艾布鲁(301259) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions The report begins with essential disclaimers, a comprehensive table of contents for navigation, and a glossary of key terms, including company specifics and environmental industry terminology Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital increase from reserves - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[5] - Company head Zhong Rubo, chief accountant Yin Mingkun, and head of accounting department Ding Leiming declare that the financial report in this semi-annual report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the report's eight main chapters and their starting page numbers, providing investors with quick navigation of the content Reference Documents This section discloses the types and locations of reference documents for the reporting period, including financial statements signed by the legal representative and original public disclosure files, ensuring information traceability and accessibility - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department[10] - The reference documents are kept at the company's securities department[14] Definitions This section defines common terms used in the report, covering company abbreviations, currency units, reporting period, and environmental industry-specific terms like PPP, BOT, EPC, EPC+O, EPC+F, and EOD, to aid reader comprehension - The company's abbreviation is "Aibulu", and its full name is "Hunan Aibulu Environmental Technology Co., Ltd."[15] - The reporting period refers to January 1, 2025, to June 30, 2025[15] - Explanations are provided for PPP (Public-Private Partnership), BOT (Build-Operate-Transfer), EPC (Engineering-Procurement-Construction), EPC+O (Integrated Design, Procurement, Construction, and Operation), EPC+F (Engineering Procurement Construction + Financing), and EOD (Ecological Environment-Oriented Development Model) environmental project models[15] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and presents key financial data and indicators for the reporting period, highlighting its market identity and financial performance Company Profile This section introduces the company's basic information, such as stock abbreviation, code, listing exchange, Chinese name, and legal representative, clarifying its market identity Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Aibulu | | Stock Code | 301259 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Hunan Aibulu Environmental Technology Co., Ltd. | | Company's Legal Representative | Zhong Rubo | Contact Person and Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, for investor and stakeholder communication - The company's Board Secretary is Yin Mingkun, and the Securities Affairs Representative is Li Weixing[18] - The contact address is 17th Floor, Building 8, Tiancheng Commercial Plaza, Section 1, Furong South Road, Tianxin District, Changsha City[18] Other Information This section states that the company's contact information, disclosure and storage locations, and registration changes remained consistent during the reporting period, referring to the 2024 annual report for details, indicating information stability - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[19] - Information disclosure and storage locations remained unchanged during the reporting period[20] - The company's registration status remained unchanged during the reporting period[21] Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the current and prior reporting periods, showing significant revenue growth, a narrowed net loss attributable to shareholders, and positive operating cash flow Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Change from Prior Year Same Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 147,615,062.56 | 74,540,187.03 | 98.03% | | Net Profit Attributable to Shareholders of Listed Company | -8,905,723.12 | -27,177,084.22 | 67.23% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -9,937,528.14 | -28,174,079.67 | 64.73% | | Net Cash Flow from Operating Activities | 11,320,731.35 | -49,392,866.32 | 122.92% | | Basic Earnings Per Share (RMB/share) | -0.0571 | -0.1742 | 67.22% | | Diluted Earnings Per Share (RMB/share) | -0.0571 | -0.1742 | 67.22% | | Weighted Average Return on Net Assets | -1.07% | -3.19% | 2.12% | | Period-End Indicators | Current Reporting Period End (RMB) | Prior Year End (RMB) | Change from Prior Year End | | Total Assets | 1,594,624,260.07 | 1,659,226,591.53 | -3.89% | | Net Assets Attributable to Shareholders of Listed Company | 825,963,006.64 | 834,469,111.11 | -1.02% | Differences in Accounting Data under Domestic and International Accounting Standards This section clarifies that there are no differences in net profit and net assets between financial reports prepared under international or foreign accounting standards and Chinese accounting standards for the reporting period, indicating consistency in the company's accounting practices - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards[23] - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under foreign accounting standards and those under Chinese accounting standards[24] Non-Recurring Gains and Losses and Amounts This section details non-recurring gains and losses for the reporting period, totaling RMB 1,031,805.02, primarily from fair value changes and disposal of non-current assets, which impacted net profit Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | -67,028.56 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 3,990.00 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedging activities related to normal business operations | 1,558,109.48 | | Other non-operating income and expenses apart from the above items | -263,479.09 | | Less: Income tax impact | 167,123.62 | | Impact on minority interests (after tax) | 32,663.19 | | Total | 1,031,805.02 | Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business activities, industry conditions, core competencies, financial performance, and risk factors during the reporting period Main Business Activities of the Company during the Reporting Period The company primarily engages in rural environmental governance, offering comprehensive full-产业链 system services including domestic sewage, waste treatment, water ecology, industrial and mining area ecological restoration, and agricultural non-point source pollution control - The company is dedicated to addressing sewage, solid waste, soil pollution, and ecological issues in agriculture and rural areas, conducting business in rural domestic sewage treatment, domestic waste treatment, rural water ecology and industrial/mining area ecological restoration, agricultural non-point source pollution control, and contaminated cultivated land management and remediation[31] - The company provides full-产业链 system services including investment and financing, consulting and design, engineering contracting, equipment manufacturing and sales, production and sales of agents and remediation plants, and operations[31] - The company is one of the earliest enterprises in China to systematically carry out comprehensive rural environmental governance, with its business scope gradually expanding from Hunan to Hubei, Jiangxi, Guizhou, Sichuan, and Anhui[30][32] Industry Overview during the Reporting Period The rural environmental governance sector is highly prioritized by national policies, with numerous initiatives supporting the construction of sewage and waste treatment facilities in towns, environmental infrastructure upgrades, and rural revitalization, providing vast market opportunities for the company - The National Development and Reform Commission, Ministry of Housing and Urban-Rural Development, and Ministry of Ecology and Environment jointly issued the "Implementation Plan on Promoting the Construction and Management of Sewage and Waste Treatment Facilities in Established Towns," aiming to eliminate collection pipeline gaps and achieve full coverage of domestic sewage treatment capacity by 2025[29] - In 2024, the General Office of the State Council issued a notice allocating RMB 1 trillion in ultra-long-term special treasury bonds to support new construction and renovation of sewage pipe networks, remediation of river discharge outlets, and comprehensive water environment management projects in county-level and above cities along the Yangtze River main stream within the coverage of sewage treatment plants[30] Company's Main Business The company provides rural environmental governance engineering services (covering living, ecological, and production environments), operation services, design consulting, and integrated sewage treatment equipment sales, forming multi-domain comprehensive service capabilities and developing suitable technical systems for agricultural and rural pollution characteristics - Rural living environment governance includes domestic sewage treatment (centralized for townships, centralized for villages, and scattered/single-household sewage) and domestic waste treatment (disposal of simple non-standard waste sites, leachate treatment, and organic solid waste treatment and disposal)[34] - Rural ecological environment governance primarily focuses on the treatment and restoration of rural water ecological environments (black and odorous water bodies, river and lake ecological protection) and industrial and mining area ecological environments (restoration of mining areas and damaged mountains, treatment of residual solid waste, and remediation of contaminated sites)[35][36] - Rural production environment governance mainly addresses agricultural non-point source pollution (fertilizer, pesticide, aquaculture wastewater, agricultural waste pollution) and manages and remediates contaminated cultivated land[37] - The company's main products are independently produced integrated sewage treatment equipment, holding multiple invention patents and utility model patents, and has developed microbial agents suitable for sewage treatment and livestock and poultry manure treatment[40] Business Model The company employs a comprehensive policy and technology marketing strategy, securing business through bidding and negotiations, offering diverse service models including EPC, engineering contracting, consulting, operation management, investment operation, and after-sales service, with subcontracting as needed for diversified profitability - Marketing Model: Closely follows national environmental protection policies and industry development trends, adopting a comprehensive policy and technology marketing strategy to acquire business through bidding and business negotiations[41] - Service Model: Primarily includes EPC (Engineering, Procurement, Construction) general contracting, engineering contracting, engineering consulting and design services, operation management, investment and operation, and after-sales service models[44] - Profit Model: Generates operating profits through six models: EPC general contracting, engineering contracting, operation management, engineering design consulting services, investment and operation, and product sales[45] Market Position The company has achieved significant development in rural environmental governance through comprehensive technology and precise market positioning, establishing itself as one of the few listed companies offering integrated governance services in China, continuously enhancing its market recognition and brand advantage - The company has developed into a comprehensive service provider specializing in rural environmental governance with a certain influence in China, with its business scope gradually expanding from Hunan to Hubei, Jiangxi, Guizhou, Sichuan, and Anhui[47] - The company is currently one of the very few listed companies in China with comprehensive competitive capabilities in the field of rural environmental comprehensive governance[47] Performance Drivers The vast rural environmental protection market, coupled with increasing national policy support, including ultra-long-term special treasury bonds, financial credit support, and the promotion of new business models like EOD and EPC+O, provides strong impetus for the company's performance growth - Rural environmental issues are widespread, scattered, and large in overall volume, with weak pollution control facilities, which will release vast market space in the future as shortcomings are addressed[49] - Since the "14th Five-Year Plan," funding and financial policies supporting rural environmental governance have been continuously introduced, such as the allocation of RMB 1 trillion in ultra-long-term special treasury bonds to support environmental infrastructure construction[49][51] - New business models such as EOD, EPC+O, and EPC+F are being promoted to encourage cooperation between social capital, government, and financial institutions to address industry funding bottlenecks[50][52] Analysis of Core Competencies The company possesses core competencies in qualifications, project performance, integrated services, technology, brand, and talent, enabling it to secure an advantageous position in the rural environmental governance market, undertake diverse projects, and deliver customized solutions - Qualification Advantage: The company holds relatively complete and high-grade qualifications in environmental industry design, construction, and operation, such as Grade A in environmental engineering specialized design and Grade 1 in environmental engineering professional contracting[53] - Performance Advantage: The company entered the rural environmental governance industry early and has long been deeply involved, accumulating rich project performance and implementation experience, making it one of the first enterprises in China to undertake comprehensive county-wide rural environmental governance projects[54][55] - Integrated Service Advantage: Possesses comprehensive environmental service capabilities from overall planning, engineering consulting, design, implementation, to operation, offering customized integrated solutions and one-stop services[56] - Technology Advantage: Developed an environmental governance technology system, product equipment, and construction methods suitable for agriculture and rural areas, holding 136 national patent technologies (including 27 invention patents), and recognized as multiple provincial-level technology centers[57] - Brand Advantage: Through years of deep cultivation in the industry, the company has earned a good market reputation and public praise with its complete technology, scientific management, and professional services[58] - Talent Advantage: Built a high-caliber team with professional knowledge, rich industry experience, and management capabilities, possessing a significant talent advantage in market expansion[59] Analysis of Main Business During the reporting period, the company's operating revenue increased by 98.03%, primarily due to higher environmental governance engineering income; the profit structure remained largely unchanged, with environmental governance engineering, operations, and computing power leasing as key products/services, the latter being a new business Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 147,615,062.56 | 74,540,187.03 | 98.03% | Mainly due to increased environmental governance engineering income in the current period | | Operating Cost | 103,805,499.31 | 48,266,684.95 | 115.07% | Mainly due to increased environmental governance engineering costs in the current period | | Financial Expenses | 1,892,500.85 | -440,228.92 | 529.89% | Mainly due to increased interest expenses in the current period | | Net Cash Flow from Operating Activities | 11,320,731.35 | -49,392,866.32 | 122.92% | Mainly due to increased cash received related to other operating activities | | Net Cash Flow from Investing Activities | -109,865,375.63 | 12,355,517.82 | -989.20% | Mainly due to decreased cash received from investment recovery | | Net Increase in Cash and Cash Equivalents | -56,009,284.56 | 12,536,525.91 | -546.77% | Mainly due to decreased net cash flow from investing activities | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Environmental Governance Engineering | 92,437,812.14 | 79,396,262.19 | 14.11% | 109.64% | 107.61% | 0.84% | | Operations | 21,009,933.20 | 5,887,611.24 | 71.98% | -18.02% | -4.67% | -3.92% | | Computing Power Leasing | 24,666,546.39 | 15,509,175.47 | 37.12% | (New Business) | (New Business) | (New Business) | - During the reporting period, new orders for energy-saving and environmental protection engineering totaled RMB 57.97 million, with recognized revenue from orders totaling RMB 92.43 million, and period-end outstanding orders totaling RMB 149.40 million[64] - During the reporting period, revenue from energy-saving and environmental protection concession orders (BOT and PPP) in operation totaled RMB 19.29 million[66] Analysis of Non-Main Business Non-main business activities significantly impacted total profit, with credit impairment losses and asset impairment being major negative factors, while investment income and fair value change gains provided positive contributions, though neither is sustainable Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 402,035.90 | -3.06% | Mainly from gains on disposal of bank wealth management products | No | | Gains or Losses from Fair Value Changes | 1,156,073.58 | -8.81% | Mainly from gains on bank wealth management products held | No | | Asset Impairment | -3,485,766.98 | 26.56% | Mainly due to provision for expected credit losses on contract assets | No | | Non-Operating Income | 17,857.22 | -0.14% | Mainly due to penalty for supplier quality guarantee deposit | No | | Non-Operating Expenses | 276,669.33 | -2.11% | Mainly due to losses from disposal of non-current assets | No | | Credit Impairment Losses | -25,837,860.19 | 196.85% | Mainly due to provision for expected credit losses on accounts receivable and other receivables | No | | Other Income | 586.79 | 0.00% | Mainly due to government grants received | No | Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased; cash and equivalents decreased, while contract assets, right-of-use assets, long-term borrowings, and financial assets held for trading increased, and short-term borrowings decreased Significant Changes in Asset Composition | Item | Current Period End (RMB) | Proportion of Total Assets | Prior Year End (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 105,323,640.41 | 6.60% | 171,538,123.45 | 10.34% | -3.74% | Mainly due to increased cash outflow from investing activities | | Accounts Receivable | 212,713,427.69 | 13.34% | 260,914,388.70 | 15.73% | -2.39% | | | Contract Assets | 94,329,113.72 | 5.92% | 60,072,818.35 | 3.62% | 2.30% | Mainly due to increased receivables from projects under construction at period-end | | Inventories | 10,515,088.06 | 0.66% | 5,177,314.06 | 0.31% | 0.35% | Mainly due to increased contract performance costs in the current period | | Long-Term Equity Investments | 125,000,000.00 | 7.84% | 125,000,000.00 | 7.53% | 0.31% | | | Fixed Assets | 151,551,089.71 | 9.50% | 164,620,026.62 | 9.92% | -0.42% | | | Right-of-Use Assets | 26,285,858.82 | 1.65% | 17,621,700.88 | 1.06% | 0.59% | Mainly due to increased leasing of intelligent computing power cabinets in the current period | | Short-Term Borrowings | 0.00 | 0.00% | 12,668,164.66 | 0.76% | -0.76% | Mainly due to repayment of bank loans in the current period | | Long-Term Borrowings | 263,100,000.00 | 16.50% | 217,170,038.52 | 13.09% | 3.41% | | | Lease Liabilities | 21,215,985.38 | 1.33% | 14,825,849.03 | 0.89% | 0.44% | Mainly due to increased leasing of intelligent computing power cabinets in the current period | | Financial Assets Held for Trading | 223,724,683.73 | 14.03% | 102,556,013.66 | 6.18% | 7.85% | Mainly due to increased bank wealth management products held at period-end | - Period-end total assets were RMB 1,594,624,260.07, a decrease of 3.89% from the prior year-end[22][70] - Period-end net assets attributable to shareholders of the listed company were RMB 825,963,006.64, a decrease of 1.02% from the prior year-end[22][70] - As of the end of the reporting period, restricted assets totaled RMB 443,550,459.71, primarily consisting of pledged or frozen cash and equivalents, long-term receivables, non-current assets due within one year, and accounts receivable[74] Analysis of Investment Status The company's investment amount decreased by 15.30% year-on-year during the reporting period, with a 60.20% overall utilization rate of raised funds, some projects delayed due to industry trends and strategic adjustments, and idle funds used for cash management Investment Amount during the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment amount for the reporting period | 540,300,700.60 | | Investment amount for the prior year same period | 637,883,794.82 | | Change Percentage | -15.30% | Overall Utilization of Raised Funds | Indicator | Amount (10,000 RMB) | | :--- | :--- | | Net raised funds | 49,158.58 | | Total raised funds cumulatively used | 29,595.68 | | Utilization ratio of raised funds at period-end | 60.20% | | Total unused raised funds | 21,370.80 | | Of which: Balance of idle raised funds for wealth management | 18,913.58 | - The scheduled usable date for the raised investment projects "Soil Remediation Agent and Integrated Sewage Treatment Equipment Production Base Construction Project" and "Marketing Service and Technical Support Network Construction Project" has been adjusted to April 27, 2026[87] - The scheduled usable date for the "R&D Design Center Upgrade Construction Project" has been adjusted to October 2026[87] Overview of Entrusted Wealth Management during the Reporting Period | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 RMB) | Unmatured Balance (10,000 RMB) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 20,628.79 | 18,913.58 | | Bank Wealth Management Products | Own Funds | 16,489.48 | 14,000 | | Total | | 37,118.27 | 32,913.58 | Major Asset and Equity Sales The company did not undertake any significant asset or equity sales during the reporting period, maintaining stability in its asset structure - The company did not sell significant assets during the reporting period[94] - The company did not sell significant equity during the reporting period[95] Analysis of Major Holding and Participating Companies This section details the financial status and operating results of key subsidiaries, including Taoyuan Aibulu, Dongkou Aibulu, Hunan Jinque Agricultural Technology, Xingluo Zhisuo Technology (Hangzhou), and Hanyu Xinneng (Hangzhou) Technology, noting the deregistration of three subsidiaries with no significant impact on overall operations or performance Major Subsidiary Financial Data | Company Name | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Taoyuan Aibulu Environmental Engineering Co., Ltd. | 50,000,000 | 190,052,444.60 | 85,199,958.76 | 9,211,981.21 | 4,174,065.19 | 4,726,507.04 | | Dongkou Aibulu Environmental Engineering Co., Ltd. | 50,000,000 | 240,294,366.22 | 69,596,919.32 | 10,081,346.33 | 5,258,203.07 | 5,258,203.07 | | Hunan Jinque Agricultural Technology Development Co., Ltd. | 13,000,000.00 | 23,789,607.12 | 14,331,883.81 | 488,343.81 | -1,365,891.58 | -1,353,391.58 | | Xingluo Zhisuo Technology (Hangzhou) Co., Ltd. | 10,000,000.00 | 193,466,889.16 | 6,643,241.34 | 24,777,040.19 | 1,812,837.62 | 1,242,355.11 | | Hanyu Xinneng (Hangzhou) Technology Development Co., Ltd. | 14,285,714.00 | 22,637,613.06 | 9,899,890.52 | 90,551.85 | -2,711,482.18 | -2,097,213.23 | - During the reporting period, Longshan County Shuimeng Biotechnology Co., Ltd., Henan Aibulu Biotechnology Co., Ltd., and Hangzhou Xingluo Zhisuo Enterprise Management Partnership (Limited Partnership) were deregistered, with no significant impact on overall production, operations, and performance[104] Company-Controlled Structured Entities The company did not control any structured entities during the reporting period, indicating it did not engage in off-balance sheet financing or investments through special purpose vehicles - The company had no controlled structured entities during the reporting period[104] Risks Faced by the Company and Countermeasures The company faces policy, business sustainability, regional concentration, and slow accounts receivable collection risks, with corresponding countermeasures including strategic adjustments, R&D, market expansion, and enhanced accounts receivable management - Policy Risk: The company's clients are mainly government agencies and state-owned enterprises; if local governments at various levels slow down fiscal investment in environmental protection in the future, it may adversely affect the company's future performance growth. Countermeasures: Actively monitor new industry policies, promptly adjust and transform strategies, optimize industrial structure, and expand the market network[104][105] - Main Business Sustainability Risk: The rapid development of the company's environmental governance engineering business relies on the booming rural environmental protection industry and national policy support; if the market changes abruptly or policies become unfavorable, it may affect business sustainability. Countermeasures: Further strengthen R&D efforts for new technologies and products, accelerate business upgrades, and increase the proportion of revenue from product sales, consulting, investment, and operation businesses[106] - Risk of Concentrated Operating Regions: The company's operating regions are relatively concentrated, with a certain degree of reliance on the Hunan market. Countermeasures: Actively expand rural environmental governance business in other provinces, with business scope gradually extending from Hunan to Hubei, Jiangxi, Guizhou, Sichuan, and Anhui[107][108] - Risk of Slow Accounts Receivable Collection: Clients are mainly government agencies and state-owned enterprises, and prolonged fiscal appropriation approval times and tight funds may lead to bad debt risks. Countermeasures: Continuously monitor accounts receivable, strengthen client credit management, and intensify efforts to collect accounts receivable[109] Registration Form for Research, Communication, Interview, and Other Activities during the Reporting Period During the reporting period, the company held an online performance briefing via Panorama Network's "Investor Relations Interactive Platform" to discuss its main business and new business developments with investors - On May 23, 2025, the company held a performance briefing via Panorama Network's "Investor Relations Interactive Platform" using an online remote method[110] - The main topics discussed were the company's main business and new business developments[110] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan, indicating a lack of explicit policies and plans in this area - The company has not formulated a market value management system[111] - The company has not disclosed a valuation enhancement plan[111] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan, indicating that no specific plan has been released in this regard - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[111] Part IV Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, profit distribution policies, environmental disclosures, and social responsibility initiatives during the reporting period Changes in Directors, Supervisors, and Senior Management During the reporting period, Vice General Manager Wang Yiguo was dismissed on May 14, 2025, due to personal reasons, marking a significant change in the management team for this period - Vice General Manager Wang Yiguo was dismissed on May 14, 2025, due to personal reasons[113] Profit Distribution and Capital Reserve to Share Capital Conversion during the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period, reflecting its current profit distribution policy - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[114] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period, indicating the absence of such mechanisms - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation during the reporting period[115] Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law, indicating different environmental disclosure requirements compared to specific industries - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[116] Social Responsibility The company actively fulfills its social responsibilities by protecting the rights of shareholders, creditors, employees, suppliers, customers, and consumers, prioritizing environmental protection, serving local economies, and engaging in public welfare and rural revitalization, aiming for multi-party win-win and sustainable development - The company strictly abides by laws and regulations, improves its corporate governance structure, safeguards the legitimate rights and interests of all shareholders and creditors, and discloses information truthfully, accurately, and timely[116] - The company complies with labor laws and regulations, establishes legal employment relationships with employees, provides diversified training, and focuses on employee health, safety, and welfare construction[117] - The company adheres to the principle of honest service, establishes a sound supplier management system and evaluation system, provides high-quality products and services to customers, and has obtained ISO14001 quality and environmental system certification[118][119] - The company integrates environmental protection into all aspects of its production and operations, reducing energy consumption through optimized construction processes, achieving a harmonious unity of economic, environmental, and social benefits[121] - The company actively fulfills its statutory tax obligations, supports national and local fiscal revenue, promotes local economic development, and creates employment through new industries and new production bases[122] - The company actively participates in social welfare activities in environmental protection and education, supporting local public welfare through donations for education and goods[123] - The company engages in rural environmental governance business, actively responds to and promotes rural revitalization, and contributes to improving rural living environments and strengthening rural ecological protection and restoration[124] Part V Significant Matters This section details the fulfillment of commitments, absence of related party fund occupation or illegal guarantees, and other significant legal and financial events during the reporting period Commitments Fulfilled by Related Parties during the Reporting Period and Unfulfilled Commitments at the End of the Reporting Period During the reporting period, share lock-up commitments by Changsha Lanfang Enterprise Management Partnership (Limited Partnership) and share price stabilization commitments by the company and relevant executives were fulfilled, with no overdue unfulfilled commitments - Changsha Lanfang Enterprise Management Partnership (Limited Partnership)'s share lock-up commitment was fulfilled on April 25, 2025[126] - Hunan Aibulu Environmental Technology Co., Ltd., Xiao Bo, Yin Mingkun, You Jianjun, and Zhong Rubo's share price stabilization commitments were fulfilled on April 26, 2025[127] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period, ensuring the independence of company funds and standardized operations - The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[130] Irregular External Guarantees The company had no irregular external guarantees during the reporting period, demonstrating prudence and compliance in its external guarantee practices - The company had no irregular external guarantees during the reporting period[131] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was unaudited, which is in line with the disclosure requirements for semi-annual reports - The company's semi-annual financial report was unaudited[132] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Report" for the Current Reporting Period The company did not receive a non-standard audit report during the reporting period, indicating a standard unqualified audit opinion on its financial statements - The company had no non-standard audit report during the reporting period[133] Explanation by the Board of Directors on "Non-Standard Audit Report" for the Previous Year The company did not receive a non-standard audit report during the reporting period, thus no explanation is required regarding a non-standard audit report from the previous year - The company had no non-standard audit report during the reporting period[133] Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during the reporting period, indicating stable operations and no significant financial distress - The company had no bankruptcy or reorganization matters during the reporting period[133] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period; other minor litigation cases included RMB 1.83 million settled and RMB 2.04 million unsettled, with no material impact on the company - The company had no significant litigation or arbitration matters during the current reporting period[134] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 RMB) | Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Status of Litigation (Arbitration) Judgment Execution | | :--- | :--- | :--- | :--- | :--- | :--- | | Summary of other litigation cases not meeting significant disclosure standards | 183.24 | No | Concluded | No significant impact | Executed | | Summary of other litigation cases not meeting significant disclosure standards | 204.23 | No | Unconcluded | No significant impact | Not yet executed | Penalties and Rectification The company had no penalties or rectification situations during the reporting period, indicating compliance with relevant laws and regulations in its operations - The company had no penalties or rectification situations during the reporting period[136] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity status during the reporting period, preserving the company's positive market image - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[137] Significant Related Party Transactions The company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party receivables/payables, or dealings with finance companies, nor any other significant related party transactions during the reporting period, demonstrating compliance in related party dealings - The company had no related party transactions related to daily operations during the reporting period[137] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[138] - The company had no related party transactions involving joint external investments during the reporting period[139] - The company had no related party receivables or payables during the reporting period[140] - The company and its affiliated finance companies, or finance companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[141][142] - The company had no other significant related party transactions during the reporting period[143] Significant Contracts and Their Performance The company had no entrustment or contracting situations during the reporting period but had office space leases. The company and its subsidiaries provided multiple external guarantees, with a total guarantee balance of RMB 325.9 million for subsidiaries, representing 39.46% of the company's net assets - The company had no entrustment situations during the reporting period[144] - The company had no contracting situations during the reporting period[145] - On November 1, 2024, the company signed a "Tiancheng Commercial Plaza Office Building Lease Contract" with Changsha Yujia Commercial Management Co., Ltd., with a lease term from November 1, 2024, to July 31, 2032[146] External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 RMB) | Actual Guarantee Amount (10,000 RMB) | Type of Guarantee | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Taoyuan Aibulu Environmental Engineering Co., Ltd. | 10,000 | 5,100 | Joint and several liability guarantee | December 6, 2022 to December 5, 2035 | No | | Dongkou Aibulu Environmental Engineering Co., Ltd. | 21,000 | 15,940 | Joint and several liability guarantee | March 31, 2023 to March 31, 2041 | No | | Xingluo Zhisuo Technology (Hangzhou) Co., Ltd. | 12,000 | 1,500 | Joint and several liability guarantee | Calculated separately for each creditor's claim against the debtor, from the maturity date of each claim contract to three years after the maturity date stipulated in that claim contract | No | | Xingluo Zhisuo Technology (Hangzhou) Co., Ltd. | 12,000 | 10,050 | Joint and several liability guarantee | From the maturity date of each claim contract to three years after the maturity date stipulated in that claim contract | No | - At the end of the reporting period, the total approved guarantee limit for subsidiaries was RMB 450 million, and the actual guarantee balance for subsidiaries was RMB 325.90 million[149] - The actual total guarantee amount accounts for 39.46% of the company's net assets[150] - Among these, the debt guarantee balance provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding 70% was RMB 274.90 million[150] - The company had no other significant contracts during the reporting period[153] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period, indicating stable operations and no unusual circumstances - The company had no other significant matters requiring explanation during the reporting period[154] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period, indicating normal operations and no major changes or risks - The company had no significant matters concerning its subsidiaries during the reporting period[155] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, including restricted and unrestricted shares, and provides an overview of its shareholder structure and key holdings Share Changes During the reporting period, restricted shares decreased by 17,501,250 shares, while unrestricted shares increased by 17,501,250 shares, primarily due to the listing of shares issued before the initial public offering and changes in the number of executive lock-up shares Share Changes | Share Type | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 74,630,212 | 47.84% | -17,501,250 | 57,128,962 | 36.62% | | II. Unrestricted Shares | 81,369,788 | 52.16% | 17,501,250 | 98,871,038 | 63.38% | | III. Total Shares | 156,000,000 | 100.00% | 0 | 156,000,000 | 100.00% | - The main reasons for this share change are: some shares issued before the company's initial public offering were listed for circulation on June 20, 2025, with 53,625,000 shares released from restriction, and 17,501,250 shares actually available for circulation; and changes in the number of executive lock-up shares[159] Changes in Restricted Shares During the reporting period, Zhong Rubo's restricted shares changed from 48,165,000 to 36,123,750 shares, and Changsha Lanfang Enterprise Management Partnership (Limited Partnership)'s restricted shares changed from 5,460,000 to 0 shares, resulting in a total decrease of 17,501,250 restricted shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhong Rubo | 48,165,000 | 48,165,000 | 36,123,750 | 36,123,750 | Executive Lock-up Shares | | Changsha Lanfang Enterprise Management Partnership (Limited Partnership) | 5,460,000 | 5,460,000 | 0 | 0 | Not applicable | | Total | 53,625,000 | 53,625,000 | 36,123,750 | 36,123,750 | | Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period, indicating no new financing activities - The company had no securities issuance or listing activities during the reporting period[162] Number of Shareholders and Shareholding At the end of the reporting period, the total number of common shareholders was 6,848. Among the top ten shareholders, Zhong Rubo held 30.88% as the controlling shareholder, with 23,500,000 of his shares pledged - At the end of the reporting period, the total number of common shareholders was 6,848[163] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhong Rubo | Domestic Natural Person | 30.88% | 48,165,000 | 36,123,750 | 12,041,250 | Pledged | 23,500,000 | | You Jianjun | Domestic Natural Person | 17.72% | 27,641,250 | 20,730,937 | 6,910,313 | Not applicable | 0 | | Changsha Lanfang Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.50% | 5,460,000 | 0 | 5,460,000 | Not applicable | 0 | - Mr. Zhong Rubo, the controlling shareholder and actual controller of the company, directly holds 48,165,000 shares, accounting for 30.88% of the company's total share capital, and indirectly controls 3.50% of the company's shares through Changsha Lanfang Enterprise Management Partnership (Limited Partnership)[165] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report, reflecting stability in management's holdings - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[167] Changes in Controlling Shareholder or Actual Controller There were no changes in the company's controlling shareholder or actual controller during the reporting period, maintaining stability in the company's ownership structure - The company's controlling shareholder remained unchanged during the reporting period[168] - The company's actual controller remained unchanged during the reporting period[168] Preferred Shares Information The company had no preferred shares during the reporting period, indicating that its capital structure does not include this type of special equity - The company had no preferred shares during the reporting period[169] Part VII Bond-Related Information The company had no bond-related information during the reporting period, indicating it neither issued nor held any bonds - The company had no bond-related information during the reporting period[171] Part VIII Financial Report This section presents the company's comprehensive financial statements for the 2025 semi-annual period, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a complete view of its financial health, operating performance, and cash flows Audit Report The company's semi-annual financial report was unaudited, which is in line with the disclosure requirements for semi-annual reports - The company's semi-annual financial report was unaudited[173] Financial Statements This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2025 semi-annual period, comprehensively presenting its financial position, operating results, and cash flow situation Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were RMB 1,594,624,260.07, total liabilities RMB 712,449,995.04, and total owners' equity RMB 882,174,265.03, maintaining a stable asset-liability structure Consolidated Balance Sheet Major Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 1,594,624,260.07 | 1,659,226,591.53 | | Total Liabilities | 712,449,995.04 | 768,107,354.09 | | Total Owners' Equity | 882,174,265.03 | 891,119,237.44 | | Cash and Cash Equivalents | 105,323,640.41 | 171,538,123.45 | | Financial Assets Held for Trading | 223,724,683.73 | 102,556,013.66 | | Accounts Receivable | 212,713,427.69 | 260,914,388.70 | | Contract Assets | 94,329,113.72 | 60,072,818.35 | | Long-Term Receivables | 373,886,451.31 | 375,975,739.40 | | Long-Term Borrowings | 263,100,000.00 | 217,170,038.52 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were RMB 1,152,979,163.65, total liabilities RMB 367,256,128.23, and total owners' equity RMB 785,723,035.42, with slight changes in the asset-liability structure compared to the beginning of the period Parent Company Balance Sheet Major Data (June 30, 2025) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 1,152,979,163.65 | 1,214,829,459.51 | | Total Liabilities | 367,256,128.23 | 412,948,080.08 | | Total Owners' Equity | 785,723,035.42 | 801,881,379.43 | | Cash and Cash Equivalents | 96,299,182.94 | 145,267,589.94 | | Financial Assets Held for Trading | 212,479,865.65 | 81,607,294.42 | | Accounts Receivable | 156,571,372.86 | 221,620,655.44 | | Other Receivables | 148,913,558.80 | 173,250,279.47 | | Long-Term Equity Investments | 192,390,072.95 | 192,390,072.95 | Consolidated Income Statement For the first half of 2025, the company achieved total operating revenue of RMB 147,615,062.56, with a net loss of RMB 9,344,591.06 and a net loss attributable to parent company shareholders of RMB 8,905,723.12, showing a significant narrowing of losses year-on-year and improved operating conditions Consolidated Income Statement Major Data (First Half of 2025) | Item | First Half of 2025 (RMB) | First Half of 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 147,615,062.56 | 74,540,187.03 | | Total Operating Cost | 132,650,052.57 | 72,856,614.27 | | Operating Profit | -12,866,949.47 | -33,394,240.79 | | Total Profit | -13,125,761.58 | -33,629,814.68 | | Net Profit | -9,344,591.06 | -27,258,930.80 | | Net Profit Attributable to Parent Company Shareholders | -8,905,723.12 | -27,177,084.22 | | Basic Earnings Per Share | -0.0571 | -0.1742 | Parent Company Income Statement For the first half of 2025, the