[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors and senior management guarantee the accuracy and completeness of the semi-annual report, declaring no cash dividends, bonus shares, or capital reserve conversions - The company's Board of Directors and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company plans not to distribute **cash dividends**, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) - The company must comply with the disclosure requirements for **"Energy-Saving and Environmental Protection Services"** business under the Shenzhen Stock Exchange's Self-Regulatory Guidelines No. 4 for Listed Companies on the ChiNext Board[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the semi-annual report, covering company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial statements - The report comprises **eight main chapters**, comprehensively covering the company's semi-annual operations from important notices to financial statements[8](index=8&type=chunk) [Reference Documents Catalog](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Reference documents include financial statements signed by the company's head and chief accountant, original copies of all publicly disclosed company documents and announcements, and other materials required by the Shenzhen Stock Exchange - Reference documents include financial statements signed and sealed by the company's legal representative, chief financial officer, and head of accounting[10](index=10&type=chunk) - Original copies of all company documents and announcements publicly disclosed during the reporting period are also included as reference documents[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, regulatory bodies, accounting periods, and specialized water treatment technologies like MBR, DF membrane, RO membrane, membrane modules, smart water, seawater desalination, and salt lake lithium extraction, ensuring accurate understanding - **MBR technology** (Membrane Bioreactor wastewater treatment technology) is an emerging water treatment process combining membrane separation with traditional biological treatment[12](index=12&type=chunk) - Vibrating Membrane Bioreactor Unit (**V-MBRU**) uses mechanical transmission for reciprocating motion, effectively controlling membrane fouling, reducing energy consumption, and enhancing wastewater denitrification[12](index=12&type=chunk) - **Salt lake lithium extraction** involves cost-effectively enriching lithium ions from salt lake brines and precipitating them into refined lithium ore; OriginWater has developed suitable products, equipment, and processes for various salt lakes[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents its key financial performance metrics for the reporting period [Company Profile](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Beijing OriginWater Technology Co Ltd (stock code: 300070) is listed on the Shenzhen Stock Exchange, with Huang Jianglong as its legal representative - The company's stock abbreviation is **"OriginWater"**, stock code **"300070"**, listed on the Shenzhen Stock Exchange[16](index=16&type=chunk) - The company's legal representative is **Huang Jianglong**[16](index=16&type=chunk) [Contact Person and Information](index=8&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) The company's Board Secretary is Zhang Xing, and the Securities Affairs Representative is Jiang Wei, both located at OriginWater Building, No 23-2 Life Science Park Road, Haidian District, Beijing, with contact number 010-88465890 and email IR@originwater.com - The Board Secretary is **Zhang Xing**, and the Securities Affairs Representative is **Jiang Wei**[17](index=17&type=chunk) - The company's contact number is **010-88465890**, and its email is **IR@originwater.com**[17](index=17&type=chunk) [Other Information](index=8&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure newspaper, designated website, or document storage location, nor any changes in registration status, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and document storage locations remained **unchanged** during the reporting period[18](index=18&type=chunk)[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=9&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) In the first half of 2025, the company's operating revenue decreased by 15.09% year-on-year, and net profit attributable to shareholders decreased by 47.25% year-on-year, while net cash flow from operating activities increased by 136.86% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,928,073,160.48 | 3,448,399,355.79 | -15.09% | | Net Profit Attributable to Shareholders of Listed Company | -106,970,376.96 | -72,647,009.54 | -47.25% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -115,752,747.70 | -76,898,598.13 | -50.53% | | Net Cash Flow from Operating Activities | 249,970,515.49 | -678,150,845.67 | 136.86% | | Basic Earnings Per Share (yuan/share) | -0.0295 | -0.0200 | -47.50% | | Diluted Earnings Per Share (yuan/share) | -0.0295 | -0.0200 | -47.50% | | Weighted Average Return on Net Assets | -0.39% | -0.26% | -0.13% | | **End of Current Period** | **End of Prior Year** | **Change from End of Prior Year** | | | Total Assets | 81,631,595,027.96 | 79,743,789,975.40 | 2.37% | | Net Assets Attributable to Shareholders of Listed Company | 27,167,513,679.50 | 27,258,913,126.04 | -0.34% | [Differences in Accounting Data Under Domestic and Foreign Accounting Standards](index=9&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) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or foreign accounting standards and those prepared under Chinese accounting standards - The company's reporting period shows **no differences** in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22](index=22&type=chunk) - The company's reporting period shows **no differences** in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&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) During the reporting period, the company's total non-recurring gains and losses amounted to **8.78 million yuan**, primarily comprising government subsidies as a positive contribution and non-current asset disposal losses as a negative impact 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains and losses (including reversal of asset impairment provisions) | -226,053.84 | | Government subsidies recognized in current profit and loss (excluding those closely related to normal business operations, compliant with national policies, and continuously enjoyed at fixed or quantitative standards) | 12,561,118.64 | | Other non-operating income and expenses apart from the above | -1,327,057.83 | | Less: Income tax impact | 1,368,569.64 | | Impact on minority interests (after tax) | 857,066.59 | | Total | 8,782,370.74 | [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's operational performance, financial position, and future outlook, highlighting key business segments, competitive advantages, and risk management strategies [Main Businesses During the Reporting Period](index=11&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 engages in environmental protection and water treatment, leveraging its full-chain membrane technology across five key areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization - The company specializes in **environmental protection and water treatment businesses**, possessing a full industry chain in water treatment, primarily offering comprehensive technical solutions through R&D and manufacturing of high-tech core membrane materials, membrane elements, membrane module systems, and adsorption materials[28](index=28&type=chunk) - The company primarily focuses on deepening applications in five major areas: **wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization**[28](index=28&type=chunk) [Main Businesses](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company possesses proprietary full-chain membrane technologies (microfiltration, ultrafiltration, nanofiltration, reverse osmosis) and adsorption materials, forming a product line of ultra-microfiltration membranes, industrial nanofiltration membranes, industrial reverse osmosis membranes, industrial zero-discharge membranes, lithium adsorbents, and integrated products, with an annual production capacity of 20 million square meters for microfiltration and ultrafiltration membranes, 19 million square meters for nanofiltration and reverse osmosis membranes, and 10,000 cubic meters for lithium adsorbents - The company possesses **fully independent intellectual property rights** for its full-chain membrane technologies (microfiltration, ultrafiltration, nanofiltration, reverse osmosis) and adsorption materials[28](index=28&type=chunk) - The company's independently developed **MBR membrane bioreactor technology** can achieve effluent water quality equivalent to Class IV surface water, saving approximately 50% of land, and has become a supporting technology for addressing China's "dirty water" problem[30](index=30&type=chunk) - The company boasts a significant manufacturing capacity, capable of producing **20 million square meters** of microfiltration and ultrafiltration membranes, **19 million square meters** of nanofiltration and reverse osmosis membranes, and **10,000 cubic meters** of lithium adsorbents annually[32](index=32&type=chunk) [Business Model](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's business is categorized into environmental protection total solutions, operation services, municipal and water supply/drainage engineering, and optical technology total solutions, with revenue generated through EPC, PPP/BOT projects, concession agreements, and creative design and implementation by subsidiaries - The company's main businesses are categorized into **environmental protection total solutions, operation services, municipal and water supply/drainage engineering, and optical technology total solutions**[33](index=33&type=chunk) - Revenue from environmental protection total solutions primarily includes direct membrane and equipment sales, as well as membrane and equipment sales, adsorption material sales, and related EPC revenue under various water treatment and salt lake lithium extraction businesses[34](index=34&type=chunk) - The company's important subsidiary, Liangye Technology, primarily provides **urban, scenic, and home optical technology products and total solutions** to customers through technology and creativity[35](index=35&type=chunk) [Overall Industry Situation](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%95%B4%E4%BD%93%E6%83%85%E5%86%B5) During the "14th Five-Year Plan" period, China's water industry entered a high-quality development stage, driven by policies and market forces, with intelligence, greening, and intensification becoming core development logics - During the **"14th Five-Year Plan" period**, China's ecological civilization construction entered a critical phase, focusing on carbon reduction, promoting synergistic pollution reduction and carbon reduction, facilitating comprehensive green transformation of economic and social development, and achieving qualitative improvements in ecological environmental quality[37](index=37&type=chunk) - Driven by both policy and market, **intelligence, greening, and intensification** have become the core development logics for the water industry[38](index=38&type=chunk) - The National Development and Reform Commission and the Ministry of Finance issued the "Guiding Opinions on Regulating the Implementation of New Mechanisms for Government and Social Capital Cooperation," requiring PPP projects to focus on user-paid models, which may **limit the growth space** of the water PPP market[38](index=38&type=chunk) [Key Industry Policies](index=15&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%A1%8C%E4%B8%9A%E4%B8%BB%E8%A6%81%E6%94%BF%E7%AD%96) During the "14th Five-Year Plan" period, the state introduced a series of water environment governance laws and policies, such as the "Opinions on Comprehensively Promoting River Protection and Governance" and "Design Guidelines for Underground Reservoirs," with local governments actively implementing them, stimulating market demand and driving the industry into a new stage of high-quality development - During the **"14th Five-Year Plan" period**, China introduced a series of laws and policies related to water environment governance, such as the "Opinions of the CPC Central Committee and the State Council on Deeply Fighting the Battle Against Pollution" and the "14th Five-Year Ecological Environmental Protection Plan"[39](index=39&type=chunk) - In June 2025, the General Office of the CPC Central Committee and the General Office of the State Council jointly issued the **"Opinions on Comprehensively Promoting River Protection and Governance,"** proposing that by 2035, a modern flood control and disaster reduction system for river basins will be basically complete, and the level of water resource conservation and intensive utilization will be further improved[40](index=40&type=chunk) - At the local level, provinces and municipalities such as Shandong, Shanghai, Zhejiang, and Beijing have introduced specific policies, including promoting rural wastewater resource utilization, revising drinking water quality standards, and implementing new water quota standards, to implement central water-related policies[41](index=41&type=chunk) [Membrane Technology Development Status](index=16&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E8%86%9C%E6%8A%80%E6%9C%AF%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) Membrane-based water treatment technology is an advanced solution for water pollution and scarcity, with the membrane industry focusing on high-end development, emphasizing membrane materials, equipment, applications, and O&M services during the "14th Five-Year Plan" period - **Membrane-based water treatment technology** is recognized globally as an advanced water treatment technology that can simultaneously address water pollution and water resource scarcity[43](index=43&type=chunk) - During the **"14th Five-Year Plan" period**, the membrane industry will promote its development, focusing on three leading industries: membranes and membrane materials, membrane equipment (including complete engineering equipment), and membrane applications and operation and maintenance services[43](index=43&type=chunk) - The membrane equipment industry, as the main body of the membrane industry, will vigorously develop **intelligent, personalized, serialized, and modular membrane equipment** and complete engineering equipment to enhance technological content and market competitiveness[45](index=45&type=chunk) [Technological and Business Advantages](index=17&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E6%8A%80%E6%9C%AF%E4%B8%8E%E4%B8%9A%E5%8A%A1%E4%BC%98%E5%8A%BF) The company has become a high-tech environmental enterprise with dual advantages in integrated membrane material R&D, equipment manufacturing, membrane process application, and digital water operations, possessing proprietary full-chain membrane technology and internationally leading MBR technology - The company has developed into a high-tech environmental enterprise with dual advantages in integrated membrane material R&D, membrane equipment manufacturing, membrane process application, and digital water operations, possessing **fully independent intellectual property rights** for its full-chain membrane technology[46](index=46&type=chunk) - The company's independently developed **Vibrating Membrane Bioreactor (V-MBR) technology** significantly improves total nitrogen removal, reduces energy consumption by over 20% compared to traditional MBR, enhances equipment safety by 30%, and lowers equipment costs by 25%[48](index=48&type=chunk) - The company's membrane technology is involved in water treatment projects with a total scale exceeding **22 million tons/day**, capable of adding over **7 billion tons** of high-quality reclaimed water annually for the nation, becoming a backbone force in China's wastewater resource utilization[50](index=50&type=chunk) [Company Development Overview During the Reporting Period](index=20&type=section&id=%EF%BC%88%E4%B8%83%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) In the first half of 2025, the company's operating revenue decreased by 15.09% year-on-year, total profit decreased by 186.17% year-on-year, and net profit attributable to shareholders decreased by 47.25% year-on-year, primarily due to market conditions impacting orders and gross margins, as well as sustained losses from important associate companies 2025 First Half Company Operating Performance | Indicator | Amount (yuan) | Year-on-Year Decrease | | :--- | :--- | :--- | | Operating Revenue | 2,928,073,160.48 | 15.09% | | Total Profit | -38,329,447.75 | 186.17% | | Net Profit Attributable to Company Shareholders | -106,970,376.96 | 47.25% | - During the reporting period, the overall orders for the company and its important subsidiaries **decreased** compared to the same period last year, leading to a decline in operating revenue and gross margin[54](index=54&type=chunk) - The continuous losses of the company's important associate companies had a **negative impact** on the company's investment income for the current period[54](index=54&type=chunk) [Core Competitiveness Analysis](index=20&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) As one of the first national high-tech enterprises, the company possesses proprietary full-chain membrane technology, making it one of the most comprehensive membrane product manufacturers globally, with significant advantages in MBR, MBR-DF dual-membrane technology, seawater desalination reverse osmosis membranes, high-salinity wastewater zero-discharge technology, and polyolefin-based nanofiltration membranes - The company is one of the **first national high-tech enterprises**, possessing fully independent intellectual property rights for its full-chain membrane technology, making it one of the most comprehensive membrane product manufacturers and advanced environmental equipment manufacturers globally[55](index=55&type=chunk) - The company's independently innovated **"MBR-DF" technology** can directly treat wastewater to achieve high-quality reclaimed water equivalent to Class II or III surface water, making it the only high-tech environmental enterprise in China with this technology and large-scale engineering applications[56](index=56&type=chunk) - The company has achieved performance improvements, cost reductions, efficiency gains, and **15%-30% capacity growth** across multiple product lines, including semiconductor ultrapure water reverse osmosis membranes, industrial zero-discharge membranes, seawater desalination membranes, and high-efficiency salt separation membranes[57](index=57&type=chunk) [Technological Innovation Advantages](index=22&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E4%BC%98%E5%8A%BF) The company invests over 3% of its sales revenue annually in technological innovation and R&D, focusing on five key areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization - The company invests **over 3% of its sales revenue annually** in technological innovation and R&D, focusing on membrane technology research and development in five major areas: wastewater resource utilization, high-quality drinking water, seawater desalination, industrial zero discharge, and salt lake resource utilization[59](index=59&type=chunk) - During the reporting period, the company executed **3 national scientific research projects, 1 provincial/ministerial level scientific research project, 2 horizontal projects, and 3 CCCC scientific research projects**[53](index=53&type=chunk)[60](index=60&type=chunk) - As of June 30, 2025, the company and its subsidiaries had **25 newly authorized patents**, 27 patents pending application and acceptance, and a total of **632 valid patents**[60](index=60&type=chunk) [Management Model Innovation](index=24&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%AE%A1%E7%90%86%E6%A8%A1%E5%BC%8F%E5%88%9B%E6%96%B0) The company fosters a dual-channel career development path for employees through external recruitment and internal training, enhancing its talent acquisition and retention mechanisms with competitive compensation and equity incentive plans - The company has pioneered the establishment of **dual-channel career development** for employees in key process units such as R&D and design, combining external recruitment with internal training[62](index=62&type=chunk) - The company has established a scientific human resource management system, attracting and retaining outstanding management, marketing, and scientific talent by strengthening **incentive mechanisms and equity incentive plans**[62](index=62&type=chunk) - The company will actively explore new business expansion, fully leveraging its core advantages in membrane technology, materials, and products to build a specialized operation team, further enhancing **operational efficiency and market competitiveness**[63](index=63&type=chunk) [Main Business Analysis](index=24&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) During the reporting period, the company's operating revenue decreased by 15.09% year-on-year, and operating costs decreased by 10.15% year-on-year, with the environmental industry (water treatment and ecological water) accounting for the highest proportion of revenue, while the municipal industry (municipal and water supply/drainage, optical technology) experienced a significant decline Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,928,073,160.48 | 3,448,399,355.79 | -15.09% | - | | Operating Cost | 2,236,583,801.32 | 2,489,330,560.89 | -10.15% | - | | Selling Expenses | 91,618,461.36 | 72,067,955.83 | 27.13% | - | | Administrative Expenses | 163,641,593.55 | 259,723,790.41 | -36.99% | Primarily due to increased cost control and reduced labor costs during the reporting period | | Financial Expenses | 72,525,974.41 | 71,984,312.04 | 0.75% | - | | Income Tax Expense | 17,844,193.09 | 50,306,794.55 | -64.53% | Primarily due to a decrease in taxable income during the reporting period | | R&D Investment | 112,925,278.13 | 137,066,368.99 | -17.61% | - | | Net Cash Flow from Operating Activities | 249,970,515.49 | -678,150,845.67 | 136.86% | Primarily due to increased collection efforts and reduced restricted funds, leading to an overall improvement in net cash flow from operating activities | | Net Cash Flow from Investing Activities | -675,232,729.35 | -529,785,941.40 | -27.45% | - | | Net Cash Flow from Financing Activities | 716,838,838.14 | 761,144,444.50 | -5.82% | - | | Net Increase in Cash and Cash Equivalents | 290,279,374.53 | -446,428,824.40 | 165.02% | Primarily due to changes in net cash flow from operating, financing, and investing activities | Products or Services Accounting for Over 10% of Revenue | Product or Service Segment | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Environmental Industry (Water Treatment & Ecological Water) | 2,568,330,778.22 | 1,893,316,006.37 | 26.28% | -12.01% | -8.74% | -2.65% | | Municipal Industry (Municipal & Water Supply/Drainage, Optical Technology) | 359,742,382.26 | 343,267,794.95 | 4.58% | -32.07% | -17.24% | -17.09% | | **By Product** | | | | | | | | Environmental Total Solutions | 1,068,447,973.66 | 873,976,830.15 | 18.20% | -30.73% | -22.00% | -9.15% | | Operation Services | 1,499,882,804.56 | 1,019,339,176.22 | 32.04% | 8.96% | 6.85% | 1.35% | | Optical Technology Total Solutions | 211,189,269.49 | 215,345,638.18 | -1.97% | -30.92% | -7.85% | -25.53% | | Municipal & Water Supply/Drainage | 148,553,112.77 | 127,922,156.77 | 13.89% | -33.63% | -29.36% | -5.20% | - During the reporting period, the company added **77 EPC orders** totaling **2.00 billion yuan**; it also added **1 concession-based BOT project** with an investment of **257 million yuan**, and **1 TOT project** with an investment of **203 million yuan**[69](index=69&type=chunk) [Non-Core Business Analysis](index=26&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) During the reporting period, non-core businesses significantly impacted total profit, with investment income at **-76.03 million yuan** (198.37% of total profit) and credit impairment losses at **-193.29 million yuan** (504.28% of total profit), indicating a substantial negative effect on the company's losses Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | Percentage of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -76,032,598.07 | 198.37% | Primarily long-term equity investments accounted for using the equity method and equity disposal gains | Yes | | Asset Impairment | -11,611,870.73 | 30.29% | Primarily contract impairment losses recognized during the reporting period | Yes | | Non-Operating Income | 4,042,299.21 | -10.55% | Primarily government subsidies and liquidated damages received during the reporting period | No | | Non-Operating Expenses | 3,215,480.80 | -8.39% | Primarily liquidated damages and fines paid during the reporting period | No | | Credit Impairment Losses | -193,285,948.02 | 504.28% | Primarily credit impairment losses on various financial instruments recognized during the reporting period | Yes | [Analysis of Assets and Liabilities](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, the company's total assets were **81.63 billion yuan**, a 2.37% increase from the end of the previous year, with contract assets growing by 1.08%, while notes payable decreased by 0.24% and bonds payable decreased by 0.66% due to repayment of supply chain finance notes and reclassification of bonds due within one year Significant Changes in Asset Composition | Item | Amount at End of Current Period (yuan) | Percentage of Total Assets | Amount at End of Prior Year (yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 4,327,526,912.40 | 5.30% | 4,252,003,967.85 | 5.33% | -0.03% | | Accounts Receivable | 12,378,910,216.60 | 15.16% | 12,399,536,818.09 | 15.55% | -0.39% | | Contract Assets | 5,697,503,129.69 | 6.98% | 4,707,337,763.09 | 5.90% | 1.08% | | Inventories | 291,813,051.89 | 0.36% | 226,103,315.34 | 0.28% | 0.08% | | Long-Term Equity Investments | 5,101,178,828.08 | 6.25% | 5,203,336,426.15 | 6.53% | -0.28% | | Fixed Assets | 723,353,897.88 | 0.89% | 727,506,208.18 | 0.91% | -0.02% | | Construction in Progress | 172,529,333.74 | 0.21% | 183,238,251.93 | 0.23% | -0

Core Insights - The company reported a revenue of 2.928 billion yuan for the first half of 2025, representing a year-on-year decline of 15.09% [1] - The net loss for the period was 107 million yuan, compared to a net loss of 72.647 million yuan in the same period last year [1] Financial Performance - Revenue for the first half of 2025: 2.928 billion yuan, down 15.09% year-on-year [1] - Net loss for the first half of 2025: 107 million yuan, compared to a net loss of 72.647 million yuan in the previous year [1]

证券代码：300070 证券简称：碧水源 公告编号：2025-054 北京碧水源科技股份有限公司 第六届董事会第十五次会议决议公告 具体内容详见公司于同日公告在中国证监会指定创业板信息披露媒体上的 《2025 年半年度报告》和《2025 年半年度报告摘要》。 本议案以 8 票同意，0 票反对，0 票弃权获得通过。 二、审议通过《关于中交财务有限公司风险持续评估报告的议案》。 公司对中交财务有限公司的经营资质、业务和风险状况进行了综合评估， 出具了《关于中交财务有限公司风险持续评估报告》。具体内容详见公司于同 日公告在中国证监会指定创业板信息披露媒体上的相关内容。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 公司独立董事已召开专门会议对本议案进行审议，全体独立董事对本议案 发表了明确同意的意见。 北京碧水源科技股份有限公司（以下简称"公司"）第六届董事会第十五 次会议于 2025 年 8 月 27 日上午 9：30 在公司会议室以现场及通讯方式召开， 会议通知于 2025 年 8 月 15 日以电话及电子邮件方式送达。本次会议应参加董 事 8 人，实际参加董 ...

Core Viewpoint - Beijing Beishuiyuan Technology Co., Ltd. has approved the issuance of short-term financing bonds to enhance its financial flexibility and support its operations [1][2]. Group 1: Bond Issuance Details - The company held its fourth extraordinary general meeting in 2023, where it approved the proposal to issue short-term financing bonds [1]. - The company issued the fourth phase of its 2025 technology innovation bonds on August 22, 2025, with the bonds listed for trading on August 26, 2025 [1]. - The bond details include: - Start date: August 25, 2025 - Bond code: 012582052 - Maturity date: May 22, 2026 - Duration: 270 days - Issuance price: 100 yuan per 100 yuan face value - Coupon rate: 2.10% [1]. Group 2: Underwriters - The main underwriters for the bond issuance are Ping An Bank Co., Ltd. and China Merchants Bank Co., Ltd. [1].

证券代码：300070 证券简称：碧水源 公告编号：2025-053 北京碧水源科技股份有限公司 2025年度第四期科技创新债券发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京碧水源科技股份有限公司（以下简称"公司"）2023年第四次临时股东 大会审议通过了《关于拟发行超短期融资券的议案》，同意公司申请发行超短期 融资券，详情请参见公司于2023年8月25日披露在中国证监会指定创业板信息披 露媒体上的公告。 公司于2025年8月22日发行了2025年度第四期科技创新债券，并于2025年8 月26日上市流通，现将发行结果公告如下： 特此公告。 北京碧水源科技股份有限公司 董事会 二〇二五年八月二十五日 1 | 债券名称 | 北京碧水源科技股份有限公司 | | | | | 债券简称 | 25 | 碧水源 SCP004 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 年度第四期科技创新债券 | | | | | | | （科创债） | | 起息日期 | 年 日 | ...

Group 1 - The core viewpoint of the news is that Beijing BWS Technology Co., Ltd. (碧水源) is experiencing a decline in financial performance, with significant decreases in revenue and net profit as of Q1 2025 [1] - As of August 19, 2025, the company's stock price is 4.68 yuan, down 0.43%, with a trading volume of 412,200 hands and a transaction amount of 193 million yuan [1] - The company's latest financial report shows total revenue of 1.591 billion yuan, a year-on-year decrease of 12.65%, and a net profit attributable to shareholders of 60.0416 million yuan, down 34.29% year-on-year [1] Group 2 - The company has a liquidity ratio of 0.888 and a quick ratio of 0.880, indicating potential liquidity challenges [1] - The asset-liability ratio stands at 62.63%, suggesting a relatively high level of debt compared to assets [1] - Beijing BWS has made investments in 318 companies and participated in 2,197 bidding projects, indicating active engagement in the market [2]

Group 1 - The major shareholder, Beijing Biyuan Technology Co., Ltd., held 9,600,000 shares of the company, accounting for 12.23% of the total shares before the reduction plan [1] - The reduction plan involved a maximum sale of 785,189 shares, representing 1% of the total share capital, with the trading period set from August 1 to October 31, 2025 [2] - The reduction plan was completed successfully, with the actual reduction matching the previously disclosed plan [4][5] Group 2 - The major shareholder had no concerted actions with other parties during the reduction [3] - The reduction was executed between August 4 and August 15, 2025, with a total of 785,189 shares sold [2] - The company confirmed that the reduction plan was not terminated early and was fully implemented [5]

Core Viewpoint - The company, Biyuan, announced the election of Mr. Gao Yanwei as a director of the sixth board of directors [2] Group 1 - The announcement was made on the evening of August 15 [2] - The election of Mr. Gao Yanwei is part of the company's governance structure [2]

Summary of Key Points Core Viewpoint - The major shareholder, Beijing Biyuan Technology Co., Ltd., has completed a share reduction plan, selling 785,189 shares of Bixing Wulian Technology (Shenzhen) Co., Ltd., which represents 1% of the company's total share capital [1]. Group 1: Shareholder Information - The major shareholder, Beijing Biyuan Technology Co., Ltd., held 9,600,000 shares prior to the reduction, accounting for 12.23% of the total shares [1]. - The shares were acquired before the IPO, and there are no concerted actions with other shareholders [1]. Group 2: Reduction Plan Implementation - The reduction plan was first disclosed on July 11, 2025, and the actual reduction occurred between August 4 and August 15, 2025 [1]. - The shares were sold through centralized bidding at a price range of 22.84 to 24.80 yuan per share, totaling 18,637,368.38 yuan [1]. - After the reduction, the current holding of Beijing Biyuan is 8,814,811 shares, representing 11.23% of the total shares [1].

证券代码：300070 证券简称：碧水源 公告编号：2025-051 北京碧水源科技股份有限公司 关于调整公司组织机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京碧水源科技股份有限公司（以下简称"公司"）于 2025 年 7 月 30 日召 开的第六届董事会第十三次会议、第六届监事会第八次会议，2025 年 8 月 15 日 召开的 2025 年第一次临时股东大会均审议通过了《关于取消监事会并修订<公司 章程>的议案》，公司将不再设置监事会。调整后的组织机构图详见附件。 特此公告。 北京碧水源科技股份有限公司 董事会 二〇二五年八月十五日 1 附件：组织机构图 2 ...