1、案件所处的诉讼阶段：一审判决。 关于公司诉讼事项进展暨收到一审民事判决书的公告 股票代码：002672 股票简称：东江环保 公告编号：2025-37 本公司及其董事会全体成员保证信息披露内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 东江环保股份有限公司 特别提示： 2、上市公司所处的当事人地位：东江环保股份有限公司（以下简称"公 司"）为被告一。 3、涉案的金额：94,658,431.51 元（较首次披露暂计金额减少 1,659,123.37 元）。 4、对上市公司损益产生的影响：本次诉讼案件尚处于一审判决阶段，对公 司本期利润及期后利润的影响具有不确定性。 公司于近日收到了江西省共青城市人民法院（以下简称"共青城法院"）送 达的《民事判决书》（（2024）赣 0482 民初 1134 号），现将有关情况公告如下： 一、本次诉讼基本情况 因合同纠纷，原告江西环保股份有限公司（以下简称"江西环保公司"）以 公司、桂建平、周玥为被告向共青城法院提请诉讼，诉请三被告赔偿已产生的 环境污染调查、风险评估等各类费用以及相应的资金占用利息等。该诉讼事项 已经共青城法院立案，案号为（2024）赣 048 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東江環保股份有限公司（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00895 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 200,137,500 | RMB | | 1 RMB | | 200,137,500 | | 2. 股份分類 | 普 ...

[Corporate Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Changes in Board of Directors and Supervisory Committee](index=2&type=section&id=%E5%9F%B7%E8%A1%8C%E8%91%A3%E4%BA%8B) During the reporting period, there were changes in the company's Board of Directors and Supervisory Committee - Executive Director **Yu Fan resigned** on April 25, 2025, and **Zhu Lintao was appointed** on June 25, 2025[4](index=4&type=chunk) - Independent Non-executive Director **Siu Chi Hung resigned** on June 25, 2025, and **Li Kwok Tung was appointed** on the same day, also taking over as Chairman of the Audit and Risk Management Committee[4](index=4&type=chunk) - Supervisor **Chan Pui Wan resigned** on June 25, 2025, and **Ma Xujian was appointed** on the same day[4](index=4&type=chunk) [Share Information and Contact Details](index=3&type=section&id=%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F) The company's A-shares are listed on the Shenzhen Stock Exchange (stock code 002672) and H-shares on the Hong Kong Stock Exchange (stock code 00895) - The company's **A-share stock code is 002672**, and the **H-share stock code is 00895**[5](index=5&type=chunk) - The auditor is **Da Hua Certified Public Accountants (Special General Partnership)**, and the H-share registrar in Hong Kong is **Tricor Investor Services Limited**[5](index=5&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8B%20%E7%BE%A9) [Consolidated Balance Sheet](index=7&type=section&id=%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets were RMB 11.03 billion, a decrease of 2.24% from the beginning of the period, while total liabilities slightly increased to RMB 7.20 billion Key Data from Consolidated Balance Sheet (As of June 30, 2025 vs December 31, 2024) | Item | Closing Balance (2025-06-30) | Opening Balance (2024-12-31) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total current assets | 3,600,500,457.56 | 3,563,956,903.50 | +1.02% | | Total non-current assets | 7,425,026,889.93 | 7,714,522,511.96 | -3.75% | | **Total Assets** | **11,025,527,347.49** | **11,278,479,415.46** | **-2.24%** | | **Liabilities** | | | | | Total current liabilities | 3,750,180,723.18 | 3,877,229,219.04 | -3.28% | | Short-term borrowings | 1,890,353,893.69 | 1,197,012,027.16 | +57.92% | | Non-current liabilities due within one year | 927,936,161.65 | 1,599,167,098.28 | -41.97% | | Total non-current liabilities | 3,450,442,664.04 | 3,250,360,379.76 | +6.16% | | **Total Liabilities** | **7,200,623,387.22** | **7,127,589,598.80** | **+1.02%** | | **Equity** | | | | | Total equity attributable to owners of the parent | 3,324,824,504.66 | 3,599,850,228.42 | -7.64% | | Minority interests | 500,079,455.61 | 551,039,588.24 | -9.25% | | **Total Equity** | **3,824,903,960.27** | **4,150,889,816.66** | **-7.85%** | | **Total Liabilities and Equity** | **11,025,527,347.49** | **11,278,479,415.46** | **-2.24%** | - The company's **debt-to-asset ratio increased** from 63.20% at the end of 2024 to **65.31%** on June 30, 2025[116](index=116&type=chunk) [Parent Company Balance Sheet](index=12&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the parent company's total assets were RMB 7.99 billion, an increase of 2.96% from the beginning of the period, with total liabilities rising to RMB 4.93 billion Key Data from Parent Company Balance Sheet (As of June 30, 2025 vs December 31, 2024) | Item | Closing Balance (2025-06-30) | Opening Balance (2024-12-31) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total current assets | 3,814,254,494.36 | 3,599,282,904.03 | +6.00% | | Total non-current assets | 4,173,464,516.59 | 4,159,079,166.05 | +0.35% | | **Total Assets** | **7,987,719,010.95** | **7,758,362,070.08** | **+2.96%** | | **Liabilities** | | | | | Total current liabilities | 2,931,223,760.36 | 2,929,887,812.29 | +0.05% | | Short-term borrowings | 1,220,606,552.78 | 745,366,293.49 | +63.76% | | Notes payable | 194,298,000.00 | 84,652,905.76 | +129.53% | | Non-current liabilities due within one year | 668,531,096.43 | 1,269,043,698.82 | -47.24% | | Total non-current liabilities | 1,993,889,056.54 | 1,724,321,614.76 | +15.63% | | **Total Liabilities** | **4,925,112,816.90** | **4,654,209,427.05** | **+5.82%** | | **Equity** | | | | | **Total Equity** | **3,062,606,194.05** | **3,104,152,643.03** | **-1.34%** | | **Total Liabilities and Equity** | **7,987,719,010.95** | **7,758,362,070.08** | **+2.96%** | [Consolidated Income Statement (Unaudited)](index=17&type=section&id=%E5%90%88%20%E4%BD%B5%20%E5%88%A9%20%E6%BD%A4%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's total operating revenue decreased by 3.40% year-over-year to RMB 1.50 billion, with the net loss attributable to parent company shareholders widening by 8.09% to RMB 278.18 million Key Data from Consolidated Income Statement (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating revenue | 1,500,470,309.76 | 1,553,358,452.26 | -3.40% | | Total operating costs | 1,846,670,942.48 | 1,882,149,083.44 | -1.89% | | Operating profit | -329,316,352.67 | -313,793,031.30 | -4.95% | | Total profit | -324,780,391.79 | -315,039,567.24 | -3.10% | | Net profit | -328,240,737.00 | -319,313,114.02 | -2.79% | | Net profit attributable to shareholders of the parent company | -278,177,080.22 | -257,357,295.18 | -8.09% | | Basic earnings per share | -0.25 | -0.23 | -8.70% | [Parent Company Income Statement (Unaudited)](index=23&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E5%88%A9%20%E6%BD%A4%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the parent company's operating revenue significantly increased by 259.57% year-over-year to RMB 350.82 million, while the net loss narrowed by 18.69% to RMB 41.55 million Key Data from Parent Company Income Statement (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 350,817,891.13 | 97,567,903.51 | +259.57% | | Operating costs | 343,887,443.53 | 95,598,420.71 | +259.74% | | Operating profit | -42,333,129.75 | -51,075,902.62 | +17.09% | | Total profit | -41,564,100.28 | -51,075,915.58 | +18.62% | | Net profit | -41,546,448.98 | -51,093,275.17 | +18.69% | [Consolidated Statement of Cash Flows (Unaudited)](index=26&type=section&id=%E5%90%88%20%E4%BD%B5%20%E7%8F%BE%20%E9%87%91%20%E6%B5%81%20%E9%87%8F%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's net cash flow from operating activities turned negative to RMB -50.71 million, while net cash flow from financing activities turned positive to RMB 159.54 million Key Data from Consolidated Statement of Cash Flows (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | -50,708,328.58 | 2,381,171.66 | -2237.92% | | Net cash flow from investing activities | -73,967,557.57 | -147,850,885.18 | +49.97% | | Net cash flow from financing activities | 159,540,961.07 | -195,531,541.11 | +181.60% | | Net increase in cash and cash equivalents | 34,893,597.13 | -341,015,021.71 | +110.23% | | Closing balance of cash and cash equivalents | 1,051,200,772.35 | 896,795,765.01 | +17.22% | [Parent Company Statement of Cash Flows (Unaudited)](index=31&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E7%8F%BE%20%E9%87%91%20%E6%B5%81%20%E9%87%8F%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the parent company's net cash flow from operating activities turned positive to RMB 80.20 million, and net cash inflow from investing activities increased significantly Key Data from Parent Company Statement of Cash Flows (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 80,198,751.91 | -259,911,142.48 | +130.85% | | Net cash flow from investing activities | 81,159,015.34 | 10,372,557.68 | +682.44% | | Net cash flow from financing activities | -157,509,683.94 | -85,456,387.45 | -84.32% | | Net increase in cash and cash equivalents | 3,848,083.31 | -334,994,972.25 | +101.15% | | Closing balance of cash and cash equivalents | 764,109,267.64 | 713,387,722.13 | +7.11% | [Consolidated Statement of Changes in Equity (Unaudited)](index=33&type=section&id=%E5%90%88%20%E4%BD%B5%20%E6%89%80%20%E6%9C%89%20%E8%80%85%20%E6%AC%8A%20%E7%9B%8A%20%E8%AE%8A%20%E5%8B%95%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the Group's total equity attributable to parent company shareholders decreased by RMB 275.03 million, primarily due to an expanded net loss Key Data from Consolidated Statement of Changes in Equity (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Change in total equity attributable to owners of the parent | -275,025,723.76 | -355,628,130.07 | | Total comprehensive income | -328,212,214.79 | -319,326,881.10 | | Total comprehensive income attributable to owners of the parent | -278,148,558.01 | -257,371,062.26 | | Total comprehensive income attributable to minority interests | -50,063,656.78 | -61,955,818.84 | [Parent Company Statement of Changes in Equity (Unaudited)](index=36&type=section&id=%E6%AF%8D%20%E5%85%AC%20%E5%8F%B8%20%E6%89%80%20%E6%9C%89%20%E8%80%85%20%E6%AC%8A%20%E7%9B%8A%20%E8%AE%8A%20%E5%8B%95%20%E8%A1%A8%EF%BC%88%E6%9C%AA%20%E7%B6%93%20%E5%AF%A9%20%E6%A0%B8%EF%BC%89) For the six months ended June 30, 2025, the parent company's total equity decreased by RMB 41.55 million, mainly due to the net loss Key Data from Parent Company Statement of Changes in Equity (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Change in total equity | -41,546,448.98 | -51,093,275.17 | | Total comprehensive income | -41,546,448.98 | -51,093,275.17 | [Notes to the Unaudited Interim Financial Statements](index=38&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%9A%84%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. General Information](index=38&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Dongjiang Environmental Company Limited is a joint-stock limited company registered in China, with its H-shares and A-shares listed on the Hong Kong and Shenzhen stock exchanges, respectively - The company's **H-shares and A-shares are listed** on the Hong Kong Stock Exchange and Shenzhen Stock Exchange, respectively[52](index=52&type=chunk) - The Group's main business scope includes **industrial waste recycling, treatment and disposal, wastewater and waste gas treatment, and precious metal recovery**[52](index=52&type=chunk) [2. Basis of Preparation](index=39&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises and relevant disclosure requirements - The financial statements are prepared on a **going concern basis**, following the Accounting Standards for Business Enterprises of China and relevant disclosure regulations[53](index=53&type=chunk) - Management has assessed that the company has **sufficient funds** to meet its needs for the next 12 months, with no significant doubts about its ability to continue as a going concern[53](index=53&type=chunk) - This interim result is **unaudited** but has been reviewed by the Audit and Risk Management Committee[54](index=54&type=chunk) [3. Operating Revenue](index=40&type=section&id=3.%20%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 1.50 billion, a year-over-year decrease of 3.40%, mainly due to a significant drop in revenue from precious metal recycling Analysis of Operating Revenue by Industry (For the six months ended June 30, 2025 vs Same period in 2024) | Industry Segment | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Industrial Waste Recycling | 646,104,217.38 | 564,376,350.26 | +14.48% | | Industrial Waste Treatment and Disposal | 396,990,856.03 | 401,533,859.48 | -1.13% | | Precious Metal Recycling | 287,227,264.88 | 396,750,877.20 | -27.61% | | Municipal Waste Treatment and Disposal | 44,642,362.92 | 61,648,664.38 | -27.59% | | Renewable Energy Utilization | 10,590,979.26 | 15,145,986.04 | -30.08% | | Environmental Engineering and Services | 28,246,587.57 | 50,003,630.90 | -43.51% | | E-waste Dismantling | 67,557,360.90 | 54,742,150.14 | +23.41% | | Other Businesses | 19,110,680.82 | 9,156,933.86 | +108.71% | | **Total** | **1,500,470,309.76** | **1,553,358,452.26** | **-3.40%** | [4. Segment Information](index=41&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operations are divided into eight reportable segments, with most segments reporting a loss for the period, led by industrial waste treatment and disposal - The company's business is divided into **8 reportable segments**, including industrial waste recycling, industrial waste treatment and disposal, precious metal recycling, and others[56](index=56&type=chunk) Segment Operating Revenue and Total Profit (For the six months ended June 30, 2025) | Item | Industrial Waste Recycling | Industrial Waste Treatment & Disposal | Precious Metal Recycling | Municipal Waste Treatment & Disposal | E-waste Dismantling | Environmental Engineering & Services | Renewable Energy Utilization | Others | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB Yuan) | 661,524,909.18 | 418,926,680.14 | 287,227,264.88 | 44,642,362.92 | 67,557,360.90 | 40,908,544.61 | 10,590,979.26 | 26,187,343.82 | | Total Profit (RMB Yuan) | -52,618,411.21 | -194,426,714.65 | -9,576,803.30 | 6,359,051.30 | -9,750,112.09 | 3,576,311.30 | -2,889,308.65 | 1,410,322.78 | [5. Finance Costs](index=42&type=section&id=5.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For the six months ended June 30, 2025, the Group's total finance costs were RMB 93.87 million, remaining stable compared to the same period last year Breakdown of Finance Costs (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest expense | 94,743,471.81 | 99,028,016.25 | -4.29% | | Less: Interest income | 2,603,195.24 | 4,522,859.03 | -42.45% | | Foreign exchange gains/losses | 1,517,236.25 | -753,018.73 | +301.35% | | Bank charges and others | 217,207.84 | 143,120.45 | +51.76% | | **Total** | **93,874,720.66** | **93,895,258.94** | **-0.02%** | [6. Taxation](index=43&type=section&id=6.%20%E7%A8%85%20%E9%A0%85) For the six months ended June 30, 2025, the Group's income tax expense was RMB 3.46 million, a year-over-year decrease of 19.03%, while the company benefits from various tax preferential policies Income Tax Expense (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current income tax expense | 3,749,946.01 | 4,759,422.68 | -21.21% | | Deferred income tax expense | -289,600.80 | -485,875.90 | +40.39% | | **Total** | **3,460,345.21** | **4,273,546.78** | **-19.03%** | - The company enjoys a **"three-year exemption and three-year half-reduction" income tax preferential policy** for environmental protection and energy-saving projects, involving several subsidiaries[72](index=72&type=chunk) - Multiple subsidiaries of the company enjoy **income tax incentives for comprehensive resource utilization**, with revenue calculated at 90% of the total amount[72](index=72&type=chunk) - Subsidiaries such as Humen Lvyuan and Xiantao Dongjiang enjoy a **preferential 15% income tax rate** for third-party pollution control enterprises[73](index=73&type=chunk) - Multiple subsidiaries are recognized as **high-tech enterprises** and enjoy a preferential 15% income tax rate[73](index=73&type=chunk) - The company benefits from various **VAT incentives**, including 100% refund for landfill gas power generation and partial refunds for waste/sludge/sewage treatment services[76](index=76&type=chunk) [7. Loss Per Share](index=53&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, the Group's basic loss per share was RMB 0.25, an increase from RMB 0.23 in the same period last year Loss Per Share (For the six months ended June 30, 2025 vs Same period in 2024) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Basic loss per share (RMB Yuan) | -0.25 | -0.23 | | Diluted loss per share (RMB Yuan) | -0.25 | -0.23 | | Loss attributable to ordinary equity holders of the parent (RMB Yuan) | 278,177,080.22 | 257,357,295.18 | | Weighted average number of shares in issue (shares) | 1,105,255,802 | 1,105,255,802 | - The Group had **no potential dilutive ordinary shares** outstanding during the current and prior periods[78](index=78&type=chunk) [8. Dividends](index=53&type=section&id=8.%20%E8%82%A1%20%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board **does not recommend the payment of an interim dividend** for the six months ended June 30, 2025[79](index=79&type=chunk)[141](index=141&type=chunk) [9. Trade and Other Receivables](index=53&type=section&id=9.%20%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE) As of June 30, 2025, the Group's total trade receivables amounted to RMB 1.13 billion, with a credit period generally set at three months for customers Aging Analysis of Trade Receivables (As of June 30, 2025 vs December 31, 2024) | Aging | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Within 1 year | 512,746,062.02 | 540,139,017.80 | | 1-2 years | 168,691,267.01 | 188,934,086.00 | | 2-3 years | 180,468,225.19 | 192,854,302.94 | | Over 3 years | 272,364,960.69 | 235,942,934.55 | | **Total** | **1,134,270,514.91** | **1,157,870,341.29** | - The company applies an internal credit assessment policy for new customers, with a **credit period generally of three months**, which can be extended to six months for major customers[81](index=81&type=chunk) [10. Trade and Other Payables](index=55&type=section&id=10.%20%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, the Group's total trade payables amounted to RMB 500.16 million, a decrease of 18.63% from the beginning of the period Aging Analysis of Trade Payables (As of June 30, 2025 vs December 31, 2024) | Aging | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Within 90 days | 367,098,862.85 | 479,203,580.77 | | 91 to 180 days | 17,720,105.81 | 23,751,599.77 | | 181 to 365 days | 40,511,096.30 | 34,502,763.87 | | Over 1 year | 74,830,599.44 | 77,278,936.55 | | **Total Trade Payables** | **500,160,664.40** | **614,736,880.96** | [11. Net Current Assets](index=56&type=section&id=11.%20%E6%B7%A8%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net current assets were RMB -149.68 million, showing an improvement but remaining negative Net Current Assets (As of June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Current assets | 3,600,500,457.56 | 3,563,956,903.50 | | Less: Current liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | **Net Current Assets** | **-149,680,265.62** | **-313,272,315.54** | [12. Total Assets Less Current Liabilities](index=56&type=section&id=12.%20%E7%B8%BD%E8%B3%87%E7%94%A2%E6%B8%9B%E6%B5%81%E5%8B%95%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total assets less current liabilities amounted to RMB 7.28 billion, a slight decrease from the end of 2024 Total Assets Less Current Liabilities (As of June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total assets | 11,025,527,347.49 | 11,278,479,415.46 | | Less: Current liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | **Total Assets Less Current Liabilities** | **7,275,346,624.31** | **7,401,250,196.42** | [13. Leases](index=57&type=section&id=13.%20%E7%A7%9F%20%E8%B3%83) For the six months ended June 30, 2025, the Group's rental income from land and buildings was RMB 5.68 million, a year-over-year decrease of 6.89% Lease Income and Future Minimum Lease Payments Receivable (As of June 30, 2025 vs Same period/end of 2024) | Item | H1/End of 2025 (RMB Yuan) | H1/End of 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Rental income from land and buildings | 5,684,646.06 | 6,104,944.86 | -6.89% | | Minimum lease payments receivable within one year | 10,894,111.22 | 12,871,557.61 | -15.36% | | Short-term lease expenses recognized in profit or loss | 4,091,997.49 | N/A | N/A | | Total cash outflow for leases | 7,112,406.89 | N/A | N/A | [14. Changes in the Scope of Consolidation](index=58&type=section&id=14.%20%E5%90%88%E4%BD%B5%E7%AF%84%E5%9C%8D%E7%9A%84%E8%AE%8A%E6%9B%B4) During the reporting period, the Group added one new subsidiary, Dongjiang Automobile Resources Recycling (Hubei) Co, Ltd, through establishment with a 51.00% equity interest Increase in Scope of Consolidation (First half of 2025) | Company Name | Method of Acquisition | Date of Acquisition | Capital Contribution (RMB Yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Dongjiang Automobile Resources Recycling (Hubei) Co, Ltd | Newly established subsidiary | June 3, 2025 | 25,500,000.00 | 51.00 | [15. Commitments and Contingencies](index=58&type=section&id=15.%20%E6%89%BF%E8%AB%BE%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A0%85) As of June 30, 2025, the Group's significant commitments totaled RMB 91.64 million, and it faced several lawsuits, including a franchise agreement termination and a frozen fund issue Significant Commitments (As of June 30, 2025 vs December 31, 2024) | Item | Closing Balance (RMB Yuan) | Opening Balance (RMB Yuan) | | :--- | :--- | :--- | | Major contracting agreements | 57,171,416.77 | 71,830,125.95 | | Commitments for the purchase and construction of long-term assets | 23,043,041.61 | 23,002,506.21 | | External investment commitments | 11,426,136.84 | 23,406,302.44 | | **Total** | **91,640,595.22** | **118,238,934.60** | - The **Shaoyang City operating franchise agreement was unilaterally terminated** by the government due to policy changes; the company has filed an administrative lawsuit for compensation, and the case is awaiting judgment[88](index=88&type=chunk)[89](index=89&type=chunk) - Subsidiary **Hunan Dongjiang was sued** by Jiayuan Environmental over a landfill leachate treatment service contract dispute; the company has filed a counterclaim, and the case has been suspended[91](index=91&type=chunk)[92](index=92&type=chunk) - Some funds in the company's dedicated account for raised capital were **frozen due to a contract dispute**, involving an amount of **RMB 96.32 million**; the case has been heard in court and is awaiting judgment[94](index=94&type=chunk) [16. Related Party Transactions](index=62&type=section&id=16.%20%E9%97%9C%E8%81%AF%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, the Group's purchases from related parties increased by 14.31% while sales to related parties decreased by 31.72% Related Party Transactions for Goods and Services (For the six months ended June 30, 2025 vs Same period in 2024) | Transaction Type | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Purchases of goods and services from related parties | 2,613,936.66 | 2,286,862.29 | +14.31% | | Sales of goods and provision of services to related parties | 4,613,057.52 | 6,756,334.30 | -31.72% | Related Party Guarantees (As of June 30, 2025) | Guaranteed Party | Relationship | Guarantee Amount (RMB Yuan) | Start Date | End Date | | :--- | :--- | :--- | :--- | :--- | | Mianyang Dongjiang Environmental Protection Technology Co, Ltd | Subsidiary | 246,000,000.00 | 2021-04-01 | 2030-03-25 | | Foshan Fulong Environmental Protection Technology Co, Ltd | Subsidiary | 160,497,000.00 | 2020-03-18 | 2030-03-18 | | Xiamen Oasis Environmental Protection Industry Co, Ltd | Subsidiary | 80,000,000.00 | 2024-06-27 | 2027-06-27 | | Fujian Xingye Dongjiang Environmental Technology Co, Ltd | Associate | 57,375,000.00 | 2021-06-30 | 2026-09-15 | | Dongguan Fengye Solid Waste Treatment Co, Ltd | Associate | 44,000,000.00 | 2018-10-15 | 2033-10-15 | | **Total** | | **587,872,000.00** | | | Key Management Personnel Remuneration (For the six months ended June 30, 2025 vs Same period in 2024) | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Key management personnel remuneration | 3,620,453.15 | 3,364,618.13 | +7.60% | [17. Approval of the Condensed Interim Financial Information](index=63&type=section&id=17.%20%E6%89%B9%E5%87%86%E7%B0%A1%E6%98%8E%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The Group's condensed interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on August 22, 2025 - The condensed interim financial information was **approved by the Board of Directors** on August 22, 2025[104](index=104&type=chunk) [Management Discussion and Analysis](index=64&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=64&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the company's hazardous waste collection volume grew over 10%, but intense competition squeezed profit margins, while new business ventures in auto parts remanufacturing were initiated - Hazardous waste collection volume **grew by over 10%**, but profit margins were squeezed due to lower prices for harmless treatment and higher discount rates for resource utilization[106](index=106&type=chunk) - Revenue from the precious metals recycling business **declined by over 20%**, significantly impacted by metal prices[106](index=106&type=chunk) - The company achieved product sales of **RMB 646 million**, with sales of new products surging by **272% year-over-year**[107](index=107&type=chunk) - In R&D, **15 new patents were applied for**, and AI was applied to the comprehensive environmental services industry chain[108](index=108&type=chunk) - The company entered the **auto parts remanufacturing sector** and registered three new brands: "Dongjiang Regeneration," "Dongjiang Renewal," and "Dongjiang New Green"[108](index=108&type=chunk) - The company will continue to deepen reforms, optimize its business structure, and increase its focus on the **resource recycling sector**[109](index=109&type=chunk) [Financial Review](index=66&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the Group's total operating revenue decreased by 3.40% year-over-year to RMB 1.50 billion, with the net loss attributable to parent company shareholders widening by 8.09% to RMB 278.18 million Key Financial Review Indicators (For the six months ended June 30, 2025 vs Same period in 2024) | Indicator | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating revenue | 1,500,470,309.76 | 1,553,358,452.26 | -3.40% | | Comprehensive gross profit margin | 3.24% | 5.00% | -1.76 percentage points | | Net profit attributable to shareholders of the parent company | -278,177,080.22 | -257,357,295.18 | -8.09% | | Selling expenses | 41,851,616.53 | 38,307,401.98 | +9.26% | | Administrative expenses | 170,893,774.94 | 187,314,630.91 | -8.77% | | Finance costs | 93,874,720.66 | 93,895,258.94 | -0.02% | | Income tax expense | 3,460,345.21 | 4,273,546.78 | -19.03% | - The decrease in total operating revenue was mainly due to a **27.61% reduction** in revenue from the precious metals recycling business[110](index=110&type=chunk) - The **widening net loss attributable to the parent** was primarily due to intense market competition and sustained pressure on the main business's profit margins[111](index=111&type=chunk) - The increase in selling expenses was mainly due to **higher business commissions** resulting from increased collection volumes in the harmless treatment business[112](index=112&type=chunk) [Financial Position and Liquidity](index=68&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91) As of June 30, 2025, the Group's net current assets were RMB -149.68 million, with a debt-to-asset ratio of 65.31% and cash and cash equivalents of approximately RMB 1.05 billion Key Financial Position and Liquidity Indicators (As of June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Net current assets | -149,680,265.62 | -313,272,315.54 | | Cash and cash equivalents | 1,051,200,772.35 | 1,016,307,175.22 | | Total liabilities | 7,200,623,387.22 | 7,127,589,598.80 | | Debt-to-asset ratio | 65.31% | 63.20% | | Bank loans | 4,827,608,335.70 | 5,088,018,406.13 | - The Board believes the Group has a **solid financial position and sufficient liquidity** to meet future business development needs[116](index=116&type=chunk) [Material Investments, Acquisitions, and Disposals of Subsidiaries, Associates, or Joint Ventures](index=68&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%88%96%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD) During the reporting period, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had **no material investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures[117](index=117&type=chunk) [Future Plans for Material Investments or Capital Assets](index=68&type=section&id=%E6%9C%AA%E4%BE%86%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E6%80%A7%E8%B3%87%E7%94%A2%E8%A8%88%E5%8A%83) Other than as disclosed in this report, the Group has no other future plans for material investments or capital assets - Other than as disclosed in this report, the Group has **no other future plans for material investments** or capital assets[118](index=118&type=chunk) [Interest Rate and Foreign Exchange Risks](index=69&type=section&id=%E5%88%A9%E7%8E%87%E5%8F%8A%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group is exposed to fair value interest rate risk from fixed-rate bank loans and cash flow interest rate risk from floating-rate loans, while managing foreign exchange risk through forward contracts - The Group is exposed to **fair value interest rate risk** on fixed-rate bank loans and **cash flow interest rate risk** on floating-rate bank loans[119](index=119&type=chunk) - The company maintains floating-rate bank loans to mitigate cash flow interest rate risk and monitors interest rate fluctuations[119](index=119&type=chunk) - Foreign exchange risk mainly arises from assets and liabilities denominated in HKD and USD; the company has used **forward foreign exchange contracts** to hedge against foreign currency borrowing risks[120](index=120&type=chunk) [Contingent Liabilities](index=70&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) Other than the litigation and guarantee matters disclosed in Note 15 to the financial statements, the Group had no other material contingent liabilities as of June 30, 2025 - Other than as disclosed in Note 15 to the financial statements, the Group had **no other material contingent liabilities**[121](index=121&type=chunk) [Employee Information and Remuneration Policy](index=70&type=section&id=%E5%83%B1%E5%93%A1%E8%B3%87%E6%96%99%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 3,904 full-time employees, with total staff costs for the first half of the year amounting to approximately RMB 274.59 million Employee Information and Costs (As of June 30, 2025 vs Dec 31, 2024/Same period in 2024) | Indicator | June 30, 2025/H1 2025 | Dec 31, 2024/H1 2024 | | :--- | :--- | :--- | | Number of full-time employees | 3,904 | 3,984 | | Total staff costs (RMB Yuan) | 274,589,998.00 | 278,693,042.50 | - The Group provides employees with **continuous training, a comprehensive remuneration package**, and a range of additional benefits, including retirement benefits, housing allowances, and medical insurance[122](index=122&type=chunk) [Events During the Period](index=71&type=section&id=%E6%9C%9F%E5%85%A7%E4%BA%8B%E9%A0%85) During the period, the company fulfilled guarantee obligations for subsidiaries, signed a new financial services agreement, issued RMB 400 million in medium-term notes, and changed its H-share registrar - The company fulfilled its guarantee obligation for its subsidiary Mianyang Dongjiang by paying **RMB 21.81 million**[123](index=123&type=chunk) - The company fulfilled its guarantee obligation for its subsidiary Tangshan Wanders by paying **RMB 111.10 million**[124](index=124&type=chunk) - The company entered into a **new financial services agreement with GDFM**, which has been approved by independent shareholders[126](index=126&type=chunk) - The company successfully issued **RMB 400 million** of the first tranche of 2025 medium-term notes with an annual interest rate of **2.66%**[127](index=127&type=chunk) - Effective from July 27, 2025, the H-share registrar will be changed to **Tricor Investor Services Limited**[128](index=128&type=chunk) [Use of Proceeds from the Non-public Issuance of A-Shares](index=73&type=section&id=%E9%9D%9E%E5%85%AC%E9%96%8B%E7%99%BC%E8%A1%8CA%E8%82%A1%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Of the approximately RMB 1.19 billion in net proceeds, RMB 8.95 million was utilized as of June 30, 2025, with some fundraising projects being postponed Use of Proceeds from Non-public A-Share Issuance (As of June 30, 2025) | Proposed Use of Proceeds | Allocated Net Proceeds (RMB million) | Unutilized Net Proceeds (Jan 1, 2025) (RMB million) | Utilized Net Proceeds (H1 2025) (RMB million) | Unutilized Net Proceeds (June 30, 2025) (RMB million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction of Jieyang Dananhai Petrochemical Industrial Zone Green Recycling Center Phase I | 410.00 | 271.52 | 7.26 | 264.26 | By Dec 2025 | | Expansion of Jingzhou City Jiangling County Sewage Treatment Plant (Phase II) in Hubei Province | 165.00 | 93.99 | – | 93.99 | By Dec 2025 | | Digital and Intelligent Construction Project | 184.31 | 160.25 | 0.09 | 160.16 | By Dec 2028 | | Hazardous Waste Treatment Transformation and Upgrade Project | 95.00 | 64.88 | 1.60 | 63.28 | By Dec 2028 | | Supplement general working capital | 340.00 | – | – | – | – | | **Total** | **1,194.31** | **590.64** | **8.95** | **581.69** | | - The company has used the proceeds to replace **RMB 133 million** of self-raised funds pre-invested in the projects and **RMB 1.25 million** in issuance expenses[130](index=130&type=chunk) - Some of the investment projects funded by the proceeds have been **postponed**[131](index=131&type=chunk) [Directors', Supervisors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=74&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, no directors, supervisors, or chief executives of the Company had any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations - As of June 30, 2025, **no directors, supervisors, or chief executives** of the Company had any interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[132](index=132&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=75&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Guangdong Rising Holdings Group was the largest shareholder, holding a combined interest of 26.37% of the total share capital Substantial Shareholders' Interests in Shares and Underlying Shares (As of June 30, 2025) | Shareholder Name | Class of Shares | Number of Shares | Approx. % of Relevant Share Class | % of Company's Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Guangdong Rising Holdings Group | A-shares | 266,279,028 | 29.42% | 24.09% | | | H-shares | 25,179,200 | 12.58% | 2.28% | | Baowu Environment | A-shares | 86,629,001 | 9.57% | 7.84% | | | A-shares (Interest of controlled corporation) | 37,664,783 | 4.16% | 4.16% | | Huihong Group | A-shares | 50,087,669 | 5.53% | 4.53% | | | A-shares (Interest of controlled corporation) | 25,995,038 | 2.87% | 2.35% | | | H-shares (Interest of controlled corporation) | 18,204,800 | 9.10% | 1.65% | - Percentages are calculated based on **1,105,255,802 shares in issue** as of June 30, 2025 (comprising 200,137,500 H-shares and 905,118,302 A-shares)[135](index=135&type=chunk) [Share Option Scheme](index=77&type=section&id=%E8%82%A1%E4%BB%BD%E8%A8%88%E5%8A%83) During the reporting period, the Group did not implement any share option scheme as defined in Chapter 17 of the Listing Rules - During the reporting period, the Group **did not implement any share option scheme** as defined in Chapter 17 of the Listing Rules[137](index=137&type=chunk) [Competing Interests or Business](index=77&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A%E6%88%96%E6%A5%AD%E5%8B%99) During the reporting period, no director, supervisor, chief executive, or substantial shareholder of the Company had any interest in a business that competes or is likely to compete with the Group's business - During the reporting period, **no director, supervisor, chief executive, or substantial shareholder** of the Company had any interest in a business that competes or is likely to compete with the Group's business[138](index=138&type=chunk) [Audit and Risk Management Committee and Review of Interim Results](index=78&type=section&id=%E5%AF%A9%E8%A8%88%E8%88%87%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Company's Audit and Risk Management Committee, chaired by Mr. Li Kwok Tung, has reviewed the Group's unaudited interim results for the six months ended June 30, 2025 - The Audit and Risk Management Committee comprises **Mr. Li Kwok Tung (Chairman), Mr. Li Jinhui, and Mr. Wang Shi**[139](index=139&type=chunk) - The Committee has **reviewed the Group's interim results** and financial statements for the six months ended June 30, 2025, which have not been reviewed by the company's auditor[139](index=139&type=chunk) [Purchase, Sale or Redemption of its Listed Securities](index=78&type=section&id=%E8%B3%BC%E5%85%A5%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E5%85%B6%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries **repurchased, sold, or redeemed** any of the Company's listed securities[140](index=140&type=chunk) [Interim Dividend](index=78&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board **does not recommend the payment of any interim dividend** for the six months ended June 30, 2025[141](index=141&type=chunk) [Corporate Governance](index=78&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to maintaining a high standard of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code - The Company is committed to maintaining a **high overall standard of corporate governance** by continuously improving its corporate management practices and procedures[142](index=142&type=chunk) - The Company has **complied with all applicable code provisions** of the Corporate Governance Code during the reporting period[142](index=142&type=chunk) [Changes in Information of Directors](index=79&type=section&id=%E6%9C%89%E9%97%9C%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E7%9A%84%E8%AE%8A%E5%8B%95) There were no changes in the information of the directors that are required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules - There were **no changes in the information of the directors** that are required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules[143](index=143&type=chunk) [Directors' and Supervisors' Dealings in Securities](index=79&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E8%B2%B7%E8%B3%A3) The Company has adopted the Model Code as the code of conduct for securities transactions by directors and supervisors, all of whom have confirmed compliance during the reporting period - The Company has adopted the **Model Code** as the code of conduct for securities transactions by directors and supervisors[144](index=144&type=chunk) - All directors and supervisors have **confirmed their compliance** with the required standards set out in the Model Code during the reporting period[144](index=144&type=chunk)

Market Overview - On August 28, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index up 0.07%, the Shenzhen Component Index up 0.56%, and the ChiNext Index up 1.26% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.8082 trillion CNY, an increase of 619 billion CNY compared to the previous day [1] Semiconductor Sector - The photolithography machine concept stocks experienced a collective rise, with companies like Kaimete Gas, Haili Shares, Maolai Optics, and New Lai Materials showing active trading [3] - The semiconductor sector saw a significant boost, with SMIC's stock price increasing by over 10% [3] - Individual stocks such as Xingwang Yuda and Zhangjiang Hi-Tech hit the daily limit within just 2 minutes of trading [3][12] Company Highlights - Cambrian (688256) reached a new historical high, with its stock price exceeding Kweichow Moutai, trading at 1,484.02 CNY, marking a month-to-date increase of over 100% [7] - Cambrian's total market capitalization reached 615 billion CNY, while Kweichow Moutai's market cap stood at 1.82 trillion CNY [7] - Cambrian reported a revenue of 2.881 billion CNY for the first half of 2025, a year-on-year increase of 4,347.82%, and a net profit of 1.038 billion CNY, indicating a turnaround from losses [12] Financial Performance - Zhangjiang Hi-Tech reported a revenue of 1.704 billion CNY for the first half of 2025, a year-on-year growth of 39.05%, with a net profit of 369 million CNY, up 38.64% [12] - The company announced a dividend plan, proposing to distribute 0.72 CNY per share to shareholders [12] Satellite Communication Sector - Satellite communication concept stocks saw a strong performance, with companies like Chuangyi Information and Zhenlei Technology rising over 10%, and Xingwang Yuda hitting the daily limit within 2 minutes [12] - The Ministry of Industry and Information Technology released guidelines to optimize business access and promote the development of the satellite communication industry, aiming for significant advancements by 2030 [13]

Core Viewpoint - Dongjiang Environmental Protection (002672) reported disappointing financial results for the first half of 2025, with a decline in revenue and net profit compared to the previous year, indicating increased short-term debt pressure and weak operational performance [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.5 billion yuan, a decrease of 3.4% year-on-year [1]. - The net profit attributable to shareholders was -278 million yuan, down 8.09% year-on-year [1]. - In Q2 2025, total revenue was 805 million yuan, an increase of 5.41% year-on-year, while net profit was -132 million yuan, a decline of 29.91% year-on-year [1]. - The gross profit margin was 3.24%, a decrease of 35.33% year-on-year, and the net profit margin was -21.88%, down 6.42% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 307 million yuan, accounting for 20.43% of revenue, a slight decrease of 0.65% year-on-year [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities decreased by 2229.55%, attributed to increased inventory in precious metals and industrial waste resource utilization [3]. - The net cash flow from investing activities increased by 49.97%, due to reduced investment payments for project construction [3]. - The net cash flow from financing activities increased by 181.59%, driven by an increase in interest-bearing debt [3]. - The liquidity ratio was 0.96, indicating rising short-term debt pressure [1][4]. Historical Performance and Investment Returns - The company's historical median Return on Invested Capital (ROIC) over the past decade was 6.16%, with a notably poor ROIC of -7.02% in 2023 [3]. - The company has reported losses in three out of twelve annual reports since its listing, suggesting a fragile business model [3]. Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 35.82% and the average operating cash flow over the past three years to current liabilities at 4.2% [4]. - The interest-bearing debt ratio reached 52.08%, and the total interest-bearing debt to average operating cash flow over the past three years was 42.02% [4]. - Financial expenses accounted for 135.94% of the average operating cash flow over the past three years, indicating high financial costs [4].

Group 1 - The eighth meeting of the eighth supervisory board of Dongjiang Environmental Protection Co., Ltd. was held on August 22, 2025, in Shenzhen, Guangdong Province, with all three supervisors present [1] - The supervisory board approved the proposal regarding the 2025 semi-annual report, summary, and semi-annual performance announcement with a unanimous vote of 3 in favor [1][2] - The supervisory board confirmed that the procedures for reviewing the semi-annual report complied with relevant laws and regulations, and the report accurately reflects the company's actual situation without any false records or significant omissions [1] Group 2 - The supervisory board also approved the special report on the storage and use of raised funds for the first half of 2025, with a unanimous vote of 3 in favor [2] - The supervisory board found that the company's use of raised funds complies with the regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, and the report accurately reflects the situation regarding the storage and use of raised funds [2] - Detailed information can be found in the special report disclosed on the company's website [2]

Core Viewpoint - Dongjiang Environmental (002672.SZ) reported a decline in revenue and a significant net loss for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved an operating revenue of 1.5 billion yuan, representing a year-on-year decrease of 3.4% [1] - The net profit attributable to shareholders of the listed company was -278 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -292 million yuan [1] - The basic earnings per share were -0.25 yuan [1]

Company Information [Directors, Supervisors, and Senior Management](index=1&type=section&id=Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The Board of Directors comprises three executive, three non-executive, and three independent non-executive directors, with changes in board and supervisory board members during the reporting period - Executive Director changes: Yu Fan resigned on April 25, 2025, and Zhu Lintao was appointed on June 25, 2025[6](index=6&type=chunk) - Independent Non-Executive Director changes: Xiao Zhixiong resigned on June 25, 2025, and Li Guodong was appointed on June 25, 2025, also serving as Chairman of the Audit and Risk Management Committee[6](index=6&type=chunk) - Supervisor changes: Chen Peihuan resigned on June 25, 2025, and Ma Xujian was appointed on June 25, 2025[6](index=6&type=chunk) [Basic Company Information](index=3&type=section&id=Basic%20Company%20Information) Dongjiang Environmental Company Limited, a joint-stock company registered in China, is listed on the Shenzhen Stock Exchange (A-shares) and The Stock Exchange of Hong Kong Limited (H-shares), primarily engaged in environmental protection Company Listing Information | Stock Code | Listing Place | | :------- | :------- | | A-shares: 002672 | Shenzhen Stock Exchange | | H-shares: 00895 | The Stock Exchange of Hong Kong Limited | - The company's main business covers industrial waste resource utilization, wastewater, exhaust gas, and solid waste treatment, environmental facility operation, and precious metal recycling in the environmental protection sector[54](index=54&type=chunk) [Glossary of Terms](index=4&type=section&id=Glossary%20of%20Terms) This report defines key terms to ensure clarity and consistency, covering corporate governance, equity structure, financial reporting periods, and major shareholders - "First half of 2025" or "Reporting Period" refers to the six months ended June 30, 2025[10](index=10&type=chunk) - "The Group" refers to the Company and its subsidiaries[10](index=10&type=chunk) - Major shareholders include Guang Sheng Holdings Group, Baowu Environmental Technology, and Huihong Group[10](index=10&type=chunk) Financial Statements [Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total consolidated assets were RMB 11,025,527,347.49, a slight decrease from the beginning of the period, with negative net current assets Key Consolidated Balance Sheet Data (As of June 30, 2025) | Indicator | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 11,025,527,347.49 | 11,278,479,415.46 | | Total Current Assets | 3,600,500,457.56 | 3,563,956,903.50 | | Total Non-current Assets | 7,425,026,889.93 | 7,714,522,511.96 | | Total Liabilities | 7,200,623,387.22 | 7,127,589,598.80 | | Total Current Liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | Total Non-current Liabilities | 3,450,442,664.04 | 3,250,360,379.76 | | Total Owners' Equity | 3,824,903,960.27 | 4,150,889,816.66 | [Company Balance Sheet](index=12&type=section&id=Company%20Balance%20Sheet) As of June 30, 2025, the Company's total assets increased to RMB 7,987,719,010.95, with current assets totaling RMB 3,814,254,494.36 and current liabilities RMB 2,931,223,760.36 Key Company Balance Sheet Data (As of June 30, 2025) | Indicator | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 7,987,719,010.95 | 7,758,362,070.08 | | Total Current Assets | 3,814,254,494.36 | 3,599,282,904.03 | | Total Non-current Assets | 4,173,464,516.59 | 4,159,079,166.05 | | Total Liabilities | 4,925,112,816.90 | 4,654,209,427.05 | | Total Current Liabilities | 2,931,223,760.36 | 2,929,887,812.29 | | Total Non-current Liabilities | 1,993,889,056.54 | 1,724,321,614.76 | | Total Owners' Equity | 3,062,606,194.05 | 3,104,152,643.03 | [Consolidated Income Statement](index=17&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's total operating revenue decreased by 3.40% to RMB 1,500,470,309.76, with net loss attributable to parent company shareholders widening by 8.09% Key Consolidated Income Statement Data (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,500,470,309.76 | 1,553,358,452.26 | | Total Operating Costs | 1,846,670,942.48 | 1,882,149,083.44 | | Operating Profit | -329,316,352.67 | -313,793,031.30 | | Total Profit | -324,780,391.79 | -315,039,567.24 | | Net Profit | -328,240,737.00 | -319,313,114.02 | | Net Profit Attributable to Parent Company Shareholders | -278,177,080.22 | -257,357,295.18 | | Basic Earnings Per Share | -0.25 | -0.23 | [Company Income Statement](index=23&type=section&id=Company%20Income%20Statement) For the six months ended June 30, 2025, the Company's operating revenue significantly increased to RMB 350,817,891.13, while net loss narrowed year-on-year Key Company Income Statement Data (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 350,817,891.13 | 97,567,903.51 | | Operating Costs | 343,887,443.53 | 95,598,420.71 | | Operating Profit | -42,333,129.75 | -51,075,902.62 | | Total Profit | -41,564,100.28 | -51,075,915.58 | | Net Profit | -41,546,448.98 | -51,093,275.17 | [Consolidated Cash Flow Statement](index=26&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, the Group's net cash flow from operating activities turned negative, while net cash flow from financing activities turned positive Key Consolidated Cash Flow Statement Data (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Cash Inflows from Operating Activities | 1,740,812,786.15 | 1,926,916,009.86 | | Cash Outflows from Operating Activities | 1,791,521,114.73 | 1,924,534,838.20 | | Net Cash Flow from Operating Activities | -50,708,328.58 | 2,381,171.66 | | Net Cash Flow from Investing Activities | -73,967,557.57 | -147,850,885.18 | | Net Cash Flow from Financing Activities | 159,540,961.07 | -195,531,541.11 | | Net Increase in Cash and Cash Equivalents | 34,893,597.13 | -341,015,021.71 | | Cash and Cash Equivalents at Period End | 1,051,200,772.35 | 896,795,765.01 | [Company Cash Flow Statement](index=31&type=section&id=Company%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, the Company's net cash flow from operating activities turned positive, while net cash flow from investing activities significantly increased Key Company Cash Flow Statement Data (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 80,198,751.91 | -259,911,142.48 | | Net Cash Flow from Investing Activities | 81,159,015.34 | 10,372,557.68 | | Net Cash Flow from Financing Activities | -157,509,683.94 | -85,456,387.45 | | Net Increase in Cash and Cash Equivalents | 3,848,083.31 | -334,994,972.25 | | Cash and Cash Equivalents at Period End | 764,109,267.64 | 713,387,722.13 | [Consolidated Statement of Changes in Owners' Equity](index=33&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the six months ended June 30, 2025, the Group's total owners' equity attributable to the parent company decreased by RMB 275,025,723.76, primarily due to an expanded net loss Key Consolidated Statement of Changes in Owners' Equity Data (For the six months ended June 30, 2025) | Indicator | First Half 2025 Change (RMB) | First Half 2024 Change (RMB) | | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company Change | -275,025,723.76 | -355,628,130.07 | | Minority Interests Change | -50,960,132.63 | 38,126,125.87 | | Total Owners' Equity Change | -325,985,856.39 | -317,502,004.20 | | Total Comprehensive Income | -328,212,214.79 | -319,326,881.10 | | Capital Contributed and Reduced by Owners | 500,000.00 | -1,006,000.00 | | Profit Distribution | -2,450,000.00 | 0.00 | [Company Statement of Changes in Owners' Equity](index=36&type=section&id=Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) For the six months ended June 30, 2025, the Company's total owners' equity decreased by RMB 41,546,448.98, primarily due to net loss, with a corresponding reduction in retained earnings Key Company Statement of Changes in Owners' Equity Data (For the six months ended June 30, 2025) | Indicator | First Half 2025 Change (RMB) | First Half 2024 Change (RMB) | | :--- | :--- | :--- | | Total Owners' Equity Change | -41,546,448.98 | -51,093,275.17 | | Retained Earnings Change | -41,546,448.98 | -51,093,275.17 | | Total Comprehensive Income | -41,546,448.98 | -51,093,275.17 | Notes to Financial Statements [General Information](index=38&type=section&id=General%20Information) The Company, a joint-stock company registered in China, is listed on the Hong Kong Stock Exchange and Shenzhen Stock Exchange, primarily engaged in environmental protection - The company's main business scope includes industrial waste collection, treatment, and comprehensive utilization; wastewater, exhaust gas, and solid waste treatment; environmental protection facility design, construction, and operation; and precious metal recycling and utilization[54](index=54&type=chunk) [Basis of Preparation](index=39&type=section&id=Basis%20of%20Preparation) The Group's financial statements are prepared on a going concern basis, adhering to Chinese accounting standards and disclosure requirements, and have been reviewed by the Audit and Risk Management Committee - The financial statements are prepared on a going concern basis, and management has no significant concerns about the company's ability to continue as a going concern for the next 12 months[55](index=55&type=chunk) - These interim results are unaudited by the auditors but have been reviewed by the Audit and Risk Management Committee[56](index=56&type=chunk) [Operating Revenue](index=40&type=section&id=Operating%20Revenue) For the six months ended June 30, 2025, the Group's total operating revenue decreased by 3.40% to RMB 1,500,470,309.76, primarily due to a decline in precious metal recycling revenue Operating Revenue by Industry Segment (For the six months ended June 30, 2025) | Industry Segment | First Half 2025 (RMB) | First Half 2024 (RMB) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | | Industrial Waste Resource Utilization | 646,104,217.38 | 564,376,350.26 | +14.48% | | Industrial Waste Treatment and Disposal | 396,990,856.03 | 401,533,859.48 | -1.13% | | Precious Metal Recycling and Utilization | 287,227,264.88 | 396,750,877.20 | -27.61% | | Municipal Waste Treatment and Disposal | 44,642,362.92 | 61,648,664.38 | -27.59% | | Renewable Energy Utilization | 10,590,979.26 | 15,145,986.04 | -30.07% | | Environmental Engineering and Services | 28,246,587.57 | 50,003,630.90 | -43.51% | | Electronic Waste Dismantling | 67,557,360.90 | 54,742,150.14 | +23.40% | | Other Businesses | 19,110,680.82 | 9,156,933.86 | +108.70% | | Total | 1,500,470,309.76 | 1,553,358,452.26 | -3.40% | [Segment Information](index=41&type=section&id=Segment%20Information) The Group's operations are divided into eight reporting segments, with industrial waste resource utilization and treatment segments showing significant revenue and profit figures for the first half of 2025 - The company's operations are divided into **8 reporting segments**, and management regularly evaluates the operating results of each segment[58](index=58&type=chunk) Key Segment Operating Revenue and Total Profit (For the six months ended June 30, 2025) | Segment | Operating Revenue (RMB) | Total Profit (RMB) | | :--- | :--- | :--- | | Industrial Waste Resource Utilization | 661,524,909.18 | -52,618,411.21 | | Industrial Waste Treatment and Disposal | 418,926,680.14 | -194,426,714.65 | | Precious Metal Recycling and Utilization | 287,227,264.88 | -9,576,803.30 | | Municipal Waste Treatment and Disposal | 44,642,362.92 | 6,359,051.30 | | Electronic Waste Dismantling | 67,557,360.90 | -9,750,112.09 | | Environmental Engineering and Services | 40,908,544.61 | 3,576,311.30 | | Renewable Energy Utilization | 10,590,979.26 | -2,889,308.65 | | Other | 26,187,343.82 | 1,410,322.78 | | Total | 1,500,470,309.76 | -324,780,391.79 | [Finance Costs](index=42&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's total finance costs were RMB 93,874,720.66, remaining largely consistent with the prior year, primarily driven by interest expenses Finance Costs Details (For the six months ended June 30, 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | 94,743,471.81 | 99,028,016.25 | | Less: Interest Income | 2,603,195.24 | 4,522,859.03 | | Exchange Gains/Losses | 1,517,236.25 | -753,018.73 | | Bank Charges and Others | 217,207.84 | 143,120.45 | | Total | 93,874,720.66 | 93,895,258.94 | - Interest expense primarily consists of interest on borrowings from financial institutions (**RMB 78,050,482.03**) and bond interest accrued at effective interest rates (**RMB 11,231,096.43**)[63](index=63&type=chunk) [Taxation](index=43&type=section&id=Taxation) The Group's income tax expense decreased to RMB 3,460,345.21 due to lower total profit, benefiting from various tax incentives for environmental protection and high-tech enterprises [Income Tax Expense](index=43&type=section&id=Income%20Tax%20Expense) Current income tax expense for the period was RMB 3,460,345.21, a decrease from the prior period, comprising current and deferred income tax expenses Income Tax Expense Details (For the six months ended June 30, 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Current Income Tax Expense | 3,749,946.01 | 4,759,422.68 | | Deferred Income Tax Expense | -289,600.80 | -485,875.90 | | Total | 3,460,345.21 | 4,273,546.78 | [Income Tax](index=43&type=section&id=Income%20Tax) Current income tax expense primarily originated from mainland China, amounting to RMB 4,337,019.00 for the current period, with adjustments for overpayments from prior years Current Income Tax Expense (For the six months ended June 30, 2025) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Current Income Tax Expense – China | 4,337,019.00 | 4,039,773.01 | | Overpayment from Prior Years – China | -587,072.99 | 719,649.67 | | Total | 3,749,946.01 | 4,759,422.68 | [Major Tax Categories and Rates](index=44&type=section&id=Major%20Tax%20Categories%20and%20Rates) The Group applies various tax categories and rates, including VAT (3%-13%), Urban Maintenance and Construction Tax (5%-7%), Corporate Income Tax (15%-25%), Education Surcharge (3%), Local Education Surcharge (2%), and Property Tax (1.2%-12%) Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income calculated at 3%, 5%, 6%, 9%, 13% for output tax, and VAT payable after deducting deductible input tax | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated at 5%, 7% of actual turnover tax paid | 5%, 7% | | Corporate Income Tax | Corporate income tax rates are 15%, 16.5%, 20%, 25% | 15%, 16.5%, 20%, 25% | | Education Surcharge | Calculated at 3% of actual turnover tax paid | 3% | | Local Education Surcharge | Calculated at 2% of actual turnover tax paid | 2% | | Property Tax | Property tax is 1.2% of the residual value of the property or 12% of rental income | 1.2%, 12% | - Multiple subsidiaries apply corporate income tax rates of **15%**, **20%**, or **25%**, with some enjoying a **50% reduction** policy[67](index=67&type=chunk)[71](index=71&type=chunk)[75](index=75&type=chunk) [Tax Incentives](index=49&type=section&id=Tax%20Incentives) The Group benefits from various corporate income tax and VAT incentives, including "three-year exemption, three-year half reduction" for environmental projects and VAT refunds for resource utilization - Corporate Income Tax Incentives: Eligible environmental protection, energy-saving, and water-saving projects enjoy a **"three-year exemption, three-year half reduction"** policy[77](index=77&type=chunk) - Corporate Income Tax Incentives: Income from resource comprehensive utilization is **reduced by 10%** (90% included in total income)[77](index=77&type=chunk) - VAT Incentives: **100% immediate refund** for income from power generation using landfill gas; **70% immediate refund** for waste/sludge/wastewater treatment services; **30% immediate refund** for sales of resource comprehensive utilization products[82](index=82&type=chunk) [Loss Per Share](index=53&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic loss per share widened to RMB 0.25 from RMB 0.23 in the prior year, with diluted loss per share being the same Loss Per Share (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Loss Attributable to Parent Company Ordinary Equity Holders | 278,177,080.22 | 257,357,295.18 | | Weighted Average Number of Issued Shares (shares) | 1,105,255,802 | 1,105,255,802 | | Basic Loss Per Share | -0.25 | -0.23 | | Diluted Loss Per Share | -0.25 | -0.23 | [Dividends](index=53&type=section&id=Dividends) The Board of Directors does not recommend declaring an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors does not recommend declaring an interim dividend for the six months ended June 30, 2025[85](index=85&type=chunk) [Other Receivables](index=53&type=section&id=Other%20Receivables) As of June 30, 2025, the Group's net accounts receivable were RMB 995,626,099.92, a slight decrease from the beginning of the period, with approximately 45.20% due within one year Key Other Receivables Data (As of June 30, 2025) | Item | As of June 30, 2025 (RMB) | As of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 1,134,270,514.91 | 1,157,870,341.29 | | Less: Provision for Bad Debts on Accounts Receivable | 138,644,414.99 | 134,272,710.38 | | Notes Receivable | 41,777,514.77 | 36,904,227.19 | | Receivables Financing | 14,344,976.17 | 18,055,682.89 | | Prepayments | 179,416,199.38 | 140,488,382.04 | | Other Receivables | 321,998,154.78 | 317,697,476.03 | | Less: Provision for Bad Debts on Other Receivables | 93,412,143.51 | 93,041,852.39 | | Non-current Assets Due Within One Year | 14,666,392.82 | 26,597,785.36 | | Total | 1,474,417,194.33 | 1,470,299,332.03 | Accounts Receivable Aging Analysis (As of June 30, 2025) | Aging | As of June 30, 2025 (RMB) | As of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 year | 512,746,062.02 | 540,139,017.80 | | 1-2 years | 168,691,267.01 | 188,934,086.00 | | 2-3 years | 180,468,225.19 | 192,854,302.94 | | Over 3 years | 272,364,960.69 | 235,942,934.55 | | Total | 1,134,270,514.91 | 1,157,870,341.29 | [Other Payables](index=55&type=section&id=Other%20Payables) As of June 30, 2025, the Group's total accounts payable decreased to RMB 500,160,664.40, with approximately 73.39% due within 90 days Other Payables Aging Analysis (As of June 30, 2025) | Aging | As of June 30, 2025 (RMB) | As of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 90 days | 367,098,862.85 | 479,203,580.77 | | 91 to 180 days | 17,720,105.81 | 23,751,599.77 | | 181 to 365 days | 40,511,096.30 | 34,502,763.87 | | Over 1 year | 74,830,599.44 | 77,278,936.55 | | Accounts Payable | 500,160,664.40 | 614,736,880.96 | | Advances from Customers | 935,274.72 | 963,309.66 | | Other Payables | 205,174,029.45 | 223,215,429.02 | | Total | 706,269,968.57 | 838,915,619.64 | [Net Current Assets](index=56&type=section&id=Net%20Current%20Assets) As of June 30, 2025, the Group's net current assets improved to RMB -149,680,265.62 from RMB -313,272,315.54 at the beginning of the period, though still negative Net Current Assets (As of June 30, 2025) | Indicator | As of June 30, 2025 (RMB) | As of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Current Assets | 3,600,500,457.56 | 3,563,956,903.50 | | Less: Current Liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | Net Current Assets | -149,680,265.62 | -313,272,315.54 | [Total Assets Less Current Liabilities](index=56&type=section&id=Total%20Assets%20Less%20Current%20Liabilities) As of June 30, 2025, the Group's total assets less current liabilities were RMB 7,275,346,624.31, a slight decrease from the beginning of the period Total Assets Less Current Liabilities (As of June 30, 2025) | Indicator | As of June 30, 2025 (RMB) | As of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 11,025,527,347.49 | 11,278,479,415.46 | | Less: Current Liabilities | 3,750,180,723.18 | 3,877,229,219.04 | | Total Assets Less Current Liabilities | 7,275,346,624.31 | 7,401,250,196.42 | [Leases](index=57&type=section&id=Leases) As a lessor, the Group's minimum lease receivables within one year were RMB 10,894,111.22 as of June 30, 2025, while as a lessee, total cash outflow related to leases was RMB 7,112,406.89 Minimum Lease Receivables as Lessor (As of June 30, 2025) | Period | As of June 30, 2025 (RMB) | As of June 30, 2024 (RMB) | | :--- | :--- | :--- | | Within one year | 10,894,111.22 | 12,871,557.61 | | One to two years | 9,126,505.20 | 10,015,500.59 | | Total | 20,020,616.42 | 22,887,058.20 | Lease Expenses as Lessee (As of June 30, 2025) | Type | Amount (RMB) | | :--- | :--- | | Short-term lease expenses recognized in profit or loss | 4,091,997.49 | | Total cash outflow related to leases | 7,112,406.89 | [Changes in Consolidation Scope](index=58&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the Group added a new subsidiary, Dongjiang Auto Resource Recycling (Hubei) Co., Ltd., established on June 3, 2025, with a 51.00% equity interest Increase in Consolidation Scope (As of June 30, 2025) | Company Name | Method of Acquisition | Date of Acquisition | Capital Contribution (RMB) | Equity Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Dongjiang Auto Resource Recycling (Hubei) Co., Ltd. | Newly established subsidiary | June 3, 2025 | 25,500,000.00 | 51.00 | [Commitments and Contingencies](index=58&type=section&id=Commitments%20and%20Contingencies) The Group has various significant commitments and contingencies, including major outsourcing contracts, capital expenditure commitments, and ongoing lawsuits related to concession agreements and frozen funds [Significant Commitments](index=58&type=section&id=Significant%20Commitments) As of June 30, 2025, the Group's total significant commitments amounted to RMB 91,640,595.22, a decrease from the beginning of the period Significant Commitments (As of June 30, 2025) | Item | Period-end Balance (RMB) | Period-beginning Balance (RMB) | | :--- | :--- | :--- | | – Major Outsourcing Contracts | 57,171,416.77 | 71,830,125.95 | | – Commitments for Construction of Long-term Assets | 23,043,041.61 | 23,002,506.21 | | – External Investment Commitments | 11,426,136.84 | 23,406,302.44 | | Total | 91,640,595.22 | 118,238,934.60 | [Contingencies](index=59&type=section&id=Contingencies) The Group faces multiple contingencies, including an administrative lawsuit against Shaoyang Municipal Government for unilateral termination of a concession agreement and a lawsuit involving frozen funds - Shaoyang Municipal Government unilaterally terminated the concession agreement for the urban domestic waste sanitary landfill, and the company has initiated administrative litigation seeking compensation for project investment and other costs[94](index=94&type=chunk)[95](index=95&type=chunk) - Subsidiary Hunan Dongjiang was sued by Jiayuan Environmental for early termination of a leachate treatment operation service contract, seeking service fees and compensation, to which Hunan Dongjiang has filed a counterclaim[97](index=97&type=chunk)[98](index=98&type=chunk) - Due to a contract dispute, a portion of the company's special fund account for raised funds, amounting to **RMB 96,317,554.88**, has been frozen, with the case still under trial[100](index=100&type=chunk) [Related Party Transactions](index=62&type=section&id=Related%20Party%20Transactions) The Group engages in related party transactions including goods and services, guarantees, and key management personnel compensation, with specific figures for the first half of 2025 [Related Party Transactions for Goods and Services](index=62&type=section&id=Related%20Party%20Transactions%20for%20Goods%20and%20Services) For the six months ended June 30, 2025, total purchases of goods and acceptance of services from related parties amounted to RMB 2,613,936.66, while sales of goods and provision of services to related parties totaled RMB 4,613,057.52 Purchases of Goods and Acceptance of Services from Related Parties (For the six months ended June 30, 2025) | Related Party | Nature of Related Party Transaction | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | :--- | | Joint Ventures | Acceptance of Services | 818,201.04 | 8,602.31 | | Associates | Acceptance of Services | 58,129.41 | 28,308.83 | | Other Related Parties | Purchase of Goods and Acceptance of Services | 1,737,606.21 | 2,249,951.15 | | Total | | 2,613,936.66 | 2,286,862.29 | Sales of Goods and Provision of Services to Related Parties (For the six months ended June 30, 2025) | Related Party | Nature of Related Party Transaction | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | :--- | | Joint Ventures | Trademark Usage Fees and Provision of Services | 2,589,948.73 | 4,070,798.84 | | Associates | Provision of Services | 0.00 | 365,015.09 | | Other Related Parties | Provision of Services | 2,023,108.79 | 2,320,520.37 | | Total | | 4,613,057.52 | 6,756,334.30 | [Guarantees](index=63&type=section&id=Guarantees) The Company provides guarantees for several subsidiaries and associates, with amounts ranging from RMB 44 million to RMB 246 million, and maturity dates extending as late as 2033 Guarantees (As of June 30, 2025) | Guaranteed Party | Related Party Relationship | Guaranteed Amount (RMB) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Mianyang Dongjiang Environmental Technology Co., Ltd. | Subsidiary | 246,000,000.00 | April 1, 2021 | March 25, 2030 | No | | Foshan Fulong Environmental Technology Co., Ltd. | Subsidiary | 160,497,000.00 | March 18, 2020 | March 18, 2030 | No | | Xiamen Green Oasis Environmental Industry Co., Ltd. | Subsidiary | 80,000,000.00 | June 27, 2024 | June 27, 2027 | No | | Fujian Xingye Dongjiang Environmental Technology Co., Ltd. | Associate | 57,375,000.00 | June 30, 2021 | September 15, 2026 | No | | Dongguan Fengye Solid Waste Treatment Co., Ltd. | Associate | 44,000,000.00 | October 15, 2018 | October 15, 2033 | No | [Key Management Personnel Compensation](index=63&type=section&id=Key%20Management%20Personnel%20Compensation) For the six months ended June 30, 2025, the Group's total key management personnel compensation was RMB 3,620,453.15, an increase from the prior year Key Management Personnel Compensation (For the six months ended June 30, 2025) | Item | First Half 2025 (RMB) | First Half 2024 (RMB) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 3,620,453.15 | 3,364,618.13 | [Approval of Condensed Interim Financial Information](index=63&type=section&id=Approval%20of%20Condensed%20Interim%20Financial%20Information) The Group's condensed interim financial information for the six months ended June 30, 2025, was approved by the Board of Directors on August 22, 2025 - The condensed interim financial information was approved by the Board of Directors on **August 22, 2025**[110](index=110&type=chunk) Management Discussion and Analysis [Business Review](index=64&type=section&id=Business%20Review) In the first half of 2025, hazardous waste collection volume grew over 10%, but intense competition led to reduced profit margins, and precious metal recycling revenue declined over 20% - Hazardous waste collection volume grew over **10%**, but collection prices for harmless treatment business decreased, and collection discount rates for resource utilization business increased, leading to narrower profit margins[111](index=111&type=chunk) - Revenue from precious metal recycling business decreased over **20%**, significantly impacted by metal prices[111](index=111&type=chunk) - The company achieved operating revenue of **RMB 1.50 billion**, a year-on-year decrease of **3.40%**; net loss attributable to parent company shareholders was **RMB 278 million**, an increase in loss of **8.09%** year-on-year[112](index=112&type=chunk) - New product sales surged by **272%** year-on-year, and the company entered the automotive parts remanufacturing sector by establishing a joint venture[112](index=112&type=chunk)[113](index=113&type=chunk) - Continuous increase in R&D investment, with **15 new patent applications** and **30 authorized patents** in the first half, and AI technology applied to the integrated environmental services industry chain[113](index=113&type=chunk) [Financial Review](index=66&type=section&id=Financial%20Review) The Group's total operating revenue decreased by 3.40% to RMB 1.50 billion in the first half of 2025, primarily due to reduced precious metal recycling revenue, leading to a decline in comprehensive gross profit margin and expanded net loss [Total Operating Revenue](index=66&type=section&id=Total%20Operating%20Revenue) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 1,500,470,309.76, a year-on-year decrease of 3.40%, mainly due to reduced precious metal recycling revenue Total Operating Revenue and Major Business Revenue Changes (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,500,470,309.76 | 1,553,358,452.26 | -3.40% | | Precious Metal Recycling and Utilization Business Revenue | 287,227,264.88 | 396,750,877.20 | -27.61% | | Industrial Waste Treatment and Disposal Operating Revenue | 396,990,856.03 | 401,533,859.48 | -1.13% | | Resource Utilization Product Sales Business Revenue | 646,104,217.38 | 564,376,350.26 | +14.48% | [Profit](index=66&type=section&id=Profit) For the six months ended June 30, 2025, the Group's comprehensive gross profit margin was 3.24%, a decrease of 1.76 percentage points, with net loss attributable to parent company shareholders widening by 8.09% Profit Indicator Changes (For the six months ended June 30, 2025) | Indicator | First Half 2025 | First Half 2024 | Change | | :--- | :--- | :--- | :--- | | Comprehensive Gross Profit Margin | 3.24% | 5.00% | -1.76 percentage points | | Net Profit Attributable to Parent Company Shareholders | -278,177,080.22 RMB | -257,357,295.18 RMB | Loss widened by 8.09% | [Selling Expenses](index=67&type=section&id=Selling%20Expenses) For the six months ended June 30, 2025, the Group's selling expenses increased by 9.25% to RMB 41,851,616.53, primarily due to increased business commissions from higher hazardous waste collection volume Selling Expenses Changes (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | | Selling Expenses | 41,851,616.53 | 38,307,401.98 | +9.25% | | % of Total Operating Revenue | 2.79% | 2.47% | +0.32 percentage points | [Administrative Expenses](index=67&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, the Group's administrative expenses decreased by 8.77% to RMB 170,893,774.94, primarily due to effective control measures Administrative Expenses Changes (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | | Administrative Expenses | 170,893,774.94 | 187,314,630.91 | -8.77% | | % of Total Operating Revenue | 11.39% | 12.06% | -0.67 percentage points | [Finance Costs](index=67&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were RMB 93,874,720.66, remaining largely stable year-on-year, representing 6.26% of total operating revenue Finance Costs Changes (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | | Finance Costs | 93,874,720.66 | 93,895,258.94 | -0.02% | | % of Total Operating Revenue | 6.26% | 6.04% | +0.22 percentage points | [Income Tax Expense](index=67&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense decreased by 19.03% to RMB 3,460,345.21, primarily due to a reduction in total profit during the reporting period Income Tax Expense Changes (For the six months ended June 30, 2025) | Indicator | First Half 2025 (RMB) | First Half 2024 (RMB) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | | Income Tax Expense | 3,460,345.21 | 4,273,546.78 | -19.03% | | % of Total Profit | -1.07% | -1.36% | +0.29 percentage points | [Financial Position and Liquidity](index=68&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2025, the Group's net current assets improved to RMB -149,680,265.62, with cash and cash equivalents of approximately RMB 1.05 billion, and the Board considers the financial position solid Key Financial Position and Liquidity Data (As of June 30, 2025) | Indicator | As of June 30, 2025 (RMB) | As of December 31, 2024 (RMB) | | :--- | :--- | :--- | | Net Current Assets | -149,680,265.62 | -313,272,315.54 | | Cash and Cash Equivalents | 1,051,200,772.35 | 1,016,307,175.22 | | Total Liabilities | 7,200,623,387.22 | 7,127,589,598.80 | | Debt-to-Asset Ratio | 65.31% | 63.20% | | Bank Loans | 4,827,608,335.70 | 5,088,018,406.13 | - Management believes the Group has a **solid financial position and sufficient liquidity** to meet its operational and future business development needs[121](index=121&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=68&type=section&id=Significant%20Investments%2C%20Acquisitions%2C%20and%20Disposals) During the reporting period, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had **no significant investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures[122](index=122&type=chunk) [Future Major Investment or Capital Asset Plans](index=68&type=section&id=Future%20Major%20Investment%20or%20Capital%20Asset%20Plans) Other than those disclosed in this report, the Group has no other future major investment or capital asset plans - Other than those disclosed in this report, the Group has **no other future major investment or capital asset plans**[123](index=123&type=chunk) [Interest Rate and Foreign Exchange Risk](index=69&type=section&id=Interest%20Rate%20and%20Foreign%20Exchange%20Risk) The Group faces fair value interest rate risk from fixed-rate bank loans and cash flow interest rate risk from floating-rate bank loans, and manages foreign exchange risk through forward foreign exchange contracts - The Group is exposed to **fair value interest rate risk** from fixed-rate bank loans and **cash flow interest rate risk** from floating-rate bank loans, currently without an interest rate hedging policy but under monitoring[124](index=124&type=chunk) - Foreign exchange risk primarily arises from assets and liabilities denominated in **HKD and USD**, and the company has adopted forward foreign exchange contracts to mitigate foreign exchange risk[125](index=125&type=chunk) [Contingent Liabilities](index=70&type=section&id=Contingent%20Liabilities) Other than the contingent matters disclosed in Note 15 to the financial statements, the Group had no other significant contingent liabilities for the six months ended June 30, 2025 - Other than the contingent matters disclosed in Note 15 to the financial statements, the Group had **no other significant contingent liabilities**[126](index=126&type=chunk) [Employee Information and Remuneration Policy](index=70&type=section&id=Employee%20Information%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 3,904 full-time employees, with total staff costs of approximately RMB 275 million, and provides continuous training and various benefits Employee Information and Remuneration (As of June 30, 2025) | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 3,904 | 3,984 | | Total Staff Costs (For the six months ended June 30, RMB) | 274,589,998.00 | 278,693,042.50 | - The Group provides employees with **continuous training, a remuneration package, and a range of additional benefits**, including retirement benefits, housing allowances, and medical insurance[127](index=127&type=chunk) Other Information [Events During the Period](index=71&type=section&id=Events%20During%20the%20Period) During the reporting period, the Company fulfilled guarantee obligations for subsidiaries, signed a new financial services agreement, issued the first tranche of 2025 medium-term notes, and changed its H-share registrar [Fulfillment of Guarantee Obligations](index=71&type=section&id=Fulfillment%20of%20Guarantee%20Obligations) The Company fulfilled guarantee obligations for subsidiary Mianyang Dongjiang's loan to Postal Savings Bank, totaling RMB 21.805 million, and for subsidiary Tangshan Wanders' loan to HSBC, totaling RMB 111.0977 million[128](index=128&type=chunk)[129](index=129&type=chunk) [New Financial Services Agreement](index=72&type=section&id=New%20Financial%20Services%20Agreement) The Company signed a new financial services agreement with Guang Sheng Finance on December 24, 2024, which was approved by independent shareholders on April 23, 2025[131](index=131&type=chunk) [Issuance of First Tranche of 2025 Medium-Term Notes](index=72&type=section&id=Issuance%20of%20First%20Tranche%20of%202025%20Medium-Term%20Notes) On March 27, 2025, the Company successfully issued the first tranche of 2025 medium-term notes, amounting to RMB 400 million with an annual interest rate of 2.66%[132](index=132&type=chunk) [Change of H-share Registrar](index=72&type=section&id=Change%20of%20H-share%20Registrar) Effective July 27, 2025, the Company's H-share registrar has been changed to Tricor Investor Services Limited[133](index=133&type=chunk) [Use of Proceeds from Non-public Issuance of A-shares](index=73&type=section&id=Use%20of%20Proceeds%20from%20Non-public%20Issuance%20of%20A-shares) The net proceeds from the non-public issuance of A-shares were approximately RMB 1.194 billion, with RMB 8.95 million utilized as of June 30, 2025, and some projects extended Use of Proceeds from Non-public Issuance of A-shares (As of June 30, 2025) | Proposed Use of Proceeds | Allocation of Net Proceeds (RMB million) | Net Proceeds Unutilized as of Jan 1, 2025 (RMB million) | Net Proceeds Utilized for the six months ended June 30, 2025 (RMB million) | Net Proceeds Unutilized as of June 30, 2025 (RMB million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction of Jieyang Grand Nanhai Petrochemical Industrial Zone Green Circular Center Phase I Project | 410.00 | 271.52 | 7.26 | 264.26 | On or before December 2025 | | Expansion of Wastewater Treatment Plant (Phase II) in Jiangling County, Jingzhou City, Hubei Province | 165.00 | 93.99 | – | 93.99 | On or before December 2025 | | Digital Intelligence Construction Project | 184.31 | 160.25 | 0.09 | 160.16 | On or before December 2028 | | Hazardous Waste Treatment Renovation and Upgrade Project | 95.00 | 64.88 | 1.60 | 63.28 | On or before December 2028 | | Supplement General Working Capital | 340.00 | – | – | – | – | | Total | 1,194.31 | 590.64 | 8.95 | 581.69 | | - The company has **extended the timeline for some of the raised fund investment projects**[136](index=136&type=chunk) [Directors', Supervisors', and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=74&type=section&id=Directors%27%2C%20Supervisors%27%2C%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures) As of June 30, 2025, no directors, supervisors, or chief executives held disclosable interests or short positions in the Company's or its associated corporations' shares, underlying shares, or debentures - As of June 30, 2025, no directors, supervisors, or chief executives of the Company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[137](index=137&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=75&type=section&id=Major%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Guang Sheng Holdings Group, Baowu Environmental Technology, and Huihong Group were major shareholders, holding interests in the Company's A-shares and H-shares Major Shareholders' Interests and Short Positions in Shares and Underlying Shares (As of June 30, 2025) | Shareholder Name | Nature of Interest | Share Class | Number of Shares (shares) | Long/Short Position | Approx. % of Relevant Share Class | % of Company's Issued Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guang Sheng Holdings Group | Beneficial Owner | A-shares | 266,279,028 | Long Position | 29.42% | 24.09% | | | Interest in Controlled Corporation | H-shares | 25,179,200 | Long Position | 12.58% | 2.28% | | Baowu Environmental Technology | Beneficial Owner | A-shares | 86,629,001 | Long Position | 9.57% | 7.84% | | | Interest in Controlled Corporation | A-shares | 37,664,783 | Long Position | 4.16% | 4.16% | | Huihong Group | Beneficial Owner | A-shares | 50,087,669 | Long Position | 5.53% | 4.53% | | | Interest in Controlled Corporation | A-shares | 25,995,038 | Long Position | 2.87% | 2.35% | | | Interest in Controlled Corporation | H-shares | 18,204,800 | Long Position | 9.10% | 1.65% | [Share Schemes](index=77&type=section&id=Share%20Schemes) During the reporting period, the Group did not implement any share schemes as defined by Chapter 17 of the Listing Rules - During the reporting period, the Group did not implement any share schemes as defined by Chapter 17 of the Listing Rules[142](index=142&type=chunk) [Competing Interests or Businesses](index=77&type=section&id=Competing%20Interests%20or%20Businesses) During the reporting period, no directors, supervisors, chief executives, or major shareholders and their respective associates held interests in businesses directly or indirectly competing with the Group's business - During the reporting period, no directors, supervisors, chief executives, or major shareholders and their associates held interests in businesses directly or indirectly competing with the Group's business[143](index=143&type=chunk) [Audit and Risk Management Committee and Review of Interim Results](index=78&type=section&id=Audit%20and%20Risk%20Management%20Committee%20and%20Review%20of%20Interim%20Results) The Company's Audit and Risk Management Committee, comprising Mr. Li Guodong (Chairman), Mr. Li Jinhui, and Mr. Wang Shi, reviewed the Group's interim results and financial statements for the six months ended June 30, 2025 - The Audit and Risk Management Committee is responsible for reviewing and overseeing the Group's financial reporting procedures, risk management, and internal audit functions[144](index=144&type=chunk) - The Committee has reviewed the Group's interim results and financial statements for the six months ended June 30, 2025, but these statements have not been audited by the Company's auditors[144](index=144&type=chunk) [Purchase, Sale, or Redemption of Listed Securities](index=78&type=section&id=Purchase%2C%20Sale%2C%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities - During the reporting period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[145](index=145&type=chunk) [Interim Dividends](index=78&type=section&id=Interim%20Dividends) The Board of Directors does not recommend

Group 1 - The company Dongjiang Environmental (00895.HK) reported a mid-year performance for 2025, with operating revenue of approximately 1.5 billion yuan, a year-on-year decrease of 3.4% [1] - The net loss attributable to shareholders of the listed company was approximately 278 million yuan, an increase of 8.09% year-on-year; the basic loss per share was 0.25 yuan [1]

Group 1 - The company reported a mid-year performance for 2025 with operating revenue of approximately 1.5 billion, a year-on-year decrease of 3.4% [1] - The net loss attributable to shareholders was approximately 278 million, an increase of 8.09% year-on-year, with a basic loss per share of 0.25 yuan [1] - The resource recycling business achieved product sales of 646 million, with new product sales surging by 272% year-on-year [1] Group 2 - The company has successfully trial-produced a new product, nano-grade basic copper sulfate, and achieved mass production of the "Jiangxun" nitro paint thinner, which boasts industry-leading solubility and environmental properties [1] - The company increased its R&D investment, filing 15 new patent applications and obtaining 30 patents in the first half of the year, with a total of 647 valid patents [1] - The company is advancing pilot projects for monoammonium phosphate, acid method production of copper chloride, and copper salts, while high-end ultra-fine copper powder samples have been developed for key customer trials [1] Group 3 - The company has entered the automotive parts remanufacturing sector by forming a joint venture, integrating resources from regional auto dismantling plants, remanufacturing enterprises, and repair shops [2] - The company has established a standardized industrial alliance and successfully registered three brands: "Dongjiang Rebirth," "Dongjiang Renewal," and "Dongjiang New Green," creating a standardized management system for brand output [2] - The company has achieved new breakthroughs in resource recycling business through the establishment of this alliance [2]