Section I Important Notice, Table of Contents and Definitions This section provides important notices, the report's structured table of contents, and definitions of key terms for clear understanding [Important Notice](index=2&type=section&id=Important%20Notice) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content; the company has approved a profit distribution plan and advises investors to pay attention to the risks detailed in the report - The company's board of directors, supervisory board, and senior management declare the semi-annual report content is **true, accurate, and complete**[4](index=4&type=chunk) - Company head Liu Yi, chief accountant Jiang Renjian, and head of accounting department Chen Yunhui declare the financial report is **true, accurate, and complete**[4](index=4&type=chunk) - The profit distribution plan approved by the board of directors is to distribute a cash dividend of **CNY 0.25 (tax inclusive) per 10 shares** to all shareholders, based on **78,740,300 shares**[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's structured table of contents, including eight main chapters and their corresponding page numbers, facilitating quick navigation for readers [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms, the company and its main subsidiaries, related parties, and industry-specific professional terms to ensure clear understanding of the report's content - The report defines "ActBlue", "Joint Stock Company", "Company", "This Company", and "Issuer" as Anhui ActBlue Environmental Protection Co., Ltd[14](index=14&type=chunk) - Detailed listings include names and references for multiple subsidiaries and related parties such as Chizhou Nanxin, ActBlue Research Institute, and Zhonghailanhang[14](index=14&type=chunk) - Explanation of professional terms related to the engine exhaust after-treatment industry, such as SCR, DOC, DPF, TWC, ASC, VOCs, and various emission standards (National VI, Non-road National IV, Marine National II, IMO Tier II)[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information, including its profile, contact details, and key financial performance indicators for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) This section provides the company's basic information, including its stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - The company's stock abbreviation is "ActBlue", stock code "**300816**", listed on the Shenzhen Stock Exchange[17](index=17&type=chunk) - The company's Chinese name is Anhui ActBlue Environmental Protection Co., Ltd., and its legal representative is Liu Yi[17](index=17&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email, to facilitate investor communication - The Board Secretary is Jiang Renjian, and the Securities Affairs Representative is Pan Yanhong[18](index=18&type=chunk) - Contact address is No. **12** Yujing Road, High-tech Zone, Chizhou City, Anhui Province, telephone **0566-5255528**, email akl@act-blue.com[18](index=18&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) This section states that the company's contact information, information disclosure and storage locations, and registration changes remained unchanged during the reporting period, and specifies the official channels for information disclosure - The company's registered address, office address, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - The company's semi-annual report is disclosed on the Shenzhen Stock Exchange website (http://www.szse.cn/) and through media outlets such as Securities Daily, Shanghai Securities News, and Juchao Information Network (www.cninfo.com.cn)[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the current and prior periods, showing year-on-year growth in operating revenue, net profit, non-recurring net profit, net cash flow from operating activities, basic and diluted earnings per share, as well as increases in total assets and net assets attributable to shareholders of the listed company Main Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 518,945,896.25 | 494,454,948.01 | 4.95% | | Net Profit Attributable to Shareholders of Listed Company | 44,266,072.33 | 35,751,117.35 | 23.82% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 34,321,694.11 | 26,108,847.68 | 31.46% | | Net Cash Flow from Operating Activities | 49,661,001.80 | -73,321,125.45 | 167.73% | | Basic Earnings Per Share (Yuan/Share) | 0.56 | 0.45 | 24.44% | | Diluted Earnings Per Share (Yuan/Share) | 0.56 | 0.45 | 24.44% | | Weighted Average Return on Net Assets | 5.24% | 4.30% | 0.94% | | **Period-End Indicator** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **YoY Change at Period-End (%)** | | Total Assets | 2,380,622,836.34 | 2,050,912,466.99 | 16.08% | | Net Assets Attributable to Shareholders of Listed Company | 876,467,116.14 | 827,939,265.41 | 5.86% | - Net profit after deducting the impact of share-based payments was **CNY 46,226,886.90**[22](index=22&type=chunk) [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards or overseas accounting standards versus Chinese Accounting Standards during the reporting period - The company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards versus Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) - The company had no differences in net profit and net assets in financial reports disclosed under overseas accounting standards versus Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **CNY 9,944,378.22**, primarily including government grants and fair value change gains and losses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | 42,190.72 | | Government grants recognized in current profit or loss (excluding those with continuous impact) | 6,716,942.75 | | Fair value change gains and losses and disposal gains and losses from financial assets and financial liabilities held by non-financial enterprises | 5,976,382.64 | | Other non-operating income and expenses apart from the above | -239,398.31 | | Less: Income tax impact | 1,770,081.48 | | Impact on minority interests (after tax) | 781,658.10 | | **Total** | **9,944,378.22** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[27](index=27&type=chunk) - The company does not classify 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 items[27](index=27&type=chunk) Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business involves the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, benefiting from rapid industry development and record-high automobile production and sales; its products cover road motor vehicles, non-road mobile machinery, and marine sectors, with active expansion into green and smart-themed industries [(I) Industry Development During the Reporting Period](index=10&type=section&id=(I)%20Industry%20Development%20During%20the%20Reporting%20Period) The engine exhaust after-treatment industry is rapidly developing due to increased environmental awareness; in the first half of **2025**, China's automobile production and sales reached record highs of **15.621 million units** and **15.653 million units** respectively, growing by **12.50%** and **11.40%**, with new energy vehicle exports increasing by **75.20%** - The engine exhaust after-treatment industry is rapidly developing, primarily applied in road motor vehicles, non-road mobile machinery, stationary sources, and marine vessels[29](index=29&type=chunk) - From January to June **2025**, China's automobile production and sales **exceeded 15 million units** for the first time, reaching **15.621 million units** and **15.653 million units** respectively, with year-on-year growth of **12.50%** and **11.40%**[30](index=30&type=chunk) - Total automobile exports in the first half of the year reached **3.083 million units**, a year-on-year increase of **10.40%**, with new energy vehicle exports reaching **1.06 million units**, up **75.20%** year-on-year[30](index=30&type=chunk) [ (II) Company's Main Business](index=10&type=section&id=(II)%20Company%27s%20Main%20Business) The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, with products complying with National VI, Non-road National IV, Marine National II, and IMO Tier III emission standards; the company possesses four core technologies: catalyst formulation and coating, electronic control, matching and calibration, and system integration, and is expanding its industry presence around green and smart themes - The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products[31](index=31&type=chunk) - Main products include exhaust purification products compliant with **National VI** motor vehicle, **Non-road National IV** mobile machinery, and **Marine National II** emission standards[31](index=31&type=chunk) - The company's core technologies are exhaust after-treatment catalyst formulation and coating technology, electronic control technology, matching and calibration technology, and system integration technology[31](index=31&type=chunk) [（III）Business Model](index=10&type=section&id=(III)%20Business%20Model) The company primarily employs a "make-to-order" direct sales model, supplying products to engine and vehicle manufacturers and undertaking exhaust treatment retrofits for in-use vehicles and vessels; its procurement model focuses on raw material price fluctuations and supplier management, while its production model flexibly utilizes outsourcing to enhance efficiency - The company's products are primarily supplied to engine manufacturers and vehicle manufacturers, and used for exhaust treatment retrofits of in-use vehicles and vessels, adopting a **direct sales model**[33](index=33&type=chunk)[38](index=38&type=chunk) - The production model is "**make-to-order**", scheduling production based on customer orders, and flexibly utilizing **outsourcing**[37](index=37&type=chunk) - The procurement model considers orders, production plans, and safety stock; for volatile raw materials like precious metals, procurement volume is increased based on market trends, and a comprehensive supplier selection and management system has been established[36](index=36&type=chunk) [（IV）Company's Industry Position](index=11&type=section&id=(IV)%20Company%27s%20Industry%20Position) The company has achieved multi-dimensional expansion in the engine exhaust after-treatment sector, serving numerous renowned enterprises; by participating in multiple national-level cutting-edge technology development and demonstration projects, the company has achieved key technological breakthroughs in relevant fields, gaining national recognition for its R&D capabilities and establishing a leading industry position - The company's product application areas have expanded horizontally from light-duty diesel to heavy-duty diesel, from road to non-road, from land transport to marine, and from traditional internal combustion engines to hybrid systems[39](index=39&type=chunk) - Customers include numerous well-known enterprises such as Quanchai Power, Yuchai Machinery, China National Heavy Duty Truck, Jiangxi Isuzu, Changfa Agricultural Equipment, Guangchai Shares, Anqing CSSC, and Ningbo Zhongce[39](index=39&type=chunk) - As one of the core units, the company participated in multiple national key R&D programs, such as the "National New Material Key Platform - Energy-Saving and Low-Carbon Material Production and Application Demonstration Platform Project", achieving key technological breakthroughs in related fields[39](index=39&type=chunk)[40](index=40&type=chunk) [（V）Key Performance Drivers](index=12&type=section&id=(V)%20Key%20Performance%20Drivers) During the reporting period, the company's performance growth was primarily driven by sufficient orders for exhaust purification products, incremental revenue contributions from marine exhaust purification and high-performance computing server trading businesses, and improved gross margins resulting from cost reduction, efficiency enhancement, and product structure optimization in traditional vehicle exhaust purification products - The company achieved operating revenue of **CNY 518.9459 million**, a year-on-year increase of **4.95%**; net profit attributable to shareholders of listed companies was **CNY 44.2661 million**, a year-on-year increase of **23.82%**[41](index=41&type=chunk) - Operating revenue growth was primarily due to **sufficient orders for exhaust purification products**, and incremental revenue contributions from **marine exhaust purification business** and **high-performance computing server trading business**[41](index=41&type=chunk) - Gross margin growth was mainly due to **cost reduction and efficiency improvement** in traditional vehicle exhaust purification products, changes in product structure, and the higher gross margin and increased proportion of marine after-treatment business and high-performance computing server trading business[41](index=41&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies are reflected in its strong R&D and technological advantages, positive brand image, extensive customer resources, and robust production and quality management system, collectively supporting its market leadership and sustainable development [（1）R&D and Technological Advantages](index=12&type=section&id=(1)%20R%26D%20and%20Technological%20Advantages) The company is a national high-tech enterprise and a specialized, refined, unique, and new "little giant" enterprise, possessing multiple national and provincial-level technology centers and laboratories; through independent R&D, it has developed four core technologies, holds **280 authorized patents** and **47 software copyrights**, and has achieved batch supply in the National VI emission standard product sector, demonstrating its leading technological position in the industry - The company is a **high-tech enterprise**, a **national intellectual property demonstration enterprise**, one of the first batch of **specialized, refined, unique, and new "little giant" enterprises** by the Ministry of Industry and Information Technology, and an **eighth batch manufacturing single champion enterprise**[42](index=42&type=chunk) - The company holds **280 authorized patents**, **47 software copyrights**, and **over 70 categories of catalyst formulation technologies**[43](index=43&type=chunk) - The company has achieved **batch supply** in both **National VI gasoline engine** and **National VI diesel engine** fields, indicating its technological level is at the industry forefront[43](index=43&type=chunk) [（2）Brand Advantages](index=12&type=section&id=(2)%20Brand%20Advantages) As one of the earliest enterprises in China engaged in the R&D and industrialization of diesel engine exhaust after-treatment, the company has established a strong brand image and accumulated extensive customer resources through its powerful technological development capabilities and high-quality product services, fostering cooperative relationships with numerous renowned industry enterprises - The company is one of the earliest enterprises in China engaged in R&D and industrialization of diesel engine exhaust after-treatment, establishing a **strong brand image**[44](index=44&type=chunk) - The company has accumulated extensive customer resources, including well-known enterprises in the industry such as Quanchai Power, Yuchai Machinery, Foton Motor, Dongfeng Motor, and China National Heavy Duty Truck[44](index=44&type=chunk)[45](index=45&type=chunk) [（3）Production and Quality Management Advantages](index=13&type=section&id=(3)%20Production%20and%20Quality%20Management%20Advantages) The company has established a comprehensive supply chain management system, enabling it to rapidly respond to market demands and deliver qualified products; through IATF16949 quality management system certification, the company continuously enhances product quality, ensuring the suitability, adequacy, and effectiveness of its system - The company has established a **comprehensive supply chain management system**, capable of rapidly responding to market demands and delivering qualified products[46](index=46&type=chunk) - The company has passed **IATF16949 quality management system certification**, continuously improving product quality in strict accordance with requirements[46](index=46&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) This section provides a year-on-year comparison of the company's key financial data, showing significant increases in operating revenue, administrative expenses, financial expenses, and income tax expenses, while sales expenses and R&D investment decreased; net cash flow from operating activities significantly turned positive Main Financial Data YoY Change | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 518,945,896.25 | 494,454,948.01 | 4.95% | | | Operating Cost | 370,458,436.16 | 380,962,243.66 | -2.76% | | | Sales Expenses | 13,159,108.05 | 20,911,689.75 | -37.07% | No new material insurance purchased in current period | | Administrative Expenses | 31,286,316.02 | 22,202,693.43 | 40.91% | Increase in share-based payments, employee compensation, and consulting service fees | | Financial Expenses | 14,194,072.51 | 7,856,773.58 | 80.66% | Increase in interest expenses and exchange losses | | Income Tax Expenses | 9,540,909.72 | 2,385,622.98 | 299.93% | Increase in profit for current period | | R&D Investment | 22,858,052.32 | 24,634,422.49 | -7.21% | | | Net Cash Flow from Operating Activities | 49,661,001.80 | -73,321,125.45 | 167.73% | Increase in operating payables | | Net Cash Flow from Investing Activities | -238,318,901.40 | 67,819,311.22 | -451.40% | Decrease in net redemption of wealth management products | | Net Cash Flow from Financing Activities | 196,705,652.92 | 106,391,583.88 | 84.89% | Increase in cash received from borrowings | | Net Increase in Cash and Cash Equivalents | 8,400,668.09 | 101,461,129.94 | -91.72% | Decrease in net cash flow from investing activities | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48](index=48&type=chunk) [IV. Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) This section analyzes the impact of the company's non-main business on total profit, where asset impairment losses had a negative effect, while other income (government grants) and fair value change gains and losses contributed positively Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 420,071.66 | 0.66% | Wealth management income | No | | Fair Value Change Gains and Losses | 5,179,311.74 | 8.13% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -16,787,826.92 | -26.36% | Provision for inventory impairment | No | | Non-Operating Income | 125,105.59 | 0.20% | Government grants | No | | Non-Operating Expenses | 364,503.90 | 0.57% | Expenses unrelated to revenue | No | | Other Income | 11,233,520.28 | 17.64% | Government grants | No | | Credit Impairment | 1,087,896.13 | 1.71% | Provision for bad debt losses | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and significant changes in the company's assets and liabilities; at the end of the reporting period, both total assets and net assets attributable to shareholders of the listed company increased; the proportion of short-term borrowings and inventories increased, and the overseas asset ABF is substantial in scale but incurring losses Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Share of Total Assets (%) | Prior Year-End Amount (Yuan) | Share of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 421,994,593.77 | 17.73% | 416,340,810.87 | 20.30% | -2.57% | No significant change | | Accounts Receivable | 213,701,971.12 | 8.98% | 174,240,996.56 | 8.50% | 0.48% | No significant change | | Inventories | 367,856,842.57 | 15.45% | 270,873,537.14 | 13.21% | 2.24% | No significant change | | Fixed Assets | 214,178,505.16 | 9.00% | 167,102,291.94 | 8.15% | 0.85% | No significant change | | Construction in Progress | 244,195,802.11 | 10.26% | 225,859,040.34 | 11.01% | -0.75% | No significant change | | Short-Term Borrowings | 758,023,172.78 | 31.84% | 572,695,900.56 | 27.92% | 3.92% | No significant change | | Long-Term Borrowings | 183,829,291.59 | 7.72% | 146,834,372.64 | 7.16% | 0.56% | No significant change | Main Overseas Assets | Asset Details | Reason for Formation | Asset Scale (Converted to CNY) | Location | Operating Model | Control Measures for Asset Security | Profitability (Converted to CNY) | Proportion of Overseas Assets to Company's Net Assets (%) | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ABF | Acquisition | 13,700.07 10,000 Yuan | France | Independent operation | Monthly financial statements provided, audited annually by overseas accounting firms to ensure fund security | -697.55 10,000 Yuan | 15.11% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | (1) Wealth Management Products | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | (II) Receivables Financing | | | | | 188,094,389.30 | | (III) Other Non-Current Financial Assets | 113,654,753.73 | | | 531,223.06 | 113,123,530.67 | | **Subtotal of financial assets** | **366,632,904.12** | **5,179,311.74** | **140,000,000.00** | **19,509,791.67** | **492,302,424.19** | | Financial Liabilities | 0.00 | | | | 0.00 | [VI. Analysis of Investment Status](index=15&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company's investment amount increased by **51.95%** year-on-year, primarily through investments in brokerage wealth management products using its own funds, with no significant equity or non-equity investments, nor any use of raised funds or derivative investments - Investment amount for the reporting period was **CNY 65,412,974.99**, an increase of **51.95%** compared to **CNY 43,050,000.00** in the prior period[57](index=57&type=chunk) Entrusted Wealth Management Overview | Type | Source of Entrusted Funds | Entrusted Wealth Management Amount (CNY 10,000) | Outstanding Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | Brokerage wealth management products | Own funds | 35,688.06 | 33,688.06 | | **Total** | | **35,688.06** | **33,688.06** | - The company had no significant equity investments, significant non-equity investments, use of raised funds, derivative investments, or entrusted loans during the reporting period[58](index=58&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [VII. Significant Asset and Equity Disposals](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) This section states that the company did not dispose of significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[62](index=62&type=chunk) - The company did not dispose of significant equity during the reporting period[63](index=63&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the financial status and operating results of the company's major holding subsidiaries, Zhonghailanhang, ABH, and ActBlue Research Institute, and lists the acquisition and disposal of subsidiaries during the reporting period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhonghailanhang | Subsidiary | R&D, design, manufacturing, and sales of exhaust treatment devices for marine vessels and non-road mobile sources | 10,000,000.00 | 98,243,379.06 | 48,284,986.98 | 45,123,105.33 | 16,934,163.52 | 14,716,116.58 | | ABH | Subsidiary | Overseas investment, vehicle urea dosing pumps, and integrated urea injection systems | 648,540.00 | 166,555,402.64 | -29,177,683.63 | 53,216,768.57 | -21,182,618.42 | -20,760,562.05 | | ActBlue Research Institute | Subsidiary | Technology R&D, AI hardware sales, information system operation and maintenance services, etc | 100,000,000.00 | 440,084,056.02 | 87,803,444.18 | 26,298,459.92 | 7,238,608.38 | 4,585,366.29 | - During the reporting period, the company deregistered Aidexinneng (Huazhou) Technology Co., Ltd., Ailanxinneng (Guiyang) Technology Co., Ltd., and Ailanxinneng (Chongqing) Technology Co., Ltd., and established Qingyang Zhaoxu New Energy Technology Co., Ltd., Ailan New Energy (Huzhou) Co., Ltd., and Chizhou Aijia New Energy Co., Ltd., with no significant impact on overall production, operations, and performance[64](index=64&type=chunk) [IX. Structured Entities Controlled by the Company](index=18&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[65](index=65&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=18&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks, including raw material price fluctuations, downstream industry volatility, product quality, operational management, accounts receivable bad debts, foreign exchange, and goodwill impairment, and has developed corresponding countermeasures to mitigate potential impacts - Raw material price fluctuation risk: Precious metals account for a high proportion of the company's product costs, and price fluctuations affect profitability. Countermeasures include optimizing inventory management, communicating with suppliers, and negotiating product price adjustments with customers[65](index=65&type=chunk) - Downstream industry fluctuation risk: The company's products are mainly for automotive matching, and changes in automobile production and sales directly affect demand. Countermeasures include enhancing product competitiveness, expanding market share, and developing non-road mobile machinery and marine after-treatment markets[66](index=66&type=chunk) - Accounts receivable bad debt risk: Accounts receivable accounted for **8.98%** of total assets at the end of the reporting period. Countermeasures include regularly analyzing receivables, promptly following up on collections, and continuously monitoring the operating status of debtor entities[69](index=69&type=chunk)[70](index=70&type=chunk) - Goodwill impairment risk: The book value of goodwill at the end of the reporting period was **CNY 5,089,419.89**, and there is still impairment risk if ABF's operating conditions do not improve. Countermeasures include assisting ABF in market development, strengthening cost control, and improving quality and efficiency[72](index=72&type=chunk) [XI. Registration Form for Research, Communication, Interview Activities During the Reporting Period](index=19&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%20Activities%20During%20the%20Reporting%20Period) This section records the company's investor research, communication, and interview activities during the reporting period, including time, location, method, object type, discussion content, and index - On May **16**, **2025**, the company conducted an online exchange via the Value Online network platform, hosting investors who participated in the company's **2024** annual online performance briefing[73](index=73&type=chunk) - Details of related activities can be found in the "Investor Relations Activity Record Form" disclosed by the company on Juchao Information Network on May **16**, **2025**[73](index=73&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has formulated a "Market Value Management System" to standardize market value management and protect investors' legitimate rights, but has not disclosed a valuation enhancement plan; this system clarifies the responsibilities of market value management departments, personnel, directors, and senior management, as well as response measures for abnormal stock price fluctuations - The company has formulated a "**Market Value Management System**" aimed at strengthening market value management, standardizing market value management behavior, and safeguarding the legitimate rights and interests of the company and investors[74](index=74&type=chunk) - The system clarifies the specific departments and personnel responsible for market value management, the responsibilities of directors and senior management, and countermeasures for abnormal stock price fluctuations[74](index=74&type=chunk) - The company has not disclosed a valuation enhancement plan[74](index=74&type=chunk) [XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=20&type=section&id=XIII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan) The company has disclosed and actively implemented its "Quality and Return Dual Enhancement" action plan, which includes focusing on its main business, standardized operations, improving information disclosure quality, emphasizing shareholder returns, and strengthening the responsibilities of "key minorities"; during the reporting period, the company successfully implemented its **2024** annual equity distribution plan - The company disclosed the "Announcement on the 'Quality and Return Dual Enhancement' Action Plan" on April **26**, **2025**, with specific measures covering five aspects[75](index=75&type=chunk) - The company focuses on its main business, maintains its advantages in exhaust gas treatment, and expands and deploys industries around green and smart themes[75](index=75&type=chunk) - The company successfully implemented the **2024** annual equity distribution plan, distributing a cash dividend of **CNY 0.52 (tax inclusive) per 10 shares** to all shareholders, with a total dividend amount of **CNY 4,094,495.60**[76](index=76&type=chunk) Section IV Corporate Governance, Environment and Society This section details the company's corporate governance structure, changes in key personnel, profit distribution plans, and its environmental and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the **2024** annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[78](index=78&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=21&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The company's board of directors approved the **2025** semi-annual profit distribution plan, proposing to distribute a cash dividend of **CNY 0.25 (tax inclusive) per 10 shares** to all shareholders, with no bonus shares or conversion of capital reserves into share capital, totaling **CNY 1,968,507.50** in cash dividends Profit Distribution for the Current Period | Indicator | Amount | | :--- | :--- | | Bonus Shares per 10 Shares (Shares) | 0 | | Cash Dividend per 10 Shares (Yuan, tax incl.) | 0.25 | | Share Capital Base for Distribution Plan (Shares) | 78,740,300 | | Cash Dividend Amount (Yuan, tax incl.) | 1,968,507.50 | | Cash Dividend Amount by Other Means (e.g., Share Repurchase) (Yuan) | 0.00 | | Total Cash Dividend (incl. other means) (Yuan) | 1,968,507.50 | | Distributable Profit (Yuan) | 399,318,210.47 | | Proportion of Total Cash Dividend (incl. other means) to Total Profit Distribution | 100.00% | - This profit distribution does not involve bonus shares or conversion of capital reserves into share capital[81](index=81&type=chunk) - This profit distribution plan has been approved by the board of directors and still requires approval from the **2025** first extraordinary general meeting of shareholders[82](index=82&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) To improve its medium- and long-term incentive mechanism, the company formulated the **2025** Restricted Stock Incentive Plan, proposing to grant **1.2597 million restricted shares** to **7 incentive recipients** at a grant price of **CNY 14.17 per share**; this plan has been approved by the board of directors, supervisory board, and general meeting of shareholders, and the grant date has been determined - The company formulated the **2025** Restricted Stock Incentive Plan, proposing to grant **1.2597 million restricted shares** to incentive recipients, accounting for **1.57%** of the total share capital[83](index=83&type=chunk) - The plan was approved by the general meeting of shareholders on May **19**, **2025**, and the board of directors was authorized to handle related matters[85](index=85&type=chunk) - On May **23**, **2025**, the company decided to grant **1.2597 million restricted shares** to **7 incentive recipients** at a price of **CNY 14.17 per share**[85](index=85&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section states that the listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[86](index=86&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) This section states that the company has not yet carried out poverty alleviation and rural revitalization work during the reporting period - The company has not yet carried out poverty alleviation and rural revitalization work during the reporting period[86](index=86&type=chunk) Section V Significant Matters This section covers significant events, including commitments, related party transactions, guarantees, litigation, and other material matters affecting the company [I. Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=23&type=section&id=I.%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This section discloses that the share reduction commitment made by the company's actual controller Liu Yi during the initial public offering was fulfilled within the reporting period, with the commitment performed on time and no overdue unfulfilled situations - The share reduction commitment made by the company's actual controller Liu Yi during the initial public offering was **fulfilled on February 9, 2025**[88](index=88&type=chunk) - The commitment includes not reducing shares during the lock-up period, ensuring the reduction price is not lower than the offering price within two years after the lock-up period expires, and notifying the company and making an announcement **3 trading days in advance**[88](index=88&type=chunk) - The commitment was fulfilled on time, with no overdue unfulfilled situations[88](index=88&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=23&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) This section states that the company had no non-operating funds occupied by controlling shareholders and other related parties during the reporting period - The company had no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[89](index=89&type=chunk) [III. Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[90](index=90&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's semi-annual financial report is unaudited - The company's semi-annual report is unaudited[91](index=91&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section states that the company had no non-standard audit report during the reporting period [VI. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year](index=24&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that the company had no non-standard audit report during the reporting period [VII. Bankruptcy and Reorganization Matters](index=24&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[92](index=92&type=chunk) [VIII. Litigation Matters](index=24&type=section&id=VIII.%20Litigation%20Matters) This section states that the company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[93](index=93&type=chunk) [IX. Penalties and Rectification](index=24&type=section&id=IX.%20Penalties%20and%20Rectification) This section states that the company had no penalties or rectification during the reporting period - The company had no penalties or rectification during the reporting period[93](index=93&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section states that during the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[94](index=94&type=chunk) [XI. Significant Related Party Transactions](index=25&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) This section states that the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies during the reporting period - The company had no related party transactions related to daily operations during the reporting period[95](index=95&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[96](index=96&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[98](index=98&type=chunk) [XII. Significant Contracts and Their Performance](index=25&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant guarantees for its subsidiaries, with an actual guarantee balance of **CNY 500 million** at the end of the reporting period, accounting for **57.05%** of the company's net assets, including **CNY 500 million** in debt guarantees provided to guaranteed parties with an asset-liability ratio exceeding **70%** - The company had no trusteeship, contracting, or leasing situations during the reporting period[102](index=102&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party Name | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui ActBlue Research Institute Co., Ltd. | December **19**, **2022** | 50,000 | 50,000 | Joint and several liability guarantee | **14** years | No | No | | **Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1)** | | **150,000** | | | | | | | **Total Actual Guarantee Amount for Subsidiaries During Reporting Period (B2)** | | | **50,000** | | | | | | **Total Approved Guarantee Limit for Subsidiaries at Period-End (B3)** | | **200,000** | | | | | | | **Total Actual Guarantee Balance for Subsidiaries at Period-End (B4)** | | | **50,000** | | | | | | **Proportion of Total Actual Guarantee (A4+B4+C4) to Company's Net Assets** | | | **57.05%** | | | | | | **Debt Guarantee Balance Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E)** | | | **50,000** | | | | | | **Amount of Guarantee Exceeding 50% of Net Assets (F)** | | | **6,176.64** | | | | | | **Total of Above Three Guarantee Amounts (D+E+F)** | | | **56,176.64** | | | | | - The company had no other significant contracts during the reporting period[108](index=108&type=chunk) [XIII. Explanation of Other Significant Matters](index=27&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section states that the company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[109](index=109&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=27&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section states that the company had no significant matters concerning subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[110](index=110&type=chunk) Section VI Share Changes and Shareholder Information This section outlines changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, and senior management [I. Share Change Status](index=28&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's restricted shares decreased by **11,072,024 shares**, while unrestricted shares increased by the same amount, primarily due to the expiration of the lock-up period for shares held by resigning directors and supervisors; the company's total share capital remained unchanged Share Change Status | Category | Quantity Before Change (Shares) | Proportion Before Change (%) | Change in Quantity (Shares) | Quantity After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 34,403,453 | 43.00% | -11,072,024 | 23,331,429 | 29.16% | | 3. Other Domestic Shares | 23,335,529 | 29.17% | -4,100 | 23,331,429 | 29.16% | | 4. Foreign Shares | 11,067,924 | 13.83% | -11,067,924 | 0 | 0.00% | | II. Unrestricted Shares | 45,596,547 | 57.00% | 11,072,024 | 56,668,571 | 70.84% | | 1. RMB Ordinary Shares | 45,596,547 | 57.00% | 11,072,024 | 56,668,571 | 70.84% | | III. Total Shares | 80,000,000 | 100.00% | 0 | 80,000,000 | 100.00% | - Shareholders Mr. ZHU QING, Mr. Qin Liang, and Mr. Cao Shu, due to their resignation from director/supervisor positions, had their lock-up period expire, and a total of **11,072,024 shares** were fully unlocked[114](index=114&type=chunk)[116](index=116&type=chunk) - The company had no approval status for share changes, transfer status, or progress on share repurchase implementation during the reporting period[115](index=115&type=chunk) [II. Securities Issuance and Listing Status](index=29&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) This section states that the company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[117](index=117&type=chunk) [III. Number of Shareholders and Shareholding Status](index=30&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) At the end of the reporting period, the company had a total of **11,569** ordinary shareholders; this section details the shareholding of shareholders holding **5%** or more, or the top **10** shareholders, including their shareholding proportion, quantity, restricted shares, and pledge status - The total number of ordinary shareholders at the end of the reporting period was **11,569**[119](index=119&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | Share Status | Pledged Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Yi | Domestic Natural Person | 38.89% | 31,108,572 | 23,331,429 | 7,777,143 | Pledged | 7,900,000 | | ZHU QING | Overseas Natural Person | 13.83% | 11,067,924 | 0 | 11,067,924 | N/A | 0 | | Chizhou Nanxin Business Consulting Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.62% | 2,096,620 | 0 | 2,096,620 | N/A | 0 | | Guangdong Nanchuan Private Equity Fund Management Co., Ltd. - Nanchuan Fenghuo No. 2 Private Securities Investment Fund | Other | 0.94% | 750,000 | 0 | 750,000 | N/A | 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.64% | 513,785 | 0 | 513,785 | N/A | 0 | | China Construction Bank Corporation - Huashang Credit Enhanced Bond Fund | Other | 0.53% | 424,700 | 0 | 424,700 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying Wealth No. 1 Private Securities Investment Fund | Other | 0.52% | 419,700 | 0 | 419,700 | N/A | 0 | | UBS AG | Overseas Legal Person | 0.47% | 379,077 | 0 | 379,077 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Gongzheng Wealth Quant Fengying No. 1 Private Investment Fund | Other | 0.47% | 377,900 | 0 | 377,900 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying No. 9 Private Securities Investment Fund | Other | 0.45% | 358,800 | 0 | 358,800 | N/A | 0 | - Among the company's top ten shareholders, Anhui ActBlue Environmental Protection Co., Ltd.'s special repurchase securities account held **1,259,700 shares**, accounting for **1.57%**, and is not listed among the top **10** shareholders[119](index=119&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=31&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the **2024** annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[121](index=121&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=31&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that the company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[122](index=122&type=chunk) - The company's actual controller did not change during the reporting period[122](index=122&type=chunk) [VI. Preferred Share Related Information](index=31&type=section&id=VI.%20Preferred%20Share%20Related%20Information) This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[123](index=123&type=chunk) Section VII Bond Related Information This section confirms the absence of any bond-related information for the company during the reporting period [Bond Related Information](index=32&type=section&id=Bond%20Related%20Information) This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[125](index=125&type=chunk) Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [I. Audit Report](index=33&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[127](index=127&type=chunk) [II. Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section provides the company's **2025** semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the financial position, operating results, and cash flows at the end of the reporting period - The consolidated balance sheet shows total assets at period-end were **CNY 2,380,622,836.34**, an increase of **16.08%** from the beginning of the period; total liabilities were **CNY 1,474,487,731.44**, an increase of **22.55%** from the beginning of the period[131](index=131&type=chunk) - The consolidated income statement shows total operating revenue for the current period was **CNY 518,945,896.25**, a year-on-year increase of **4.95%**; net profit attributable to parent company shareholders was **CNY 44,266,072.33**, a year-on-year increase of **23.82%**[136](index=136&type=chunk)[137](index=137&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities was **CNY 49,661,001.80**, a significant improvement from **CNY -73,321,125.45** in the prior period[142](index=142&type=chunk) [III. Company Basic Information](index=50&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's establishment, share capital changes, registration information, and business scope; the company was listed on the ChiNext Board of the Shenzhen Stock Exchange on February **10**, **2020**, and its main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products - The company was listed and traded on the ChiNext Board of the Shenzhen Stock Exchange on **February 10, 2020**, with stock abbreviation "ActBlue" and stock code "**300816**"[160](index=160&type=chunk) - As of June **30**, **2025**, the company's registered capital and share capital were both **CNY 80 million**[161](index=161&type=chunk) - The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, with main products complying with **National VI**, **Non-road National IV**, and **Marine National II** emission standards[164](index=164&type=chunk) [IV. Basis for Preparation of Financial Statements](index=50&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, their application guidelines, and interpretations, and comply with the information disclosure requirements of the China Securities Regulatory Commission - The company prepares its financial statements on a **going concern basis**, in accordance with actual transactions and events, and the provisions of enterprise accounting standards, their application guidelines, and interpretations[166](index=166&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no matters affecting its going concern ability[167](index=167&type=chunk) [V. Significant Accounting Policies and Estimates](index=50&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering aspects such as business combinations, financial instruments, inventories, fixed assets, revenue recognition, employee compensation, and deferred income tax, and discloses the impact of changes in accounting estimates on warranty repair expense accounting for the current period - The company's financial statements comply with enterprise accounting standards and truly and completely reflect financial position, operating results, and other information[170](index=170&type=chunk) - The company changed its accounting estimate for **warranty repair expenses**, from a previous **2% provision** of sales revenue regardless of product type, to a categorized provision based on different product types (with electronic systems, diesel engines without electronic systems, gasoline engines without electronic systems) at **2%**, **1.5%**, and **0.5%** respectively[401](index=401&type=chunk)[402](index=402&type=chunk)[403](index=403&type=chunk) - This change in accounting estimate adopts the **prospective application method** and will not affect the financial position, operating results, or cash flows of prior years[404](index=404&type=chunk) [VI. Taxation](index=89&type=section&id=VI.%20Taxation) This section discloses the main tax types and rates for the company and its subsidiaries, and details the tax preferential policies enjoyed, including corporate income tax incentives for high-tech enterprises and small and micro-profit enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Sales of Goods, Taxable Labor Services, and Taxable Service Income | 20%, 13%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Corporate Income Tax | Taxable Income | 25%, 20% | | Education Surcharge | Amount of Turnover Tax Payable | 5% | - The company passed the high-tech enterprise re-evaluation, and the **15% preferential corporate income tax rate** applies for the **2025 fiscal year**[406](index=406&type=chunk) - Subsidiaries Zhonghailanhang, Changjiang Delta, and Anhui Aibote also obtained high-tech enterprise certification, and the **15% preferential income tax rate** applies for the **2025 fiscal year**[406](index=406&type=chunk) - Subsidiaries Lanwalker, Changjiang Delta, Wuxi Aibote, Xihe Chaozhi, Aikeding, Apollo New Energy (Chizhou), Aiyi New Energy, etc., applied the **20% preferential corporate income tax rate** for small and micro-profit enterprises during the reporting period[407](index=407&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets, accounts receivable, inventories, fixed assets, borrowings, accounts payable, employee compensation, taxes and fees, and owners' equity, and discloses the period-end balances, beginning balances, and changes for each asset and liability item - Cash and cash equivalents at period-end totaled **CNY 421,994,593.77**, of which **CNY 23,742,371.40** was deposited overseas[410](index=410&type=chunk) - Financial assets held for trading at period-end totaled **CNY 379,178,893.52**, primarily wealth management products, representing a **50% increase** from the beginning of the period[413](index=413&type=chunk) - Accounts receivable at period-end totaled **CNY 213,701,971.12**, an increase of **22.64%** from the beginning of the period, with a high proportion of balances within **1 year**[424](index=424&type=chunk)[426](index=426&type=chunk) - Inventories at period-end totaled **CNY 367,856,842.57**, an increase of **35.73%** from the beginning of the period, with total inventory impairment provisions of **CNY 39,414,025.61**[467](index=467&type=chunk)[469](index=469&type=chunk) - Short-term borrowings at period-end totaled **CNY 758,023,172.78**, an increase of **32.37%** from the beginning of the period, primarily **credit borrowings**[518](index=518&type=chunk) - Operating revenue for the current period was **CNY 518,945,896.25**, and operating cost was **CNY 370,458,436.16**[569](index=569&type=chunk) [VIII. Research and Development Expenses](index=123&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the composition of the company's R&D expenses for the reporting period, including employee compensation, direct materials, technical services, and testing fees, totaling **CNY 22,858,052.32**, all of which were expensed R&D expenses R&D Expense Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,743,667.75 | 15,184,272.65 | | Direct Materials | 4,886,940.84 | 5,251,249.23 | | Technical Services and Testing Fees | 517,544.69 | 1,099,951.40 | | Depreciation and Amortization | 1,415,254.85 | 1,444,006.13 | | Travel Expenses | 748,378.68 | 707,239.49 | | Other | 546,265.51 | 947,703.59 | | **Total** | **22,858,052.32** | **24,634,422.49** | | Of which: Expensed R&D Expenses | 22,858,052.32 | 24,634,422.49 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[617](index=617&type=chunk) [IX. Changes in Consolidation Scope](index=123&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that the company's consolidation scope changed during the reporting period due to the establishment of **3 new subsidiaries** and the deregistration of **3 subsidiaries** - The consolidation scope changed due to the establishment of **3 new subsidiaries** and the deregistration of **3 subsidiaries** during the current period[618](index=618&type=chunk) [X. Interests in Other Entities](index=123&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including each subsidiary's registered capital, operating location, business nature, shareholding proportion, and acquisition method, and lists the main financial information of important non-wholly-owned subsidiaries Composition of the Enterprise Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Registered Location | Business Nature | Shareholding Proportion (Direct) | Shareholding Proportion (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ActBlue Research Institute | 100,000,000.00 | Hefei, Anhui | Hefei, Anhui | Manufacturing | 100.00% | 0.00% | Investment Establishment | | Zhonghailanhang | 10,000,000.00 | Hefei, Anhui | Hefei, Anhui | Manufacturing | 51.00% | 0.00% | Investment Establishment | | Changjiang Delta | 10,000,000.00 | Tongling, Anhui | Tongling, Anhui | Manufacturing | 45.90% | 0.00% | Investment Establishment | | ABH | 648,540.00 | Hong Kong, China | Hong Kong, China | Overseas Investment | 100.00%

Company Overview - Aikolan Environmental Co., Ltd. is located in Chizhou, Anhui Province, established on January 21, 2009, and listed on February 10, 2020. The company specializes in the research, production, and sales of engine exhaust after-treatment products and air pollution control products. The main business revenue composition is 97.51% from exhaust purification products and 2.49% from others [1]. Stock Performance - On August 26, Aikolan's stock price increased by 2.07%, reaching 39.94 CNY per share, with a trading volume of 101 million CNY and a turnover rate of 5.65%. The total market capitalization is 3.195 billion CNY [1]. - Year-to-date, Aikolan's stock price has risen by 56.41%, with a decline of 2.68% over the last five trading days, an increase of 23.81% over the last 20 days, and a rise of 33.94% over the last 60 days [1]. Capital Flow - In terms of capital flow, there was a net inflow of 3.8382 million CNY from main funds, with large orders accounting for 13.07% of purchases and 11.45% of sales. Notably, there were no sales from special large orders [1]. Financial Performance - For the first quarter of 2025, Aikolan achieved an operating income of 245 million CNY, representing a year-on-year growth of 1.93%. The net profit attributable to shareholders was 18.5433 million CNY, reflecting a year-on-year increase of 35.12% [2]. Shareholder Information - As of March 31, 2025, Aikolan had 14,300 shareholders, an increase of 65.23% from the previous period. The average number of circulating shares per person decreased by 39.48% to 3,191 shares [2]. - The company has distributed a total of 69.1978 million CNY in dividends since its A-share listing, with 9.1339 million CNY distributed in the last three years [3]. Institutional Holdings - As of March 31, 2025, the top ten circulating shareholders of Aikolan included a notable change, with the withdrawal of the招商量化精选股票发起式A (001917) from the list [3].

艾可蓝最新一期业绩显示，截至2025一季报，公司营业总收入2.45亿元、同比增长1.93%，归属净利润 1854.33万元，同比增长35.12%，扣非净利润1389.14万元，同比增长92.23%，流动比率1.433、速动比率 1.152、资产负债率61.28%。 来源：金融界 金融界消息 截至2025年8月14日收盘，艾可蓝（300816）报收于42.18元，上涨1.88%，换手率22.96%， 成交量10.47万手，成交金额4.52亿元。 通过天眼查大数据分析，安徽艾可蓝环保股份有限公司共对外投资了15家企业，参与招投标项目95次， 知识产权方面有商标信息36条，专利信息317条，此外企业还拥有行政许可49个。 资金流向方面，今日主力资金净流出1219.50万元，占比成交额2.7%。其中，超大单净流入793.37万 元、占成交额1.75%，大单净流出2012.87万元、占成交额4.45%，中单净流出流出929.48万元、占成交 额2.05%，小单净流入2148.98万元、占成交额4.75%。 天眼查商业履历信息显示，安徽艾可蓝环保股份有限公司，成立于2009年，位于池州市，是一家以从事 专用设备制造业为主 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The automotive industry faces significant challenges regarding vehicle emissions, with motor vehicle exhaust being a major contributor to air pollution. Currently, motor vehicle NOx emissions account for over 34% of the national total, with heavy-duty trucks contributing 80% of this figure. In major cities like Beijing, Shenzhen, and Chengdu, vehicle emissions contribute over 40% to PM2.5 pollution [4][8] - The transition to the National VII emission standards is expected to create a market space exceeding 200 billion yuan from 2027 to 2030, driven by the need for new components and system upgrades to meet stricter emission requirements [4][3] Summary by Sections 1. Mobile Source Air Pollution - Motor vehicle exhaust is a leading source of air pollution, with heavy-duty trucks being the primary contributors to NOx emissions [4][8] - In 2023, the total emissions from mobile sources reached 1,924.6 million tons, with motor vehicles accounting for over 70% of this total [12][19] 2. Historical Standards Review and Outlook - The National VI emission standards are significantly stricter than previous standards, reflecting a trend towards tighter regulations and alignment with international standards [47][48] - The National VII standards are being developed with a focus on reducing emissions and improving vehicle durability, with a phased implementation strategy [48][51] 3. National VII Gradual Implementation - The National VII standards are expected to introduce new components focused on cold start emissions reduction, NOx reduction, and monitoring system upgrades, creating substantial market opportunities [4][3] - The projected incremental market space for automotive after-treatment systems from 2027 to 2030 is estimated at 2,442.2 million yuan, 4,813.0 million yuan, 6,357.0 million yuan, and 7,331.0 million yuan respectively [4][3] 4. Related Companies - Companies with strong technical capabilities and broad product layouts in the after-treatment sector are recommended for investment, including Yunyi Electric, Aikelan, Zhongzi Technology, and Weifu High-Tech [4][3]

天眼查资料显示，安徽艾可蓝环保股份有限公司，成立于2009年，位于池州市，是一家以从事专用设备 制造业为主的企业。企业注册资本8000万人民币。通过天眼查大数据分析，安徽艾可蓝环保股份有限公 司共对外投资了15家企业，参与招投标项目95次，财产线索方面有商标信息36条，专利信息315条，此 外企业还拥有行政许可49个。 专利摘要显示，本实用新型提供一种汽车混合器用组件焊接成型夹持装置，包括底座，所述底座的一侧 安装用于固定丝网的定位机构，所述底座的另一侧安装用于固定混合管的压缩机构，且所述底座的表面 安装用于压缩上盖板的限位机构；所述限位机构包括支撑座；所述支撑座的表面均安装第三气缸和卡 板，所述卡板表面设有用于安放罩边的凹槽；所述支撑座的表面转动连接第二压缩板，所述第二压缩板 的一端抵触所述卡板，所述第二压缩板的另一端设有第二卡槽；所述第二卡槽的内部滑动连接且卡合第 二夹板，所述第二夹板连接所述第三气缸 。 金融界2025年8月13日消息，国家知识产权局信息显示，安徽艾可蓝环保股份有限公司取得一项名为"一 种汽车混合器用组件焊接成型夹持装置"的专利，授权公告号CN223210757U，申请日期为2024年1 ...

证券代码：300816 证券简称：艾可蓝 公告编号：2025-043 关于控股股东、实际控制人、持股 5%以上股东权益变动触及 1%整 合计持有股份 10,067,924 12.79% 9,437,824 11.99% 其中：无限售条件股份 10,067,924 12.79% 9,437,824 11.99% 有限售条件股份 0 0% 0 0% 注：若本表中出现总数与分项数值之和不符的情况，均为四舍五入计算所致。 4. 承诺、计划等履行情况 本次变动是否为履行已 作出的承诺、意向、计划 是 否□ 公司于2025年6月11日披露了《关于持股5%以上股东减持 股份预披露公告》。本次减持与公司已披露的减持意向及 减持计划一致，未违反相关承诺。截至本公告日，本次减 持计划尚未履行完毕。 本次变动是否存在违反 《证券法》《上市公司收 购管理办法》等法律、行 政法规、部门规章、规范 性文件和本所业务规则 等规定的情况 是□ 否 5. 被限制表决权的股份情况 按照《证券法》第六十 三条的规定，是否存在 不得行使表决权的股份 是□ 否 6. 30%以上股东增持股份的进一步说明（不适用） 7. 备查文件 1、中国证券登记结算有 ...

本次增持股份的资金来 其他金融机构借款□ 源 证券代码：300816 证券简称：艾可蓝 公告编号：2025-042 安徽艾可蓝环保股份有限公司 关于控股股东、实际控制人权益变动触及 1%整数倍的公告 公司控股股东、实际控制人刘屹先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次权益变动的主要原因系： 励计划第二个解除限售期解除限售条件未成就，公司于 2023 年 8 月 3 日回购控 股股东、实际控制人、董事长刘屹先生持有的公司股份 80,000 股。公司于 2023 年 8 月 8 日在中国证券登记结算有限责任公司深圳分公司完成回购注销手续，公 司总股本由 80,173,000 股减少至 80,000,000 股。 预披露公告》，公司控股股东、实际控制人、董事长刘屹先生计划自本公告披露 之日起 15 个交易日后的三个月内通过集中竞价交易和大宗交易的方式合计减持 公司股份不超过 2,362,209 股（占公司剔除回购专用证券账户中股份数量后总股 本 78,740,300 股的 3.00%） ...

证券代码：300816 证券简称：艾可蓝 公告编号：2025-042 安徽艾可蓝环保股份有限公司 关于控股股东、实际控制人权益变动触及 1%整数倍的公告 公司控股股东、实际控制人刘屹先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本次权益变动的主要原因系： 1、安徽艾可蓝环保股份有限公司（以下简称"公司"）2021 年限制性股票激 励计划第二个解除限售期解除限售条件未成就，公司于 2023 年 8 月 3 日回购控 股股东、实际控制人、董事长刘屹先生持有的公司股份 80,000 股。公司于 2023 年 8 月 8 日在中国证券登记结算有限责任公司深圳分公司完成回购注销手续，公 司总股本由 80,173,000 股减少至 80,000,000 股。 2、公司于 2025 年 6 月 23 日披露了《关于控股股东、实际控制人减持股份 预披露公告》，公司控股股东、实际控制人、董事长刘屹先生计划自本公告披露 之日起 15 个交易日后的三个月内通过集中竞价交易和大宗交易的方式合计减持 公司股份不超过 ...

8月8日，艾可蓝大宗交易成交61万股，成交额1736.06万元，占当日总成交额的13.39%，成交价28.46元，较市场收盘价34.35 元折价17.15%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-08 | 300816 | 艾可蓝 | 28.46 | 61.00 | 1,736.06 | 申万宏源证券有限 | 海通证券股份有限 | | | | | | | | 公司上海黄浦区福 | 公司宣城敬亭路证 | | | | | | | | 州路证券营业部 | 券营业部 | ...

7月30日，艾可蓝大宗交易成交45万股，成交额1220.4万元，占当日总成交额的22.45%，成交价27.12元，较市场收盘价31.9 元折价14.98%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-07-30 | 300816 | 艾可蓝 | 27.12 | 45.00 | 1,220.40 | 中信证券股份有限 | 招商证券股份有限 | | | | | | | | 公司上海徐汇区漕 | 公司马鞍山雨山东 | | | | | | | | 溪北路证券营业部 | 路证券营业部 | ...