Core Viewpoint - Baichuan Changyin's stock price decreased by 1.33% on August 26, with a trading volume of 104 million yuan, indicating a potential concern regarding investor sentiment and market performance [1] Financing Summary - On August 26, Baichuan Changyin had a financing buy-in amount of 8.19 million yuan and a financing repayment of 5.87 million yuan, resulting in a net financing buy-in of 2.32 million yuan [1] - The total financing and securities balance for Baichuan Changyin reached 50.71 million yuan as of August 26, with the financing balance accounting for 2.03% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low financing level [1] - The company had no shares sold short or repaid on August 26, with a short selling balance of 1559 yuan, which is above the 70th percentile level over the past year, suggesting a relatively high short selling position [1] Business Performance Summary - As of March 31, Baichuan Changyin had 9,862 shareholders, a decrease of 14.44% from the previous period, while the average circulating shares per person increased by 16.87% to 16,268 shares [2] - For the first quarter of 2025, Baichuan Changyin reported an operating income of 108 million yuan, representing a year-on-year growth of 10.02%, while the net profit attributable to the parent company was -11.68 million yuan, showing a year-on-year increase of 7.43% [2] - Since its A-share listing, Baichuan Changyin has distributed a total of 14.76 million yuan in dividends, with 3.85 million yuan distributed over the past three years [2]

| 证券代码：300614 | 证券简称：百川畅银 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：123175 | 债券简称：百畅转债 | | 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。 表决结果：同意票5票，反对票0票，弃权票0票。 具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上的《关于 不向下修正"百畅转债"转股价格的公告》。 二、备查文件 第四届董事会第六次会议决议。 特此公告。 河南百川畅银环保能源股份有限公司董事会 河南百川畅银环保能源股份有限公司（以下简称"公司"）第四届董事会第 六次会议于 2025 年 9 月 2 日以现场及通讯方式举行，本次会议通知已于 2025 年 9 月 2 日向全体董事发出。本次会议应出席董事 5 人，实际出席董事 5 人，其中 现场出席董事 1 名，通讯出席董事 4 名。公司高级管理人员列席了会议。本次会 议的召开符合《公司法》及《公司章程》的规定。本次会议由陈功海先生主持， 与会董事审议并表决通过了如下决议： 一、审议通过《关于不向下修正" ...

| 证券代码：300614 | 证券简称：百川畅银 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：123175 | 债券简称：百畅转债 | | 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。 特别提示： 1. 截至2025年9月2日，河南百川畅银环保能源股份有限公司（以下简称"公司" ）股票自2025年8月13日至2025年9月2日已出现任意连续三十个交易日中至少有十 五个交易日的收盘价格低于当期转股价格85%的情形，触发"百畅转债"转股价格向 下修正条款。 2. 2025年9月2日，公司第四届董事会第六次会议审议通过了《关于不向下修 正"百畅转债"转股价格的议案》，公司董事会决定本次不向下修正转股价格，且 在未来3个月内（2025年9月3日至2025年12月2日），如再次触发"百畅转债"转 股价格向下修正条款，亦不提出向下修正方案。下一触发转股价格修正条件的期 间从2025年12月3日重新起算，若再次触发"百畅转债"转股价格向下修正条款，届 时公司董事会将再次召开会议决定是否行使"百畅转债"转股价格的向下修正权利。 ...

Core Viewpoint - Baichuan Changyin reported a narrowing loss in the first half of 2025, with significant improvements in cash flow and R&D investment, indicating a positive trend in operational efficiency and growth potential in various sectors [1][2][3] Financial Performance - The company's revenue for the first half of 2025 was 205 million yuan, with a net profit attributable to shareholders of -38.27 million yuan, a year-on-year loss reduction of 14.22% [1] - The net cash flow from operating activities was 46.39 million yuan, a significant increase of 1569.60% compared to the same period last year [1] - R&D investment reached 5.25 million yuan, up 92.64% year-on-year, reflecting a commitment to innovation [1] Business Development - The company is a leader in biogas resource utilization, expanding its biogas sources beyond traditional landfill gas to include kitchen waste, livestock manure, and leachate from incineration [1] - As of June, the company operated 66 biogas power generation projects with a total installed capacity of approximately 145 MW, holding over 20% market share in the landfill gas treatment sector [1] - The mobile energy storage heating business has emerged as a new growth driver, with 326 operational vehicles and a profit of 7.67 million yuan in the first half of 2025 [2] Strategic Initiatives - The company has made significant strides in carbon reduction trading and international business, with 19 CDM projects and various international solar and biogas projects in Colombia and Malaysia [2] - Investment in Inner Mongolia Baichuan Solar Thermal Technology has established a production line for solar thermal mirrors, laying the foundation for efficient solar energy utilization [3] - The company is focusing on a three-tier industrial system of "solid foundation + transformation + nurturing new," ensuring steady growth in traditional biogas power generation while rapidly expanding mobile energy storage and green energy initiatives [3]

Financial Performance - The company reported total revenue of 205 million yuan for the first half of 2025, a year-on-year decrease of 10.79% [1] - The net profit attributable to shareholders was -38.27 million yuan, showing a year-on-year increase of 14.22% [1] - In Q2, total revenue was 97.03 million yuan, down 14.47% year-on-year, while net profit attributable to shareholders was -26.59 million yuan, a decrease of 12.32% year-on-year [1] Profitability Metrics - The gross margin increased by 37.54% year-on-year, reaching 24.02% [1] - The net margin was -20.25%, with a year-on-year increase of 5.41% [1] - Total selling, administrative, and financial expenses amounted to 70.54 million yuan, accounting for 34.44% of revenue, which is a year-on-year increase of 10.06% [1] Cash Flow and Earnings - The earnings per share (EPS) was -0.24 yuan, reflecting a year-on-year increase of 14.29% [1] - The operating cash flow per share was 0.29 yuan, showing a significant year-on-year increase of 1569.6% [1] - The company's net asset per share was 6.81 yuan, down 20.2% year-on-year [1] Historical Performance and Investment Returns - The company's historical median Return on Invested Capital (ROIC) since its listing is 10.25%, with the worst year being 2024 at -12.35% [2] - The company has reported two years of losses since its listing, indicating a fragile business model [2] Financial Health Indicators - The cash flow situation is concerning, with a cash to current liabilities ratio of only 7.92% [2] - The interest-bearing debt ratio has reached 29.84%, suggesting potential debt issues [2]

Group 1 - The company's total operating revenue for the first half of 2025 is 205 million yuan, ranking 75th among disclosed peers, a decrease of 24.76 million yuan compared to the same period last year, representing a year-on-year decline of 10.79% [1] - The net profit attributable to the parent company is -38.27 million yuan, ranking 88th among disclosed peers [1] - The net cash inflow from operating activities is 46.39 million yuan [1] Group 2 - The company's latest debt-to-asset ratio is 42.20%, an increase of 0.68 percentage points from the previous quarter and an increase of 5.47 percentage points from the same period last year [3] - The latest gross profit margin is 24.02%, ranking 68th among disclosed peers, a decrease of 0.84 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -3.05%, ranking 84th among disclosed peers, a decrease of 0.14 percentage points from the same period last year [3] - The diluted earnings per share is -0.24 yuan, ranking 92nd among disclosed peers [3] - The latest total asset turnover ratio is 0.09 times, ranking 67th among disclosed peers, with the latest inventory turnover ratio at 6.58 times [3]

Group 1 - The company has not proposed any cash dividends, stock bonuses, or capital reserve transfers during the reporting period [3] - There were no changes in the controlling shareholder or actual controller during the reporting period [4] - The company does not have any preferred shareholders or related holdings during the reporting period [4] Group 2 - All directors attended the board meeting to review the report [2] - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no significant matters reported during the period [4]

Group 1 - The company Baichuan Changyin (300614.SZ) reported a revenue of 205 million yuan for the first half of 2025, representing a year-on-year decrease of 10.79% [1] - The net loss attributable to shareholders of the listed company was 38.27 million yuan, which narrowed by 14.22% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 38.82 million yuan, a year-on-year narrowing of 11.13% [1] - The basic loss per share was 0.24 yuan [1]

Group 1 - The company reported a revenue of 205 million yuan for the first half of 2025, representing a year-on-year decrease of 10.79% [1] - The net profit attributable to shareholders of the listed company was -38.27 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -38.82 million yuan [1] - The basic earnings per share were -0.24 yuan [1]

河南百川畅银环保能源股份有限公司 河南百川畅银环保能源股份有限公司 董事和高级管理人员持股变动管理制度 董事和高级管理人员持股变动管理制度 第二条 本制度适用于公司董事和高级管理人员，其所持本公司股份是指 登记在其名下和利用他人账户持有的所有本公司股份；从事融资融券交易的，还 包括记载在其信用账户内的本公司股份。 公司的董事和高级管理人员以及持有公司股份 5%以上的股东，不得从事以 本公司股票为标的证券的融资融券交易。 第三条 公司董事和高级管理人员在买卖公司股票及其衍生品种前，应当 知悉《公司法》《证券法》等法律、法规、规范性文件关于内幕交易、操纵市场、 短线交易、窗口期交易、限售期出售股票、减持比例等禁止行为的规定，不得进 行违法违规交易。 第二章 信息申报与披露 1 河南百川畅银环保能源股份有限公司 董事和高级管理人员持股变动管理制度 第四条 公司董事、高级管理人员应当在下列时间委托公司向深圳证券交 易所（以下简称"深交所"）申报其个人及其近亲属（包括配偶、父母、子女、兄 弟姐妹等）的身份信息（包括姓名、担任职务、身份证件号码、证券账户、离任 职时间等）： （一） 新上市公司的董事、高级管理人员在公司申 ...