本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 安徽华骐环保科技股份有限公司（以下简称"公司"）第五届董事会第九 次会议通知于 2025 年 8 月 11 日以电话、邮件等通讯方式向各位董事发出，会 议于 2025 年 8 月 21 日上午 10:00 在公司会议室以现场会议结合通讯方式召开， 会议由董事长王健先生主持。本次会议应到董事 8 人，实到董事 8 人，其中 1 人以通讯方式表决，公司高级管理人员列席了会议。 本次会议的召集、召开及表决符合《中华人民共和国公司法》及《安徽华 骐环保科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 会议合法有效。 证券代码：300929 证券简称：华骐环保 公告编号：2025-040 安徽华骐环保科技股份有限公司 第五届董事会第九次会议决议公告 公司董事认真审议了公司 2025 年半年度报告及摘要，认为公司半年度报告 及摘要的内容真实、准确、完整地反映了公司 2025 年半年度经营情况，不存在 虚假记载、误导性陈述或重大遗漏。 本议案经公司第五届董事会审计委员会第九次会议审议通过。 ...

[Company Profile and Key Financial Indicators](index=6&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information, contact details, and key financial performance indicators, highlighting significant year-on-year growth in revenue and net profit [Company Profile](index=6&type=section&id=一、公司简介) This section provides basic company information, including stock abbreviation, code, Chinese name, English abbreviation, and legal representative. The company's registered address changed during the reporting period, but other contact information and disclosure channels remained unchanged - Stock Abbreviation: Huaqi Environmental, Stock Code: **300929**[14](index=14&type=chunk) - Company Chinese Name: Anhui Huaqi Environmental Technology Co., Ltd., Legal Representative: Wang Jian[14](index=14&type=chunk) - During the reporting period, the company's registered address changed from 'No. 271 Meishan Road, Ma'anshan Economic and Technological Development Zone, Anhui Province' to 'No. 409 Meishan Road, Ma'anshan Economic and Technological Development Zone, Anhui Province'[18](index=18&type=chunk)[19](index=19&type=chunk) [Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, which remained unchanged during the reporting period - Board Secretary: Jin Yan, Contact Number: 0555-2763187, Email: hq@huaqitech.com.cn[15](index=15&type=chunk) [Other Information](index=6&type=section&id=三、其他情况) This section confirms that the company's contact information, information disclosure, and document storage locations remained unchanged during the reporting period, with only the registered address being altered - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period, as detailed in the 2024 annual report[16](index=16&type=chunk) - Registration status changed during the reporting period; the registered address at the beginning and end of the reporting period remained No. 409 Meishan Road, but the registration date changed from May 11, 2024, to May 27, 2025[18](index=18&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) The company's key financial indicators showed strong performance this reporting period, with significant year-on-year growth in operating revenue and net profit attributable to shareholders, and a notable improvement in net cash flow from operating activities. Total assets and net assets maintained stable growth. Current period data has been retrospectively adjusted due to accounting policy changes Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (RMB) | Prior Period (Adjusted) (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 171,661,692.77 | 103,269,239.04 | 66.23% | | Net Profit Attributable to Shareholders of Listed Company | 4,428,269.51 | -11,292,181.86 | 139.22% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 3,081,293.65 | -11,952,428.81 | 125.78% | | Net Cash Flow from Operating Activities | 3,324,182.03 | -18,850,721.81 | 117.63% | | Basic Earnings Per Share (RMB/share) | 0.03 | -0.09 | 133.33% | | Diluted Earnings Per Share (RMB/share) | 0.03 | -0.09 | 133.33% | | Weighted Average Return on Net Assets | 0.55% | -1.35% | 1.90% | | **End of Current Period (RMB)** | **End of Prior Year (Adjusted) (RMB)** | **Change from End of Prior Year** | | | Total Assets | 1,771,251,876.53 | 1,773,621,507.64 | -0.13% | | Net Assets Attributable to Shareholders of Listed Company | 809,312,484.42 | 804,631,860.37 | 0.58% | - Accounting Policy Change: In accordance with the Ministry of Finance's 'Compilation of Application Guidelines for Enterprise Accounting Standards 2024' and 'Interpretation No. 18 of Enterprise Accounting Standards,' which stipulate that guarantee-type quality assurance expenses should be recognized in operating costs, the company began implementing this regulation from the 2024 fiscal year[20](index=20&type=chunk) [Differences in Accounting Data under Domestic and International Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and those disclosed under Chinese Accounting Standards - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and those under Chinese Accounting Standards[21](index=21&type=chunk) - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese Accounting Standards[22](index=22&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=六、非经常性损益项目及金额) The total non-recurring gains and losses for this reporting period amounted to **RMB 1,346,975.86**, primarily from government subsidies and fair value changes in financial assets Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Government grants recognized in current profit or loss (excluding government grants closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 1,571,092.23 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedging activities related to normal business operations | 200,533.06 | | Other non-operating income and expenses apart from the above items | -173,859.98 | | Less: Income tax impact | 250,195.23 | | Impact on minority interests (after tax) | 594.22 | | **Total** | **1,346,975.86** | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=第三节%20管理层讨论与分析) This section details the company's main businesses, core competencies, and operational performance, including financial results, asset and liability status, investment activities, and risk management strategies [Main Businesses Engaged by the Company During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) As an 'Environmental 4S Professional Service Provider' in water environment governance, the company possesses multiple core technologies and products, focusing on Bio-Aerated Filter (BAF) processes, intelligent wastewater treatment equipment, rural and black-odorous water body treatment, and medical wastewater treatment. Concurrently, the company actively expands into the new energy sector, establishing a 'Environmental Protection + New Energy' dual-driven development pattern - The company is an 'Environmental 4S Professional Service Provider' specializing in water environment governance, possessing numerous core technologies and products with independent intellectual property rights[27](index=27&type=chunk) - The company is accelerating its expansion into the new energy sector, fully establishing a 'Environmental Protection + New Energy' dual-driven development pattern[27](index=27&type=chunk) [Business Scope and Main Business Revenue Composition](index=9&type=section&id=（一）业务领域及主营业务收入构成) The company's main businesses include integrated urban water environment governance, medical wastewater treatment, and rural water environment treatment, providing full lifecycle services based on core processes like BAF. Additionally, the company collaborates with Anhui University of Technology to research hydrogen energy industry chain technology and has introduced a professional energy storage container team, though the new energy business has not yet positively impacted performance during the reporting period - Water environment governance business covers integrated urban water environment governance, medical wastewater treatment, and rural water environment treatment, providing full lifecycle butler-style services[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The new energy business has established a joint laboratory with Anhui University of Technology, focusing on in-depth research and development of key links in the hydrogen energy industry chain, and has introduced a professional energy storage container team[30](index=30&type=chunk) - During the reporting period, the new energy business has not yet positively impacted the company's performance; investors are advised to be aware of investment risks[30](index=30&type=chunk) [Business Model](index=9&type=section&id=（二）业务模式) The company's business model primarily includes equipment manufacturing and sales (water treatment and energy storage equipment), water environment governance engineering (EPC model), and wastewater treatment investment and operation (BOT, BOO, TOT models), offering diversified products and services to clients - The company's business model is primarily divided into equipment manufacturing and sales, water environment governance engineering, and wastewater treatment investment and operation[31](index=31&type=chunk) - Equipment manufacturing and sales business is implemented through its wholly-owned subsidiary Huaqi Weilan, covering the research, development, production, and sales of water environment governance process technologies and products, as well as energy storage equipment[31](index=31&type=chunk)[32](index=32&type=chunk) - Water environment governance engineering business is led by core process technologies such as BAF, providing full-process or multi-stage contracting services including engineering design, construction, equipment supply, and system installation and commissioning[33](index=33&type=chunk) - Wastewater treatment investment and operation adopts BOT, BOO, TOT, and other models, acquiring concession rights for wastewater treatment facilities and collecting operation fees[34](index=34&type=chunk) [Company's Industry Position](index=10&type=section&id=（三）公司所处行业地位) The company holds an internationally advanced position in the core Bio-Aerated Filter (BAF) process technology, is a national 'Specialized, Refined, Unique, and New' 'Little Giant' enterprise, and actively participates in the formulation of multiple industry standards, continuously enhancing its core technological level and market competitiveness - The company has accumulated extensive experience in the field of wastewater quality improvement and efficiency enhancement with its core Bio-Aerated Filter (BAF) process technology, reaching an internationally advanced level and having received the 'National Science and Technology Invention Second Prize'[35](index=35&type=chunk) - The company is a national 'Specialized, Refined, Unique, and New' 'Little Giant' enterprise, a high-tech enterprise, and a Vice President Unit of the All-China Environmental Chamber of Commerce[35](index=35&type=chunk) - The company participated in the compilation of multiple industry standards, promoting the standardized application of BAF technology in China, including the 'Technical Regulations for Bio-Aerated Filter Engineering'[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=二、核心竞争力分析) The company's core competencies are reflected in its technological and R&D advantages, talent advantages, product advantages, and comprehensive service advantages. The company possesses core technologies with independent intellectual property rights, continuously engages in R&D innovation, and has built a high-level R&D team. Its intelligent wastewater treatment equipment and core BAF products hold a leading position in the industry, and it provides full lifecycle butler-style services - Technological and R&D Advantages: The company masters a series of core wastewater treatment technologies, including BAF process technology, possesses independent intellectual property rights, and undertakes multiple provincial-level and above scientific research projects, such as 'Key Technologies and Equipment for Intelligent Rural and Household Wastewater Treatment and Application,' which has reached an internationally advanced level[38](index=38&type=chunk)[39](index=39&type=chunk) - Talent Advantages: Relying on its university background, the company has built a highly skilled, comprehensively capable, experienced, and stable R&D team through industry-university-research cooperation and internal training[40](index=40&type=chunk) - Product Advantages: The intelligent wastewater treatment equipment and core BAF process products developed by the company, such as the 'Magic Cube Smart Water' series, possess high technological advancement and equipment intelligence in the industry[40](index=40&type=chunk) - Comprehensive Service Advantages: As a leading enterprise in the BAF field, the company provides full lifecycle butler-style services, including technical solution preparation, engineering design, system integration, equipment manufacturing, engineering commissioning, expert diagnosis and technical support during operation, and wastewater treatment facility investment and operation[41](index=41&type=chunk) [Main Business Analysis](index=12&type=section&id=三、主营业务分析) During the reporting period, the company's main business revenue significantly increased by **66.23%** year-on-year, primarily due to a substantial increase in water environment governance engineering projects and wastewater treatment investment and operation revenue. Selling expenses decreased, while administrative expenses, financial expenses, and R&D investment all saw slight increases. Net cash flow from operating activities turned profitable, growing by **147.65%** Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 171,661,692.77 | 103,269,239.04 | 66.23% | Increase in water environment governance engineering projects in current period | | Operating Cost | 118,676,193.73 | 74,643,246.35 | 58.99% | Increase in water environment governance engineering projects in current period | | Selling Expenses | 3,013,929.77 | 4,489,057.01 | -32.86% | Decrease in sales personnel compensation and exhibition expenses in current period | | Income Tax Expense | 3,603,941.52 | -2,274,082.12 | 259.58% | Increase in total profit in current period | | Net Cash Flow from Operating Activities | 3,324,182.03 | -18,850,721.81 | 147.65% | Increase in sales receipts in current period | Analysis of Main Business Revenue Composition | Product or Service | Current Period Operating Revenue (RMB) | Current Period Gross Profit Share | Prior Period Operating Revenue (RMB) | Prior Period Gross Profit Share | YoY Change in Operating Revenue | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Environment Governance Engineering | 82,383,560.24 | 25.77% | 26,672,329.61 | 11.75% | 208.87% | 3.90% | | Water Treatment Product Sales | 13,338,899.30 | 0.86% | 15,529,691.15 | 7.10% | -14.00% | -6.24% | | Wastewater Treatment Investment and Operation | 74,795,668.61 | 72.46% | 60,161,411.73 | 80.41% | 24.32% | 12.89% | - During the reporting period, both water environment governance engineering revenue and wastewater treatment investment and operation revenue significantly increased, while water treatment product sales revenue slightly decreased, ultimately leading to a major change in the company's profit composition for the reporting period[44](index=44&type=chunk) [Non-Main Business Analysis](index=13&type=section&id=四、非主营业务分析) The company's non-main business income primarily originated from investment income (profits from associates and wealth management product income) and fair value change gains/losses, but these income sources are not sustainable. Concurrently, there were also non-main business impacts such as asset impairment and non-operating expenses (e.g., tax late payment fees) Non-Main Business Analysis | Item | Amount (RMB) | Share of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 795,430.53 | 10.21% | Due to profits from associates and wealth management product income | No | | Fair Value Change Gains/Losses | 79,925.11 | 1.03% | | No | | Asset Impairment | -195,236.84 | -2.51% | | No | | Non-Operating Income | 353,916.30 | 4.54% | Penalty income | No | | Non-Operating Expenses | 527,776.28 | 6.77% | Tax late payment fees | No | [Analysis of Assets and Liabilities](index=14&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets and net assets attributable to shareholders remained stable. In terms of asset structure, accounts receivable, contract assets, and inventory proportions increased, while monetary funds and long-term borrowings slightly decreased. On the liability side, short-term borrowings and contract liabilities increased, while long-term borrowings decreased. Some of the company's assets are restricted, primarily pledged or mortgaged for bank loans Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Share of Total Assets | Amount at End of Prior Year (RMB) | Share of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 56,562,023.40 | 3.19% | 70,810,154.07 | 3.99% | -0.80% | | Accounts Receivable | 316,115,874.35 | 17.85% | 297,292,370.81 | 16.76% | 1.09% | | Contract Assets | 129,647,313.55 | 7.32% | 123,099,804.71 | 6.94% | 0.38% | | Inventory | 75,249,124.34 | 4.25% | 59,552,002.92 | 3.36% | 0.89% | | Short-term Borrowings | 102,585,193.44 | 5.79% | 83,864,739.95 | 4.73% | 1.06% | | Contract Liabilities | 23,153,497.96 | 1.31% | 15,534,765.26 | 0.88% | 0.43% | | Long-term Borrowings | 419,009,100.00 | 23.66% | 466,389,200.00 | 26.30% | -2.64% | Asset Restriction Status as of the End of the Reporting Period | Item | Book Value (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 5,657,701.58 | Frozen | Litigation freeze | | Monetary Funds | 9,156,732.98 | Frozen | Bills, letter of guarantee deposits | | Intangible Assets | 236,105,997.33 | Pledged | Mortgaged, pledged for bank loans | | Long-term Receivables (including current portion) | 378,104,711.06 | Pledged | Mortgaged, pledged for bank loans | | Accounts Receivable | 4,275,000.00 | Pledged | Mortgaged, pledged for bank loans | - The company had no significant overseas assets during the reporting period[53](index=53&type=chunk) - The measurement attributes of the company's main assets did not undergo significant changes during the reporting period[55](index=55&type=chunk) [Analysis of Investment Status](index=15&type=section&id=六、投资状况分析) During the reporting period, the company's total investment decreased by **17.14%** year-on-year. There were no significant equity or non-equity investments. All raised funds have been utilized, with the 'Intelligent Wastewater Treatment Equipment Industrialization Project' failing to meet expected returns. The company engaged in entrusted wealth management but had no derivative investments or entrusted loans Investment Amount During the Reporting Period | Indicator | Investment Amount for Reporting Period (RMB) | Investment Amount for Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount for Reporting Period | 80,182,785.23 | 96,773,860.48 | -17.14% | - The company did not acquire significant equity investments or have ongoing significant non-equity investments during the reporting period[58](index=58&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Amount at Period-End (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Accumulated Investment Income (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | | Other | 17,079,925.11 | 79,925.11 | 43,189.28 | Own funds | - As of June 30, 2025, all proceeds from the company's initial public offering have been fully utilized[68](index=68&type=chunk) - The 'Intelligent Wastewater Treatment Equipment Industrialization Project' did not achieve expected returns this year, primarily due to factors such as changes in market supply and demand, slowdown in government investment, and delays in some order deliveries[71](index=71&type=chunk) Overview of Entrusted Wealth Management | Specific Type | Amount of Entrusted Wealth Management (RMB 10,000) | Outstanding Balance (RMB 10,000) | | :--- | :--- | :--- | | Bank Wealth Management Products | 3,000 | 1,700 | | Brokerage Wealth Management Products | 500 | 0 | | **Total** | **3,500** | **1,700** | - The company had no derivative investments or entrusted loans during the reporting period[76](index=76&type=chunk)[77](index=77&type=chunk) [Significant Asset and Equity Sales](index=20&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell significant assets during the reporting period[78](index=78&type=chunk) - The company did not sell significant equity during the reporting period[79](index=79&type=chunk) [Analysis of Major Holding and Associate Companies](index=21&type=section&id=八、主要控股参股公司分析) This section details the financial information of the company's major holding subsidiaries. Notably, Hanshan County Huaqi Water Environment Governance Co., Ltd. saw a significant year-on-year increase in net profit, primarily due to the recognition of PPP project investment return income Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ma'anshan Runyou Water Affairs Investment Co., Ltd. | Subsidiary | 36,480,000.00 | 99,777,440.13 | 43,263,296.72 | 5,441,080.25 | 1,792,118.36 | | Yixing Huaqi Wastewater Treatment Co., Ltd. | Subsidiary | 50,000,000.00 | 158,174,384.84 | 70,127,126.08 | 9,826,621.45 | 1,153,398.47 | | Wuhe County Huaqi Water Affairs Co., Ltd. | Subsidiary | 20,000,000.00 | 68,467,532.11 | 39,423,883.38 | 7,816,898.04 | 2,512,653.17 | | Hexian Huaqi Chemical Wastewater Treatment Co., Ltd. | Subsidiary | 10,000,000.00 | 34,057,693.64 | 16,557,869.46 | 5,186,219.38 | 1,448,225.35 | | Hanshan County Huaqi Water Environment Governance Co., Ltd. | Subsidiary | 11,546,000.00 | 61,373,065.92 | 2,770,414.09 | 17,410,777.44 | 12,496,913.35 | | Wuhe Huaqi Southern Wastewater Treatment Co., Ltd. | Subsidiary | 77,000,000.00 | 264,605,499.90 | 83,672,684.98 | 13,942,801.38 | 1,603,481.47 | | Anhui Huaqi Weilan Intelligent Equipment Co., Ltd. | Subsidiary | 40,000,000.00 | 71,252,147.26 | 15,760,589.60 | 18,571,717.37 | 3,298,747.13 | - Hanshan County Huaqi Water Environment Governance Co., Ltd.'s net profit significantly increased year-on-year, primarily due to the signing of a supplementary agreement to the 'Hanshan Economic Development Zone East District Wastewater Treatment Plant (Phase I) and West District Wastewater Treatment Plant (Phase I) PPP Project Contract' in January 2025, clarifying the amount, term, and method of investment return, leading to the recognition of **RMB 12.2956 million** in revenue for the current period[89](index=89&type=chunk)[90](index=90&type=chunk) [Structured Entities Controlled by the Company](index=30&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[91](index=91&type=chunk) [Risks Faced by the Company and Countermeasures](index=30&type=section&id=十、公司面临的风险和应对措施) The company faces multiple risks, including default on concession projects, accounts receivable recovery, expanding inventory and contract asset scale, growth prospects, changes in control, and new energy industry development. The company has formulated corresponding countermeasures, including strengthening contract terms, establishing collection teams, optimizing settlement mechanisms, increasing R&D investment, consolidating equity structure, and closely monitoring industry trends - Concession Project Default Risk: Local governments may delay payments, lower water prices, or reduce minimum guaranteed water volumes. Countermeasures: Include safeguard clauses in agreements and engage professional legal counsel to review agreements[91](index=91&type=chunk) - Risk of Accounts Receivable Not Being Recovered Timely or Becoming Bad Debts: High accounts receivable balance at the end of the reporting period. Countermeasures: Make accounts receivable collection a key annual operating task and establish a collection team[91](index=91&type=chunk) - New Energy Industry Risks: Hydrogen energy industry chain technology is still in the laboratory R&D stage, and the energy storage container business is highly affected by macroeconomic and industrial policies. Countermeasures: Closely monitor macroeconomic and new energy industry trends, enhance technological and product competitiveness, and accelerate the commercialization of R&D achievements[96](index=96&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=31&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) During the reporting period, the company held its 2024 annual online performance briefing on May 14, 2025, via an online platform, engaging with investors on its 2024 annual operating performance and future development plans - Reception Date: May 14, 2025[97](index=97&type=chunk) - Reception Method: Online platform communication[97](index=97&type=chunk) - Main Topics Discussed: 2024 annual operating performance and future development plans[97](index=97&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=31&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) During the reporting period, the company did not formulate a market value management system nor disclose a valuation enhancement plan - The company has not formulated a market value management system[98](index=98&type=chunk) - The company has not disclosed a valuation enhancement plan[98](index=98&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=31&type=section&id=十三、%22质量回报双提升%22行动方案贯彻落实情况) During the reporting period, the company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan - The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan[98](index=98&type=chunk) [Corporate Governance, Environment, and Society](index=32&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance structure, profit distribution plans, employee incentive measures, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=32&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including the departure of independent directors and several supervisors, as well as the election of new independent directors and the appointment/removal of employee representative directors Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Huang Zhiquan | Independent Director | Departure | May 20, 2025 | Personal reasons | | Zhu Rong | Chairperson of Supervisory Board | Departure | May 20, 2025 | Supervisory Board reform | | Liu Nengbin | Independent Director | Elected | May 20, 2025 | Elected | | Jin Yan | Employee Representative Director | Appointment/Removal | May 20, 2025 | No longer serves as director, appointed as employee representative director | [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=32&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period[101](index=101&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company is actively advancing its 2025 Restricted Stock Incentive Plan, which has received approval from Anhui University of Technology and passed shareholder review. On June 17, 2025, the company granted **3.30 million** shares of second-class restricted stock to 69 incentive recipients for the first time. There were no employee stock ownership plans or other employee incentive measures during the reporting period - The company is implementing the 2025 Restricted Stock Incentive Plan, which has received approval from Anhui University of Technology and passed shareholder review[102](index=102&type=chunk)[104](index=104&type=chunk) - On June 17, 2025, the company granted **3.30 million** shares of second-class restricted stock to 69 incentive recipients for the first time[104](index=104&type=chunk) - The company had no implementation of employee stock ownership plans or other employee incentive measures during the reporting period[105](index=105&type=chunk) [Environmental Information Disclosure Status](index=34&type=section&id=四、环境信息披露情况) The company and its **6** major subsidiaries are included in the list of enterprises required to disclose environmental information by law, and their environmental information disclosure reports can be found on the respective provincial environmental information disclosure system websites - The number of companies included in the list of enterprises required to disclose environmental information by law is **6**[106](index=106&type=chunk) - Environmental information disclosure reports for major subsidiaries (e.g., Yixing Huaqi Wastewater Treatment Co., Ltd., Wuhe County Huaqi Water Affairs Co., Ltd.) can be found on the Enterprise Environmental Information Disclosure System (Jiangsu/Anhui) websites[106](index=106&type=chunk) [Social Responsibility Status](index=34&type=section&id=五、社会责任情况) The company integrates social responsibility into its development strategy, committed to protecting shareholder and creditor rights, valuing employee development and welfare, and advocating equal employment policies. The company provides diverse training, social insurance, and multiple benefits to employees, aiming for harmonious development between the enterprise, its employees, and society - The company regards fulfilling social responsibility as a crucial measure for sustainable development and enhancing core competitiveness, striving to achieve coordinated unity between enterprise development, employee growth, ecological environmental protection, and social harmony[107](index=107&type=chunk) - The company effectively guarantees the right to information and voting rights of all shareholders, strictly fulfills its obligations according to contracts signed with creditors, and has not experienced any debt defaults[107](index=107&type=chunk) - The company adheres to a 'people-oriented' approach, emphasizes employee development, provides diverse comprehensive quality and professional skills training, fully implements relevant national laws and regulations, establishes social insurance and housing provident funds for employees, and offers benefits such as health examinations and paid leave[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) [Significant Matters](index=36&type=section&id=第五节%20重要事项) This section addresses key corporate events, including commitments, related party transactions, significant contracts, litigation, and other material disclosures [Commitment Matters Fulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company, etc., During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period](index=36&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no commitment matters that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself as of the end of the reporting period - During the reporting period, there were no commitment matters that had been fulfilled or were overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself as of the end of the reporting period[111](index=111&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company](index=36&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of listed company funds by controlling shareholders or other related parties[112](index=112&type=chunk) [Illegal External Guarantees](index=36&type=section&id=三、违规对外担保情况) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[113](index=113&type=chunk) [Appointment and Dismissal of Accounting Firms](index=36&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[114](index=114&type=chunk) [Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Period](index=36&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期%22非标准审计报告%22的说明) There was no non-standard audit report in the current period, thus no explanation is required from the Board of Directors, Supervisory Board, or Audit Committee [Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year](index=36&type=section&id=六、董事会对上年度%22非标准审计报告%22相关情况的说明) There was no non-standard audit report in the previous year, thus no explanation is required from the Board of Directors [Bankruptcy and Reorganization Related Matters](index=36&type=section&id=七、破产重整相关事项) During the reporting period, the company did not experience any bankruptcy or reorganization related matters - The company did not experience any bankruptcy or reorganization related matters during the reporting period[115](index=115&type=chunk) [Litigation Matters](index=36&type=section&id=八、诉讼事项) During the reporting period, the company had no significant litigation or arbitration matters, but there were other non-significant litigation matters, including cases where the company was both plaintiff and defendant. Some cases have concluded with the company's claims supported, while others are still pending trial or judgment, none of which had a significant impact on the company - The company had no significant litigation or arbitration matters in the current reporting period[116](index=116&type=chunk) Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (RMB 10,000) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other litigation matters where the company is the plaintiff | 11,821.53 | No | Some concluded, company's claims supported; some pending trial or judgment | No significant impact | | Other litigation matters where the company is the defendant | 175.79 | No | Some concluded; some pending trial or judgment | No significant impact | [Penalties and Rectification Status](index=37&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[118](index=118&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, the company, its controlling shareholder, and actual controller had no integrity issues [Significant Related Party Transactions](index=37&type=section&id=十一、重大关联交易) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party debt/credit, nor did it conduct financial business with affiliated finance companies - The company had no related party transactions related to daily operations during the reporting period[119](index=119&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[120](index=120&type=chunk) - The company had no related party debt or credit transactions during the reporting period[122](index=122&type=chunk) - There were no deposits, loans, credit lines, or other financial businesses between the company and affiliated finance companies, or between the company's controlled finance companies and related parties[123](index=123&type=chunk)[124](index=124&type=chunk) [Significant Contracts and Their Performance](index=38&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any other significant contracts. However, the company provided multiple significant guarantees for its subsidiaries, with the total actual guarantee balance amounting to **RMB 388.8497 million** as of the end of the reporting period, representing **48.05%** of the company's net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party | Guaranteed Amount (RMB 10,000) | Guarantee Start Date | Guarantee End Date | Whether Guarantee Has Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Hanshan County Huaqi Environmental Governance Co., Ltd. | 7,200 | May 30, 2018 | May 30, 2031 | No | | Ma'anshan Huaqi Wastewater Treatment Co., Ltd. | 8,996 | December 12, 2019 | November 03, 2040 | No | | Hanshan County Huaqi Water Environment Governance Co., Ltd. | 4,000 | April 02, 2020 | April 02, 2038 | No | | Wuhe Huaqi Southern Wastewater Treatment Co., Ltd. | 18,000 | March 31, 2021 | November 20, 2048 | No | | Yixing Huaqi Wastewater Treatment Co., Ltd. | 6,588 | March 28, 2024 | March 24, 2037 | No | | **Total Actual Guarantee Balance for Subsidiaries at End of Reporting Period** | **38,884.97** | | | | | **Ratio of Total Actual Guarantee to Company's Net Assets** | **48.05%** | | | | - The company had no other significant contracts during the reporting period[135](index=135&type=chunk) [Explanation of Other Significant Matters](index=40&type=section&id=十三、其他重大事项的说明) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[136](index=136&type=chunk) [Significant Matters of Company Subsidiaries](index=40&type=section&id=十四、公司子公司重大事项) During the reporting period, the company's subsidiaries had no significant matters - The company had no significant matters concerning its subsidiaries during the reporting period[137](index=137&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=第六节%20股份变动及股东情况) This section outlines the company's share capital structure, shareholder composition, and any changes in shareholdings of directors, supervisors, and senior management [Share Change Status](index=41&type=section&id=一、股份变动情况) During the reporting period, there were no changes in the company's total share capital, restricted shares, or unrestricted shares, neither in quantity nor proportion Share Change Status | | Quantity Before Change (shares) | Proportion Before Change | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 5,385,600 | 4.08% | 5,385,600 | 4.08% | | II. Unrestricted Shares | 126,747,356 | 95.92% | 126,747,356 | 95.92% | | III. Total Shares | 132,132,956 | 100.00% | 132,132,956 | 100.00% | - During the reporting period, the reasons for share changes, approval status, transfer status, and progress of share repurchase implementation are all not applicable[141](index=141&type=chunk) [Securities Issuance and Listing Status](index=42&type=section&id=二、证券发行与上市情况) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[142](index=142&type=chunk) [Number of Shareholders and Shareholding Status](index=42&type=section&id=三、公司股东数量及持股情况) As of the end of the reporting period, the company had **9,274** common shareholders. Among the top ten shareholders, Ma'anshan An'gongda Asset Management Co., Ltd. is the controlling shareholder, holding **14.10%** of shares and collectively possessing **26.80%** of voting rights through proxy. Several natural person shareholders form a concerted action with An'gongda Asset - Total number of common shareholders at the end of the reporting period: **9,274**[142](index=142&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ma'anshan An'gongda Asset Management Co., Ltd. | State-owned Legal Person | 14.10% | 18,632,328 | 0 | 18,632,328 | | Li Minghe | Domestic Natural Person | 2.80% | 3,698,680 | 0 | 3,698,680 | | Zheng Jun | Domestic Natural Person | 2.80% | 3,696,000 | 2,772,000 | 924,000 | | Wang Aibin | Domestic Natural Person | 2.73% | 3,610,422 | 0 | 3,610,422 | | Tibet Xingrui Enterprise Management Service Co., Ltd. | Domestic Non-State-owned Legal Person | 2.59% | 3,427,000 | 0 | 3,427,000 | | Zheng Jie | Domestic Natural Person | 2.50% | 3,308,800 | 2,481,600 | 827,200 | | Qi Jiawei | Domestic Natural Person | 1.95% | 2,574,260 | 0 | 2,574,260 | | Liu Guangchun | Domestic Natural Person | 1.73% | 2,289,126 | 0 | 2,289,126 | | Qi Haiyun | Domestic Natural Person | 1.54% | 2,039,347 | 0 | 2,039,347 | | Ma'anshan Huashan District Asset Management Co., Ltd. | State-owned Legal Person | 1.20% | 1,584,000 | 0 | 1,584,000 | - Shareholders Li Minghe, Zheng Jun, Wang Aibin, Liu Guangchun, and Zheng Jie form a concerted action with the controlling shareholder Ma'anshan An'gongda Asset Management Co., Ltd., and have entrusted their voting rights to An'gongda Asset[143](index=143&type=chunk) [Shareholding Changes of Directors, Supervisors, and Senior Management](index=44&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, several of the company's directors and senior management were granted restricted shares, totaling **540,000** shares, but their shareholding at the end of the period remained unchanged Shareholding Changes of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Number of Shares Held at Period End (shares) | Number of Restricted Shares Granted in Current Period (shares) | | :--- | :--- | :--- | :--- | :--- | | Jin Yan | Employee Representative Director, Board Secretary | Current | 0 | 70,000 | | Wang Peng | Deputy General Manager | Current | 0 | 100,000 | | Lian Hongwei | Deputy General Manager | Current | 0 | 100,000 | | Cheng Xiaoling | Deputy General Manager | Current | 0 | 100,000 | | Li Binghuang | Deputy General Manager | Current | 0 | 100,000 | | Xu Xinglie | Chief Financial Officer | Current | 0 | 70,000 | | **Total** | -- | -- | **0** | **540,000** | [Changes in Controlling Shareholder or Actual Controller](index=44&type=section&id=五、控股股东或实际控制人变更情况) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[146](index=146&type=chunk) - The company's actual controller did not change during the reporting period[147](index=147&type=chunk) [Preferred Share Related Matters](index=46&type=section&id=六、优先股相关情况) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[148](index=148&type=chunk) [Bond Related Matters](index=47&type=section&id=第七节%20债券相关情况) This section confirms the absence of any bond-related matters for the company during the reporting period [Bond Related Matters](index=47&type=section&id=债券相关情况) During the reporting period, the company had no bond-related matters - The company had no bond-related matters during the reporting period[150](index=150&type=chunk) [Financial Report](index=48&type=section&id=第八节%20财务报告) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes to the financial statements [Audit Report](index=48&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[152](index=152&type=chunk) [Financial Statements](index=48&type=section&id=二、财务报表) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position at the end of the reporting period and its operating results and cash flows during the reporting period [Consolidated Balance Sheet](index=48&type=section&id=1、合并资产负债表) As of June 30, 2025, the company's consolidated total assets amounted to **RMB 1,771,251,876.53**, total liabilities to **RMB 951,059,374.43**, and total owners' equity to **RMB 820,192,502.10** - Consolidated total assets at period-end: **RMB 1,771,251,876.53**[49](index=49&type=chunk) - Consolidated total liabilities at period-end: **RMB 951,059,374.43**[50](index=50&type=chunk) - Consolidated owners' equity attributable to parent company at period-end: **RMB 809,312,484.42**[50](index=50&type=chunk) [Parent Company Balance Sheet](index=50&type=section&id=2、母公司资产负债表) As of June 30, 2025, the parent company's total assets amounted to **RMB 1,306,461,066.45**, total liabilities to **RMB 526,653,414.13**, and total owners' equity to **RMB 779,807,652.32** - Parent company total assets at period-end: **RMB 1,306,461,066.45**[51](index=51&type=chunk) - Parent company total liabilities at period-end: **RMB 526,653,414.13**[52](index=52&type=chunk) - Parent company total owners' equity at period-end: **RMB 779,807,652.32**[52](index=52&type=chunk) [Consolidated Income Statement](index=52&type=section&id=3、合并利润表) For the first half of 2025, the company's consolidated total operating revenue was **RMB 171,661,692.77**, net profit was **RMB 4,188,567.38**, net profit attributable to parent company shareholders was **RMB 4,428,269.51**, and basic earnings per share was **RMB 0.03** - Consolidated total operating revenue for H1 2025: **RMB 171,661,692.77**, a year-on-year increase of **66.23%**[161](index=161&type=chunk)[43](index=43&type=chunk) - Consolidated net profit for H1 2025: **RMB 4,188,567.38**, net profit attributable to parent company shareholders: **RMB 4,428,269.51**[163](index=163&type=chunk) - Basic earnings per share for H1 2025: **RMB 0.03/share**[163](index=163&type=chunk) [Parent Company Income Statement](index=54&type=section&id=4、母公司利润表) For the first half of 2025, the parent company's operating revenue was **RMB 99,152,468.01**, and net profit was **-RMB 18,026,496.69** - Parent company operating revenue for H1 2025: **RMB 99,152,468.01**[166](index=166&type=chunk) - Parent company net profit for H1 2025: **-RMB 18,026,496.69**[167](index=167&type=chunk) [Consolidated Cash Flow Statement](index=56&type=section&id=5、合并现金流量表) For the first half of 2025, the company's consolidated net cash flow from operating activities was **RMB 3,324,182.03**, net cash flow from investing activities was **-RMB 13,410,881.23**, and net cash flow from financing activities was **-RMB 8,836,171.37** - Consolidated net cash flow from operating activities for H1 2025: **RMB 3,324,182.03**, a year-on-year increase of **117.63%**[168](index=168&type=chunk)[43](index=43&type=chunk) - Consolidated net cash flow from investing activities for H1 2025: **-RMB 13,410,881.23**[169](index=169&type=chunk) - Consolidated net cash flow from financing activities for H1 2025: **-RMB 8,836,171.37**[169](index=169&type=chunk) [Parent Company Cash Flow Statement](index=57&type=section&id=6、母公司现金流量表) For the first half of 2025, the parent company's net cash flow from operating activities was **-RMB 15,798,938.61**, net cash flow from investing activities was **-RMB 16,737,961.59**, and net cash flow from financing activities was **RMB 11,554,474.01** - Parent company net cash flow from operating activities for H1 2025: **-RMB 15,798,938.61**[170](index=170&type=chunk) - Parent company net cash flow from investing activities for H1 2025: **-RMB 16,737,961.59**[171](index=171&type=chunk) - Parent company net cash flow from financing activities for H1 2025: **RMB 11,554,474.01**[171](index=171&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=58&type=section&id=7、合并所有者权益变动表) For the first half of 2025, the company's consolidated total owners' equity increased from **RMB 815,751,580.18** at the beginning of the period to **RMB 820,192,502.10** at the end of the period, primarily due to net profit attributable to owners of the parent company - Consolidated total owners' equity at period-end: **RMB 820,192,502.10**[60](index=60&type=chunk) - Total comprehensive income attributable to owners of the parent company for the current period: **RMB 4,428,269.51**[59](index=59&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=62&type=section&id=8、母公司所有者权益变动表) For the first half of 2025, the parent company's total owners' equity decreased from **RMB 797,581,794.47** at the beginning of the period to **RMB 779,807,652.32** at the end of the period, primarily due to a decrease in total comprehensive income - Parent company total owners' equity at period-end: **RMB 779,807,652.32**[63](index=63&type=chunk) - Parent company total comprehensive income for the current period: **-RMB 18,026,496.69**[63](index=63&type=chunk) [Company Basic Information](index=65&type=section&id=三、公司基本情况) This section introduces Anhui Huaqi Environmental Technology Co., Ltd.'s historical evolution, changes in registered capital, registered address, and legal representative. The company, formerly Ma'anshan Huaqi Environmental Technology Development Co., Ltd., has undergone multiple equity transfers and capital increases, with its registered capital reaching **RMB 132.132956 million** - The company's predecessor was Ma'anshan Huaqi Environmental Technology Development Co., Ltd., established on April 27, 2002[184](index=184&type=chunk) - The company's registered capital has undergone multiple changes, reaching **RMB 132.132956 million** with a total of **132,132,956 shares** as of the end of the reporting period[193](index=193&type=chunk) - Company Address: No. 409 Meishan Road, Ma'anshan Economic and Technological Development Zone, Anhui Province, Legal Representative: Wang Jian[194](index=194&type=chunk) [Basis of Financial Statement Preparation](index=67&type=section&id=四、财务报表的编制基础) 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 has assessed its ability to continue as a going concern and found no affecting matters - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations[196](index=196&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[197](index=197&type=chunk) [Significant Accounting Policies and Estimates](index=67&type=section&id=五、重要会计政策及会计估计) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, revenue recognition, inventories, fixed assets, intangible assets, employee compensation, government grants, and other aspects. Notably, the company implemented an accounting policy change from the 2024 fiscal year, recognizing guarantee-type quality assurance expenses in operating costs - The company began implementing the Ministry of Finance's 'Compilation of Application Guidelines for Enterprise Accounting Standards 2024' and 'Interpretation No. 18 of Enterprise Accounting Standards' from the 2024 fiscal year, recognizing guarantee-type quality assurance expenses in operating costs[459](index=459&type=chunk)[460](index=460&type=chunk) - Upon initial recognition, the company classifies financial assets as measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[249](index=249&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods or services[397](index=397&type=chunk) [Taxation](index=120&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, Enterprise Income Tax, and Education Surcharge. The company enjoys multiple tax preferential policies, such as a **70%** immediate refund of VAT on water utility operating income, and a **15%** preferential Enterprise Income Tax rate as a high-tech enterprise Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales amount | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 25% | | Education Surcharge | Actual amount of turnover tax paid | 3% | - The company and its subsidiaries' water utility operating income are subject to VAT at **13%** and **6%**, while also enjoying a **70%** immediate refund preferential policy[464](index=464&type=chunk) - As a high-tech enterprise, the company is subject to a **15%** preferential Enterprise Income Tax rate from 2023 to 2025[465](index=465&type=chunk) - Companies engaged in public wastewater treatment business are exempt from Enterprise Income Tax for the first three years and enjoy a **50%** reduction for the fourth to sixth years, starting from the tax year in which they obtain their first production and operation income[465](index=465&type=chunk) [Notes to Consolidated Financial Statement Items](index=122&type=section&id=七、合并财务报表项目注释) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, various accounts receivable, inventories, fixed assets, intangible assets, various borrowings, accounts payable, employee compensation, and taxes, explaining their period-end balances, changes, and composition - Total monetary funds at period-end were **RMB 56,562,023.40**, of which **RMB 5,657,701.58** was frozen due to litigation, and **RMB 9,156,732.98** was for bills and letter of guarantee deposits[467](index=467&type=chunk) - Book value of accounts receivable at period-end was **RMB 316,115,874.35**, with a bad debt provision of **RMB 84,368,615.99**[482](index=482&type=chunk) - Total long-term borrowings at period-end were **RMB 419,009,100.00**, primarily pledged + guaranteed borrowings[599](index=599&type=chunk) - Operating revenue for H1 2025 was **RMB 171,661,692.77**, and operating cost was **RMB 118,676,193.73**[629](index=629&type=chunk) [R&D Expenses](index=156&type=section&id=八、研发支出) During the reporting period, the company's total R&D expenses amounted to **RMB 4,867,083.10**, all of which were expensed. Employee compensation and material costs were the main components of R&D expenses Composition of R&D Expenses | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 2,022,025.43 | 2,241,401.59 | | Material Costs | 1,793,982.11 | 1,535,128.04 | | Depreciation and Amortization | 95,746.92 | 100,230.68 | | Technology, Testing, and Service Fees | 61,760.10 | 115,597.79 | | Other | 893,568.54 | 316,694.98 | | **Total** | **4,867,083.10** | **4,309,053.08** | - All R&D expenses for the current period were expensed[680](index=680&type=chunk) [Interests in Other Entities](index=156&type=section&id=九、在其他主体中的权益) The company owns **15** subsidiaries, **5** of which are non-wholly-owned. This section details each subsidiary's registered capital, business nature, and shareholding proportion, and provides key financial information for significant non-wholly-owned subsidiaries, including minority shareholder proportion, current period profit/loss, and period-end equity balance - The company owns **15** subsidiaries, including Wuhe Huaqi, Beijing Huaqi, Yixing Huaqi, etc., with business natures primarily in wastewater treatment and equipment manufacturing[682](index=682&type=chunk) - The company holds a **49%** equity stake in Anhui Interon Intelligent Control Co., Ltd., but controls the company through board seats[682](index=682&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit/Loss Attributable to Minority Shareholders for Current Period (RMB) | Minority Shareholder Equity Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Hanshan County Huaqi Environmental Governance Co., Ltd. | 10.00% | -45,827.49 | -1,785,160.63 | | Hanshan County Huaqi Water Environment Governance Co., Ltd. | 10.00% | 1,249,691.34 | -877,558.59 | | Anhui Interon Intelligent Control Co., Ltd. | 51.00% | 140,020.53 | 1,088,325.26 | | Anhui Shuangong Zhilian Environmental Technology Co., Ltd. | 49.00% | -274,667.92 | -589,796.63 | | Ma'anshan Weidu Construction Engineering Co., Ltd. | 33.33% | -34,174.50 | 120,755.89 | [Government Grants](index=159&type=section&id=十、政府补助) During the reporting period, the company received total government grants of **RMB 1,552,208.22**, of which **RMB 593,208.22** was recognized as deferred income and amortized, and **RMB 959,000.00** was directly recognized in current period profit or loss - Total government grants recognized in other income for the current period amounted to **RMB 1,552,208.22**[644](index=644&type=chunk) Liability Items Involving Government Grants | Accounting Account | Beginning Balance (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 13,708,517.81 | 593,208.22 | 13,115,309.59 | Asset Related | Government Grants Recognized in Current Period Profit or Loss | Accounting Account | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 959,000.00 | 104,950.00 | [Risks Related to Financial Instruments](index=159&type=section&id=十一、与金融工具相关的风险) The company faces credit risk, liquidity risk, and market risk. Credit risk primarily arises from various receivables, controlled by assessing customer creditworthiness and regular monitoring. Liquidity risk is managed through integrated cash management and monitoring borrowing agreements. Market risk is mainly interest rate risk, mitigated by rationally arranging borrowing proportions. As of the end of the reporting period, the company had no exchange rate risk or other price risks - The company's financial instrument-related risks stem from credit risk, liquidity risk, and market risk[695](index=695&type=chunk) - Credit risk primarily arises from monetary funds, notes receivable, accounts receivable, financing receivables, other receivables, contract assets, and long-term receivables[697](index=697&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs and compliance with borrowing agreement provisions[706](index=706&type=chunk) - Market risk primarily arises from long-term interest-bearing debts such as long-term bank borrowings; the company avoids cash flow risks from interest rate changes by rationally arranging short-term and medium-to-long-term borrowing proportions[709](index=709&type=chunk)[710](index=710&type=chunk) - As of June 30, 2025, the company had no exchange rate risk or other price risks[711](index=711&type=chunk) [Fair Value Disclosure](index=163&type=section&id=十二、公允价值的披露) The company disclosed the fair value of assets and liabilities measured at fair value at period-end, categorized into three levels based on the observability of inputs. Financial assets at fair value through profit or loss (e.g., structured deposits) are measured at Level 2, while other equity instrument investme

Group 1 - The core viewpoint of the article highlights that Huaki Environmental (300929) has capabilities in various engineering sectors, particularly in water conservancy projects [1] - The company's subsidiary, Anhui Yinteng Intelligent Control Co., Ltd., possesses qualifications in electromechanical installation, labor services, and certifications for low and high voltage distribution systems, automatic control systems, security systems, communication systems, and smart water conservancy [1] - Some of these systems have already been applied in multiple water conservancy engineering projects, indicating the company's active involvement in this sector [1]

Group 1 - The company, Huaji Environmental Protection (300929), specializes in water environment governance and is recognized as an "environmental 4S professional service provider" [1] - The company possesses numerous proprietary core technologies and products [1] - It is a leader in the domestic market for biological filter (BAF) technology and applications, intelligent sewage treatment equipment manufacturing, rural sewage and black odor water treatment, as well as medical wastewater and associated gas treatment system solutions [1]

Core Viewpoint - The company Huaji Environmental Protection (300929.SZ) has announced that its subsidiary Anhui Yingteng Intelligent Control Co., Ltd. possesses various qualifications and certifications, enabling it to undertake multiple projects in the water conservancy sector [1] Group 1 - The subsidiary has qualifications in electromechanical installation, labor services, cabinet 3C certification, and various software copyrights [1] - The company is capable of undertaking business in water conservancy projects, including high and low voltage power distribution systems, automatic control systems, security systems, communication systems, and smart water conservancy [1] - Some of these systems have already been applied in multiple water conservancy engineering projects [1]

Core Viewpoint - The company, Huaji Environmental Protection, confirmed its involvement in water conservancy-related businesses through its subsidiary, Anhui Yingtelun Intelligent Control Co., Ltd, which has the necessary qualifications and certifications to undertake various projects in this sector [1] Group 1 - The subsidiary possesses qualifications for electromechanical installation, labor services, and various certifications, enabling it to engage in water conservancy engineering projects [1] - The company is currently applying its systems, including high and low voltage distribution systems, automatic control systems, security systems, communication systems, and smart water conservancy solutions, in multiple water conservancy engineering projects [1]

证券代码：300929 证券简称：华骐环保 公告编号：2025-039 安徽华骐环保科技股份有限公司 关于累计非重大诉讼、仲裁进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 安徽华骐环保科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日披露了《关于累计非重大诉讼、仲裁情况的公告》（公告编号：2025-003）， 截至本公告披露日，相关累计非重大诉讼、仲裁案件的进展情况如下： 一、已披露累计非重大诉讼、仲裁事项进展情况 截至本公告披露日，前期已披露累计非重大诉讼、仲裁事项中有 11 项案件 取得新进展，涉及金额 6,562.30 万元。其中公司及控股子公司作为原告的诉讼、 仲裁案件中有 8 项取得新进展，涉及金额约 6,451.36 万元（已结案 4 项，法院 审理中 2 项，已调解 1 项，一审已判决 1 项）；公司及控股子公司作为被告的 诉讼、仲裁案件中有 3 项取得新进展，涉及金额约 110.95 万元（法院审理中 2 项，已调解 1 项）。除上述 11 项案件取得新进展外， 其他已披露案件均无重 大进展。具体情况详见附 ...

Summary of Key Points Core Viewpoint - The company Huaji Environmental Protection (华骐环保) announced a share reduction plan by its controlling shareholder's concerted actors, which will not affect the company's control or governance structure [1]. Group 1: Share Reduction Plan - The controlling shareholder's concerted actors, Wang Aibin and Hu Yiqiang, plan to reduce their holdings of 3,610,422 shares (2.73% of total shares) and 35,200 shares (0.03% of total shares) respectively [1]. - Wang Aibin intends to reduce up to 1,312,500 shares (0.99% of total shares) and Hu Yiqiang up to 8,800 shares (0.01% of total shares) through centralized bidding [1]. - The reduction will not exceed 1% of the total shares within any consecutive 90-day period [1]. Group 2: Company Background and Financials - Huaji Environmental Protection was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on January 20, 2021, with an issuance of 20.65 million shares at a price of 13.87 yuan per share [2]. - The company raised a total of 286 million yuan, with a net amount of 237 million yuan after deducting issuance costs [3]. - The company planned to use the raised funds for various projects, including the expansion of a sewage treatment plant and the industrialization of intelligent sewage treatment equipment [3]. Group 3: Dividend Distribution and Financial Performance - In 2021, the company approved a cash dividend of 1.3 yuan per 10 shares, totaling approximately 10.74 million yuan, and a capital reserve increase of 6 shares for every 10 shares held, increasing total shares to 132,132,956 [4]. - For 2024, the company reported a revenue of 279 million yuan, a decrease of 20.30% year-on-year, and a net loss of 42 million yuan [4]. - In Q1 2025, the company achieved a revenue of 75 million yuan, a year-on-year increase of 94.24%, with a net profit of 2 million yuan compared to a loss of 9 million yuan in the same period last year [5].

1. 艾罗能源(688717.SH)：公司及多名董监高因个人资金需求，计划在15个交易日后3个月内通过集中竞价或大宗交易方式减持股 份，减持数量不超过公司总股本的0.78%。 2. 奥普光电(002338.SZ)：控股股东长春光机所计划在15个交易日后90日内，以集中竞价方式减持公司股份不超过240万股，占公 司总股本的1%。 3. 铂科新材(300811.SZ)：股东铂科天成及其一致行动人合计减持1.01%股份，减持计划实施完毕，同时股东梅建军合计减持8134 股，占总股本的0.0476%。 4. 博迁新材(605376.SH)：股东新辉投资计划在15个交易日后3个月内通过大宗交易减持公司股份不超过261.6万股，占公司总股本 的1%。 5. 博盈特焊(301468.SZ)：股东前海股权基金和中原前海基金减持计划实施完成，合计减持394.48万股，占公司总股本的2.99%。 6. 测绘股份(300826.SZ)：高级管理人员刘键计划在15个交易日后3个月内通过集中竞价方式减持公司股份不超过5万股，占公司总 股本的0.03%。 13. 红宝丽(002165.SZ)：控股股东宝源投资及实际控制人芮敬功计划在15 ...

Group 1 - The controlling shareholder's concerted action person, Wang Aibin, plans to reduce holdings by up to 1.3125 million shares, representing no more than 0.99% of the company's total share capital, between August 9, 2025, and November 8, 2025 [1] - Hu Yiqiang plans to reduce holdings by up to 8,800 shares, representing no more than 0.01% of the company's total share capital [1] - The reason for the reduction is due to personal funding needs, and the selling price will be determined based on the secondary market price at the time of the reduction, with a minimum price not lower than the issuance price [1]