Investment Rating - The report maintains a "Buy" rating for the company Jinhe Industrial (002597.SZ) [2] Core Views - The company has issued a price increase notice for its main sweetener product, sucralose, indicating an improving supply-demand situation in the market [2] - The report highlights that the sweetener prices have been recovering after a prolonged downturn, with multiple price increase notices issued recently [2][3] - The company is positioned as a leader in the sweetener industry, with a leading production capacity for sucralose [2] Summary by Relevant Sections Company Basic Information - On September 23, the company announced a price increase for sucralose, raising the price from 150,000 RMB/ton to 200,000 RMB/ton [2] - The stock price as of September 23, 2024, was 27 RMB, with a market capitalization of 12.767 billion RMB [2] Financial Performance - The report projects net profits for 2024, 2025, and 2026 to be 686 million RMB, 848 million RMB, and 1.023 billion RMB respectively, with year-on-year growth rates of -2.63%, 23.66%, and 20.66% [3] - Earnings per share (EPS) are forecasted at 1.20 RMB, 1.49 RMB, and 1.79 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 18.73, 15.15, and 12.55 [3] Market Outlook - The report indicates that the sweetener industry is experiencing a recovery, with improved confidence among producers and a reduction in inventory levels [2] - The company has also increased prices for its other core product, acesulfame K, which is expected to follow a similar upward trend as sucralose [2] - The report notes that the company’s second phase project in Dingyuan is progressing steadily, which is anticipated to enhance revenue performance in the future [2]

Investment Rating - The report maintains a "Buy" rating for Jinhe Industrial (002597) with a target price of ￥22.69 [4] Core Views - The report highlights the potential for sustained price increases in the acesulfame potassium (A-K) market, driven by industry self-regulation and improved supply-demand dynamics [2] - The company is expected to benefit from price hikes in its key products, including A-K, sucralose, and methyl/ethyl maltol, with an estimated annual gross profit increase of 1.235 billion yuan [2][29] - The industry is transitioning towards high-quality development, with major players signaling a shift away from price wars and towards healthier competition [2][14] Supply and Demand Analysis - The A-K industry has seen moderate supply growth over the past two years, with no significant inventory accumulation, despite nominal overcapacity [2][14] - A-K exports increased by 32% year-over-year in the first seven months of 2024, driven by global demand for sugar-free products and inventory replenishment [14][17] - The report forecasts a tight supply-demand balance in 2025, with a supply-demand gap of 1,765 tons, supporting sustained price levels [22][23] Financial Projections - Revenue is expected to grow from 5.311 billion yuan in 2023 to 7.735 billion yuan in 2026, with a CAGR of 13.4% [3] - Net profit attributable to shareholders is projected to increase from 704 million yuan in 2023 to 1.520 billion yuan in 2026, with a CAGR of 29.2% [3] - The company's PE ratio is expected to decline from 18.37x in 2023 to 8.51x in 2026, reflecting strong earnings growth [3][4] Key Product Price Increases - A-K prices increased from 34,000 yuan/ton to 39,000 yuan/ton in September 2024, a 14.71% rise [14] - Sucralose prices rose by 10,000 yuan/ton, while methyl maltol and ethyl maltol prices increased by 4,000 yuan/ton and 2,300 yuan/ton, respectively [29] - These price hikes are expected to contribute significantly to the company's gross profit growth [29] Industry Trends - The A-K industry is moving towards self-regulation, with major players avoiding price wars and focusing on maintaining prices above cost levels [2][24] - The global demand for sugar-free products is driving growth in the artificial sweetener market, with A-K and sucralose gaining market share from older sweeteners like saccharin and cyclamate [17][18] - The report predicts that A-K exports will maintain an 8% growth rate, supported by ongoing trends in sugar reduction and inventory replenishment [18][22]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2]. Core Views - The company reported a revenue of 2.54 billion yuan for the first half of 2024, a year-on-year decrease of 5.1%, and a net profit attributable to shareholders of 250 million yuan, down 38.7% year-on-year [2][3]. - The food additives segment generated a revenue of 1.34 billion yuan in H1 2024, a decline of 11.3% year-on-year, with a gross margin of 27.1%, down 6.9 percentage points [3]. - The company is experiencing a rebound in maltol prices and a reshuffle in the sucralose and acesulfame segments, indicating a potential for sustained growth in the future [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.33 billion yuan, an increase of 2.6% year-on-year and a 9.2% increase quarter-on-quarter, with a net profit of 120 million yuan, down 25.4% year-on-year [2]. - The average prices for key products in H1 2024 were as follows: sucralose at 118,000 yuan/ton (down 39.3%), acesulfame at 38,000 yuan/ton (down 32.5%), methyl maltol at 75,000 yuan/ton (down 19.7%), and ethyl maltol at 65,000 yuan/ton (down 5.3%) [2][3]. Market Dynamics - The total export volume for sucralose in H1 2024 was 8,600 tons, a year-on-year increase of 17.6%, while acesulfame exports reached 9,500 tons, up 31.9% year-on-year [2]. - The company is undergoing a price increase for maltol, with current prices for methyl maltol and ethyl maltol at 100,000 yuan/ton and 80,000 yuan/ton, respectively, reflecting increases of 5.3% and 6.7% since April [3]. Strategic Developments - The company has completed major construction for the first phase of the Dingyuan Phase II project, which includes the production of 600,000 tons of sulfuric acid and 60,000 tons of ion-exchange membrane caustic soda [3]. - The company is actively pursuing cost reduction and efficiency improvements, focusing on enhancing the production technology for sucralose and improving the quality of ethyl maltol [3]. Future Outlook - The company expects its performance for 2024 to be 830 million yuan, 1.27 billion yuan, and 1.67 billion yuan for the years 2024, 2025, and 2026, respectively [3].

上 市 公 司 基础化工 证 券 研 究 报 告 2024 年 09 月 06 日 金禾实业 (002597) ——麦芽酚提价，三氯蔗糖及安赛蜜海外需求复苏但价格 承压，Q2 业绩符合预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 05 日 | | 收盘价（元） | 21.58 | | 一年内最高/最低（元） | 26.80/15.33 | | 市净率 | 1.7 | | 息率（分红/股价） | 0.93 | | 流通 A 股市值（百万元） | 12,229 | | 上证指数/深证成指 | 2,788.31/8,249.66 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 12.78 | | 资产负债率 % | 29.71 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20]. Core Views - The company experienced pressure on its performance in the first half of 2024, with a potential turning point expected in Q3 due to price increases in its main products [1][5]. - The company's revenue for the first half of 2024 was 2.538 billion yuan, a decrease of 5.10% year-on-year, while the net profit attributable to shareholders was 247 million yuan, down 38.74% year-on-year [2][3]. - The decline in performance was primarily attributed to the continuous drop in the price of sucralose, which negatively impacted the profitability of the food additive segment [3][4]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.325 billion yuan, an increase of 2.60% year-on-year and 9.18% quarter-on-quarter. The net profit for the same period was 118 million yuan, down 25.40% year-on-year and 8.74% quarter-on-quarter [2][3]. - The average price of sucralose in H1 2024 was 118,000 yuan/ton, continuing to decline by 24,000 yuan/ton compared to the previous period [3][4]. Product Segments - The food additive segment generated revenue of 1.337 billion yuan in H1 2024, down 11.40% quarter-on-quarter, while the bulk chemical segment generated 839 million yuan, down 1.76% [3][7]. - The gross margin for the food additive segment was 27.10%, a decrease of 6.90 percentage points, while the bulk chemical segment benefited from cost reductions, achieving a gross margin of 11.98%, an increase of 3.78 percentage points [3][7]. Future Outlook - The company is expected to see a recovery in Q3 2024, driven by price increases in sucralose and improved market conditions for its other products [4][5]. - Revenue projections for 2024-2026 are estimated at 5.211 billion, 6.161 billion, and 7.052 billion yuan, respectively, with corresponding net profits of 675 million, 860 million, and 1.032 billion yuan [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 26 CNY [1]. Core Views - The company's revenue for the first half of 2024 was 2.538 billion CNY, a year-on-year decrease of 5.10%, while the net profit attributable to shareholders was 247 million CNY, down 38.74% year-on-year. In Q2, revenue was 1.325 billion CNY, with a quarter-on-quarter increase of 9.18% [1]. - The report highlights that product prices are fluctuating, leading to a stable performance. The core products in the food additives segment saw mixed price changes, with some products experiencing significant price drops [1]. - The company is expected to benefit from price increases in its core product, sucralose, due to supply chain adjustments and seasonal demand, which may enhance future performance [1]. - The second phase of the Dingyuan project has started contributing to profits, and the company is focusing on cost reduction and efficiency improvements through technological advancements [1]. Financial Summary - The company is projected to achieve net profits of 738 million CNY, 969 million CNY, and 1.302 billion CNY for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 16x, 12x, and 9x [2][5]. - The total revenue is expected to grow from 5.311 billion CNY in 2023 to 6.067 billion CNY in 2024, reflecting a year-on-year growth rate of 14.2% [2][5]. - The gross profit margin is projected to improve, with the company aiming for a return on equity (ROE) of 9.5% in 2024, increasing to 13.4% by 2026 [5].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 公司 Q2 业绩符合预期，三氯蔗糖开启涨价，维持增持评级。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|--------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 7,250 | 5,311 | 5,530 | 6,247 | 6,829 | | (+/-)% | 24.0% | -26.7% | 4.1% | 13.0% | 9.3% | | 净利润（归母） | 1,695 | 704 | 708 | 1,140 | 1,348 | | (+/-)% | 44.0% | -58.5% | 0.6% | 60.9% | 18.2% | | 每股净收益（元） | 2.97 | 1.24 | 1.24 | 2.00 | 2.37 | | ...

证券研究报告 | 公司更新 | 化学制品 金禾实业(002597) 报告日期：2024 年 08 月 29 日 业绩符合预期，如何看待三氯蔗糖的涨价高度、可持续性和业绩 弹性？ ——金禾实业热点问题系列报告二及中报业绩点评 投资要点 ❑ 导语：Q2 业绩符合预期、扣非归母净利润实现环比增长、三氯蔗糖的价格有望 长期维持合理盈利水平、定远二期开始贡献增量业绩 ❑ 事件：8 月 28 日三氯蔗糖从 10 万元/吨上涨至 15 万元/吨，8 月 29 日，公司公告 2024H1 归母净利润 2.47 亿元，同比下降 38.74%，环比下降 17.88%；2024Q2 归 母净利润 1.18 亿元，环比下滑 8.74%；扣非归母净利润 1.29 亿元，环比增长 6.42%；三氯蔗糖主力企业宣布 9 月开始集体停产两个月。 ❑ 2024Q2 业绩符合预期，重点产品涨跌互现驱动业绩环比基本持平。Q2 甲乙基 麦芽酚涨价与三氯蔗糖、安赛蜜价格下跌对冲。据百川盈孚 2024Q2 三氯蔗糖、 安赛蜜、甲基麦芽酚、乙基麦芽酚市场均价为 11.02/3.72/9.05/7.24 万元/吨，环 比变动-11.84%/-2.11%/+ ...

公司法定代表人：杨乐 主管会计工作的负责人：刘洋 会计机构负责人：郁晓敏 安徽金禾实业股份有限公司 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：安徽金禾实业股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算的 会计科目 | 2024年初往来资 金余额 | 2024年半年度往 来累计发生金额 (不含利息) | 2024年半年度往 来资金的利息(如 有) | 2024年半年度偿 还累计发生金额 | 2024年半年度末 往来资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制 人及其附属企业 | | | | | | | | | | | | | | | | - | - | | - | | | | | 小计 | — | — | — | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | ...

Financial Performance - Revenue for the reporting period was RMB 2.54 billion, a decrease of 5.10% compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was RMB 247.06 million, a decrease of 38.74% year-on-year[10] - Net cash flow from operating activities was RMB 145.78 million, a significant decrease of 75.65% compared to the same period last year[10] - Basic earnings per share (EPS) were RMB 0.45, down 38.36% year-on-year[10] - Total assets increased by 6.75% to RMB 10.37 billion compared to the end of the previous year[10] - The company's weighted average return on equity (ROE) was 3.41%, a decrease of 2.21 percentage points from the same period last year[10] - In the first half of 2024, the company achieved operating revenue of 2,538.28 million yuan, a year-on-year decrease of 5.10%, and net profit attributable to shareholders of 247.06 million yuan, a year-on-year decrease of 38.74%[23] - Revenue for the reporting period decreased by 5.10% to 2,538,283,778.19 yuan compared to the same period last year[33] - Net cash flow from operating activities decreased by 75.65% to 145,782,448.78 yuan due to lower sales revenue and increased cash payments for goods and services[33] - Net cash flow from investing activities decreased by 1,104.61% to -797,467,532.81 yuan due to reduced cash received from investments and significant fixed asset investments[33] - Net cash flow from financing activities increased by 221.51% to 629,844,214.70 yuan due to increased bank loans[33] - Total revenue for the first half of 2024 was RMB 2,538,283,778.19, a decrease of 5.1% compared to RMB 2,674,820,460.72 in the same period of 2023[120] - Net profit for the first half of 2024 was RMB 247,058,558.26, a decrease of 38.7% compared to RMB 403,389,047.75 in the same period of 2023[121] - Total operating costs for the first half of 2024 were RMB 2,260,112,183.97, a decrease of 1.8% compared to RMB 2,301,240,387.53 in the same period of 2023[120] - R&D expenses for the first half of 2024 were RMB 109,533,363.26, a decrease of 4.5% compared to RMB 114,658,008.07 in the same period of 2023[120] - Total liabilities as of the end of the first half of 2024 were RMB 1,253,443,677.25, a decrease of 27.8% compared to RMB 1,737,264,881.95 in the same period of 2023[119] - Total equity as of the end of the first half of 2024 was RMB 6,871,974,841.21, an increase of 1.1% compared to RMB 6,797,671,087.68 in the same period of 2023[119] - Basic earnings per share for the first half of 2024 were RMB 0.45, a decrease of 38.4% compared to RMB 0.73 in the same period of 2023[122] - Diluted earnings per share for the first half of 2024 were RMB 0.45, a decrease of 37.5% compared to RMB 0.72 in the same period of 2023[122] - Revenue for the first half of 2024 decreased to 2.27 billion yuan from 2.50 billion yuan in the same period of 2023, a decline of approximately 9.2%[123] - Net profit for the first half of 2024 dropped to 174.44 million yuan from 294.30 million yuan in the first half of 2023, a decrease of approximately 40.7%[123] - Operating cash flow for the first half of 2024 was 145.78 million yuan, significantly lower than the 598.61 million yuan in the same period of 2023[125] - Investment cash flow for the first half of 2024 showed a net outflow of 797.47 million yuan, compared to a net inflow of 79.38 million yuan in the first half of 2023[126] - Financing cash flow for the first half of 2024 recorded a net inflow of 629.84 million yuan, a significant improvement from the net outflow of 518.33 million yuan in the same period of 2023[126] - R&D expenses increased slightly to 95.99 million yuan in the first half of 2024 from 93.18 million yuan in the first half of 2023[123] - Sales expenses decreased to 16.42 million yuan in the first half of 2024 from 26.46 million yuan in the same period of 2023[123] - Interest income rose to 68.85 million yuan in the first half of 2024 from 49.17 million yuan in the first half of 2023[123] - Cash and cash equivalents at the end of the first half of 2024 stood at 2.30 billion yuan, down from 2.42 billion yuan at the end of the first half of 2023[126] - Total comprehensive income for the first half of 2024 was 174.44 million yuan, compared to 294.30 million yuan in the same period of 2023[124] - Sales revenue from goods and services received in cash was 2.49 billion yuan, a decrease from 2.97 billion yuan in the previous period[129] - Net cash flow from operating activities was 27.01 million yuan, significantly lower than the 514.80 million yuan in the previous period[129] - Net cash flow from investing activities was 237.38 million yuan, compared to a negative 87.03 million yuan in the previous period[129] - Net cash flow from financing activities was negative 326.60 million yuan, an improvement from the negative 473.66 million yuan in the previous period[129] - Total cash and cash equivalents at the end of the period were 2.10 billion yuan, down from 2.16 billion yuan at the beginning of the period[129] - The company's total equity at the beginning of the period was 7.14 billion yuan, with a slight increase to 7.14 billion yuan by the end of the period[131] - The company allocated 109.75 million yuan for profit distribution to shareholders during the period[132] - The company's capital reserve increased by 46.07 million yuan during the period[131] - The company's general risk reserve remained unchanged at 5.98 million yuan[131] - The company's undistributed profit decreased by 137.31 million yuan during the period[131] - Total owner's equity at the end of the period was RMB 7,035,508,330.41, with minority shareholders' equity at RMB 1,877,493.41[134] - Comprehensive income for the period amounted to RMB 745,486.43[134] - Total profit distribution to owners (or shareholders) was RMB 440,825,060.00[135] - Special reserve for the period was RMB 2,941,849.74[135] - Total equity at the beginning of the period was RMB 7,033,630,837.00[134] - Total equity at the end of the period was RMB 6,827,201,607.97[136] - Share capital decreased by 10,240.00 yuan in the current period[137] - Capital reserve increased by 46,073,333.35 yuan in the current period[137] - Comprehensive income for the current period totaled 174,443,189.39 yuan[137] - Owner's equity decreased by 8,737,338.55 yuan due to owner's capital reduction[137] - Profit distribution to owners (or shareholders) amounted to -109,746,488.20 yuan[138] - Special reserve increased by 647,488.28 yuan in the current period[138] - Total owner's equity at the end of the period was 6,797,671,087.68 yuan[137] - Comprehensive income for the previous period was 294,298,862.36 yuan[142] - Profit distribution to owners (or shareholders) in the previous period was -440,825,060.00 yuan[142] - Special reserve increased by 314,601.28 yuan in the previous period[142] Dividend and Share Repurchase - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[1] - The company repurchased 11,769,900 shares, accounting for 2.06% of the total shares, with a total repurchase amount of 250,066,342.87 yuan[94] - The company's 2023 annual profit distribution plan is to distribute a cash dividend of 2 yuan per 10 shares, with a total cash dividend of 109,746,488.20 yuan[94] - The company completed the repurchase of 11,769,900 shares, accounting for 2.06% of the total shares, with a total transaction amount of RMB 250,066,342.87[100] - The total number of shares repurchased was 11,769,900, with the highest price at RMB 25.10 per share and the lowest at RMB 18.05 per share[100] - The company increased its repurchase plan from RMB 100-200 million to RMB 250-500 million[100] - The company's total share capital decreased from 569,985,318 shares to 569,975,078 shares after the repurchase and cancellation of 10,240 shares[99] - The company's repurchase plan was implemented from May 5, 2023, to May 4, 2024, with a repurchase price cap adjusted to RMB 39.21 per share[99] - A total of 536,160 restricted shares were released from the 2022 restricted stock incentive plan on January 8, 2024[99] - The company repurchased and canceled 10,240 shares due to incomplete performance targets for 3 incentive recipients[99] - The total number of restricted shares at the end of the period was 2,906,538, with 536,160 shares released and 81,210 shares added[103] - The company's repurchase plan was approved by the board on May 5, 2023, with a maximum repurchase price of RMB 40.00 per share[99] - The company's repurchase plan was adjusted to increase the repurchase amount from RMB 100-200 million to RMB 250-500 million[100] Business Operations and Products - The company's main business includes the R&D, production, and sales of food additives, daily chemical fragrances, bulk chemicals, functional chemicals, and intermediates[15] - The company's sweetener products, such as Acesulfame-K and Sucralose, are widely used in the food and beverage industry due to their high sweetness, zero calories, and safety[16] - The company's bulk chemicals, such as liquid ammonia and hydrogen peroxide, are primarily used as raw materials for fine chemical products, with leading market share in East China[17] - The global sweetener industry is experiencing rapid growth driven by health-conscious consumers and sugar reduction trends, with Acesulfame-K and Sucralose being key substitutes[18] - The flavor and fragrance industry in China is growing rapidly, supported by government policies and increasing demand for high-quality life, with applications in food, beverages, and daily chemical products[20] - The basic chemical industry is undergoing transformation under the dual-carbon policy, with a focus on technological innovation, industrial upgrading, and green transformation[21] - Completed the main project construction of the first phase of the "Dingyuan Phase II Project," including the annual production of 600,000 tons of sulfuric acid, 60,000 tons of ion membrane caustic soda, 60,000 tons of ion membrane potash, and 150,000 tons of hydrogen peroxide, with trial production underway[24] - Achieved a historic high in daily production of sucralose through technical breakthroughs, maintaining industry-leading cost advantages[25] - Increased sales volume and market share of major products year-over-year, with further market expansion through sales structure reforms[26] - Upheld the 337 investigation ruling by the U.S. International Trade Commission, confirming no patent infringement in the production of acesulfame[27] - Enhanced digital management and operational efficiency through CRM project implementation and the development of unmanned filling systems[28] - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - Obtained 22 new patents authorized by the National Intellectual Property Office, bringing the total to 313 authorized patents, including 223 invention patents[30] - Expanded the industrial layout with a focus on circular economy, enhancing competitiveness in food and beverage, daily consumption, and advanced manufacturing sectors[30] - Food manufacturing revenue decreased by 11.34% to 1,337,400,345.20 yuan, accounting for 52.69% of total revenue[34] - Basic chemical revenue increased by 0.80% to 947,942,290.00 yuan, accounting for 37.35% of total revenue[34] - Domestic sales revenue increased by 6.58% to 2,104,523,154.78 yuan, accounting for 82.91% of total revenue[35] - Foreign sales revenue decreased by 38.05% to 433,760,623.41 yuan, accounting for 17.09% of total revenue[35] - Gross margin for food additives decreased by 6.89% to 27.10%[36] - Gross margin for bulk chemicals increased by 3.78% to 11.98%[36] - The company's subsidiary completed the construction of a 600,000-ton sulfuric acid production, 60,000-ton ion-exchange membrane caustic soda, 60,000-ton ion-exchange membrane potassium hydroxide, and 150,000-ton hydrogen peroxide projects, which have entered trial production[95] Environmental and Safety Management - Strengthened safety and environmental management with the establishment of a digital safety management platform and regular environmental inspections[29] - The company faces environmental governance risks due to its chemical production processes, with increasing costs and stricter regulations, but has established comprehensive environmental protection and management systems[52] - The company faces safety production risks due to the use of hazardous chemicals, but has implemented preventive measures, safety education, and regular inspections to minimize risks[53] - The company's subsidiary, Jinxuan Technology, obtained approval for the年产 10,000吨双氯磺酰亚胺项目环境影响报告书[65] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 3,460 kg, which is within the annual permitted limit of 55,170 kg[66] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 1 waste heat boiler and 75-ton boiler is 6,860 kg, which is within the annual permitted limit of 78,820 kg[66] - The total emission of chemical oxygen demand (COD) from Jinhe Industry's wastewater discharge is 778,650 kg, which is within the annual permitted limit of 1,710,000 kg[67] - The total emission of ammonia nitrogen (NH3-N) from Jinhe Industry's wastewater discharge is 25,509.8 kg, which is within the annual permitted limit of 153,900 kg[67] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 130-ton boiler is 2,070 kg, which is within the annual permitted limit of 76,970 kg[67] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 130-ton boiler is 9,820 kg, which is within the annual permitted limit of 109,960 kg[67] - The total emission of particulate matter from Jinhe Industry's 2 waste heat boiler is 1,564.2 kg, which is within the annual permitted limit of 14,020 kg[68] - The total emission of sulfur dioxide (SO2) from Jinhe Industry's 2 waste heat boiler is 740 kg, which is within the annual permitted limit of 49,050 kg[68] - The total emission of nitrogen oxides (NOx) from Jinhe Industry's 2 waste heat boiler is 15,430 kg, which is within the annual permitted limit of 70,080 kg[68] - The total emission of sulfur dioxide (SO2) from Jinxuan Technology's incinerator outlet is 0.234 tons, which is within the annual permitted limit of 60.62 tons[68] - The company has invested 23.3882 million yuan in environmental governance and protection in the first half of 2024[71] - The company paid a total of 196,700 yuan in environmental taxes for factors such as ammonia, nitrogen oxides, and sulfur dioxide in the first half of 2024[71] - The company operates four wastewater treatment facilities with capacities of 3,000 tons/day (three units) and 2,400 tons/day (one unit)[70] - The company's wastewater treatment facilities can handle chemical oxygen demand (COD) of 15,000 mg/L and ammonia nitrogen of 500 mg/L[70] - The company has a 230 m³/d wastewater treatment facility at Jinwo Bio, which processes all production and domestic wastewater[70] - The company has built a 40MW ecological photovoltaic power station and a 30MW biomass cogeneration project to reduce carbon emissions[75] - The company has implemented a 130-ton/h biomass boiler to further reduce greenhouse gas emissions[75] - The company has established a circular economy industrial chain to recycle and reuse production waste, reducing resource consumption[76] - The company has achieved full-process automation and digitization in its production system, enhancing safety and environmental risk control[74] - The company has conducted multiple environmental emergency response drills and revised corresponding emergency measures in the first half of 2024[71] Corporate Governance and Shareholder Information - The company's registered address, office address, website, and email remained unchanged during the reporting period[7] - The company's semi-annual report is available on the Shenzhen Stock Exchange website and other designated media[8] - The company held two shareholders' meetings in the reporting period: the 2024 First Extraordinary General Meeting with a 47.03% participation rate[57