Group 1 - The core viewpoint of the announcement is that the Supervisory Board of Zhejiang Fu Holding Group Co., Ltd. has approved the 2025 semi-annual report, confirming its compliance with legal regulations and accuracy in reflecting the company's actual situation [1][2]. Group 2 - The meeting of the Supervisory Board was held on August 28, 2025, with all three members present, and the procedures followed were in accordance with the Company Law and the Articles of Association [1]. - The resolution to approve the semi-annual report was passed unanimously with 3 votes in favor, 0 against, and 0 abstentions [1]. - The Supervisory Board concluded that the report does not contain any false records, misleading statements, or significant omissions [1].

浙富控股集团股份有限公司 2025 年半年度财务报告 浙富控股集团股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 浙富控股集团股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：浙富控股集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 5,065,162,413.12 | 4,484,023,365.97 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 88,701,502.00 | 275,846,040.39 | | 衍生金融资产 | | | | 应收票据 | | 4,126,166.67 | | 应收账款 | 845,063,120.30 | 800,000,125.64 | | 应收款项融资 | 45,713,065.24 | 66,305,098.99 | | 预付款项 ...

| 总 计 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2025 年 1-6 | 2025 年 | 2025 年 | | | 往来性质（经营 | | | | 往来方与上 | 上市公司核 | 2025 年期 | 月往来累计 | 1-6 月往 | | 2025年6月 | | | | 其它关联资 | 资金往来方名称 | 市公司的关 | 算的会计科 | 初往来资金 | 发生金额 | 来资金的 | 月偿 1-6 | 末往来资 | 往来形成 | 性往 | | 金往来 | | | | | | | 还累计发 | | 原因 | 来、非经营性往 | | | | 联关系 | 目 | 余额 | （不含利 | 利息（如 | | 金余额 | | | | | | | | | | | 生金额 | | | 来 ） | | | | | | | 息） | 有） | | | | | | 控股股东、实 | | | | | | | | | | | | 际控制人及 | | | | | | | | ...

Core Viewpoint - Zhejiang Fu Holdings (002266.SZ) reported a revenue of 10.642 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.22% [1] - The net profit attributable to shareholders reached 566 million yuan, marking a year-on-year increase of 16.80% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 425 million yuan, showing a year-on-year growth of 6.77% [1] - Basic earnings per share stood at 0.11 yuan [1]

证券代码：002266 证券简称：浙富控股 公告编号：2025-057 浙富控股集团股份有限公司 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。 1、浙富控股集团股份有限公司第六届监事会第十次会议决议。 特此公告。 浙富控股集团股份有限公司监事会 浙富控股集团股份有限公司（以下简称"公司"）第六届监事会第十次会议于 2025 年 8 月 18 日以电子邮件、短信等方式向全体监事发出会议通知，并于 2025 年 8 月 28 日在公司会议室以现场会议结合通讯的方式召开，会议应到监事 3 人，实到监事 3 人。 本次会议的召集、召开及表决程序符合《公司法》及《公司章程》的规定。会议由监事 会主席潘承东先生主持，会议审议通过了以下议案： 一、会议以 3 票同意，0 票反对，0 票弃权，审议通过了《浙富控股集团股份有限 公司 2025 年半年度报告》全文及其摘要 经审议，监事会认为：董事会编制和审议的《浙富控股集团股份有限公司 2025 年 半年度报告》全文及其摘要的程序符合相关法律法规的规定，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、 ...

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。 浙富控股集团股份有限公司（以下简称"公司"）第六届董事会第十九次会议于 2025 年 8 月 18 日以电子邮件、短信等方式向全体董事发出会议通知，并于 2025 年 8 月 28 日在公司会议室以现场结合通讯表决的方式召开，应参加会议董事 10 人，实际参加会 议董事 10 人，公司全部监事和部分高级管理人员列席了会议。本次会议的召集、召开 及表决程序符合《公司法》及《公司章程》等规定。会议由董事长孙毅先生主持，会议 审议通过了以下议案： 一、会议以 10 票同意，0 票反对，0 票弃权，审议通过了《浙富控股集团股份有 限公司 2025 年半年度报告》全文及其摘要 证券代码：002266 证券简称：浙富控股 公告编号：2025-056 浙富控股集团股份有限公司 第六届董事会第十九次会议决议公告 二〇二五年八月三十日 - 1 - 《浙富控股集团股份有限公司 2025 年半年度报告》全文详见公司于 2025 年 8 月 30 日登载于巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 《浙 ...

Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The company's board and management affirm the semi-annual report's accuracy, cautioning on forward-looking statements, and plan no cash dividends or bonus share distributions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - Company head Sun Yi, chief accountant Li Juan, and head of accounting department Jin Jingjing declare: the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's comprehensive structure, detailing its nine main chapters from important notes to financial data [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company abbreviations, reporting period, and major entity names, to ensure clear understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Lists major entities and their abbreviations, such as the Company, Zefu Holdings, Huadu Nuclear Equipment Company, Shenlian Environmental Group[11](index=11&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides the company's fundamental details, such as stock information, official names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zefu Holdings | | Stock Code | 002266 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Zefu Holdings Group Co., Ltd. | | Legal Representative | Sun Yi | [Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Wang Fangdong, and the Securities Affairs Representative is Peng Chengyuan, with the contact address for both being Zefu Holdings Building, No. 21 Luting Road, Yuhang District, Hangzhou, Zhejiang Province[16](index=16&type=chunk) [Other Information](index=7&type=section&id=III.%20Other%20Information) The company's contact details, information disclosure, and document storage locations remained unchanged during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue increased by 3.22%, net profit attributable to shareholders by 16.80%, and basic EPS by 22.22%, while operating cash flow significantly declined by 179.94%, with asset and equity growth reflecting accounting policy adjustments Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (RMB) | Prior Year Adjusted (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,642,406,437.97 | 10,310,427,438.54 | 3.22% | | Net Profit Attributable to Shareholders | 566,165,173.90 | 484,709,999.12 | 16.80% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 424,605,440.63 | 397,676,429.20 | 6.77% | | Net Cash Flow from Operating Activities | -231,563,254.30 | -82,718,752.10 | -179.94% | | Basic Earnings Per Share (RMB/share) | 0.11 | 0.09 | 22.22% | | Diluted Earnings Per Share (RMB/share) | 0.11 | 0.09 | 22.22% | | Weighted Average Return on Net Assets | 4.92% | 4.40% | 0.52% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End Adjusted (RMB)** | **Period-End Change from Prior Year-End** | | Total Assets | 25,943,478,451.46 | 24,641,903,782.47 | 5.28% | | Net Assets Attributable to Shareholders | 11,562,906,758.79 | 11,281,912,679.82 | 2.49% | - Reason for accounting policy change: The company adopted the accounting treatment provisions for guarantee-type quality assurance not belonging to a single performance obligation as per "Interpretation No. 18 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance, effective January 1, 2024, and retrospectively adjusted comparable period information[20](index=20&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between financial statements prepared under domestic and international accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards and those prepared under Chinese Accounting Standards[21](index=21&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial reports prepared under overseas accounting standards and those prepared under Chinese Accounting Standards[22](index=22&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **RMB 141.56 million**, primarily driven by government subsidies and fair value changes in financial instruments Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -697,173.81 | | Government subsidies recognized in current profit and loss | 98,555,373.13 | | 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, excluding effective hedge accounting related to normal business operations | 48,922,014.57 | | Gains and losses from entrusted investments or asset management | 844,899.72 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 397,360.00 | | Other non-operating income and expenses apart from the above | -1,982,731.98 | | Less: Income tax impact | 2,041,491.63 | | Minority interest impact (after tax) | 2,438,516.73 | | **Total** | **141,559,733.27** | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[25](index=25&type=chunk) Management Discussion and Analysis [Company's Main Businesses During the Reporting Period](index=10&type=section&id=I.%20Company's%20Main%20Businesses%20During%20the%20Reporting%20Period) Zefu Holdings, a top 500 private manufacturer, advanced its dual strategy of clean energy equipment and hazardous waste resource utilization, driven by policy support, technological innovation, and market expansion, while completing a share repurchase for employee incentives [Clean Energy Equipment Sector](index=10&type=section&id=(I)%20Clean%20Energy%20Equipment%20Sector) The clean energy equipment business, driven by national 'dual carbon' strategies, expanded its market share in pumped-storage and achieved overseas breakthroughs in hydropower, maintaining technological leadership in nuclear power equipment - The "Medium and Long-Term Development Plan for Pumped Storage (2021-2035)" guides industry development, targeting a pumped storage installed capacity of over **62 million kilowatts** by 2025[28](index=28&type=chunk) - Company products include large and medium-sized hydro-turbine generator units, pumped-storage generator units (annual production capacity of **20 sets**), and nuclear power equipment (main designer and manufacturer of "Hualong One" control rod drive mechanisms, R&D of fourth-generation commercial fast reactor liquid metal primary pumps)[28](index=28&type=chunk) - The operating model is an integrated "R&D design + equipment manufacturing + engineering services" approach, with new breakthroughs in overseas hydropower equipment markets and a steady increase in pumped-storage unit market share during the reporting period[29](index=29&type=chunk) [Hazardous Waste Resource Utilization Sector](index=10&type=section&id=(II)%20Hazardous%20Waste%20Resource%20Utilization%20Sector) The hazardous waste resource utilization business, benefiting from circular economy policies, maintained its industry-leading position through a full-chain model and advanced deep resource recovery technologies for metals and new energy batteries - The hazardous waste resource utilization industry benefits from national circular economy development policies and "waste-free city" construction, with continuous improvements in standardization and technical thresholds[30](index=30&type=chunk) - The business model is "collection-storage-harmless treatment-deep resource processing," with main products including recycled metals (recovering copper, gold, silver, palladium, tin, nickel, lead, zinc, platinum, antimony, bismuth, rhodium, ruthenium, iridium, etc.) and new energy battery recycling (annual processing capacity of **40,000 tons** of spent power batteries)[30](index=30&type=chunk) - The company maintains a leading position in the hazardous waste resource utilization industry, with leading treatment scale, technical level, and resource recovery capabilities[31](index=31&type=chunk) [Matters Regarding Share Repurchase](index=11&type=section&id=(III)%20Matters%20Regarding%20Share%20Repurchase) The company completed a share repurchase of **54.76 million shares** for **RMB 172.5 million** by January 24, 2025, to be used for employee incentives, reflecting confidence in future development and investor protection - The company approved a share repurchase plan on February 2, 2024, intending to repurchase shares with a total fund of no less than **RMB 100 million** and no more than **RMB 200 million**, for employee stock ownership plans or equity incentives[33](index=33&type=chunk) Share Repurchase Implementation Status | Indicator | Value | | :--- | :--- | | Number of Repurchased Shares | 54,756,273 shares | | Percentage of Total Share Capital | 1.0491% | | Highest Transaction Price | 3.69 RMB/share | | Lowest Transaction Price | 2.68 RMB/share | | Total Transaction Amount | 172,500,818.72 RMB | - The share repurchase plan was completed on January 24, 2025, in compliance with relevant laws and regulations and the established plan[34](index=34&type=chunk) - The company was ranked among the 2025 China Top 500 Private Manufacturing Enterprises, adhering to a dual-core development strategy of "clean energy equipment + hazardous waste resource utilization"[27](index=27&type=chunk) - The clean energy equipment business primarily offers large and medium-sized hydro-turbine generator units, pumped-storage generator units, and nuclear power equipment, with nuclear power control rod drive mechanisms achieving internationally advanced technical levels[28](index=28&type=chunk) - The hazardous waste resource utilization business operates through its wholly-owned subsidiary, Shenlian Environmental Group, establishing a full-chain model of "collection-storage-harmless treatment-deep resource processing," with main products being recycled metals and new energy battery recycling[30](index=30&type=chunk) - The company's performance is primarily driven by factors such as technological innovation, capacity release and market expansion, continuous release of policy dividends, and cost control and efficiency improvement[31](index=31&type=chunk)[32](index=32&type=chunk) - The company completed its share repurchase plan on January 24, 2025, with an actual repurchase amount of **RMB 172.5 million**, and the repurchased shares will be entirely used for employee stock ownership plans or equity incentives[34](index=34&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies lie in its integrated hazardous waste resource utilization, achieving high-value metal recovery, and world-class clean energy equipment, including advanced hydropower and leading nuclear power technologies [High Carbon Reduction Hazardous Waste Resource Utilization Business](index=11&type=section&id=(I)%20High%20Carbon%20Reduction%20Hazardous%20Waste%20Resource%20Utilization%20Business) The hazardous waste resource utilization business boasts a rare integrated full-chain model, achieving high-grade multi-metal recovery with superior profitability through advanced pyrometallurgical-hydrometallurgical technology and multi-regional deployment, significantly contributing to carbon reduction - The company is a rare domestic enterprise with an integrated full-chain layout for hazardous waste front-end and back-end, achieving deep resource recovery of multiple metals, with higher categories and grades of metal extraction/enrichment than peers, significantly increasing profit margins[37](index=37&type=chunk)[38](index=38&type=chunk) - The company possesses combined pyrometallurgical-hydrometallurgical technology, with multi-process treatment capabilities and strong compatibility, enabling it to process diverse hazardous wastes and reduce melting points through scientific blending, saving fuel and improving economic efficiency[39](index=39&type=chunk)[40](index=40&type=chunk) - The company, with Jiangxi Zili as its back-end product center, has expanded its hazardous waste business to 5 surrounding provinces and cities, forming economies of scale, reducing operating costs, and increasing profit margins[41](index=41&type=chunk) - Producing one ton of recycled copper emits only **1.13 tons of carbon dioxide**, accounting for **32%** of primary copper, meaning the company reduces CO2 emissions by **3.5 tons** for every ton of recycled copper produced, making deep resource recovery a primary means of carbon reduction[43](index=43&type=chunk) [Deep Low Carbon Clean Energy Equipment Business](index=13&type=section&id=(II)%20Deep%20Low%20Carbon%20Clean%20Energy%20Equipment%20Business) The clean energy equipment business demonstrates world-class hydropower R&D and manufacturing capabilities, alongside leading nuclear power technology, including the unique 'Hualong One' control rod drive mechanism and a breakthrough 600MW fourth-generation fast reactor liquid metal primary pump - The company possesses over **100 large CNC machining centers** and specialized equipment, with an annual production capacity of **40 sets** of large and medium-sized hydro-turbine generator units, totaling **4500MW**, reaching world-class levels[44](index=44&type=chunk) - Huadu Company's patented ML-B type third-generation pressurized water reactor nuclear power control rod drive mechanism is currently the only "Hualong One" nuclear power technology that has passed third-generation standard seismic tests and meets a **60-year service life**, setting a world record of **15.12 million steps**[46](index=46&type=chunk) - Zefu Nuclear Power Company's commissioned global largest, China's first **600MW** fourth-generation commercial fast reactor liquid metal primary pump engineering prototype successfully passed trial operation tests on November 24, 2019, marking a significant breakthrough in China's development of core components for fourth-generation commercial fast reactors[48](index=48&type=chunk)[49](index=49&type=chunk) - The hazardous waste resource utilization business features a rare domestic integrated full-chain layout, achieving deep resource recovery of multiple metals, resulting in higher product value and profit margins[35](index=35&type=chunk)[37](index=37&type=chunk) - The company possesses combined pyrometallurgical-hydrometallurgical technology, with multi-process treatment capabilities and extensive blending experience, enabling it to process a wider range of hazardous wastes, reduce costs, and increase market share[39](index=39&type=chunk)[40](index=40&type=chunk) - Multi-regional deployment (e.g., centered in Jiangxi Zili, expanding to 5 surrounding provinces and cities) expands the hazardous waste collection radius, forming economies of scale and reducing costs[41](index=41&type=chunk) - Producing recycled copper reduces CO2 emissions by **3.5 tons** compared to primary copper, making the company's back-end recycled metal resource utilization business a primary means of carbon reduction[43](index=43&type=chunk) - Hydropower equipment R&D and manufacturing capabilities have reached world-class levels, with an annual production capacity of **40 sets** of large and medium-sized hydro-turbine generator units, totaling **4500MW**[44](index=44&type=chunk) - In the nuclear power sector, Huadu Company's patented ML-B type third-generation pressurized water reactor nuclear power control rod drive mechanism is the only "Hualong One" technology that has passed third-generation standard seismic tests and meets a **60-year service life**[46](index=46&type=chunk) - Zefu Nuclear Power Company successfully test-operated China's first **600MW** fourth-generation commercial fast reactor liquid metal primary pump engineering prototype, marking a significant breakthrough in the development of core components for fourth-generation commercial fast reactors[48](index=48&type=chunk)[49](index=49&type=chunk) [Analysis of Main Business Operations](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Main business revenue grew by 3.22%, driven by mechanical equipment manufacturing (+37.11%) and environmental governance (+1.74%), while financial expenses decreased by 37.40%, but operating cash flow significantly declined by 179.94% due to increased payments Key Financial Data Year-on-Year Change | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 10,642,406,437.97 | 10,310,427,438.54 | 3.22% | - | | Operating Cost | 9,395,764,538.57 | 9,150,300,464.57 | 2.68% | - | | Financial Expenses | 28,967,277.28 | 46,270,370.44 | -37.40% | Primarily due to a decrease in interest expenses compared to the prior year | | Income Tax Expense | 67,391,722.72 | -55,999,587.82 | 220.34% | Primarily due to an increase in deferred income tax expense and current income tax expense compared to the prior year | | Net Cash Flow from Operating Activities | -231,563,254.30 | -82,718,752.10 | -179.94% | Primarily due to an increase in cash paid for goods and services | | Net Cash Flow from Investing Activities | -35,548,304.98 | -8,268,925.53 | -329.90% | Primarily due to a decrease in net cash flow from purchasing and selling wealth management products compared to the prior year | | Net Cash Flow from Financing Activities | 139,262,923.40 | 583,962,309.44 | -76.15% | Primarily due to a decrease in cash received from borrowings compared to the prior year | | Net Increase in Cash and Cash Equivalents | -133,529,026.58 | 492,849,295.29 | -127.09% | - | Operating Revenue Composition (by Industry and Product) | Category | Current Period Amount (RMB) | % of Operating Revenue | Prior Year Amount (RMB) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Mechanical Equipment Manufacturing | 614,909,243.00 | 5.78% | 448,487,862.73 | 4.35% | 37.11% | | Ecological Protection and Environmental Governance | 9,999,179,131.32 | 93.96% | 9,828,412,532.77 | 95.32% | 1.74% | | **By Product** | | | | | | | Clean Energy Equipment | 614,909,243.00 | 5.78% | 448,487,862.73 | 4.35% | 37.11% | | Hazardous Waste Disposal and Resource Recovery Products | 9,999,179,131.32 | 93.96% | 9,828,412,532.77 | 95.32% | 1.74% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Mechanical Equipment Manufacturing | 614,909,243.00 | 340,218,826.40 | 44.67% | 37.11% | 21.11% | 7.31% | | Ecological Protection and Environmental Governance | 9,999,179,131.32 | 9,044,947,066.55 | 9.54% | 1.74% | 2.15% | -0.37% | | **By Product** | | | | | | | | Clean Energy Equipment | 614,909,243.00 | 340,218,826.40 | 44.67% | 37.11% | 21.11% | 7.31% | | Hazardous Waste Disposal and Resource Recovery Products | 9,999,179,131.32 | 9,044,947,066.55 | 9.54% | 1.74% | 2.15% | -0.37% | | **By Region** | | | | | | | | Domestic | 10,624,960,641.02 | 9,385,829,430.74 | 11.66% | 3.22% | 2.86% | 0.31% | [Analysis of Non-Main Business Operations](index=16&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) Non-main business operations impacted total profit, with sustainable other income (government subsidies, VAT super deduction) contributing 35.37%, while investment income was negative and fair value changes from hedging were non-sustainable Impact of Non-Main Business Operations on Total Profit | Item | Amount (RMB) | % of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -17,047,347.28 | -2.53% | Formed by gains/losses from disposal of financial assets and liabilities, discount losses on accounts receivable financing, and equity method investment income from joint ventures and associates | Equity method investment income from joint ventures and associates is sustainable | | Fair Value Change Gains/Losses | 18,358,235.00 | 2.72% | Primarily formed by hedging gains/losses | No | | Asset Impairment | 11,609,813.21 | 1.72% | Primarily formed by inventory write-downs and contract asset impairment | Yes | | Non-Operating Income | 2,055,516.74 | 0.30% | Primarily formed by compensation income, forfeiture income, etc. | No | | Non-Operating Expenses | 4,553,639.79 | 0.67% | Primarily formed by compensation and penalty expenses, external donations, and non-current asset disposal losses | No | | Other Income | 238,613,673.99 | 35.37% | Primarily formed by revenue-related government subsidies received by the company, amortization of asset-related government subsidies in the current period, and VAT super deduction | Government subsidies closely related to the company's normal business operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit and loss are sustainable | | Credit Impairment Losses | 4,077,627.07 | 0.60% | Primarily formed by provisions for bad debts on notes receivable, accounts receivable, and other receivables | Yes | | Asset Disposal Gains/Losses | -182,165.33 | -0.03% | Primarily formed by disposal gains/losses of long-term assets | No | [Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew by 5.28% and net assets by 2.49%, with monetary funds increasing due to bill deposits, while long-term borrowings decreased, and **RMB 3.67 billion** of assets were restricted as collateral Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | % of Total Assets | Prior Year-End Amount (RMB) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 5,065,162,413.12 | 19.52% | 4,484,023,365.97 | 18.20% | 1.32% | Primarily due to an increase in bank acceptance bill deposits for issued notes | | Inventories | 9,022,281,901.53 | 34.78% | 8,425,323,740.37 | 34.19% | 0.59% | - | | Long-Term Borrowings | 662,567,863.30 | 2.55% | 896,196,677.64 | 3.64% | -1.09% | Primarily due to reclassification of borrowings to non-current liabilities due within one year | | Trading Financial Assets | 88,701,502.00 | 0.34% | 275,846,040.39 | 1.12% | -0.78% | - | | Prepayments | 446,238,659.63 | 1.72% | 264,987,442.72 | 1.08% | 0.64% | - | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Financial Assets | 631,307,330.30 | 854,450.00 | 386,780,703.91 | | Financial Liabilities | 2,199,000.00 | 116,073,015.00 | 116,073,015.00 | Restricted Asset Status | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 3,565,081,560.13 | Bank acceptance bill deposits, letter of guarantee deposits, futures margins, etc. | | Fixed Assets | 58,853,130.47 | Used as collateral for borrowings | | Intangible Assets | 34,318,868.77 | Used as collateral for borrowings | | Construction in Progress | 12,208,451.51 | Used as collateral for borrowings | | **Total** | **3,670,462,010.88** | | [Analysis of Investment Status](index=19&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment was **RMB 0**, a 100% decrease, with no significant equity or non-equity investments, while derivative investments for hedging commodity price risks accounted for **46.34%** of net assets Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount for Current Period | 0.00 | | Investment Amount for Prior Year | 200,000.00 | | Change Rate | -100.00% | Securities Investment Status | Security Type | Security Abbreviation | Beginning Book Value (RMB) | Period-End Book Value (RMB) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | | Domestic and Overseas Stocks | Starry Sky Chinese Media | 75,231,179.46 | 38,441,125.21 | Other Equity Instrument Investments | Derivative Investment Status (Hedging) | Derivative Investment Type | Beginning Balance (RMB 10,000) | Amount Purchased During Period (RMB 10,000) | Period-End Balance (RMB 10,000) | % of Period-End Net Assets | | :--- | :--- | :--- | :--- | :--- | | Commodity Futures Contracts | 723,479.01 | 2,016,819.00 | 535,880.04 | 46.34% | - The company's commodity futures hedging business is closely related to its daily operations, aiming to mitigate the risk of large commodity price fluctuations and reduce their negative impact on the company's normal operations[68](index=68&type=chunk) - The company had no derivative investments for speculative purposes and no use of raised funds during the reporting period[70](index=70&type=chunk)[71](index=71&type=chunk) [Significant Asset and Equity Sales](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[72](index=72&type=chunk) - The company did not sell significant equity during the reporting period[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section details major subsidiaries and associates, highlighting Shenlian Environmental Group as the largest, and notes the deregistration of Sichuan Shenlian Company for management optimization with no significant performance impact Major Subsidiaries and Participating Companies with Net Profit Impact Exceeding 10% of Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zefu Hydropower Company | Subsidiary | Hydro-turbine generator unit production, sales | 80200 | 2,870,782,721.40 | 29,936,857.26 | | Huadu Nuclear Equipment Company | Subsidiary | Nuclear equipment R&D and manufacturing | 27290 | 962,901,711.68 | 119,983,980.63 | | Shenlian Environmental Group | Subsidiary | Ecological protection and environmental governance | 80853.3333 | 21,893,911,162.82 | 501,533,037.24 | | Tonglu Shenlian Environmental Company | Subsidiary | Ecological protection and environmental governance | 10000 | 428,465,575.27 | -6,677,359.82 | - During the reporting period, the company deregistered Sichuan Shenlian Company, an action aimed at optimizing the company's management structure, with no significant impact on current period performance[75](index=75&type=chunk) [Status of Structured Entities Controlled by the Company](index=25&type=section&id=IX.%20Status%20of%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - During the reporting period, the company did not control any structured entities[76](index=76&type=chunk) [Risks Faced by the Company and Countermeasures](index=25&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces market, policy, and metal price fluctuation risks, actively mitigating the latter by increasing comprehensive hazardous waste treatment capacity to reduce reliance on metal-containing waste procurement - Market risk: The clean energy equipment manufacturing industry is significantly affected by power investment and national economic growth, with inherent uncertainties[76](index=76&type=chunk) - Policy risk: Clean, non-fossil energy generation is a major policy direction, but industry development may be affected by individual events (e.g., Fukushima nuclear accident), and nuclear power projects are also influenced by the stability of nuclear safety regulations and radioactive material control policies[77](index=77&type=chunk) - Metal price fluctuation risk: Raw material procurement and product sales prices in the hazardous waste resource utilization business are linked to public metal market prices, posing price fluctuation risks. The company plans to mitigate the impact of metal price fluctuations by releasing comprehensive hazardous waste treatment capacity and increasing metal sources from metal-containing hazardous waste[78](index=78&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved a Market Value Management System to standardize practices, protect investors, and enhance investment value, but has not disclosed a valuation enhancement plan - The company has formulated the "Market Value Management System," which was approved by the fifteenth meeting of the sixth board of directors on December 27, 2024[79](index=79&type=chunk) - This system aims to strengthen the company's market value management, standardize market value management practices, protect investor interests, enhance the company's investment value, and achieve sustainable development[79](index=79&type=chunk) - The company has not disclosed a valuation enhancement plan[79](index=79&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=25&type=section&id=XII.%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan) The company's 'Quality and Return Dual Improvement' plan, focusing on core business, innovation, governance, and investor returns, saw **RMB 10.642 billion** revenue, **RMB 499 million** in new orders, and **378 patents**, alongside **RMB 258 million** in cash dividends and **RMB 173 million** in share repurchases - The company has disclosed its "Quality and Return Dual Improvement" action plan, which primarily includes deepening main business, continuous innovation, strengthening governance structure, enhancing information disclosure quality, and focusing on investor returns[81](index=81&type=chunk) - During the reporting period, the company's revenue was **RMB 10.642 billion**, with new orders for clean energy equipment totaling **RMB 499 million**, and a cumulative total of **378 valid authorized patents** (including 83 invention patents)[82](index=82&type=chunk)[83](index=83&type=chunk) - The company strictly adheres to laws and regulations and optimizes governance mechanisms, holding 3 shareholder meetings, 3 board meetings, and 1 supervisory board meeting during the reporting period[84](index=84&type=chunk) - The company improved the standardization of information disclosure, releasing 2 periodic reports and 62 interim reports during the reporting period, and maintaining positive interaction with investors through various channels such as the interactive platform and shareholder meetings[85](index=85&type=chunk) - The company implemented the 2024 profit distribution plan, distributing **cash dividends of RMB 258 million**, accounting for **26.58%** of net profit attributable to the parent company. Additionally, it completed a **share repurchase of RMB 173 million** for employee stock ownership plans or equity incentives[86](index=86&type=chunk)[88](index=88&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Senior management member Yu Jie resigned as Vice President on February 28, 2025, due to work relocation - Yu Jie resigned from his position as Vice President on February 28, 2025, due to work relocation[90](index=90&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=28&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) 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[91](index=91&type=chunk) [Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=III.%20Implementation%20of%20Company's%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation[92](index=92&type=chunk) [Environmental Information Disclosure Status](index=29&type=section&id=IV.%20Environmental%20Information%20Disclosure%20Status) The company and its six major subsidiaries are legally mandated to disclose environmental information and have publicly reported their compliance in relevant systems - The company and its 6 major subsidiaries were included in the list of enterprises required to disclose environmental information by law[93](index=93&type=chunk) Enterprises Included in the List of Environmental Information Disclosure by Law | No. | Enterprise Name | | :--- | :--- | | 1 | Jiangxi Zili Environmental Protection Technology Co., Ltd. | | 2 | Hangzhou Fuyang Shenneng Solid Waste Environmental Regeneration Co., Ltd. | | 3 | Zhejiang Fuchunjiang Hydropower Equipment Co., Ltd. | | 4 | Lanxi Zili Environmental Protection Technology Co., Ltd. | | 5 | Jiangsu Hangfu Environmental Technology Co., Ltd. | | 6 | Anhui Hangfu Solid Waste Environmental Protection Co., Ltd. | [Social Responsibility Status](index=30&type=section&id=V.%20Social%20Responsibility%20Status) The company protects shareholder and employee rights through robust governance, transparent information disclosure, and talent development, while upholding sustainable development, safety, and environmental responsibility - The company protects shareholder rights, especially those of small and medium shareholders, by improving governance structure, standardizing information disclosure, and establishing diversified communication mechanisms (e.g., interactive platform, shareholder meetings, performance briefings)[94](index=94&type=chunk) - The company strictly complies with the "Labor Law," legally protects employees' legitimate rights and interests, improves working conditions, emphasizes talent development and incentives, and has established a dual-channel position system for management and professionals, along with a comprehensive training system[95](index=95&type=chunk) - The company adheres to a sustainable development strategy, fully implements safety production responsibility systems, strengthens environmental protection, promotes energy conservation and emission reduction, improves resource utilization efficiency, and encourages employees to participate in social welfare activities[96](index=96&type=chunk)[97](index=97&type=chunk) Significant Matters [Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, Fulfilled During the Reporting Period or Overdue and Unfulfilled at Period-End](index=31&type=section&id=I.%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%2C%20Fulfilled%20During%20the%20Reporting%20Period%20or%20Overdue%20and%20Unfulfilled%20at%20Period-End) This section details commitments by the actual controller, shareholders, and related parties regarding competition, transactions, and independence, all of which were fulfilled on time during the reporting period - Sun Yi (the company's actual controller) committed to strictly comply with laws, regulations, and the company's articles of association, not to illegally occupy listed company funds or assets through related party relationships, to minimize related party transactions, and to ensure the fairness, impartiality, and equivalent compensation of related party transactions[99](index=99&type=chunk) - Sun Yi also committed not to engage in businesses that are identical, similar, or constitute substantial competition with the listed company, and to properly resolve potential horizontal competition situations[99](index=99&type=chunk) - Ye Biao, Hu Jinlian, and their concerted parties committed not to seek control of the listed company and to waive part of their voting rights to maintain Sun Yi's controlling advantage[108](index=108&type=chunk) - All committed parties pledged that the information provided is true, accurate, and complete, with no false records, misleading statements, or major omissions[103](index=103&type=chunk)[105](index=105&type=chunk) - During the reporting period, all commitments were either being fulfilled on time or had been completed[117](index=117&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=41&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period - During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties of the listed company[118](index=118&type=chunk) [Illegal External Guarantees](index=41&type=section&id=III.%20Illegal%20External%20Guarantees) The company had no illegal external guarantees during the reporting period - During the reporting period, there were no illegal external guarantees[119](index=119&type=chunk) [Appointment and Dismissal of Accounting Firms](index=41&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report remained unaudited - The company's semi-annual financial report was not audited[120](index=120&type=chunk) [Explanation by Board of Directors and Supervisory Board on "Non-Standard Audit Report" for the Current Reporting Period](index=41&type=section&id=V.%20Explanation%20by%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Reporting%20Period) The company received no non-standard audit report from its accounting firm during the reporting period - During the reporting period, the company did not receive a non-standard audit report from its accounting firm[121](index=121&type=chunk) [Explanation by Board of Directors on "Non-Standard Audit Report" for the Prior Year](index=41&type=section&id=VI.%20Explanation%20by%20Board%20of%20Directors%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Prior%20Year) The company received no non-standard audit report from its accounting firm during the reporting period - During the reporting period, the company did not receive a non-standard audit report from its accounting firm[121](index=121&type=chunk) [Bankruptcy and Reorganization Matters](index=41&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company experienced no bankruptcy or reorganization matters during the reporting period - During the reporting period, the company did not experience any bankruptcy and reorganization matters[121](index=121&type=chunk) [Litigation Matters](index=41&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the current reporting period - During the current reporting period, the company had no significant litigation or arbitration matters[122](index=122&type=chunk) [Penalties and Rectification Status](index=41&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company had no penalties or rectification situations during the reporting period - During the reporting period, the company had no penalties or rectification situations[122](index=122&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=41&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) No integrity issues were reported for the company, its controlling shareholder, or actual controller during the reporting period - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[123](index=123&type=chunk) [Significant Related Party Transactions](index=42&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in **RMB 948.50 million** in related party procurement, primarily for raw materials, with all related party fund borrowings cleared by period-end, and key management personnel remuneration totaling **RMB 3.81 million** Related Party Procurement Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (RMB 10,000) | % of Similar Transaction Amount | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Gansu Yelin Company | Raw material procurement | 48,676.44 | 6.06% | 100,000 | | Zhejiang Gongqi Company | Raw material procurement | 33,507.70 | 4.17% | 100,000 | | Huaneng Metal Co., Ltd. | Raw material procurement | 12,666.04 | 1.58% | 50,000 | | **Total** | | **94,850.18** | | **250,000** | Payables to Related Parties (Fund Borrowings) | Related Party | Reason for Formation | Beginning Balance (RMB 10,000) | Amount Repaid During Period (RMB 10,000) | Period-End Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Lanxi Copper Industry Company | Fund borrowing | 7,604.60 | 7,635.13 | 0 | | Fengshi Hengda Partnership | Fund borrowing | 8,659.20 | 8,695.16 | 0 | | Fengshi Investment Company | Fund borrowing | 2,187.47 | 2,197.68 | 0 | - Remuneration for key management personnel for the current period was **RMB 3.8074 million**, compared to RMB 3.8688 million in the prior period[132](index=132&type=chunk) - During the reporting period, the company did not engage in related party transactions involving asset or equity acquisition/disposal, nor joint external investments[127](index=127&type=chunk)[128](index=128&type=chunk) [Significant Contracts and Their Performance](index=46&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing, but provided **RMB 1.01 billion** in guarantees to subsidiaries, representing **61.94%** of net assets, and engaged in **RMB 486.28 million** in entrusted wealth management, with no other significant contracts - During the reporting period, the company had no entrustment, contracting, or leasing situations[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guaranteed Entity Name | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Zefu Hydropower Company | 150,000 | 259.92 | 2022/01/21-2025/06/30 | Yes | | Huadu Nuclear Equipment Company | 80,000 | 2,564.10 | 2015/1/26-Final Acceptance | No | | Jiangxi Zili Company | 80,000 | 7,000 | 2023/03/17-2025/03/15 | Yes | | Lanxi Zili Company | 30,000 | 8,000 | 2025/06/10-2025/12/10 | No | Total Guarantee Status | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Approved Guarantee Limit for Subsidiaries During Period (B1) | 550,000 | | Total Actual Guarantees for Subsidiaries During Period (B2) | 27,728.66 | | Total Approved Guarantee Limit for Subsidiaries at Period-End (B3) | 550,000 | | Total Actual Guarantee Balance for Subsidiaries at Period-End (B4) | 101,435.46 | | Total Approved Guarantee Limit During Period (A1+B1+C1) | 550,000 | | Total Actual Guarantees During Period (A2+B2+C2) | 523,619.31 | | Total Approved Guarantee Limit at Period-End (A3+B3+C3) | 550,000 | | Total Actual Guarantee Balance at Period-End (A4+B4+C4) | 716,155.33 | | % of Total Actual Guarantees to Company's Net Assets | 61.94% | Entrusted Wealth Management Status | Specific Type | Source of Entrusted Funds | Amount of Entrusted Wealth Management (RMB 10,000) | Outstanding Balance at Period-End (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 48,628.28 | 8,784.71 | - The company had no other significant contracts during the reporting period[156](index=156&type=chunk) [Explanation of Other Significant Matters](index=64&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section summarizes key announcements, including share repurchase completion, related party transactions, hedging activities, shareholder pledges, management changes, external guarantees, financial assistance, and periodic reports, reflecting significant operational and financial activities - The company disclosed announcements regarding share repurchase progress and results, indicating the completion of share repurchases[157](index=157&type=chunk) - The company issued announcements regarding the estimated daily related party transactions for 2025 and the initiation of commodity futures hedging business[157](index=157&type=chunk) - The company disclosed multiple announcements concerning external guarantees, financial assistance, and shareholder share pledges/releases[157](index=157&type=chunk) - The company issued announcements regarding the resignation of senior management, as well as changes in accounting policies and the initiation of foreign exchange derivative transactions[157](index=157&type=chunk) - The company timely disclosed the 2024 Annual Report Summary, 2025 First Quarter Report, and related audit reports and internal control reports[157](index=157&type=chunk)[158](index=158&type=chunk) [Significant Matters of Company Subsidiaries](index=65&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) No significant matters concerning the company's subsidiaries occurred during the reporting period - During the reporting period, there were no significant matters concerning the company's subsidiaries[159](index=159&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=66&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained unchanged at **5.22 billion shares**, with a completed repurchase of **54.76 million shares** (1.0491%) for employee incentives Share Change Status | Share Type | Number Before Change (shares) | Proportion Before Change | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 322,470,354 | 6.18% | 322,470,354 | 6.18% | | II. Unrestricted Shares | 4,896,801,048 | 93.82% | 4,896,801,048 | 93.82% | | III. Total Shares | 5,219,271,402 | 100.00% | 5,219,271,402 | 100.00% | - The company completed its share repurchase on January 24, 2025, repurchasing **54,756,273 shares**, accounting for **1.0491%** of the company's total share capital at that time, with a total transaction amount of **RMB 172.5 million**. The repurchased shares will be entirely used for employee stock ownership plans or equity incentives[164](index=164&type=chunk) [Securities Issuance and Listing Status](index=67&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) The company had no securities issuance or listing activities during the reporting period - During the reporting period, the company had no securities issuance or listing activities[164](index=164&type=chunk) [Company Shareholder Numbers and Shareholding Status](index=68&type=section&id=III.%20Company%20Shareholder%20Numbers%20and%20Shareholding%20Status) The company had **94,833** ordinary shareholders, with top shareholders Tonglu Yuantong, Ye Biao, and Sun Yi holding significant pledged stakes, and the company's repurchase account holding **1.05%** of total shares - At the end of the reporting period, the total number of ordinary shareholders was **94,833**[166](index=166&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tonglu Yuantong Industrial Co., Ltd. | Domestic Non-State-Owned Legal Person | 25.14% | 1,312,089,939 | 0 | 1,312,089,939 | Pledged | 591,026,207 | | Ye Biao | Domestic Natural Person | 17.24% | 900,061,695 | 0 | 900,061,695 | Pledged | 289,000,000 | | Sun Yi | Domestic Natural Person | 8.12% | 424,015,664 | 318,011,748 | 106,003,916 | Pledged | 283,947,400 | | Zhejiang Shenlian Investment Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.83% | 200,013,709 | 0 | 200,013,709 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 2.11% | 110,220,711 | 0 | 110,220,711 | Not Applicable | 0 | - Tonglu Yuantong Industrial Co., Ltd. is an enterprise controlled by Mr. Sun Yi, the company's controlling shareholder and actual controller; Mr. Sun Yi and Tonglu Yuantong Industrial Co., Ltd. are concerted parties. Mr. Ye Biao, Ms. Hu Jinlian, and Zhejiang Shenlian Investment Management Co., Ltd. are concerted parties[166](index=166&type=chunk)[167](index=167&type=chunk) - Zefu Holdings Group Co., Ltd.'s special repurchase securities account held **54,756,273 shares**, accounting for **1.05%** of the company's total shares[167](index=167&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=71&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[169](index=169&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=71&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, the company's controlling shareholder did not change[170](index=170&type=chunk) - During the reporting period, the company's actual controller did not change[170](index=170&type=chunk) [Preferred Share Related Matters](index=72&type=section&id=VI.%20Preferred%20Share%20Related%20Matters) The company had no preferred shares during the reporting period - During the reporting period, the company had no preferred shares[171](index=171&type=chunk) Bond-Related Matters The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[173](index=173&type=chunk) Financial Report [Audit Report](index=74&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report remained unaudited - The company's semi-annual financial report was not audited[175](index=175&type=chunk) [Financial Statements](index=74&type=section&id=II.%20Financial%20Statements) This section presents consolidated and parent company financial statements, showing **RMB 25.94 billion** in total assets, **RMB 566 million** in consolidated net profit, and **negative RMB 232 million** in operating cash flow Consolidated Balance Sheet Key Data (Period-End) | Item | Period-End Balance (RMB) | | :--- | :--- | | Total Assets | 25,943,478,451.46 | | Total Liabilities | 14,142,839,926.63 | | Total Owners' Equity | 11,800,638,524.83 | | Total Owners' Equity Attributable to Parent Company | 11,562,906,758.79 | Consolidated Income Statement Key Data (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Total Operating Revenue | 10,642,406,437.97 | | Total Profit | 674,697,318.38 | | Net Profit | 607,305,595.66 | | Net Profit Attributable to Parent Company Shareholders | 566,165,173.90 | Consolidated Cash Flow Statement Key Data (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | -231,563,254.30 | | Net Cash Flow from Investing Activities | -35,548,304.98 | | Net Cash Flow from Financing Activities | 139,262,923.40 | | Net Increase in Cash and Cash Equivalents | -133,529,026.58 | Parent Company Income Statement Key Data (Current Period) | Item | Current Period Amount (RMB) | | :--- | :--- | | Operating Revenue | 209,067,129.53 | | Total Profit | 3,339,975.37 | | Net Profit | 13,083,866.43 | [Company Basic Information](index=92&type=section&id=III.%20Company%20Basic%20Information) Established in 2007 and listed in 2008 with **RMB 5.22 billion** registered capital, the company's main businesses are mechanical equipment manufacturing and ecological protection and environmental governance, including hydropower, nuclear equipment, and hazardous waste treatment - The company's registered capital is **RMB 5,219,271,402.00**, with a total of **5,219,271,402 shares**, and its shares were listed on the Shenzhen Stock Exchange on August 6, 2008[209](index=209&type=chunk) - The company's main businesses are in the mechanical equipment manufacturing industry and ecological protection and environmental governance industry, with primary operations being the production and sales of hydro-turbine generator units and nuclear power equipment; and the harmless treatment and resource utilization of hazardous waste[209](index=209&type=chunk) [Basis of Financial Statement Preparation](index=92&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, with no significant doubts about the company's ability to continue for the next 12 months - The company's financial statements are prepared on a going concern basis[211](index=211&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[212](index=212&type=chunk) [Significant Accounting Policies and Estimates](index=92&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the company's significant accounting policies and estimates, covering financial instruments, asset and liability recognition, revenue, government grants, and the adoption of 'Interpretation No. 18' with retrospective adjustments - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[214](index=214&type=chunk) - The accounting year is from January 1 to December 31 of the Gregorian calendar, and the current reporting period is from January 1, 2025, to June 30, 2025[215](index=215&type=chunk)[216](index=216&type=chunk) - The company adopted the accounting treatment provisions for guarantee-type quality assurance not belonging to a single performance obligation as per "Interpretation No. 18 of Accounting Standards for Business Enterprises" issued by the Ministry of Finance, effective January 1, 2024, and retrospectively adjusted comparable period information[355](index=355&type=chunk) - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and makes impairment provisions based on expected credit losses[229](index=229&type=chunk)[245](index=245&type=chunk) - Revenue recognition principles involve identifying single performance obligations, determining whether they are fulfilled over time or at a point in time, and recognizing revenue based on the progress of fulfillment or when the customer obtains control[316](index=316&type=chunk)[317](index=317&type=chunk) - The company recognizes revenue for hydro-turbine generator units and nuclear power equipment sales over time based on the progress of fulfillment; revenue for hazardous waste disposal and resource recovery product sales is recognized when disposal is completed or products are delivered[320](index=320&type=chunk)[321](index=321&type=chunk) [Taxes](index=118&type=section&id=VI.%20Taxes) The company's tax structure includes VAT and corporate income tax, with several subsidiaries benefiting from **15%** high-tech enterprise rates, **20%** small and micro enterprise rates, and various VAT and corporate income tax incentives for environmental protection and resource utilization Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6%, 5%, 3%, export tax refund rate is 13% | | Property Tax | 1.2%, 12% | | Urban Maintenance and Construction Tax | 7%, 5%, 1% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 15%, 20%, 25% | - Zefu Hydropower Company, Huadu Nuclear Equipment Company, Jiangxi Zili Company, Shenneng Environmental Company, Zefu Nuclear Power Company, Tibet Yuanfeng Company, Jiangsu Hangfu Company, and several other subsidiaries enjoy a **15% corporate income tax preferential rate** as high-tech enterprises[358](index=358&type=chunk)[359](index=359&type=chunk)[361](index=361&type=chunk) - Zefu Capital Company, Hangzhou Zhitong Company, and Sichuan Shenlian Company are small and micro enterprises, paying corporate income tax at a **20% rate**[357](index=357&type=chunk)[360](index=360&type=chunk) - Jiangxi Zili Company and Shenneng Environmental Company enjoy a **30% VAT immediate refund** policy for sales of resource comprehensive utilization products, a **70% VAT immediate refund** policy for disposal services, and **VAT exemption** for sales of associated gold products[360](index=360&type=chunk) - Lanxi Zili Company and Jiangsu Hangfu Company enjoy an industrial solid waste treatment and hazardous waste treatment projects corporate income tax "three-year exemption, three-year half reduction" incentive[361](index=361&type=chunk) [Notes to Consolidated Financial Statements](index=120&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section details consolidated financial statement items, showing **RMB 5.065 billion** in monetary funds (**RMB 3.565 billion** restricted), **RMB 9.022 billion** in inventories, **RMB 10.642 billion** in operating revenue, and **negative RMB 232 million** in operating cash flow Monetary Funds Status | Item | Period-End Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 897,084.47 | 263,713.88 | | Bank Deposits | 1,447,233,904.71 | 1,570,472,424.90 | | Other Monetary Funds | 3,617,031,423.94 | 2,913,287,227.19 | | **Total** | **5,065,162,413.12** | **4,484,023,365.97** | | Of which: Funds Deposited Overseas | 82,518,008.90 | 80,461,192.16 | - Among other monetary funds at period-end, **RMB 51,763,105.72** were available funds in futures accounts, with the remainder being futures account margins and deposits for issuing bank acceptance bills[364](index=364&type=chunk) Inventory Classification (Period-End) | Item | Book Balance (RMB) | Provision for Inventory Impairment or Contract Performance Cost Impairment (RMB) | Book Value (RMB) | | :--- | :--- | :--- | :--- | | Raw Materials | 7,050,000,696.44 | 198,335.04 | 7,049,802,361.40 | | Work in Progress | 1,549,524,738.23 | 0 | 1,549,524,738.23 | | Finished Goods | 213,808,228.21 | 0 | 213,808,228.21 | | Contract Performance Costs | 209,654,243.41 | 507,669.72 | 209,146,573.69 | | **Total** | **9,022,987,906.29** | **706,004.76** | **9,022,281,901.53** | Assets with Restricted Ownership or Use Rights (Period-End) | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 3,565,081,560.13 | Bank acceptance bill deposits, letter of guarantee deposits, futures margins, etc. | | Fixed Assets | 58,853,130.47 | Used as collateral for borrowings | | Intangible Assets | 34,318,868.77 | Used as collateral for borrowings | | Construction in Progress | 12,208,451.51 | Used as collateral for borrowings | | **Total** | **3,670,462,010.88** | | Operating Revenue and Operating Cost (Current Period) | Item | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Main Business | 10,623,855,717.96 | 9,392,284,239.67 | | Other Business | 18,550,720.01 | 3,480,298.90 | | **Total** | **10,642,406,437.97** | **9,395,764,538.57** | Reconciliation of Net Cash Flow from Operating Activities (Current Period) | Supplementary Information | Current Period Amount (RMB) | | :--- | :--- | | Net Profit | 607,305,595.66 | | Add: Asset Impairment Provisions | -15,687,440.28 | | Depreciation of Fixed Assets, Depletion of Oil and Gas Assets, Depreciation of Productive Biological Assets | 244,115,698.29 | | Decrease in Operating Receivables (Increase is negative) | -530,565,605.80 | | Increase in Operating Payables (Decrease is negative) | -83,292,814.46 | | **Net Cash Flow from Operating Activities** | **-231,563,254.30** | [Research and Development Expenses](index=164&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenses for the current period were **RMB 449.91 million**, entirely expensed, with a slight year-on-year decrease, primarily comprising direct input and employee compensation R&D Expense Composition | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Direct Input | 359,320,323.60 | 383,027,849.95 | | Employee Compensation | 77,098,544.24 | 73,588,659.56 | | Depreciation and Amortization | 11,454,113.02 | 7,687,722.30 | | Other | 2,038,107.43 | 1,834,373.85 | | **Total** | **449,911,088.29** | **466,138,605.66** | | Of which: Expensed R&D Expenses | 449,911,088.29 | 466,138,605.66 | - All R&D expenses for the current period were expensed, with no R&D projects meeting capitalization criteria[602](index=602&type=chunk) [Changes in Consolidation Scope](index=165&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The consolidation scope decreased due to the deregis

证券代码：002266 证券简称：浙富控股 公告编号：2025-055 浙富控股集团股份有限公司 关于母公司对全资子公司兰溪自立提供担保的公告 特别提示： 本次被担保对象兰溪自立系公司全资子公司，最近一期资产负债率为70%以上， 公司合并报表范围内的子公司对其提供担保之事项已分别经公司第六届董事会第十八 次会议和2024年度股东大会审议通过。 截至本公告披露日，公司及控股子公司不存在对合并报表外单位提供担保的情形、 不存在逾期对外担保的情形、不存在涉及诉讼的对外担保的情形、亦不存在因担保被 判决败诉而应承担损失的情形。敬请投资者充分关注投资风险。 一、担保情况概述 为满足子公司生产经营需求，浙富控股集团股份有限公司（以下简称"公司"）近 日与中国进出口银行浙江省分行签署了《保证合同》，对全资子公司兰溪自立环保科技 有限公司（以下简称"兰溪自立"）向该行申请的最高余额为 20,000 万元（大写：人民 币贰亿元整）的债权提供连带责任保证，保证期间为债务履行期限届满之日起三年。 公司分别于 2025 年 4 月 24 日、5 月 19 日召开了第六届董事会第十八次会议及 2024 年度股东大会，审议通过了《关于公 ...

Core Viewpoint - As of August 26, 183 stocks have experienced consecutive increases for 5 trading days or more, indicating a bullish trend in the market [1] Group 1: Stock Performance - Tianrongxin has seen a continuous increase for 10 trading days [1] - ST Erya has experienced a consecutive rise for 9 trading days [1] - During the consecutive rise period, Garden Holdings achieved a cumulative increase of 94.86% [1] - Chengfei Integration recorded a cumulative increase of 55.92% during its consecutive rise [1]

Group 1 - The company Zhejiang Fu Holdings announced on August 22 that the total approved guarantee amount for its consolidated subsidiaries is 5.5 billion yuan, with a guarantee balance of approximately 997 million yuan, accounting for 8.84% of the company's most recent audited net assets [2] - The cumulative guarantee balance for the subsidiaries within the consolidated scope is approximately 5.098 billion yuan [2]