Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section includes guarantees from the board, supervisors, and senior management regarding report accuracy, along with statements on financial reports and risk warnings for future plans - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for any false statements, misleading representations, or major omissions[3](index=3&type=chunk) - Company head Zhang Hongliang, chief accountant Shang Ye, and head of accounting department Chen Daping declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, covering company profile, financial indicators, management discussion, governance, and financial statements - The report's table of contents includes Section II Company Profile and Key Financial Indicators, Section III Management Discussion and Analysis, Section IV Corporate Governance, Environment and Society, Section V Significant Matters, Section VI Share Changes and Shareholder Information, Section VII Bond Related Matters, and Section VIII Financial Report[6](index=6&type=chunk) [List of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists documents available for investor review, including the signed report, financial statements, and public announcements, located at the company's securities affairs department - Reference documents include the original text of the 2025 semi-annual report signed by the legal representative, financial statements with seals and company chop, and originals of all announcements publicly disclosed on the CSRC-designated website during the reporting period[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The aforementioned reference documents are available at the company's Securities Affairs Department[12](index=12&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, such as company names, subsidiaries, industry-specific terms, and regulatory abbreviations, for clear understanding - Zhongchuang Environmental Protection, the Company, or This Company refers to Xiamen Zhongchuang Environmental Protection Technology Co., Ltd[13](index=13&type=chunk) - Definitions cover the names of major subsidiaries, such as Shanghai Zhongchuang, Zhoukou Chengtou, and Xiamen Kunna[13](index=13&type=chunk) - Industry terms like filter materials, high-temperature filter materials, high-performance high-temperature filter materials, as well as "Company Law," "Securities Law," and "CSRC" are clearly defined[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides basic information about Xiamen Zhongchuang Environmental Protection Technology Co., Ltd., including its stock ticker, code, listing exchange, and legal representative - Stock Abbreviation: Zhongchuang Environmental Protection, Stock Code: **300056**, Stock Exchange: Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's Chinese name is Xiamen Zhongchuang Environmental Protection Technology Co., Ltd., and its legal representative is Zhang Hongliang[16](index=16&type=chunk) [Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section discloses contact details for the company's board secretary and securities affairs representative, facilitating investor communication - Both the Board Secretary and Securities Affairs Representative are Sun Chengyu, with the contact address at No 1178-1188 Chunguang Road, Torch High-tech Zone (Xiang'an) Industrial Park, Xiamen[17](index=17&type=chunk) - The contact phone number is **0592-7769767**, fax is **0592-7769502**, and email is sunchengyu@savings.com.cn[17](index=17&type=chunk) [Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section confirms that the company's contact information, disclosure channels, and registration details remained unchanged during the reporting period - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[18](index=18&type=chunk) - Information disclosure and document placement locations remained unchanged during the reporting period[19](index=19&type=chunk) - The company's registration status remained unchanged during the reporting period[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents a comparative analysis of the company's key accounting data and financial indicators for the current and prior reporting periods Key Accounting Data and Financial Indicators Comparison | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 157,275,444.24 | 186,022,425.24 | -15.45% | | Net Profit Attributable to Shareholders of Listed Company | -29,413,039.51 | 3,029,257.75 | -1,070.97% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -31,822,079.40 | -26,918,479.07 | -18.22% | | Net Cash Flow from Operating Activities | -44,381,569.29 | -106,851,841.81 | 58.46% | | Basic Earnings Per Share (RMB/share) | -0.0763 | 0.0079 | -1,065.82% | | Diluted Earnings Per Share (RMB/share) | -0.0763 | 0.0079 | -1,065.82% | | Weighted Average Return on Net Assets | -16.46% | 1.05% | -17.51% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End** | | Total Assets (RMB) | 773,150,468.32 | 792,423,333.68 | -2.43% | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 164,864,445.27 | 192,603,992.87 | -14.40% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section states that there are no differences in net profit and net assets between financial reports prepared under Chinese and international accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets between those prepared under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets between those prepared under overseas accounting standards and Chinese Accounting Standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses and Their Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses for the reporting period, including government subsidies and asset disposal gains/losses Non-Recurring Gains and Losses and Their Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -8,143.39 | | | Government grants recognized in current profit or loss (excluding government grants closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 2,197,297.82 | Government grants | | Gains or losses from changes in fair value of financial assets and liabilities, and gains or losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | -968.96 | | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 209,757.44 | | | Other non-operating income and expenses apart from the above | -12,780.08 | | | Other profit and loss items that meet the definition of non-recurring gains and losses | 510,440.62 | | | Less: Income tax impact | 17,799.55 | | | Impact on minority interests (after tax) | 468,764.01 | | | Total | 2,409,039.89 | | - The company has no other specific situations where profit and loss items meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[26](index=26&type=chunk) Management Discussion and Analysis [Principal Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily operates in non-ferrous metal materials, filtration materials, and environmental governance, all benefiting from national environmental policies and industrial upgrades [Industry Overview During the Reporting Period](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The company's industries, including filtration materials, non-ferrous metals, and environmental governance, are driven by strong national policy support and increasing environmental awareness - The filtration materials industry is driven by policies such as the "14th Five-Year Plan for Circular Economy Development," leading to increased demand for high-performance filtration materials, which the company prioritizes as a strategic focus[28](index=28&type=chunk) - The non-ferrous metal industry (hazardous and solid waste resource products) benefits from increased applications in emerging fields like new energy and electric vehicles, as well as policies such as the "14th Five-Year Plan for Industrial Green Development" and the "Solid Waste Pollution Prevention and Control Law" promoting resource recycling[29](index=29&type=chunk) - The environmental governance industry, specifically flue gas treatment, is driven by the "Environmental Protection Law of the People's Republic of China" and "dual carbon" goals, promoting upgrades in flue gas treatment facilities for high-energy-consuming industries[30](index=30&type=chunk) - Integrated urban and rural sanitation services are driven by policies such as the "14th Five-Year Plan for Promoting Agricultural and Rural Modernization," aiming to improve rural living environments and continuously increase service demand[31](index=31&type=chunk) - The company adheres to its strategic plan, relying on independent core technologies, and has successfully established three major business segments: non-ferrous metal materials (hazardous and solid waste resource products), filtration materials, and environmental governance (flue gas treatment engineering, integrated urban and rural sanitation)[32](index=32&type=chunk) - The non-ferrous metal materials business vigorously develops comprehensive recycling and utilization of hazardous waste and non-ferrous metal reproduction industries, with subsidiaries Jiangxi Naihua and Suzhou Detongyuan holding hazardous waste operating licenses[32](index=32&type=chunk) - The filtration materials segment, as a core product of the company, continuously accelerates industrial and technological upgrades, expands product application scope, and enhances core competitiveness[33](index=33&type=chunk) - Environmental governance business includes flue gas treatment engineering (providing system integration and EPC services) and integrated urban and rural sanitation services (focusing on Ningxia, Shaanxi, Hebei, etc., renewing the Zhongwei project, and winning the Xunyang waste classification project)[33](index=33&type=chunk)[34](index=34&type=chunk) - Performance drivers primarily include the continuous expansion of filtration material product application scope (e.g., breakthroughs in the steel and cement industries) and vigorous development of environmental governance services (enhancing core competitiveness in flue gas treatment engineering and expanding integrated urban and rural sanitation services)[35](index=35&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include robust R&D, an experienced management team, high entry barriers in hazardous waste treatment, and integrated environmental governance capabilities - The company's technology center was recognized as a 2021 (28th batch) National Enterprise Technology Center, possessing one postdoctoral workstation, one provincial enterprise technology center, and has established industry-university-research cooperation with multiple universities and research institutes[36](index=36&type=chunk) - As of June 30, 2025, the company cumulatively holds **232 valid patents**, **8 software copyrights**, and **65 registered trademarks**, laying a technological foundation for market competitiveness[36](index=36&type=chunk) - The company's core management personnel, core technical personnel, and core business backbone all possess rich industry experience, demonstrating strong stability and cohesion, enabling accurate grasp of strategic direction[37](index=37&type=chunk) - Comprehensive utilization of hazardous waste resources requires special operating licenses issued by relevant departments, and the company's subsidiaries possess hazardous waste treatment qualifications, creating a first-mover competitive advantage due to high entry barriers[38](index=38&type=chunk) - The company's business covers filtration material production and sales, flue gas treatment engineering, integrated urban and rural sanitation, and hazardous waste disposal, forming a comprehensive environmental governance model that helps improve bidding capabilities, overall profitability, and risk resistance[39](index=39&type=chunk) [Analysis of Principal Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the financial performance of the company's principal businesses, highlighting revenue and cost changes, and segment-specific performance Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 157,275,444.24 | 186,022,425.24 | -15.45% | | | Operating Cost | 139,265,072.93 | 157,330,738.36 | -11.48% | | | Selling Expenses | 12,585,098.32 | 10,609,687.00 | 18.62% | | | Administrative Expenses | 28,618,455.60 | 36,796,618.36 | -22.23% | Primarily due to the divestiture of Zhongchuang Huifeng last year and cost control in the current period | | Financial Expenses | 10,147,398.61 | 6,995,627.13 | 45.05% | Primarily due to increased interest in the current period compared to the prior year | | Net Cash Flow from Operating Activities | -44,381,569.29 | -106,851,841.81 | -58.46% | Primarily due to a significant reduction in intercompany payments in the current period | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Filtration Materials | 77,713,951.08 | 59,194,355.31 | 23.83% | -33.51% | -33.60% | 0.10% | | Environmental Engineering | 21,270,177.09 | 17,099,745.06 | 19.61% | 31.72% | 29.31% | 1.50% | | Non-ferrous Metal Materials (Hazardous and Solid Waste Resource Products) | 29,443,165.80 | 40,496,560.11 | -37.54% | 94.17% | 68.12% | 21.31% | | Sanitation Services | 26,970,387.56 | 21,866,900.97 | 18.92% | -17.69% | -17.57% | -0.12% | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[41](index=41&type=chunk) [Analysis of Non-Principal Business](index=14&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section examines the company's non-principal business gains and losses, which are generally small in amount and not sustainable Non-Principal Business Gains and Losses | Item | Amount (RMB) | Percentage of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Gains or losses from changes in fair value | -968.96 | 0.00% | Primarily due to changes in fair value of other non-current financial assets held | No | | Non-operating income | 185,466.24 | -0.45% | Primarily due to disposal of scrap and other items | No | | Non-operating expenses | 221,840.79 | -0.54% | Primarily due to litigation compensation and other items | No | [Analysis of Assets and Liabilities](index=14&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%A2%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section analyzes the company's asset and liability structure at the end of the reporting period, noting significant changes and fair value measurements Significant Changes in Asset Composition | Item | End of Current Reporting Period (RMB) | Percentage of Total Assets | End of Prior Year (RMB) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 20,603,406.71 | 2.66% | 44,178,512.13 | 5.58% | -2.92% | | Accounts Receivable | 211,311,075.75 | 27.33% | 231,059,421.40 | 29.16% | -1.83% | | Inventories | 112,329,755.36 | 14.53% | 69,789,648.46 | 8.81% | 5.72% | | Short-term Borrowings | 228,400,755.60 | 29.54% | 207,974,684.94 | 26.25% | 3.29% | | Long-term Borrowings | 9,990,000.00 | 1.29% | 0.00 | 0.00% | 1.29% | - The company had no major overseas assets during the reporting period[49](index=49&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Other equity instrument investments | 4,620,984.39 | 1,117.63 | 4,622,102.02 | | Other non-current financial assets | 17,389.55 | -968.96 | 16,420.59 | | Subtotal of financial assets | 4,638,373.94 | | 4,638,522.61 | - As of the end of the reporting period, details of restricted asset rights are provided in Note VII (31) of the Financial Report[50](index=50&type=chunk) [Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section summarizes the company's investment activities during the reporting period, noting no significant equity or non-equity investments, or use of raised funds - The company had no use of raised funds during the reporting period[52](index=52&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Significant Asset and Equity Sales](index=16&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) This section confirms that the company did not undertake any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[56](index=56&type=chunk) - The company did not sell significant equity during the reporting period[57](index=57&type=chunk) [Analysis of Major Holding and Participating Companies](index=16&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section analyzes the financial performance of the company's major subsidiaries, noting net losses for key entities and the impact of subsidiary deregistrations Major Subsidiaries and Associates with Over 10% Impact on Company Net Profit | Company Name | Company Type | Principal Business | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xiamen Baifu Environmental Protection Technology Co., Ltd. | Subsidiary | Flue gas treatment engineering and supporting equipment such as filtration materials | 249,330,686.19 | 54,239,000.38 | 36,324,852.35 | -5,570,815.65 | -5,422,216.64 | | Suzhou Detongyuan Environmental Protection Technology Co., Ltd. | Subsidiary | Sorting, processing, and disposal of renewable non-ferrous metals | 164,776,539.91 | 118,107,470.41 | 9,937,925.89 | -14,438,743.82 | -14,242,650.54 | | Jiangxi Naihua Environmental Protection Technology Co., Ltd. | Subsidiary | Production, processing, and sales of precious metal products | 75,186,100.40 | -13,664,218.02 | 19,839,660.68 | -5,571,490.09 | -5,574,109.12 | - During the reporting period, Shanghai Zhongchuang Jisu Technology Co., Ltd., Beijing Zhongchuang Zhisu Technology Co., Ltd., and Zhongchuang (Beijing) New Energy Co., Ltd. were deregistered, which had no significant impact on the company's overall production, operations, and performance[59](index=59&type=chunk) [Information on Structured Entities Controlled by the Company](index=17&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) This section states that the company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period[59](index=59&type=chunk) [Risks Faced by the Company and Countermeasures](index=17&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from rapid growth, subsidiary integration, talent loss, and raw material price volatility, addressed by internal management, integration strategies, and supply chain optimization - The company's rapid development brings management risks, with countermeasures including improving and optimizing internal organizational structure, management framework, and institutional process systems, as well as strengthening internal control and risk management[60](index=60&type=chunk) - Operational risks after subsidiary integration are addressed by adhering to the guiding principle of "complementary advantages and industrial upgrading," achieving comprehensive integration through "front-end openness, unified back-end," and "technical cooperation, channel sharing" strategies[61](index=61&type=chunk) - Risks of core technical personnel and core technology loss are mitigated by establishing strict technical management systems, signing "Confidentiality Agreements" and "Non-Compete Agreements," and implementing incentive measures to ensure the stability of the R&D team[62](index=62&type=chunk) - Raw material supply and price fluctuation risks are managed by establishing long-term cooperative relationships with major suppliers, continuously optimizing the supply chain, closely monitoring market price trends, and scientifically and reasonably arranging production, supply, and sales cycles[62](index=62&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=17&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) This section records the company's investor relations activities, including on-site research and online communication regarding operational performance and annual report explanations - On **April 22, 2025**, the company hosted institutions for on-site research at its headquarters' Huaiyuan Hall to discuss the company's operations and future plans[64](index=64&type=chunk) - On **May 15, 2025**, the company conducted online communication on a network platform to explain its annual report performance to investors[64](index=64&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=18&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) This section states that the company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[65](index=65&type=chunk) - The company has not disclosed a valuation enhancement plan[65](index=65&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=18&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%22%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) This section states that the company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[65](index=65&type=chunk) Corporate Governance, Environment, and Society [Changes in Directors, Supervisors, and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section reports changes in the company's board, supervisory board, and senior management, including resignations and new appointments - Xu Xiuli resigned as director on **May 13, 2025**, due to personal reasons[66](index=66&type=chunk) - Sun Chengyu was elected as director, vice president, and board secretary on **May 13, 2025**, due to work reassignment[66](index=66&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=18&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) This section states that the company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[67](index=67&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) This section confirms that the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[68](index=68&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) This section states that the listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[69](index=69&type=chunk) [Social Responsibility](index=19&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by upholding modern corporate governance, protecting stakeholder rights, ensuring transparency, and safeguarding employee welfare - The company adheres to excellent corporate culture traditions, aiming to "establish a modern enterprise system and build a public, transparent, and standardized listed company," actively exploring and continuously improving corporate governance[69](index=69&type=chunk) - The company safeguards the legitimate rights and interests of shareholders and creditors, improves its governance structure, and operates strictly in accordance with laws, regulations, and its articles of association, ensuring shareholders fully enjoy their legitimate rights and interests[69](index=69&type=chunk) - The company focuses on protecting the legitimate rights and interests of investors, especially small and medium-sized investors, maintaining effective communication through its website, phone, email, and the Interactive Easy platform[69](index=69&type=chunk) - The company strictly complies with labor laws and regulations, legally protects the legitimate rights and interests of employees, provides welfare benefits, and pays social insurance and housing provident funds[70](index=70&type=chunk) - The company regards honesty and trustworthiness as the foundation of its development, establishing symbiotic and win-win strategic partnerships with suppliers and customers, fully respecting and protecting their legitimate rights and interests[70](index=70&type=chunk) Significant Matters [Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) This section details commitments from the actual controller, shareholders, and related parties, including those fulfilled and overdue, covering non-competition, related transactions, and asset restructuring - Shanghai Zhongchuang and Zhoukou Chengtou both committed to avoiding horizontal competition, regulating related party transactions, not occupying listed company funds, and ensuring the independence of the listed company, with these commitments currently being fulfilled normally[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Multiple shareholders made commitments during major asset restructuring, including the truthfulness of provided material information, avoidance of insider trading, and share reduction plans, most of which have been fulfilled or are being fulfilled normally[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Chen Rong, Zhang Bingguo, and Liao Yuhua's performance compensation commitment for XiangSheng Environmental Protection was not fulfilled normally, and the listed company has repeatedly urged payment and plans to take measures including, but not limited to, litigation to recover the compensation[72](index=72&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Chen Rong, Wu Xiuling, Yongfeng Zhili, Kunna Shangmao, and Shangyue Consulting's share lock-up commitments were not fulfilled normally due to the judicial auction of Kunna and Shangyue shares[72](index=72&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=36&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section states that there was no non-operating occupation of listed company funds by controlling shareholders or other related parties during the reporting period - The company had no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[104](index=104&type=chunk) [Illegal External Guarantees](index=36&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section states that the company had no illegal external guarantees during the reporting period - The company had no illegal external guarantees during the reporting period[105](index=105&type=chunk) [Appointment and Dismissal of Accounting Firms](index=37&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) This section states that the company's semi-annual financial report was not audited - The company's semi-annual report was not audited[106](index=106&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=37&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E3%80%81%E5%AE%A1%E8%AE%A1%E5%A7%94%E5%91%98%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that there is no explanation from the board, supervisory board, or audit committee regarding a "non-standard audit report" for the current period - The company had no explanation from the board of directors, supervisory board, or audit committee regarding the accounting firm's "non-standard audit report" for the current reporting period[107](index=107&type=chunk) [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=37&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%E2%80%9C%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%E2%80%9D%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that there is no explanation from the board regarding the "non-standard audit report" for the previous year - The company had no explanation from the board of directors regarding the "non-standard audit report" for the previous year during the reporting period[107](index=107&type=chunk) [Bankruptcy Reorganization Related Matters](index=37&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) This section states that the company did not have any bankruptcy reorganization related matters during the reporting period - The company had no bankruptcy reorganization related matters during the reporting period[107](index=107&type=chunk) [Litigation Matters](index=37&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) This section discloses the company's significant litigation and arbitration matters, including cases where it is a plaintiff or defendant, with some resolved and others ongoing Summary of Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Enforcement Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of non-significant litigation matters (as plaintiff) | 470.79 | No | Some lawsuits are in the filing stage, some are in the trial stage, and some were concluded within the reporting period | This summary of litigation matters has no significant impact on the company | Some concluded, some concluded matters are in the enforcement stage | | Summary of non-significant litigation matters (as defendant or third party) | 2,269.81 | No | Some lawsuits are in the trial stage, and some were concluded within the reporting period | Some cases have been judged, some are still in trial, and this summary of litigation matters has a controllable impact on the company | Some have been enforced, some appeals are not yet enforced | [Penalties and Rectification](index=37&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[109](index=109&type=chunk) [Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=38&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) This section states that the company, its controlling shareholders, and actual controllers had no integrity issues during the reporting period - The company, its controlling shareholders, and actual controllers had no integrity issues during the reporting period[110](index=110&type=chunk) [Significant Related Party Transactions](index=38&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses significant related party transactions, including a 5 million RMB interest-free loan from a shareholder to support liquidity - The company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, or joint external investments during the reporting period[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[113](index=113&type=chunk) - Xingtai Huifeng Zhifeng Enterprise Management Consulting Co., Ltd provided the company and its subsidiaries with an interest-free cash financial assistance loan of **RMB 5 million (￥5,000,000.00)** for a term of one year[116](index=116&type=chunk) - This related party transaction was announced on Juchao Information Network on **May 19, 2025**[118](index=118&type=chunk) [Significant Contracts and Their Performance](index=39&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section details the performance of significant contracts, noting no托管,承包,租赁 matters, but significant external guarantees for subsidiaries, exceeding 100% of net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningxia Zhongchuang Urban Environmental Services Co., Ltd. | 3,000 | January 13, 2025 | 520 | Joint and several liability guarantee | 1 year | No | | Jiangxi Naihua Environmental Protection Technology Co., Ltd. | 7,000 | January 24, 2025 | 500 | Joint and several liability guarantee | 1 year | No | | Xiamen Baifu Environmental Protection Technology Co., Ltd. | 10,000 | March 26, 2025 | 1,000 | Joint and several liability guarantee | 3 years | No | | Xiamen Baifu Environmental Protection Technology Co., Ltd. | 10,000 | March 05, 2025 | 396.17 | Joint and several liability guarantee | 3 years | No | | Suzhou Detongyuan Environmental Protection Technology Co., Ltd. | 30,000 | May 29, 2025 | 990 | Joint and several liability guarantee | 3 years | No | | **Total actual guarantee balance for subsidiaries at period-end** | | | **17,790** | | | | | **Ratio of total actual guarantee to company's net assets** | | | | | | **107.91%** | | **Of which: Debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70%** | | | **10,390** | | | | - The company had no other significant contracts during the reporting period[127](index=127&type=chunk) [Explanation of Other Significant Matters](index=41&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This section explains the ongoing private placement of shares, which is subject to exchange review and regulatory approval, with an uncertain final outcome - The company received the "Notice on Accepting Application Documents for Issuance of Shares to Specific Objects by Xiamen Zhongchuang Environmental Protection Technology Co., Ltd." from the Shenzhen Stock Exchange on **March 15, 2025**[128](index=128&type=chunk) - The company has received the first and second rounds of audit inquiry letters from the Shenzhen Stock Exchange and has carefully studied and responded to each item with intermediary agencies[128](index=128&type=chunk) - This share issuance is still subject to review by the Shenzhen Stock Exchange and approval for registration by the China Securities Regulatory Commission, and the final outcome remains uncertain[128](index=128&type=chunk) [Significant Matters of Company Subsidiaries](index=41&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) This section states that there were no other significant matters concerning the company's subsidiaries during the reporting period - The company had no other significant matters concerning its subsidiaries during the reporting period[129](index=129&type=chunk) Share Changes and Shareholder Information [Share Change Status](index=42&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) This section discloses changes in the company's share capital, noting an increase in restricted shares and a corresponding decrease in unrestricted shares due to executive lock-up Share Change Status | | Number Before This Change (shares) | Proportion Before This Change | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 295,050 | 0.08% | 45,150 | 340,200 | 0.09% | | 3. Other Domestic Holdings | 295,050 | 0.08% | 45,150 | 340,200 | 0.09% | | Domestic Natural Person Holdings | 295,050 | 0.08% | 45,150 | 340,200 | 0.09% | | II. Unrestricted Shares | 385,195,393 | 99.92% | -45,150 | 385,150,243 | 99.91% | | 1. RMB Ordinary Shares | 385,195,393 | 99.92% | -45,150 | 385,150,243 | 99.91% | | III. Total Shares | 385,490,443 | 100.00% | 0 | 385,490,443 | 100.00% | - The reason for the share change is a net increase of **45,150 executive lock-up shares** during the reporting period, comprising an increase of 47,850 shares and a decrease of 2,700 shares[133](index=133&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Hongliang | 144,150 | 0 | 0 | 144,150 | Executive lock-up shares | No more than 25% of total holdings released annually | | Xu Xiuli | 143,550 | 0 | 47,850 | 191,400 | Executive lock-up shares | If resigned before term expiration, no more than 25% of total holdings released annually | | Wang Zhihui | 4,650 | 0 | 0 | 4,650 | Executive lock-up shares | If resigned before term expiration, no more than 25% of total holdings released annually | | Li Jingfen | 2,700 | 2,700 | 0 | 0 | Executive lock-up shares | Released in January 2025 | | Total | 295,050 | 2,700 | 47,850 | 340,200 | -- | -- | [Securities Issuance and Listing](index=43&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) This section states that the company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[135](index=135&type=chunk) [Number of Shareholders and Shareholding Status](index=43&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) This section provides information on the company's shareholder count and major shareholdings, including the top ten shareholders and any pledged or frozen shares - The total number of ordinary shareholders at the end of the reporting period was **21,642**[136](index=136&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhoukou Zhongkong Investment Co., Ltd. | State-owned legal person | 8.98% | 34,598,405 | 34,598,405 | Not applicable | 0 | | Xingtai Huifeng Zhifeng Enterprise Management Consulting Co., Ltd. | Domestic non-state-owned legal person | 4.22% | 16,285,848 | 16,285,848 | Not applicable | 0 | | Shanghai Zhongchuang Lingxing Energy Technology Group Co., Ltd. | Domestic non-state-owned legal person | 2.27% | 8,750,000 | 8,750,000 | Pledged | 8,750,000 | | Xiamen Kunna Commercial Co., Ltd. | Domestic non-state-owned legal person | 1.21% | 4,662,873 | 4,662,873 | Frozen | 4,662,873 | | Xiamen Shangyue Investment Consulting Co., Ltd. | Domestic non-state-owned legal person | 1.17% | 4,498,202 | 4,498,202 | Frozen | 4,498,202 | - Shanghai Zhongchuang Lingxing and Xingtai Huifeng Zhifeng are under the same controlling entity and constitute concerted parties[138](index=138&type=chunk) - Among the top 10 ordinary shareholders, Jin Xinfeng, Lin Yan, Shenzhen Shenboxintou Investment Management Co., Ltd. - Shenbo Hongtu Growth No 1 Private Securities Investment Fund, Hong Lu, and Ye Tingting all hold shares through margin trading and securities lending accounts[139](index=139&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=46&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) This section discloses changes in the shareholdings of the company's directors, supervisors, and senior management, including increases and decreases Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Decreased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Xiuli | Director | Resigned | 143,550 | 47,850 | 0 | 191,400 | | Li Jingfen | Supervisor | Resigned | 2,700 | 0 | 2,700 | 0 | | Total | -- | -- | 146,250 | 47,850 | 2,700 | 191,400 | [Changes in Controlling Shareholder or Actual Controller](index=46&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[141](index=141&type=chunk) - The company's actual controller did not change during the reporting period[141](index=141&type=chunk) Bond Related Matters [Bond Related Matters](index=47&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no preferred shares or bond-related matters during the reporting period - The company had no preferred shares during the reporting period[142](index=142&type=chunk) - The company had no bond-related matters during the reporting period[144](index=144&type=chunk) Financial Report [Audit Report](index=49&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This section states that the company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[146](index=146&type=chunk) [Financial Statements](index=49&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company financial statements for the 2025 half-year, including balance sheets, income statements, and cash flow statements Key Data from Consolidated Balance Sheet | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 773,150,468.32 | 792,423,333.68 | | Total Liabilities | 675,697,517.81 | 655,009,098.20 | | Total Equity Attributable to Parent Company Owners | 164,864,445.27 | 192,603,992.87 | | Minority Interests | -67,411,494.76 | -55,189,757.39 | | Total Owners' Equity | 97,452,950.51 | 137,414,235.48 | Key Data from Consolidated Income Statement | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 157,275,444.24 | 186,022,425.24 | | III. Operating Profit (Loss indicated by "-") | -40,055,877.32 | -9,454,563.31 | | V. Net Profit (Net Loss indicated by "-") | -39,986,403.30 | -9,227,349.33 | | Net Profit Attributable to Parent Company Shareholders | -29,413,039.51 | 3,029,257.75 | | Minority Interest Income/Loss | -10,573,363.79 | -12,256,607.08 | | VIII. Earnings Per Share: Basic Earnings Per Share | -0.0763 | 0.0079 | Key Data from Consolidated Cash Flow Statement | Item | 2025 Half-Year (RMB) | 2024 Half-Year (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -44,381,569.29 | -106,851,841.81 | | Net Cash Flow from Investing Activities | -1,011,870.73 | 179,195,103.34 | | Net Cash Flow from Financing Activities | 23,187,027.09 | -70,585,529.82 | | Net Increase in Cash and Cash Equivalents | -22,135,443.08 | 1,887,605.89 | | Cash and Cash Equivalents at End of Period | 14,933,031.10 | 24,164,333.02 | [Company Basic Information](index=67&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines Xiamen Zhongchuang Environmental Protection Technology Co., Ltd.'s registration, capital, business scope, and changes in its consolidated subsidiaries - The company's registered address and headquarters address are both at No 1178-1188 Chunguang Road, Torch High-tech Zone (Xiang'an) Industrial Park, Xiamen[185](index=185&type=chunk) - As of June 30, 2025, the company's total issued share capital is **385,490,443 shares**, and its registered capital is **RMB 385,490,443**[185](index=185&type=chunk) - The company belongs to the environmental protection special equipment manufacturing industry, with its main products and services including R&D, production, and sales of high-performance high-temperature filter materials for bag dust collectors; environmental protection industry flue gas and water engineering; hazardous waste resource products and disposal services, sanitation services, and equipment manufacturing[185](index=185&type=chunk) - A total of **31 subsidiaries** were included in the scope of consolidation for this period, a decrease of 3 compared to the previous period, with specific information on changes in consolidated entities detailed in Note IX, Changes in Consolidation Scope[185](index=185&type=chunk) [Basis of Financial Statement Preparation](index=68&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) This section explains that the financial statements are prepared in accordance with Chinese accounting standards and regulatory requirements, based on a going concern assumption - The company's financial statements are prepared in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure Rules for Companies Issuing Securities No 15 - General Provisions for Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[186](index=186&type=chunk) - The company has evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances, thus the financial statements are prepared on a going concern basis[187](index=187&type=chunk) [Significant Accounting Policies and Estimates](index=68&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, ensuring the financial statements accurately reflect its financial position and operating results - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, cash flows, and other relevant information for the reporting period[188](index=188&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss, based on the business model for managing financial assets and the characteristics of contractual cash flows[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in the contract, meaning when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[340](index=340&type=chunk) - The company offsets government grants related to assets against the book value of relevant assets or recognizes them as deferred income, and recognizes government grants related to income in current profit or loss or offsets them against relevant costs[356](index=356&type=chunk) [Taxation](index=104&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT and corporate income tax, along with applicable tax incentives for high-tech and small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Domestic sales; provision of processing, repair, and maintenance services; import of materials and other goods; provision of tangible movable property leasing services | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of actually paid turnover tax | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Amount of actually paid turnover tax | 3% | | Local Education Surcharge | Amount of actually paid turnover tax | 2% | - The company and its subsidiaries Xiamen Baifu Environmental Protection Technology Co., Ltd. and Xinjiang Zhongbai Environmental Protection Technology Co., Ltd. are recognized as high-tech enterprises, enjoying a **10% reduction** in corporate income tax rate[389](index=389&type=chunk) - Subsidiary Jiangxi Naihua Environmental Protection Technology Co., Ltd. qualifies for the VAT preferential catalog for resource comprehensive utilization products and services, enjoying a **30% immediate refund** policy for VAT[388](index=388&type=chunk) - Several subsidiaries are eligible for the small and micro-profit enterprise income tax preferential policy, paying corporate income tax at a **20% rate** on 25% of their taxable income, a policy extended until **December 31, 2027**[390](index=390&type=chunk) [Notes to Consolidated Financial Statement Items](index=106&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for consolidated financial statement items, including cash, receivables, inventory, fixed assets, goodwill, and various liabilities Composition of Cash and Bank Balances | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on hand | 26,350.00 | 8,060.39 | | Bank deposits | 14,906,681.10 | 37,060,413.79 | | Other cash and bank balances | 5,670,375.61 | 7,110,037.95 | | Total | 20,603,406.71 | 44,178,512.13 | Details of Restricted Cash and Bank Balances | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Letter of credit margin | 6.00 | 6.00 | | Performance bond | 3,971,456.42 | 6,011,969.24 | | Frozen funds | 1,698,322.24 | 1,097,471.76 | | Share repurchase special fund | 90.88 | 90.88 | | Inactive account balance | 500.07 | 500.07 | | Total | 5,670,375.61 | 7,110,037.95 | - The ending book balance of accounts receivable is **RMB 280,999,535.56**, with an impairment provision of **RMB 69,688,459.81**, resulting in a book value of **RMB 211,311,075.75**[409](index=409&type=chunk) - The ending book value of inventories is **RMB 112,329,755.36**, a significant increase from the beginning balance of **RMB 69,789,648.46**[471](index=471&type=chunk) - The original book value of goodwill is **RMB 124,022,613.19**, primarily from Suzhou Detongyuan Environmental Protection Technology Co., Ltd., with an impairment provision of **RMB 68,163,934.28** already made[538](index=538&type=chunk)[540](index=540&type=chunk) - The ending balance of short-term borrowings is **RMB 228,400,755.60**, and the ending balance of long-term borrowings is **RMB 9,990,000.00**[558](index=558&type=chunk)[596](index=596&type=chunk) - The ending balance of notes payable is **RMB 2,809,160.00**, a significant decrease from the beginning balance of **RMB 15,000,000.00**[563](index=563&type=chunk) - The ending balance of employee compensation payable is **RMB 22,713,015.23**[584](index=584&type=chunk) - The ending balance of provisions is **RMB 65,551,935.32**, primarily for pending litigation[612](index=612&type=chunk) [Research and Development Expenses](index=156&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section details the company's R&D expenditures for the reporting period, noting an increase in expensed R&D with no capitalized projects R&D Expenditure Details | Item | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Employee compensation | 5,415,898.69 | 4,683,853.60 | | Material costs | 1,404,185.73 | 1,430,784.04 | | Depreciation and amortization | 860,713.29 | 808,651.39 | | Consulting fees | 118,882.59 | 458,526.48 | | Office expenses | 25,119.93 | 21,927.39 | | Fuel and power costs | 83,074.33 | 41,678.41 | | Other | 442,375.17 | 484,628.92 | | Total | 8,350,249.73 | 7,930,050.23 | | Of which: Expensed R&D expenditures | 8,350,249.73 | 7,930,050.23 | - There were no R&D projects meeting capitalization criteria in the current period[681](index=681&type=chunk) [Changes in Consolidation Scope](index=157&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) This section explains changes in the company's consolidation scope, with three subsidiaries removed due to deregistrations during the reporting period Changes in Subsidiary Consolidation Scope | Subsidiary Name | Reason for Change | Date of Change | | :--- | :--- | :--- | | Shanghai Zhongchuang Jisu Technology Co., Ltd. | Deregistration | 2025-5-22 | | Beijing Zhongchuang Zhisu Technology Co., Ltd. | Deregistration | 2025-5-20 | | Zhongchuang (Beijing) New Energy Co., Ltd. | Deregistration | 2025-1-2 | [Interests in Other Entities](index=160&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's interests in subsidiaries, joint ventures, and associates, including financial performance of key non-wholly owned subsidiaries and changes in equity - The company has a total of **31 subsidiaries** included in the scope of consolidation for this period, including Beijing Zhongchuang Environmental Services Co., Ltd., Xiamen Baifu Environmental Protection Technology Co., Ltd., etc[695](index=695&type=chunk)[696](index=696&type=chunk)[697](index=697&type=chunk) Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Net Profit/Loss Attributable to Minority Shareholders in Current Period (RMB) | Minority Interests Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Suzhou Detongyuan Environmental Protection Technology Co., Ltd. | 51.20% | -7,292,237.08 | -60,471,024.86 | | Jiangxi Naihua Environmental Protection Technology Co., Ltd. | 49.00% | -2,731,313.47 | -6,695,466.83 | - In **May 2025**, subsidiary Xiamen Sanweisi Supply Chain Management Co., Ltd. transferred its **40% equity** in the joint venture Zhongchuang Environmental Protection (Xinjiang) Technology Co., Ltd. for **RMB 0**, and no longer holds equity after the transfer[709](index=709&type=chunk) - The accumulated unrecognized prior losses of the associate Xiamen Sanweisi Investment Management Co., Ltd. were **-RMB 153,963.38**, with unrecognized losses of **-RMB 1,239.85** in the current period, resulting in accumulated unrecognized losses of **-RMB 155,203.23** at period-end[714](index=714&type=chunk) [Government Grants](index=166&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses government grants received, including deferred income related to assets and income, and amounts recognized in current period profit or loss Liability Items Involving Government Grants | Accounting Account | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred income | 4,026,584.95 | 0 | 913,011.92 | 2,158,037.86 | Related to assets | | Deferred income | 0 | 163,000.00 | 90,025.00 | 72,975.00 | Related to income | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount in Current Period (RMB) | Amount in Prior Period (RMB) | | :--- | :--- | :--- | | Other income | 2,197,297.82 | 1,628,236.05 | - Government grant projects include the cement kiln dust collector "electric-to-bag" special high-performance high-temperature filter material production line project, PTFE membrane filter material industrialization, the Ministry of Industry and Information Technology General Office's notice on the first batch of acceptance evaluation results for the 2020 Industrial Foundation Reinforcement Project implementation plan, high-performance microporous filter material production construction project, Jiangxi Naihua Phase I infrastructure construction support funds, and other asset-related grants[718](index=718&type=chunk) - Income-related grants include the perchlorate pollution low-cost treatment project, standardization strategy funding, R&D expense subsidies, patent pledge financing promotion project subsidies, rewards for enterprises entering the upper limit of scale (second batch), a

Group 1 - The stock price of Zhongchuang Environmental Protection reached 15.06 yuan as of August 13, 2025, reflecting a 1.35% increase from the previous trading day with a trading volume of 235 million yuan [1] - The company operates in environmental engineering, new materials, and new energy sectors, focusing on industrial flue gas treatment and solid waste resource utilization, while gradually expanding into new energy-related businesses [1] - On August 13, two block trades occurred, totaling 711,500 shares with a transaction value of 8.5736 million yuan, at an average price of 12.05 yuan, which is a 19.99% discount compared to the closing price [1] Group 2 - On August 13, the net inflow of main funds into Zhongchuang Environmental Protection was 14.7715 million yuan, accounting for 0.25% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 97.5114 million yuan, representing 1.68% of the circulating market value [1]

证券日报网讯 7月29日晚间，中创环保发布公告称，公司不存在逾期担保、涉及诉讼的担保或因担保被 判决败诉而应承担损失的情况。 （文章来源：证券日报） ...

证券代码：300056 证券简称：中创环保 公告编号：2025-052 厦门中创环保科技股份有限公司 1、公司名称：江西耐华环保科技有限公司 关于公司为控股子公司提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 一、担保情况概述 厦门中创环保科技股份有限公司（以下简称"公司"或"中创环保"）分别于 2025 年 4 月 22 日,2025 年 5 月 13 日召开第六届董事会第九次会议〔定期会议〕、 第六届监事会第六次会议〔定期会议〕和 2024 年度股东大会，审议通过《关于公 司为合并报表范围内各子公司提供担保及各子公司互相担保的议案》，同意公司为 江西耐华环保科技有限公司（以下简称"江西耐华"）的外部融资机构授信提供担 保，担保额度为 47,000 万元（公告编号：2025-015、2025-016、2025-041）。 为满足生产经营需要，江西耐华与中国建设银行股份有限公司弋阳支行（以下 简称"建设银行"）开展融资合作,签署《人民币流动资金贷款合同》。中创环保 与建设银行签署《保证合同》,为江西耐华前述授信提供连带责任保证，担保债权 之最高金额为 ...

Group 1 - The training event on "Value Management and Mergers & Acquisitions" was held in Xiamen, attended by nearly 70 executives and representatives from listed companies and related institutions [1] - The core of value management is expectation management, which involves changing the company's fundamentals and perceptions to influence market value [1] - The capital market is transitioning from a "financing market" to an "investment market," presenting new opportunities in the mergers and acquisitions sector [1] Group 2 - Judicial restructuring has become a common path for listed companies to mitigate risks, as highlighted by case studies shared during the event [2] - The market structure of derivative investments was discussed, focusing on the NAFMII, SAC, and ISDA agreement systems, with examples of efficient applications of cross-border capital tools [2] - In the first half of 2025, ten listed companies in the Xiamen area completed mergers and acquisitions, involving a total amount of 1.755 billion yuan [2]

证券代码：300056 证券简称：中创环保 公告编号：2025-051 为满足生产经营需要，江西耐华与中国建设银行股份有限公司弋阳支行（以下 简称"建设银行"）开展融资合作，签署《人民币流动资金贷款合同》。中创环保 与建设银行签署《保证合同》，为江西耐华前述授信提供连带责任保证，担保债权 之最高金额为 350 万元。本次公司为子公司提供担保事项未超出董事会和股东大 会授权额度范围。 | | | | 被担保方 | | | 担保额度占 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 担保 | 被担 | 担保方 | 最近一期 | 截至目前 | 本次新增 | 上市公司最 | 是否 | | 方 | 保方 | 持股比 | 资产负债 | 担保余额 | 担保额度 | 近一期经审 | 关联 | | | | 例 | | （万元） | （万元） | 计净资产比 | 担保 | | | | | 率 | | | | | | | | | | | | 例 | | | 中创 环保 | 江西 耐华 | 51% | 112.37% | 2720 | 350 | 1.81% | 否 | ...

Group 1 - The company, Xiamen Zhongchuang Environmental Technology Co., Ltd., received a second round inquiry letter from the Shenzhen Stock Exchange regarding its application for a specific object stock issuance on June 13, 2025 [1][2] - The company, along with relevant intermediaries, conducted thorough research and provided responses to the inquiries raised in the letter, with detailed content disclosed on June 23, 2025 [1] - The company has made supplementary revisions based on further review opinions and requirements from the Shenzhen Stock Exchange, with related documents to be submitted through the exchange's listing review system [1][2] Group 2 - The stock issuance is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [2] - The company will fulfill its information disclosure obligations based on the progress of this matter, urging investors to make cautious decisions [2]

证券代码：300056 证券简称：中创环保 公告编号：2025-050 厦门中创环保科技股份有限公司 关于向特定对象发行股票的第二轮审核问询函回复修订的 提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 厦门中创环保科技股份有限公司(以下简称"公司")于 2025 年 6 月 13 日收到深圳证券交易所（以下简称"深交所"）出具的《关于厦门中创环 保科技股份有限公司申请向特定对象发行股票的第二轮审核问询函》（审 核函〔2025〕020024 号）（以下简称"问询函"），深交所发行上市审核 机构对公司向特定对象发行股票的申请文件进行了审核，并形成了审核问 询问题。 收到问询函后，公司会同相关中介机构就问询函中提出的问题进行了认 真研究和逐项回复，具体内容详见公司于 2025 年 6 月 23 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关文件。根据深交所上市审核机构 进一步审核意见及相关要求，公司会同相关中介机构进行了认真研究和补充 修订，具体内容详见公司于本公告日在巨潮资讯网 （http://www.cninfo.com.c ...

关于厦门中创环保科技股份有限公司 申请向特定对象发行股票的第二轮审核 问询函有关财务事项的说明 大华核字[2025]0011007308 号 大 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） DaHuaCertifiedPublicAccountants（SpecialGeneralPartnership） 关于厦门中创环保科技股份有限公司 申请向特定对象发行股票的第二轮审核问询函 有关财务事项的说明 目录 页次 一、 关于厦门中创环保科技股份有限公司申请向 特定对象发行股票的第二轮审核问询函有关 财务事项的说明 1-17 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 关于厦门中创环保科技股份有限公司 申请向特定对象发行股票的第二轮审核问询函 有关财务事项的说明 大华核字[2025]0011007308 号 深圳证券交易所： 由厦门中创环保科技股份有限公司转来的深圳证券交易所《关于厦门中创 环保科技股份有限公司申请向 ...

证券代码：300056 证券简称：中创环保 关于厦门中创环保科技股份有限公司 申请向特定对象发行股票的 第二轮审核问询函回复 （修订版） 保荐机构（主承销商） 二零二五年七月 关于厦门中创环保科技股份有限公司 申请向特定对象发行股票的第二轮审核问询函回复（修订版） 深圳证券交易所： 贵所于 2025 年 6 月 13日出具的《关于厦门中创环保科技股份有限公司申请 向特定对象发行股票的第二轮审核问询函》（审核函〔2025〕020024 号）（以 下简称"《审核问询函》"）已收悉。厦门中创环保科技股份有限公司（以下 简称"中创环保""发行人""公司"）会同太平洋证券股份有限公司（以下 简称"保荐机构""太平洋证券"）、大华会计师事务所（特殊普通合伙） （以下简称"会计师"）、福建天衡联合律师事务所（以下简称"律师"）对 《审核问询函》所列问题进行了逐项核查和落实，并就《审核问询函》进行了 逐项回复。 说明： 1、如无特殊说明，本回复中使用的简称或名词释义与《厦门中创环保科技 股份有限公司 2024 年度向特定对象发行股票募集说明书》（以下简称"《募集 说明书》"）保持一致； 2、本回复中若出现合计数尾数与所列数值 ...