蓝晓科技(300487) - 2025 Q2 - 季度财报

Section 1 Important Notice, Table of Contents, and Definitions This section provides key disclaimers, outlines the report structure, and defines essential terms to ensure clear understanding of the financial report Important Notice The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and the financial report is declared true, accurate, and complete by the responsible persons; the Board approved a profit distribution plan of 1.8 Yuan (tax inclusive) per 10 shares, while also cautioning investors about risks such as business expansion, market competition, accounts receivable collection, changes in downstream applications, loss of core technical personnel, international business expansion, and new technology industrialization - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[4] - Company head Gao Yuejing, chief accountant An Yuan, and head of accounting department Xiao Huirong declare that the financial report in this semi-annual report is true, accurate, and complete[4] 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Distribution base | Total share capital on equity registration date minus repurchased shares | | Cash dividend per 10 shares | 1.8 Yuan (tax inclusive) | | Bonus shares | 0 shares (tax inclusive) | | Capital reserve to share capital | No conversion | - The company advises investors to be aware of risks such as business scale expansion, market competition, accounts receivable collection, changes in downstream application areas, loss of core technical personnel/technology leakage, international business expansion, and new technology industrialization progress[4] Table of Contents The report's clear table of contents is divided into eight sections, covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports, along with a list of reference documents - The report is divided into eight sections, including important notice, company profile and key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related information, and financial report[8] - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of accounting department, original copies of all publicly disclosed company documents and announcements, and the original semi-annual report document signed by the legal representative[10][11][12] Definitions This section provides definitions for common terms used in the report, including company and subsidiary names, core products (e.g., adsorption and separation materials, ion exchange resins, chelating resins, uniform particle size resins, solid phase synthesis carriers, enzyme carriers, microcarriers, chromatographic packing/media, system integration/system devices), and the reporting period, ensuring readers have a clear understanding of specialized terminology - “Lanxiao Technology”, “the Company”, “this Company” refer to Xi'an Lanxiao Technology New Materials Co., Ltd[14] - “Adsorption and separation materials” refer to an important branch of functional polymer materials that achieve substance separation and purification through exchange, adsorption, chelation, and other functions[14] - “Reporting Period” refers to January 1, 2025, to June 30, 2025[15] Section 2 Company Profile and Key Financial Indicators This section introduces the company's basic information and presents its key financial performance and position for the reporting period Company Profile Xi'an Lanxiao Technology New Materials Co., Ltd. (stock code: 300487) is listed on the Shenzhen Stock Exchange, with Gao Yuejing as legal representative, and contact information remains unchanged from the 2024 annual report Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Lanxiao Technology | | Stock Code | 300487 | | Listed Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Xi'an Lanxiao Technology New Materials Co., Ltd. | | Legal Representative | Gao Yuejing | - Company registered address, office address, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[19] Key Accounting Data and Financial Indicators In H1 2025, revenue decreased by 3.64% to 1.247 billion Yuan, but net profit attributable to shareholders increased by 10.01% to 444.53 million Yuan; operating cash flow significantly grew by 36.50%, while total assets and net assets also increased, maintaining a low asset-liability ratio, with non-recurring gains totaling 8.19 million Yuan Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,247,430,023.57 | 1,294,500,609.88 | -3.64% | | Net Profit Attributable to Shareholders of Listed Company | 444,525,367.86 | 404,080,346.58 | 10.01% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 436,331,024.27 | 392,812,221.55 | 11.08% | | Net Cash Flow from Operating Activities | 288,437,900.22 | 211,306,260.77 | 36.50% | | Basic Earnings Per Share (Yuan/share) | 0.88 | 0.80 | 10.00% | | Diluted Earnings Per Share (Yuan/share) | 0.88 | 0.80 | 10.00% | | Weighted Average Return on Net Assets | 10.72% | 11.11% | -0.39% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End (Yuan) | Year-End Change (%) | | Total Assets | 6,410,579,741.65 | 6,085,140,907.36 | 5.35% | | Net Assets Attributable to Shareholders of Listed Company | 4,067,079,984.58 | 3,914,646,637.73 | 3.89% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -218,611.01 | | Government grants recognized in current profit or loss | 8,603,779.07 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 1,478,270.92 | | Other non-operating income and expenses | 107,942.73 | | Less: Income tax impact | 1,480,960.90 | | Minority interest impact (after tax) | 296,077.22 | | Total | 8,194,343.59 | Section 3 Management Discussion and Analysis This section details the company's primary business operations, core competencies, financial performance, investment activities, and risk management strategies Main Business Activities during the Reporting Period The company's core business involves R&D, production, and sales of adsorption and separation materials and integrated solutions, serving diverse sectors like metal resources and life sciences, benefiting from national policies and environmental demands, and establishing itself as an industry leader with comprehensive "material + equipment" solutions - The company's main business is the research, development, production, and sales of adsorption and separation materials, as well as supporting system devices and integrated flexible solutions for adsorption and separation[28] - The adsorption and separation materials industry benefits from national strategic support such as "Made in China 2025", with wide applications in metal resources, life sciences, water treatment, food processing, energy saving and environmental protection, chemical and catalysis, and other fields[30][31] - The company is a National Torch Plan Key High-tech Enterprise, a National "Little Giant" Specialized and Sophisticated Enterprise, and a National Manufacturing Single Champion Enterprise, having developed into a domestic industry leader and internationally renowned enterprise in the adsorption and separation materials and technology industry[35] - The company possesses the largest production capacity for special adsorption and separation materials, a comprehensive product range, and a wide span of application fields, while innovatively implementing a "material + equipment" integrated solution model[36][37] Analysis of Core Competitiveness The company's core strengths include a strong talent pool, robust R&D and industrialization capabilities, high-quality production capacity, integrated "material + equipment" solutions, and a recognized market brand, achieving breakthroughs in areas like salt lake lithium extraction and ultrapure water - The company boasts a management and R&D team that is both professionally experienced and dynamic, with a local and international perspective, comprising over 300 R&D technical team members covering specialties such as polymer materials, organic synthesis, applied chemistry, biomedicine, and metallurgy[40][41] - The company continuously innovates in multiple application fields, having obtained 67 domestic authorized patents and 20 PCT authorized patents, and received the National Science and Technology Progress Award Second Prize[42] - In 2019, the newly built Gaoling Industrial Park and Pucheng Base added a combined 40,000 tons/year of adsorption and separation material capacity, increasing total capacity from less than 10,000 tons to 50,000 tons, positioning the company to seize future industry development opportunities[46] - The company pioneered the business model of providing complete adsorption and separation technology solutions, having undertaken over 100 system integration projects covering regions such as China, Asia, Europe, Africa, and South America[47] - The company's products and technologies have achieved industrialization breakthroughs and market recognition in emerging application fields such as metal resources (salt lake lithium extraction, gallium extraction), antibiotics, enzyme carriers, life sciences (peptide synthesis carriers, nucleic acid synthesis carriers, cell culture microcarriers), and ultrapure water[48] Main Business Analysis H1 2025 revenue was 1.247 billion Yuan (down 3.64%), but net profit attributable to shareholders rose 10.01% to 444.53 million Yuan; excluding large-scale salt lake lithium extraction projects, basic business revenue grew 4.26%, with adsorption material revenue at 1.007 billion Yuan (up 3.40%), driven by strong growth in life sciences, metal resources, and water treatment, leading to a 3.8 percentage point increase in comprehensive gross margin to 51.26% Overview of Operating Performance in H1 2025 | Indicator | Jan-Jun 2025 (billion Yuan) | Jan-Jun 2024 (billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.247 | 1.295 | -3.64% | | Of which: Salt Lake Lithium Extraction Large-Scale System Devices | 0.00 | 0.099 | -100% | | Basic Business (excluding Salt Lake Lithium Extraction Large-Scale System Devices) | 1.247 | 1.196 | 4.26% | | Of which: Lithium-related business (adsorbents, small-scale devices, design, etc.) | 0.061 | 0.061 | 0.00% | | Net Profit Attributable to Parent Company | 0.445 | 0.404 | 10.01% | H1 2025 Operating Revenue Structure and YoY Change | Business Type | Jan-Jun 2025 (million Yuan) | Jan-Jun 2024 (million Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Adsorption Materials | 1,006.84 | 973.75 | 3.40% | | - Metal Resources | 149.06 | 121.34 | 22.84% | | - Life Sciences | 320.09 | 284.70 | 12.43% | | - Water Treatment and Ultrapurification | 359.46 | 323.10 | 11.25% | | - Energy Saving and Environmental Protection | 59.11 | 104.08 | -43.21% | | - Food Processing | 32.39 | 24.80 | 30.63% | | - Chemical and Catalysis | 68.39 | 97.33 | -29.74% | | System Devices | 183.39 | 288.93 | -36.53% | | Technical Services | 36.84 | 11.60 | 217.55% | | Total Operating Revenue | 1,247.43 | 1,294.50 | -3.64% | - The company's comprehensive gross margin was 51.26%, an increase of 3.8 percentage points year-on-year; the gross margin for adsorption materials was 54.27%, an increase of 3.2 percentage points, primarily due to the increased proportion of high-margin businesses such as life sciences, metal resources, and ultrapure water, as well as a decrease in raw material prices[54] - The Tibet lithium extraction project achieved industrialization breakthroughs, with the first production line of Guoneng Mining's Jiezha Caka project successfully trial-operated, utilizing a "wind-solar green electricity" based "green zero-carbon direct lithium extraction" process[56] - The life sciences sector plans to invest in a new high-end materials industrial park in Weinan City, Shaanxi Province, and continues to build an international marketing and technical network, with peptide and small nucleic acid solid-phase synthesis carrier businesses maintaining growth[59][60] - Significant breakthroughs were achieved in the water treatment and ultrapure water sectors, with substantial orders from key semiconductor enterprises and continuous increase in market share in the panel industry[61] - In H1 2025, the company's total adsorption material output was 34,500 tons, an increase of 9.45% year-on-year; sales volume was 33,400 tons, an increase of 8.35% year-on-year[63] - R&D expenses in H1 2025 were 73.63 million Yuan, largely consistent with the prior year, with 1 new domestic invention patent and 7 foreign invention patents authorized[64][65] - The company continuously enhances its digital management level, practices ESG principles, and has received Wind ESG rating A, Huazheng ESG rating A, and SynTao Green Finance ESG rating A-, while maintaining a high proportion of cash dividends for many consecutive years[66][67] Non-Core Business Analysis No non-core business activities requiring disclosure occurred during the reporting period Analysis of Assets and Liabilities At the end of the reporting period, total assets reached 6.411 billion Yuan (up 5.35%), and net assets attributable to shareholders grew 3.89% to 4.067 billion Yuan; long-term equity investments increased due to additional investments in associates and higher investment income, while other payables significantly rose due to equity distribution, maintaining a 36.30% asset-liability ratio with low interest-bearing debt, and some assets are restricted primarily for loan collateral Significant Changes in Asset Composition (Period-end vs. Year-end) | Item | Current Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | % Change in Proportion | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,324,442,880.34 | 36.26 | 2,262,370,665.64 | 37.18 | -0.92 | No significant change | | Long-term Equity Investments | 19,057,998.72 | 0.30 | 13,848,217.30 | 0.23 | 0.07 | Primarily due to additional investment in associates and increased investment income from associates | | Other Payables | 310,544,902.45 | 4.84 | 12,109,868.60 | 0.20 | 4.64 | Primarily due to equity distribution | Asset Restriction Status as of Report End | Item | Book Balance (Yuan) | Book Value (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,367,882.00 | 2,367,882.00 | Frozen, deposit, pledge | Frozen, letter of guarantee and bid deposit, ETC deposit, credit card deposit | | Fixed Assets | 22,083,694.24 | 18,333,123.57 | Mortgage | Loan mortgage | | Intangible Assets | 118,518,400.00 | 107,543,946.85 | Mortgage | Loan mortgage | | Total | 142,969,976.24 | 128,244,952.42 | - | - | Investment Status Analysis Total investments in the reporting period were 481.51 million Yuan (down 13.68%), primarily in financial assets measured at fair value, totaling 559.87 million Yuan at period-end; raised funds were largely utilized, with 361.24 million Yuan cumulatively invested in projects like new energy metal adsorption and separation material production expansion, R&D, and marketing centers, and working capital, with project feasibility unchanged despite not yet reaching production Comparison of Investment Amounts in the Reporting Period | Indicator | Investment Amount in Reporting Period (Yuan) | Investment Amount in Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Investment Amount | 481,508,212.63 | 557,825,197.59 | -13.68% | Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-End Amount (Yuan) | | :--- | :--- | | Trust products | 8,000,000.00 | | Others (structured deposits, large-denomination certificates of deposit, accounts receivable financing, etc.) | 551,867,015.12 | | Total | 559,867,015.12 | Overall Utilization of Raised Funds (as of Report End) | Fundraising Method | Net Raised Funds (million Yuan) | Total Raised Funds Cumulatively Used (million Yuan) | % of Raised Funds Used at Report End | | :--- | :--- | :--- | :--- | | Issuance of convertible corporate bonds to unspecified investors | 539.87 | 361.24 | 66.91% | Status of Committed Projects for Raised Funds (as of Report End) | Project Name | Adjusted Total Investment (million Yuan) | Cumulative Investment at Period-End (million Yuan) | Investment Progress at Period-End (%) | Date Project Reached Intended Usable State | | :--- | :--- | :--- | :--- | :--- | | New Energy Metal Adsorption and Separation Material Production System Expansion Project | 248.40 | 217.14 | 87.42% | July 29, 2025 | | New Energy Metal Adsorption and Separation Technology R&D Center Project | 184.89 | 74.46 | 40.27% | December 31, 2025 | | New Energy Metal Adsorption and Separation Technology Marketing and Service Center Project | 47.23 | 10.25 | 21.70% | December 31, 2025 | | Replenishment of Working Capital | 59.35 | 59.39 | 100.05% | Not applicable | - The raised investment projects are still under investment and have not yet reached production conditions, but the project feasibility has not undergone significant changes[90] Entrusted Wealth Management, Derivative Investments, and Entrusted Loans The company engaged in 400 million Yuan of entrusted wealth management during the period, with 310 million Yuan outstanding, but 40 million Yuan in trust wealth management products are overdue and unrecovered, leading to a 32 million Yuan fair value change loss; no derivative investments or entrusted loans were made Overview of Entrusted Wealth Management in the Reporting Period | Specific Type | Entrusted Wealth Management Amount (million Yuan) | Unexpired Balance (million Yuan) | Overdue Unrecovered Amount (million Yuan) | Impairment Amount Accrued for Overdue Unrecovered Wealth Management (million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank wealth management products | 330.00 | 260.00 | 0 | 0 | | Brokerage wealth management products | 70.00 | 50.00 | 0 | 0 | | Trust wealth management products | 0 | 0 | 40.00 | -32.00 | | Total | 400.00 | 310.00 | 40.00 | -32.00 | - The "Zhongrong-Yuanrong No. 1 Collective Fund Trust Plan" totaling 40 million Yuan, subscribed by the company on May 11, 2023, and June 8, 2023, is overdue and unpaid, with cumulative fair value change losses of 32 million Yuan accrued[97] - The company had no derivative investments during the reporting period[98] - The company had no entrusted loans during the reporting period[99] Disposal of Major Assets and Equity No significant asset or equity disposals occurred during the reporting period - The company did not dispose of major assets during the reporting period[100] - The company did not engage in related party transactions involving asset or equity acquisition or disposal during the reporting period[145] Analysis of Major Holding and Participating Companies Gaoling Lanxiao Technology New Materials Co., Ltd., a key subsidiary, achieved 498.82 million Yuan in revenue and 138.99 million Yuan in net profit; the company established Xi'an Lanxiao Pharmaceutical Technology Co., Ltd. and acquired Sunresin Sweden AB (formerly Jaloci AB), with no significant impact on overall operations or performance Major Subsidiaries and Associates with Net Profit Impact Exceeding 10% | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gaoling Lanxiao Technology New Materials Co., Ltd. | Subsidiary | Adsorption and separation materials and system devices | 436,000,000.00 | 1,658,136,036.81 | 1,382,380,971.71 | 498,823,168.22 | 156,412,158.24 | 138,990,401.39 | Acquisition and Disposal of Subsidiaries during the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Xi'an Lanxiao Pharmaceutical Technology Co., Ltd. | Newly established | No significant impact during the reporting period | | Sunresin Sweden AB (formerly Jaloci AB) | Acquisition | No significant impact during the reporting period | Risks Faced by the Company and Countermeasures The company faces risks from business expansion, market competition, accounts receivable, downstream application changes, talent loss, international business, increased depreciation, and new technology industrialization, which it addresses through internal control improvements, R&D, receivables management, diversified market strategies, human resource optimization, market expansion plans, and proactive capacity deployment - Management risks arising from business scale expansion: The company will continuously improve internal controls, enhance management levels, control expenses, and ensure scientific and smooth business operations[104] - Market competition risks: The company will continue to increase R&D investment, stay close to user needs, firmly consolidate its competitive advantages, continuously optimize product performance, and constantly develop more downstream application areas[105] - Accounts receivable collection risks: The company will continuously strengthen accounts receivable management, establish a tracking mechanism for accounts receivable, intensify customer review management, and form a special team for follow-up[106] - Risks of changes in downstream application areas: The company will, on one hand, solidify contributions from core segments, and on the other hand, proactively plan in various innovative fields to form a multi-industry, multi-segment product system[107][108] - Risks of loss of core technical personnel and technology leakage: The company will optimize human resource allocation, strengthen human resource system construction, establish and improve technical innovation and talent management systems, and adopt diversified incentive measures[109][110] - Risks of international business expansion: The company will, based on existing international market resource investment, launch effective market expansion plans and management systems, and adopt various measures to mitigate various risks[111] - Risks of increased asset depreciation and amortization: The company will, in conjunction with project implementation progress, proactively plan for capacity release, intensify market expansion efforts, and ensure projects generate benefits in a timely manner[112] - Risks of new technology industrialization progress: The company will continuously build its R&D project reserve based on downstream market development directions, and provide adsorption technologies required for different application areas in sync with downstream market development progress[113] Registration Form for Research, Communication, Interview, and Other Activities during the Reporting Period During April 23 to May 20, 2025, the company engaged with institutional investors (e.g., CITIC Securities, UBS, HSZ Group) and all investors through various channels, discussing topics such as solid-phase synthesis carrier demand, market resource allocation, life science sector plans, salt lake lithium extraction project progress, domestic substitution, water treatment and chemical applications, capital expenditure, supply chain security, digitalization, accounts receivable, sales expense ratio, and gross margin - From April 23 to May 20, 2025, the company hosted multiple institutional investors, including CITIC Securities, UBS, and HSZ Group, as well as all investors, through telephone communication, on-site research, and online platform exchanges[115] - Key discussion topics included the demand growth and market share of the company's solid-phase synthesis carriers, resource allocation in domestic and international markets, product capacity layout and market planning for the life sciences sector, revenue recognition for large-scale salt lake lithium extraction projects, domestic substitution areas, application prospects of adsorption and separation technology in the chemical sector, capital expenditure pace, business progress in the water treatment sector, highlights of the Jiezha Caka project, supply chain security, digitalization construction, accounts receivable, sales expense ratio, and gross margin[115] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company approved and implemented a "Market Value Management System" on December 30, 2024, outlining principles, organization, methods, monitoring, and emergency measures to enhance investment value and shareholder returns, but no valuation enhancement plan was disclosed - The company has formulated a "Market Value Management System" that clarifies the general principles, organization and personnel, main methods, monitoring and early warning mechanisms, and emergency measures for market value management, as well as responsibilities and implementation methods, ensuring that market value management work is legal, compliant, and effective[116] - The company did not disclose a valuation enhancement plan[116] Implementation of "Quality and Return Dual Improvement" Action Plan The company disclosed its "Quality and Return Dual Improvement" action plan and implemented the 2024 profit distribution plan, with cumulative cash dividends of 364.58 million Yuan, representing 46.31% of net profit attributable to shareholders, committing to continuous and stable cash dividends for long-term investor returns - The company has disclosed its "Quality and Return Dual Improvement" action plan announcement[117] - The company released and implemented the 2024 profit distribution plan, with a total actual cash dividend of 304.27 million Yuan (tax inclusive), and a total cash dividend of 60.31 million Yuan (tax inclusive) for the first three quarters of 2024, resulting in a cumulative total dividend of 364.58 million Yuan (tax inclusive), accounting for 46.31% of the net profit attributable to the parent company for that year[118] - The company commits to providing continuous and stable cash dividends to investors, while ensuring normal operations, and aims to bring long-term investment returns to shareholders by combining the company's operating status and business development goals[118] Section 4 Corporate Governance, Environment, and Society This section covers changes in the board and management, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management did not change during the reporting period, as detailed in the 2024 annual report[120] Profit Distribution and Capital Reserve Conversion to Share Capital in this Reporting Period The company proposes a semi-annual cash dividend of 1.8 Yuan (tax inclusive) per 10 shares based on the total share capital (excluding repurchased shares) on the equity registration date, with no bonus shares or capital reserve conversion, expecting a total cash dividend of 91.28 million Yuan, representing 100% of distributable profits 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Quantity | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0.00 | | Dividend per 10 shares (Yuan) (tax inclusive) | 1.8 | | Number of shares converted from capital reserve per 10 shares (shares) | 0.00 | | Share capital base for distribution plan (shares) | 507,115,589 | | Cash dividend amount (Yuan) (tax inclusive) | 91,280,806.02 | | Total cash dividend (including other methods) (Yuan) | 0.00 | | Proportion of total cash dividend (including other methods) to total profit distribution | 100.00% | - If the company's total share capital changes due to equity incentives, convertible bond conversions, or other reasons between the announcement of the distribution plan and its implementation, the total distribution amount will be adjusted according to the principle of maintaining an unchanged distribution ratio[121] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The first vesting period for the reserved portion of the company's 2021 restricted stock incentive plan was fulfilled, with 323,750 shares vested for 85 individuals and listed for trading on January 23, 2025; no employee stock ownership plans or other incentive measures were implemented during the reporting period - On January 23, 2025, the shares from the first vesting period of the reserved portion of the 2021 restricted stock incentive plan were listed for trading, with 85 individuals actually vested, totaling 323,750 shares[122] - The company had no employee stock ownership plans implemented during the reporting period[123] - The company had no other employee incentive measures during the reporting period[123] Environmental Information Disclosure The company and its four major subsidiaries (Gaoling Lanxiao, Special Resin Factory, Pucheng Lanxiao, Hebi Lansai) are listed as legally required environmental information disclosure enterprises and have publicly reported through their respective local environmental information disclosure systems - The listed company and its major subsidiaries have been included in the list of enterprises required to disclose environmental information, totaling 4 enterprises[124] Enterprises Included in the List of Legally Required Environmental Information Disclosure | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Gaoling Lanxiao Technology New Materials Co., Ltd. | Enterprise Environmental Information Disclosure System (Shaanxi) | | 2 | Xi'an Lanxiao Technology New Materials Co., Ltd. Special Resin Factory | Enterprise Environmental Information Disclosure System (Shaanxi) | | 3 | Pucheng Lanxiao Technology New Materials Co., Ltd. | Enterprise Environmental Information Disclosure System (Shaanxi) | | 4 | Hebi Lansai Environmental Technology Co., Ltd. | Enterprise Environmental Information Disclosure System (Henan) | Social Responsibility The company actively fulfills its social responsibilities by protecting shareholder rights (governance, disclosure, dividends), employee rights (systems, benefits, training), and supplier/customer rights (fair cooperation, quality management), while also promoting sustainable green industry development (environmental investment, material recycling) and engaging in public welfare (tax contributions, employment, donations), with a sound safety production management system in place - The company safeguards shareholder rights by improving corporate governance structure, strengthening internal controls, enhancing information disclosure quality, and adhering to cash dividends[125] - The company legally protects employee rights, improves human resource management systems and processes, builds harmonious labor relations, and organizes activities such as fitness classes and industry knowledge training[126] - The company highly values transparent cooperation and ethical interactions, strictly adheres to open and honest business requirements with all suppliers, and consistently prioritizes customers, strictly implementing quality management system requirements to ensure product production, quality, and safety[128] - The company is engaged in the development and industrial application of adsorption and separation materials and technologies, utilizing the adsorption and separation properties of polymer materials to serve social life, control emissions, manage pollution, and promote green and sustainable economic activities[129] - The company has built two new high-quality new material industrial parks, investing in environmental protection according to the highest standards of the petrochemical industry, and established a subsidiary dedicated to the recycling of adsorption and separation materials to achieve full life cycle operation[129] - During the reporting period, the company paid 148.92 million Yuan in various taxes and fees, actively fulfilling its social responsibilities, caring for vulnerable groups, and participating in public welfare activities[130] - The company has established a safety production leadership group headed by the general manager, equipped with 4 full-time safety management personnel, and established sound safety production management systems, responsibility systems, and operating procedures[131] Section 5 Significant Matters This section addresses commitments, related party transactions, litigation, and other material events affecting the company during the reporting period Commitments No commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company itself were fulfilled or overdue at the end of the reporting period - The company had no commitments made by its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[134] Non-Operating Funds Occupied No non-operating funds of the listed company were occupied by controlling shareholders or other related parties during the reporting period - The company had no non-operating occupation of funds by controlling shareholders or other related parties during the reporting period[135] Irregular External Guarantees No irregular external guarantees were provided by the company during the reporting period - The company had no irregular external guarantees during the reporting period[136] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited, thus not involving the appointment or dismissal of accounting firms - The company's semi-annual financial report was unaudited[138] Explanation of "Non-Standard Audit Report" The company's semi-annual financial report was unaudited, thus no explanation regarding a "non-standard audit report" from the accounting firm for this period is applicable Explanation of "Non-Standard Audit Report" for the Previous Year The company's semi-annual financial report was unaudited, thus no explanation regarding a "non-standard audit report" from the previous year is applicable Bankruptcy and Reorganization Matters No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[137] Litigation Matters The company had no major litigation or arbitration matters during the reporting period, but is involved in several other lawsuits, including an insurance subrogation claim of 53.5 million Yuan with PICC Property and Casualty Company Limited Baotou Branch (first-instance ruling to pay 5.35 million Yuan, appealed by the company) and a contract dispute of 47.44 million Yuan with SanDa Membrane Environmental Technology Co., Ltd. (company seeking payment, SanDa Membrane counterclaiming 17.56 million Yuan in liquidated damages, first-instance ruling in favor of the company, appealed by SanDa Membrane), with some minor cases concluded or awaiting fulfillment - The company had no major litigation or arbitration matters during this reporting period[138] Overview of Other Litigation Matters | Basic Situation of Litigation (Arbitration) | Involved Amount (million Yuan) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Insurance subrogation claim dispute between PICC Property and Casualty Company Limited Baotou Branch and Xi'an Lanxiao Technology New Materials Co., Ltd., Inner Mongolia Tongwei High-Purity Polysilicon Co., Ltd. | 53.50 | No | Second instance not yet opened | First instance ruled the company to pay 5.35 million Yuan, not yet effective, awaiting second instance | | Contract dispute between Xi'an Lanxiao Technology New Materials Co., Ltd. and SanDa Membrane Environmental Technology Co., Ltd. (company as plaintiff) | 47.44 | No | Second instance heard, judgment not yet issued | First instance ruled SanDa Membrane to pay contract price to the company, not yet effective, awaiting second instance | | Contract dispute between SanDa Membrane Environmental Technology Co., Ltd. and Xi'an Lanxiao Technology New Materials Co., Ltd. (company as defendant) | 17.56 | No | Second instance heard, judgment not yet issued | First instance judgment not yet effective, awaiting second instance | | Summary of other lawsuits not meeting the disclosure standard for major litigation (company as plaintiff) | 1.09 | No | Some cases concluded, some awaiting payment by opposing party | Some cases still awaiting payment by opposing party | Penalties and Rectification No penalties or rectification situations occurred during the reporting period - The company had no penalties or rectification situations during the reporting period[140] Integrity Status The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period, with no significant matters requiring disclosure Significant Related Party Transactions The company engaged in routine related party transactions during the reporting period, including sales of resins and raw materials to Xi'an NanDa Environmental, Xi'an ChunWo, and Shanghai Pujian, as well as procurement of equipment from Shanghai Pujian and Shaanxi Eleco, and leasing properties from Xi'an ChunWo and Shaanxi Eleco; all transactions were market-priced and within approved limits, with no related party asset/equity acquisitions, disposals, joint investments, or debt transactions, and no financial business with related financial companies Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services (Current Period) | Related Party | Related Transaction Content | Related Transaction Amount (million Yuan) | % of Similar Transactions | Approved Transaction Limit (million Yuan) | | :--- | :--- | :--- | :--- | :--- | | Xi'an NanDa Environmental Materials Technology Co., Ltd. | Sales of resin production raw and auxiliary materials | 2.13 | 0.17 | 10.00 | | Xi'an ChunWo Materials Co., Ltd. | Sales of resin production raw and auxiliary materials | 5.63 | 0.45 | 30.00 | | Shanghai Pujian Technology Co., Ltd. | Sales of resin production raw and auxiliary materials | 2.63 | 0.21 | 8.00 | | Shanghai Pujian Technology Co., Ltd. | Procurement of equipment | 6.09 | 1.04 | 30.00 | | Shaanxi Eleco Membrane Technology Co., Ltd. | Procurement of equipment | 11.28 | 1.92 | 70.00 | Related Lease Situations (Lease Income Recognized in Current Period) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (Yuan) | | :--- | :--- | :--- | | Xi'an ChunWo Materials Co., Ltd. | Rent and others | 1,236,698.58 | | Shaanxi Eleco Membrane Technology Co., Ltd. | Rent and others | 255,983.61 | - The company did not engage in related party transactions involving asset or equity acquisition or disposal, nor joint external investments[145][146] - The company and its related financial companies, or financial companies controlled by the company, did not have deposits, loans, credit lines, or other financial business with related parties[148][149] Major Contracts and Their Performance The company has various leasing operations, including leasing out its own properties and leasing in others; the 650 million Yuan equipment supply contract with Tibet Summit Resources Co., Ltd. for Argentina Lithium Potassium Co., Ltd.'s 25,000 tons/year adsorption section has seen initial equipment shipment and 195 million Yuan received, but is behind schedule; the 490 million Yuan contract with Jinhai Lithium Industry (Qinghai) Co., Ltd. has recognized 428.81 million Yuan in revenue; no major guarantees or other significant contracts existed during the reporting period Leasing Out Own Properties | No. | Lessor | Lessee | Property Location | Leased Area (sq.m.) | Lease Period | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Lanxiao Technology | Xi'an Qianjing Defense Technology Co., Ltd. | 4th Floor, Building 3, Lanxiao Technology Park, No. 135 Jinye Road, Xi'an High-tech Zone | 665.69 | 2020.06.01-2025.12.31 | | 4 | Lanxiao Technology | Shaanxi Eleco Membrane Technology Co., Ltd. | 1st Floor, 5th Floor, Building 4, Lanxiao Technology Park, No. 135 Jinye Road, Xi'an High-tech Zone, and Jingyuan 7th Road Factory Area, Gaoling District | 1,126.50 | 2024.06.16-2029.06.15 | | 5 | Lanxiao Technology | Xi'an ChunWo Materials Co., Ltd. | Jingchun Workshop, Power Distribution Room, Air Compressor Room, etc., Gaoling Industrial Park, Weiyang 9th Road, Gaoling, Xi'an | 6,007.35 | 2022.1.1-2041.12.31 | Performance of Major Operating Contracts | Name of Contracting Party | Total Contract Amount (million Yuan) | Contract Performance Progress | Sales Revenue Recognized in Current Period (million Yuan) | Cumulative Sales Revenue Recognized (million Yuan) | Accounts Receivable Collection Status (million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Tibet Summit Resources Co., Ltd. | 650.00 | First batch of equipment completed factory acceptance | 0.00 | 91.50 | 195.00 | | Jinhai Lithium Industry (Qinghai) Co., Ltd. | 490.00 | Revenue recognized | 0.00 | 428.81 | 397.38 | - The company's 650 million Yuan contract with Tibet Summit Resources Co., Ltd. has received 195 million Yuan in payments, which differs from the expected progress at the time of contract signing[158] - The company had no major guarantees during the reporting period[156] - The company had no other major contracts during the reporting period[159] Explanation of Other Significant Matters No other significant matters requiring explanation occurred during the reporting period - The company had no other significant matters requiring explanation during the reporting period[160] Significant Matters of Subsidiaries No significant matters concerning the company's subsidiaries occurred during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[161] Section 6 Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, and the holdings of major shareholders and management Share Changes During the reporting period, the company's total share capital increased by 0.06% from 507,341,579 shares to 507,665,541 shares, primarily due to the vesting of 323,750 restricted shares from the 2021 incentive plan and an increase of 212 shares from convertible bond conversions, which diluted earnings per share and net assets per share Share Changes (as of Report End) | Share Type | Quantity Before Change (shares) | % Before Change | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 201,038,676 | 39.63 | 0 | 201,038,676 | 39.60 | | II. Unrestricted Shares | 306,302,903 | 60.37 | 323,962 | 306,626,865 | 60.40 | | III. Total Shares | 507,341,579 | 100.00 | 323,962 | 507,665,541 | 100.00 | - Reasons for share changes: 323,750 restricted shares from the first vesting period of the 2021 restricted stock incentive plan were actually vested, and 212 shares were added due to convertible corporate bond conversions[164][165] - The share changes further diluted the company's financial indicators such as earnings per share and net assets per common share attributable to the company's shareholders[166] Securities Issuance and Listing No securities issuance or listing occurred during the reporting period Company Shareholder Numbers and Shareholding At the end of the reporting period, there were 19,044 common shareholders; the top three shareholders, Kou Xiaokang, Tian Xiaojun, and Gao Yuejing, are domestic natural persons holding 24.38%, 15.16%, and 12.90% respectively, all with pledged shares; Hong Kong Securities Clearing Company Limited is the fourth largest shareholder with 9.86%; Kou Xiaokang and Gao Yuejing are related parties and acting in concert - The total number of common shareholders at the end of the reporting period was 19,044[168] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding (%) | Number of Shares Held at Report End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Kou Xiaokang | Domestic natural person | 24.38 | 123,743,485 | 92,807,614 | 30,935,871 | Pledged: 3,800,000 | | Tian Xiaojun | Domestic natural person | 15.16 | 76,950,000 | 57,712,500 | 19,237,500 | Pledged: 6,590,000 | | Gao Yuejing | Domestic natural person | 12.90 | 65,468,937 | 49,101,703 | 16,367,234 | Pledged: 1,520,000 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 9.86 | 50,044,924 | 0 | 50,044,924 | Not applicable | | Basic Pension Insurance Fund 16022 Portfolio | Domestic non-state-owned legal person | 4.10 | 20,799,998 | 0 | 20,799,998 | Not applicable | - Mr. Kou Xiaokang and Ms. Gao Yuejing constitute related parties and acting in concert[169] Changes in Shareholdings of Directors, Supervisors, and Senior Management No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - The company's directors, supervisors, and senior management did not change their shareholdings during the reporting period, as detailed in the 2024 annual report[171] Changes in Controlling Shareholder or Actual Controller No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[172] - The company's actual controller did not change during the reporting period[172] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[173] Section 7 Bond-Related Information This section provides an overview of the company's convertible bonds, including issuance, conversion status, and credit ratings Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[175] Company Bonds The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[176] Non-Financial Enterprise Debt Financing Instruments The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[177] Convertible Corporate Bonds The company issued 546.06 million Yuan in convertible corporate bonds ("Lanxiao Convertible Bond 02") on April 17, 2023, with a six-year term, commencing conversion on October 23, 2023; at period-end, there were 3,223 bondholders, with Kou Xiaokang, Tian Xiaojun, and Gao Yuejing as the top three; during the period, 12,900 Yuan of bonds were converted, with a cumulative conversion of 98,500 Yuan into 1,602 shares, representing 0.02% of total shares before conversion; the conversion price has been adjusted multiple times, with the latest being 59.68 Yuan/share; the company's main credit rating is A+ with a stable outlook - On April 17, 2023, the company issued 5.460645 million units of convertible corporate bonds to unspecified investors, with a total issuance amount of 546.06 million Yuan[178] - The convertible corporate bonds ("Lanxiao Convertible Bond 02") began conversion on October 23, 2023, with a term of six years from the issuance date[178][502] Convertible Bond Holder Information at Report End | No. | Convertible Bond Holder Name | Convertible Bond Holder Nature | Number of Convertible Bonds Held at Report End (units) | Amount of Convertible Bonds Held at Report End (Yuan) | % of Convertible Bonds Held at Report End | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Kou Xiaokang | Domestic natural person | 1,264,262 | 126,426,200.00 | 23.16 | | 2 | Tian Xiaojun | Domestic natural person | 783,764 | 78,376,400.00 | 14.36 | | 3 | Gao Yuejing | Domestic natural person | 587,670 | 58,767,000.00 | 10.76 | Convertible Bond Changes during the Reporting Period | Convertible Corporate Bond Name | Amount Before This Change (Yuan) | Conversion (Yuan) | Redemption (Yuan) | Resale (Yuan) | Amount After This Change (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lanxiao Convertible Bond 02 | 545,978,900.00 | 12,900.00 | 0 | 0 | 545,966,000.00 | Cumulative Conversion Status | Convertible Corporate Bond Name | Cumulative Conversion Amount (Yuan) | Cumulative Conversion Quantity (shares) | % of Converted Shares to Total Shares Issued Before Conversion Start Date | Unconverted Amount (Yuan) | % of Unconverted Amount to Total Issued Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Lanxiao Convertible Bond 02 | 98,500.00 | 1,602.00 | 0.02 | 545,966,000.00 | 99.98 | Historical Conversion Price Adjustment Status | Convertible Corporate Bond Name | Conversion Price Adjustment Date | Adjusted Conversion Price (Yuan) | Latest Conversion Price as of Report End (Yuan) | | :--- | :--- | :--- | :--- | | Lanxiao Convertible Bond 02 | January 23, 2025 | 60.28 | 59.68 | | Lanxiao Convertible Bond 02 | July 09, 2025 | 59.68 | 59.68 | - The company's main credit rating is A+, the credit rating for these convertible corporate bonds is A+, and the rating outlook is stable[186] Consolidated Statement Scope Loss Exceeding 10% of Net Assets at Previous Year-End The company's consolidated statement scope loss did not exceed 10% of net assets at the previous year-end during the reporting period - The company's consolidated statement scope loss did not exceed 10% of net assets at the previous year-end during the reporting period[187] Key Accounting Data and Financial Indicators for the Past Two Years as of Report End At period-end, the company's current ratio was 2.75, asset-liability ratio 36.30%, and quick ratio 2.00; net profit after deducting non-recurring gains and losses increased by 10.56%; interest coverage ratio and EBITDA interest coverage ratio both improved, while loan repayment rate and interest payment rate remained at 100% Key Accounting Data and Financial Indicators for the Past Two Years | Project | Current Period-End | Prior Year-End | Current Period-End vs. Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 2.75 | 2.84 | -3.17 | | Asset-Liability Ratio | 36.30% | 35.47% | 0.83 | | Quick Ratio | 2.00 | 2.04 | -1.96 | | Project | Current Period | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | Net Profit After Deducting Non-Recurring Gains and Losses (million Yuan) | 440.46 | 398.38 | 10.56 | | EBITDA to Total Debt Ratio | 119.70% | 119.90% | -0.20 | | Interest Coverage Ratio | 25.05 | 23.44 | 6.87 | | Cash Interest Coverage Ratio | 94.46 | 393.32 | -75.98 | | EBITDA Interest Coverage Ratio | 27.89 | 27.13 | 2.80 | | Loan Repayment Rate | 100.00% | 100.00% | 0.00 | | Interest Payment Rate | 100.00% | 100.00% | 0.00 | Section 8 Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items Audit Report The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[191] Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, detailing financial position, operating results, and cash flows; the consolidated statements show total assets of 6.411 billion Yuan, liabilities of 2.327 billion Yuan, owners' equity of 4.083 billion Yuan, operating revenue of 1.247 billion Yuan, net profit of 448.66 million Yuan, and net operating cash flow of 288.44 million Yuan Consolidated Balance Sheet (June 30, 2025) | Item | Period-End Balance (Yuan) | | :--- | :--- | | Total Current Assets | 4,775,539,661.85 | | Total Non-Current Assets | 1,635,040,079.80 | | Total Assets | 6,410,579,741.65 | | Total Current Liabilities | 1,734,717,581.17 | | Total Non-Current Liabilities | 592,470,266.52 | | Total Liabilities | 2,327,187,847.69 | | Total Owners' Equity Attributable to Parent Company | 4,067,079,984.58 | | Minority Interests | 16,311,909.38 | | Total Owners' Equity | 4,083,391,893.96 | Consolidated Income Statement (H1 2025) | Item | H1 2025 (Yuan) | | :--- | :--- | | Total Operating Revenue | 1,247,430,023.57 | | Total Operating Costs | 757,556,723.34 | | Operating Profit | 501,250,199.37 | | Total Profit | 501,157,577.11 | | Income Tax Expense | 52,498,482.99 | | Net Profit | 448,659,094.12 | | Net Profit Attributable to Parent Company Shareholders | 444,525,367.86 | | Minority Interest Income/Loss | 4,133,726.26 | | Total Comprehensive Income | 452,375,306.43 | | Basic Earnings Per Share | 0.88 | | Diluted Earnings Per Share | 0.88 | Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 288,437,900.22 | | Net Cash Flow from Investing Activities | -239,335,462.71 | | Net Cash Flow from Financing Activities | 978,512.08 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 20,178,343.82 | | Net Increase in Cash and Cash Equivalents | 70,259,293.41 | Company Basic Information Xi'an Lanxiao Technology New Materials Co., Ltd., formerly Xi'an Lanxiao Technology Co., Ltd., is a Shenzhen Stock Exchange-listed company with 507,665,541 shares outstanding as of June 30, 2025, primarily engaged in R&D, production, and sales of adsorption and separation materials and system devices, headquartered in Xi'an - The company's predecessor was Xi'an Lanxiao Technology Co., Ltd., initiated by natural persons Gao Yuejing, Tian Xiaojun, Guan Limin, and Su Biyu[236] - As of June 30, 2025, the company's paid-in capital was 507,665,541 Yuan, and the total number of shares was 507,665,541 shares (par value of 1 Yuan per share)[236] - The company belongs to the adsorption and separation technology industry, with its main business activities being the research, development, production, and sales of adsorption and separation materials and system devices[236] Basis for Preparation of Financial Statements These financial statements are prepared in accordance with the accounting standards for business enterprises issued by the Ministry of Finance, relevant interpretations, and the CSRC's disclosure rules, presented on a going concern basis using the accrual method, with historical cost as the measurement basis for most financial instruments - These financial statements are prepared in accordance with the accounting standards for business enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulati