艾可蓝(300816) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents and Definitions This section provides important notices, the report's structured table of contents, and definitions of key terms for clear understanding 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; the company has approved a profit distribution plan and advises investors to pay attention to the risks detailed in the report - The company's board of directors, supervisory board, and senior management declare the semi-annual report content is true, accurate, and complete[4] - Company head Liu Yi, chief accountant Jiang Renjian, and head of accounting department Chen Yunhui declare the financial report is true, accurate, and complete[4] - The profit distribution plan approved by the board of directors is to distribute a cash dividend of CNY 0.25 (tax inclusive) per 10 shares to all shareholders, based on 78,740,300 shares[5] Table of Contents This section lists the report's structured table of contents, including eight main chapters and their corresponding page numbers, facilitating quick navigation for readers Definitions This section provides definitions for common terms, the company and its main subsidiaries, related parties, and industry-specific professional terms to ensure clear understanding of the report's content - The report defines "ActBlue", "Joint Stock Company", "Company", "This Company", and "Issuer" as Anhui ActBlue Environmental Protection Co., Ltd[14] - Detailed listings include names and references for multiple subsidiaries and related parties such as Chizhou Nanxin, ActBlue Research Institute, and Zhonghailanhang[14] - Explanation of professional terms related to the engine exhaust after-treatment industry, such as SCR, DOC, DPF, TWC, ASC, VOCs, and various emission standards (National VI, Non-road National IV, Marine National II, IMO Tier II)[15] Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information, including its profile, contact details, and key financial performance indicators for the reporting period I. Company Profile This section provides the company's basic information, including its stock abbreviation, code, listing exchange, Chinese and English names, and legal representative - The company's stock abbreviation is "ActBlue", stock code "300816", listed on the Shenzhen Stock Exchange[17] - The company's Chinese name is Anhui ActBlue Environmental Protection Co., Ltd., and its legal representative is Liu Yi[17] II. Contact Person and Contact Information This section provides the contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, telephone, fax, and email, to facilitate investor communication - The Board Secretary is Jiang Renjian, and the Securities Affairs Representative is Pan Yanhong[18] - Contact address is No. 12 Yujing Road, High-tech Zone, Chizhou City, Anhui Province, telephone 0566-5255528, email akl@act-blue.com[18] III. Other Information This section states that the company's contact information, information disclosure and storage locations, and registration changes remained unchanged during the reporting period, and specifies the official channels for information disclosure - The company's registered address, office address, website, and email address remained unchanged during the reporting period[19] - The company's semi-annual report is disclosed on the Shenzhen Stock Exchange website (http://www.szse.cn/) and through media outlets such as Securities Daily, Shanghai Securities News, and Juchao Information Network (www.cninfo.com.cn)[20](index=20&type=chunk) - The company's registration status remained unchanged during the reporting period[21] IV. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current and prior periods, showing year-on-year growth in operating revenue, net profit, non-recurring net profit, net cash flow from operating activities, basic and diluted earnings per share, as well as increases in total assets and net assets attributable to shareholders of the listed company Main Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 518,945,896.25 | 494,454,948.01 | 4.95% | | Net Profit Attributable to Shareholders of Listed Company | 44,266,072.33 | 35,751,117.35 | 23.82% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 34,321,694.11 | 26,108,847.68 | 31.46% | | Net Cash Flow from Operating Activities | 49,661,001.80 | -73,321,125.45 | 167.73% | | Basic Earnings Per Share (Yuan/Share) | 0.56 | 0.45 | 24.44% | | Diluted Earnings Per Share (Yuan/Share) | 0.56 | 0.45 | 24.44% | | Weighted Average Return on Net Assets | 5.24% | 4.30% | 0.94% | | Period-End Indicator | Current Period-End (Yuan) | Prior Year-End (Yuan) | YoY Change at Period-End (%) | | Total Assets | 2,380,622,836.34 | 2,050,912,466.99 | 16.08% | | Net Assets Attributable to Shareholders of Listed Company | 876,467,116.14 | 827,939,265.41 | 5.86% | - Net profit after deducting the impact of share-based payments was CNY 46,226,886.90[22] V. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section states that the company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards or overseas accounting standards versus Chinese Accounting Standards during the reporting period - The company had no differences in net profit and net assets in financial reports disclosed under International Accounting Standards versus Chinese Accounting Standards during the reporting period[23] - The company had no differences in net profit and net assets in financial reports disclosed under overseas accounting standards versus Chinese Accounting Standards during the reporting period[24] VI. Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses items and their amounts for the reporting period, totaling CNY 9,944,378.22, primarily including government grants and fair value change gains and losses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | 42,190.72 | | Government grants recognized in current profit or loss (excluding those with continuous impact) | 6,716,942.75 | | Fair value change gains and losses and disposal gains and losses from financial assets and financial liabilities held by non-financial enterprises | 5,976,382.64 | | Other non-operating income and expenses apart from the above | -239,398.31 | | Less: Income tax impact | 1,770,081.48 | | Impact on minority interests (after tax) | 781,658.10 | | Total | 9,944,378.22 | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[27] - The company does not classify non-recurring gains and losses items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-Recurring Gains and Losses" as recurring gains and losses items[27] Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's main business, core competencies, financial performance, investment activities, and risk management strategies I. Main Business Activities During the Reporting Period The company's main business involves the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, benefiting from rapid industry development and record-high automobile production and sales; its products cover road motor vehicles, non-road mobile machinery, and marine sectors, with active expansion into green and smart-themed industries (I) Industry Development During the Reporting Period The engine exhaust after-treatment industry is rapidly developing due to increased environmental awareness; in the first half of 2025, China's automobile production and sales reached record highs of 15.621 million units and 15.653 million units respectively, growing by 12.50% and 11.40%, with new energy vehicle exports increasing by 75.20% - The engine exhaust after-treatment industry is rapidly developing, primarily applied in road motor vehicles, non-road mobile machinery, stationary sources, and marine vessels[29] - From January to June 2025, China's automobile production and sales exceeded 15 million units for the first time, reaching 15.621 million units and 15.653 million units respectively, with year-on-year growth of 12.50% and 11.40%[30] - Total automobile exports in the first half of the year reached 3.083 million units, a year-on-year increase of 10.40%, with new energy vehicle exports reaching 1.06 million units, up 75.20% year-on-year[30] (II) Company's Main Business The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, with products complying with National VI, Non-road National IV, Marine National II, and IMO Tier III emission standards; the company possesses four core technologies: catalyst formulation and coating, electronic control, matching and calibration, and system integration, and is expanding its industry presence around green and smart themes - The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products[31] - Main products include exhaust purification products compliant with National VI motor vehicle, Non-road National IV mobile machinery, and Marine National II emission standards[31] - The company's core technologies are exhaust after-treatment catalyst formulation and coating technology, electronic control technology, matching and calibration technology, and system integration technology[31] （III）Business Model The company primarily employs a "make-to-order" direct sales model, supplying products to engine and vehicle manufacturers and undertaking exhaust treatment retrofits for in-use vehicles and vessels; its procurement model focuses on raw material price fluctuations and supplier management, while its production model flexibly utilizes outsourcing to enhance efficiency - The company's products are primarily supplied to engine manufacturers and vehicle manufacturers, and used for exhaust treatment retrofits of in-use vehicles and vessels, adopting a direct sales model[33][38] - The production model is "make-to-order", scheduling production based on customer orders, and flexibly utilizing outsourcing[37] - The procurement model considers orders, production plans, and safety stock; for volatile raw materials like precious metals, procurement volume is increased based on market trends, and a comprehensive supplier selection and management system has been established[36] （IV）Company's Industry Position The company has achieved multi-dimensional expansion in the engine exhaust after-treatment sector, serving numerous renowned enterprises; by participating in multiple national-level cutting-edge technology development and demonstration projects, the company has achieved key technological breakthroughs in relevant fields, gaining national recognition for its R&D capabilities and establishing a leading industry position - The company's product application areas have expanded horizontally from light-duty diesel to heavy-duty diesel, from road to non-road, from land transport to marine, and from traditional internal combustion engines to hybrid systems[39] - Customers include numerous well-known enterprises such as Quanchai Power, Yuchai Machinery, China National Heavy Duty Truck, Jiangxi Isuzu, Changfa Agricultural Equipment, Guangchai Shares, Anqing CSSC, and Ningbo Zhongce[39] - As one of the core units, the company participated in multiple national key R&D programs, such as the "National New Material Key Platform - Energy-Saving and Low-Carbon Material Production and Application Demonstration Platform Project", achieving key technological breakthroughs in related fields[39][40] （V）Key Performance Drivers During the reporting period, the company's performance growth was primarily driven by sufficient orders for exhaust purification products, incremental revenue contributions from marine exhaust purification and high-performance computing server trading businesses, and improved gross margins resulting from cost reduction, efficiency enhancement, and product structure optimization in traditional vehicle exhaust purification products - The company achieved operating revenue of CNY 518.9459 million, a year-on-year increase of 4.95%; net profit attributable to shareholders of listed companies was CNY 44.2661 million, a year-on-year increase of 23.82%[41] - Operating revenue growth was primarily due to sufficient orders for exhaust purification products, and incremental revenue contributions from marine exhaust purification business and high-performance computing server trading business[41] - Gross margin growth was mainly due to cost reduction and efficiency improvement in traditional vehicle exhaust purification products, changes in product structure, and the higher gross margin and increased proportion of marine after-treatment business and high-performance computing server trading business[41] II. Analysis of Core Competencies The company's core competencies are reflected in its strong R&D and technological advantages, positive brand image, extensive customer resources, and robust production and quality management system, collectively supporting its market leadership and sustainable development （1）R&D and Technological Advantages The company is a national high-tech enterprise and a specialized, refined, unique, and new "little giant" enterprise, possessing multiple national and provincial-level technology centers and laboratories; through independent R&D, it has developed four core technologies, holds 280 authorized patents and 47 software copyrights, and has achieved batch supply in the National VI emission standard product sector, demonstrating its leading technological position in the industry - The company is a high-tech enterprise, a national intellectual property demonstration enterprise, one of the first batch of specialized, refined, unique, and new "little giant" enterprises by the Ministry of Industry and Information Technology, and an eighth batch manufacturing single champion enterprise[42] - The company holds 280 authorized patents, 47 software copyrights, and over 70 categories of catalyst formulation technologies[43] - The company has achieved batch supply in both National VI gasoline engine and National VI diesel engine fields, indicating its technological level is at the industry forefront[43] （2）Brand Advantages As one of the earliest enterprises in China engaged in the R&D and industrialization of diesel engine exhaust after-treatment, the company has established a strong brand image and accumulated extensive customer resources through its powerful technological development capabilities and high-quality product services, fostering cooperative relationships with numerous renowned industry enterprises - The company is one of the earliest enterprises in China engaged in R&D and industrialization of diesel engine exhaust after-treatment, establishing a strong brand image[44] - The company has accumulated extensive customer resources, including well-known enterprises in the industry such as Quanchai Power, Yuchai Machinery, Foton Motor, Dongfeng Motor, and China National Heavy Duty Truck[44][45] （3）Production and Quality Management Advantages The company has established a comprehensive supply chain management system, enabling it to rapidly respond to market demands and deliver qualified products; through IATF16949 quality management system certification, the company continuously enhances product quality, ensuring the suitability, adequacy, and effectiveness of its system - The company has established a comprehensive supply chain management system, capable of rapidly responding to market demands and delivering qualified products[46] - The company has passed IATF16949 quality management system certification, continuously improving product quality in strict accordance with requirements[46] III. Analysis of Main Business This section provides a year-on-year comparison of the company's key financial data, showing significant increases in operating revenue, administrative expenses, financial expenses, and income tax expenses, while sales expenses and R&D investment decreased; net cash flow from operating activities significantly turned positive Main Financial Data YoY Change | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 518,945,896.25 | 494,454,948.01 | 4.95% | | | Operating Cost | 370,458,436.16 | 380,962,243.66 | -2.76% | | | Sales Expenses | 13,159,108.05 | 20,911,689.75 | -37.07% | No new material insurance purchased in current period | | Administrative Expenses | 31,286,316.02 | 22,202,693.43 | 40.91% | Increase in share-based payments, employee compensation, and consulting service fees | | Financial Expenses | 14,194,072.51 | 7,856,773.58 | 80.66% | Increase in interest expenses and exchange losses | | Income Tax Expenses | 9,540,909.72 | 2,385,622.98 | 299.93% | Increase in profit for current period | | R&D Investment | 22,858,052.32 | 24,634,422.49 | -7.21% | | | Net Cash Flow from Operating Activities | 49,661,001.80 | -73,321,125.45 | 167.73% | Increase in operating payables | | Net Cash Flow from Investing Activities | -238,318,901.40 | 67,819,311.22 | -451.40% | Decrease in net redemption of wealth management products | | Net Cash Flow from Financing Activities | 196,705,652.92 | 106,391,583.88 | 84.89% | Increase in cash received from borrowings | | Net Increase in Cash and Cash Equivalents | 8,400,668.09 | 101,461,129.94 | -91.72% | Decrease in net cash flow from investing activities | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[48] IV. Analysis of Non-Main Business This section analyzes the impact of the company's non-main business on total profit, where asset impairment losses had a negative effect, while other income (government grants) and fair value change gains and losses contributed positively Impact of Non-Main Business on Total Profit | Item | Amount (Yuan) | Share of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 420,071.66 | 0.66% | Wealth management income | No | | Fair Value Change Gains and Losses | 5,179,311.74 | 8.13% | Fair value changes of financial assets held for trading | No | | Asset Impairment | -16,787,826.92 | -26.36% | Provision for inventory impairment | No | | Non-Operating Income | 125,105.59 | 0.20% | Government grants | No | | Non-Operating Expenses | 364,503.90 | 0.57% | Expenses unrelated to revenue | No | | Other Income | 11,233,520.28 | 17.64% | Government grants | No | | Credit Impairment | 1,087,896.13 | 1.71% | Provision for bad debt losses | No | V. Analysis of Assets and Liabilities This section analyzes the composition and significant changes in the company's assets and liabilities; at the end of the reporting period, both total assets and net assets attributable to shareholders of the listed company increased; the proportion of short-term borrowings and inventories increased, and the overseas asset ABF is substantial in scale but incurring losses Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Share of Total Assets (%) | Prior Year-End Amount (Yuan) | Share of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 421,994,593.77 | 17.73% | 416,340,810.87 | 20.30% | -2.57% | No significant change | | Accounts Receivable | 213,701,971.12 | 8.98% | 174,240,996.56 | 8.50% | 0.48% | No significant change | | Inventories | 367,856,842.57 | 15.45% | 270,873,537.14 | 13.21% | 2.24% | No significant change | | Fixed Assets | 214,178,505.16 | 9.00% | 167,102,291.94 | 8.15% | 0.85% | No significant change | | Construction in Progress | 244,195,802.11 | 10.26% | 225,859,040.34 | 11.01% | -0.75% | No significant change | | Short-Term Borrowings | 758,023,172.78 | 31.84% | 572,695,900.56 | 27.92% | 3.92% | No significant change | | Long-Term Borrowings | 183,829,291.59 | 7.72% | 146,834,372.64 | 7.16% | 0.56% | No significant change | Main Overseas Assets | Asset Details | Reason for Formation | Asset Scale (Converted to CNY) | Location | Operating Model | Control Measures for Asset Security | Profitability (Converted to CNY) | Proportion of Overseas Assets to Company's Net Assets (%) | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ABF | Acquisition | 13,700.07 10,000 Yuan | France | Independent operation | Monthly financial statements provided, audited annually by overseas accounting firms to ensure fund security | -697.55 10,000 Yuan | 15.11% | No | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains/Losses for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | (I) Financial Assets Held for Trading | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | 1. Financial Assets Measured at Fair Value Through Profit or Loss | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | (1) Wealth Management Products | 252,978,150.39 | 5,179,311.74 | 140,000,000.00 | 18,978,568.61 | 379,178,893.52 | | (II) Receivables Financing | | | | | 188,094,389.30 | | (III) Other Non-Current Financial Assets | 113,654,753.73 | | | 531,223.06 | 113,123,530.67 | | Subtotal of financial assets | 366,632,904.12 | 5,179,311.74 | 140,000,000.00 | 19,509,791.67 | 492,302,424.19 | | Financial Liabilities | 0.00 | | | | 0.00 | VI. Analysis of Investment Status During the reporting period, the company's investment amount increased by 51.95% year-on-year, primarily through investments in brokerage wealth management products using its own funds, with no significant equity or non-equity investments, nor any use of raised funds or derivative investments - Investment amount for the reporting period was CNY 65,412,974.99, an increase of 51.95% compared to CNY 43,050,000.00 in the prior period[57] Entrusted Wealth Management Overview | Type | Source of Entrusted Funds | Entrusted Wealth Management Amount (CNY 10,000) | Outstanding Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | | Brokerage wealth management products | Own funds | 35,688.06 | 33,688.06 | | Total | | 35,688.06 | 33,688.06 | - The company had no significant equity investments, significant non-equity investments, use of raised funds, derivative investments, or entrusted loans during the reporting period[58][60][61] VII. Significant Asset and Equity Disposals This section states that the company did not dispose of significant assets or equity during the reporting period - The company did not dispose of significant assets during the reporting period[62] - The company did not dispose of significant equity during the reporting period[63] VIII. Analysis of Major Holding and Participating Companies This section analyzes the financial status and operating results of the company's major holding subsidiaries, Zhonghailanhang, ABH, and ActBlue Research Institute, and lists the acquisition and disposal of subsidiaries during the reporting period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhonghailanhang | Subsidiary | R&D, design, manufacturing, and sales of exhaust treatment devices for marine vessels and non-road mobile sources | 10,000,000.00 | 98,243,379.06 | 48,284,986.98 | 45,123,105.33 | 16,934,163.52 | 14,716,116.58 | | ABH | Subsidiary | Overseas investment, vehicle urea dosing pumps, and integrated urea injection systems | 648,540.00 | 166,555,402.64 | -29,177,683.63 | 53,216,768.57 | -21,182,618.42 | -20,760,562.05 | | ActBlue Research Institute | Subsidiary | Technology R&D, AI hardware sales, information system operation and maintenance services, etc | 100,000,000.00 | 440,084,056.02 | 87,803,444.18 | 26,298,459.92 | 7,238,608.38 | 4,585,366.29 | - During the reporting period, the company deregistered Aidexinneng (Huazhou) Technology Co., Ltd., Ailanxinneng (Guiyang) Technology Co., Ltd., and Ailanxinneng (Chongqing) Technology Co., Ltd., and established Qingyang Zhaoxu New Energy Technology Co., Ltd., Ailan New Energy (Huzhou) Co., Ltd., and Chizhou Aijia New Energy Co., Ltd., with no significant impact on overall production, operations, and performance[64] IX. Structured Entities Controlled by the Company This section states that the company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[65] X. Risks Faced by the Company and Countermeasures The company faces multiple risks, including raw material price fluctuations, downstream industry volatility, product quality, operational management, accounts receivable bad debts, foreign exchange, and goodwill impairment, and has developed corresponding countermeasures to mitigate potential impacts - Raw material price fluctuation risk: Precious metals account for a high proportion of the company's product costs, and price fluctuations affect profitability. Countermeasures include optimizing inventory management, communicating with suppliers, and negotiating product price adjustments with customers[65] - Downstream industry fluctuation risk: The company's products are mainly for automotive matching, and changes in automobile production and sales directly affect demand. Countermeasures include enhancing product competitiveness, expanding market share, and developing non-road mobile machinery and marine after-treatment markets[66] - Accounts receivable bad debt risk: Accounts receivable accounted for 8.98% of total assets at the end of the reporting period. Countermeasures include regularly analyzing receivables, promptly following up on collections, and continuously monitoring the operating status of debtor entities[69][70] - Goodwill impairment risk: The book value of goodwill at the end of the reporting period was CNY 5,089,419.89, and there is still impairment risk if ABF's operating conditions do not improve. Countermeasures include assisting ABF in market development, strengthening cost control, and improving quality and efficiency[72] XI. Registration Form for Research, Communication, Interview Activities During the Reporting Period This section records the company's investor research, communication, and interview activities during the reporting period, including time, location, method, object type, discussion content, and index - On May 16, 2025, the company conducted an online exchange via the Value Online network platform, hosting investors who participated in the company's 2024 annual online performance briefing[73] - Details of related activities can be found in the "Investor Relations Activity Record Form" disclosed by the company on Juchao Information Network on May 16, 2025[73] XII. Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated a "Market Value Management System" to standardize market value management and protect investors' legitimate rights, but has not disclosed a valuation enhancement plan; this system clarifies the responsibilities of market value management departments, personnel, directors, and senior management, as well as response measures for abnormal stock price fluctuations - The company has formulated a "Market Value Management System" aimed at strengthening market value management, standardizing market value management behavior, and safeguarding the legitimate rights and interests of the company and investors[74] - The system clarifies the specific departments and personnel responsible for market value management, the responsibilities of directors and senior management, and countermeasures for abnormal stock price fluctuations[74] - The company has not disclosed a valuation enhancement plan[74] XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company has disclosed and actively implemented its "Quality and Return Dual Enhancement" action plan, which includes focusing on its main business, standardized operations, improving information disclosure quality, emphasizing shareholder returns, and strengthening the responsibilities of "key minorities"; during the reporting period, the company successfully implemented its 2024 annual equity distribution plan - The company disclosed the "Announcement on the 'Quality and Return Dual Enhancement' Action Plan" on April 26, 2025, with specific measures covering five aspects[75] - The company focuses on its main business, maintains its advantages in exhaust gas treatment, and expands and deploys industries around green and smart themes[75] - The company successfully implemented the 2024 annual equity distribution plan, distributing a cash dividend of CNY 0.52 (tax inclusive) per 10 shares to all shareholders, with a total dividend amount of CNY 4,094,495.60[76] Section IV Corporate Governance, Environment and Society This section details the company's corporate governance structure, changes in key personnel, profit distribution plans, and its environmental and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management This section states that there were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[78] II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company's board of directors approved the 2025 semi-annual profit distribution plan, proposing to distribute a cash dividend of CNY 0.25 (tax inclusive) per 10 shares to all shareholders, with no bonus shares or conversion of capital reserves into share capital, totaling CNY 1,968,507.50 in cash dividends Profit Distribution for the Current Period | Indicator | Amount | | :--- | :--- | | Bonus Shares per 10 Shares (Shares) | 0 | | Cash Dividend per 10 Shares (Yuan, tax incl.) | 0.25 | | Share Capital Base for Distribution Plan (Shares) | 78,740,300 | | Cash Dividend Amount (Yuan, tax incl.) | 1,968,507.50 | | Cash Dividend Amount by Other Means (e.g., Share Repurchase) (Yuan) | 0.00 | | Total Cash Dividend (incl. other means) (Yuan) | 1,968,507.50 | | Distributable Profit (Yuan) | 399,318,210.47 | | Proportion of Total Cash Dividend (incl. other means) to Total Profit Distribution | 100.00% | - This profit distribution does not involve bonus shares or conversion of capital reserves into share capital[81] - This profit distribution plan has been approved by the board of directors and still requires approval from the 2025 first extraordinary general meeting of shareholders[82] III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures To improve its medium- and long-term incentive mechanism, the company formulated the 2025 Restricted Stock Incentive Plan, proposing to grant 1.2597 million restricted shares to 7 incentive recipients at a grant price of CNY 14.17 per share; this plan has been approved by the board of directors, supervisory board, and general meeting of shareholders, and the grant date has been determined - The company formulated the 2025 Restricted Stock Incentive Plan, proposing to grant 1.2597 million restricted shares to incentive recipients, accounting for 1.57% of the total share capital[83] - The plan was approved by the general meeting of shareholders on May 19, 2025, and the board of directors was authorized to handle related matters[85] - On May 23, 2025, the company decided to grant 1.2597 million restricted shares to 7 incentive recipients at a price of CNY 14.17 per share[85] IV. Environmental Information Disclosure This section states that the listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[86] V. Social Responsibility This section states that the company has not yet carried out poverty alleviation and rural revitalization work during the reporting period - The company has not yet carried out poverty alleviation and rural revitalization work during the reporting period[86] Section V Significant Matters This section covers significant events, including commitments, related party transactions, guarantees, litigation, and other material matters affecting the company I. Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period This section discloses that the share reduction commitment made by the company's actual controller Liu Yi during the initial public offering was fulfilled within the reporting period, with the commitment performed on time and no overdue unfulfilled situations - The share reduction commitment made by the company's actual controller Liu Yi during the initial public offering was fulfilled on February 9, 2025[88] - The commitment includes not reducing shares during the lock-up period, ensuring the reduction price is not lower than the offering price within two years after the lock-up period expires, and notifying the company and making an announcement 3 trading days in advance[88] - The commitment was fulfilled on time, with no overdue unfulfilled situations[88] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company This section states that the company had no non-operating funds occupied by controlling shareholders and other related parties during the reporting period - The company had no non-operating funds occupied by controlling shareholders and other related parties during the reporting period[89] III. Irregular External Guarantees This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[90] IV. Appointment and Dismissal of Accounting Firms This section states that the company's semi-annual financial report is unaudited - The company's semi-annual report is unaudited[91] V. Board of Directors, Supervisory Board, and Audit Committee's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period This section states that the company had no non-standard audit report during the reporting period VI. Board of Directors' Explanation on the "Non-Standard Audit Report" for the Previous Year This section states that the company had no non-standard audit report during the reporting period VII. Bankruptcy and Reorganization Matters This section states that the company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[92] VIII. Litigation Matters This section states that the company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[93] IX. Penalties and Rectification This section states that the company had no penalties or rectification during the reporting period - The company had no penalties or rectification during the reporting period[93] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This section states that during the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[94] XI. Significant Related Party Transactions This section states that the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or dealings with affiliated financial companies during the reporting period - The company had no related party transactions related to daily operations during the reporting period[95] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[96] - The company had no related party creditor-debtor relationships during the reporting period[98] XII. Significant Contracts and Their Performance This section discloses the company's significant guarantees for its subsidiaries, with an actual guarantee balance of CNY 500 million at the end of the reporting period, accounting for 57.05% of the company's net assets, including CNY 500 million in debt guarantees provided to guaranteed parties with an asset-liability ratio exceeding 70% - The company had no trusteeship, contracting, or leasing situations during the reporting period[102][104][105] Company's Guarantees for Subsidiaries | Guaranteed Party Name | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (CNY 10,000) | Actual Guarantee Amount (CNY 10,000) | Guarantee Type | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui ActBlue Research Institute Co., Ltd. | December 19, 2022 | 50,000 | 50,000 | Joint and several liability guarantee | 14 years | No | No | | Total Approved Guarantee Limit for Subsidiaries During Reporting Period (B1) | | 150,000 | | | | | | | Total Actual Guarantee Amount for Subsidiaries During Reporting Period (B2) | | | 50,000 | | | | | | Total Approved Guarantee Limit for Subsidiaries at Period-End (B3) | | 200,000 | | | | | | | Total Actual Guarantee Balance for Subsidiaries at Period-End (B4) | | | 50,000 | | | | | | Proportion of Total Actual Guarantee (A4+B4+C4) to Company's Net Assets | | | 57.05% | | | | | | Debt Guarantee Balance Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (E) | | | 50,000 | | | | | | Amount of Guarantee Exceeding 50% of Net Assets (F) | | | 6,176.64 | | | | | | Total of Above Three Guarantee Amounts (D+E+F) | | | 56,176.64 | | | | | - The company had no other significant contracts during the reporting period[108] XIII. Explanation of Other Significant Matters This section states that the company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[109] XIV. Significant Matters of Company Subsidiaries This section states that the company had no significant matters concerning subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[110] Section VI Share Changes and Shareholder Information This section outlines changes in the company's share capital, shareholder structure, and the shareholdings of directors, supervisors, and senior management I. Share Change Status During the reporting period, the company's restricted shares decreased by 11,072,024 shares, while unrestricted shares increased by the same amount, primarily due to the expiration of the lock-up period for shares held by resigning directors and supervisors; the company's total share capital remained unchanged Share Change Status | Category | Quantity Before Change (Shares) | Proportion Before Change (%) | Change in Quantity (Shares) | Quantity After Change (Shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 34,403,453 | 43.00% | -11,072,024 | 23,331,429 | 29.16% | | 3. Other Domestic Shares | 23,335,529 | 29.17% | -4,100 | 23,331,429 | 29.16% | | 4. Foreign Shares | 11,067,924 | 13.83% | -11,067,924 | 0 | 0.00% | | II. Unrestricted Shares | 45,596,547 | 57.00% | 11,072,024 | 56,668,571 | 70.84% | | 1. RMB Ordinary Shares | 45,596,547 | 57.00% | 11,072,024 | 56,668,571 | 70.84% | | III. Total Shares | 80,000,000 | 100.00% | 0 | 80,000,000 | 100.00% | - Shareholders Mr. ZHU QING, Mr. Qin Liang, and Mr. Cao Shu, due to their resignation from director/supervisor positions, had their lock-up period expire, and a total of 11,072,024 shares were fully unlocked[114][116] - The company had no approval status for share changes, transfer status, or progress on share repurchase implementation during the reporting period[115] II. Securities Issuance and Listing Status This section states that the company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[117] III. Number of Shareholders and Shareholding Status At the end of the reporting period, the company had a total of 11,569 ordinary shareholders; this section details the shareholding of shareholders holding 5% or more, or the top 10 shareholders, including their shareholding proportion, quantity, restricted shares, and pledge status - The total number of ordinary shareholders at the end of the reporting period was 11,569[119] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Shares Held at Period-End (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | Share Status | Pledged Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Yi | Domestic Natural Person | 38.89% | 31,108,572 | 23,331,429 | 7,777,143 | Pledged | 7,900,000 | | ZHU QING | Overseas Natural Person | 13.83% | 11,067,924 | 0 | 11,067,924 | N/A | 0 | | Chizhou Nanxin Business Consulting Enterprise (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.62% | 2,096,620 | 0 | 2,096,620 | N/A | 0 | | Guangdong Nanchuan Private Equity Fund Management Co., Ltd. - Nanchuan Fenghuo No. 2 Private Securities Investment Fund | Other | 0.94% | 750,000 | 0 | 750,000 | N/A | 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.64% | 513,785 | 0 | 513,785 | N/A | 0 | | China Construction Bank Corporation - Huashang Credit Enhanced Bond Fund | Other | 0.53% | 424,700 | 0 | 424,700 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying Wealth No. 1 Private Securities Investment Fund | Other | 0.52% | 419,700 | 0 | 419,700 | N/A | 0 | | UBS AG | Overseas Legal Person | 0.47% | 379,077 | 0 | 379,077 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Gongzheng Wealth Quant Fengying No. 1 Private Investment Fund | Other | 0.47% | 377,900 | 0 | 377,900 | N/A | 0 | | Shanghai Fengying Investment Center (Limited Partnership) - Fengying No. 9 Private Securities Investment Fund | Other | 0.45% | 358,800 | 0 | 358,800 | N/A | 0 | - Among the company's top ten shareholders, Anhui ActBlue Environmental Protection Co., Ltd.'s special repurchase securities account held 1,259,700 shares, accounting for 1.57%, and is not listed among the top 10 shareholders[119] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[121] V. Changes in Controlling Shareholder or Actual Controller This section states that the company's controlling shareholder or actual controller did not change during the reporting period - The company's controlling shareholder did not change during the reporting period[122] - The company's actual controller did not change during the reporting period[122] VI. Preferred Share Related Information This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[123] Section VII Bond Related Information This section confirms the absence of any bond-related information for the company during the reporting period Bond Related Information This section states that the company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[125] Section VIII 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 I. Audit Report This section states that the company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[127] II. Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively reflecting the financial position, operating results, and cash flows at the end of the reporting period - The consolidated balance sheet shows total assets at period-end were CNY 2,380,622,836.34, an increase of 16.08% from the beginning of the period; total liabilities were CNY 1,474,487,731.44, an increase of 22.55% from the beginning of the period[131] - The consolidated income statement shows total operating revenue for the current period was CNY 518,945,896.25, a year-on-year increase of 4.95%; net profit attributable to parent company shareholders was CNY 44,266,072.33, a year-on-year increase of 23.82%[136][137] - The consolidated cash flow statement shows net cash flow from operating activities was CNY 49,661,001.80, a significant improvement from CNY -73,321,125.45 in the prior period[142] III. Company Basic Information This section introduces the company's establishment, share capital changes, registration information, and business scope; the company was listed on the ChiNext Board of the Shenzhen Stock Exchange on February 10, 2020, and its main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products - The company was listed and traded on the ChiNext Board of the Shenzhen Stock Exchange on February 10, 2020, with stock abbreviation "ActBlue" and stock code "300816"[160] - As of June 30, 2025, the company's registered capital and share capital were both CNY 80 million[161] - The company's main business is the R&D, production, and sales of engine exhaust after-treatment products and atmospheric environmental protection-related products, with main products complying with National VI, Non-road National IV, and Marine National II emission standards[164] IV. Basis for Preparation of Financial Statements This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards, their application guidelines, and interpretations, and comply with the information disclosure requirements of the China Securities Regulatory Commission - The company prepares its financial statements on a going concern basis, in accordance with actual transactions and events, and the provisions of enterprise accounting standards, their application guidelines, and interpretations[166] - The company assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters affecting its going concern ability[167] V. Significant Accounting Policies and Estimates This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering aspects such as business combinations, financial instruments, inventories, fixed assets, revenue recognition, employee compensation, and deferred income tax, and discloses the impact of changes in accounting estimates on warranty repair expense accounting for the current period - The company's financial statements comply with enterprise accounting standards and truly and completely reflect financial position, operating results, and other information[170] - The company changed its accounting estimate for warranty repair expenses, from a previous 2% provision of sales revenue regardless of product type, to a categorized provision based on different product types (with electronic systems, diesel engines without electronic systems, gasoline engines without electronic systems) at 2%, 1.5%, and 0.5% respectively[401][402][403] - This change in accounting estimate adopts the prospective application method and will not affect the financial position, operating results, or cash flows of prior years[404] VI. Taxation This section discloses the main tax types and rates for the company and its subsidiaries, and details the tax preferential policies enjoyed, including corporate income tax incentives for high-tech enterprises and small and micro-profit enterprises Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Sales of Goods, Taxable Labor Services, and Taxable Service Income | 20%, 13%, 6%, 3% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7% | | Corporate Income Tax | Taxable Income | 25%, 20% | | Education Surcharge | Amount of Turnover Tax Payable | 5% | - The company passed the high-tech enterprise re-evaluation, and the 15% preferential corporate income tax rate applies for the 2025 fiscal year[406] - Subsidiaries Zhonghailanhang, Changjiang Delta, and Anhui Aibote also obtained high-tech enterprise certification, and the 15% preferential income tax rate applies for the 2025 fiscal year[406] - Subsidiaries Lanwalker, Changjiang Delta, Wuxi Aibote, Xihe Chaozhi, Aikeding, Apollo New Energy (Chizhou), Aiyi New Energy, etc., applied the 20% preferential corporate income tax rate for small and micro-profit enterprises during the reporting period[407] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including cash and cash equivalents, financial assets, accounts receivable, inventories, fixed assets, borrowings, accounts payable, employee compensation, taxes and fees, and owners' equity, and discloses the period-end balances, beginning balances, and changes for each asset and liability item - Cash and cash equivalents at period-end totaled CNY 421,994,593.77, of which CNY 23,742,371.40 was deposited overseas[410] - Financial assets held for trading at period-end totaled CNY 379,178,893.52, primarily wealth management products, representing a 50% increase from the beginning of the period[413] - Accounts receivable at period-end totaled CNY 213,701,971.12, an increase of 22.64% from the beginning of the period, with a high proportion of balances within 1 year[424][426] - Inventories at period-end totaled CNY 367,856,842.57, an increase of 35.73% from the beginning of the period, with total inventory impairment provisions of CNY 39,414,025.61[467][469] - Short-term borrowings at period-end totaled CNY 758,023,172.78, an increase of 32.37% from the beginning of the period, primarily credit borrowings[518] - Operating revenue for the current period was CNY 518,945,896.25, and operating cost was CNY 370,458,436.16[569] VIII. Research and Development Expenses This section lists the composition of the company's R&D expenses for the reporting period, including employee compensation, direct materials, technical services, and testing fees, totaling CNY 22,858,052.32, all of which were expensed R&D expenses R&D Expense Details | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 14,743,667.75 | 15,184,272.65 | | Direct Materials | 4,886,940.84 | 5,251,249.23 | | Technical Services and Testing Fees | 517,544.69 | 1,099,951.40 | | Depreciation and Amortization | 1,415,254.85 | 1,444,006.13 | | Travel Expenses | 748,378.68 | 707,239.49 | | Other | 546,265.51 | 947,703.59 | | Total | 22,858,052.32 | 24,634,422.49 | | Of which: Expensed R&D Expenses | 22,858,052.32 | 24,634,422.49 | - All R&D expenses for the current period were expensed, with no capitalized R&D expenses[617] IX. Changes in Consolidation Scope This section states that the company's consolidation scope changed during the reporting period due to the establishment of 3 new subsidiaries and the deregistration of 3 subsidiaries - The consolidation scope changed due to the establishment of 3 new subsidiaries and the deregistration of 3 subsidiaries during the current period[618] X. Interests in Other Entities This section details the company's interests in subsidiaries, joint ventures, and associates, including each subsidiary's registered capital, operating location, business nature, shareholding proportion, and acquisition method, and lists the main financial information of important non-wholly-owned subsidiaries Composition of the Enterprise Group (Partial) | Subsidiary Name | Registered Capital (Yuan) | Main Operating Location | Registered Location | Business Nature | Shareholding Proportion (Direct) | Shareholding Proportion (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ActBlue Research Institute | 100,000,000.00 | Hefei, Anhui | Hefei, Anhui | Manufacturing | 100.00% | 0.00% | Investment Establishment | | Zhonghailanhang | 10,000,000.00 | Hefei, Anhui | Hefei, Anhui | Manufacturing | 51.00% | 0.00% | Investment Establishment | | Changjiang Delta | 10,000,000.00 | Tongling, Anhui | Tongling, Anhui | Manufacturing | 45.90% | 0.00% | Investment Establishment | | ABH | 648,540.00 | Hong Kong, China | Hong Kong, China | Overseas Investment | 100.00%