格隆汇8月28日丨艾可蓝(300816.SZ)公布2025年半年度报告，上半年公司实现营业收入5.19亿元，同比 增长4.95%；归属于上市公司股东的净利润4426.61万元，同比增长23.82%；归属于上市公司股东的扣除 非经常性损益的净利润3432.17万元，同比增长31.46%；基本每股收益0.56元；拟向全体股东每10股派 发现金红利0.25元(含税)。 ...

证券代码：300816 证券简称：艾可蓝 公告编号：2025-050 安徽艾可蓝环保股份有限公司董事会 2025 年 8 月 29 日 附件： 第四届董事会职工代表董事简历 余安然女士未持有公司股票，与公司其他董事、监事、高级管理人员、持股 5%以上的股东及实际控制人不存在关联关系；从未受过中国证监会及其他有关 部门的处罚和证券交易所惩戒，不存在《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》第 3.2.3 条和第 3.2.4 条所规定的情形，不 存在作为失信被执行人的情形，其任职资格符合《公司法》及《公司章程》的相 关规定。 关于选举职工代表董事的公告 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。 根据《公司法》《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《公司章程》的有关规定，公司于 2025 年 8 月 28 日召开职工代表大 会。经与会职工代表审议，会议选举余安然女士为公司第四届董事会职工代表董 事（简历详见附件），任期自公司 ...

证券代码：300816 证券简称：艾可蓝 公告编号：2025-048 安徽艾可蓝环保股份有限公司 关于修订《公司章程》及部分治理制度的公告 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。 安徽艾可蓝环保股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第四届董事会第七次会议，审议通过了《关于修订<公司章程>的议案》《关于 修订部分治理制度的议案》。现将具体情况公告如下： 一、《公司章程》修订情况 为进一步完善公司治理结构，促进公司规范运作，根据《中华人民共和国公 司法》《上市公司章程指引》《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 规及相关规范性文件的最新规定，结合公司的自身实际情况，对《公司章程》部 分条款进行了修订。为突出本次修订的重点，仅就重要条款的修订对比作出展示， 其余只涉及部分文字表述调整和序号调整的内容将不再逐一比对，主要修订内容 如下： | 修改前 | 修改后 | | --- | --- | | 全文：股东大会 | 全文：股东会 | | 全文："监事 ...

关于 2025 年半年度计提信用减值准备和资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300816 证券简称：艾可蓝 公告编号：2025-047 安徽艾可蓝环保股份有限公司 安徽艾可蓝环保股份有限公司（以下简称"公司"）根据《企业会计准则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 以及公司相关会计政策的规定，对合并报表范围内截至 2025 年 6 月 30 日的各类 资产进行了减值测试，现将公司 2025 年半年度计提信用减值准备和资产减值准 备的具体情况公告如下： 一、本次计提信用减值准备和资产减值准备概述 （一）计提减值准备的原因 依据《企业会计准则》《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》《企业会计 准则第 8 号——资产减值》及公司会计政策等相关规定，为更加真实、准确地反 映公司 2025 年半年度财务状况和经营成果，基于谨慎性原则，公司对合并报表 范围内截至 2025 年 6 月 30 日的各类资产进行了全面清 ...

安徽艾可蓝环保股份有限公司 编制单位：安徽艾可蓝环保股份有限公司 单位：万元 公司法定代表人： 主管会计工作的负责人： 会计机构负责人： | | | 占用方与 上市公司 | 上市公 司核算 | 2025 年期 | 2025 年 月占用累计 | 1-6 2025 | 年 1-6 月占用资 | 2025 年 1-6 月偿 | 2025 年 6 | 占用形 | 占用性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 的关联关 | 的会计 | 初占用资 | 发生金额(不 | | 金的利息 | 还累计发 | 月末占用 | 成原因 | 质 | | | | | | 金余额 | | | | | 资金余额 | | | | | | 系 | 科目 | | 含利息) | | (如有) | 生金额 | | | | | 现大股东及其附属 | | | | | | | | | | | | | 企业 | | | | | | | | | | - | | | 小计 | | | | - | | - | ...

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。 安徽艾可蓝环保股份有限公司（以下简称"公司"）第四届董事会第七次会议 审议通过了《关于召开 2025 年第一次临时股东大会的议案》，现将本次股东大 会的有关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2025年第一次临时股东大会 2、会议召集人：公司董事会 证券代码：300816 证券简称：艾可蓝 公告编号：2025-051 安徽艾可蓝环保股份有限公司 关于召开 2025 年第一次临时股东大会的通知 3、会议召开的合法、合规性：2025年8月28日，公司第四届董事会第七次会 议审议通过《关于召开2025年第一次临时股东大会的议案》，同意召开本次股东 大会。本次会议的召集程序符合有关法律法规、深圳证券交易所业务规则及公司 章程的规定。 4、会议召开的日期和时间： （1）现场会议时间：2025年9月15日（星期一）15:00 （2）网络投票时间：2025年9月15日，其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为2025年9月15日9:15-9:25、9:30-11:30和13:00-15: ...

证券代码：300816 证券简称：艾可蓝 公告编号：2025-045 安徽艾可蓝环保股份有限公司 第四届监事会第七次会议决议公告 具体内容详见公司于 2025 年 8 月 29 日在巨潮资讯网（www.cninfo.com.cn） 上披露的《公司 2025 年半年度报告》及《公司 2025 年半年度报告摘要》。 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查文件 一、监事会会议召开情况 安徽艾可蓝环保股份有限公司（以下简称"公司"）第四届监事会第七次会议 于2025年8月28日在公司第二会议室以现场表决与通讯表决相结合的方式召开， 会议通知已于2025年8月18日以电子邮件方式送达全体监事。本次会议应出席监 事3名，实际出席监事3名，其中以通讯方式出席监事1名。会议由公司监事会主 席吴堃先生主持，会议召开符合有关法律法规及《公司章程》的规定。 二、监事会会议审议情况 与会监事经认真审议和表决，形成决议如下： （一）审议通过了《公司 2025 年半年度报告》及其摘要 经核查，监事会认为《公司 2025 年半年度报告》及其摘要的编制和审议程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完 ...

证券代码：300816 证券简称：艾可蓝 公告编号：2025-044 安徽艾可蓝环保股份有限公司 第四届董事会第七次会议决议公告 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 安徽艾可蓝环保股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日以现 场表决与通讯表决相结合的方式召开第四届董事会第七次会议。召开本次会议的 通知及相关会议材料已于 2025 年 8 月 18 日通过电子邮件方式送达全体董事和监 事。本次会议应出席董事 7 名，实际出席董事 6 名，独立董事王震坡先生因个人 原因未出席会议，其中以通讯方式出席董事 5 名。会议由公司董事长刘屹先生主 持，全体监事列席了本次会议，会议召开符合有关法律法规及《公司章程》的规 定。 二、董事会会议审议情况 与会董事经认真审议和表决，形成决议如下： （一）审议通过了《公司 2025 年半年度报告》及其摘要 具体内容详见公司于 2025 年 8 月 29 日在巨潮资讯网（www.cninfo.com.cn） 上披露的《公司 2025 年半年度报告》及《公司 2025 年半年 ...

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、审议程序及相关意见 安徽艾可蓝环保股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开 第四届董事会第七次会议，审议通过了《关于 2025 年半年度利润分配方案的议 案》。该议案尚需提交公司 2025 年第一次临时股东大会审议。 1、董事会意见 公司第四届董事会第七次会议审议通过了《关于 2025 年半年度利润分配方 案的议案》，董事会认为：该利润分配方案综合考虑了对投资者的投资回报和公 司的持续发展，有利于与全体股东分享公司成长的经营成果，董事会同意该利润 分配预案，并同意将此议案提交公司 2025 年第一次临时股东大会审议。 证券代码：300816 证券简称：艾可蓝 公告编号：2025-049 安徽艾可蓝环保股份有限公司 关于 2025 年半年度利润分配方案的公告 二、2025 年半年度利润分配方案的基本情况 根据公司 2025 年半年度报告（未经审计），公司 2025 年半年度实现归属于 上市公司股东的净利润为 44,266,072.33 元，母公司实现净利润 51,617,121.9 ...

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%