Financial Performance - The company reported a total revenue of 25.44 million yuan for the first half of 2025, a decrease of 30.94% year-on-year [1] - The net profit attributable to shareholders was -2.88 million yuan, an increase of 46.57% compared to the previous year [1] - In Q2 2025, total revenue was 15.86 million yuan, down 42.28% year-on-year, with a net profit of -1.69 million yuan, a decline of 173.78% [1] Key Financial Ratios - Gross margin decreased to 39.2%, down 13.48% year-on-year, while net margin improved to -11.22%, an increase of 24.12% [1] - The ratio of selling, administrative, and financial expenses to revenue was 38.5%, a decrease of 10.27% year-on-year [1] - Earnings per share improved to -0.03 yuan, a 47.23% increase year-on-year [1] Asset and Liability Management - Inventory increased significantly, with a year-on-year growth of 372.64% [1] - Cash and cash equivalents decreased by 13.47% to 310 million yuan [1] - Interest-bearing debt was reduced by 56.56% to 4.10 million yuan [1] Historical Performance and Investment Return - The company's historical median ROIC since listing is 20.97%, indicating good investment returns, although the worst year (2024) had a ROIC of -3.21% [3] - The company has had one loss year since its listing, necessitating further investigation into potential special circumstances [3] Cash Flow and Financial Health - The average operating cash flow over the past three years is -4.42% relative to current liabilities, indicating a need for attention to cash flow status [3] - Financial expenses have reached 320.74% of the average operating cash flow over the past three years, suggesting potential financial strain [3]

Group 1 - The environmental equipment sector experienced a decline of 0.4% on August 28, with *ST Qingyan leading the drop [1][2] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Key stocks in the environmental equipment sector showed varied performance, with Yami Co. rising by 7.00% to a closing price of 18.79 [1] Group 2 - The main funds in the environmental equipment sector saw a net outflow of 264 million yuan, while retail investors had a net inflow of 218 million yuan [2] - The stock *ST Qingyan closed at 14.99, down 3.60%, with a trading volume of 41,900 shares [2] - The top stocks with significant net inflows included Fida Environmental with a net inflow of 21.73 million yuan from main funds [3]

一、募集资金基本情况 证券代码：301288 证券简称：*ST 清研 公告编号：2025-043 清研环境科技股份有限公司 董事会关于 2025 年半年度募集资金存放、管理与使 用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 经中国证券监督管理委员会证监发行字[2022]543 号文核准，并经深圳证券 交易所同意，本公司由主承销商中信建投证券股份有限公司采用向战略投资者定 向配售、网下向符合条件的网下投资者询价配售与网上向持有深圳市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行相结合的方式定价发 行普通股（A 股）股票 2,701 万股，每股面值 1 元，每股发行价人民币 19.09 元。 截至 2022 年 4 月 18 日，本公司共募集资金 515,620,900.00 元，扣除发行费用 72,126,999.68 元，募集资金净额 443,493,900.32 元。 截至 2022 年 4 月 18 日，本公司上述发行募集的资金已全部到位，业经大华 会计师事务所（特殊普通合伙）以"大华验字[2022]000203 号" ...

清研环境科技股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 法定代表人： 主管会计工作负责人： 会计机构负责人： | 非经营性资金 | | 占用方与上市公 | 上市公司核算 | 2025年期初占 | 2025年半年度占 | 2025年半年度 | 2025年半年 | 2025年半年 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | 司的关联关系 | 的会计科目 | 用资金余额 | 用累计发生金额 | 占用资金的利 | 度偿还累计 | 度期末占用 | 原因 | 占用性质 | | | | | | | （不含利息） | 息（如有） | 发生金额 | 资金余额 | | | | 控股股东、实 | — | — | — | - | - | | - | - | - — | — | | 际控制人及其 | | | | | | | | | | | | 附属企业 | — | — | — | - | - | | - | - | - — | — | | 小计 ...

第二届监事会第十三次会议决议公告 本公司及监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、监事会会议召开情况 清研环境科技股份有限公司（以下简称"公司"）第二届监事会第十三次会 议通知于2025年8月15日以通讯、电子邮件方式发出，会议于2025年8月26日在 公司会议室以现场结合通讯表决的方式举行。本次会议应出席监事3名，实际出 席监事3名（其中，以通讯表决方式出席会议的人数为2人，为芦嵩林、吴秉 奇）。会议由公司监事会主席芦嵩林先生主持，公司董事会秘书兼财务总监、 证券事务代表列席会议。会议的召集、召开和表决程序符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 证券代码：301288 证券简称：*ST 清研 公告编号：2025-045 清研环境科技股份有限公司 《董事会关于2025年半年度募集资金存放、管理与使用情况的专项报告》。 3、审议通过了《关于公司2025年半年度非经营性资金占用及其他关联资 金往来情况汇总表的议案》 二、监事会会议审议情况 与会监事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： 1、审议通过了《关于公司 ...

证券代码：301288 证券简称：*ST 清研 公告编号：2025-044 清研环境科技股份有限公司 第二届董事会第十四次会议决议公告 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 清研环境科技股份有限公司（以下简称"公司"）第二届董事会第十四次会 议通知于2025年8月15日以通讯、电子邮件方式发出，会议于2025年8月26日在 公司会议室以现场结合通讯表决的方式举行。本次会议应出席董事9名，实际出 席董事9名（其中，以通讯表决方式出席会议的人数为6人，分别为刘淑杰、汪 姜维、王小沁、陈桂红、陈赛芝、薛永强）。会议由公司董事长刘淑杰女士主 持，公司监事、其他高级管理人员列席会议。会议的召集、召开和表决程序符 合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 与会董事对本次会议需审议的议案进行了充分讨论，审议通过了以下议案： 1、审议通过了《关于公司2025年半年度报告全文及其摘要的议案》 经审议，董事会认为公司2025年半年度报告全文及其摘要的编制和审核程 序符合法律、行政法规和中国证监会的规 ...

[Important Notes, Table of Contents, and Definitions](index=3&type=section&id=Important%20Notes,%20Table%20of%20Contents,%20and%20Definitions) This section outlines the report's overall structure, provides definitions for key terms, and includes important disclaimers regarding the report's accuracy and future plans [Important Notes](index=3&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee the report's accuracy, completeness, and truthfulness, with no plans for cash dividends or bonus shares this half-year - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[7](index=7&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department declare the financial report is true, accurate, and complete[7](index=7&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period[8](index=8&type=chunk) [Table of Contents](index=4&type=section&id=Table%20of%20Contents) This section outlines the report's overall structure, including eight main chapters such as important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes and shareholder information, bond-related matters, and financial reports [Reference Documents](index=5&type=section&id=Reference%20Documents) Reference documents include financial statements signed and sealed by the company's responsible person, chief financial officer, and head of accounting, original copies of all publicly disclosed company documents during the reporting period, and other relevant materials - Reference documents include signed and sealed financial statements, original copies of publicly disclosed documents, and other relevant materials[12](index=12&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section provides definitions for common terms used in the report, covering company names, related parties, financial periods, and professional explanations of core technologies and processes like RPIR, T-Bic, and MCBR, ensuring clear understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - RPIR technology is a coupled sedimentation rectangular airlift loop bioreactor, integrating biochemical reaction and sedimentation separation into a single reactor[13](index=13&type=chunk)[16](index=16&type=chunk) - T-Bic technology is a three-dimensional immobilized biological curtain technology, suitable for rapid biochemical treatment of low-pollution water bodies[13](index=13&type=chunk) - MCBR modular circulating bioreactor doubles water treatment capacity compared to RPIR, with lower construction costs and simpler operation and maintenance[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance indicators for the reporting period [I. Company Profile](index=8&type=section&id=I.%20Company%20Profile) Qingyan Environmental Technology Co., Ltd., stock ticker *ST Qingyan, stock code 301288, is listed on the Shenzhen Stock Exchange, with Liu Shujie as its legal representative Basic Company Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | *ST Qingyan | | Stock Code | 301288 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Liu Shujie | [II. Contact Persons and Information](index=8&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Zheng Xin, and the Securities Affairs Representative is Shi Guangyin, with contact address at C527, 5th Floor, Tsinghua University Research Institute, No. 019, Gaoxin South 7th Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen, and phone number 0755-86563163 Contact Persons and Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zheng Xin | C527, 5th Floor, Tsinghua University Research Institute, No. 019, Gaoxin South 7th Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen | 0755-86563163 | qyhjzqb@tsinghuan.com.cn | | Securities Affairs Representative | Shi Guangyin | C527, 5th Floor, Tsinghua University Research Institute, No. 019, Gaoxin South 7th Road, Gaoxin Community, Yuehai Street, Nanshan District, Shenzhen | 0755-86563163 | qyhjzqb@tsinghuan.com.cn | [III. Other Information](index=8&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and filing locations, or registration status; specific details can be found in the 2024 annual report - The company's contact information, information disclosure and filing locations, and registration status remained unchanged during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This reporting period, the company's operating revenue decreased by **30.94%** year-on-year to **25.44 million yuan**, while net loss attributable to shareholders narrowed by **46.57%** to **-2.88 million yuan**; total assets increased by **10.04%** year-on-year, and net assets attributable to shareholders decreased by **1.21%** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 25,444,761.80 | 36,845,568.45 | -30.94% | | Net Profit Attributable to Shareholders of Listed Company | -2,882,777.25 | -5,395,863.79 | 46.57% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -5,225,737.92 | -8,405,551.74 | 37.83% | | Net Cash Flow from Operating Activities | -16,367,087.61 | -13,986,968.06 | -17.02% | | Basic Earnings Per Share (RMB/share) | -0.0267 | -0.0506 | 47.23% | | Diluted Earnings Per Share (RMB/share) | -0.0267 | -0.0506 | 47.23% | | Weighted Average Return on Net Assets | -0.36% | -0.65% | 0.29% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 1,024,443,583.80 | 931,014,429.12 | 10.04% | | Net Assets Attributable to Shareholders of Listed Company | 797,373,892.09 | 807,106,004.39 | -1.21% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards or overseas accounting standards compared to Chinese Accounting Standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the period[24](index=24&type=chunk)[25](index=25&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for this reporting period amounted to **2.34 million yuan**, primarily from disposal gains/losses of non-current assets, government grants, fair value changes of financial assets, and business combination gains Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 146,017.14 | | Government grants recognized in current profit or loss (excluding those related to business operations) | 260,597.45 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | 1,607,034.91 | | Gains from investment costs of acquiring subsidiaries, associates, and joint ventures being less than the fair value of identifiable net assets at acquisition | 566,546.36 | | Other non-operating income and expenses apart from the above | 199,800.36 | | Less: Income tax impact | 284,232.87 | | Minority interest impact (after tax) | 152,802.68 | | **Total** | **2,342,960.67** | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's main business activities, core competencies, financial performance, investment status, and risk management strategies during the reporting period [I. Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) Amidst the 'dual carbon' strategy and ecological civilization initiatives, the environmental protection industry is undergoing restructuring; the company expands its business through technological innovation, deep scenario cultivation, and a 'new partner strategy,' extending from municipal wastewater treatment to industrial wastewater, hazardous and solid waste disposal, and resource utilization, while actively entering emerging sectors [(I) Industry Overview](index=11&type=section&id=(I)%20Industry%20Overview) In 2025, driven by the 'dual carbon' strategy and ecological civilization, China's environmental industry saw deepening policies in water and solid waste, creating new markets for wastewater treatment upgrades, industrial park wastewater zero discharge, and solid/hazardous waste resource utilization; however, the industry faces challenges like macroeconomic adjustments, declining local fiscal capacity, and extended payment cycles, making technological innovation and practical application core competencies - In 2025, driven by the 'dual carbon' strategy and ecological civilization, the environmental industry's water treatment policies are advancing towards refinement, resource utilization, and ecological approaches[30](index=30&type=chunk) - The water treatment sector added **12 million cubic meters/day** of wastewater treatment capacity and upgraded **45,000 kilometers** of sewage collection pipelines[30](index=30&type=chunk) - The environmental industry faces challenges including macroeconomic adjustments, declining local fiscal payment capacity, and extended payment cycles for environmental projects, now reaching **18 months**[31](index=31&type=chunk) [(II) Company's Industry Position](index=12&type=section&id=(II)%20Company's%20Industry%20Position) The company positions itself as a leader in the equipment-based transformation of innovative technologies, building business models around core technology promotion; its innovative water treatment technologies and equipment are widely applied in municipal, river/lake, rural, and industrial wastewater sectors, demonstrating strong growth potential and broad market space within the industry - The company is positioned as a leader in the equipment-based transformation of innovative technologies, with its water treatment technologies and equipment widely applied in municipal, river/lake, rural, and industrial wastewater sectors[36](index=36&type=chunk) - The company has received numerous professional qualifications and honors, attracting widespread attention from media outlets such as CCTV and Shenzhen Satellite TV[37](index=37&type=chunk) [(III) Company's Main Business](index=13&type=section&id=(III)%20Company's%20Main%20Business) The company is a national-level 'specialized, refined, unique, and innovative' 'little giant' enterprise; during the reporting period, it consolidated its rapid biochemical wastewater treatment business and expanded into solid and hazardous waste treatment and resource utilization, with main businesses including water treatment process package sales, operation services, and engineering services, as well as hazardous and solid waste disposal and resource utilization through the acquisition of Tonghai Nickel Industry - The company is a national-level 'specialized, refined, unique, and innovative' 'little giant' enterprise focused on environmental technology R&D and application[38](index=38&type=chunk) - During the reporting period, while consolidating its existing rapid biochemical wastewater treatment business, the company expanded into solid and hazardous waste treatment and resource utilization[38](index=38&type=chunk) - Through the acquisition of a **51%** stake in Tonghai Nickel Industry, the company entered the business of harmless disposal of hazardous waste and metal resource regeneration, recovery, and sales[33](index=33&type=chunk)[52](index=52&type=chunk) [1. Water Treatment Process Package Sales Business](index=13&type=section&id=1.%20Water%20Treatment%20Process%20Package%20Sales%20Business) The company provides rapid biochemical wastewater treatment technologies and equipment, offering integrated solutions and operation and maintenance services for sub-markets such as new construction, upgrade, and expansion of municipal wastewater treatment plants, decentralized rural wastewater treatment, and industrial wastewater treatment - The company's core RPIR rapid biochemical wastewater treatment technology enables low-cost and rapid construction and renovation of municipal wastewater treatment plants[40](index=40&type=chunk) - The company's T-Bic biological purification technology is suitable for decentralized rural wastewater treatment, capable of photovoltaic power supply and remote monitoring[44](index=44&type=chunk) - The company possesses multiple core technologies in high-concentration industrial wastewater treatment, already applied in hazardous waste stations, leachate, and slaughterhouse wastewater projects[45](index=45&type=chunk) [2. Water Treatment Operation Services](index=16&type=section&id=2.%20Water%20Treatment%20Operation%20Services) The company selectively undertakes water treatment operation services, including technical services such as process optimization, diagnosis, equipment operation management, and water quality monitoring, with future plans to extend into industrial wastewater treatment fields like oil and gas field wastewater through its 'new partner strategy' - The company undertakes water treatment operation services, including technical services such as process optimization, diagnosis, operational analysis, equipment operation management, emergency management, and water quality monitoring and analysis[49](index=49&type=chunk)[50](index=50&type=chunk) - Future expansion will extend into industrial wastewater treatment fields such as oil and gas field wastewater through the new partner strategy[50](index=50&type=chunk) [3. Water Treatment Engineering Services](index=17&type=section&id=3.%20Water%20Treatment%20Engineering%20Services) The company provides integrated water treatment engineering services, encompassing design, procurement, and construction, with process packages as its core, though the number of projects is relatively small - The company provides integrated water treatment engineering services, encompassing design, procurement, and construction, with process packages as its core[51](index=51&type=chunk) [4. Hazardous and Solid Waste Disposal and Resource Utilization Business](index=17&type=section&id=4.%20Hazardous%20and%20Solid%20Waste%20Disposal%20and%20Resource%20Utilization%20Business) The company's controlled subsidiary, Tonghai Nickel Industry, primarily engages in harmless disposal of hazardous waste and metal resource regeneration, recovery, and sales, being one of Fujian Province's largest resource utilization enterprises for hazardous waste, with an approved disposal capacity of **113,300 tons/year** - Controlled subsidiary Tonghai Nickel Industry primarily engages in harmless disposal of hazardous waste and metal resource regeneration, recovery, and sales business[52](index=52&type=chunk) - Tonghai Nickel Industry has obtained a hazardous waste operating license, with an approved disposal capacity of **113,300 tons/year**, making it one of Fujian Province's largest resource utilization enterprises for hazardous waste[52](index=52&type=chunk) [(IV) Company's Technologies and Products](index=17&type=section&id=(IV)%20Company's%20Technologies%20and%20Products) The company possesses a series of rapid biochemical wastewater treatment technologies and products, including RPIR, T-Bic, and anoxic RPIR, along with hazardous and solid waste disposal resource utilization products and high-salinity wastewater treatment and resource utilization technologies; these technologies and products are widely applied in municipal, rural, industrial wastewater treatment, and resource recovery, with continuous upgrades and innovations [1. RPIR Rapid Biochemical Wastewater Treatment Technology Series Products](index=17&type=section&id=1.%20RPIR%20Rapid%20Biochemical%20Wastewater%20Treatment%20Technology%20Series%20Products) RPIR technology is the company's independently developed, internationally leading wastewater treatment technology, coupling aeration, airlift circulation, biochemical reaction, and sedimentation separation to form modular, standardized, intensive high-efficiency bioreactors, eliminating the need for secondary sedimentation tanks, and has been applied across **28 provinces/cities/autonomous regions** nationwide; the second-generation MCBR module doubles water treatment capacity with lower construction costs - RPIR technology is the company's independently developed, internationally leading wastewater treatment technology, organically coupling four functions: aeration, airlift circulation, biochemical reaction, and sedimentation separation[53](index=53&type=chunk) - RPIR technology series products are applied across **28 provinces/cities/autonomous regions** nationwide, and the A²/RPIR wastewater treatment process has been identified as internationally advanced[53](index=53&type=chunk)[57](index=57&type=chunk) - The second-generation RPIR module, the Rapid Separation Module (MCBR module), can treat **400-600 m³/d** of water, significantly increasing hydraulic surface load and reducing construction costs and difficulty[59](index=59&type=chunk) [2. T-Bic Rapid Biochemical Wastewater Treatment Technology Series Products](index=19&type=section&id=2.%20T-Bic%20Rapid%20Biochemical%20Wastewater%20Treatment%20Technology%20Series%20Products) T-Bic (three-dimensional immobilized biological curtain) rapid biochemical wastewater treatment technology integrates multiple techniques, including bio-enhanced functional microbial agents, polymer-modified immobilized microorganisms, and rapid biochemical reactors, achieving efficient and high-density immobilization of functional microbial agents; it is suitable for rapid biochemical treatment of water bodies with varying degrees of pollution and has been industrialized in regions such as Guangdong, Jiangsu, Henan, Tibet, and Yunnan - T-Bic technology integrates multiple techniques, including bio-enhanced functional microbial agents, polymer-modified immobilized microorganisms, and rapid biochemical reactors, achieving efficient and high-density immobilization of functional microbial agents[60](index=60&type=chunk) - T-Bic technology is suitable for rapid biochemical treatment of water bodies with varying degrees of pollution and has been industrialized in regions such as Guangdong, Jiangsu, Henan, Tibet, and Yunnan[60](index=60&type=chunk) T-Bic Series Products | Product Name | Application Scenario | Treatment Capacity | Effluent Standard | | :--- | :--- | :--- | :--- | | RPSR Integrated Machine | Low-pollution river water treatment | Single unit 1,000-2,500 m³/d | Better than Surface Water Class III standard | | T-Bic Biological Purification Pond | Low-carbon, high-efficiency treatment of highly dispersed wastewater in rural areas, communities, parks, scenic spots, etc | 1-300 m³/d | Rural domestic sewage: local rural sewage discharge standards; Decentralized urban sewage: Class A | | T-Bic Bio-Floating Island | In-situ treatment and water quality improvement for low-pollution water bodies such as ponds, lakes, reservoirs, and rivers | Single island service area 20-40 m² | Up to quasi-Surface Water Class III standard | | T-Bic Composite Biofilm Wetland | Wastewater treatment plant effluent upgrade and watershed water environment improvement | 500 m³/d | Above Surface Water Class III | [3. Anoxic RPIR High Ammonia Nitrogen Wastewater Treatment Technology Series Products](index=20&type=section&id=3.%20Anoxic%20RPIR%20High%20Ammonia%20Nitrogen%20Wastewater%20Treatment%20Technology%20Series%20Products) Anoxic RPIR technology combines RPIR with anaerobic ammonia oxidation technology, forming an integrated short-cut nitrification-anaerobic ammonia oxidation-sedimentation separation reactor; it features modularity, carbon source and aeration savings, and high denitrification efficiency (**4-8 times** traditional methods), applied in fields such as kitchen waste fermentation leachate, landfill leachate, and high ammonia nitrogen wastewater treatment - Anoxic RPIR technology combines RPIR with anaerobic ammonia oxidation technology, forming an integrated short-cut nitrification-anaerobic ammonia oxidation-sedimentation separation reactor[62](index=62&type=chunk) - This technology offers advantages such as modularity, standardization, no carbon source required for denitrification, reduced aeration, and denitrification efficiency **4-8 times** that of traditional nitrification-denitrification[63](index=63&type=chunk) - It has been applied in the treatment of kitchen waste fermentation leachate, landfill leachate, and high ammonia nitrogen wastewater in the food, pharmaceutical, and PCB industries[63](index=63&type=chunk) [4. Resource Utilization Technologies and Products](index=20&type=section&id=4.%20Resource%20Utilization%20Technologies%20and%20Products) Through Tonghai Nickel Industry, the company produces and sells recycled metal alloys, utilizing hazardous and solid waste containing metals like nickel and chromium with a 'sintering + submerged arc furnace smelting' pyrometallurgical process; subsidiary Zhengding Environmental possesses high-salinity wastewater treatment and resource utilization technology, which, through system optimization, enhances treatment efficiency, reduces costs, and recovers high-value-added products - Tonghai Nickel Industry produces and sells recycled metal alloys, using a 'sintering + submerged arc furnace smelting' pyrometallurgical process to treat hazardous and solid waste containing metals such as nickel and chromium[64](index=64&type=chunk) - Zhengding Environmental's high-salinity wastewater treatment and resource utilization technology, through system optimization, significantly improves treatment efficiency, reduces land occupation, saves investment and operating costs, and enhances the recovery benefits of high-value-added products[65](index=65&type=chunk) [(V) Company's Business Model](index=21&type=section&id=(V)%20Company's%20Business%20Model) The company's business model encompasses water treatment and hazardous/solid waste disposal and resource utilization; water treatment profits primarily from patented technology process package sales, operation services, and engineering services, while hazardous/solid waste business profits from disposal service fees and sales of recycled alloy products; procurement is based on order demand and supplier management, production follows 'order-driven production and delivery' and raw material supply plans, and sales are mainly direct, emphasizing brand marketing and 'technology-driven customer acquisition' [1. Profit Model](index=21&type=section&id=1.%20Profit%20Model) The water treatment business primarily generates revenue through the sale of patented technology process packages, operation services, and engineering services; the hazardous and solid waste disposal and resource utilization business profits from charging hazardous waste disposal service fees and selling recycled alloy products - The water treatment business profit model involves selling patented technology wastewater treatment process packages and other market-standard wastewater treatment process packages, including design, production, procurement, installation, or commissioning, and selectively undertaking some water treatment operation and engineering services[66](index=66&type=chunk) - The hazardous and solid waste disposal and resource utilization business profit model involves charging hazardous waste treatment and disposal service fees and selling recycled alloy products[67](index=67&type=chunk) [2. Procurement Model](index=21&type=section&id=2.%20Procurement%20Model) Tonghai Nickel Industry collects raw materials (hazardous waste) through paid, free, or charged methods based on their recyclable value; the company organizes procurement based on order demand, inventory, production plans, and other factors, and has established a comprehensive supplier management system for screening and regular evaluation - Tonghai Nickel Industry collects hazardous waste as raw materials through paid, free, or charged methods, depending on the different recyclable value of the hazardous waste[68](index=68&type=chunk) - The company organizes procurement based on factors such as order demand, inventory levels, and production or operational plans, and has established a comprehensive supplier management system for screening and evaluation[69](index=69&type=chunk) [3. Production Model](index=22&type=section&id=3.%20Production%20Model) The water treatment business operates on an 'order-driven production and delivery, with small stock of common components' model, with Guangdong Qingyan Environmental Technology Co., Ltd. responsible for organizing production and delivery, and some processes outsourced; the hazardous and solid waste business, managed by Tonghai Nickel Industry, formulates production plans based on raw material supply stability, operational plans, and production equipment operating requirements, conducting harmless treatment and producing alloy metals - The water treatment business operates on a production model of 'producing and shipping according to order demand, with a small stock of common components'[70](index=70&type=chunk) - The hazardous and solid waste disposal and resource utilization business, managed by Tonghai Nickel Industry, formulates production plans based on raw material supply stability, operational plans, and production equipment operating requirements, conducting harmless treatment and producing alloy metals[71](index=71&type=chunk) [4. Sales Model](index=22&type=section&id=4.%20Sales%20Model) The water treatment business adopts a direct sales model, securing orders through negotiation, public bidding, and other methods, while emphasizing brand marketing and 'technology-driven customer acquisition'; the hazardous and solid waste disposal and resource utilization business sells recycled alloy products to downstream industrial enterprises - The water treatment business adopts a direct sales model, securing orders through negotiation, public bidding, competitive negotiation, and other methods, while emphasizing brand marketing and 'technology-driven customer acquisition'[72](index=72&type=chunk) - The hazardous and solid waste disposal and resource utilization business sells recycled alloy products to downstream industrial enterprises[73](index=73&type=chunk) [(VI) Key Performance Drivers](index=22&type=section&id=(VI)%20Key%20Performance%20Drivers) The company's performance is primarily driven by industry policies and technological innovation capabilities; in 2025, environmental policies are boosting the wastewater treatment and solid/hazardous waste resource utilization markets, creating new growth opportunities, while leveraging industry-academia-research collaboration and a 'new partner' strategy, the company continuously iterates core technologies, introduces advanced techniques, and fosters new productive forces - In 2025, policies are driving wastewater treatment towards refinement, resource utilization, and ecological approaches, while the solid and hazardous waste industries, driven by both 'dual carbon' and 'Beautiful China' initiatives, are generating new market opportunities[74](index=74&type=chunk)[75](index=75&type=chunk) - Leveraging deep industry-academia-research collaboration with universities like Tsinghua University and Harbin Institute of Technology, the company continuously iterates core technologies, introduces advanced techniques through its 'new partner' strategy, and fosters new productive forces[76](index=76&type=chunk) [II. Analysis of Core Competencies](index=23&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company builds core competencies with a dual-engine approach of 'endogenous innovation + external ecological cooperation,' relying on a deeply integrated industry-academia-research talent and technology transfer system; it implements a 'new partner strategy' and the 'Chuang Dao Hui' ecological alliance to rapidly enter emerging sectors like sludge resource utilization, industrial wastewater treatment, and solid/hazardous waste resource utilization, forming a sustainable development moat where 'technology activates scenarios, and scenarios feedback innovation' [(I) Core Technology Iteration and Multi-Dimensional Application Scenario Expansion](index=23&type=section&id=(I)%20Core%20Technology%20Iteration%20and%20Multi-Dimensional%20Application%20Scenario%20Expansion) The company adheres to 'innovative technology equipmentization,' continuously iterating its core RPIR and T-Bic technologies, launching MCBR technology to double treatment throughput, and optimizing T-Bic carrier materials; in scenario expansion, the company extends technology application from municipal wastewater to industrial parks, dyeing, petrochemical, and chemical sectors, building demonstration projects and solidifying replicable solutions, achieving comprehensive multi-scenario coverage - The company's core 'RPIR' technology optimizes structural design, launching a new generation MCBR technology that doubles treatment throughput and significantly reduces investment costs[78](index=78&type=chunk) - T-Bic technology continuously optimizes carrier materials and module structures, breaking through biofilm denitrification technical bottlenecks and significantly improving treatment performance[78](index=78&type=chunk) - The company has expanded its technology application scenarios to industrial wastewater treatment fields such as industrial parks, dyeing, petrochemical, and chemical industries, establishing multiple demonstration projects[79](index=79&type=chunk) [(II) Proactive Layout of Forward-Looking Technologies and Rapid Entry into Emerging Sectors](index=23&type=section&id=(II)%20Proactive%20Layout%20of%20Forward-Looking%20Technologies%20and%20Rapid%20Entry%20into%20Emerging%20Sectors) Driven by cutting-edge technologies, the company focuses on core wastewater treatment areas, building a technology matrix including vertical flow RPIR, anoxic RPIR, aerobic granular sludge technology, and AOA+MCBR systems, enhancing pollutant treatment efficiency and energy utilization; through strategic collaborative innovation and the acquisition of Tonghai Nickel Industry, the company rapidly entered emerging sectors like sludge treatment, hazardous waste disposal, and resource recycling, establishing a three-tier development system of 'technology reserve-scenario validation-industrial amplification' - The company focuses on core wastewater treatment areas, building a technology matrix represented by vertical flow RPIR, anoxic RPIR, aerobic granular sludge technology, and AOA+MCBR systems[81](index=81&type=chunk) - Through strategic collaborative innovation, the company partnered with Huaihua Industrial Investment Group and Hunan Rentian Environmental Protection to jointly develop a municipal sludge treatment demonstration project[81](index=81&type=chunk) - The company acquired a **51%** stake in Tonghai Nickel Industry, extending its business into resource recycling and creating synergistic effects with existing wastewater treatment operations[81](index=81&type=chunk) [(III) 'New Partner' Ecological Cooperation and Cross-Sector Resource Integration](index=24&type=section&id=(III)%20'New%20Partner'%20Ecological%20Cooperation%20and%20Cross-Sector%20Resource%20Integration) The company innovatively launched a 'new partner strategy,' utilizing a three-in-one collaborative mechanism of 'capital empowerment, scenario openness, and ecological co-construction' to integrate technological industrialization capabilities, brand resources, and investment/financing platforms; this empowers innovation and entrepreneurship teams, rapidly entering multiple fields such as sludge resource utilization, industrial park wastewater treatment, and hazardous/solid waste resource utilization, achieving business expansion and fostering a multi-skilled talent pipeline - The company innovatively launched a 'new partner strategy,' achieving shared risks and co-created value through a three-in-one collaborative mechanism of 'capital empowerment, scenario openness, and ecological co-construction'[82](index=82&type=chunk) - This strategy has been deployed and is rapidly penetrating multiple fields, including sludge treatment and disposal, industrial park wastewater treatment, and hazardous and solid waste resource utilization[34](index=34&type=chunk) [(IV) Deep Integration of Industry-Academia-Research Talent Reserve Mechanism and Innovation-Driven Organizational Efficiency](index=24&type=section&id=(IV)%20Deep%20Integration%20of%20Industry-Academia-Research%20Talent%20Reserve%20Mechanism%20and%20Innovation-Driven%20Organizational%20Efficiency) As a high-tech enterprise incubated by Tsinghua University Research Institute, the company has established a deeply integrated industry-academia-research innovation talent cultivation system, leveraging academician workstations and postdoctoral platforms to develop a multi-skilled talent pipeline; through a 'dual-channel career development system,' value-creation-oriented compensation incentives, and corporate culture initiatives like 'Twelve Commandments of Work Style' and 'Work Methodology,' the company continuously enhances organizational efficiency - The company has established a deeply integrated industry-academia-research innovation talent cultivation system, leveraging academician workstations, postdoctoral research platforms, and Tsinghua University's joint graduate training base to develop a multi-skilled talent pipeline[83](index=83&type=chunk) - The company innovatively established a 'dual-channel career development system,' featuring parallel promotion mechanisms for professional and management tracks, combined with a mentorship inheritance model[84](index=84&type=chunk) - Adhering to the philosophy of 'selecting and nurturing talent through culture,' the company enhances organizational efficiency through 'Twelve Commandments of Work Style' and 'Work Methodology'[84](index=84&type=chunk) [III. Analysis of Main Business](index=25&type=section&id=III.%20Analysis%20of%20Main%20Business) During the reporting period, the company's operating revenue decreased by **30.94%** year-on-year to **25.44 million yuan**, primarily due to strategic transformation, a shift in marketing focus to industrial clients and new business cultivation, reduced acceptance of municipal wastewater treatment projects, and new businesses not yet achieving scaled sales; net loss attributable to the parent company narrowed by **46.57%** to **-2.88 million yuan**, mainly benefiting from reduced share-based payment expenses and credit impairment losses; water treatment process package sales revenue significantly dropped by **84.74%**, while hazardous and solid waste disposal and resource utilization product revenue saw a **100%** increase - Operating revenue during the reporting period was **25.44 million yuan**, a year-on-year decrease of **30.94%**, primarily due to strategic transformation, reduced acceptance amounts for municipal wastewater treatment process package sales projects, and new businesses not yet achieving scaled sales[85](index=85&type=chunk)[87](index=87&type=chunk) - Net profit attributable to shareholders of the listed company was **-2.88 million yuan**, with losses narrowing by **46.57%**, mainly due to a year-on-year decrease in share-based payment expenses and credit impairment loss provisions[85](index=85&type=chunk) Key Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 25,444,761.80 | 36,845,568.45 | -30.94% | Water treatment process package sales project acceptance amount decreased, new business has not yet formed scaled sales | | Administrative Expenses | 9,060,585.85 | 14,621,044.40 | -38.03% | Decrease in share-based payments | | Net Cash Flow from Investing Activities | 63,073,864.49 | 90,536,990.09 | -30.33% | Increased payments for long-term assets and investments | | Net Cash Flow from Financing Activities | -2,683,404.30 | -38,312,530.85 | 93.00% | Combined impact of share repurchase payments and cash dividends in the prior year | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Water Treatment Process Package Sales | 3,934,190.95 | 3,074,046.96 | 21.86% | -84.74% | | Water Treatment Engineering Services | 5,005,095.54 | 4,365,491.69 | 12.78% | 38.20% | | Water Treatment Operation Services | 8,321,900.80 | 2,984,008.08 | 64.14% | 13.04% | | Hazardous and Solid Waste Disposal and Resource Utilization Products | 6,342,727.21 | 4,784,897.19 | 24.56% | 100.00% | [IV. Analysis of Non-Core Business](index=26&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) During this reporting period, non-core businesses impacted total profit, with investment income of **2.35 million yuan**, fair value change losses of **-0.74 million yuan**, asset impairment of **-0.55 million yuan**, and non-operating income of **0.79 million yuan** (primarily from business combination gains under non-common control); these non-core revenues and expenses are not sustainable Non-Core Business Analysis | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 2,346,063.52 | -68.60% | Investment income from idle funds | No | | Fair Value Change Gains and Losses | -739,028.61 | 21.61% | Fair value changes of short-term wealth management products and structured deposits | No | | Asset Impairment | -552,250.87 | 16.15% | Provision for impairment losses on contract assets | No | | Non-Operating Income | 785,547.66 | -22.97% | Recognition of business combination gains under non-common control | No | | Non-Operating Expenses | 19,200.94 | -0.56% | Fines paid | No | [V. Analysis of Assets and Liabilities](index=26&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by **10.04%** year-on-year; fixed assets surged by **21.08%**, mainly due to the reclassification of the Huizhou high-end environmental equipment R&D and manufacturing base to fixed assets and increases from business combinations; trading financial assets decreased by **11.00%**, primarily due to the redemption of initial wealth management products; regarding liabilities, contract liabilities increased by **0.86%**, and other payables increased by **1.95%** [1. Significant Changes in Asset Composition](index=26&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's total assets were **1.024 billion yuan**, an increase of **10.04%** from the prior year-end; fixed assets significantly increased by **21.08%**, mainly due to the reclassification of the Huizhou base to fixed assets and business combinations; construction in progress decreased by **12.03%**, primarily due to the Huizhou base reclassification; trading financial assets decreased by **11.00%**, mainly due to the redemption of wealth management products; inventory, intangible assets, other payables, and contract liabilities all showed significant growth Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 1,024,443,583.80 | 100.00% | 931,014,429.12 | 100.00% | 10.04% | | | Cash and Bank Balances | 310,478,563.58 | 30.31% | 320,870,729.18 | 34.46% | -4.15% | | | Inventories | 67,360,558.58 | 6.58% | 23,359,451.54 | 2.51% | 4.07% | | | Fixed Assets | 290,361,935.05 | 28.34% | 67,616,586.45 | 7.26% | 21.08% | Huizhou high-end environmental equipment R&D and manufacturing base reclassified to fixed assets and increase in fixed assets due to business combinations | | Construction in Progress | 1,977,401.49 | 0.19% | 113,810,431.60 | 12.22% | -12.03% | Huizhou high-end environmental equipment R&D and manufacturing base reclassified to fixed assets | | Trading Financial Assets | 79,111,880.71 | 7.72% | 174,244,519.64 | 18.72% | -11.00% | Redemption of initial wealth management products | | Intangible Assets | 58,839,291.06 | 5.74% | 15,548,651.92 | 1.67% | 4.07% | | | Other Payables | 22,128,921.37 | 2.16% | 1,921,944.95 | 0.21% | 1.95% | | | Contract Liabilities | 19,070,263.26 | 1.86% | 9,283,782.64 | 1.00% | 0.86% | | [2. Major Overseas Assets](index=27&type=section&id=2.%20Major%20Overseas%20Assets) During the reporting period, the company had no major overseas assets - The company reported no major overseas assets during the period[96](index=96&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=27&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value were primarily trading financial assets, with a period-end balance of **79.11 million yuan**, and fair value change losses of **-0.74 million yuan** for the current period; the company's main asset measurement attributes did not undergo significant changes during the reporting period Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Period-End Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 174,244,519.64 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 79,111,880.71 | | Subtotal of Financial Assets | 174,244,519.64 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 79,111,880.71 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | - The company's main asset measurement attributes did not undergo significant changes during the reporting period[97](index=97&type=chunk) [4. Asset Rights Restricted as of the End of the Reporting Period](index=27&type=section&id=4.%20Asset%20Rights%20Restricted%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's restricted assets primarily consisted of cash and bank balances, with a book balance of **0.58 million yuan**, restricted for reasons including land reclamation fees, performance bonds, frozen funds, and others Asset Rights Restricted Status | Item | Period-End Book Balance (RMB) | Restriction Details | | :--- | :--- | :--- | | Cash and Bank Balances | 576,031.15 | Land reclamation (restoration) fees, performance bonds, frozen funds, and others | | Total | 576,031.15 | | [VI. Analysis of Investment Status](index=28&type=section&id=VI.%20Analysis%20of%20Investment%20Status) During the reporting period, the company acquired a **51%** equity stake in Fujian Tonghai Nickel Industry Technology Co., Ltd. for **40.57 million yuan**, entering the hazardous and solid waste disposal and resource utilization business; the overall utilization rate of raised funds was **61.10%**; the 'Guangdong Qingyan High-End Environmental Equipment R&D and Manufacturing Base Project' was extended to June 30, 2025, and has been completed, with remaining funds of **70.19 million yuan** permanently transferred to supplement working capital; the company temporarily used idle raised funds for cash management exceeding the approved limit, which has since been ratified and redeemed [1. Overall Situation](index=28&type=section&id=1.%20Overall%20Situation) During the reporting period, there were no significant inapplicable situations regarding the company's investment status - The company reported no significant inapplicable overall investment situations during the period[100](index=100&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=28&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) During the reporting period, the company acquired a **51%** equity stake in Fujian Tonghai Nickel Industry Technology Co., Ltd. through acquisition, with an investment amount of **40.57 million yuan**; the company's main businesses are hazardous waste management and non-ferrous metal sales, with control already obtained, and an investment gain/loss of **0.30 million yuan** for the current period Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Main Business | Investment Method | Investment Amount (RMB) | Shareholding Ratio | Progress as of Balance Sheet Date | Investment Gain/Loss for Current Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Tonghai Nickel Industry Technology Co., Ltd. | Hazardous waste management, sales of high-performance non-ferrous metals and alloy materials; processing of metal scrap and fragments | Acquisition | 40,566,782.00 | 51.00% | Completed | 296,828.03 | [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=28&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) During the reporting period, the company had no significant non-equity investments in progress - The company reported no significant non-equity investments in progress during the period[102](index=102&type=chunk) [4. Financial Assets Measured at Fair Value](index=28&type=section&id=4.%20Financial%20Assets%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's financial assets measured at fair value amounted to **79.11 million yuan**, primarily other assets, with fair value change losses of **-0.74 million yuan** for the current period and cumulative investment income of **2.35 million yuan** Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Cumulative Investment Income (RMB) | Period-End Amount (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 172,380,249.32 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 2,346,063.52 | 79,111,880.71 | | Total | 172,380,249.32 | -739,028.61 | 252,630,000.00 | 347,023,610.32 | 2,346,063.52 | 79,111,880.71 | [5. Use of Raised Funds](index=28&type=section&id=5.%20Use%20of%20Raised%20Funds) As of June 30, 2025, the company's total raised funds amounted to **515.62 million yuan**, with a net amount of **443.49 million yuan**; a cumulative total of **270.96 million yuan** has been used, representing a utilization rate of **61.10%**; the 'Guangdong Qingyan High-End Environmental Equipment R&D and Manufacturing Base Project' was extended to June 30, 2025, and has been completed, with remaining funds of **70.19 million yuan** permanently transferred to supplement working capital; the company temporarily used idle raised funds for cash management exceeding the approved limit by **9.50 million yuan**, which was redeemed and ratified on January 13, 2025 Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB million) | Net Raised Funds (RMB million) | Cumulative Used Raised Funds (RMB million) | Raised Funds Utilization Rate at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 | Initial Public Offering | 51,562.09 | 44,349.39 | 27,095.68 | 61.10% | - As of June 30, 2025, the remaining balance of raised funds was **184.57 million yuan**, including **33.07 million yuan** in dedicated raised funds accounts, **32.00 million yuan** in structured deposits, and **119.50 million yuan** in large-denomination certificates of deposit[106](index=106&type=chunk) - The 'Guangdong Qingyan High-End Environmental Equipment R&D and Manufacturing Base Project' was extended to June 30, 2025, and has been completed, with remaining raised funds of **70.19 million yuan** permanently transferred to supplement working capital[108](index=108&type=chunk)[110](index=110&type=chunk) - Between June 18, 2024, and January 12, 2025, the company's total balance of temporarily idle raised funds used for cash management exceeded the previous approved limit by **9.50 million yuan**, which was redeemed and ratified on January 13, 2025[110](index=110&type=chunk) [6. Wealth Management, Derivative Investments, and Entrusted Loans](index=31&type=section&id=6.%20Wealth%20Management,%20Derivative%20Investments,%20and%20Entrusted%20Loans) During the reporting period, the company's wealth management transactions amounted to **199.76 million yuan**, with an outstanding balance of **72.00 million yuan**, primarily consisting of bank and brokerage wealth management products; the company had no derivative investments or entrusted loans during the reporting period Overview of Wealth Management During the Reporting Period | Specific Type | Source of Funds for Wealth Management | Amount of Wealth Management Transactions (RMB million) | Outstanding Balance (RMB million) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 11,375.8 | 3,000 | | Bank Wealth Management Products | Raised Funds | 7,600 | 3,200 | | Brokerage Wealth Management Products | Own Funds | 1,000 | 1,000 | | Total | | 19,975.8 | 7,200 | - The company reported no derivative investments or entrusted loans during the period[113](index=113&type=chunk)[114](index=114&type=chunk) [VII. Significant Asset and Equity Sales](index=31&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company reported no significant asset or equity sales during the period[115](index=115&type=chunk)[116](index=116&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=32&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) The company's major subsidiaries include Guangdong Qingyan Environmental Technology, Fujian Tonghai Nickel Industry Technology, and Zigong Zhengding Environmental Protection Technology; during the reporting period, the company acquired Zigong Zhengding Environmental Protection Technology Co., Ltd. and Fujian Tonghai Nickel Industry Technology Co., Ltd. through business combinations under non-common control, expanding into oil and gas field wastewater treatment and hazardous/solid waste disposal businesses; additionally, Qingyan Tianrun Environmental Technology (Binzhou) Co., Ltd. was newly established to enter the North China environmental protection market Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (RMB million) | Total Assets (RMB million) | Net Assets (RMB million) | Operating Revenue (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Qingyan Environmental Technology Co., Ltd. | Subsidiary | Construction, operation, and technology development of environmental projects | 60.00 | 221.89 | 58.23 | 2.77 | -3.32 | | Fujian Tonghai Nickel Industry Technology Co., Ltd. | Subsidiary | Recycling and processing of renewable resources, production and operation of hazardous waste | 136.21 | 147.99 | 72.66 | 7.03 | 5.82 | | Zigong Zhengding Environmental Protection Technology Co., Ltd. | Subsidiary | Water environment pollution prevention and control services; wastewater treatment and reuse; resource recycling technology R&D | 10.00 | 22.38 | 10.62 | 0.00 | 2.65 | - The company acquired Zigong Zhengding Environmental Protection Technology Co., Ltd. and Fujian Tonghai Nickel Industry Technology Co., Ltd. through business combinations under non-common control, expanding into oil and gas field wastewater treatment and hazardous and solid waste disposal businesses[118](index=118&type=chunk) - Newly established Qingyan Tianrun Environmental Technology (Binzhou) Co., Ltd. to enter the North China environmental protection market and create regional synergistic effects[118](index=118&type=chunk) [IX. Structured Entities Controlled by the Company](index=32&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities - The company reported no controlled structured entities during the period[119](index=119&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=32&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as unfavorable macroeconomic changes, intensified market competition, talent loss or shortage, technological updates, and unfavorable new business development; the company actively responds by optimizing operational management, strengthening technological innovation, improving talent incentive mechanisms, closely monitoring industrial policies, and prudently planning new business ventures - The company faces risks including unfavorable macroeconomic changes, intensified market competition, talent loss or shortage, technological updates, and unfavorable new business development[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) - Countermeasures include increasing market promotion, optimizing operational management, continuously prioritizing technological innovation, attracting high-end talent, improving incentive methods, closely monitoring new industrial policies, and making scientific and prudent decisions for new business layouts[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[125](index=125&type=chunk) [XI. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=34&type=section&id=XI.%20Registration%20Form%20for%20Research,%20Communication,%20Interview,%20and%20Other%20Activities%20During%20the%20Reporting%20Period) During the reporting period, on May 21, 2025, the company hosted investors participating in the 2024 annual performance briefing via an online exchange platform, primarily discussing content related to the 2024 annual performance briefing - On May 21, 2025, the company hosted investors through an online exchange, discussing content related to the 2024 annual performance briefing[126](index=126&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system nor disclosed a valuation enhancement plan[127](index=127&type=chunk) [XIII. Implementation of 'Quality and Return Dual Improvement' Action Plan](index=34&type=section&id=XIII.%20Implementation%20of%20'Quality%20and%20Return%20Dual%20Improvement'%20Action%20Plan) The company has not disclosed an announcement regarding the 'Quality and Return Dual Improvement' action plan - The company has not disclosed an announcement regarding the 'Quality and Return Dual Improvement' action plan[127](index=127&type=chunk) [Corporate Governance, Environment, and Society](index=35&type=section&id=Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in the company's governance structure, profit distribution plans, environmental information disclosure, and social responsibility initiatives, including shareholder, employee, customer, and supplier rights protection, as well as contributions to environmental protection and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=35&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, and senior management; specific details can be found in the 2024 annual report - The company's directors, supervisors, and senior management did not change their shareholdings during the reporting period[129](index=129&type=chunk) [II. Profit Distribution and Capital Reserve to Share Capital Conversion for the Current Reporting Period](index=35&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20for%20the%20Current%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for this half-year period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the half-year period[130](index=130&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company reported no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the period[131](index=131&type=chunk) [IV. Environmental Information Disclosure](index=35&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiary, Fujian Tonghai Nickel Industry Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law, and their reports can be accessed through the enterprise environmental information disclosure system - The company and its major subsidiary, Fujian Tonghai Nickel Industry Technology Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[132](index=132&type=chunk) - Fujian Tonghai Nickel Industry Technology Co., Ltd.'s environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Fujian)[132](index=132&type=chunk) [V. Social Responsibility](index=35&type=section&id=V.%20Social%20Responsibility) During the reporting period, the company actively fulfilled its corporate social responsibilities, including protecting shareholder, employee, customer, and supplier rights, prioritizing environmental protection and sustainable development, and contributing to rural revitalization through the application of T-Bic technology products in rural wastewater treatment [(I) Shareholder Rights Protection](index=35&type=section&id=(I)%20Shareholder%20Rights%20Protection) The company strictly adheres to laws and regulations, improves corporate governance mechanisms, enhances governance levels, strives to achieve better performance, creates good investment returns for shareholders, and formulates and strictly implements cash dividend return plans - The company strictly adheres to laws and regulations, continuously improves corporate governance mechanisms, and establishes sound internal management and control systems[134](index=134&type=chunk) - The company strives to achieve better performance, enhance intrinsic value, create good investment returns for shareholders, and formulates and implements shareholder dividend return plans[134](index=134&type=chunk) [(II) Employee Rights Protection](index=35&type=section&id=(II)%20Employee%20Rights%20Protection) The company strictly complies with labor laws and regulations, legally protecting employee rights; it prioritizes talent development and acquisition, fosters a positive work environment, continuously improves training mechanisms, and encourages employee learning and training for comprehensive development - The company strictly complies with the requirements of the Labor Law, Labor Contract Law, and Trade Union Law, legally protecting employees' legitimate rights and interests[136](index=136&type=chunk) - The company prioritizes talent development, continuously improves and optimizes training mechanisms, and encourages employee learning and training for comprehensive development[136](index=136&type=chunk) [(III) Customer and Supplier Rights Protection](index=36&type=section&id=(III)%20Customer%20and%20Supplier%20Rights%20Protection) Adhering to principles of honesty, trustworthiness, and mutual benefit, the company actively builds partnerships with customers and suppliers, respects and protects their legitimate rights, and strives for common development; the company has received 'Contract-Abiding and Creditworthy' public certificates and five-star after-sales service certification - The company adheres to principles of honesty, trustworthiness, and mutual benefit, actively building partnerships with customers and suppliers, respecting and protecting their legitimate rights and interests[137](index=137&type=chunk) - The company has received Guangdong Province's 'Contract-Abiding and Creditworthy' public certificate, a five-star after-sales service certification, and project commendation letters[137](index=137&type=chunk) [(IV) Environmental Protection and Sustainable Development](index=36&type=section&id=(IV)%20Environmental%20Protection%20and%20Sustainable%20Development) As a member of the water environment governance industry, the company prioritizes environmental management and protection, strictly fulfills environmental responsibilities according to law, implements green management, improves the ecological environmental protection management system, increases investment in energy conservation and emission reduction, and establishes a sound long-term mechanism for green development - The company prioritizes environmental management and protection, strictly fulfilling environmental responsibilities according to law and actively implementing green management[138](index=138&type=chunk) - The company continuously improves its ecological environmental protection management system, increases investment in energy conservation and emission reduction, and establishes a sound long-term mechanism for green development[138](index=138&type=chunk) [(V) Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization](index=36&type=section&id=(V)%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements,%20Rural%20Revitalization) Through its independently developed T-Bic technology and series products, the company addresses market demands for decentralized rural wastewater and black-odorous water body treatment, providing customized process solutions to improve rural living wastewater conditions; it will continue to promote industrial application to contribute to rural revitalization - The company's independently developed T-Bic technology and series products provide customized process solutions for rural decentralized wastewater and black-odorou

Market Overview - The Shanghai Composite Index closed at 3665.92 points, above the annual line, with a change of 0.50% [1] - The total trading volume of A-shares reached 1,905.21 billion yuan [1] Stocks Breaking Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks including Desay SV, Wanli Stone, and *ST Guohua, showing divergence rates of 4.85%, 4.59%, and 4.49% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include China CNR, Ninghu Expressway, and Huatian Technology [1] Top Divergence Rate Stocks - The top three stocks with the highest divergence rates are: - Desay SV (7.44% increase, 4.72% turnover rate, latest price 113.91 yuan, divergence rate 4.85%) [1] - Wanli Stone (4.93% increase, 5.82% turnover rate, latest price 31.30 yuan, divergence rate 4.59%) [1] - *ST Guohua (4.97% increase, 2.12% turnover rate, latest price 8.87 yuan, divergence rate 4.49%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Kairun Co., Ltd. (4.82% increase, 4.94% turnover rate, latest price 22.40 yuan, divergence rate 4.08%) [1] - *ST Qingyan (3.39% increase, 4.36% turnover rate, latest price 14.64 yuan, divergence rate 3.05%) [1] - Huai Bei Mining (2.80% increase, 1.18% turnover rate, latest price 13.24 yuan, divergence rate 2.41%) [1]

Market Overview - The Shanghai Composite Index is at 3660.38 points, above the annual line, with a change of 0.35% [1] - The total trading volume of A-shares is 858.514 billion yuan [1] Stocks Breaking Annual Line - 18 A-shares have surpassed the annual line today, with notable stocks including Desay SV, Wanli Stone, and Huaibei Mining, showing deviation rates of 4.94%, 4.03%, and 3.10% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Kweichow Moutai, Ninghu Expressway, and Unisplendour [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Desay SV: 7.53% increase, trading at 114.00 yuan, deviation rate of 4.94% [1] - Wanli Stone: 4.36% increase, trading at 31.13 yuan, deviation rate of 4.03% [1] - Huaibei Mining: 3.49% increase, trading at 13.33 yuan, deviation rate of 3.10% [1] Additional Notable Stocks - Other stocks with significant performance include: - ST Guohua: 2.72% increase, trading at 8.68 yuan, deviation rate of 2.26% [1] - Kairun Technology: 2.95% increase, trading at 22.00 yuan, deviation rate of 2.22% [1] - Shanxi Fenjiu: 2.19% increase, trading at 190.70 yuan, deviation rate of 1.86% [1]

北京市中伦（深圳）律师事务所 关于清研环境科技股份有限公司 2025年第二次临时股东大会的 法律意见书 二〇二五年八月 法律意见书 致：清研环境科技股份有限公司 北京市中伦（深圳）律师事务所 关于清研环境科技股份有限公司 2025 年第二次临时股东大会的 北京市中伦（深圳）律师事务所（以下简称"本所"）受清研环境科技股份 有限公司（以下简称"公司"）委托，指派程彬律师、郭子威律师出席并见证公 司 2025 年第二次临时股东大会（以下简称"本次股东大会"），并依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）以及《清研环境科技股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召 集人资格、会议表决程序及表决结果等事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为出具本法律意见书所必 需的材料，所提供的原始材料、副本、复印件等材料、口头证言均 ...