report" for the prior year - The company's Board of Directors provided no explanations regarding matters related to the "non-standard audit report" for the prior year[103](index=103&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=29&type=section&id=七、破产重整相关事项) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[103](index=103&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=八、诉讼事项) The company had no major litigation or arbitration matters, but several minor cases with no significant impact on operations - The company had no major litigation or arbitration matters during this reporting period[104](index=104&type=chunk) Summary of Other Litigation Matters | Type of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision for Liabilities was Formed | Litigation (Arbitration) Progress | Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of litigation (arbitration) where the company or its subsidiaries are plaintiffs, not meeting major litigation disclosure standards and not yet judged (ruled) | 32.59 | No | Progressing according to litigation (arbitration) procedures | No significant impact on the company's production and operations | | Summary of litigation (arbitration) where the company or its subsidiaries are plaintiffs, not meeting major litigation disclosure standards and already judged (ruled) | 3,506.65 | No | Judged (ruled) | No significant impact on the company's production and operations | | Summary of litigation (arbitration) where the company or its subsidiaries are defendants, not meeting major litigation disclosure standards and not yet judged (ruled) | 4,948.10 | No | Progressing according to litigation (arbitration) procedures | No significant impact on the company's production and operations | | Summary of litigation (arbitration) where the company or its subsidiaries are defendants, not meeting major litigation disclosure standards and already judged (ruled) | 7,493.57 | No | Judged (ruled) | No significant impact on the company's production and operations | [IX. Penalties and Rectification](index=29&type=section&id=九、处罚及整改情况) The company, Zhao Hui, and Fang Guangquan received administrative penalties and disciplinary actions for failing to timely disclose non-operating fund occupation by related parties - Jinyuan Shares, Zhao Hui, and Fang Guangquan were warned and fined by the Jilin Regulatory Bureau of the China Securities Regulatory Commission for failing to timely disclose non-operating fund occupation by related parties, with Jinyuan Shares fined **1 million RMB**, Zhao Hui **1.5 million RMB**, and Fang Guangquan **400,000 RMB**[106](index=106&type=chunk) - Zhao Hui and Fang Guangquan received warning letters from the China Securities Regulatory Commission for the aforementioned actions and were recorded in the securities and futures market integrity archives[106](index=106&type=chunk) - Jinyuan Shares, Jinyuan Holdings, Zhao Hui, and Fang Guangquan received public condemnation or circulated criticism from the Shenzhen Stock Exchange for non-operating fund occupation by the controlling shareholder (cumulative occupied amount of **406.6 million RMB**)[106](index=106&type=chunk)[107](index=107&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or overdue large debts[108](index=108&type=chunk) [XI. Significant Related Party Transactions](index=31&type=section&id=十一、重大关联交易) The company reported no significant related party transactions concerning daily operations, asset/equity acquisitions or disposals, joint external investments, or related party debt/credit during the reporting period - The company reported no related party transactions related to daily operations during the reporting period[109](index=109&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[110](index=110&type=chunk) - The company reported no related party debt or credit transactions during the reporting period[112](index=112&type=chunk) [XII. Significant Contracts and Their Performance](index=32&type=section&id=十二、重大合同及其履行情况) The company has entrusted management of subsidiary businesses to related parties and provided a 260 million RMB guarantee for Jiangxi Huiying, which has been fulfilled - Jinyuan Environmental Protection Co., Ltd. entrusted Qinghai Hongyang Cement Co., Ltd. to manage the business and daily affairs of Golmud Hongyang Environmental Protection Technology Co., Ltd[116](index=116&type=chunk) - Lishui Jinyuan Environmental Protection Co., Ltd. entrusted Heyuan Jinjie Environmental Protection Building Materials Co., Ltd. to manage the business and daily affairs of Heyuan Jinyuan Environmental Protection Technology Co., Ltd[116](index=116&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Huiying | 26,000 | 6,000 | 5 years | Yes | - The company had no entrusted wealth management or other significant contracts during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk) [XIII. Explanation of Other Significant Matters](index=34&type=section&id=十三、其他重大事项的说明) The company completed the cancellation of repurchased shares, reducing its total share capital, and the actual controller changed from Zhao Baisheng and Zhao Hui to Zhao Baisheng due to a divorce agreement - The company cancelled **1,133,700 repurchased shares**, reducing its total share capital from **778,781,962 shares to 777,648,262 shares**, with the registered capital changing accordingly to **777,648,262 RMB**[124](index=124&type=chunk) - According to the "Divorce Agreement" signed by Mr. Zhao Hui and Ms. Pan Ying, Mr. Zhao Hui's **66,137,566 shares** in the company (accounting for **8.505%** of the total share capital) and **7.67%** equity in Jinyuan Holdings were transferred to Ms. Pan Ying[125](index=125&type=chunk) - Upon completion of this equity change, Mr. Zhao Hui will no longer hold company shares or Jinyuan Holdings equity, and will cease to be the company's actual controller. The company's actual controller will change from Mr. Zhao Baisheng and Mr. Zhao Hui to Mr. Zhao Baisheng[125](index=125&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=34&type=section&id=十四、公司子公司重大事项) Subsidiaries Jinyuan Bay and Jiangxi Xinjinye need to pay back taxes totaling 7.18 million RMB, a subsidiary acquired 100% equity of CGL Mining Development Co. Limited with lithium exploration permits in Nigeria, and Jiangxi Huiying received significant government subsidies - Company subsidiaries Jinyuan Bay and Jiangxi Xinjinye are required to pay back taxes totaling **7,178,121.12 RMB**, which will be recognized in the 2025 current profit or loss[126](index=126&type=chunk) - A company subsidiary acquired **100% equity of CGL MINING DEVELOPMENT CO.LIMITED**, which holds **2 lithium-niobium-tantalum exploration permits** in Nigeria, covering a total area of approximately **61.6 square kilometers**[127](index=127&type=chunk) - Company subsidiary Jiangxi Huiying received government subsidies totaling **61.83 million RMB**, with several subsidies exceeding **10%** of the company's net profit attributable to shareholders in the most recent audited fiscal year[127](index=127&type=chunk) Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in controlling shareholder and actual controller [I. Share Change Status](index=36&type=section&id=一、股份变动情况) The company's total share capital decreased by 1,133,700 shares due to the cancellation of repurchased shares, primarily affecting unrestricted shares Share Change Status | Share Type | Number of Shares Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number of Shares After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,943,056 | 10.39% | 0 | 80,943,056 | 10.41% | | II. Unrestricted Shares | 697,838,906 | 89.61% | -1,133,700 | 696,705,206 | 89.59% | | III. Total Shares | 778,781,962 | 100.00% | -1,133,700 | 777,648,262 | 100.00% | - The company completed the cancellation of **1,133,700 repurchased shares** on March 10, 2025, resulting in a reduction in total share capital[130](index=130&type=chunk) [II. Securities Issuance and Listing Status](index=37&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[131](index=131&type=chunk) [III. Number of Shareholders and Shareholding Status](index=37&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, there were 52,105 common shareholders, with Jinyuan Holdings Group Co., Ltd. as the largest shareholder (29.82% stake, high pledge ratio), and Ms. Pan Ying becoming the second largest shareholder (8.50% stake, also pledged) - As of the end of the reporting period, the total number of common shareholders was **52,105**[132](index=132&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinyuan Holdings Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 29.82% | 231,907,628 | 0 | 231,907,628 | Pledged | 161,080,000 | | Pan Ying | Domestic Natural Person | 8.50% | 66,137,566 | 66,137,566 | 0 | Pledged | 59,900,000 | | Qiu Yongping | Domestic Natural Person | 2.52% | 19,564,654 | 14,673,490 | 4,891,164 | Pledged | 15,000,000 | | Xu Hua | Domestic Natural Person | 1.32% | 10,242,456 | 0 | 10,242,456 | N/A | 0 | | Du Yanzhang | Overseas Natural Person | 1.00% | 7,777,300 | 0 | 7,777,300 | Pledged | 7,000,000 | - Jinyuan Holdings is the controlling shareholder of Kaiyuan Asset, and Jinyuan Holdings and Kaiyuan Asset are parties acting in concert[133](index=133&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=39&type=section&id=四、董事、监事和高级管理人员持股变动) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[135](index=135&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=39&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder remained unchanged, but the actual controller changed from Zhao Baisheng and Zhao Hui to Zhao Baisheng on May 21, 2025 - The company's controlling shareholder remained unchanged during the reporting period[136](index=136&type=chunk) Changes in Actual Controller | Item | Content | | :--- | :--- | | Name of Original Actual Controller | Zhao Baisheng, Zhao Hui | | Name of New Actual Controller | Zhao Baisheng | | Change Date | May 21, 2025 | | Disclosure Date on Designated Website | May 22, 2025 | [VI. Preferred Share Information](index=39&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[137](index=137&type=chunk) Part VII Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[139](index=139&type=chunk) Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items [I. Audit Report](index=40&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[141](index=141&type=chunk) [II. Financial Statements](index=40&type=section&id=二、财务报表) This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [1. Consolidated Balance Sheet](index=40&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets slightly increased to 5.66 billion RMB, with significant changes in cash, other receivables, and contract liabilities Major Items of Consolidated Balance Sheet (End of Period vs. Beginning of Period) | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 262,652,151.99 | 125,905,620.71 | | Other Receivables | 346,094,066.19 | 608,141,689.72 | | Inventory | 1,009,758,519.31 | 941,809,253.23 | | Total Assets | 5,656,761,947.93 | 5,626,873,768.88 | | Contract Liabilities | 332,578,403.62 | 183,456,804.86 | | Non-current Liabilities Due Within One Year | 528,336.58 | 60,519,579.43 | | Total Liabilities | 1,119,814,652.99 | 1,019,801,419.75 | | Total Equity Attributable to Owners of the Parent Company | 4,111,643,212.69 | 4,161,887,438.48 | [2. Parent Company Balance Sheet](index=42&type=section&id=2、母公司资产负债表) As of June 30, 2025, parent company total assets increased to 5.09 billion RMB, with a significant rise in cash and other payables, while other receivables remained high Major Items of Parent Company Balance Sheet (End of Period vs. Beginning of Period) | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 217,658,863.54 | 28,746,069.74 | | Other Receivables | 3,944,128,716.43 | 3,939,345,125.82 | | Total Assets | 5,088,809,089.37 | 4,895,161,646.74 | | Other Payables | 300,161,097.28 | 98,376,741.90 | | Total Current Liabilities | 340,881,951.53 | 144,684,333.51 | | Total Owners' Equity | 4,747,927,137.84 | 4,750,477,313.23 | [3. Consolidated Income Statement](index=44&type=section&id=3、合并利润表) Consolidated operating revenue increased by 59.05% year-on-year, but a larger increase in operating costs resulted in a shift from operating profit to loss, with net profit attributable to parent company shareholders decreasing by 128.53% to -49.60 million RMB Major Items of Consolidated Income Statement (Current Period vs. Prior Period) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 4,188,443,836.95 | 2,633,477,404.91 | | Total Operating Cost | 4,419,073,540.11 | 2,680,448,322.24 | | Operating Profit | -69,238,700.79 | 172,161,167.15 | | Total Profit | -69,942,029.48 | 170,946,764.11 | | Net Profit | -69,008,076.81 | 156,435,101.86 | | Net Profit Attributable to Shareholders of the Parent Company | -49,596,929.73 | 173,825,799.40 | | Basic Earnings Per Share (RMB/share) | -0.0638 | 0.23 | [4. Parent Company Income Statement](index=46&type=section&id=4、母公司利润表) Parent company operating revenue slightly increased, but operating profit and net profit remained negative, with net loss significantly narrowed to -2.55 million RMB Major Items of Parent Company Income Statement (2025 Semi-Annual vs. 2024 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Operating Revenue | 5,265,831.50 | 4,854,470.71 | | Operating Profit | -2,550,175.39 | -43,981,272.91 | | Total Profit | -2,550,175.39 | -43,982,436.81 | | Net Profit | -2,550,175.39 | -45,907,169.50 | [5. Consolidated Cash Flow Statement](index=48&type=section&id=5、合并现金流量表) Net cash flow from operating activities significantly improved to -87.82 million RMB, while net cash flow from investing activities decreased due to reduced proceeds from the disposal of Huzhu Jinyuan equity Major Items of Consolidated Cash Flow Statement (Current Period vs. Prior Period) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -87,824,447.42 | -492,829,198.66 | | Net Cash Flow from Investing Activities | 283,761,626.21 | 1,097,281,163.31 | | Net Cash Flow from Financing Activities | -61,126,022.22 | -466,886,961.13 | | Net Increase in Cash and Cash Equivalents | 134,715,032.22 | 137,585,403.26 | [6. Parent Company Cash Flow Statement](index=49&type=section&id=6、母公司现金流量表) Parent company net cash flow from operating activities turned positive at 189.25 million RMB, while investing and financing activities showed minor net outflows Major Items of Parent Company Cash Flow Statement (Current Period vs. Prior Period) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 189,253,508.62 | -217,304,670.52 | | Net Cash Flow from Investing Activities | -32,325.93 | 525,029,600.35 | | Net Cash Flow from Financing Activities | -308,388.89 | -153,151,388.87 | | Net Increase in Cash and Cash Equivalents | 188,912,793.80 | 154,573,540.96 | [7. Consolidated Statement of Changes in Owners' Equity](index=50&type=section&id=7、合并所有者权益变动表) Consolidated owners' equity decreased by 70.13 million RMB, primarily due to net loss attributable to parent company owners and minority interests, alongside a reduction in share capital from repurchased share cancellation Consolidated Statement of Changes in Owners' Equity (Current Period) | Item | Share Capital (RMB) | Capital Reserve (RMB) | Less: Treasury Stock (RMB) | Other Comprehensive Income (RMB) | Retained Earnings (RMB) | Total Equity Attributable to Owners of the Parent Company (RMB) | Minority Interests (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Beginning of Period | 778,781,962.00 | 1,986,557,646.84 | 18,087,967.36 | 4,356,804.11 | 1,193,177,272.98 | 4,161,887,438.48 | 445,184,910.65 | 4,607,072,349.13 | | Amount of Increase/Decrease in Current Period | -1,133,700.00 | -16,954,267.36 | -18,087,967.36 | -647,296.06 | -49,596,929.73 | -50,244,225.79 | -19,880,828.40 | -70,125,054.19 | | Balance at End of Period | 777,648,262.00 | 1,969,603,379.48 | 0.00 | 3,709,508.05 | 1,143,580,343.25 | 4,111,643,212.69 | 425,304,082.25 | 4,536,947,294.94 | [8. Parent Company Statement of Changes in Owners' Equity](index=54&type=section&id=8、母公司所有者权益变动表) Parent company owners' equity decreased by 2.55 million RMB, primarily due to net loss, with share capital and capital reserves reduced by repurchased share cancellation Parent Company Statement of Changes in Owners' Equity (Current Period) | Item | Share Capital (RMB) | Capital Reserve (RMB) | Less: Treasury Stock (RMB) | Retained Earnings (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Beginning of Period | 778,781,962.00 | 3,026,493,289.30 | 18,087,967.36 | 784,313,367.86 | 4,750,477,313.23 | | Amount of Increase/Decrease in Current Period | -1,133,700.00 | -16,954,267.36 | -18,087,967.36 | -2,550,175.39 | -2,550,175.39 | | Balance at End of Period | 777,648,262.00 | 3,009,539,021.94 | 0.00 | 781,763,192.47 | 4,747,927,137.84 | [III. Company Basic Information](index=58&type=section&id=三、公司基本情况) Jinyuan Environmental Protection Co., Ltd., listed on SZSE since 1993, is controlled by Jinyuan Holdings and Zhao Baisheng, with main businesses in salt lake lithium extraction and solid (hazardous) waste services - Jinyuan Environmental Protection Co., Ltd. was listed and traded on the Shenzhen Stock Exchange on December 15, 1993[176](index=176&type=chunk) - The current controlling shareholder is Jinyuan Holdings Group Co., Ltd., and the actual controller is Zhao Baisheng[176](index=176&type=chunk) - As of June 30, 2025, the company's total share capital was **777,648,262.00 shares**[176](index=176&type=chunk) - The company's main businesses include upstream salt lake brine lithium ore extraction and refining, and providing harmless disposal and resource utilization services for solid (hazardous) waste to waste-generating enterprises[176](index=176&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis, adhering to Chinese Accounting Standards and CSRC disclosure regulations, with no significant doubts about going concern within 12 months - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"[177](index=177&type=chunk) - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period[178](index=178&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=58&type=section&id=五、重要会计政策及会计估计) This section details 42 significant accounting policies and estimates, including revenue recognition, financial instruments, and inventory, ensuring compliance with accounting standards and reflecting the company's financial position - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[179](index=179&type=chunk) - The company uses the transfer of control as the judgment criterion for revenue recognition, recognizing revenue when the performance obligations in the contract are fulfilled, i.e., when the customer obtains control of the relevant goods[292](index=292&type=chunk) - In applying accounting policies, the company needs to make judgments, estimates, and assumptions about the carrying amounts of financial statement items that cannot be measured accurately, which affect the reported amounts of income, expenses, assets, and liabilities, as well as the disclosure of contingent liabilities at the balance sheet date[323](index=323&type=chunk) [VI. Taxation](index=86&type=section&id=六、税项) This section outlines the company's main tax categories and rates, including VAT and corporate income tax, and details various tax incentives enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added generated during the sale of goods or provision of taxable services | 13%、9%、6%、3%、1% | | Corporate Income Tax | Calculated based on taxable income | 25%、16.5%、15%、12.5%、9%、8.25%、5% | - Subsidiaries Jiangxi Xinjinye, Tianhuilongyuan, Kuluqi Jinyuan, and Gelvxin enjoy VAT "immediate refund upon collection" policies; Jiangxi Xinjinye enjoys a **100% VAT "immediate refund upon collection"** for self-produced and self-sold platinum, while gold and gold ore are exempt from VAT[335](index=335&type=chunk)[336](index=336&type=chunk) - Gelvxin, Xizang Jinzangyuan, and Ali Liyuan enjoy a **15% corporate income tax rate** under the Western Development policy; Ankang Jinyuan, Tianhuilongyuan, Tianyuanda, and Kuluqi Jinyuan enjoy a "three-year exemption, three-year half reduction" policy for environmental protection projects' corporate income tax; Lishui Jinyuan enjoys exemption from the local retained portion of corporate income tax; Geji Lithium and Geji Jinyuan enjoy a **9% tax rate**; Zhejiang Jinyuan and Beijing Jinyuan apply a **5% small and micro enterprise corporate income tax rate**[336](index=336&type=chunk)[337](index=337&type=chunk)[338](index=338&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=87&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on consolidated financial statement items, including cash, receivables, inventory, fixed assets, intangible assets, and equity, explaining period-end balances, beginning balances, and significant changes Period-End Balances of Major Consolidated Financial Statement Items | Item | Balance at End of Period (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 262,652,151.99 | | Accounts Receivable | 145,418,811.28 | | Inventory | 1,009,758,519.31 | | Fixed Assets | 1,253,224,319.22 | | Intangible Assets | 1,501,067,048.86 | | Short-term Borrowings | 31,078,437.78 | | Accounts Payable | 471,680,466.47 | | Contract Liabilities | 332,578,403.62 | | Share Capital | 777,648,262.00 | | Retained Earnings | 1,143,580,343.25 | - Due to the cancellation of repurchased shares, the company's share capital decreased by **1,133,700 shares**, capital reserve (share premium) decreased by **16,954,267.36 RMB**, and treasury stock decreased by **18,087,967.36 RMB**[485](index=485&type=chunk)[487](index=487&type=chunk) [VIII. Research and Development Expenses](index=120&type=section&id=八、研发支出) Total R&D expenses for the period were 1.05 million RMB, a 34.06% year-on-year decrease, entirely expensed, primarily comprising employee compensation, direct materials, and depreciation R&D Expenses | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Direct Materials | 426,422.34 | 0.00 | | Employee Compensation | 568,183.95 | 1,545,083.40 | | Depreciation and Amortization | 56,138.58 | 48,495.58 | | Total | 1,050,744.87 | 1,593,578.98 | | Of which: Expensed R&D | 1,050,744.87 | 1,593,578.98 | [IX. Changes in Consolidation Scope](index=120&type=section&id=九、合并范围的变更) The company had no transactions or events resulting in loss of control over subsidiaries or step-by-step disposal of investments in subsidiaries during the reporting period - There were no transactions or events resulting in the loss of control over subsidiaries during this period[554](index=554&type=chunk) - There were no situations involving the step-by-step disposal of investments in subsidiaries leading to loss of control during this period[554](index=554&type=chunk) [X. Interests in Other Entities](index=120&type=section&id=十、在其他主体中的权益) The company holds interests in various wholly-owned and controlled subsidiaries, with Ali Liyuan being a significant non-wholly-owned subsidiary with a 34.00% minority interest Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (RMB) | Business Nature | Shareholding Percentage (Direct) | Shareholding Percentage (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Lishui Jinyuan | 200,000,000.00 | Manufacturing | 100.00% | | Directly established | | Jinyuan New Materials | 450,000,000.00 | Manufacturing | 100.00% | | Directly established | | Jiangxi Xinjinye | 220,000,000.00 | Manufacturing | | 100.00% | Business combination not under common control | | Ali Liyuan | 53,000,000.00 | Manufacturing | | 66.00% | Business combination not under common control | | Jiangxi Huiying | 250,000,000.00 | Manufacturing | | 100.00% | Business combination not under common control | Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit or Loss Attributable to Minority Shareholders for Current Period (RMB) | Minority Interests Balance at End of Period (RMB) | | :--- | :--- | :--- | :--- | | Ali Liyuan (Consolidated) | 34.00% | -16,435,544.72 | 389,945,478.54 | Summary Financial Information of Insignificant Associates | Item | Balance at End of Period/Amount for Current Period (RMB) | | :--- | :--- | | Total Carrying Amount of Investments | 39,335,176.66 | | --Net Profit | -74,429.81 | | --Total Comprehensive Income | -74,429.81 | [XI. Government Grants](index=121&type=section&id=十一、政府补助) The company had no government grants recognized as receivables, with deferred income of 7.24 million RMB related to assets, and 113.98 million RMB in government grants recognized in current profit or loss - As of the end of the reporting period, the company had no government grants recognized as receivables[563](index=563&type=chunk) Liability Items Related to Government Grants | Accounting Account | Balance at Beginning of Period (RMB) | Amount Recognized in Other Income for Current Period (RMB) | Balance at End of Period (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,568,373.85 | 328,282.50 | 7,240,091.35 | Related to assets | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 113,941,685.28 | 61,318,938.73 | | Non-operating Income | 36,985.93 | 93,931.84 | | Total | 113,978,671.21 | 61,412,870.57 | [XII. Risks Related to Financial Instruments](index=122&type=section&id=十二、与金融工具相关的风险)

Group 1 - The company Jin Yuan Co., Ltd. announced on August 27 that its subsidiary, Jiangxi Huiying Environmental Technology Co., Ltd., received a government subsidy of 12.27 million yuan, which accounts for 30.9% of the company's audited net profit attributable to shareholders for the most recent fiscal year [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

证券代码：000546 证券简称：金圆股份 公告编号：2025-054 号 金圆环保股份有限公司 关于获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、获取补助的基本情况 公司子公司江西汇盈环保科技有限公司（以下简称"江西汇盈"）近日收到 与收益相关的政府补助款 1,227 万元，占公司最近一个会计年度经审计归属于上 市公司股东净利润的 30.90%。 上述政府补助与公司日常经营活动有关，公司已根据《企业会计准则第 16 号——政府补助》的规定将此项补助确认为当期收益。 2、补助的确认与计量 根据《企业会计准则第 16 号—政府补助》等有关规定，与收益相关的政府 补助，用于补偿本公司以后期间的相关成本费用或损失的，确认为递延收益，并 在确认相关成本费用或损失的期间，计入当期损益（与本公司日常活动相关的， 计入其他收益；与本公司日常活动无关的，计入营业外收入）或冲减相关成本费 用或损失；用于补偿本公司已发生的相关成本费用或损失的，直接计入当期损益 （与本公司日常活动相关的，计入其他收益；与本公司日常活动无关的，计入营 业外收入）或冲减相关成 ...

截至本公告披露日，潘颖女士所持股份质押情况如下： 证券代码：000546 证券简称：金圆股份 公告编号：2025-055 号 金圆环保股份有限公司 关于持股 5%以上的股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 金圆环保股份有限公司（以下简称"公司"、"上市公司"）近日接到持股 5%以上的股东潘颖女士函告，获悉潘颖女士将其持有的部分公司股份办理了解除 质押业务，具体事项如下： | 股东 | 是否为控 股股东或 | 本次解除质 | 占其所 | 占公司总 | 质押开始 | 解除质押 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | 押股份数量 | 持股份 | 股本比例 | 日期 | 日期 | 质权人 | | | 东及其一 | （股） | 比例 | | | | | | | 致行动人 | | | | | | | | 潘颖 | 否 | 26,650,000 | 40.29% | 3.43% | 2025 年 5 月 27 日 | 2025 年 8 月 2 ...

Group 1 - The latest stock price of Jinyuan Co. is 5.42 yuan, with an increase of 0.02 yuan compared to the previous trading day [1] - The stock experienced a rapid rise, reaching 5.51 yuan at 13:02, with a more than 2% increase within 5 minutes and a transaction amount of 1.27 billion yuan [1] - The company's main business involves environmental protection and lithium mining sectors [1] Group 2 - On the same day, the net outflow of main funds was 2.41 million yuan, while the cumulative net inflow of main funds over the past five days was 20.05 million yuan [1]

证券日报网讯金圆股份（000546）8月11日在互动平台回答投资者提问时表示，公司捌千错盐湖提锂项 目处于试生产阶段，海外阿根廷卡罗盐湖锂矿项目已完成了3个钻井的勘探工作，同时公司积极寻找非 洲地区锂矿资源，开展项目筛选评价。后续项目的进展情况，公司将严格遵循信息披露规定，及时履行 信息披露义务。 ...

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed company secretaries in 2024, averaging 754,300 yuan per year [1] - The average salary for company secretaries in the environmental governance sector is approximately 643,400 yuan, with the highest salary being 1.5239 million yuan and the lowest at 135,500 yuan [1] Salary Trends - The average salary for company secretaries in 2024 decreased by 16,300 yuan compared to 2023, representing a decline of 4% [3] - The distribution of salaries shows that the majority (49%) of company secretaries earn between 500,000 and 1 million yuan [1] Age and Education Distribution - The average age of company secretaries is approximately 44.29 years, with the majority (49%) aged between 40 and 49 [3] - Educational qualifications show that there are 2 PhDs, 38 Master's degrees, 44 Bachelor's degrees, and 3 Associate degrees among company secretaries, with corresponding average salaries of 1.127 million yuan, 653,600 yuan, 616,500 yuan, and 490,100 yuan respectively [5] Compliance and Violations - A total of 9 company secretaries received warnings or public notifications for violations in 2024-2025 [7] - Specific cases include: - Zhuang Jianlong from Guozhong Water received 2 warnings and was fined 1.75 million yuan for non-compliance, with a salary of 370,000 yuan [8] - Fang Guangquan from Jinyuan Co. received 2 warnings and was fined 400,000 yuan, with a salary of 1.0978 million yuan [9]