国林科技(300786) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides the company's assurance of report accuracy, lists the report's structure, documents for reference, and defines key terms Important Notice The Board, Supervisory Board, and senior management guarantee the report's accuracy, with no significant adverse changes to the company's operations or financial health - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[5] - During the reporting period, the company's industry, principal businesses, core competencies, and key financial indicators did not experience significant adverse changes, indicating no major risks to its continuous operation[5] - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[6] Table of Contents This section outlines the report's main chapters, covering company overview, management discussion, governance, significant matters, share changes, bonds, and financial reports List of Documents for Reference This section specifies the location and content of documents available for inspection, including financial statements and the original semi-annual report - Documents for reference include signed and sealed financial statements, original disclosure documents from designated websites, the original semi-annual report signed by the legal representative, and other relevant documents[10] - All documents for reference are kept at the company's Securities Affairs Department[11] Definitions This section defines specific terms used throughout the report, including regulatory bodies, company names, subsidiaries, industry terms, and time periods, for clarity - Regulatory bodies such as "CSRC," "MIIT," and "SZSE" are defined[12] - "Guolin Technology," "the Company," and "this Company" refer to Qingdao Guolin Technology Group Co Ltd[12] - The ozone production units and ranges for "large ozone generator," "medium ozone generator," and "small ozone generator" are explained[12] - "Previous year's corresponding period," "current period, reporting period," "beginning of the period," and "end of the period" are precisely defined[12][14] Company Profile and Key Financial Indicators This section details the company's basic information, contact details, and presents key accounting data and financial performance indicators for the reporting period Company Profile Qingdao Guolin Technology Group Co Ltd is listed on the Shenzhen Stock Exchange under stock code 300786, with Ding Xiangpeng as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Guolin Technology | | Stock Code | 300786 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 青岛国林科技集团股份有限公司 | | Legal Representative | Ding Xiangpeng | Contact Person and Information The company's Board Secretary and Securities Affairs Representative share the same contact address, phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Hu Wenjia | 7th Floor, Building 1, No 188A Zhuzhou Road, Laoshan District, Qingdao City, Shandong Province | 0532-84992168 | 0532-84992168 | qdguolin@china-guolin.com | | Securities Affairs Representative | Sun Liping | 7th Floor, Building 1, No 188A Zhuzhou Road, Laoshan District, Qingdao City, Shandong Province | 0532-84992168 | 0532-84992168 | qdguolin@china-guolin.com | Other Information The company's contact details, information disclosure channels, and registration status remained unchanged during the reporting period - The company's registered address, office address, website, and email remained unchanged during the reporting period[18] - Information disclosure websites, media names, URLs, and the location for semi-annual report reference remained unchanged during the reporting period[19] - The company's registration status remained unchanged during the reporting period[20] Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 22.99%, net loss attributable to shareholders narrowed by 59.97%, and net cash flow from operating activities improved by 69.90% Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Reporting Period (CNY) | Previous Year's Corresponding Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 258,795,067.52 | 210,421,779.94 | 22.99% | | Net Profit Attributable to Shareholders of Listed Company | -9,881,695.08 | -24,684,996.97 | 59.97% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -9,860,017.08 | -28,135,974.88 | 64.96% | | Net Cash Flow from Operating Activities | -9,542,247.81 | -31,699,183.64 | 69.90% | | Basic Earnings Per Share (CNY/Share) | -0.05 | -0.13 | 61.54% | | Diluted Earnings Per Share (CNY/Share) | -0.05 | -0.13 | 61.54% | | Weighted Average Return on Net Assets | -0.89% | -1.97% | 1.08% | | Period-End Indicators | Current Reporting Period End (CNY) | Previous Year End (CNY) | Change from Previous Year End | | Total Assets | 1,741,026,641.31 | 1,753,496,741.59 | -0.71% | | Net Assets Attributable to Shareholders of Listed Company | 1,118,042,781.78 | 1,158,760,688.34 | -3.51% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit or net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[22] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[23] Non-Recurring Gains and Losses Items and Amounts The company's total non-recurring gains and losses for the period amounted to -CNY 21,678.00, primarily from government grants, fair value changes, and other non-operating items Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -5,532.38 | | Government grants recognized in current profit or loss (excluding those continuously related to the company's normal business operations) | 437,993.93 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 431,729.22 | | Gains or losses from debt restructuring | -218,601.52 | | Other non-operating income and expenses | -694,894.39 | | Other non-recurring gains and losses as defined | 51,358.63 | | Less: Income tax impact | 1,834.82 | | Impact on minority interests (after tax) | 21,896.67 | | Total | -21,678.00 | - The company has no other specific items that meet the definition of non-recurring gains and losses[26] - The company has not reclassified any 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[26] Management Discussion and Analysis This section analyzes the company's principal businesses, core competencies, financial performance, investment activities, and risks, along with management's responses Principal Businesses Engaged by the Company During the Reporting Period The company's core businesses include ozone system equipment manufacturing and the production and sale of glyoxylic acid and its by-product, potassium formate - The company's principal businesses are the manufacturing of ozone system equipment and the application of ozone technology, as well as the production and sale of glyoxylic acid and its by-product, potassium formate[32] Principal Business Revenue Composition | Business Type | Operating Revenue (CNY 10,000) | Proportion of Company's Operating Revenue | | :--- | :--- | :--- | | Ozone Generators and System Equipment | 12,355.95 | 47.74% | | Glyoxylic Acid and its By-products | 10,605.25 | 40.98% | - The company actively explores the application of ozone technology in new fields such as fine chemicals, semiconductors, and medical health[53][55][56] (I) Industry and Development Status of the Company The company's ozone business is in environmental equipment manufacturing, driven by environmental policies, while its chemical business benefits from fine chemical and pharmaceutical sector growth - The ozone business belongs to the special equipment manufacturing industry (C35), specifically environmental, social public services, and other special equipment manufacturing (C359), supported by national environmental policies and industrial planning[28] - The chemical product business (glyoxylic acid and its by-product potassium formate) belongs to other basic chemical raw material manufacturing (C2619), benefiting from the development of the fine chemical and pharmaceutical industries[30][31] - With increasing environmental awareness and stricter standards, demand for ozone generators will continue to grow; glyoxylic acid has significant market potential in pharmaceuticals and other fields[29][30][31] (II) Overview of the Company's Principal Businesses The company is a leading ozone industry player, specializing in ozone generation, equipment, and system integration, while also expanding its glyoxylic acid production - The company is a representative enterprise in China's ozone industry, providing full-chain services for ozone system equipment and gradually becoming a global supplier[32] - The company actively promotes the "ozone oxidation maleic anhydride method" for producing glyoxylic acid and its by-product potassium formate, with sales revenue from this business increasing year by year[32] Principal Business Revenue Composition During the Reporting Period | Business Type | Operating Revenue (CNY 10,000) | Proportion of Company's Operating Revenue | | :--- | :--- | :--- | | Ozone Generators and System Equipment | 12,355.95 | 47.74% | | Glyoxylic Acid and its By-products | 10,605.25 | 40.98% | (III) Company's Main Products and Uses The company offers a full range of ozone generators for water treatment, denitrification, and fine chemicals, with subsidiaries developing products for semiconductors and healthcare - The company's products are primarily large ozone generators, widely used in municipal water supply, wastewater, industrial wastewater, flue gas denitrification, fine chemicals, and disinfection industries[33] - Subsidiary Xinjiang Guolin New Materials' main products are glyoxylic acid and its by-product potassium formate, which are important organic synthesis intermediates and oilfield drilling fluid materials[34] - Subsidiary Guolin Semiconductor develops semiconductor-grade high-concentration ozonated water systems, photovoltaic-grade high-concentration ozonated water systems, and electronic-grade ultra-pure ozone gas generators, with some products already receiving orders[35] - Subsidiary Guolin Health develops small, large, medical PEM electrolyzed water ozone generators, and household products for drinking water purification, medical hygiene, and other fields[35] (IV) Business Model The company primarily uses a build-to-order, direct sales model for ozone equipment and chemical products, focusing on regional and international market expansion and comprehensive service support - The ozone business adopts a build-to-order customized production model, with key components manufactured in-house; small and medium-sized equipment cycles are 30 days, while large equipment cycles are 60-120 days[42] - All ozone business sales are conducted through direct sales, with the domestic market divided into two key application areas (municipal and industrial) and north-south sales regions, while the international market is expanded through online channels and exhibitions[43] - The chemical product business is customer-order-oriented, with customized production and a direct sales model, promoted through regional marketing and overseas channels[47][48] - The service model includes on-site and remote support, providing free services within different warranty periods[45] (V) Key Performance Drivers Performance growth is driven by continuous innovation, R&D investment, successful application of ozone technology in new sectors, and a substantial backlog of ozone equipment contracts - The company adheres to independent innovation and R&D investment, promoting technological product upgrades and expanding the application of ozone technology into new fields[49] Key Financial Performance During the Reporting Period | Indicator | Amount (CNY 10,000) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 25,879.51 | 22.99% | | Total Profit | -1,042.02 | 67.33% | | Net Profit Attributable to Parent Company Owners | -988.17 | 59.97% | | Net Profit Attributable to Parent Company Owners (Excluding Non-Recurring Gains/Losses) | -986.00 | 64.96% | - As of June 30, 2025, the company's total unexecuted contracts in the ozone equipment industry amounted to approximately CNY 431 million[50] - The company successfully applied ozone technology in new fields such as fine chemicals (glyoxylic acid), semiconductors, and medical health, enhancing its profitability[53][55][56] Analysis of Core Competencies The company boasts strong technical, brand, R&D, production, and service advantages in ozone equipment, achieving import substitution, and unique environmental and cost advantages in glyoxylic acid production - The company possesses a full set of core technologies for ozone system equipment, having developed various large ozone generators, with its technological level ranking among the top in China[57] - The company was awarded the national "Specialized, Refined, Unique, and New 'Little Giant'" title and successfully passed its review, demonstrating continuous innovation and industry leadership[57] - Subsidiary Guolin Semiconductor independently developed key core technologies for semiconductor industry-specific ozone equipment, with product performance reaching international advanced levels, enabling import substitution[59] - The glyoxylic acid business utilizes the "ozone oxidation maleic anhydride method" process, offering high product purity and environmental advantages, along with raw material and energy cost advantages in Xinjiang[76][77][78][79] 1. Competitive Advantages in the Ozone Equipment Industry The company maintains a competitive edge through continuous technological innovation, extensive application experience, a strong brand, a stable R&D team, specialized production, and comprehensive service - The company achieved breakthroughs in key technologies such as "DTA non-glass dielectric technology" and "plate-type ozone generator devices," adding 22 new patents during the reporting period[60] - The company's large ozone equipment has extensive successful applications in high-end fields such as municipal wastewater treatment, flue gas denitrification, and chemical oxidation, changing the long-standing reliance on imports[63][64][65] - Core R&D team members have worked at the company for over 15 years, ensuring continuity in technological R&D and management policies[68] - The company possesses a specialized production base, mature product technology management capabilities, and refined on-site management capabilities, enabling independent production of key core components for ozone systems[73] - The company provides comprehensive services, including pre-sales consultation, in-sales installation training, and after-sales remote monitoring and diagnosis[74] - The company's product technical parameters and performance indicators have reached or are close to international advanced levels, achieving import substitution for high-end ozone equipment[75] 2. Competitive Advantages in the Glyoxylic Acid Industry The company's glyoxylic acid production benefits from an environmentally friendly "ozone oxidation maleic anhydride method," integrated ozone and oxygen generation technology, and cost advantages from its Xinjiang production base - The company uses an improved "ozone oxidation maleic anhydride method" to produce high-purity glyoxylic acid, avoiding harmful substances from traditional processes and significantly reducing "three wastes" emissions[76][77] - The company possesses advanced large ozone generator manufacturing technology and VPSA on-site oxygen generation technology, providing unique advantages and technical support for glyoxylic acid industrialization[78] - The glyoxylic acid production project is located in Shihezi City, Xinjiang, close to raw material sources, allowing stable procurement of maleic anhydride at lower prices and enjoying preferential electricity rates, significantly reducing production costs[79] - A portion of the by-product potassium formate can be consumed locally in Xinjiang, reducing transportation costs and increasing product added value[79] Analysis of Principal Businesses During the reporting period, the company's principal business revenue increased by 22.99%, with large ozone generator systems showing strong growth and glyoxylic acid products facing negative gross margins Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (CNY) | Previous Year's Corresponding Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 258,795,067.52 | 210,421,779.94 | 22.99% | Not applicable | | Operating Cost | 207,585,324.61 | 172,342,950.15 | 20.45% | Not applicable | | Selling Expenses | 14,703,251.41 | 17,309,723.51 | -15.06% | Not applicable | | Administrative Expenses | 19,603,283.24 | 22,486,145.90 | -12.82% | Not applicable | | Financial Expenses | 2,763,987.99 | 2,593,469.37 | 6.57% | Not applicable | | Income Tax Expense | 353,265.53 | -5,264,090.70 | 106.71% | Reduced loss this year and unchanged subsidiary income tax rate | | R&D Investment | 8,750,004.45 | 9,459,326.79 | -7.50% | Not applicable | | Net Cash Flow from Operating Activities | -9,542,247.81 | -31,699,183.64 | 69.90% | Increase in cash received from sales and decrease in cash paid for purchases | | Net Cash Flow from Investing Activities | -5,372,499.24 | -25,809,968.52 | 79.18% | Decrease in infrastructure and renovation payments by subsidiaries | | Net Cash Flow from Financing Activities | -24,801,084.47 | 6,969,269.02 | -455.86% | Decrease in new borrowings compared to the previous year | Products or Services Accounting for More Than 10% of Revenue | Product or Service | Operating Revenue | Operating Cost | Gross Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Large Ozone Generator System Equipment and Accessories | 116,626,426.43 | 82,083,958.34 | 29.62% | 41.79% | 45.97% | -2.01% | | Glyoxylic Acid and its By-products | 106,052,524.49 | 107,086,577.88 | -0.98% | 13.96% | 7.84% | 5.73% | Analysis of Non-Principal Businesses The company reported no non-principal business revenue during the reporting period Analysis of Assets and Liabilities At the end of the reporting period, total assets slightly decreased, and net assets attributable to shareholders declined by 3.51%, influenced by changes in cash, inventory, and reclassification of long-term debt Significant Changes in Asset Composition | Item | Amount at Period End (CNY) | Proportion of Total Assets | Amount at Previous Year End (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 76,310,705.75 | 4.38% | 115,886,287.85 | 6.61% | -2.23% | Increase in inventory, decrease in working capital loans | | Accounts Receivable | 204,650,567.59 | 11.75% | 193,740,640.69 | 11.05% | 0.70% | Not applicable | | Inventory | 447,924,606.83 | 25.73% | 430,153,584.26 | 24.53% | 1.20% | Not applicable | | Short-term Borrowings | 0 | 0.00% | 30,030,708.33 | 1.71% | -1.71% | Repayment of short-term borrowings | | Long-term Borrowings | 42,500,000.00 | 2.44% | 74,000,000.00 | 4.22% | -1.78% | Reclassification of long-term borrowings to non-current liabilities due within one year | | Non-current Liabilities Due Within One Year | 107,133,938.55 | 6.15% | 33,518,790.52 | 1.91% | 4.24% | Increase in long-term borrowings due within one year | | Less: Treasury Stock | 61,166,798.46 | 3.51% | 30,171,561.02 | 1.72% | 1.79% | Repurchase of company shares | Asset Rights Restricted as of the End of the Reporting Period | Asset | Type of Right Restriction | Book Value (CNY 10,000) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | | Land | Mortgage | 141.42 | 0.08% | | Buildings | Mortgage | 2,098.62 | 1.21% | | Performance Guarantee Deposit | Pledge | 70.92 | 0.04% | | Bank Deposits | Frozen | 343.39 | 0.20% | | Total | | 2,654.34 | 1.52% | Analysis of Investment Status The company's investment decreased by 61.54% year-on-year, with overall raised capital utilization at 91.74%, though some projects underperformed due to market and anti-dumping factors Investment Amount During the Reporting Period | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount in Current Reporting Period | 5,000,000.00 | | Investment Amount in Previous Year's Corresponding Period | 13,000,000.00 | | Change Percentage | -61.54% | Overall Utilization of Raised Funds | Fundraising Method | Net Raised Funds (CNY 10,000) | Total Raised Funds Used (CNY 10,000) | Proportion of Raised Funds Used at Period End | | :--- | :--- | :--- | :--- | | Initial Public Offering | 30,849.8 | 25,884.81 | 83.91% | | Issuance of Shares to Specific Objects | 35,073.89 | 34,590.37 | 98.62% | | Total | 65,923.69 | 60,475.18 | 91.74% | - The 25,000 tons/year high-quality crystalline glyoxylic acid project (Phase I) did not meet expected benefits in the first half of 2025, primarily due to downstream demand, capacity utilization, fixed asset depreciation, and EU anti-dumping measures[98] Overview of Wealth Management | Specific Type | Wealth Management Amount (CNY 10,000) | Unmatured Balance (CNY 10,000) | | :--- | :--- | :--- | | Brokerage Wealth Management Products | 6,102.33 | 6,102.33 | Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[105] - The company did not sell significant equity during the reporting period[106] Analysis of Major Holding and Participating Companies Key subsidiaries, including Xinjiang Guolin New Materials, Qingdao Guolin Semiconductor, and Qingdao Guolin Health Technology, reported losses due to low capacity utilization, long product validation cycles, and high initial investment Financial Status of Major Subsidiaries (H1 2025) | Company Name | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Guolin New Materials Co Ltd | 10,000.00 | 70,999.16 | 23,764.90 | 10,403.20 | -1,589.38 | | Qingdao Guolin Semiconductor Technology Co Ltd | 4,500.00 | 11,419.11 | 5,525.10 | 978.42 | -267.54 | | Qingdao Guolin Health Technology Co Ltd | 1,000.00 | 5,538.72 | -1,922.50 | 126.91 | -481.26 | - Xinjiang Guolin New Materials' loss is primarily due to low capacity utilization, which prevents the absorption of manufacturing overheads, leading to higher unit costs[108] - Guolin Semiconductor's loss is mainly due to being in its early development stage, with a long product validation cycle, high costs and expenses, and some consigned inventory not yet reaching the revenue recognition point[110] - Guolin Health's loss is primarily due to being in its early development stage, with significant investment and high related costs and expenses[111] Information on Structured Entities Controlled by the Company The company reported no controlled structured entities during the reporting period Risks Faced by the Company and Countermeasures The company faces risks from intensified competition, market fluctuations, tax policy changes, technology leakage, accounts receivable, and declining gross margins, addressed by innovation, cost control, and internal governance - Risks of intensified industry competition and market demand fluctuations: The ozone equipment market faces increased competition, and downstream demand for glyoxylic acid and potassium formate is sluggish, leading to continued price declines[39][40] - Risks of tax policy changes: Expiration of high-tech enterprise certificates or policy changes may lead to reduced tax incentives[40] - Risks of maintaining continuous technological leadership and technology leakage: Failure to correctly grasp technological trends or loss of core technical personnel could lead to technological obsolescence or leakage risks[40] - Risks of bad debts from accounts receivable: Expanding business scale leads to high accounts receivable, and if debtors' financial conditions deteriorate, bad debts may arise[116][117] - Risks of declining gross margin: Changes in environmental policies, rising raw material costs, intensified market competition, and lower gross margins from new field orders may lead to gross margin fluctuations or declines[119] - Countermeasures include continuous innovation, improving process levels, reducing costs, strengthening customer classification management, improving internal controls, establishing reasonable compensation systems, and enhancing safety management[113][114][115][117][118][119][120] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company hosted an online investor communication event on May 12, 2025, with details disclosed on the Juchao Information Network - On May 12, 2025, the company hosted an online communication event for unspecified investors via the "Panorama Roadshow" network platform[121] - The main content discussed was investor relations activities, and the relevant record form has been disclosed on the Juchao Information Network[121] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[122] - The company has not disclosed a valuation enhancement plan[122] Implementation of "Quality and Return Dual Enhancement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[122] Corporate Governance, Environment, and Society This section covers changes in the company's governance, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management Vice General Managers Xiao Shenglong and Liu Benguo were dismissed due to job reassignments during the reporting period Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Xiao Shenglong | Vice General Manager | Dismissal | April 23, 2025 | Job reassignment | | Liu Benguo | Vice General Manager | Dismissal | April 23, 2025 | Job reassignment | Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions into share capital for the semi-annual period[125] 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 during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[126] Environmental Information Disclosure The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[127] Social Responsibility The company actively fulfills its social responsibilities by prioritizing shareholder returns, customer service, employee development, ethical operations, and environmental technology innovation - The company highly values investor protection, optimizes investor return mechanisms, and strictly fulfills information disclosure obligations[128] - The company continuously enhances customer satisfaction by improving product technology content and quality; it adheres to integrity with suppliers, strictly fulfilling contractual obligations[129] - The company continuously improves its human resource management system, legally safeguards employees' legitimate rights and interests, and cares for employee growth, health, and safety[130] - The company operates with integrity, abides by laws and regulations, actively pays taxes, promotes employment, and is committed to green environmental protection and energy conservation through technological innovation[131] Significant Matters This section addresses commitments, fund occupation, guarantees, auditor appointments, litigation, penalties, integrity, related party transactions, contracts, and other significant events Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company reported no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or the company itself - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company itself that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[133] Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties of the Listed Company The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[134] Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[135] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[136] Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for the Current Reporting Period The company reported no non-standard audit report for the current period Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company reported no explanations regarding a non-standard audit report for the previous year Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[137] Litigation Matters The company had no major litigation or arbitration matters. However, it faced multiple other cases totaling CNY 34.2286 million, including a USD 46 million equipment contract dispute with Vientiane Mining Co Ltd - The company had no major litigation or arbitration matters during the current reporting period[138] Summary of Other Litigation and Arbitration Matters | Involved Amount (CNY 10,000) | Provision for Estimated Liabilities | Litigation (Arbitration) Progress | Outcome and Impact | | :--- | :--- | :--- | :--- | | 3,422.86 | No | Under review/execution (18 cases under review, 23 cases under execution, 24 cases in bankruptcy liquidation) | Under execution | - The company has an equipment contract dispute with Vientiane Mining Co Ltd, with an estimated amount of approximately USD 46 million, which has been filed with the Hong Kong High Court but has not yet been heard[139][157][158] Penalties and Rectification The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[140] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[141] Significant Related Party Transactions The company engaged in minor related party transactions for goods and leases but no significant transactions related to daily operations, asset sales, joint investments, or debt - The company reported no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships during the reporting period[141][142][143][144] Related Party Transactions for Purchase and Sale of Goods/Acceptance of Services | Related Party | Related Transaction Content | Amount in Current Period (CNY) | Approved Transaction Limit (CNY) | | :--- | :--- | :--- | :--- | | Rongcheng Tieshachan Agricultural Technology Co Ltd | Agricultural and sideline products | 63,186.00 | 500,000.00 | - As a lessee, the company has a housing lease with Qingdao Guolin Aquatic Food Co Ltd, with an annual rent of CNY 175,000.00[156][157] - The company's actual controller, Ding Xiangpeng, provided a maximum guarantee of CNY 40 million for the company[157] - Remuneration for key management personnel in the current period amounted to CNY 3,062,440.35[157] Significant Contracts and Their Performance The company reported no significant entrustment, contracting, leasing, guarantees, or other major contracts during the reporting period - The company reported no entrustment, contracting, or leasing situations during the reporting period[148][149][150] - The company reported no significant guarantee situations during the reporting period[151] - The company reported no significant contracts related to daily operations or other significant contracts during the reporting period[152][153] Explanation of Other Significant Matters The company disclosed its 2025 share repurchase plan, 2024 annual performance forecast, profit distribution plan, impairment provision, cancellation of restricted shares, and vice general manager resignations - The company disclosed its 2025 share repurchase plan and the announcement of obtaining a special loan commitment letter for share repurchase from a financial institution, as well as the announcement of the share repurchase implementation results and share changes[154] - The company disclosed its 2024 annual performance forecast, profit distribution plan, and impairment provision announcement[154] - The company disclosed the announcement of invalidating some granted but unvested second-class restricted shares[154] - The company disclosed the announcement of the vice general manager's resignation[154] Significant Matters of the Company's Subsidiaries Xinjiang Guolin New Materials Co Ltd's glyoxylic acid products face a preliminary anti-dumping duty of 175.8% from the EU, prompting legal defense and market expansion efforts - The European Commission preliminarily ruled to impose a 175.8% provisional anti-dumping duty on glyoxylic acid products produced by the company's wholly-owned subsidiary, Xinjiang Guolin New Materials Co Ltd[155] - The company and its legal team will actively pursue legal defense to achieve a fair and reasonable final ruling[155] - The company will intensify its efforts to expand international and domestic markets to mitigate the impact of the EU anti-dumping measures on its business operations[155] Share Changes and Shareholder Information This section details changes in the company's share capital, share repurchases, restricted shares, shareholder numbers, and the status of controlling shareholders and actual controllers Share Change Status (Shares) | Category | Number Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Number After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 37,314,435 | 20.28% | 57,000 | 37,371,435 | 20.31% | | II. Unrestricted Shares | 146,701,444 | 79.72% | -57,000 | 146,644,444 | 79.69% | | III. Total Shares | 184,015,879 | 100.00% | 0 | 184,015,879 | 100.00% | - The company completed a share repurchase from February 8, 2024, to May 7, 2024, repurchasing a total of 2,404,980 shares, accounting for 1.31% of the total share capital, with a total transaction amount of CNY 30,168,426.78[160] - The company completed a share repurchase from January 10, 2025, to April 9, 2025, repurchasing a total of 2,285,500 shares, accounting for 1.24% of the total share capital, with a total transaction amount of CNY 30,991,812.00[164] Share Change Status During the reporting period, the company's total share capital remained unchanged, but restricted shares increased by 57,000 shares, while unrestricted shares decreased by the same amount 1. Share Change Status The company's total share capital remained unchanged, with a 57,000-share increase in restricted shares and a corresponding decrease in unrestricted shares Share Change Status (Shares) | Category | Number Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Number After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 37,314,435 | 20.28% | 57,000 | 37,371,435 | 20.31% | | II. Unrestricted Shares | 146,701,444 | 79.72% | -57,000 | 146,644,444 | 79.69% | | III. Total Shares | 184,015,879 | 100.00% | 0 | 184,015,879 | 100.00% | Progress of Share Repurchase Implementation The company completed two share repurchase plans in 2024 and 2025, acquiring 1.31% and 1.24% of its total share capital, respectively, meeting the minimum targets - The 2024 share repurchase has been completed, with a cumulative repurchase of 2,404,980 shares, accounting for 1.31% of the total share capital, and a total transaction amount of CNY 30,168,426.78[160] - The 2025 share repurchase has been completed, with a cumulative repurchase of 2,285,500 shares, accounting for 1.24% of the total share capital, and a total transaction amount of CNY 30,991,812.00[164] - Both repurchases reached the lower limit of the repurchase plan's share quantity, complying with the company's share repurchase plan and relevant laws and regulations[160][164] 2. Changes in Restricted Shares At the end of the reporting period, several executives held restricted shares, with Xiao Shenglong and Liu Benguo's shares fully locked due to their resignation as directors Changes in Restricted Shares (Shares) | Shareholder Name | Restricted Shares at Period Start | Restricted Shares Increased in Current Period | Restricted Shares at Period End | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Ding Xiangpeng | 32,677,710 | 0 | 32,677,710 | Executive restricted shares | | Wang Chengbao | 2,438,775 | 0 | 2,438,775 | Executive restricted shares | | Ding Xiangcai | 765,450 | 0 | 765,450 | Executive restricted shares | | Xu Hongkui | 500,475 | 0 | 500,475 | Executive restricted shares | | Xiao Shenglong | 116,100 | 38,700 | 154,800 | Executive restricted shares (resigned director) | | Liu Benguo | 54,900 | 18,300 | 73,200 | Executive restricted shares (resigned director) | | Li Yang | 91,425 | 0 | 91,425 | Executive restricted shares | | Duan Wei | 64,800 | 0 | 64,800 | Executive restricted shares | | Ding Xiangjun | 459,000 | 0 | 459,000 | Executive restricted shares | | Hu Wenjia | 145,800 | 0 | 145,800 | Executive restricted shares | | Total | 37,314,435 | 57,000 | 37,371,435 | | - Xiao Shenglong and Liu Benguo, due to their resignation as directors, had all their company shares locked for six months after their departure[166][167] Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period Number of Shareholders and Shareholding Status As of the end of the reporting period, the company had 24,374 common shareholders, with controlling shareholder Ding Xiangpeng holding 23.68% of shares - The total number of common shareholders at the end of the reporting period was 24,374[169] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period End | Number of Restricted Shares Held | Number of Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | :--- | | Ding Xiangpeng | Domestic Natural Person | 23.68% | 43,570,280 | 32,677,710 | 10,892,570 | | Wang Chengbao | Domestic Natural Person | 1.77% | 3,251,700 | 2,438,775 | 812,925 | | Zhang Lei | Domestic Natural Person | 1.18% | 2,170,000 | 0 | 2,170,000 | | Huang Xindong | Domestic Natural Person | 0.90% | 1,655,100 | 0 | 1,655,100 | | Wang Haiyan | Domestic Natural Person | 0.71% | 1,300,000 | 0 | 1,300,000 | | He Yujie | Domestic Natural Person | 0.66% | 1,213,600 | 0 | 1,213,600 | | Wang Wei | Domestic Natural Person | 0.63% | 1,163,760 | 0 | 1,163,760 | | Wang Huasheng | Domestic Natural Person | 0.56% | 1,024,560 | 0 | 1,024,560 | | Ding Xiangcai | Domestic Natural Person | 0.55% | 1,020,600 | 765,450 | 255,150 | | UBS AG | Overseas Legal Person | 0.55% | 1,007,225 | 0 | 1,007,225 | - The company's special securities account for share repurchase is one of the top ten shareholders, holding 2.55% of the company's total share capital[170] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[171] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[172] - The company's actual controller did not change during the reporting period[173] Preferred Share Information The company reported no preferred shares during the reporting period - The company had no preferred shares during the reporting period[174] Bond-Related Information The company reported no bond-related information during the reporting period Financial Report This section presents the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with accounting policies and notes Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[178] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were CNY 1,741,026,641.31, with total liabilities of CNY 604,557,104.88 and total owners' equity of CNY 1,136,469,536.43 Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 76,310,705.75 | 115,886,287.85 | | Trading Financial Assets | 61,023,293.02 | 56,500,860.85 | | Notes Receivable | 52,274,277.85 | 39,797,350.84 | | Accounts Receivable | 204,650,567.59 | 193,740,640.69 | | Inventory | 447,924,606.83 | 430,153,584.26 | | Contract Assets | 28,568,460.34 | 26,182,025.68 | | Total Assets | 1,741,026,641.31 | 1,753,496,741.59 | | Short-term Borrowings | 0 | 30,030,708.33 | | Contract Liabilities | 162,885,133.78 | 148,218,614.80 | | Non-current Liabilities Due Within One Year | 107,133,938.55 | 33,518,790.52 | | Long-term Borrowings | 42,500,000.00 | 74,000,000.00 | | Total Liabilities | 604,557,104.88 | 574,653,606.82 | | Total Owners' Equity Attributable to Parent Company | 1,118,042,781.78 | 1,158,760,688.34 | | Total Owners' Equity | 1,136,469,536.43 | 1,178,843,134.77 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were CNY 1,660,355,893.98, with total liabilities of CNY 409,165,629.79 and total owners' equity of CNY 1,251,190,264.19 Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 65,949,418.97 | 95,489,200.63 | | Trading Financial Assets | 42,605,592.37 | 37,309,360.89 | | Accounts Receivable | 219,685,030.17 | 212,203,534.37 | | Inventory | 305,510,541.73 | 300,069,890.51 | | Long-term Equity Investments | 411,377,728.24 | 411,377,728.24 | | Total Assets | 1,660,355,893.98 | 1,666,423,566.56 | | Short-term Borrowings | 0 | 30,030,708.33 | | Contract Liabilities | 156,994,484.02 | 143,397,773.13 | | Non-current Liabilities Due Within One Year | 92,687,738.61 | 14,255,826.27 | | Long-term Borrowings | 42,500,000.00 | 74,000,000.00 | | Total Liabilities | 409,165,629.79 | 394,173,406.67 | | Total Owners' Equity | 1,251,190,264.19 | 1,272,250,159.89 | 3. Consolidated Income Statement In the first half of 2025, consolidated operating revenue increased by 22.99% to CNY 258,795,067.52, and net loss attributable to parent company shareholders narrowed by 59.97% Consolidated Income Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 258,795,067.52 | 210,421,779.94 | | Total Operating Costs | 256,547,479.66 | 227,159,369.50 | | Operating Profit | -9,712,215.53 | -31,972,720.06 | | Total Profit | -10,420,225.29 | -31,891,473.60 | | Net Profit | -10,773,490.82 | -26,627,382.90 | | Net Profit Attributable to Parent Company Shareholders | -9,881,695.08 | -24,684,996.97 | | Basic Earnings Per Share (CNY/Share) | -0.05 | -0.13 | | Diluted Earnings Per Share (CNY/Share) | -0.05 | -0.13 | 4. Parent Company Income Statement In the first half of 2025, parent company operating revenue increased by 18.10% to CNY 147,420,704.28, and net profit increased by 115.00% to CNY 9,935,341.74 Parent Company Income Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 147,420,704.28 | 124,820,500.05 | | Operating Profit | 13,148,492.88 | 4,872,918.56 | | Total Profit | 12,428,941.48 | 4,960,151.69 | | Net Profit | 9,935,341.74 | 4,621,215.17 | 5. Consolidated Cash Flow Statement In the first half of 2025, net cash flow from operating activities improved by 69.90% to -CNY 9,542,247.81, while net cash flow from financing activities decreased by 455.86% Consolidated Cash Flow Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -9,542,247.81 | -31,699,183.64 | | Net Cash Flow from Investing Activities | -5,372,499.24 | -25,809,968.52 | | Net Cash Flow from Financing Activities | -24,801,084.47 | 6,969,269.02 | | Net Increase in Cash and Cash Equivalents | -39,715,831.52 | -50,539,883.14 | | Cash and Cash Equivalents at Period End | 72,167,656.45 | 130,340,036.13 | 6. Parent Company Cash Flow Statement In the first half of 2025, net cash flow from operating activities increased by 97.43% to CNY 18,424,720.10, while net cash flow from financing activities decreased by 289.86% Parent Company Cash Flow Statement Key Data (H1 2025 vs H1 2024) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 18,424,720.10 | 9,332,135.35 | | Net Cash Flow from Investing Activities | -30,435,153.30 | -33,182,503.33 | | Net Cash Flow from Financing Activities | -17,669,597.88 | 9,305,895.50 | | Net Increase in Cash and Cash Equivalents | -29,680,031.08 | -14,544,472.48 | | Cash and Cash Equivalents at Period End | 61,806,369.67 | 111,281,092.50 | 7. Consolidated Statement of Changes in Owners' Equity In the first half of 2025, consolidated owners' equity decreased by CNY 42,373,598.34, primarily due to net loss attributable to the parent company and an increase in treasury stock Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Share Capital (CNY) | Capital Reserve (CNY) | Less: Treasury Stock (CNY) | Surplus Reserve (CNY) | Undistributed Profit (CNY) | Total Owners' Equity Attributable to Parent Company (CNY) | Minority Interests (CNY) | Total Owners' Equity (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Period Start | 184,015,879.00 | 652,369,540.74 | 30,171,561.02 | 51,683,918.70 | 300,862,910.92 | 1,158,760,688.34 | 20,082,446.43 | 1,178,843,134.77 | | Changes in Current Period | 0 | 159,025.96 | 30,995,237.44 | 0 | -9,881,695.08 | -40,717,906.56 | -1,655,691.78 | -42,373,598.34 | | Balance at Period End | 184,015,879.00 | 652,528,566.70 | 61,166,798.46 | 51,683,918.70 | 290,981,215.84 | 1,118,042,781.78 | 18,426,754.65 | 1,136,469,536.43 | 8. Parent Company Statement of Changes in Owners' Equity In the first half of 2025, parent company owners' equity decreased by CNY 21,059,895.70, influenced by increased net profit and treasury stock Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Share Capital (CNY) | Capital Reserve (CNY) | Less: Treasury Stock (CNY) | Surplus Reserve (CNY) | Undistributed Profit (CNY) | Total Owners' Equity (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Period Start | 184,015,879.00 | 628,252,499.12 | 30,171,561.02 | 51,945,911.22 | 438,207,431.57 | 1,272,250,159.89 | | Changes in Current Period | 0 | 0 | 30,995,237.44 | 0 | 9,935,341.74 | -21,059,895.70 | | Balance at Period End | 184,015,879.00 | 628,252,499.12 | 61,166,798.46 | 51,945,911.22 | 448,142,773.31 | 1,251,190,264.19 | Company Overview Qingdao Guolin Technology Group Co Ltd, listed on the Shenzhen Stock Exchange since 2019, specializes in ozone equipment and chemical products, with Ding Xiangpeng as the ultimate controlling shareholder - The company was listed on the ChiNext board of the Shenzhen Stock Exchange on July 23, 2019, with a registered capital of CNY 184,015,879.00[212] - The company belongs to the special equipment manufacturing industry, while its subsidiary Xinjiang Guolin New Materials Co Ltd belongs to the other basic chemical raw material manufacturing industry[213] - The company's main products are large ozone generators and system integration equipment, and its subsidiary Xinjiang Guolin New Materials mainly produces glyoxylic acid and its by-product potassium formate[213] - A total of 8 subsidiaries were included in the scope of consolidation for the current period, with no changes in the consolidation scope[214] Basis of Financial Statement Preparation The financial statements are prepared in accordance with enterprise accounting standards and CSRC regulations, using the accrual basis and historical cost, with no significant going concern doubts - The financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the "Compilation Rules for Information Disclosure by Companies Issuing Securities to the Public No 15—General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[216] - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts[217] - Accounting is based on the accrual basis, with historical cost as the measurement basis, and some financial instruments are measured at fair value[218] Significant Accounting Policies and Estimates This section details the company's accounting policies and estimates for areas like accounts receivable, inventory, and revenue recognition, ensuring compliance with enterprise accounting standards - The company adheres to enterprise accounting standards to truly and completely reflect its financial position, operating results, and cash flows[220] - The company uses a 12-month period as its operating cycle and adopts Renminbi as its functional currency[222][223] - Detailed accounting treatment methods for business combinations under common control and non-common control are specified[227][229] - Financial assets are classified into three categories based on business model and contractual cash flow characteristics: measur