Group 1 - The stock price of Qingshuiyuan has decreased by 5.12% this year, with a decline of 9.65% in the last five trading days and 11.89% in the last 20 days [2] - As of August 8, the number of shareholders for Qingshuiyuan is 24,100, a slight decrease of 0.05% from the previous period, with an average of 7,299 circulating shares per shareholder, which increased by 0.05% [2] - The company reported a revenue of 417 million yuan for the first half of 2025, a year-on-year decrease of 26.25%, while the net profit attributable to the parent company was -25.76 million yuan, an increase of 41.73% year-on-year [2] Group 2 - Qingshuiyuan's main business involves the production, research and development, and sales of water treatment agents and derivatives, accounting for 84.19% of its revenue, with operational services contributing 14.30% and other income at 1.51% [2] - Since its A-share listing, Qingshuiyuan has distributed a total of 152 million yuan in dividends, with no dividends paid in the last three years [3] - The company operates in the environmental governance sector, specifically in water treatment, and is categorized under several concepts including micro-cap stocks, PPP concept, small-cap, sewage treatment, and new urbanization [2]

Market Overview - The Shanghai Composite Index is at 3757.36 points, with a decline of 1.47% and total A-share trading volume of 20349.66 billion yuan [1] - As of now, 73 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Notable Stocks - Stocks with the highest deviation rates include: - Aibulu (301259) with a deviation rate of 8.09% and a price increase of 10.22% [1] - Gongxiao Daji (000564) with a deviation rate of 8.06% and a price increase of 8.56% [1] - Shenglong Co. (603178) with a deviation rate of 6.11% and a price increase of 10.02% [1] - Other stocks with lower deviation rates that have just crossed the annual line include: - Weiguang Biological, Changjiang Electric Power, and Yunnan Tourism [1] Deviation Rate Rankings - The top stocks by deviation rate on September 4 include: - Aibulu (301259): Latest price 47.35 yuan, annual line 43.81 yuan [1] - Gongxiao Daji (000564): Latest price 2.79 yuan, annual line 2.58 yuan [1] - Shenglong Co. (603178): Latest price 20.54 yuan, annual line 19.36 yuan [1] - Additional stocks with notable performance include: - Wufangzhai (603237) with a deviation rate of 4.78% [1] - Yuanzhu Co. (603886) with a deviation rate of 3.50% [1]

Company Overview - Qingshuiyuan Technology Co., Ltd. is located in Jiyuan City, Henan Province, and was established on June 8, 1995. The company was listed on April 23, 2015. Its main business includes the production, research and development, and sales of water treatment agents and derivatives, as well as municipal and industrial water treatment services and environmental engineering construction services [2]. Stock Performance - As of August 27, Qingshuiyuan's stock price decreased by 2.07% to 9.47 CNY per share, with a trading volume of 34.72 million CNY and a turnover rate of 2.07%. The total market capitalization is 2.39 billion CNY [1]. - Year-to-date, the stock price has increased by 5.46%. Over the last five trading days, it has decreased by 0.42%, while it has increased by 1.61% over the last 20 days and by 14.10% over the last 60 days [2]. Financial Performance - For the first half of 2025, Qingshuiyuan reported a revenue of 417 million CNY, representing a year-on-year decrease of 26.25%. The net profit attributable to the parent company was -25.76 million CNY, which is a year-on-year increase of 41.73% [2]. - Since its A-share listing, the company has distributed a total of 152 million CNY in dividends, with no dividends distributed in the last three years [3]. Shareholder Information - As of August 8, the number of shareholders is 24,100, a decrease of 0.05% from the previous period. The average number of tradable shares per shareholder is 7,299, which has increased by 0.05% from the previous period [2]. Industry Classification - Qingshuiyuan is classified under the environmental governance sector, specifically in water management and treatment. It is associated with several concept sectors, including PPP (Public-Private Partnership), wastewater treatment, micro-cap stocks, phosphorus chemical industry, and soil remediation [2].

Core Viewpoint - Qingshuiyuan (300437) reported a narrowing loss in its 2025 interim financial results, with total revenue declining significantly while net profit showed improvement compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 417 million yuan, a decrease of 26.25% year-on-year [1] - The net profit attributable to shareholders was -25.76 million yuan, an improvement of 41.73% year-on-year [1] - In Q2 2025, total revenue was 212 million yuan, down 23.98% year-on-year, while net profit was -20.59 million yuan, up 56.76% year-on-year [1] - Gross margin was 9.24%, a decrease of 2.91% year-on-year, while net margin was -6.06%, an increase of 19.97% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 39.65 million yuan, accounting for 9.52% of revenue, an increase of 30.89% year-on-year [1] - Earnings per share were -0.10 yuan, an increase of 40.67% year-on-year [1] Revenue and Cost Analysis - The decline in revenue of 26.25% was attributed to a decrease in sales of water treatment agents and their derivatives [3] - Operating costs also decreased by 26.02%, correlating with the drop in sales volume [4] Cash Flow and Financial Health - The net cash flow from operating activities decreased by 180.07%, primarily due to reduced sales revenue [4] - The net increase in cash and cash equivalents dropped by 3182.43%, reflecting lower cash inflows from sales [4] - The company's cash assets are considered healthy, with a cash to current liabilities ratio of 77.39% [5]

Core Viewpoint - Qingshuiyuan (300437.SZ) reported a significant increase in institutional investor holdings, indicating growing confidence in the company's stock [1] Group 1: Institutional Holdings - As of August 25, 2025, four institutional investors disclosed holdings in Qingshuiyuan A-shares, totaling 3.9885 million shares, which represents 1.58% of the total share capital [1] - The institutional investor holdings increased by 1.58 percentage points compared to the previous quarter [1] Group 2: Foreign Investment - Three new foreign institutions disclosed their holdings during this period, including CITIC Securities Asset Management (Hong Kong) Limited - Client Funds, China International Capital Corporation Hong Kong Asset Management Limited - CICCFT10(Q), and Barclays Bank PLC [1]

Group 1 - The company Qing Shui Yuan (SZ 300437) announced on August 25 that it will recognize credit impairment and asset impairment provisions of approximately 13.4 million yuan for the first half of 2025, which will reduce the total profit in the consolidated financial statements for that period by the same amount [1] - The impairment losses recognized by the company have not been audited by an accounting firm [1] - For the year 2024, the company's revenue composition is as follows: the water treatment agent industry accounts for 80.91%, while the environmental engineering industry accounts for 19.09% [1]

证券代码：300437 证券简称：清水源 公告编号：2025-064 河南清水源科技股份有限公司 关于第六届董事会第十四次会议决议的公告 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、董事会会议召开情况 河南清水源科技股份有限公司（以下简称"公司"）第六届董事会第十四次 会议于 2025 年 8 月 25 日上午 9:00 在公司研发中心二楼会议室以现场表决方式 召开。会议通知及会议材料已于 2025 年 8 月 14 日以邮件、电话方式通知了各位 董事及相关与会人员。会议应出席董事 9 名，实际出席董事 9 名。公司高级管理 人员列席了本次会议。本次会议由公司董事长王志清先生召集并主持，会议的召 集、召开、表决符合《中华人民共和国公司法》和《河南清水源科技股份有限公 司章程》（以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 本议案已经公司第六届董事会审计委员会 2025 年第四次会议审议通过。 表决结果：9 票同意，0 票反对，0 票弃权 公司《2025 年半年度报告》全文及《2025 年半年度报告摘要》具体内容详 见巨潮资讯网（www.c ...

Part I [Important Notes, 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 essential disclaimers, outlines the report's structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management affirm the semi-annual report's truthfulness, while the company plans no cash dividends or bonus shares - The company's board of directors and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content and assume legal responsibility[4](index=4&type=chunk) - Company head Wang Zhiqing, chief accountant Wang Lin, and head of accounting department Lu Yujia declare the **truthfulness, accuracy, and completeness** of the financial report[4](index=4&type=chunk) - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital**[5](index=5&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) This section lists the semi-annual report text, financial statements, and other related public disclosure documents for reference - Reference documents include the semi-annual report text signed by the legal representative, financial statements, and all original company documents and announcements publicly disclosed during the reporting period[9](index=9&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms, company names, reporting periods, and professional acronyms for clear understanding of the report - **“Company, the Company, Qingshuiyuan”** refers to Henan Qingshuiyuan Technology Co., Ltd[11](index=11&type=chunk) - **“Reporting Period, this Reporting Period”** refers to January-June 2025, while **“Prior Year Period, last year’s same period”** refers to January-June 2024[11](index=11&type=chunk) - Professional terms such as **“PPP,” “BOT,” and “EPC”** are explained in detail, covering public-private partnerships, build-operate-transfer, and engineering-procurement-construction models[11](index=11&type=chunk) Part II [Company Profile and Key Financial Indicators](index=7&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 key financial performance metrics and indicators [Company Profile](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section outlines the company's fundamental information, including stock details, official names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Qingshuiyuan | | Stock Code | 300437 | | Stock Exchange | Shenzhen Stock Exchange | | Company Chinese Name | Henan Qingshuiyuan Technology Co., Ltd | | Company Legal Representative | Wang Zhiqing | [Contact Persons and Contact Information](index=7&type=section&id=%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 provides detailed contact information for the company's board secretary and securities affairs representative Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Ma Jianwei | 100 meters west of the intersection of KeGong Road and WenBo Road, Huling High-tech Zone, Jiyuan City, Henan Province, Qingshuiyuan R&D Center | 0391-6089342 | 0391-6089341 | dongshihui@qywt.com.cn | | Securities Affairs Representative | Zhou Ge | 100 meters west of the intersection of KeGong Road and WenBo Road, Huling High-tech Zone, Jiyuan City, Henan Province, Qingshuiyuan R&D Center | 0391-6089342 | 0391-6089341 | dongshihui@qywt.com.cn | [Other Information](index=7&type=section&id=%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company's registered address, office address, website, email, and information disclosure locations remained unchanged, while registered capital changed due to share repurchase and cancellation - The company's registered address, office address, website, email, and information disclosure and placement locations remained **unchanged** during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) - The company has completed the registration procedures for changes in registered capital, due to the **repurchase and cancellation of 4,640,186 compensation shares**, and has obtained a new Business License[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=%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) Operating revenue decreased by 26.25% year-over-year, but net profit attributable to shareholders significantly increased by 41.73% due to accounting error corrections, while net cash flow from operating activities declined Key Accounting Data and Financial Indicators (Adjusted) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 416,565,587.55 | 564,806,474.01 | -26.25% | | Net Profit Attributable to Shareholders of the Listed Company | -25,761,140.84 | -44,213,184.27 | 41.73% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-recurring Gains and Losses | -26,196,661.03 | -6,107,281.17 | -328.94% | | Net Cash Flow from Operating Activities | -40,194,883.78 | 50,201,909.74 | -180.07% | | Basic Earnings Per Share (Yuan/share) | -0.1014 | -0.1709 | 40.67% | | Diluted Earnings Per Share (Yuan/share) | -0.1014 | -0.1709 | 40.67% | | Weighted Average Return on Net Assets | -1.82% | -2.99% | 1.17% | | Total Assets (Period-end, Yuan) | 2,385,407,873.42 | 2,561,540,628.45 | -6.88% | | Net Assets Attributable to Shareholders of the Listed Company (Period-end, Yuan) | 1,404,672,170.12 | 1,426,457,367.77 | -1.53% | - The company received the final judgment for its wholly-owned subsidiary Tongsheng Environment's criminal case on July 23, 2024, and accordingly **corrected accounting errors** for relevant years[21](index=21&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=%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, there were no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and 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 overseas accounting standards and Chinese Accounting Standards[23](index=23&type=chunk) [Non-recurring Gains and Losses and Amounts](index=9&type=section&id=%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 **435,520.19 Yuan**, primarily from government subsidies, disposal of non-current assets, and fair value changes Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -139,216.90 | | Government subsidies included in current profit and loss | 1,097,888.39 | | Gains and losses from changes in fair value and disposal of financial assets and liabilities | 8,318.48 | | Debt restructuring gains and losses | -19,900.00 | | Other non-operating income and expenses | -532,248.13 | | Less: Income tax impact | 28,720.42 | | Impact on minority interests (after tax) | -49,398.77 | | Total | 435,520.19 | - The company has **not classified** non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses" as recurring gains and losses[27](index=27&type=chunk) Part III [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, including business activities, core competencies, and risk factors [Main Businesses Engaged by the Company During the Reporting Period](index=11&type=section&id=%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's core business spans water treatment chemicals, industrial water treatment engineering, and environmental governance, operating in a competitive market supported by environmental policies - The company's main businesses include the production, R&D, and sales of water treatment agents and derivatives; industrial water treatment services; and environmental engineering construction services, falling under the **"C26 Chemical Raw Materials and Chemical Products Manufacturing"** category, specifically **"C2662 Specialty Chemical Products Manufacturing"**[29](index=29&type=chunk) - National environmental policies continue to promote water pollution control and stricter wastewater discharge standards, creating development opportunities for the water treatment industry, and **industry concentration is expected to further increase**[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's main subsidiaries include Qingshuiyuan Water Treatment (R&D, production, sales of water treatment agents), Tongsheng Environment (wastewater treatment plant托管 operation and environmental engineering construction), Ande Technology (water treatment terminal services and intelligent solutions), and Shuiyunzong (R&D and sales of water treatment equipment and industrial internet platform)[31](index=31&type=chunk)[32](index=32&type=chunk) - The company's water treatment agent products are diverse, including **organic phosphine and polymer-based products**, widely used in industrial water treatment sectors such as chemical, steel, power, and wastewater treatment[34](index=34&type=chunk) - The company's water treatment agent products adopt a **"production-to-order"** procurement and production model, primarily sold to service providers and traders; water treatment service contracts are mainly obtained through **public bidding**, and projects are implemented using **BOT, EPC, and BT models**[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=%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 competitiveness stems from its comprehensive industrial advantages, strong R&D capabilities, established market position, stable customer base, and robust quality management system - The company has evolved into a comprehensive environmental company, encompassing **R&D and production of water treatment chemicals, intelligent industrial water treatment services, industrial complex wastewater treatment and resource utilization, and municipal and rural domestic wastewater treatment**[40](index=40&type=chunk) - The company has built a **high-caliber R&D team**, established joint industry-university-research laboratories with multiple universities and research institutes, earned titles such as "Provincial Enterprise Technology Center," and has **three subsidiaries certified as high-tech enterprises**[41](index=41&type=chunk)[42](index=42&type=chunk) - With **thirty years of deep cultivation** in the water treatment agent field, the company has established long-term cooperative relationships with numerous domestic and international clients, leveraging its strong brand, reputation, product quality, and technical service advantages[43](index=43&type=chunk) - The company possesses **leading water treatment agent production technology, stable production capacity, and superior product quality**, earning the trust of domestic and international clients[44](index=44&type=chunk) - The company has obtained **ISO9001 quality management system certification**, and its main water treatment agent products have received **NSF certification from the US National Sanitation Foundation and EU REACH registration**[45](index=45&type=chunk) [Main Business Analysis](index=14&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue decreased by 26.25% due to lower sales of water treatment agents, while net profit attributable to shareholders increased by 41.73%, despite a significant decline in non-recurring net profit and net cash flow from operating activities Key Financial Data Year-over-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-over-year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 416,565,587.55 | 564,806,474.01 | -26.25% | Decrease in sales of water treatment agents and derivatives | | Operating Cost | 378,074,672.91 | 511,050,772.33 | -26.02% | Decrease in sales, corresponding decrease in costs | | Income Tax Expense | 1,393,701.83 | -8,863,074.26 | 115.72% | Higher losses from fair value remeasurement of other non-current financial assets in the prior period | | Net Cash Flow from Operating Activities | -40,194,883.78 | 50,201,909.74 | -180.07% | Decrease in sales revenue, reduced cash inflow | | Net Cash Flow from Investing Activities | -12,569,435.19 | -729,618.33 | -1,622.74% | Increase in funds used for wealth management product purchases | | Net Cash Flow from Financing Activities | -11,192,333.98 | -49,359,549.28 | 77.32% | Decrease in margin for acceptance bill payments | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | Year-over-year Change in Operating Revenue | Year-over-year Change in Operating Cost | Year-over-year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Treatment Agents and Derivatives | 339,999,736.59 | 325,301,657.63 | 4.32% | -28.92% | -28.19% | -0.97% | | Operation Services | 57,749,061.14 | 32,869,981.30 | 43.08% | 9.04% | 0.13% | 5.06% | - The company's profit composition or sources of profit have **not undergone significant changes** during the reporting period[48](index=48&type=chunk) [Non-Core Business Analysis](index=15&type=section&id=%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business activities impacted total profit, with asset impairment losses being the largest component at 56.22%, primarily due to provisions for asset and credit impairment, which are not sustainable Impact of Non-Core Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -81,362.96 | 0.34% | | No | | Gains and Losses from Changes in Fair Value | 8,325.93 | -0.03% | | No | | Asset Impairment | -13,398,421.94 | 56.22% | Primarily due to provisions for asset impairment and credit impairment during the reporting period | No | | Non-operating Income | 185,435.07 | -0.78% | | No | | Non-operating Expenses | 717,683.20 | -3.01% | Primarily due to asset disposal losses during the reporting period | No | [Analysis of Assets and Liabilities](index=16&type=section&id=%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by 6.88% year-over-year, and net assets attributable to shareholders decreased by 1.53%, with changes in monetary funds, accounts receivable, and borrowings, while some assets are restricted - Total assets decreased by **6.88%** to **2,385,407,873.42 Yuan**, and net assets attributable to shareholders decreased by **1.53%** to **1,404,672,170.12 Yuan** - The company's asset-liability structure remained relatively stable, with a decrease in monetary funds and short-term borrowings, and an increase in accounts receivable and long-term borrowings - The company holds financial assets and liabilities measured at fair value, with **trading financial assets totaling 11,113,709.27 Yuan** at period-end - Some assets are restricted, primarily **monetary funds, intangible assets, and notes receivable** [Investment Status Analysis](index=17&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment for the period was **600,000 Yuan**, a 20% increase, with fair value financial assets totaling **82.61 million Yuan**, primarily other non-current financial assets and trading financial assets Reporting Period Investment Amount | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount for the Reporting Period | 600,000.00 | | Investment Amount for the Prior Year Period | 500,000.00 | | Change Percentage | 20.00% | Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (Yuan) | Source of Funds | | :--- | :--- | :--- | | Other (Non-current Financial Assets) | 71,497,991.53 | Own Funds | | Stocks | 120,560.44 | Debt Restructuring | | Other (Trading Financial Assets) | 10,015,913.65 | Own Funds | | Total | 82,611,700.80 | -- | - During the reporting period, the company's entrusted wealth management amount was **10 million Yuan**, with an outstanding balance of **10 million Yuan**, all in bank wealth management products funded by own capital[66](index=66&type=chunk) - The company had **no use of raised funds**, **no derivative investments**, and **no entrusted loans** during the reporting period[64](index=64&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Major Asset and Equity Sales](index=19&type=section&id=%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) During the reporting period, the company did not engage in any significant asset or equity sales - The company did **not sell significant assets** during the reporting period[69](index=69&type=chunk) - The company did **not sell significant equity** during the reporting period[70](index=70&type=chunk) [Analysis of Major Holding and Participating Companies](index=19&type=section&id=%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) Major subsidiaries, including Henan Tongsheng Environment, Shaanxi Ande Technology, and Jiyuan Qingshuiyuan Water Treatment, all reported net losses during the period, with Jiyuan Qingshuiyuan having the largest revenue scale Key Subsidiary Financial Data (During Reporting Period) | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Henan Tongsheng Environment Engineering Co., Ltd | Subsidiary | Environmental engineering, municipal engineering general contracting, environmental engineering professional contracting, industrial wastewater treatment, etc | 300,000,000.00 | 800,524,496.68 | -1,365,855.30 | | Shaanxi Ande Technology Industrial Co., Ltd | Subsidiary | Water quality stabilizers, oilfield additives, etc | 53,000,000.00 | 172,626,497.86 | -2,793,348.55 | | Jiyuan Qingshuiyuan Water Treatment Co., Ltd | Subsidiary | Production and sales of water treatment agents, chemical cleaning agents, oilfield additives, and packaging barrels | 100,000,000.00 | 1,011,469,074.46 | -7,861,075.81 | - The company **did not acquire or dispose of any subsidiaries** during the reporting period[71](index=71&type=chunk) [Information on Structured Entities Controlled by the Company](index=20&type=section&id=%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) During the reporting period, the company had no controlled structured entities - The company had **no controlled structured entities** during the reporting period[73](index=73&type=chunk) [Risks Faced by the Company and Countermeasures](index=20&type=section&id=%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 price fluctuations, project delays, environmental regulations, international trade, exchange rates, management, and accounts receivable, with corresponding mitigation strategies in place - Raw material and product price fluctuation risk: Price volatility of main raw materials impacts gross profit margin and profitability, while intensified industry competition may lead to product price fluctuations. Countermeasures include timely monitoring of price trends, adjusting procurement and sales strategies, strengthening cooperation with quality suppliers, improving production processes, and expanding customer base[73](index=73&type=chunk) - Risk of new projects not meeting expectations: Relocation projects have long implementation cycles, posing risks such as unfulfilled approvals, immature technologies, and changes in market conditions. Countermeasures include active communication with administrative departments, strengthening process R&D, closely monitoring macroeconomic conditions, and enhancing project management[74](index=74&type=chunk) - Environmental and safety production risks: Stricter government environmental standards may increase costs, and some raw materials are flammable, explosive, or toxic, posing safety accident risks. Countermeasures include closely monitoring industry policies, formulating preventive measures, strengthening safety awareness, and ensuring accountability[74](index=74&type=chunk)[75](index=75&type=chunk) - International trade environment change risk: International trade protectionism may adversely affect export business and international market expansion. Countermeasures include closely monitoring domestic and international economic situations, adjusting market strategies, strengthening R&D, and improving service and product quality[75](index=75&type=chunk)[76](index=76&type=chunk) - Exchange rate fluctuation risk: Fluctuations in the RMB against the US dollar exchange rate create uncertainty for export profitability. Countermeasures include closely monitoring exchange rate trends, negotiating product price adjustments with customers, and utilizing financial instruments to accelerate foreign exchange settlement[76](index=76&type=chunk) - Management risk: Stricter capital market regulation places higher demands on the company's operations and management. Countermeasures include continuously promoting group-wide control, strengthening internal management, enhancing corporate culture, and attracting and retaining talent[76](index=76&type=chunk)[77](index=77&type=chunk) - Accounts receivable recovery risk: Expanding business scale may lead to cash flow shortages. Countermeasures include continuously strengthening accounts receivable management, intensifying collection efforts, developing targeted solutions, optimizing systems, and selecting creditworthy customers[77](index=77&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=21&type=section&id=%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) On May 20, 2025, the company hosted an online investor communication event via Panorama Network, discussing its 2024 annual online performance briefing Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | May 20, 2025 | Panorama Network "Investor Relations Interactive Platform" | Online platform communication | Other | Investors participating in the company's 2024 annual online performance briefing, details can be found in the investor relations activity record table disclosed by the company on Juchao Information Network on May 20, 2025 | [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=%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) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did **not formulate a market value management system** during the reporting period[79](index=79&type=chunk) - The company did **not disclose a valuation enhancement plan** during the reporting period[79](index=79&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=22&type=section&id=%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%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) During the reporting period, the company did not disclose an announcement regarding its "Quality and Return Dual Improvement" action plan - The company did **not disclose an announcement** regarding its "Quality and Return Dual Improvement" action plan during the reporting period[80](index=80&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=22&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in corporate governance, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=%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) During the reporting period, there were changes in the company's directors, supervisors, and senior management, including the appointment of Fan Anguo as Vice President and the resignations of Ren Haiyang and Cheng Juming Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fan Anguo | Vice President | Appointment | January 23, 2025 | | | Ren Haiyang | Supervisor | Resignation | March 31, 2025 | Personal reasons | | Cheng Juming | Director, Board Secretary | Resignation | May 12, 2025 | Personal reasons | | Li Cui'e | Supervisor | Election | April 15, 2025 | | [Profit Distribution and Capital Reserve to Share Capital Conversion During This Reporting Period](index=22&type=section&id=%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) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital** for the semi-annual period[82](index=82&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=%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) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** and their implementation during the reporting period[83](index=83&type=chunk) [Environmental Information Disclosure](index=23&type=section&id=%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and six of its major subsidiaries are included in the list of enterprises required to disclose environmental information, with public access to their reports - The company and **six of its major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[84](index=84&type=chunk) Enterprises Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jiyuan Qingshuiyuan Water Treatment Co., Ltd | http://222.143.24.250:8247/home/home | | 2 | Jiyuan Qingshuiyuan Water Treatment Co., Ltd Huling Plant | http://222.143.24.250:8247/home/home | | 3 | Luoyang Tongsheng Water Co., Ltd | http://222.143.24.250:8247/home/home | | 4 | Ruzhou Tongsheng Water Co., Ltd | http://222.143.24.250:8247/home/home | | 5 | Puyang Tongsheng Zhongyu Water Co., Ltd | http://222.143.24.250:8247/home/home | | 6 | Luohe Tongsheng Songjiang Water Co., Ltd | http://222.143.24.250:8247/home/home | [Social Responsibility](index=23&type=section&id=%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its corporate social responsibility by ensuring good governance, protecting stakeholder rights, promoting environmental sustainability, and contributing to public welfare - Shareholder Rights Protection: The company has established a sound corporate governance structure, revised its Articles of Association, treats all shareholders fairly and equally, particularly safeguarding the interests of small and medium shareholders, and ensures timely, truthful, accurate, and complete information disclosure[86](index=86&type=chunk) - Employee Rights Protection: The company standardizes employment systems, strictly implements labor protection and social security systems, provides a safe and comfortable working environment, and enhances employee quality and cohesion through training and team-building activities[87](index=87&type=chunk) - Environmental Protection and Sustainable Development: The company highly values environmental protection, has established a stable emission treatment system, comprehensively manages wastewater, exhaust gas, and noise, and has developed emergency plans for environmental incidents, conducting regular drills[88](index=88&type=chunk) - Public Relations and Social Welfare: The company actively supports economic development, creates employment opportunities, increases local tax revenue, promotes local education, culture, and sports development, and emphasizes Party building work[89](index=89&type=chunk) - Customer and Supplier Rights Protection: The company adheres to the "customer first" principle, provides high-quality products and services, and enhances product quality through R&D investment. It establishes honest, win-win, and long-term stable strategic cooperative relationships with suppliers, and improves a fair and just evaluation system[90](index=90&type=chunk) Part V [Important Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, non-operating fund occupation, external guarantees, accounting firm appointments, litigation, penalties, and related party transactions [Fulfillment of Commitments](index=25&type=section&id=%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) During the reporting period, some commitments were fulfilled, such as the share repurchase and cancellation for Zhong Sheng and Song Yingbiao, but Hu Xianbao and Li Wanshuang's performance commitments remain unfulfilled, leading to ongoing litigation - Hu Xianbao and Li Wanshuang's performance commitments (2018-2020) during asset restructuring were **not fulfilled**; the company has filed a lawsuit, and the first-instance judgment requires payment of **368.75 million Yuan** in performance compensation and interest, currently under appeal[92](index=92&type=chunk) - Li Wanshuang **failed to purchase listed company shares** as agreed and illegally sold Qingshuiyuan shares, violating commitment matters[93](index=93&type=chunk) - The performance compensation share repurchase and cancellation for Zhong Sheng and Song Yingbiao were **completed** during the reporting period[94](index=94&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=29&type=section&id=%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) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company - The company's reporting period shows **no non-operating occupation of funds** by the controlling shareholder or other related parties of the listed company[96](index=96&type=chunk) [Irregular External Guarantees](index=29&type=section&id=%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had **no irregular external guarantees** during the reporting period[97](index=97&type=chunk) [Appointment and Dismissal of Accounting Firms](index=29&type=section&id=%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) The company's semi-annual financial report was not audited - The company's semi-annual financial report was **not audited**[98](index=98&type=chunk) [Explanation of "Non-Standard Audit Report" by Board of Directors, Supervisory Board, and Audit Committee](index=29&type=section&id=%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) During the reporting period, the company had no explanation regarding a "non-standard audit report" from the accounting firm - The company's reporting period shows **no explanation** regarding a "non-standard audit report" from the accounting firm for this reporting period[99](index=99&type=chunk) [Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year](index=29&type=section&id=%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) During the reporting period, the company had no explanation regarding the "non-standard audit report" for the prior year - The company's reporting period shows **no explanation** regarding the "non-standard audit report" for the prior year[99](index=99&type=chunk) [Bankruptcy and Reorganization Matters](index=29&type=section&id=%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company did not experience any bankruptcy or reorganization matters - The company's reporting period shows **no bankruptcy or reorganization matters**[99](index=99&type=chunk) [Litigation Matters](index=29&type=section&id=%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company is involved in several significant lawsuits, including equity transfer and performance compensation disputes, with some cases ongoing and others concluded with judgments and execution Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Litigation (Arbitration) Progress | Trial Results and Impact | Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | | Company's equity transfer and repurchase dispute lawsuit with Li Wanshuang | 24,646 | Judgment has taken effect | Final judgment requires Li Wanshuang to pay the company a total of 246.46 million Yuan in equity repurchase price and corresponding interest | As of the disclosure date of this report, the company has received approximately 11 million Yuan in compulsory execution funds | | Company's performance compensation dispute lawsuit with Li Wanshuang and Hu Xianbao | 36,874.75 | Judgment not yet effective | First-instance judgment requires Li Wanshuang and Hu Xianbao to pay the company 368.75 million Yuan in performance compensation and interest; Li Wanshuang and Hu Xianbao have appealed, and the second-instance judgment has not yet been received | Not applicable | | Company's criminal case dispute with Song Yingbiao and Zhong Sheng | 1,484.65 | Judgment has taken effect | Final judgment requires Song Yingbiao to return 6.42325 million Yuan in illegal gains from embezzlement and 2 million Yuan from breach of trust, and Zhong Sheng to return 6.42325 million Yuan in illegal gains from embezzlement | Execution concluded | | Company's civil lawsuit for performance compensation dispute with Zhong Sheng and Song Yingbiao | 10,974.04 | Judgment has taken effect | Final judgment requires Zhong Sheng and Song Yingbiao to each deliver 2,320,093 company shares to the company and return cash dividends of 1,461,658.59 Yuan each to the company | The company has completed the repurchase and cancellation of 4,640,186 shares; the court has executed cash dividends totaling 1.186 million Yuan from Zhong Sheng and Song Yingbiao | | Company's civil lawsuit for equity transfer dispute with Zhong Sheng and Song Yingbiao | 30,530.8 | Judgment not yet received | Judgment has not yet been received | Not applicable | Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Whether Expected Liabilities are Formed | Litigation (Arbitration) Progress | Trial Results and Impact | Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Total amount involved in other lawsuits where the company is the plaintiff, not meeting the disclosure threshold for major lawsuits as of the disclosure date of this report | 4,376.64 | Not applicable | Some are still in progress; some have been judged; some have reached a settlement | Some cases have been concluded, some are still ongoing. Individual amounts do not have a significant impact on the company | Most judgments are being executed, or settlements have been reached, or some have been fulfilled | | Total amount involved in other lawsuits where the company is the defendant, not meeting the disclosure threshold for major lawsuits as of the disclosure date of this report | 1,273.13 | Some expected liabilities are formed, estimated at 5 million Yuan | Some are still in progress; some have been judged; some have reached a settlement | Some cases have been concluded, some are still ongoing. Individual amounts do not have a significant impact on the company | Most judgments are being executed, or settlements have been reached, or some have been fulfilled | [Penalties and Rectification](index=31&type=section&id=%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company, its actual controller, and senior management received warning letters and rectification orders from the CSRC Henan Regulatory Bureau due to accounting errors, with rectification efforts underway and a subsidiary's investigation concluded Penalties and Rectification | Name/Entity | Type | Reason | Type of Investigation/Penalty | Conclusion (if any) | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Zhiqing | Actual Controller | The company's annual reports from 2016 to 2018 contained accounting errors | Investigation or administrative penalty by China Securities Regulatory Commission | Issued a warning letter as a regulatory measure | January 20, 2025 | | Wang Lin | Senior Management | The company's annual reports from 2016 to 2018 contained accounting errors | Investigation or administrative penalty by China Securities Regulatory Commission | Issued a warning letter as a regulatory measure | January 20, 2025 | | Henan Qingshuiyuan Technology Co., Ltd | Other | The company's annual reports from 2016 to 2018 contained accounting errors | Investigation or administrative penalty by China Securities Regulatory Commission | Adopted administrative regulatory measures to order rectification | January 20, 2025 | | Henan Qingshuiyuan Technology Co., Ltd | Other | Related to the criminal case and performance commitment matters involving the former shareholders of the company's subsidiary Henan Tongsheng Environment Engineering Co., Ltd | Investigation or administrative penalty by China Securities Regulatory Commission | Investigation concluded, case closed | April 30, 2025 | - The company has established a rectification team, diligently organized rectification and implementation based on the administrative regulatory decision, and has submitted a **"Rectification Report"** to the China Securities Regulatory Commission Henan Regulatory Bureau[104](index=104&type=chunk) [Integrity Status](index=32&type=section&id=%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) During the reporting period, there was no statement regarding the integrity status of the company, its controlling shareholder, or actual controller - The company's reporting period shows **no statement** regarding the integrity status of the company, its controlling shareholder, or actual controller[105](index=105&type=chunk) [Major Related Party Transactions](index=32&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company did not engage in any significant related party transactions, including those related to daily operations, asset/equity sales, joint investments, or intercompany debt - The company had **no related party transactions related to daily operations** during the reporting period[105](index=105&type=chunk) - The company had **no related party transactions involving asset or equity acquisition/disposal** during the reporting period[106](index=106&type=chunk) - The company had **no related party transactions involving joint external investment** during the reporting period[107](index=107&type=chunk) - The company had **no related party debt transactions** during the reporting period[108](index=108&type=chunk) - The company and its related financial companies, or financial companies controlled by the company, had **no deposits, loans, credit lines, or other financial business** with related parties[109](index=109&type=chunk)[110](index=110&type=chunk) - The company had **no other major related party transactions** during the reporting period[111](index=111&type=chunk) [Major Contracts and Their Performance](index=33&type=section&id=%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) During the reporting period, the company had no trusteeship or contracting arrangements, but incurred short-term lease expenses, and maintained significant guarantees for subsidiaries, totaling 26.01% of net assets - The company had **no trusteeship or contracting arrangements** during the reporting period[112](index=112&type=chunk)[113](index=113&type=chunk) - Short-term lease expenses for the current period amounted to **26,069.72 Yuan**[114](index=114&type=chunk) - At the end of the reporting period, the company and its subsidiaries had actual external guarantees totaling **8 million Yuan**, and actual guarantees for subsidiaries totaling **357.33 million Yuan**, with the total guarantee amount representing **26.01% of the company's net assets** - The company's guarantee for its subsidiary Shaanxi Ande Technology Industrial Co., Ltd. is a **composite guarantee**, including external guarantees and direct guarantees to the subsidiary - The company had **no major contracts for daily operations or other major contracts** during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk) [Explanation of Other Major Matters](index=37&type=section&id=%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) During the reporting period, the company disclosed various significant events, including performance forecasts, regulatory actions, capital changes, litigation updates, and asset impairment provisions Overview of Other Major Matters | No. | Overview of Major Matters | Announcement Number | Disclosure Date | | :--- | :--- | :--- | :--- | | 1 | 2024 Annual Performance Forecast | 2025-001 | January 19, 2025 | | 2 | Received Administrative Regulatory Measures Decision Letter from CSRC Henan Regulatory Bureau | 2025-002 | January 20, 2025 | | 3 | Company Received Case Filing Notice from China Securities Regulatory Commission | 2025-003 | January 20, 2025 | | 4 | Reduction of Company's Registered Capital and Amendment of "Articles of Association" | 2025-007 | January 27, 2025 | | 5 | Targeted Repurchase of Performance Compensation Shares for 2016-2018 from Parties to Company's Issuance of Shares and Payment of Cash to Acquire Assets and Raise Supporting Funds | 2025-008 | January 27, 2025 | | 6 | Progress of Subsidiary Tongsheng Environment's Former Shareholder Performance Compensation Lawsuit | 2025-009 | January 27, 2025 | | 7 | Progress on Matters Related to Shenzhen Stock Exchange's Inquiry Letter | 2025-010 | January 27, 2025 | | 8 | Rectification Report on Henan CSRC's Decision to Order Rectification Administrative Regulatory Measures for the Company | 2025-015 | February 13, 2025 | | 9 | Creditor Notification and Capital Reduction for Repurchase and Cancellation of Performance Compensation Shares | 2025-016 | February 13, 2025 | | 10 | Completion of Repurchase and Cancellation of Performance Compensation Shares | 2025-017 | February 25, 2025 | | 11 | Correction of Prior Period Accounting Errors and Retrospective Adjustment | 2025-020 | February 28, 2025 | | 12 | Progress on Matters Related to Shenzhen Stock Exchange's Inquiry Letter | 2025-021 | February 28, 2025 | | 13 | Completion of Company's Industrial and Commercial Change Registration and Issuance of New Business License | 2025-036 | April 24, 2025 | | 14 | Company's Proposed Non-Distribution of Profits for 2024 | 2025-041 | April 30, 2025 | | 15 | Company's Estimated Guarantee Limit for Subsidiaries' Bank Credit Applications | 2025-042 | April 30, 2025 | | 16 | Provision for Asset Impairment and Credit Impairment for 2024 | 2025-044 | April 30, 2025 | | 17 | Received "Case Closure Notice" from China Securities Regulatory Commission | 2025-050 | April 30, 2025 | [Major Matters of Company Subsidiaries](index=38&type=section&id=%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) During the reporting period, the company had no major matters concerning its subsidiaries - The company had **no major matters concerning its subsidiaries** during the reporting period[126](index=126&type=chunk) Part VI [Share Changes and Shareholder Information](index=39&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital, restricted shares, and shareholder structure, including major shareholders and their holdings [Share Changes](index=39&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital decreased due to the repurchase and cancellation of 4,640,186 performance compensation shares, leading to a reduction in restricted shares and an increase in the proportion of unrestricted shares Share Changes | Item | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 81,252,500 | 31.61% | -4,640,186 | 76,612,314 | 30.35% | | II. Unrestricted Shares | 175,810,597 | 68.39% | 0 | 175,810,597 | 69.65% | | III. Total Shares | 257,063,097 | 100.00% | -4,640,186 | 252,422,911 | 100.00% | - The share change was due to the **targeted repurchase and cancellation of 4,640,186 performance compensation shares** from Zhong Sheng and Song Yingbiao, which was approved by the board of directors and shareholders' meeting[129](index=129&type=chunk) - The company has completed the transfer of 4,640,186 shares from Zhong Sheng and Song Yingbiao to the company's repurchase account, as per court judgment, and has completed the **cancellation of performance compensation shares and industrial and commercial change registration**[130](index=130&type=chunk) - The impact of share changes on basic and diluted earnings per share, and net assets per share attributable to common shareholders for the most recent year and period, is detailed in Section II, Key Financial Indicators[130](index=130&type=chunk) [Changes in Restricted Shares](index=40&type=section&id=%E9%99%90%E5%94%AE%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, total restricted shares decreased by 4,640,186 to 76,612,314 shares, primarily due to the release of restricted shares from Song Yingbiao and Zhong Sheng through repurchase and cancellation Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period-start (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at Period-end (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wang Zhiqing | 71,452,500 | 0 | 71,452,500 | Senior management lock-up shares | | Song Yingbiao | 7,000,000 | 2,320,093 | 4,679,907 | Restricted shares after initial public offering | | Zhong Sheng | 2,800,000 | 2,320,093 | 479,907 | Restricted shares after initial public offering | | Total | 81,252,500 | 4,640,186 | 76,612,314 | -- | - The company repurchased and canceled 4,640,186 shares from Zhong Sheng and Song Yingbiao based on court judgments[132](index=132&type=chunk) [Securities Issuance and Listing](index=41&type=section&id=%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) During the reporting period, the company had no securities issuance or listing activities - The company had **no securities issuance or listing activities** during the reporting period[133](index=133&type=chunk) [Company Shareholder Numbers and Shareholding](index=41&type=section&id=%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) At the end of the reporting period, the company had 25,363 common shareholders, with controlling shareholder Wang Zhiqing holding 37.74% of shares, while Song Yingbiao and Zhong Sheng's shares decreased due to repurchase and are frozen - The total number of common shareholders at the end of the reporting period was **25,363**[134](index=134&type=chunk) Shareholding 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 Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Zhiqing | Domestic Natural Person | 37.74% | 95,270,000 | 71,452,500 | 23,817,500 | 0 | | Song Yingbiao | Domestic Natural Person | 1.85% | 4,679,907 | 4,679,907 | 0 | Frozen: 4,679,907 | | Duan Xueqin | Domestic Natural Person | 1.66% | 4,200,000 | 0 | 4,200,000 | 0 | | Zhong Sheng | Domestic Natural Person | 1.01% | 2,539,907 | 479,907 | 2,060,000 | Frozen: 2,539,907 | - Shareholder Ms. Duan Xueqin is the **spouse of Mr. Wang Zhiqing**, the controlling shareholder and actual controller[135](index=135&type=chunk) Shareholding of Top 10 Unrestricted Shareholders | Shareholder Name | Number of Unrestricted Shares Held at Period-end (shares) | Type of Shares (Number) | | :--- | :--- | :--- | | Wang Zhiqing | 23,817,500 | RMB Common Shares: 23,817,500 | | Duan Xueqin | 4,200,000 | RMB Common Shares: 4,200,000 | | Qi Yongqiang | 2,845,300 | RMB Common Shares: 2,845,300 | | Zhong Sheng | 2,060,000 | RMB Common Shares: 2,060,000 | [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=43&type=section&id=%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) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management **remained unchanged** during the reporting period, as detailed in the 2024 annual report[137](index=137&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=43&type=section&id=%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) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder **did not change** during the reporting period[138](index=138&type=chunk) - The company's actual controller **did not change** during the reporting period[138](index=138&type=chunk) [Preferred Shares Information](index=44&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred shares - The company had **no preferred shares** during the reporting period[139](index=139&type=chunk) Part VII [Bond-Related Information](index=45&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related information - The company had **no bond-related information** during the reporting period[141](index=141&type=chunk) Part VIII [Financial Report](index=46&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [Audit Report](index=46&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was **not audited**[143](index=143&type=chunk) [Financial Statements](index=46&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, offering a comprehensive view of its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=46&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **2,385,407,873.42 Yuan**, total liabilities were **967,328,773.02 Yuan**, and total owners' equity was **1,418,079,100.40 Yuan** Consolidated Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 2,385,407,873.42 | | Total Liabilities | 967,328,773.02 | | Total Owners' Equity | 1,418,079,100.40 | | Total Current Assets | 975,607,415.93 | | Total Non-current Assets | 1,409,800,457.49 | | Total Current Liabilities | 657,273,329.25 | | Total Non-current Liabilities | 310,055,443.77 | [Parent Company Balance Sheet](index=48&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **2,037,238,700.09 Yuan**, total liabilities were **229,063,703.08 Yuan**, and total owners' equity was **1,808,174,997.01 Yuan** Parent Company Balance Sheet Key Data (Period-end) | Item | Period-end Balance (Yuan) | | :--- | :--- | | Total Assets | 2,037,238,700.09 | | Total Liabilities | 229,063,703.08 | | Total Owners' Equity | 1,808,174,997.01 | | Total Current Assets | 195,052,566.47 | | Total Non-current Assets | 1,842,186,133.62 | | Total Current Liabilities | 115,655,958.38 | | Total Non-current Liabilities | 113,407,744.70 | [Consolidated Income Statement](index=50&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company's consolidated operating revenue was **416,565,587.55 Yuan**, with a net loss attributable to parent company shareholders of **-25,761,140.84 Yuan** Consolidated Income Statement Key Data (Current Period) | Item | Amount for the Current Period (Yuan) | | :--- | :--- | | Operating Revenue | 416,565,587.55 | | Operating Profit | -23,299,354.37 | | Total Profit | -23,831,602.50 | | Net Profit Attributable to Parent Company Shareholders | -25,761,140.84 | | Basic Earnings Per Share (Yuan/share) | -0.1014 | [Parent Company Income Statement](index=52&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company's operating revenue was **26,685,299.38 Yuan**, resulting in a net loss of **-8,467,953.02 Yuan** Parent Company Income Statement Key Data (Current Period) | Item | Amount for the Current Period (Yuan) | | :--- | :--- | | Operating Revenue | 26,685,299.38 | | Operating Profit | -8,475,860.02 | | Total Profit | -8,436,971.55 | | Net Profit | -8,467,953.02 | [Consolidated Cash Flow Statement](index=54&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the company's net cash flow from operating activities was **-40,194,883.78 Yuan**, and the net increase in cash and cash equivalents was **-64,019,299.19 Yuan** Consolidated Cash Flow Statement Key Data (Current Period) | Item | 2025 First Half (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -40,194,883.78 | | Net Cash Flow from Investing Activities | -12,569,435.19 | | Net Cash Flow from Financing Activities | -11,192,333.98 | | Net Increase in Cash and Cash Equivalents | -64,019,299.19 | | Cash and Cash Equivalents at Period-end | 219,076,065.90 | [Parent Company Cash Flow Statement](index=55&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the first half of 2025, the parent company's net cash flow from operating activities was **-6,202,850.76 Yuan**, and the net increase in cash and cash equivalents was **-26,013,142.77 Yuan** Parent Company Cash Flow Statement Key Data (Current Period) | Item | 2025 First Half (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -6,202,850.76 | | Net Cash Flow from Investing Activities | -3,054,927.05 | | Net Cash Flow from Financing Activities | -16,755,364.96 | | Net Increase in Cash and Cash Equivalents | -26,013,142.77 | | Cash and Cash Equivalents at Period-end | 31,047,030.69 | [Consolidated Statement of Changes in Owners' Equity](index=56&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2025, the company's consolidated total owners' equity decreased by **21,249,361.14 Yuan**, primarily due to the comprehensive loss attributable to parent company owners and capital reductions Consolidated Statement of Changes in Owners' Equity (Current Period) | Item | Period-start Balance (Yuan) | Amount of Change in Current Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Share Capital | 257,063,097.00 | -4,640,186.00 | 252,422,911.00 | | Other Equity Instruments | -54,197,372.48 | 54,197,372.48 | 0.00 | | Capital Reserve | 1,139,079,474.53 | -49,557,187.48 | 1,089,522,287.05 | | Retained Earnings | 12,272,485.78 | -24,575,140.84 | -12,302,655.06 | | Total Owners' Equity Attributable to Parent Company | 1,426,457,367.77 | -21,785,197.65 | 1,404,672,170.12 | | Total Owners' Equity | 1,439,328,461.54 | -21,249,361.14 | 1,418,079,100.40 | [Parent Company Statement of Changes in Owners' Equity](index=60&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For the first half of 2025, the parent company's total owners' equity decreased by **7,281,954.02 Yuan**, primarily due to the comprehensive loss and capital reductions Parent Company Statement of Changes in Owners' Equity (Current Period) | Item | Period-start Balance (Yuan) | Amount of Change in Current Period (Yuan) | Period-end Balance (Yuan) | | :--- | :--- | :--- | :--- | | Share Capital | 257,063,097.00 | -4,640,186.00 | 252,422,911.00 | | Other Equity Instruments | -54,197,372.48 | 54,197,372.48 | 0.00 | | Capital Reserve | 1,231,013,625.15 | -49,557,187.48 | 1,181,456,437.67 | | Retained Earnings | 317,713,508.43 | -7,281,953.02 | 310,431,555.41 | | Total Owners' Equity | 1,815,456,951.03 | -7,281,954.02 | 1,808,174,997.01 | [Company Basic Information](index=64&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Henan Qingshuiyuan Technology Co., Ltd., listed in 2015, has a current registered capital of **252,442,991.00 Yuan** and operates a corporate governance structure focused on water treatment chemicals and environmental engineering - Henan Qingshuiyuan Technology Co., Ltd. was **listed on the Shenzhen Stock Exchange on April 23, 2015**[178](index=178&type=chunk) - The company's registered capital has undergone multiple changes, including capital reserve conversions, share issuances, convertible bond conversions, and share repurchases and cancellations, totaling **252,442,991.00 Yuan** as of the end of the reporting period[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk) - The company has established a corporate governance structure with a shareholders' meeting and a board of directors, primarily engaged in the **R&D, production, sales, and technical services of water treatment chemicals and dosing systems, environmental engineering construction, and municipal public utility engineering construction**[181](index=181&type=chunk) - Major subsidiaries include Jiyuan Qingshuiyuan Water Treatment Co., Ltd. (water treatment agent production and sales), Henan Tongsheng Environment Engineering Co., Ltd. (environmental engineering construction), and Shaanxi Ande Technology Industrial Co., Ltd. (specialty chemical product production and sales)[181](index=181&type=chunk) [Basis for Preparation of Financial Statements](index=65&type=section&id=%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) These financial statements are prepared in accordance with Chinese Accounting Standards, presented on a going concern basis, and measured at historical cost, except for certain financial instruments - These financial statements are prepared in accordance with the **Enterprise Accounting Standards** issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[183](index=183&type=chunk) - These financial statements are presented on a **going concern basis**, with accounting based on the accrual method, and, except for certain financial instruments, are measured at **historical cost**[184](index=184&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=65&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E

河南清水源科技股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范河南清水源科技股份有限公司（以下简称"公司"）和其他 信息披露义务人的信息披露暂缓、豁免行为，督促公司及其他信息披露义务人依 法合规履行信息披露义务，保护投资者的合法权益，根据《上市公司信息披露管 理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交易所创业板股 票上市规则》等法律法规、规范性文件及《河南清水源科技股份有限公司章程》 （以下简称"《公司章程》"）规定，结合公司实际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和深 圳证券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后，并接受相关监管部门的监管。 第二章 暂缓、豁免披露信息的范围及条件 第五条 ...

第一章 总则 第一条 为进一步规范河南清水源科技股份有限公司（以下简称"公司"） 通过深圳证券交易所互动易平台与投资者交流，建立公司与投资者良好的沟通机 制，根据《上市公司信息披露管理办法》《上市公司投资者关系管理工作指引》 以及《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第2号——创业板上市公司规范运作》等法律法规、规范性文件及《河南 清水源科技股份有限公司章程》（以下简称"《公司章程》"），结合公司实际情 况，制定本制度。 第二章 总体要求 第二条 互动易平台管理是公司投资者关系管理的重要组成部分，公司通过 互动易平台发布信息或回复投资者提问，应当坚守诚信原则，严格遵守相关规定， 尊重并平等对待所有投资者，主动加强与投资者的沟通，增进投资者对公司的了 解和认同，营造健康良好的市场生态。 河南清水源科技股份有限公司 互动易平台信息发布及回复内部审核制度 第五条 不得涉及未公开重大信息。投资者提问涉及已披露事项的，公司可 以在已依法披露的信息范围内对投资者的提问进行充分、详细地说明和答复；涉 及或者可能涉及未披露事项的，公司应当告知投资者关注公司信息披露公告。公 司不得以互动易平 ...