中兰环保(300854) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board and management guarantee report accuracy, with no planned dividend distribution for H1 2025 - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report content, assuming legal responsibility[5] - The company plans no cash dividends, bonus shares, or capital reserve conversions for the first half of 2025[6] Company Profile and Key Financial Indicators This section provides an overview of the company and its key financial performance during the reporting period Company Profile and Contact Information Zhonglan Environmental Technology Co., Ltd. (stock code: 300854), listed on SZSE, maintained consistent contact information and disclosure locations during the reporting period Item | Information | :--- | :--- | | Stock Abbreviation | Zhonglan Environmental | | Stock Code | 300854 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Ge Fang | Key Accounting Data and Financial Indicators During the reporting period, revenue decreased by 3.68% to 291.02 million Yuan, and net profit attributable to shareholders significantly dropped by 55.05% to 5.63 million Yuan, while operating cash flow improved by 98.50% Key Financial Indicator | Current Period | Prior Period | YoY Change | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 291,015,026.02 | 302,132,562.21 | -3.68% | | Net Profit Attributable to Shareholders (Yuan) | 5,628,043.96 | 12,520,374.67 | -55.05% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan) | 2,875,104.03 | 9,215,077.37 | -68.80% | | Net Cash Flow from Operating Activities (Yuan) | -1,379,581.32 | -92,168,413.53 | 98.50% | | Basic Earnings Per Share (Yuan/share) | 0.06 | 0.13 | -53.85% | | Weighted Average Return on Net Assets | 0.57% | 1.27% | -0.70 percentage points | | Total Assets (Yuan) | 1,626,941,509.55 | 1,691,777,730.54 | -3.83% (vs. end of prior year) | | Net Assets Attributable to Shareholders (Yuan) | 984,070,595.05 | 990,766,594.52 | -0.68% (vs. end of prior year) | Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 2.75 million Yuan, primarily from fair value changes and disposal gains of financial assets, while VAT refunds were classified as recurring income Item | Amount (Yuan) | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 394,752.92 | | Government Grants Included in Current Profit/Loss | 116,924.18 | | Fair Value Changes and Disposal Gains/Losses from Financial Assets and Liabilities | 2,778,146.97 | | Other Non-Operating Income and Expenses | -243,839.08 | | Total | 2,752,939.93 | Management Discussion and Analysis This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook Principal Business and Operating Model The company is a high-tech enterprise specializing in solid waste pollution prevention, offering services across pollution isolation, ecological restoration, renewable resource utilization, and landfill operations through project contracting and operation models - Company core business segments include: - Pollution Isolation Systems: Applied in domestic, industrial, and hazardous waste disposal to prevent pollutant migration - Ecological Environment Restoration: Focuses on sealing and ecological restoration of closed, irregular, or old landfills to restore land value - Renewable Resource Utilization: Primarily biogas power generation, achieving reduction, harmlessness, and resource utilization of landfill gas - Landfill Integrated Operations: Provides refined operational management services for domestic waste and incineration fly ash landfills[29][30][32][34][35] - In H1 2025, the company secured multiple new projects in pollution isolation systems and ecological environment restoration, demonstrating continuous market expansion capability[31][33] Core Competitiveness Analysis The company's core competitiveness stems from continuous R&D, nationwide presence, integrated technical and operational services, and extensive project experience, evidenced by new patents and provincial methods - The company is a national high-tech enterprise, possessing the "Guangdong Provincial Solid and Hazardous Waste Pollution Isolation and Anti-Seepage System Engineering Technology Research Center," participating in over 10 industry standards, and forming a full-产业链 technology system centered on ecological landfill integration technology[44][45] - The company has established a service network covering six major regions nationwide (North China, East China, Central China, South China, Southwest, Northwest), with 2 R&D centers and 44 branches/subsidiaries, providing rapid response localized services to clients across the country[46] - With over 20 years of industry experience, the company's core technologies have been successfully applied in over 700 projects across 31 domestic provinces/cities and "Belt and Road" countries, demonstrating mature management and quality assurance advantages[49] Analysis of Principal Business During the reporting period, operating revenue slightly decreased by 3.68%, but net profit significantly declined due to substantial increases in credit impairment losses and asset impairment losses, while sales revenue grew by 484.98% Key Financial Data | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 6,006,237.32 | 8,171,650.77 | -26.50% | Strict cost control, reduced entertainment, personnel, and travel expenses | | Financial Expenses | -103,396.70 | 63,110.52 | -263.83% | Reduced exchange gains/losses | | R&D Investment | 16,917,902.44 | 15,047,814.78 | 12.43% | Increased R&D investment in projects | | Credit Impairment Loss | -3,977,212.47 | 449,335.23 | -985.13% | Increased provision for bad debts on accounts receivable YoY | | Asset Impairment Loss | -13,271,421.29 | -6,182,288.56 | -114.67% | Increased provision for impairment of contract assets YoY | By Product or Service | Operating Revenue (Yuan) | YoY Change in Operating Revenue | Gross Margin | :--- | :--- | :--- | :--- | | Pollution Isolation Systems | 41,795,328.71 | -48.88% | 22.92% | | Ecological Environment Restoration | 163,625,196.33 | -13.39% | 24.40% | | Sales | 48,422,931.10 | 484.98% | 31.46% | Analysis of Non-Principal Business During the reporting period, the company's total profit was severely impacted by asset and credit impairment losses, which collectively contributed over 400% negatively, while investment income and fair value changes were primary but unsustainable non-principal business profit sources Item | Amount (Yuan) | Share of Total Profit | Reason for Formation | :--- | :--- | :--- | :--- | | Investment Income | 1,921,315.66 | 44.78% | Mainly from equity investment income and bank wealth management income | | Fair Value Change Gains/Losses | 993,950.34 | 23.17% | Mainly due to rising stock prices of held shares and accrued unexpired wealth management income | | Credit Impairment Loss | -3,977,212.47 | -92.70% | Mainly due to provision for impairment of accounts receivable | | Asset Impairment Loss | -13,271,421.29 | -309.32% | Mainly due to provision for impairment of contract assets | Analysis of Assets and Liabilities As of the end of the reporting period, total assets were 1.63 billion Yuan, a 3.83% decrease from year-end, with contract assets and accounts receivable comprising 64.06%, indicating significant capital tied up in projects and slow collection - Contract assets and accounts receivable are the company's primary assets, collectively accounting for 64.06% of total assets, reflecting the significant capital tied up in the company's business model[59] Restricted Asset Item | Period-End Book Value (Yuan) | Reason for Restriction | :--- | :--- | :--- | | Cash and Bank Balances | 25,807,482.82 | Bank acceptance bills, letter of guarantee deposits, and judicial freezing | | Fixed Assets | 8,897,349.45 | Credit mortgage | | Total | 34,704,832.27 | | Investment Analysis During the reporting period, the company's investment decreased by 44.49% to 611.00 million Yuan, primarily in rolling bank wealth management products, with 84.20% of net proceeds from fundraising utilized for working capital and R&D projects - Investment during the reporting period was 611.00 million Yuan, a 44.49% decrease from 1.10 billion Yuan in the prior period[64] - Net proceeds from fundraising were 198.00 million Yuan, with 167.00 million Yuan cumulatively used, representing an 84.20% utilization rate; unused funds are planned for the "Solid Waste Low-Carbon Key Technologies and Industrial Digital Transformation and Upgrade Management Research Project"[67][71][72] Risks and Countermeasures The company faces key operating risks including policy changes, intensified competition, accounts receivable collection difficulties, macroeconomic uncertainties, raw material price volatility, and liquidity pressure, which it addresses through market research and strengthened accounts receivable management - The company's principal risks include: - Policy Risk: The environmental protection industry is highly susceptible to national and local industrial policies - Competition Risk: Increased market competition may lead to customer loss and market share decline - Collection Risk: Large accounts receivable balances and changes in customer payment ability may result in bad debt risk - Macroeconomic Risk: Uncertainties during economic recovery impact business expansion and project collection - Cost Risk: Key raw materials are petrochemical downstream products, with prices fluctuating with crude oil prices - Liquidity Risk: Significant capital tied up in accounts receivable and inventory, posing working capital pressure if not collected promptly[80][81][82][83] Corporate Governance, Environment, and Society This section details the company's corporate governance structure, environmental initiatives, and social responsibility efforts Corporate Governance Status During the reporting period, due to supervisory board reform, three supervisors resigned, and one employee representative director was elected; the company plans no profit distribution or capital reserve conversion for the half-year period Name | Position Held | Type | Date | Reason | :--- | :--- | :--- | :--- | :--- | | Yan Gaoming | Chairman of Supervisory Board | Resigned | 2025-05-22 | Supervisory board reform | | Yao Pengle | Supervisor | Resigned | 2025-05-22 | Supervisory board reform | | Zhang Xin | Employee Representative Supervisor | Resigned | 2025-05-22 | Supervisory board reform | | Zhang Xin | Employee Representative Director | Elected | 2025-06-23 | Work transfer | Implementation of Equity Incentive Plans The company continued to advance its 2023 restricted stock incentive plan, initiating repurchase and cancellation procedures for 974,750 restricted shares due to partial performance targets not being met - Due to the company-level performance targets not being met for the second vesting period of the 2023 restricted stock incentive plan's initial grant and the first vesting period of the reserved grant, the company plans to repurchase and cancel a total of 974,750 restricted shares[96] Social Responsibility During the reporting period, the company actively fulfilled its social responsibilities by enhancing corporate governance, protecting employee rights, promoting green development in core businesses, and engaging in public welfare initiatives - The company actively fulfills its social responsibilities, covering four aspects: shareholders, employees, environment, and public welfare[98][100][101][102] - In 2025, the company donated 0.20 million Yuan to the Beautiful Shenzhen Foundation and 0.03 million Yuan to the Shenzhen Charity Federation, supporting public welfare development[102] Significant Matters This section outlines significant events and commitments impacting the company during the reporting period Fulfillment of Commitments During the reporting period, the company and related parties strictly adhered to all commitments made during the initial public offering and equity incentive, with some long-term commitments still ongoing and no overdue unfulfilled cases - Commitments made by the company and related parties, including share lock-up, stock price stabilization, information disclosure, and profit distribution, are all being fulfilled as planned[104][108][111] Significant Litigation and Arbitration Matters The company has a significant contract dispute lawsuit involving an amount of 149.00 million Yuan, which is currently in the second-instance stage after both parties appealed the first-instance judgment, with uncertain final financial impact Plaintiff/Petitioner | Opposing Party | Amount Involved (Million Yuan) | Litigation Progress | :--- | :--- | :--- | :--- | | Company and wholly-owned subsidiary Wuhan Zhongzhilan | Wuhan Huanto Solid Waste Operations Co., Ltd. etc | 148.77 | First instance judgment rendered, second instance hearing held, awaiting further court notice or judgment | Significant Contracts and Their Performance During the reporting period, the company disclosed several ongoing significant daily operating contracts for environmental projects in various locations; while some projects are nearing completion, substantial amounts remain unsettled or uncollected, reflecting long business collection cycles Client Name | Total Contract Amount (Million Yuan) | Contract Performance Progress | Accumulated Recognized Revenue (Million Yuan) | Accounts Receivable Collection Status (Million Yuan) | :--- | :--- | :--- | :--- | :--- | | Haikou City Urban Construction Investment Group Co., Ltd. | 395.03 | 92.38% | 334.79 | 258.21 | | Shaanxi Environmental Hongrun Solid Waste Disposal Co., Ltd. | 133.28 | 98.89% | 110.03 | 58.94 | | Zhejiang Jiangnan Engineering Management Co., Ltd. | 285.06 | 36.59% | 95.70 | 61.19 | | Shaanxi Deqi Environmental Co., Ltd. | 294.36 | 0.00% | 0.00 | 0 | Other Significant Matters During the reporting period, the company issued several important announcements, including performance forecasts, bid winning notifications, re-certification as a high-tech enterprise, shareholder reduction plans, and the implementation of the 2024 annual equity distribution - Significant announcements include: - 2024 Annual Performance Forecast (2025-01-24) - Re-certification as National High-Tech Enterprise (2025-03-08) - Shareholder Share Reduction Plan (2025-03-11, 2025-05-17) - Repurchase and Cancellation of Restricted Shares (2025-05-22) - Implementation of 2024 Annual Equity Distribution (2025-05-28)[135] Share Changes and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure Share Changes During the reporting period, the company's total share capital remained largely unchanged, with a decrease of 40,000 restricted shares and a corresponding increase in unrestricted shares due to executive share unlocking Share Type | Before This Change (Shares) | Change (Shares) | After This Change (Shares) | :--- | :--- | :--- | :--- | | I. Restricted Shares | 19,742,625 | -40,000 | 19,702,625 | | II. Unrestricted Shares | 81,300,875 | +40,000 | 81,340,875 | | III. Total Shares | 101,043,500 | 0 | 101,043,500 | Shareholder Count and Shareholding Information As of the end of the reporting period, the company had 8,569 common shareholders, with Ge Fang (22.61%), Kong Xiongjun (13.29%), and Liu Qingsong (10.41%) as the top three, and Ge Fang and Kong Xiongjun acting in concert as actual controllers Shareholder Name | Shareholding Percentage | Period-End Shareholding (Shares) | :--- | :--- | :--- | | Ge Fang | 22.61% | 22,847,500 | | Kong Xiongjun | 13.29% | 13,433,500 | | Liu Qingsong | 10.41% | 10,515,000 | | Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) | 2.14% | 2,160,700 | | Kong Lijun | 2.03% | 2,054,600 | - Shareholder Ge Fang and Kong Xiongjun are married and are the company's actual controllers; Shenzhen Zhonglan Futong Investment Partnership (Limited Partnership) is controlled by Kong Xiongjun, and these three parties have a concerted action relationship[145] Bond-Related Information This section provides an overview of the company's bond-related activities and status - During the reporting period, the company had no bond-related matters requiring disclosure[151] Financial Report This section presents the company's unaudited financial statements and related notes for the reporting period Financial Statement Summary The company's unaudited half-year financial report shows a slight decrease in total assets and liabilities, largely flat revenue but significantly declined net profit due to increased impairment losses, and improved operating cash flow Consolidated Balance Sheet Summary (Yuan) | Item | Period-End Balance | Beginning Balance | | :--- | :--- | :--- | | Total Assets | 1,626,941,509.55 | 1,691,777,730.54 | | Total Liabilities | 622,139,414.41 | 679,926,672.15 | | Total Equity Attributable to Parent Company Owners | 984,070,595.05 | 990,766,594.52 | Consolidated Income Statement Summary (Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 291,015,026.02 | 302,132,562.21 | | Operating Profit | 4,812,500.83 | 11,080,708.53 | | Total Profit | 4,290,537.49 | 8,624,632.82 | | Net Profit | 5,275,080.18 | 10,302,194.71 | | Net Profit Attributable to Parent Company Shareholders | 5,628,043.96 | 12,520,374.67 | Consolidated Cash Flow Statement Summary (Yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,379,581.32 | -92,168,413.53 | | Net Cash Flow from Investing Activities | 20,561,203.68 | 54,142,022.19 | | Net Cash Flow from Financing Activities | -15,318,611.50 | -8,296,387.33 | | Net Increase in Cash and Cash Equivalents | 3,698,987.03 | -46,318,646.65 | Notes to Consolidated Financial Statements Summary Financial statement notes indicate large accounts receivable and contract asset balances with significant provisions, which are key factors affecting current profit, and ecological environment restoration is the largest revenue source, accounting for approximately 68.7% of principal business revenue - Accounts receivable balance at period-end was 476.00 million Yuan, with bad debt provisions of 126.00 million Yuan; contract assets balance was 788.00 million Yuan, with impairment provisions of 96.00 million Yuan; large accounts receivable and contract asset impairments were the primary reasons for the net profit decline[332][343] Composition of Principal Business Revenue (Yuan) | Business Type | Revenue Amount | | :--- | :--- | | Ecological Environment Restoration | 163,625,196.33 | | Pollution Isolation Systems | 41,795,328.71 | | Landfill Integrated Operations | 28,707,750.35 | | Renewable Resource Utilization | 7,900,246.23 | Supplementary Information During the reporting period, the company's net profit after deducting non-recurring gains and losses was 2.88 million Yuan, with a weighted average return on net assets of 0.29%, and non-recurring gains primarily stemmed from financial asset fair value changes and disposal gains Current Period Non-Recurring Gains and Losses Details (Yuan) | Item | Amount | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | 394,752.92 | | Government Grants | 116,924.18 | | Financial Asset Related Gains/Losses | 2,778,146.97 | | Other Non-Operating Income/Expenses | -243,839.08 | | Less: Income Tax and Minority Interest Impact | -293,045.06 | | Total | 2,752,939.93 | Return on Net Assets and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders | 0.57% | 0.06 | | Net Profit Attributable to Common Shareholders After Non-Recurring Items | 0.29% | 0.03 |