Core Viewpoint - The company, Xianhe Environmental Protection, reported a revenue of 417.72 million yuan and a net profit of 24.46 million yuan for the first half of 2025, representing year-on-year growth of 6.08% and 31% respectively [2][3][4]. Financial Performance - Revenue for the reporting period was 417,721,204.99 yuan, an increase of 6.08% from 393,766,162.27 yuan in the same period last year [4]. - Net profit attributable to shareholders was 24,461,074.93 yuan, up 31% from 18,671,933.69 yuan year-on-year [4]. - The net profit after deducting non-recurring gains and losses was 22,217,758.52 yuan, reflecting a significant increase of 51.56% compared to 14,659,451.07 yuan in the previous year [4]. - Basic and diluted earnings per share were both 0.05 yuan, representing a 66.67% increase from 0.03 yuan [4]. - The weighted average return on equity was 1.49%, up from 1.03% [4]. Asset and Equity Position - As of the end of the reporting period, total assets amounted to 1,987,646,599.71 yuan, a decrease of 3.37% from 2,056,863,377.12 yuan at the end of the previous year [4]. - Net assets attributable to shareholders were 1,651,177,593.35 yuan, an increase of 1.50% from 1,626,794,227.01 yuan [4]. Cash Flow Analysis - The net cash flow from operating activities was -159,733,106.75 yuan, a decline of 37.27% compared to -116,365,448.60 yuan in the previous year, primarily due to a decrease in cash received from sales [5]. - The net cash flow from investing activities was 35,567,709.37 yuan, an increase of 14.79% from 30,986,064.75 yuan [5]. - The net cash flow from financing activities was -1,424,892.54 yuan, improving by 39.23% from -2,344,775.93 yuan in the previous year [5]. - The net increase in cash and cash equivalents was -125,748,181.08 yuan, a decline of 43.70% from -87,506,969.99 yuan [5]. Business Segments - The company's main business includes the production and sales of environmental monitoring equipment, operational and consulting services, and construction engineering services [5]. - Revenue from environmental monitoring systems was 137,550,877.82 yuan, accounting for 32.93% of total revenue [5]. - Revenue from operational and consulting services was 262,429,332.15 yuan, making up 62.82% of total revenue [5].

Core Insights - The company ST Xianhe (300137.SZ) is experiencing a strong recovery in profitability driven by favorable environmental policies and upgraded market demand in the first half of 2025 [1][2][3] Financial Performance - In the first half of 2025, ST Xianhe achieved revenue of 418 million yuan, a year-on-year increase of 6.08%, and a net profit of 25 million yuan, up 31.00% compared to the same period last year [1] - The company's non-recurring net profit saw a significant increase of 51.56% to 22 million yuan [1] - In Q2 2025, the company contributed revenue of 229 million yuan, representing a quarter-on-quarter growth of 21.16% [1] Business Segments - The environmental monitoring system generated revenue of 138 million yuan, accounting for 32.93% of total revenue, with a slight year-on-year increase of 0.43% [1] - The operation and consulting services contributed 262 million yuan, making up 62.82% of total revenue, with a year-on-year growth of 13.54% [1] Industry Context - The ongoing release of environmental policy dividends provides a favorable environment for the company's development, with 2025 being a crucial year for ecological civilization reforms and the "14th Five-Year Plan" [2] - The company's focus on independent research and development, along with increased investment in technology and innovation, is a core driver of its high-quality growth [2] Technological Advancements - In the reporting period, the company invested 24 million yuan in research and development, leveraging its strong innovation capabilities to build core technological advantages [2] - As of June 2025, the company holds 395 patents and 394 software copyrights [2] Strategic Positioning - The significant rebound in non-recurring net profit reflects positive operational changes and validates the effectiveness of the company's "monitoring + governance + data services" integrated model [3] - With strengthened technological advantages and expanded market share, ST Xianhe is positioned to lead in the high-quality development wave of the environmental monitoring industry, creating greater value for investors [3]

Group 1 - ST Xianhe announced the transfer of approximately 31.32 million shares, representing 5.84% of the company's total shares, from Li Yuguo to Hebei Zhixin Daneng New Energy Technology Co., Ltd. [1] - The share transfer agreement was signed on July 10, 2025, and the completion of the transfer was confirmed with the Shenzhen Stock Exchange and the China Securities Depository and Clearing Corporation on August 28, 2025 [1] - The transferred shares are classified as unrestricted circulating shares [1] Group 2 - For the year 2024, ST Xianhe's revenue composition is predominantly from instruments and meters, accounting for 99.87%, while other businesses contribute only 0.13% [2] - As of the latest report, ST Xianhe has a market capitalization of 3.6 billion yuan [3]

证券代码：300137 证券简称：ST先河 公告编号：2025-037 河北先河环保科技股份有限公司 关于实际控制人的一致行动人之间协议转让过户完成的公告 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。 一、本次协议转让的基本情况 本次协议转让事项已取得深圳证券交易所出具的《深圳证券交易所上市公司 股份协议转让确认书》并收到中国证券登记结算有限责任公司出具的《证券过户 登记确认书》，本次协议转让股份已于 2025 年 8 月 28 日完成过户登记手续，过 户股份数量为 31,320,370 股，占公司股份总数的 5.84%，股份性质为无限 售流通股。 本次协议转让股份过户完成后，智新达能持有公司 69,455,843 股股 份，占公司股份总数的 12.94%，成为公司控股股东。姚国瑞先生通过清利新能 源间接持有公司 5,667,480 股股份，通过智新达能间接持有公司 69,455,843 股 股份，同时，通过一致行动安排实际可以控制李玉国先生名下剩余 7,330,929 股股份所对应的表决权，因此，姚国瑞先生通过上述方式实际可以控制公司 82,454,252 ...

Group 1 - The independent director system plays a crucial role in promoting standardized operations of listed companies, protecting the legitimate rights of minority investors, and fostering the healthy and stable development of the capital market [1] - In the A-share market, among over ten thousand independent directors, the highest remuneration is 1.07 million yuan, while 217 independent directors did not receive any remuneration, and the lowest remuneration is 9,600 yuan [1] - There are over 2,000 independent directors aged 65 and above, with 23 being over 80 years old, and more than 3,500 aged between 60 and 69 [1] Group 2 - Professor Lv Hui, an independent director at Xianhe Environmental Protection, faced a penalty of 500,000 yuan from the Hebei Securities Regulatory Bureau due to violations related to financial reporting [1][3] - Xianhe Environmental Protection improperly accounted for the year-end bonuses for 2021 and 2022, leading to an inflated cost of 43.804 million yuan and a reduction in total profit by the same amount, which constituted 31.89% of the reported profit for 2022 [4] - The company’s actions violated the Accounting Standards and the Securities Law, resulting in a false representation of the financial statements [5]

Core Insights - ST Xianhe reported a total operating revenue of 418 million yuan for the first half of 2025, with a net profit attributable to shareholders of 24.46 million yuan, ranking 13th among disclosed peers [1] - The company experienced a negative cash flow from operating activities amounting to -160 million yuan, ranking 21st among peers, which is a decrease of 43.37 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio stands at 16.00% [3] - The gross profit margin is reported at 40.77% [3] - Return on equity (ROE) is at 1.48%, ranking 14th among disclosed peers [3] - The diluted earnings per share (EPS) is 0.05 yuan, ranking 16th among peers [3] - Total asset turnover is recorded at 0.21 times [3] - Inventory turnover ratio is 0.92 times, ranking 13th among disclosed peers [3] Shareholder Information - The number of shareholders is 21,600, with the top ten shareholders holding a total of 137 million shares, accounting for 25.53% of the total share capital [3] - The top ten shareholders and their respective holdings are as follows: - Li Yuguo: 7.20% - Hebei Zhixin Danu New Energy Technology Co., Ltd.: 7.11% - Cui Fenghua: 2.08% - Caida Securities - Minsheng Bank - Caida Securities Growth No. 6 Collective Asset Management Plan: 1.75% - Liu Haibin: 1.67% - Chen Rongqiang: 1.63% - Zhang Yuxia: 1.27% - Qingdao Qingli New Energy Co., Ltd.: 1.06% - Zhang Zengyou: 0.95% - Wang Taoya: 0.81% [3]

Core Viewpoint - The company has shown significant growth in both revenue and net profit in the first half of the year, indicating a successful transition from equipment sales to service-oriented offerings [1][2]. Financial Performance - The company achieved a revenue of 418 million yuan, representing a year-on-year increase of 6.08% [1]. - The net profit attributable to shareholders reached 24.46 million yuan, up 31.00% year-on-year [1]. - The net profit after deducting non-recurring items was 22.22 million yuan, reflecting a growth of 51.56% [1]. - The gross margin for the operation and consulting services segment improved to 37.5%, an increase of 2.93% compared to the previous year [1]. Revenue Structure - The revenue from environmental monitoring systems amounted to 138 million yuan, accounting for 32.93% of total revenue [1]. - Revenue from operation and consulting services was 262 million yuan, making up 62.82% of total revenue [1]. Research and Development - The company invested 24.25 million yuan in R&D, nearly equivalent to its net profit [2]. - The company has developed a comprehensive smart ecological environment management platform utilizing IoT and big data technologies [2]. - The platform integrates various advanced technologies such as cloud computing, artificial intelligence, and 5G to provide a unified approach to ecological environment governance [2].

河北先河环保科技股份有限公司 2025 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 编制单位：河北先河环保科技股份有限公司 金额单位：人民币元 | 非经营性资金占用 | | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2025 年初占用 | 2025 年 1-6 月占用累计 | 2025 年 1-6 月占用 | 2025 年 1-6 月偿 | 2025 年 6 月末 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 司的关联关系 | 的会计科目 | 资金余额 | 发生金额（不含利息） | 资金的利息（如有） | 还累计发生额 | 占用资金余额 | 成原因 | | | 控股股东、实际控制 | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | 小 计 | | —— | —— | —— | | | | | | —— | —— | | 前控股股东、实际控 | | | | | | | ...

| 项目 | 本期计提金额 （元） | | --- | --- | | 一、资产减值准备 | 780,338.82 | | 其中：合同资产 | 780,338.82 | | 二、信用减值准备 | 15,623,238.48 | | 其中：应收票据 | -62,200.00 | | 应收账款 | 15,870,489.69 | | 其他应收款 | -185,051.21 | | 合计 | 16,403,577.30 | 二、本次计提资产减值准备的确认标准及计提方法 证券代码：300137 证券简称：ST先河 公告编号：2025-036 河北先河环保科技股份有限公司 关于 2025 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 河北先河环保科技股份有限公司(以下简称"公司")根据《企业会计准则》、 《深圳证券交易所创业板上市公司自律监管指南第 1 号—业务办理》等相关规定， 对截至 2025 年 6 月 30 日合并财务报表范围内可能发生减值迹象的相关资产计提 减值准备，具体情况公告如下： 一、计提资产减值准备情况概述 为更加客观 ...

证券代码：300137 证券简称：ST先河 公告编号：2025-035 河北先河环保科技股份有限公司 河北先河环保科技股份有限公司董事会 二〇二五年八月二十七日 关于2025年半年度报告披露的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 河北先河环保科技股份有限公司 2025 年半年度报告及其摘要于 2025 年 8 月 28 日 在 中 国 证 监 会 创 业 板 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 ...