倍杰特(300774) - 2025 Q2 - 季度财报

Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, the report's structure, and definitions of key terms to ensure clarity and legal compliance Important Notes The Board of Directors and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility, while the company declares no cash dividends, bonus shares, or capital reserve conversions - Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the report and assume legal responsibility [5] - Company's responsible person Quan Qiuhong, chief accountant Zhang Lei, and head of accounting department Liu Ran declare the financial report is true, accurate, and complete [5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital [6] Table of Contents This section outlines the report's overall structure, encompassing eight main chapters from company profile and financial indicators to financial reports - The report comprises eight main chapters, covering company profile, financial indicators, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports [8] List of Documents for Reference This section lists documents available for inspection, including the signed report, financial statements, publicly disclosed files, and other relevant materials, all kept at the company's Board of Directors office - Documents for reference include the report text signed and sealed by the legal representative, financial report text, original drafts of documents publicly disclosed on the CSRC designated website, and other relevant materials [10] - All documents for reference are kept at the company's Board of Directors office [11] Definitions This section defines and explains key terms used throughout the report, such as company names, government bodies, legal regulations, and business models, ensuring clear understanding for readers - Definitions of key terms in the report, including company name, government agencies, laws and regulations, business models (EP, EPC, BOT, PPP), etc [12] - The reporting period is defined as January 1, 2025, to June 30, 2025 [12] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period, highlighting significant performance changes Company Profile This section provides the company's basic information, including stock abbreviation, stock code, listing exchange, Chinese and English names, and legal representative, clarifying its identity and listed status Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Beijiete | | Stock Code | 300774 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Beijiete Group Co., Ltd. | | Legal Representative | Quan Qiuhong | Contact Persons and Information This section lists the names, addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Quan Siying | 4th Floor, Building 8, No. 8 Courtyard, Ronghua Middle Road, Beijing Economic-Technological Development Area, Beijing | 010-67986889 | 010-67986816 | bgtwater@bgtwater.com | | Securities Affairs Representative | Wang Mingge | 4th Floor, Building 8, No. 8 Courtyard, Ronghua Middle Road, Beijing Economic-Technological Development Area, Beijing | 010-67986889 | 010-67986816 | bgtwater@bgtwater.com | Other Information This section states that the company's contact information, information disclosure, and registration details remained unchanged during the reporting period, referring to the 2024 annual report for specifics - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period [17] - Information disclosure and document placement locations remained unchanged during the reporting period [18] - The company's registration status remained unchanged during the reporting period [19][20] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025 compared to the previous year, showing significant declines in revenue, net profit, and operating cash flow, indicating considerable operational pressure Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 444,560,146.79 | 532,213,520.91 | -16.47% | | Net Profit Attributable to Shareholders of Listed Company | 49,656,735.15 | 135,398,904.43 | -63.33% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 47,420,186.31 | 128,163,517.10 | -63.00% | | Net Cash Flow from Operating Activities | -57,374,819.27 | -24,245,445.50 | -136.64% | | Basic Earnings Per Share (RMB/share) | 0.1215 | 0.3312 | -63.32% | | Diluted Earnings Per Share (RMB/share) | 0.1215 | 0.3312 | -63.32% | | Weighted Average Return on Net Assets | 3.32% | 9.22% | -5.90% | | Period-End Indicators | Current Period End (RMB) | Prior Year End (RMB) | Change from Prior Year End | | Total Assets | 2,320,463,407.62 | 2,360,337,753.36 | -1.69% | | Net Assets Attributable to Shareholders of Listed Company | 1,451,288,923.50 | 1,483,384,920.35 | -2.16% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards This section states that the company has no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards during the reporting period - The company has no differences in net profit and net assets under international accounting standards compared to Chinese accounting standards during the reporting period [22] - The company has no differences in net profit and net assets under overseas accounting standards compared to Chinese accounting standards during the reporting period [23] Non-Recurring Gains and Losses and Amounts This section details non-recurring gains and losses for the reporting period, primarily government subsidies and fair value changes of financial assets, which collectively had a positive impact of 2.2365 million RMB on net profit Non-Recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -7,613.39 | | | Government subsidies recognized in current profit and loss | 1,672,043.06 | Primarily government subsidy income | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 1,880,202.77 | Primarily investment income and fair value changes from wealth management products held by the company | | Fund occupation fees collected from non-financial enterprises recognized in current profit and loss | 133,503.42 | | | Other non-operating income and expenses apart from the above | -904,466.45 | | | Less: Income tax impact | 508,827.59 | | | Impact on minority interests (after tax) | 28,292.98 | | | Total | 2,236,548.84 | | Management Discussion and Analysis This section provides management's perspective on the company's operations, financial performance, and future outlook, including business overview, core competencies, and risk factors Company's Main Business Activities During the Reporting Period The company's core business focuses on industrial water treatment, high-salinity wastewater resource utilization, and salt lake mineral development, offering solutions, operation management, and product sales, driven by policy and technological innovation - The company's main business involves industrial water treatment, high-salinity wastewater resource utilization, and comprehensive development of salt lakes and other mineral resources, providing solutions, operation management, and product sales [28] - The company operates in the "N77 Ecological Protection and Environmental Governance Industry," with a stable business structure and no significant changes [28] Basic Industry Overview In the first half of 2025, China's economy showed steady growth, with ecological civilization construction focusing on comprehensive green transformation, driving rapid development in industrial water treatment and wastewater resource utilization, supported by national policies - In the first half of 2025, the domestic economy showed steady and positive growth, with ecological civilization construction entering a critical period of comprehensive green transformation focused on carbon reduction [29] - Industrial water treatment and wastewater resource utilization industry experienced rapid development, driven by traditional industry upgrades, semiconductor and new energy ultra-pure water demand growth, accelerated integration of digital economy and environmental protection, and emerging overseas market opportunities [30] - National policies continue to guide industrial water treatment towards wastewater resource reuse, aiming for a trillion-RMB water-saving industry by 2027, emphasizing technological innovation and fostering leading enterprises [31][32] Company's Industry Position As a national high-tech enterprise with 21 years of experience and 85 invention patents, the company leads in industrial water treatment and high-salinity wastewater resource utilization, expanding into salt lake lithium extraction and mineral development to create a second growth curve - The company is a national high-tech enterprise, possessing 85 invention patents, 148 utility model patents, and 12 software copyrights [34] - The company holds a leading position in industrial wastewater zero discharge and high-salinity wastewater salt separation, having successfully implemented multiple benchmark projects, such as the first domestic petrochemical zero discharge project and a coal mine + coal chemical high-salinity water zero discharge salt separation project [35] - The company has expanded into salt lake lithium extraction and mineral development, winning the Zabuye Salt Lake lithium extraction project in Tibet and acquiring multiple exploration rights in Xinjiang, exploring a new model of "comprehensive water resource utilization + green mineral development" [37][38] Business Scope Introduction The company specializes in wastewater resource utilization, with core businesses in industrial water treatment, high-salinity wastewater resource utilization, and salt lake lithium extraction/mineral development, providing comprehensive solutions, operation management, and product sales across diverse industries - The company's main business focuses on industrial water treatment, high-salinity wastewater resource utilization, and comprehensive development of salt lake lithium and other mineral resources [38] - The company provides water treatment solutions, operation management and technical services, and product manufacturing and sales services [38] - Service areas cover coal chemical, petrochemical, coking, salt lake lithium extraction, seawater desalination, industrial parks, heavy metal wastewater, biochemical, electronic semiconductor, and other sectors [38] Main Business Introduction The company's main business comprises water treatment solutions (EP/EPC), operation management and technical services (BOT/PPP), and product manufacturing and sales, offering comprehensive services from wastewater resource utilization to equipment production - Water treatment solutions include wastewater resource utilization, advanced water treatment, salt lake lithium extraction, and comprehensive utilization of underground brine and seawater, primarily adopting EP and EPC business models [41][42][43][44] - Operation management and technical services undertake projects through BOT, PPP, and other methods, providing design, R&D, on-site technical guidance, equipment cleaning, and problem diagnosis services [46] - Product manufacturing and sales business operates production bases in Zhengzhou and Wuhai, manufacturing and selling ultrafiltration units, reverse osmosis units, concentration units, dosing units, containers, filter elements, and other water treatment equipment, supporting equipment, and chemicals [47] Operating Model The company maintains a stable operating model across water treatment solutions, operation management, and product sales, with diverse revenue streams, stringent procurement, project-based production, and a tender-focused sales approach - The company's profit model includes water treatment solutions (EP/EPC), operation management and technical services (BOT/PPP/management), and product manufacturing and sales [49][50][51] - The procurement model is managed through a database of qualified suppliers and subcontractors, emphasizing technology, quality, delivery time, price, and service [52][53][54] - The production model adopts make-to-order and batch production for standard products, with a project manager responsibility system for general contracting projects to ensure comprehensive project management [55][56] - The sales model primarily relies on bidding, supplemented by competitive negotiations and owner commissions to secure orders, and has established a sales system covering major business regions [57] Core Competitiveness Analysis The company's core competitiveness stems from its robust R&D, integrated service capabilities, strong industry reputation, specialized manufacturing bases, and stable talent pool, reinforcing its leadership in industrial water treatment and wastewater resource utilization - The company has cultivated competitive advantages in technological innovation, industry experience, customer accumulation, quality control, after-sales service, brand image, and market position over 21 years in water treatment and high-salinity water resource utilization [58] Strong Independent R&D and Innovation Capabilities As a national high-tech and "Little Giant" enterprise, the company prioritizes R&D, holding 85 invention patents and developing core technologies in high-salinity wastewater treatment, zero discharge, and salt lake lithium extraction, led by its innovative research team - The company is a national high-tech enterprise and a national "specialized, refined, unique, and innovative" "Little Giant" enterprise, possessing core technologies in high-salinity complex wastewater reduction, zero discharge salt separation, efficient reclaimed water reuse, and salt lake lithium extraction [60] - As of the report disclosure date, the company has accumulated 85 invention patents, 148 utility model patents, and 12 software copyrights, including 2 PCT international patent applications and 1 German utility model patent [60] - Mr. Zhang Jianfei, the company's technical leader, has led the R&D team to achieve multiple technological breakthroughs in membrane technology, industrial wastewater zero discharge, and salt lake lithium extraction, earning numerous national and industry awards [61] Comprehensive and Integrated Service Capabilities The company offers end-to-end integrated services from R&D and design to project management and operation, supported by extensive experience, expert teams, and proprietary manufacturing, with an intelligent operation system achieving smart alerts, energy savings, and unmanned operation - The company provides comprehensive and integrated services including technology R&D, consulting design, system integration, core equipment manufacturing, project management, investment operation, chemical and spare parts sales, equipment cleaning, and fault diagnosis [62] - The company has 86 pilot test container units, which can accelerate the verification of R&D solutions and quickly respond to customer needs [62] - The company has built an intelligent control system with "unmanned operation" as its core goal, achieving intelligent early warning and energy saving through high-precision sensor networks and AI algorithms, thereby reducing operating costs [62] Good Industry Reputation and Brand Image With 21 years of experience, the company has served hundreds of high-end clients like Sinopec and ExxonMobil, building a strong reputation and brand image, evidenced by numerous national and industry awards for its projects and leadership - The company has served hundreds of high-end clients, including China Petrochemical Corporation (Sinopec), Sino-Saudi Petrochemical, ExxonMobil, and BASF, becoming a leading comprehensive solution provider for water resource reuse in China [63] - The company and its projects have received numerous honors, including the "National Technology Invention Award Second Prize," "ExxonMobil Global Quality Supplier Award," and "Annual Leading Enterprise in Industrial and Park Water Treatment - Annual Leader in High-Salinity Wastewater Zero Discharge" [63][64] - Ms. Quan Qiuhong, the company's Chairwoman, has received honors such as "Annual Environmental Figure" and "Outstanding Entrepreneur Award" [64] Professional Production and Manufacturing Bases The company operates standardized, modular, and modern production bases in Zhengzhou and Wuhai, enabling independent manufacturing, ensuring product quality and supply, providing cost advantages in project bidding, and facilitating R&D feedback and commercialization - The company has standardized, modular, and modern production and manufacturing bases in Zhengzhou and Wuhai, possessing independent production and manufacturing capabilities [65] - Proprietary production bases ensure production supply and product quality, and provide a cost advantage in undertaking business [65] - The production bases provide practical grounds and timely feedback for the company's R&D and design, facilitating the improvement of R&D design solutions and accelerating the formation of R&D achievements [65] Excellent and Stable Talent Pool The company prioritizes talent development, building a broad-skilled, highly capable team for R&D, operations, and sales, with R&D personnel comprising 25.25% of the total workforce and a stable core technical team, ensuring sustained growth - The company possesses a comprehensive and highly capable team for technology R&D, operation management, and sales promotion [66] - As of the end of the reporting period, R&D and design personnel accounted for 25.25% of the total workforce, and the sales division has expanded to 13 departments [66] - During the reporting period, the company's talent pool remained stable, with no changes in core technical personnel, providing strong support for the company's sustained development [66] Main Business Analysis In the first half of 2025, the company advanced its "environmental protection + mineral development" strategy, but experienced significant declines in revenue and net profit due to project delays, lower gross margins, increased bad debt provisions, and higher R&D expenses, while actively expanding new projects and mineral exploration - The company continues to deepen its "environmental protection + mineral development" synergistic development strategy, consolidating its leading position in industrial water treatment and actively expanding into mineral resource development such as lithium, copper, lead-zinc ores [67] Key Financial Data for H1 2025 | Indicator | Amount (RMB 10,000) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 44,456.01 | -16.47% | | Net Profit Attributable to Parent Company | 4,965.67 | -63.33% | | Net Profit Attributable to Parent Company After Deducting Non-Recurring Gains and Losses | 4,742.02 | -63.00% | | Total Assets | 232,046.34 | -1.69% | | Net Assets Attributable to Parent Company | 145,128.89 | -2.16% | - The decline in performance was primarily due to delays in project completion and acceptance, a decrease in gross profit margin for water treatment solutions and operation services, an increase in bad debt provisions by approximately 23 million RMB year-on-year, and a significant increase in R&D expenses [67] - The company secured 3 industrial park wastewater resource utilization projects in Xinjiang, with a cumulative contract value of 1.41 billion RMB, all currently under construction [68] - The company's first seawater desalination project, Wanhua Chemical Penglai Industrial Park's 100,000 tons/day seawater desalination project, was completed and put into operation, marking a landmark industrial membrane-based seawater desalination project in China [69] - The intelligent operation and maintenance system was successfully implemented, securing the first petrochemical sector water treatment intelligent O&M project nationwide, achieving equipment automatic start-stop rates of over 90% and gradually transitioning towards "unmanned operation" [70] - The company acquired 4 copper polymetallic exploration rights, 1 lithium ore exploration right, and 1 lead-zinc polymetallic exploration right in Xinjiang, with related exploration work progressing orderly, aiming to create the company's second growth curve [72][73] Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 444,560,146.79 | 532,213,520.91 | -16.47% | | | Operating Cost | 320,668,785.37 | 337,174,198.13 | -4.90% | | | Selling Expenses | 3,969,706.91 | 5,117,566.47 | -22.43% | | | Administrative Expenses | 21,212,391.39 | 29,548,547.43 | -28.21% | | | Financial Expenses | -3,141,108.52 | -4,765,924.59 | -34.09% | Decrease in long-term receivables at period-end, decrease in unrecognized financing income | | Income Tax Expense | 6,609,679.18 | 22,463,878.77 | -70.58% | Decrease in net profit | | R&D Investment | 31,419,082.73 | 12,257,336.15 | 156.33% | Tibet salt lake lithium extraction R&D base put into use, increased investment in electro-extraction lithium R&D | | Net Cash Flow from Operating Activities | -57,374,819.27 | -24,245,445.50 | 136.64% | Less timely collections in H1 | | Net Cash Flow from Investing Activities | 42,014,506.12 | -46,391,450.55 | -190.57% | Higher net redemption of wealth management products | | Net Cash Flow from Financing Activities | -85,806,924.11 | -188,674,600.88 | -54.52% | Decrease in bank loan repayments | | Net Increase in Cash and Cash Equivalents | -101,167,237.53 | -259,311,496.93 | -60.99% | | Product or Service Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Water Treatment Solutions | 281,405,761.45 | 189,863,442.83 | 32.53% | -18.09% | -12.56% | -11.60% | | Operation Management and Technical Services | 159,837,706.07 | 128,013,103.47 | 19.91% | -8.55% | 17.35% | -47.03% | | Product Manufacturing and Sales | 3,316,679.27 | 2,792,239.07 | 15.81% | -76.08% | -74.50% | -24.89% | New and Executed Orders for Energy Saving and Environmental Protection Engineering | Business Type | New Orders (Number) | New Order Amount (RMB 10,000) | Orders with Recognized Revenue (Number) | Recognized Revenue Amount (RMB 10,000) | Orders in Hand at Period End (Number) | Unrecognized Revenue Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | EPC | 1 | 9,927.77 | 5 | 13,582.95 | 5 | 18,504.71 | | EP | 4 | 16,130.70 | 9 | 14,450.04 | 15 | 49,537.36 | | Total | 5 | 26,058.47 | 14 | 28,032.99 | 20 | 68,042.07 | New and Executed Orders for Energy Saving and Environmental Protection Concession Projects | Business Type | New Orders (Number) | New Order Investment Amount (RMB 10,000) | Orders in Construction Phase (Number) | Investment Amount Completed This Period (RMB 10,000) | Uncompleted Investment Amount (RMB 10,000) | Orders in Operation Phase (Number) | Operating Revenue (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | BOT | 1 | 132,607.44 | 1 | 1,223.13 | 131,384.31 | 4 | 8,893.88 | | BOO | 0 | 0 | 1 | 0 | 38,200 | 0 | 0 | | Total | 1 | 132,607.44 | 2 | 1,223.13 | 169,584.31 | 4 | 8,893.88 | Non-Main Business Analysis The company had no non-main business revenue or profit during the reporting period, thus non-main business activities had no impact on its performance - The company had no non-main business revenue or profit during the reporting period [79] Analysis of Assets and Liabilities At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased, with notable changes including reduced monetary funds, increased accounts receivable and inventory, and a significant rise in construction in progress due to the Kashgar project Significant Changes in Asset Composition | Item | Amount at Current Period End (RMB) | % of Total Assets | Amount at Prior Year End (RMB) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 280,657,812.71 | 12.09% | 374,900,495.13 | 15.88% | -3.79% | Less collections, cash dividends | | Accounts Receivable | 731,615,366.96 | 31.53% | 579,776,667.32 | 24.56% | 6.97% | Collections for some projects fell short of expectations | | Inventories | 225,211,920.96 | 9.71% | 189,545,006.23 | 8.03% | 1.68% | Increase in unfinished projects at period-end | | Construction in Progress | 26,366,794.00 | 1.14% | 2,532,306.07 | 0.11% | 1.03% | Initial investment in Kashgar project | | Short-term Borrowings | 9,000,000.00 | 0.39% | 15,130,011.24 | 0.64% | -0.25% | | | Contract Liabilities | 192,488,359.84 | 8.30% | 240,202,455.79 | 10.18% | -1.88% | Advance project payments recognized as revenue | | Trading Financial Assets | 17,032,588.89 | 0.73% | 88,661,921.60 | 3.76% | -3.03% | Higher redemption of wealth management products, less purchases | | Notes Payable | 62,198,794.71 | 2.68% | 21,704,349.92 | 0.92% | 1.76% | | - The company had no major overseas assets during the reporting period [82] Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change Gain/Loss This Period (RMB) | Purchases This Period (RMB) | Sales This Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 88,661,921.60 | 1,334,864.31 | 1,095,914,000.00 | 1,025,620,468.40 | 17,032,588.89 | | Financial Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Asset Rights Restricted as of Reporting Period End | Item | Book Balance (RMB) | Book Value (RMB) | Type of Restriction | Details of Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 26,036,970.39 | 26,036,970.39 | Deposits and others | Various deposits, special accounts for migrant workers, restrictions due to long-term inactivity, etc | | Total | 26,036,970.39 | 26,036,970.39 | | | Investment Status Analysis The company's total investment increased by 6.52% year-on-year, primarily driven by the Kashgar water supply and wastewater treatment project, with no significant equity investments, changes in raised funds, derivative investments, or entrusted loans, and entrusted wealth management products are performing as expected Investment Amount During Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount During Reporting Period | 1,109,018,270.30 | | Investment Amount in Prior Year Same Period | 1,041,111,131.00 | | Change Rate | 6.52% | - The company did not acquire significant equity investments during the reporting period [88] - The Kashgar City North Water Supply Capacity Improvement Project and Wastewater Treatment Plant Construction Project is a significant non-equity investment, with a cumulative investment of 12,231,252.36 RMB at period-end, project progress of 0.92%, and funding from self-owned and self-raised capital [90][91][92] - The company had no changes in raised funds projects during the reporting period [94] Overview of Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (RMB 10,000) | Unexpired Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | 83,960 | 1,000 | 0 | | Brokerage Wealth Management Products | 18,602 | 700 | 0 | | Total | 102,562 | 1,700 | 0 | - The company had no derivative investments or entrusted loans during the reporting period [97] 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 [98] - The company did not sell significant equity during the reporting period [99] Analysis of Major Holding and Participating Companies This section presents financial information for major subsidiaries and associates significantly impacting net profit, detailing new establishments for project execution or market expansion, and deregistrations due to lack of substantive operations Financial Information of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhai Beijiete Environmental Protection Co., Ltd. | Subsidiary | Water treatment project operation and management | 176,963,049.53 | 543,966,655.27 | 362,126,084.05 | 67,722,699.49 | 11,718,702.81 | 9,129,848.87 | | Henan Beijiete Environmental Protection Technology Co., Ltd. | Subsidiary | Production and sales of water treatment equipment, technical services, management and operation of the company's production bases | 75,000,000.00 | 104,592,015.21 | 81,673,785.75 | 24,468,890.67 | -2,709,517.37 | -2,729,448.52 | | Tianjin Beijiete Sino-Saudi Water Co., Ltd. | Subsidiary | Water treatment project operation and management | 60,000,000.00 | 113,076,807.97 | 101,998,200.82 | 10,585,549.61 | 2,592,520.18 | 2,167,939.65 | | Wuyuan County Beijiete Environmental Protection Co., Ltd. | Subsidiary | Water treatment project operation and management | 30,882,400.00 | 44,048,697.73 | 40,067,682.82 | 0 | -1,262,673.93 | -1,262,673.93 | | Beijiete (Taiyuan) Water Co., Ltd. | Subsidiary | Water treatment project operation and management | 300,000,000.00 | 303,946,229.64 | 259,102,277.11 | 41,841,228.14 | 4,880,807.79 | 5,020,781.74 | | Beijing Jingrun Environmental Protection Technology Co., Ltd. | Subsidiary | Water treatment business | 53,691,275.00 | 99,867,735.80 | 51,245,513.50 | 1,376,712.59 | -6,334,789.02 | -6,398,574.13 | Acquisition and Disposal of Subsidiaries During Reporting Period | Company Name | Method of Acquisition and Disposal | Impact on Overall Production, Operation, and Performance | | :--- | :--- | :--- | | Beijiete (Wuhai) Technology Co., Ltd. | Newly established | Executes Qilianshan Zero Discharge Project, no profit or loss yet, no impact | | Beijiete Green Energy (Inner Mongolia) Biotechnology Co., Ltd. | Newly established | Executes Biomass Fuel Project, no profit or loss yet, no impact | | Beijiete (Beijing) New Material Technology Co., Ltd. | Newly established | Acquires salt lake asset market, no profit or loss yet, no impact | | Bayannur City Beijiete Environmental Protection Co., Ltd. | Newly established | Executes Black Cat Zero Discharge Project, no profit or loss yet, no impact | | Xinjiang Jianlong Mining Co., Ltd. | Newly established | Expands Xinjiang mining market, no profit or loss yet, no impact | | Beijiete (Anhui) Environmental Technology Co., Ltd. | Newly established | Expands Anhui market, already deregistered, no impact | | Yuanjie (Hotan) Mining Co., Ltd. | Deregistered | Acquired mining rights in Hotan area, Xinjiang, no substantive operations, no impact | Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company had no structured entities under its control during the reporting period [102] Risks Faced by the Company and Countermeasures The company faces risks related to customer concentration, high accounts receivable and bad debts, fluctuating operating performance, investment projects, and management challenges due to scale expansion, which it addresses through market diversification, enhanced collections, improved management, prudent investment, and refined internal controls - The company faces risks of customer concentration and reliance on large projects, with major clients concentrated in large-scale projects such as petrochemical, coal chemical, and coking wastewater [102] - Accounts receivable balance is relatively high, posing bad debt risks, and collection cycles may lengthen due to macroeconomic conditions and industry competition [103] - Operating performance is subject to volatility and decline risks, influenced by macroeconomic conditions, market environment, industrial policies, industry competition, and project completion and settlement progress [103] - Investment projects carry risks, as policy or economic environment changes may lead to project delays or delayed collections [104] - The company's expanding scale brings management risks, demanding higher requirements for organizational structure, human resources, and financial management [104] Registration Form for Research, Communication, Interview Activities During the Reporting Period This section documents the company's investor relations activities during the reporting period, including on-site research by institutional investors and online performance briefings, detailing dates, methods, participants, discussion topics, and provided materials - During the reporting period, the company hosted institutional investors such as Guotai Junan, Western Securities, and Great Wall Wealth for on-site research [105] - The company participated in the 2024 annual online performance briefing via an online communication platform [105] - Research and communication content primarily included the company's main business operations, core competitiveness, and strategic development direction [105] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan This section states that 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 [106] - The company has not disclosed a valuation enhancement plan [106] Implementation of "Quality and Return Dual Enhancement" Action Plan This section states that 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 [106] Corporate Governance, Environment, and Society This section covers the company's governance structure, environmental practices, and social responsibility initiatives, including board and management changes, profit distribution, and stakeholder engagement Changes in Company Directors and Senior Management There were no changes in the company's directors and senior management during the reporting period, with specific details available in the 2024 annual report - The company's directors and senior management had no changes during the reporting period [108] [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=29&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%