德林海(688069) - 2025 Q2 - 季度财报

Section I Definitions Definitions of Common Terms This chapter defines key terms and company entities, including Wuxi Delinhai, its Lake Ecological Hospital business, and core environmental technologies - Full company name: Wuxi Delinhai Environmental Technology Co., Ltd[13] - Core business model: Lake Ecological Hospital, a new governance model pioneered by the company, primarily implemented by its wholly-owned subsidiary Wuxi Delinhai Lake Ecological Hospital Operation Management Co., Ltd[13] - Key technical terms include eutrophication (excessive nitrogen and phosphorus in water bodies), mesocosm (near-natural simulation device for aquatic ecosystems), water bloom (mass proliferation of plankton), algae-water separation (separation of blue-green algae from water), integrated secondary enhanced air flotation technology, efficient adjustable vortex well algae removal technology, blue-green algae cell wall disruption technology, pressurized algae control technology, and routine precise treatment of polluted sediment (trap-type flexible dredging technology)[13][14] - Carbon reduction related: CCER refers to China Certified Emission Reductions[14] Section II Company Profile and Key Financial Indicators I. Company Basic Information This section provides basic information about Wuxi Delinhai Environmental Technology Co., Ltd., including its name, legal representative, and registered address - Company Chinese name: Wuxi Delinhai Environmental Technology Co., Ltd., abbreviation: Delinhai[16] - Legal Representative: Hu Mingming[16] - Company registered and office address: No. 9 Kangle Road, Binhu District, Wuxi City[16] II. Contact Person and Contact Information This section lists the contact details for the company's Board Secretary, Liu Yanping, and Securities Affairs Representative, Shao Ling - Board Secretary: Liu Yanping, Tel: 0510-85510697, Email: wxdlh@wxdlh.com[17] - Securities Affairs Representative: Shao Ling, Tel: 0510-85510697, Email: wxdlh@wxdlh.com[17] III. Information Disclosure and Location Change Overview This section outlines the company's semi-annual report disclosure channels and storage locations, primarily through Shanghai Securities News and SSE website - Information disclosure newspaper: Shanghai Securities News (www.cnstock.com)[18](index=18&type=chunk) - Website for semi-annual report publication: Shanghai Stock Exchange website (www.sse.com.cn)[18](index=18&type=chunk) - Company semi-annual report storage location: Company Board Secretary's Office[18] IV. Company Stock/Depositary Receipt Overview This section briefly introduces the company's stock information, which is RMB ordinary shares (A-shares) listed on the SSE STAR Market - Stock type: RMB ordinary shares (A-shares)[19] - Stock exchange and board: Shanghai Stock Exchange STAR Market[19] - Stock abbreviation: Delinhai, Stock code: 688069[19] VI. Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's key accounting data and financial indicators significantly declined year-on-year, mainly due to delayed project acceptance | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 108,116,207.53 yuan | 205,353,199.14 yuan | -47.35 | | Total Profit | -4,605,517.57 yuan | 28,362,318.21 yuan | -116.24 | | Net profit attributable to shareholders of the listed company | -3,092,787.13 yuan | 24,771,860.39 yuan | -112.49 | | Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses | -10,722,996.52 yuan | 18,997,588.05 yuan | -156.44 | | Net cash flow from operating activities | -99,436,080.63 yuan | -1,536,861.66 yuan | N/A | | Net assets attributable to shareholders of the listed company (period-end) | 1,213,400,589.70 yuan | 1,238,398,812.62 yuan | -2.02 | | Total assets (period-end) | 1,549,908,650.61 yuan | 1,623,227,353.95 yuan | -4.52 | | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share (yuan/share) | -0.03 | 0.22 | -113.64 | | Diluted earnings per share (yuan/share) | -0.03 | 0.22 | -113.64 | | Basic earnings per share after deducting non-recurring gains and losses (yuan/share) | -0.09 | 0.17 | -152.94 | | Weighted average return on net assets (%) | -0.25 | 1.77 | Decrease of 2.02 percentage points | | Weighted average return on net assets after deducting non-recurring gains and losses (%) | -0.87 | 1.35 | Decrease of 2.22 percentage points | | R&D expenditure as a percentage of operating revenue (%) | 7.43 | 3.83 | Increase of 3.60 percentage points | - Operating revenue, total profit, net profit, and earnings per share declined, mainly due to delayed acceptance of major orders such as the Tonghai County Qilu Lake blue-green algae water bloom in-situ prevention and control project (70.83 million yuan) and Xinyi City Luoma Lake northwest blue-green algae control project (42.50 million yuan)[22] - Net cash flow from operating activities decreased, primarily due to cash outflows for upfront investments in projects awarded in Q2 2025 and delayed collection of payments for some projects[23] - R&D expenditure as a percentage of operating revenue increased because R&D investment slightly rose while revenue declined during the reporting period[23] VIII. Non-recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling 7,630,209.39 yuan | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government grants recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,122,471.43 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities, excluding those related to effective hedging activities in the ordinary course of business | 970,479.45 | | Gains and losses from entrusted investments or asset management | 2,880,156.47 | | Other non-operating income and expenses apart from the above | -1,011,389.89 | | Less: Income tax impact | 1,345,109.63 | | Minority interests impact (after tax) | -13,601.56 | | Total | 7,630,209.39 | Section III Management Discussion and Analysis I. Overview of the Company's Industry and Main Business During the Reporting Period This chapter details the company's "Beautiful Rivers and Lakes" industry background, main business, products, operating model, and industry position (I) Company's Industry Overview The "Beautiful Rivers and Lakes" industry, focusing on eutrophication control, is a key national strategic area driven by strong policies, presenting significant market demand and high technical barriers - Industry positioning: The company operates in the "Beautiful Rivers and Lakes" industry, a core national strategic area for ecological civilization construction[26] - Core objective: Achieve an ecological landscape of "clear waters, green banks, and fish swimming at the bottom," emphasizing holistic restoration, long-term maintenance, and value transformation of aquatic ecosystems[26] - Key challenge: In-situ treatment of lake and reservoir eutrophication, especially blue-green algae blooms[28] - Policy drivers: From May to July 2025, the CPC Central Committee, State Council, and relevant ministries issued three major policies, including the "Action Plan for Beautiful Rivers and Lakes Protection and Construction (2025-2027)," aiming for a 40% completion rate of beautiful rivers and lakes by 2027, with water conservancy investment exceeding one trillion yuan for several consecutive years[33] - Industry challenges: The 2024 China Ecological Environment Status Bulletin shows that 30.00% of 207 important lakes (reservoirs) are still in a eutrophic state, indicating arduous governance tasks[34] - Technical barriers: Involve core technologies such as efficient algae-water separation, deep-diving high-pressure algae control, precise removal of polluted sediment, and digital twin diagnosis, with the company holding 101 patents and 15 software copyrights[35] - Comprehensive capability requirements: Requires "whole-lake governance + smart platform + resource utilization" full-chain capabilities to provide one-stop solutions (e.g., "Lake Ecological Hospital" model)[35] (II) Overview of Company's Main Business The company's main business is to provide comprehensive services for in-situ eutrophication control in lakes and reservoirs, acting as a leading enterprise in blue-green algae treatment - Main business: Centered on in-situ eutrophication control in lakes and reservoirs, providing investigation and diagnosis, technology R&D, solutions, equipment, operation and maintenance, and resource utilization services[36] - Company positioning: Comprehensive service provider for in-situ eutrophication control in lakes and reservoirs, leading enterprise in blue-green algae treatment, and practitioner of Beautiful China initiatives[36] (III) Main Products or Services The company's main products and services include integrated technical equipment, operation and maintenance services for lake and reservoir eutrophication control, and resource utilization products - Standalone equipment: Vehicle-mounted algae-water separation devices, ship-mounted algae-water separation devices, rotary drum algae-water separation devices, combined algae-water separation devices, pressurized algae control vessels, mobile black-odor water body treatment devices, hydrodynamic algae controllers, and suction-type large-flow thrusters[37][38][39] - Integrated complete sets of equipment: Onshore station algae-water separation system integration, deep-diving high-pressure algae eradication complete sets of equipment, routine precise treatment of polluted sediment complete sets of equipment, and lake health management work platform[40][41][42] - Operation and maintenance services: Including technical equipment operation and maintenance and lake health management work platform operation and maintenance, providing comprehensive services such as daily operation, technical guidance, equipment maintenance, investigation and diagnosis, inspection, evaluation, emergency response, and popular science education[42][44][45] - Resource utilization products: Achieving methane emission reduction through precise lake and reservoir dredging for CCER development; utilizing "sludge-earthworm bio-converter" ecological engineering to achieve synergistic treatment and resource regeneration of multi-source organic waste, creating a "environmental governance-bio-conversion-resource regeneration-industrial value-added" circular model[46][47][48] (IV) Main Business Model The company's business model encompasses procurement and sales of equipment, operation and maintenance services, resource product development, and R&D, notably featuring the innovative "Lake Ecological Hospital" model - Equipment procurement model: Market procurement for general components, customized non-standard and core equipment from third parties, and project subcontracts to specialized contractors[49] - Equipment sales model: Led by the market development center, supported by the R&D center, obtaining orders through public bidding or single-source procurement, with sales and installation followed by third-party inspection and acceptance[50][51] - Operation and maintenance service procurement model: Materials procured through inquiry by the procurement department, and blue-green algae harvesting services outsourced[52] - Operation and maintenance service provision model: Project manager responsibility system, providing services such as inspection, harvesting, separation, disposal, investigation and diagnosis, with fees settled based on treatment volume or duration[53] - Operation and maintenance service sales model: Primarily serving customers who purchase the company's technical equipment, obtaining projects through public bidding or government委托[54] - Resource utilization product business model: Independent R&D, technology introduction, and cooperative development; carbon asset trading is in the methodology development stage, with inherent uncertainties[55] - R&D model: Divided into forward-looking research (combining independent and cooperative R&D) and customized R&D (evaluation, project initiation, technical R&D, process and equipment design based on customer needs)[56][58][59] - "Lake Ecological Hospital" model: An innovative concept for lake ecological restoration, providing a full "diagnosis-treatment-rehabilitation" governance process, emphasizing precision and sustainability, distinct from traditional environmental companies' single technology or engineering contracting[60] (V) Analysis of Company's Industry Position and Changes As a leading enterprise in blue-green algae treatment, the company is seizing development opportunities driven by the "Beautiful Rivers and Lakes" national strategy, consolidating its industry benchmark position through technological innovation and extensive project experience - Development opportunities: Strengthened environmental policies, with the state issuing a series of policies such as the "Action Plan for Beautiful Rivers and Lakes Protection and Construction (2025-2027)," providing vast market space for the company[63][64][65] - Technological innovation: Blue-green algae treatment technologies include in-situ control and harvesting separation, with the company's first-generation dual air flotation technology, pressurized air flotation technology, and second-generation deep-well pressurized algae control technology being mainstream processes[67] - Deep-diving high-pressure algae control complete sets of equipment: Outstanding energy efficiency, reducing energy consumption by 4 orders of magnitude for treating the same scale of algal water compared to first-generation algae-water separation stations, with 41 sets deployed in lakes such as Taihu, Chaohu, and Xingyun Lake[69][70] - "Two Mountains Theory" practice: Exploring methane emission CCER methodology development, researching "routine precise treatment of polluted sediment complete sets of technology," and launching the "sludge-earthworm bio-converter" "Two Mountains Industry" model to achieve resource utilization[70] - Smart regulation: Created the nation's first "Lake Health Management Work Platform," building a "mesocosm" digital twin diagnosis and verification new model for eutrophic lakes and reservoirs, achieving real-time perception, precise diagnosis, and treatment effect verification[71] - Extensive experience: Undertaking blue-green algae water bloom treatment in key national lakes (Chaohu, Taihu, Dianchi, etc.), with business covering 16 provinces and 34 cities, and participating in blue-green algae emergency response for major events like G20, BRICS summits, and Hangzhou Asian Games[72] - Continuous R&D and innovation: Collaborating with universities and research institutions, continuously investing in R&D funds to improve whole-lake governance efficiency and effectiveness[74] II. Discussion and Analysis of Operating Conditions In the first half of 2025, the company's operating revenue and total profit declined due to delayed acceptance of major orders, but new orders increased significantly, and technological advancements were made in algae control, dredging, digital governance, and resource utilization - Operating performance: In the first half of 2025, operating revenue, total profit, and other indicators decreased year-on-year, mainly due to delayed acceptance of major orders such as the Tonghai County Qilu Lake project (70.83 million yuan) and Xinyi City Luoma Lake project (42.50 million yuan)[76] - Order situation: From the beginning of the year to the disclosure date of this report, the company secured new orders totaling 402 million yuan, a year-on-year increase of 39.24%; cumulative outstanding orders are approximately 527 million yuan, laying a foundation for full-year performance[75][77] - Technical equipment progress: Deep-diving high-pressure algae control complete sets of equipment demonstrate outstanding energy efficiency, with 41 sets deployed in multiple lakes; precise dredging technology upgraded, with 18,000 m³ completed in Xingyun Lake pilot and Taihu dredging pilot in operation[78][79] - Digital governance breakthrough: Driven by AI technology, promoting intelligent transformation of water governance, building a "mesocosm" digital twin diagnosis and verification new model to achieve real-time perception and precise diagnosis of lake conditions[80][81] - Resource utilization closed-loop breakthrough: Centered on the earthworm bio-converter industry, utilizing mud-algae ecological substrate for earthworm farming, innovating a "organic solid waste—earthworm treatment—high-value organic fertilizer—organic agriculture" circular model, practicing the "Two Mountains Industry" concept[82] - Legal proceedings: The second-instance final judgment in the Xingyun Lake project contract dispute case ruled in favor of the company, rejecting the counterclaim and confirming the ownership of 63.525 million yuan and interest to the company; however, as the counterparty has not cooperated in lifting the fund supervision, the company, based on prudence, has not reversed the previously accrued estimated liability of 48,079,496.53 yuan[83] III. Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its deep technical barriers, extensive project experience, unique "Two Mountains Industry" model, and technology-driven digital governance capabilities (I) Core Competitiveness Analysis The company's core competitiveness includes a strong patent portfolio, successful governance experience in major lakes, a full-chain "whole-lake governance + smart platform + resource utilization" capability as a "Two Mountains Industry" pioneer, and AI-driven digital governance - Technical barriers: Possesses 101 patents (including 27 invention patents) and 15 software copyrights, breaking through key technical bottlenecks in core aspects such as blue-green algae harvesting, sedimentation, and algae-water separation[84] - Project experience: Successfully conducted large-scale blue-green algae treatment and in-situ eutrophication control in the "Three Major Lakes" (Taihu, Chaohu, Dianchi) and 34 cities across 16 provinces nationwide[85] - "Two Mountains Industry" pioneer: The only enterprise in China with full-chain capabilities for "whole-lake governance + smart platform + resource utilization," practicing the "Lucid waters and lush mountains are invaluable assets" philosophy through physical pressure control, ecological restoration, smart monitoring, and earthworm industrialization[86] - Digital empowerment of governance: Driven by AI technology, deepening the integration of digital twin technology and AI algorithms, creating the "Lake Ecological Hospital" platform to form a full-cycle service system of "monitoring-diagnosis-governance-operation and maintenance"[86] (III) Core Technologies and R&D Progress The company's core technologies, including integrated secondary enhanced air flotation and in-situ pressurized algae control, are internationally or domestically leading and have achieved mature industrial application, with ongoing R&D in advanced water ecological governance | Core Technology | Technology Maturity | Technology Level | Technology Source | Technical Advancement | | :--- | :--- | :--- | :--- | :--- | | Integrated Secondary Enhanced Air Flotation Technology | Product Application Level | Internationally Leading | Original Innovation | Can treat high-algae water and high-concentration algal suspensions, significantly improving effluent water quality | | Blue-green Algae Cell Wall Disruption Technology | Product Application Level | Internationally Leading | Original Innovation | Can be used to treat concentrated algal slurry and inactivated aged algae, improving flocculation and sedimentation effects, effluent water quality, and blue-green algae removal rate | | In-situ Pressurized Algae Control Technology | Product Application Level | Internationally Leading | Original Innovation | Physically pressurizes blue-green algae to achieve large-flow, low-energy, harmless in-situ algae control | | Routine Precise Treatment of Polluted Sediment Complete Sets of Technology | Product Application Level | Domestically Leading | Original Innovation | Based on 7-band sediment distribution detection technology, achieves low-disturbance removal of polluted sediment, with extracted sediment moisture content between 50%-70%, enabling dry mud onshore | | Suction-type Large-flow Thruster Technology | Product Application Level | Domestically Leading | Original Innovation | Under the same power, the thrust flow is 4-6 times that of ordinary thrusters, possessing functions such as low-energy hydrodynamic thrust algae control and water body oxygenation | - R&D achievements: During the reporting period, 3 new patents were granted (1 invention patent, 2 utility model patents). As of the end of the reporting period, the company holds 101 patents (27 invention patents, 72 utility model patents, 2 design patents) and 15 software copyrights[89][90][91] | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 8,030,469.18 | 7,871,198.75 | 2.02 | | Total R&D Investment | 8,030,469.18 | 7,871,198.75 | 2.02 | | Total R&D Investment as % of Operating Revenue | 7.43 | 3.83 | Increase of 3.60 percentage points | - R&D projects: Including research on pressurized coupled silver carp, bighead carp, and grass carp biological grazing algae control technology, development of an aquatic diagnostic platform, research on key influencing factors and control technologies and equipment for attached algae, development of methodology for greenhouse gas emission reduction projects from routine precise removal of lake and reservoir sediment, R&D and application of emergency treatment equipment for blue-green algae water blooms in Hedi Reservoir, optimization of precise dredging complete sets of technology and equipment, research on key technologies for water quality improvement in plateau lakes based on mesocosm simulation and verification, R&D of Lihu digital twin technology, and R&D of new agricultural models for dredging sludge earthworm farming and green ecological planting, totaling 9 projects[95][96][97][98][99][100] - R&D personnel: The company has 41 R&D personnel, accounting for 8.13% of the total workforce, with total R&D personnel compensation of 3,975,101.43 yuan, and an average compensation of 96,953.69 yuan[102] IV. Risk Factors The company faces multiple operational risks, including seasonal performance fluctuations, accounts receivable collection risks, potential gross margin decline, and macroeconomic environment risks - Risk of seasonal performance fluctuations: The company's operating revenue is primarily realized in the second half of the year, potentially leading to seasonal losses or low profitability in the first half[103] - Risk of accounts receivable collection: Customers are mostly government departments and state-owned enterprises, with strict and complex project acceptance, auditing, and fund approval processes, resulting in high accounts receivable balances; the company is mitigating this risk through improved management systems and legal collection methods[104][105] - Risk of potential gross margin decline: Comprehensive gross margin may fluctuate due to factors such as revenue from different regions, proportion of equipment vs. operation services revenue, raw material price fluctuations, and increased labor costs[106] - Macroeconomic environment risk: Tightening local government budgets may lead to delays in business expansion and procurement orders; the company is closely monitoring and actively expanding new clients[107] V. Main Operating Conditions During the Reporting Period This chapter analyzes the company's main operating conditions, including financial performance, asset-liability structure changes, investment activities, and the operations of major subsidiaries (I) Main Business Analysis During the reporting period, the company's operating revenue and costs significantly decreased due to delayed project acceptance, but the comprehensive gross margin improved due to a higher proportion of high-margin operation and maintenance services | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 108,116,207.53 | 205,353,199.14 | -47.35 | | Operating Cost | 52,130,988.67 | 125,509,888.39 | -58.46 | | Selling Expenses | 2,514,898.22 | 3,293,134.43 | -23.63 | | Administrative Expenses | 24,989,523.86 | 22,086,724.09 | 13.14 | | Financial Expenses | -3,664,858.09 | -2,684,469.28 | N/A | | R&D Expenses | 8,030,469.18 | 7,871,198.75 | 2.02 | | Net cash flow from operating activities | -99,436,080.63 | -1,536,861.66 | N/A | | Net cash flow from investing activities | -19,145,151.61 | 430,779,790.34 | -104.44 | | Net cash flow from financing activities | -20,988,911.37 | -25,446,033.11 | N/A | - Operating revenue decreased: Mainly due to delayed acceptance of major outstanding orders, such as the Tonghai County Qilu Lake blue-green algae water bloom in-situ prevention and control project (70.83 million yuan) and Xinyi City Luoma Lake northwest blue-green algae control project (42.50 million yuan) in the first half of the year[111] - Operating cost decreased: In line with the revenue decline, but the comprehensive gross margin improved due to a higher proportion of high-margin blue-green algae treatment operation and maintenance services[111] - Net cash flow from operating activities decreased: Primarily due to cash outflows for upfront investments in projects awarded in Q2 2025 and delayed collection of payments for some projects[112] - Net cash flow from investing activities changed: Negative in the current period due to the purchase of wealth management products; positive in the prior period due to the redemption of some matured wealth management products[112] (III) Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 1.55 billion yuan, and total liabilities were 333 million yuan, with significant changes in cash, inventory, intangible assets, and payables | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 123,142,854.38 | 7.95 | 266,747,289.97 | 16.43 | -53.84 | Some idle funds used to purchase wealth management products; some project contracts signed in Q2, no collections yet | | Prepayments | 5,249,230.08 | 0.34 | 2,311,045.42 | 0.14 | 127.14 | Increase in ongoing projects, leading to increased prepayments to suppliers | | Inventories | 77,191,357.45 | 4.98 | 16,459,421.52 | 1.01 | 368.98 | Increase in ongoing projects, leading to increased inventories | | Intangible Assets | 8,959,052.00 | 0.58 | 38,796,948.96 | 2.39 | -76.91 | Disposal of Kaiyuan Wastewater Treatment Plant concession right, leading to decrease in intangible assets | | Other Non-current Assets | 160,502,358.70 | 10.36 | 105,301,074.40 | 6.49 | 52.42 | Some idle funds used to purchase wealth management products in the current period, leading to increase in other non-current assets | | Notes Payable | 66,487,811.87 | 4.29 | 47,061,239.82 | 2.90 | 41.28 | Prioritizing notes payable to suppliers to maximize fund utilization | | Contract Liabilities | 6,858,319.93 | 0.44 | 3,868,099.39 | 0.24 | 77.30 | Some projects have prepayments that do not yet meet revenue recognition conditions | | Employee Benefits Payable | 4,263,835.26 | 0.28 | 12,174,507.64 | 0.75 | -64.98 | Year-end bonuses accrued in the prior year were paid during the reporting period | | Taxes Payable | 5,482,404.00 | 0.35 | 17,925,069.49 | 1.10 | -69.41 | The company paid the corporate income tax accrued at the end of the prior year during the reporting period | - Restricted assets: At period-end, 66,838,662.07 yuan of cash and cash equivalents were restricted, mainly for guarantee deposits, bill deposits, and co-managed bank accounts with government clients. Specifically, the 63.525 million yuan and interest for the Xingyun Lake project's third phase, though ruled to belong to the company in the second instance, remain under supervision as the Jiangchuan District Water Conservancy Bureau has not cooperated in lifting the restriction; the company has re-initiated judicial proceedings[117] (IV) Investment Status Analysis During the reporting period, the company adjusted its external equity investments, establishing new subsidiaries and acquiring a minority stake, while also divesting an 80% stake in another subsidiary - New subsidiaries: In January 2025, subsidiary Hubei Environmental Technology Co., Ltd. established a new sub-subsidiary, Huazhong Delinhai (Wuhan) Environmental Technology Co., Ltd.; in March 2025, Huazhong Delinhai (Wuhan) Environmental Technology Co., Ltd. established a new subsidiary, Shiyan Delinhai Environmental Co., Ltd[119] - Equity acquisition: In January 2025, the company acquired a 1% stake in Kaiyuan Delinhai Environmental Technology Co., Ltd. for 100,000 yuan, making it a wholly-owned subsidiary[119] - Equity divestment: In May 2025, the company sold an 80% stake in Henan Zaijiu Construction Engineering Co., Ltd. for a net book value of 3.8659 million yuan, which is no longer included in the consolidated financial statements[119] | Asset Category | Beginning Balance (yuan) | Current Period Fair Value Change Gain/Loss (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (Bank Wealth Management Products) | 389,475,671.23 | 970,479.45 | 69,000,000.00 | 100,000,000.00 | 358,262,095.89 | (VI) Analysis of Major Holding and Joint Stock Companies This section lists the operating performance of the company's major holding subsidiaries, which primarily engage in operation services and contribute to main business revenue and profit | Company Name | Main Business Revenue (yuan) | Main Business Profit (yuan) | | :--- | :--- | :--- | | Hefei Delinhai | 5,084,000.00 | 1,907,900.00 | | Dali Delinhai | 9,535,100.00 | 4,332,300.00 | | Kunming Delinhai | 4,331,500.00 | 1,450,800.00 | | Tonghai Delinhai | 37,944,100.00 | 12,304,400.00 | | Hubei Delinhai | 3,316,500.00 | 2,029,600.00 | - Acquisition and disposal of subsidiaries during the reporting period: New establishments of Huazhong Delinhai and Shiyan Delinhai, and divestment of Henan Zaijiu, all without significant impact[126] Section IV Corporate Governance, Environment, and Society I. Changes in Company Directors, Senior Management, and Core Technical Personnel During the reporting period, the company experienced several changes in its directors, senior management, and core technical personnel, including resignations, new appointments, and the dissolution of the supervisory board - Senior management changes: Vice General Manager Li Xiaolei resigned due to personal reasons but remains employed by the company[129] - Board of Directors changes: Director Xu Guohui left upon expiration of his term; Ma Jianhua was elected as Vice Chairman, and Xu Jinjian was elected as a Director[130] - Supervisory Board changes: The company abolished the Supervisory Board, leading to the departure of Supervisors Liu Yanfen, Shao Ling, and Lu Xihu; the Supervisory Board's functions are now assumed by the Board's Audit Committee[131] II. Profit Distribution or Capital Reserve to Share Capital Plan The company's board of directors approved a 2025 semi-annual profit distribution plan, proposing a cash dividend of 2.00 yuan (tax inclusive) per 10 shares to all shareholders, totaling 21,816,518.20 yuan (tax inclusive), subject to shareholder approval - Profit distribution plan: Proposed cash dividend of 2.00 yuan (tax inclusive) per 10 shares to all shareholders[132] - Distribution basis: Based on the total share capital of 109,082,591 shares after deducting shares in the buyback special securities account on the equity distribution record date[132] - Total cash dividend: 21,816,518.20 yuan (tax inclusive)[132] - Approval status: Subject to approval at the company's second extraordinary general meeting in 2025[132] V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts The company actively fulfills its social responsibilities by donating 1 million yuan to Shigatse, Tibet, for ecological environmental protection and governance, supporting national directives and rural revitalization strategies - Social donation: In April 2025, the company donated 1 million yuan to Shigatse, Tibet, for ecological environmental protection and governance[133] - Purpose: To implement General Secretary Xi Jinping's important directives on Tibet work and the Party's strategy for governing Tibet in the new era, fulfilling corporate social responsibility[133] Section V Important Matters I. Fulfillment of Commitments This section details the fulfillment of various commitments made by the company's actual controllers, shareholders, directors, senior management, and core technical personnel during the initial public offering, with all commitments being strictly fulfilled during the reporting period - Share lock-up commitments: Controlling shareholder and actual controller Hu Mingming, director and core technical personnel Sun Yang, and others committed that the reduction price would not be lower than the offering price within two years after the lock-up period expires, and that they would not transfer more than 25% of their total shares annually while serving as directors, supervisors, or senior management[135][136][137][138][139][140][141] - Shareholding intention and reduction intention commitments: Controlling shareholder Hu Mingming and former shareholder Chen Hong (holding over 5%) committed to long-term shareholding and that the reduction price would not be lower than the offering price within 24 months after the lock-up period expires[142][143][144][145] - Share price stabilization plan and restrictive measures: The company, controlling shareholders, directors, and senior management committed to taking measures such as share buybacks and share increases to stabilize the share price when trigger conditions are met, in a specified order[146][147][148][149][150][151][152][153][154][155][156] - Commitments regarding unfulfilled commitments: The company and relevant parties committed that if commitments are not fulfilled, they will publicly explain the reasons and apologize, bear corresponding responsibilities, compensate investors for losses, and implement restrictive measures such as salary limitations and extended share lock-up periods[157][158][159][160][161][162][163] - Fulfillment status: All commitments were timely and strictly fulfilled during the reporting period[135] VII. Major Litigation and Arbitration Matters This section discloses the progress of a major contract dispute litigation between the company's subsidiary, Yuxi Delinhai, and the Yuxi City Jiangchuan District Water Conservancy Bureau regarding the Xingyun Lake project - Litigants: Yuxi Subsidiary (plaintiff) vs. Yuxi City Jiangchuan District Water Conservancy Bureau (defendant)[165] - Litigation content: Yuxi Subsidiary filed a lawsuit because the Jiangchuan District Water Conservancy Bureau refused to lift restrictions on disbursed funds[165] - Judgment result: In June 2025, the Yuxi Intermediate People's Court's second-instance final judgment ruled in favor of the company, overturning the first-instance judgment, rejecting the counterclaim, and confirming that the supervised account funds and interest belong to the company[165] - Subsequent developments: The Jiangchuan District Water Conservancy Bureau has not lifted the fund supervision as per the second-instance judgment; the Yuxi Subsidiary has re-initiated judicial proceedings, and the case has been accepted by the Yuxi City Hongta District People's Court but has not yet been heard[165] XI. Major Contracts and Their Performance This section lists the company's major contracts that are ongoing or not yet fully performed during the reporting period, primarily involving lake governance and operation management projects | Name of Counterparty | Contract Subject | Contract Signing Date | Pricing Principle | Transaction Price (10,000 yuan) | Execution Status as of Reporting Period End | | :--- | :--- | :--- | :--- | :--- | :--- | | Yuxi City Jiangchuan District Water Conservancy Bureau | Xingyun Lake In-situ Algae Control and Water Quality Improvement Project Operation Management | April 2025 | Bidding | Estimated 8,785.20 (two years) | Not yet fully performed | | Yuxi City Tonghai County Water Conservancy Bureau | Tonghai County Qilu Lake and Inflowing River Algae-Water Separation Station Operation Contract | December 2023 | Original contract renewal after approval by relevant departments | 18,011.00 | Not yet fully performed | | Suzhou Water Bureau (Suzhou Water Conservancy Project Construction Office) | High Algae Period Suzhou Urban Water Source Guarantee Project (Xitang River) | July 2021 | Single Source | 14,829.37 | Not yet fully performed | XII. Progress of Raised Funds Utilization This chapter details the company's overall use of raised funds, specific investment projects, changes, and other uses, with a cumulative investment of 467 million yuan and an overall progress of 67.18% as of the reporting period end (I) Overall Use of Raised Funds As of the end of the reporting period, the company's total raised funds from its initial public offering amounted to 999.264 million yuan, with a cumulative investment of 467.4162 million yuan, achieving an overall investment progress of 67.18% | Source of Raised Funds | Total Raised Funds (yuan) | Total Committed Investment in Prospectus (yuan) | Total Over-raised Funds (yuan) | Cumulative Raised Funds Invested as of Reporting Period End (yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 999,264,000.00 | 450,167,000.00 | 479,575,900.32 | 467,416,175.49 | 67.18 | - Total raised funds with changed use: 327,052,659.47 yuan, primarily for the "Lake Ecological Hospital Project"[173] (II) Details of Raised Fund Investment Projects The company's original raised fund investment projects have been re-designated as the "Lake Ecological Hospital Project" to align with market changes and strategic transformation, providing technical support for lake governance - Raised fund investment project changes: The original "Lake and Reservoir Eutrophication Monitoring and Early Warning Project" and "Blue-green Algae Disposal R&D Center Project" have been changed to the "Lake Ecological Hospital Project," with 327.0527 million yuan transferred[177] - Original project achievements: Completed multiple technical studies, including rapid removal of large-flow floating blue-green algae particles, routine precise treatment of polluted sediment, grid-based monitoring and diagnosis of lakes and reservoirs, and optimization of algae-water separation technology, with 69 patent applications and 45 granted patents[178] - "Lake Ecological Hospital Project" progress: Through mesocosm verification in plateau lake regions, the Lihu digital twin system has been initially established, providing four-function capabilities (forecast, early warning, simulation, and contingency plan) for Lihu water quality and aquatic ecology[179] | Project Name | Planned Investment Amount of Raised Funds (10,000 yuan) | Cumulative Investment of Raised Funds as of Reporting Period End (10,000 yuan) | Investment Progress (%) | | :--- | :--- | :--- | :--- | | Lake and Reservoir Eutrophication Monitoring and Early Warning Project (Cancelled, Adjusted) | 2,836.34 | 218.41 | 92.74 | | Blue-green Algae Disposal R&D Center Project (Cancelled, Adjusted) | 2,938.87 | 172.86 | 81.09 | | Supplement Working Capital | 10,000.00 | 10,000.00 | 100.00 | | Lake Ecological Hospital Project | 32,705.27 | 702.29 | 2.15 | | Over-raised funds used for permanent replenishment of working capital or repayment of bank loans | 36,000.00 | 36,000.00 | 100.00 | | Over-raised funds used for share buyback | 10,741.62 | 10,741.62 | 100.00 | (III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period No changes or terminations of raised fund investment projects occurred during the reporting period - No changes or terminations of raised fund investment projects during the reporting period[182] (IV) Other Uses of Raised Funds During the Reporting Period The company continued to use temporarily idle raised funds for cash management during the reporting period, with a balance of 345 million yuan as of June 30, 2025 - Cash management: The company uses temporarily idle raised funds, up to a maximum of 350 million yuan, for cash management to purchase highly secure and liquid principal-protected investment products[184] - Period-end balance: As of June 30, 2025, the balance of temporarily idle raised funds used for cash management was 345 million yuan[185] Section VI Share Changes and Shareholder Information I. Share Capital Changes During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - No changes in the company's total ordinary share capital or share capital structure during the reporting period[188] II. Shareholder Information As of the end of the reporting period, the company had 3,375 ordinary shareholders, with controlling shareholder Hu Mingming holding 39.89% of the shares - Total number of ordinary shareholders as of the end of the reporting period: 3,375 households[189] | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hu Mingming | 45,080,000 | 39.89 | Domestic Natural Person | | Gu Wei | 8,624,000 | 7.63 | Domestic Natural Person | | Chen Hong | 5,650,000 | 5.00 | Domestic Natural Person | | Tian Sanhong | 2,729,000 | 2.42 | Domestic Natural Person | | Beijing Hongjun Private Equity Fund Management Co., Ltd. | 2,189,212 | 1.94 | Other | | Sun Yang | 2,022,427 | 1.79 | Domestic Natural Person | | Xie Jianhua | 1,828,000 | 1.62 | Domestic Natural Person | | Zhou Xinying | 1,485,447 | 1.31 | Domestic Natural Person | | Li Wei | 1,469,011 | 1.30 | Domestic Natural Person | | Shengang Securities Investment (Beijing) Co., Ltd. | 1,166,666 | 1.03 | Other | - Li Wei holds a total of 1,469,011 shares through ordinary securities accounts and credit trading guarantee securities accounts[190] - The company's buyback special securities account holds 3,917,409 shares, accounting for 3.47% of the total share capital[192] Section VII Bond-Related Information I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds or non-financial enterprise debt financing instruments[196] II. Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[196] Section VIII Financial Report II. Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 1.55 billion yuan, total liabilities were 333 million yuan, and total owners' equity was 1.22 billion yuan | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,549,908,650.61 | 1,623,227,353.95 | | Total Liabilities | 333,212,498.31 | 381,118,158.27 | | Total Owners' Equity | 1,216,696,152.30 | 1,242,109,195.68 | | Cash and Cash Equivalents | 123,142,854.38 | 266,747,289.97 | | Financial Assets Held for Trading | 358,262,095.89 | 389,475,671.23 | | Accounts Receivable | 444,777,623.47 | 430,065,406.38 | | Inventories | 77,191,357.45 | 16,459,421.52 | | Intangible Assets | 8,959,052.00 | 38,796,948.96 | | Notes Payable | 66,487,811.87 | 47,061,239.82 | | Accounts Payable | 183,913,633.17 | 219,687,479.63 | | Estimated Liabilities | 49,050,390.62 | 58,109,784.00 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 1.545 billion yuan, total liabilities were 408 million yuan, and total owners' equity was 1.138 billion yuan | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,545,120,696.78 | 1,593,410,047.39 | | Total Liabilities | 407,569,730.39 | 417,118,738.20 | | Total Owners' Equity | 1,137,550,966.39 | 1,176,291,309.19 | | Cash and Cash Equivalents | 54,873,225.60 | 192,707,279.28 | | Financial Assets Held for Trading | 355,257,780.82 | 389,475,671.23 | | Accounts Receivable | 367,362,199.32 | 368,149,426.26 | | Inventories | 62,191,680.26 | 10,431,091.92 | | Long-term Equity Investments | 60,487,800.00 | 58,217,800.00 | | Notes Payable | 67,276,385.62 | 49,722,780.82 | | Accounts Payable | 309,961,112.35 | 322,058,187.40 | Consolidated Income Statement For January-June 2025, the company's consolidated total operating revenue was 108.12 million yuan, a 47.35% year-on-year decrease, resulting in a net loss of 3.51 million yuan | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 108,116,207.53 | 205,353,199.14 | | Total Operating Cost | 84,622,576.33 | 157,433,940.66 | | Operating Profit | -3,594,127.68 | 28,392,697.23 | | Total Profit | -4,605,517.57 | 28,362,318.21 | | Net Profit | -3,510,120.17 | 24,635,555.12 | | Net profit attributable to parent company shareholders | -3,092,787.13 | 24,771,860.39 | | Basic earnings per share (yuan/share) | -0.03 | 0.22 | | Diluted earnings per share (yuan/share) | -0.03 | 0.22 | Parent Company Income Statement For January-June 2025, the parent company's operating revenue was 95.91 million yuan, a 47.38% year-on-year decrease, resulting in a net loss of 16.92 million yuan | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Operating Revenue | 95,906,848.32 | 181,865,627.38 | | Operating Cost | 68,653,842.48 | 123,194,995.12 | | Operating Profit | -18,966,457.09 | 17,516,693.59 | | Total Profit | -19,948,833.21 | 17,519,493.54 | | Net Profit | -16,923,824.60 | 15,221,074.37 | Consolidated Cash Flow Statement For January-June 2025, the company's consolidated net cash flow from operating activities was -99.44 million yuan, from investing activities was -19.15 million yuan, and from financing activities was -20.99 million yuan | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net cash flow from operating activities | -99,436,080.63 | -1,536,861.66 | | Net cash flow from investing activities | -19,145,151.61 | 430,779,790.34 | | Net cash flow from financing activities | -20,988,911.37 | -25,446,033.11 | | Net increase in cash and cash equivalents | -139,570,143.61 | 403,796,895.57 | | Cash and cash equivalents at period-end | 56,304,192.31 | 549,172,100.05 | Parent Company Cash Flow Statement For January-June 2025, the parent company's net cash flow from operating activities was -95.99 million yuan, from investing activities was -18.76 million yuan, and from financing activities was -21.90 million yuan | Item | 2025 Half-Year (yuan) | 2024 Half-Year (yuan) | | :--- | :--- | :--- | | Net cash flow from operating activities | -95,986,327.96 | 35,337,678.92 | | Net cash flow from investing activities | -18,764,633.61 | 420,447,216.34 | | Net cash flow from financing activities | -21,901,411.37 | -23,961,278.94 | | Net increase in cash and cash equivalents | -136,652,372.94 | 431,823,616.32 | | Cash and cash equivalents at period-end | 43,798,519.99 | 532,513,411.23 | Consolidated Statement of Changes in Owners' Equity For January-June 2025, the company's consolidated total owners' equity decreased by 25.41 million yuan, primarily due to a total comprehensive loss of 3.51 million yuan and profit distribution of 21.82 million yuan | Item | 2025 Beginning Balance (yuan) | Current Period Change Amount (yuan) | 2025 Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,242,109,195.68 | -25,413,043.38 | 1,216,696,152.30 | | Total Owners' Equity attributable to Parent Company | 1,238,398,812.62 | -24,998,222.92 | 1,213,400,589.70 | | Net Profit | 277,109,571.95 | -3,092,787.13 | 252,200,266.62 | | Profit Distribution | - | -21,816,518.20 | - | Parent Company Statement of Changes in Owners' Equity For January-June 2025, the parent company's total owners' equity decreased by 38.74 million yuan, mainly due to a net loss of 16.92 million yuan and profit distribution of 21.82 million yuan | Item | 2025 Beginning Balance (yuan) | Current Period Change Amount (yuan) | 2025 Ending Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 1,176,291,309.19 | -38,740,342.80 | 1,137,550,966.39 | | Net Profit | 214,986,927.41 | -16,923,824.60 | 176,246,584.61 | | Profit Distribution | - | -21,816,518.20 | - | III. Company Basic Information Wuxi Delinhai Environmental Technology Co., Ltd., established on December 10, 2009, specializes in blue-green algae disaster emergency response, prevention, control, and whole-lake governance for small and medium-sized lakes - Company establishment date: December 10, 2009[233] - Main business: Blue-green algae treatment, focusing on emergency response, prevention, and control of blue-green algae water bloom disasters in lakes and reservoirs, as well as whole-lake governance for small and medium-sized lakes aimed at water quality improvement[233] - Business content: Development and sales of integrated and complete sets of blue-green algae treatment technical equipment, and provision of specialized operation and maintenance services for algae-water separation stations and other blue-green algae treatment technical equipment[233] IV. Basis for Preparation of Financial Statements The company's financial statements are prepared on a going concern basis, adhering to Accounting Standards for Business Enterprises and relevant disclosure rules, primarily using historical cost measurement - Preparation basis: Going concern assumption, adhering to "Accounting Standards for Business Enterprises" and "Information Disclosure Rules for Companies Issuing Securities No. 15" by the China Securities Regulatory Commission[234][235] - Accounting basis: Accrual basis, with historical cost as the measurement basis for all items except certain financial instruments[234][235] V. Significant Accounting Policies and Accounting Estimates This chapter details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, financial instruments, long-term equity investments, fixed assets, intangible assets, revenue recognition, contract costs, government grants, deferred income tax, and leases - Statement of compliance with Accounting Standards for Business Enterprises: The company's financial statements comply with Accounting Standards for Business Enterprises, accurately and completely reflecting its financial position[238] - Accounting period: Adopts the calendar year, from January 1 to December 31 annually[239] - Classification of financial assets: Classified into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[258] - Impairment of financial instruments: Impairment provisions are made based on expected credit losses, using either a general or simplified approach[270][271] - Revenue recognition: Revenue is recognized when the customer obtains control of the related goods, with performance progress determined using the input or output method based on the nature of the performance obligation[349][350][351] - Revenue from integrated technical equipment: Recognized when the technical equipment is delivered to the customer and accepted as meeting contractual objectives[352][353] - Revenue from blue-green algae treatment operation and maintenance: Recognized at month-end (or quarter-end) based on the workload specified in customer-approved settlement statements and contractually agreed prices[353] - Government grants: Asset-related grants are recognized as deferred income, while income-related grants are recognized in current profit or loss or offset against related costs and expenses[356][358] - Significant accounting judgments and estimates: Include revenue recognition, impairment of financial assets, fair value of financial instruments, impairment provisions for long-term assets, and estimated liabilities; these judgments and estimates may have a significant impact on future financial statements[374][375][377][378] VI. Taxes This chapter details the company's and its subsidiaries' main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharges, and corporate income tax, with several entities enjoying tax incentives | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated on sales of goods and taxable services, net of input tax | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on actual turnover taxes paid | 7% | | Education Surcharge | Based on actual turnover taxes paid | 3% | | Local Education Surcharge | Based on actual turnover taxes paid | 2% | - Corporate income tax rate: Wuxi Delinhai Environmental Technology Co., Ltd. applies a 15% high-tech enterprise tax rate (2023-2025)[379][381] - Subsidiary tax incentives: Dali Delinhai, Yuxi Delinhai, and Tonghai Delinhai qualify for the Western Region Encouraged Industries Catalog, applying a 15% preferential corporate income tax rate for 2025[381] - Small micro-profit enterprise incentives: Several subsidiaries meet the criteria for small micro-profit enterprises, enjoying preferential policies where the portion of annual taxable income not exceeding 1 million yuan is taxed at 20% (calculated at 25% of taxable income), and the portion exceeding 1 million yuan but not exceeding 3 million yuan is also taxed at 20% (calculated at 25% of taxable income)[382][383] - Environmental protection project incentives: Kaiyuan Delinhai Environmental Technology Co., Ltd.'s wastewater treatment project enjoys a "three-year exemption, three-year half reduction" policy, with corporate income tax exempted from 2023-2025 and halved from 2026-2028[383] VII. Notes to Consolidated Financial Statement Items This chapter provides detailed notes to various items in the consolidated financial statements, including cash and cash equivalents, accounts receivable, inventories, intangible assets, notes payable, employee benefits payable, and estimated liabilities | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 9,567.00 | 64,337.00 | | Bank Deposits | 115,795,860.31 | 251,030,721.70 | | Other Cash and Cash Equivalents | 7,337,427.07 | 15,652,231.27 | | Total | 123,142,854.38 | 266,747,289.97 | - Restricted cash and cash equivalents: Total restricted cash and cash equivalents at period-end were 66,838,662.07 yuan, mainly for co-manag