仕净科技(301030) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, a detailed report structure, and definitions of key terms to ensure clarity and compliance Important Notice The company's board, supervisory board, and senior management guarantee the report's accuracy and completeness, while also declaring no plans for semi-annual profit distribution - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions[5] - Company head Dong Shihong, chief accountant Dong Shihong, and accounting department head Zhang Lihua declare the financial report is true, accurate, and complete[5] - 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 eight main chapters, including company overview, financial performance, governance, and significant events, with corresponding page references Reference Documents Catalog This section lists the original signed semi-annual report, financial statements, and all publicly disclosed company documents, available at the securities affairs department - Reference documents include the original 2025 semi-annual report text signed and sealed by the company's legal representative[10] - Reference documents include financial statements signed and sealed by the company's legal representative, chief accountant, and head of the accounting department[11] - Reference documents include the originals of all company documents and announcements publicly disclosed during the reporting period, available at the company's securities affairs department office[12][13] Definitions This section clarifies key terms and abbreviations used throughout the report, covering company entities, industry-specific concepts, and the reporting period for consistent understanding - "Shijing Technology, Company, the Company" refers to Suzhou Shijing Technology Co, Ltd[14] - "Pan-semiconductor" refers to materials with conductivity between conductors and insulators at room temperature, whose applications in lighting, display, energy, integrated circuits, etc, form the pan-semiconductor industry, ultimately applied in optoelectronics, photovoltaics, and other industries[14] - "Process pollution control equipment" refers to environmental protection equipment that continuously treats various complex pollutants generated during the product manufacturing process in precision manufacturing industries such as pan-semiconductor (optoelectronics, photovoltaics, etc), fine chemicals, and automotive manufacturing[14] - "Reporting Period" refers to January 1, 2025, to June 30, 2025[16] Part II Company Profile and Key Financial Indicators This section presents the company's fundamental information, contact details, and a comprehensive overview of its financial performance and key accounting metrics for the reporting period Company Profile This section provides the company's basic identification details, including its stock abbreviation, code, full name, and legal representative - Company stock abbreviation: Shijing Technology, stock code: 301030, listed on: Shenzhen Stock Exchange[18] - Company Chinese name: Suzhou Shijing Technology Co, Ltd, Legal Representative: Dong Shihong[18] Contact Persons and Information This section lists the contact details for the company's board secretary and securities affairs representative, facilitating investor communication - Board Secretary is Yang Baolong, Securities Affairs Representative is Zhou Qingxia[19] - Contact address for both is No 58 Jinrui Road, Taiping Street, Xiangcheng District, Suzhou, and phone number is 0512-69578288[19] Other Information This section confirms that the company's core administrative and disclosure information, including addresses and registration status, remained unchanged during the reporting period - Company's registered address, office address, website, email, etc, remained unchanged during the reporting period, details can be found in the 2024 annual report[20] - Information disclosure and reference location remained unchanged during the reporting period, details can be found in the 2024 annual report[21] - Company's registration status remained unchanged during the reporting period, details can be found in the 2024 annual report[22] Key Accounting Data and Financial Indicators The company experienced a significant year-on-year decline in operating revenue and net profit, with basic earnings per share turning negative, while total assets and net assets also decreased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,056,997,246.90 | 2,041,968,400.93 | -48.24% | | Net Profit Attributable to Listed Company Shareholders | -120,151,802.69 | 128,996,824.58 | -193.14% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | -161,690,992.88 | 117,143,779.84 | -238.03% | | Net Cash Flow from Operating Activities | -149,901,055.99 | -352,019,977.52 | 57.42% | | Basic Earnings Per Share (Yuan/share) | -0.60 | 0.640 | -193.75% | | Diluted Earnings Per Share (Yuan/share) | -0.60 | 0.640 | -193.75% | | Weighted Average Return on Net Assets | -12.04% | 6.77% | -18.81% | | Period-End Indicators | Current Period-End (Yuan) | Prior Year-End (Yuan) | Change (%) | | Total Assets | 9,736,708,448.84 | 10,482,366,571.98 | -7.11% | | Net Assets Attributable to Listed Company Shareholders | 944,293,029.29 | 1,050,794,495.86 | -10.14% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company confirms no discrepancies in net profit and net assets between its financial reports prepared under Chinese and international or overseas accounting standards - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[24] - The company's reporting period shows no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[25] Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 41.54 million yuan, primarily driven by government subsidies, partially offset by other non-operating items Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -1,028,432.52 | | Government subsidies included in current profit/loss | 96,438,667.59 | | Other non-operating income and expenses apart from the above | -37,774,428.10 | | Other profit/loss items meeting the definition of non-recurring gains/losses | -65,169.16 | | Less: Income tax impact | 15,987,006.02 | | Minority interest impact (after tax) | 44,441.60 | | Total | 41,539,190.19 | - The company has no other specific situations of profit/loss items meeting the definition of non-recurring gains/losses[28] - The company has not classified non-recurring gains/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/losses items[29] Part III Management Discussion and Analysis This section provides an in-depth review of the company's business operations, core competencies, financial performance, investment activities, and risk management strategies during the reporting period Company's Main Business Activities During the Reporting Period The company primarily operates in environmental equipment and high-efficiency solar cells, navigating a growing but challenging photovoltaic market while maintaining its leadership in pan-semiconductor supporting equipment Company's Main Business The company specializes in the R&D, production, and sales of process pollution control equipment, end-of-pipe pollution treatment equipment, and high-efficiency solar cells, demonstrating strong independent innovation capabilities - The company primarily engages in the R&D, production, and sales of process pollution control equipment, end-of-pipe pollution treatment equipment, and high-efficiency solar cells[31] - The company is a high-tech enterprise with independent R&D and innovation capabilities[31] Industry Development and Market Position Operating in special equipment and environmental protection manufacturing, the company serves the pan-semiconductor sector, maintaining a leading position despite the photovoltaic industry's rapid growth, overcapacity, and trade protection challenges - The company belongs to the "Special Equipment Manufacturing" and "Environmental Protection Special Equipment Manufacturing" industries[32] - The company's business revenue primarily originates from the downstream pan-semiconductor industry's photovoltaic sector[32] Key Data of China's Photovoltaic Industry in H1 2025 | Indicator | Data | Year-on-Year Growth | | :--- | :--- | :--- | | New PV Installed Capacity | 212.21 GW | 107% | | Cell Production | 334 GW | 7.7% | | Module Production | 310 GW | 14.4% | | Polysilicon Production | 596,000 tons | -43.8% | | Wafer Production | 316 GW | -21.4% | | PV Module Exports (Jan-Jun) | Decreased by 2.82% | Slowed from 21.4% increase in H1 2024 | - The photovoltaic industry faces challenges such as significant price drops (88.3%-66.4% lower than 2020 peak prices), widespread losses across the entire industry chain, prominent imbalance between capacity and demand, and intensified trade protection policies[34][35] - The company, leveraging its brand, technology, and cost advantages, has consolidated its leading position in the pan-semiconductor supporting equipment sector, effectively addressing pollutant treatment issues for nitrogen oxides, hydrofluoric acid, silane, and other substances[36] Company's Main Products and Their Uses The company offers process pollution control equipment for precision manufacturing, end-of-pipe treatment for heavy industry, and N-type high-efficiency solar cells with globally leading performance metrics - Process pollution control equipment is primarily used in precision manufacturing industries such as photovoltaics, optoelectronics, semiconductors, fine chemicals, and automotive manufacturing, treating NOx, acid-base waste gas, special and hazardous gases, VOCs, dust, and wastewater, with waste gas treatment being the company's core area of expertise[37] - End-of-pipe pollution treatment equipment mainly treats various pollutants centrally discharged at the end of production processes in heavy industrial enterprises like steel metallurgy and cement building materials, with the company actively promoting its advanced NOx treatment technology[38] - The company sells N-type high-efficiency solar cells with conversion efficiency ≥26.5%, bifaciality ≥80%, "0" light-induced degradation, and a low power temperature coefficient of -0.30%/K, indicating globally leading product specifications[39] Company's Business Model The company employs a project-customized model for environmental equipment and an order-based, self-produced, self-sold model for photovoltaic cells, with no significant changes in operations during the period - Environmental equipment procurement follows a project-customized model, with suppliers selected and contracts signed based on project timelines and material requirements[41] - Environmental equipment production is a project-centric customized model, encompassing technical solution design, specialized equipment manufacturing, and system installation and commissioning[42] - Environmental equipment sales primarily occur through bidding and business negotiations[43] - Photovoltaic cell procurement combines centralized and decentralized approaches to ensure stable raw material supply, controllable quality, and optimized costs[44] - Photovoltaic cell production adheres to cost-effectiveness principles, primarily using "make-to-order" production with a small inventory of mainstream products[45] - Photovoltaic cell sales are centered on a self-produced, self-sold closed-loop model, with the sales department leading full customer lifecycle management[47] - The company's business model remained unchanged during the reporting period[47] Analysis of Core Competencies The company's strengths include extensive industrial pollution control technologies, customized solutions, diverse industry experience, robust management, brand reputation, commercialized carbon capture, and advanced, cost-effective cell technology Efficient and Comprehensive Industrial Pollution Control Technology The company holds 262 patents (60 invention, 202 utility model) and masters advanced technologies such as low-temperature liquid catalytic denitrification, integrated denitrification and desulfurization, and synergistic pollution treatment, successfully applied across multiple industries to provide effective, low-cost, space-saving, and real-time monitored pollution control systems - The company holds 262 patents, including 60 invention patents and 202 utility model patents[48] - The company masters efficient and comprehensive industrial pollution control technologies such as low-temperature liquid catalytic denitrification, integrated denitrification and desulfurization, synergistic pollution treatment, special and hazardous gas treatment, dust explosion prevention systems, heavy metal dust control, and VOCs resin adsorption-desorption with catalytic combustion[48] - These technologies have been successfully applied in various industries including photovoltaics, optoelectronics, semiconductors, fine chemicals, automotive manufacturing, steel metallurgy, cement building materials, and power generation[48] Customized Overall Solutions The company is dedicated to providing cost-effective, tailored pollution prevention solutions for industrial clients, leveraging its R&D and manufacturing capabilities to meet diverse process and compliance needs - The company is committed to providing economic and effective overall solutions for environmental pollution control in various industrial enterprises[49] - The company can quickly and accurately design personalized solutions based on the diverse process requirements of multi-industry clients, meeting their comprehensive needs for production safety and emission compliance[49] Extensive Multi-Industry Project Experience With a broad customer base across pan-semiconductor, fine chemical, and automotive sectors, the company effectively diversifies risk and adapts its focus to industry cycles for sustained growth - The company's customers are widely distributed across various industries, including the pan-semiconductor industry, fine chemicals, automotive manufacturing, steel metallurgy, and cement building materials[50] - The company possesses extensive customer resources across multiple industry sectors, mitigating the risk of high customer industry concentration[50] - The company's technology and products have strong cross-industry applicability, facilitating the expansion into new industries and business areas, and reducing the impact of single industry cycles through multi-industry coverage[51] Robust Management and Brand Advantages The company benefits from well-established management systems, strong resource integration, precise project control, and a reputable brand built on advanced technology and quality service - The company has established comprehensive management systems and operating mechanisms, possessing strong resource integration capabilities[52] - The company has established strict internal control systems for operational and project management, implementing full-process safety, quality, and cost precise management[52] - The company relies on advanced technology and high-quality services to form stable partnerships with downstream customers, offering products with a high performance-price ratio and a good market reputation, demonstrating significant brand advantages[52] Commercialization of Proprietary Carbon Capture and Resource Utilization Technology The company commercializes its carbon capture patents by converting flue gas CO2 and steel slag into high-quality composite mineral powder for low-carbon building materials - The company already holds multiple patents related to carbon capture and utilization technology[53] - Through the low-cost in-situ capture of flue gas CO2 using non-carbon raw materials such as steel slag, the carbon-captured steel slag is mixed with mineral powder, fly ash, etc, to prepare ultrafine, high-activity, high-quality composite mineral powder[53] - This enables the commercial production of low-carbon cementitious materials (for low-carbon cement), concrete admixtures that replace concrete, and artificial aggregates, among other building material products[53] Cell Technology and Cost Advantages The company's Ningguo base produces N-type cells with globally leading efficiency and performance, leveraging its core environmental technology to reduce production costs and conserve resources - The company has established a high-efficiency solar cell and industrial supporting production base in Ningguo, introducing globally advanced automated production equipment[54] - N-type cell products achieve conversion efficiency ≥26.5%, bifaciality ≥80%, "0" light-induced degradation, excellent anti-PID performance, and a low power temperature coefficient of -0.30%/K, indicating globally leading product specifications[54] - The company leverages its core business's technical advantages in wastewater, pure water, ammonia water recycling, and special gas chemicals to effectively reduce cell production costs and conserve water and energy consumption[54] Analysis of Main Business The company's main business revenue declined significantly due to fewer completed orders, impacting operating costs, selling expenses, and R&D, while financial expenses rose due to increased loans Overview This section provides a summary of the company's main business activities, with detailed information available in the dedicated "Company's Main Business Activities During the Reporting Period" section - Overview of main business refers to relevant content in "I. Company's Main Business Activities During the Reporting Period"[55] Year-on-Year Changes in Key Financial Data Operating revenue, costs, and R&D investment decreased, while financial expenses surged due to increased loans, and cash flow from operations improved despite a net decrease in cash and equivalents Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,056,997,246.90 | 2,041,968,400.93 | -48.24% | Fewer completed orders | | Operating Cost | 988,504,777.90 | 1,564,126,684.39 | -36.80% | Fewer completed orders | | Selling Expenses | 13,648,649.87 | 20,945,044.52 | -34.84% | Reduced labor costs | | Administrative Expenses | 79,586,191.48 | 98,040,836.70 | -18.82% | Reduced equity incentives | | Financial Expenses | 77,188,719.87 | 44,946,353.15 | 71.74% | Increased loans | | Income Tax Expense | -36,787,900.61 | -1,172,494.78 | -3,037.57% | Increased deductible temporary differences | | R&D Investment | 56,145,655.93 | 113,679,739.08 | -50.61% | Reduced materials, personnel salaries | | Net Cash Flow from Operating Activities | -149,901,055.99 | -352,019,977.52 | 57.42% | Increased procurement expenditures | | Net Cash Flow from Investing Activities | -19,276,941.46 | -429,881,174.72 | 95.52% | Reduced acquisition of long-term assets | | Net Cash Flow from Financing Activities | 67,138,850.19 | 992,145,639.48 | -93.23% | Reduced bank loans obtained | | Net Increase in Cash and Cash Equivalents | -102,039,147.26 | 210,244,487.24 | -148.53% | Reduced bank loans obtained, increased procurement expenditures | | Other Income | 96,636,560.18 | 18,289,554.14 | 428.37% | Increased government grants | | Asset Impairment Losses (Losses indicated by "-") | 9,684,407.18 | -3,205,802.94 | 402.09% | Reduced provision for bad debts on contract assets | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[57] Products or Services Accounting for Over 10% of Revenue Revenue from process pollution control equipment decreased by 70.29% year-on-year, yet its gross margin slightly improved by 2.89% to 29.98% Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Process Pollution Control Equipment | 541,021,360.95 | 378,848,904.74 | 29.98% | -70.29% | -71.47% | 2.89% | Analysis of Non-Main Business The company did not conduct any analysis of non-main business activities during this reporting period - The company had no non-main business analysis during the reporting period[60] Analysis of Assets and Liabilities Total assets and net assets decreased, with a notable reduction in contract liabilities due to increased completed orders, while restricted assets primarily comprised monetary funds and mortgaged fixed assets Significant Changes in Asset Composition Total assets and net assets decreased, with contract liabilities significantly reduced due to increased completed orders, while construction in progress and long-term equity investments saw minor proportional increases Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 341,113,286.85 | 3.50% | 431,788,672.89 | 4.12% | -0.62% | No significant change | | Accounts Receivable | 1,836,096,213.50 | 18.86% | 2,021,308,262.94 | 19.28% | -0.42% | No significant change | | Contract Assets | 23,190,447.43 | 0.24% | 101,108,353.83 | 0.96% | -0.72% | No significant change | | Inventories | 2,531,975,601.23 | 26.00% | 2,567,959,050.35 | 24.50% | 1.50% | No significant change | | Long-term Equity Investments | 6,913,529.63 | 0.07% | 671,568.57 | 0.01% | 0.06% | No significant change | | Fixed Assets | 1,391,972,368.97 | 14.30% | 1,427,944,966.33 | 13.62% | 0.68% | No significant change | | Construction in Progress | 679,755,424.98 | 6.98% | 596,840,247.10 | 5.69% | 1.29% | No significant change | | Right-of-Use Assets | 1,053,225,174.94 | 10.82% | 1,111,750,325.69 | 10.61% | 0.21% | No significant change | | Short-term Borrowings | 1,053,660,227.87 | 10.82% | 1,081,721,646.89 | 10.32% | 0.50% | No significant change | | Contract Liabilities | 607,107,264.44 | 6.24% | 1,209,416,884.91 | 11.54% | -5.30% | Decrease in prepayments due to increased completed orders in current period | | Long-term Borrowings | 1,298,678,837.51 | 13.34% | 1,460,698,760.29 | 13.93% | -0.59% | No significant change | | Lease Liabilities | 1,007,037,217.56 | 10.34% | 1,023,427,214.48 | 9.76% | 0.58% | No significant change | Major Overseas Assets The company did not hold any major overseas assets during this reporting period - The company had no major overseas assets during the reporting period[62] Assets and Liabilities Measured at Fair Value The company had no assets or liabilities measured at fair value during this reporting period - The company had no assets and liabilities measured at fair value during the reporting period[62] Asset Restrictions as of the End of the Reporting Period Total restricted assets amounted to 1.38 billion yuan, primarily consisting of monetary funds held as deposits or frozen, and fixed assets under mortgage Asset Restrictions as of the End of the Reporting Period | Item | Period-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 320,288,877.14 | Deposits and frozen funds | | Fixed Assets | 1,059,646,604.76 | Mortgage | | Total | 1,379,935,481.90 | | Analysis of Investment Status The company's investment amount significantly decreased year-on-year, and while raised funds were fully utilized, two major projects failed to meet expected returns due to market conditions Overall Situation The company's investment amount for the reporting period was 19,758,930.46 yuan, representing a substantial 95.40% decrease compared to the previous year Comparison of Investment Amount in Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment Amount in Reporting Period | 19,758,930.46 | | Investment Amount in Prior Year Period | 429,884,174.72 | | Change Rate | -95.40% | Significant Equity Investments Acquired During the Reporting Period The company did not acquire any significant equity investments during this reporting period - The company had no significant equity investments acquired during the reporting period[64] Significant Non-Equity Investments in Progress During the Reporting Period The company did not have any significant non-equity investments in progress during this reporting period - The company had no significant non-equity investments in progress during the reporting period[65] Financial Assets Measured at Fair Value The company did not hold any financial assets measured at fair value during this reporting period - The company had no financial assets measured at fair value during the reporting period[65] Use of Raised Funds The company fully utilized its 410.9445 million yuan in raised funds, but two key projects, despite 100% investment, did not achieve expected returns due to market weakness and low operating rates Overall Use of Raised Funds | Total Raised Funds (10,000 Yuan) | Net Raised Funds (10,000 Yuan) | Total Used Raised Funds (10,000 Yuan) | Unused Raised Funds (10,000 Yuan) | Total Changed Purpose Raised Funds (10,000 Yuan) | Percentage of Changed Purpose Raised Funds (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 42,000 | 41,094.45 | 41,143.68 | 17.87 | 0 | 0.00% | - The raised funds were received on March 15, 2023, with actual net proceeds of RMB 410.9445 million[66] - As of June 30, 2025, the company had cumulatively used 411.4368 million yuan of raised funds, with a remaining balance of 0.1787 million yuan[67] Status of Raised Fund Commitment Projects | Project Name | Committed Investment (10,000 Yuan) | Cumulative Investment as of Period-End (10,000 Yuan) | Investment Progress as of Period-End (%) | Achieved Expected Returns | | :--- | :--- | :--- | :--- | :--- | | Digital and Intelligent Stainless Steel Teflon Duct Production Project | 24,500 | 24,503.33 | 100.00% | No | | Annual 10,000-ton CO2 Emission Reduction and Steel Slag Resource Utilization Project | 7,500 | 7,545.89 | 100.00% | No | | Replenishment of Working Capital | 9,094.45 | 9,094.45 | 100.00% | No | | Total | 41,094.45 | 41,143.67 | | | - The Digital and Intelligent Stainless Steel Teflon Duct Production Project generated revenue of 25.3328 million yuan and a net profit of -5.1789 million yuan in this reporting period, with a cumulative net profit of -1.8553 million yuan, failing to meet expected returns, primarily due to weak market demand[69] - The Annual 10,000-ton CO2 Emission Reduction and Steel Slag Resource Utilization Project did not achieve expected returns due to generally low operating rates of cement plants during the reporting period[69] - The company has completed the replacement of early investments in raised fund projects, with a replacement amount of RMB 72,298,392.64[70] - The company had no changes in raised fund projects during the reporting period[71] Entrusted Wealth Management, Derivative Investments, and Entrusted Loans The company did not engage in any entrusted wealth management, derivative investments, or entrusted loans during this reporting period - The company had no entrusted wealth management during the reporting period[72] - The company had no derivative investments during the reporting period[73] - The company had no entrusted loans during the reporting period[74] Significant Asset and Equity Sales The company did not undertake any significant sales of assets or equity during this reporting period - The company did not sell significant assets during the reporting period[75] - The company did not sell significant equity during the reporting period[76] Analysis of Major Holding and Participating Companies Anhui Shijing Guangneng Technology Co, Ltd and Suzhou Shijing Environmental Protection Technology Co, Ltd were key subsidiaries, with the company establishing one new entity and deregistering two others during the 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) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Anhui Shijing Guangneng Technology Co, Ltd | Subsidiary | PV equipment and component manufacturing | 50,000,000,000.00 | 3,434,833,500.16 | 133,845,710.67 | 472,627,021.19 | -95,567,231.69 | 72,161,152.69 | | Suzhou Shijing Environmental Protection Technology Co, Ltd | Subsidiary | Engineering construction | 100,000,000.00 | 651,846,972.75 | 38,854,566.60 | 67,723,471.37 | -24,881,282.81 | 18,657,276.45 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Foshan Yanoda New Material Technology Co, Ltd | Newly established | Net profit of 0 yuan included in consolidated scope this period | | Shandong Yuanxinghong Architectural Design Co, Ltd | Deregistered | Net profit of 0 yuan included in consolidated scope this period | | Xingtai Delong Shijing New Material Technology Co, Ltd | Deregistered | Net profit of 0 yuan included in consolidated scope this period | Structured Entities Controlled by the Company The company did not control any structured entities during this reporting period - The company had no structured entities under its control during the reporting period[79] Risks Faced by the Company and Countermeasures The company addresses innovation risks, market competition, and significant accounts receivable recovery challenges through strategic planning, market diversification, and enhanced internal controls - The company faces innovation risks, including technological innovation failure, inability of new products or services to gain market acceptance, and failure of new and old industry integration[79] - The company faces risks from fluctuations in downstream industry investment scale and market competition, particularly significant decline in photovoltaic industry market demand and intensified competition due to new entrants[80] - As of the end of the reporting period, the book value of the company's accounts receivable was 1,836,096,213.50 yuan, posing significant recovery risk[81] - The company's countermeasures include establishing an enterprise technology innovation risk early warning system, strengthening research and management of technology innovation strategic risks, expanding into other downstream sectors, enhancing internal order control, and improving accounts receivable collection management[79][80][81] Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period The company conducted its 2024 Annual Online Performance Briefing on May 28, 2025, facilitating remote investor communication - On May 28, 2025, the company held its 2024 Annual Online Performance Briefing via Panorama Network's "Investor Relations Interactive Platform" using a remote online format[83] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company did not formulate a market value management system or disclose a valuation enhancement plan during this reporting period - The company did not formulate a market value management system[84] - The company did not disclose a valuation enhancement plan[84] Implementation of "Quality and Return Dual Enhancement" Action Plan The company did not publish an announcement regarding the "Quality and Return Dual Enhancement" action plan during this reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan[84] Part IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution plans, employee incentive programs, environmental disclosures, and social responsibility initiatives Changes in Directors, Supervisors, and Senior Management Independent director Rao Fenming was dismissed on March 4, 2025, due to personal reasons, marking the only change in senior personnel - Independent director Rao Fenming was dismissed on March 4, 2025, due to personal reasons[85] Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[86] Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures The company processed the vesting of 0.7763 million restricted shares for 48 incentive recipients on April 3, 2025, under its 2022 equity incentive plan, with no other employee incentive measures in place - The company approved the resolution for the second vesting period of the 2022 Restricted Stock Incentive Plan's initial grant and the first vesting period of the 2022 Second Phase Restricted Stock Incentive Plan's initial grant that met vesting conditions[87] - It was agreed to process the vesting of 3.6935 million shares of Class II restricted stock for 99 eligible incentive recipients[88] - The company vested 0.7763 million restricted shares to 48 incentive recipients, and these vested shares were listed for trading on April 3, 2025[88] - The company has no employee stock ownership plans or other employee incentive measures[89] Environmental Information Disclosure The company and its major subsidiaries were not legally required to disclose environmental information during this reporting period - The company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[90] Social Responsibility The company integrates social responsibility into its operations, protecting stakeholder rights and promoting green development through strict information disclosure, employee welfare, customer service, and carbon reduction technologies - The company adheres to "focus, professionalism, leading goals, standardized operation, and continuous innovation" as its corporate purpose, integrating social responsibility into all aspects including shareholders, employees, customers, and environmental protection[90] - The company protects shareholder rights through strict information disclosure, holding performance briefings, and maintaining open investor communication channels[91][92] - The company protects employee rights through supplementary medical insurance, awards for outstanding employees, welfare systems, team-building activities, and a comprehensive training system[93] - The company protects customer and consumer rights through customized system solution design, specialized equipment production, system integration, and a comprehensive after-sales service system[95] - The company actively responds to national "dual carbon" policies, successfully developing and industrializing industrial process CCUS technology, while also venturing into the photovoltaic industry to develop high-efficiency photovoltaic cell products, contributing to green development and the goal of "affordable clean energy"[96] Part V Significant Matters This section covers critical events, including commitments, related party transactions, litigation, and other material issues impacting the company's operations and financial standing Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and the Company The company confirms no fulfilled or overdue unfulfilled commitments by its actual controller, shareholders, related parties, acquirers, or itself during the reporting period - The company had no commitments fulfilled during the reporting period or overdue unfulfilled commitments as of the end of the reporting period by the company's actual controller, shareholders, related parties, acquirers, and the company[99] Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties The company confirms no non-operating occupation of its funds by controlling shareholders or other related parties during this reporting period - The company had no non-operating occupation of funds by controlling shareholders and other related parties during the reporting period[100] Illegal External Guarantees The company confirms it had no illegal external guarantees during this reporting period - The company had no illegal external guarantees during the reporting period[101] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not subject to an audit by an accounting firm - The company's semi-annual report was not audited[102] Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for This Reporting Period The company had no "non-standard audit report" from its accounting firm for this reporting period, thus requiring no explanations from the board, supervisory board, or audit committee - The company had no explanations by the Board of Directors, Supervisory Board, and Audit Committee on the accounting firm's "non-standard audit report" for this reporting period[103] Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no "non-standard audit report" for the previous year that required explanation from the Board of Directors during this reporting period - The company had no explanations by the Board of Directors on the "non-standard audit report" for the previous year during the reporting period[103] Bankruptcy and Reorganization Matters The company did not experience any bankruptcy or reorganization matters during this reporting period - The company had no bankruptcy and reorganization matters during the reporting period[103] Litigation Matters The company had no significant litigation or arbitration, though several ongoing cases as plaintiff, defendant, or subject to enforcement, totaling over 340 million yuan, are not deemed to have a major impact - The company had no significant litigation or arbitration matters during this reporting period[104] Other Litigation Matters | Litigation (Arbitration) Basic Information | Amount Involved (10,000 Yuan) | Provision Accrued | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Litigation where the company is the plaintiff | 8,897.03 | No | Ongoing | No significant impact | | Litigation where the company is the defendant | 14,208 | No | Ongoing | No significant impact | | Company subject to enforcement | 11,081.59 | Yes | Ongoing enforcement | No significant impact | Penalties and Rectification The company did not incur any penalties or require rectification during this reporting period - The company had no penalties or rectification situations during the reporting period[106] Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers The company confirms no issues regarding the integrity status of itself, its controlling shareholders, or actual controllers during this reporting period - The company had no issues regarding the integrity status of the company, its controlling shareholders, or actual controllers during the reporting period[107] Significant Related Party Transactions The company had no significant related party transactions, including those related to daily operations, asset/equity changes, joint investments, or financial dealings, during this reporting period - The company had no related party transactions related to daily operations during the reporting period[107] - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[108] - The company had no related party transactions involving joint external investments during the reporting period[109] - The company had no related party creditor-debtor relationships during the reporting period[110] - The company and its affiliated financial companies, or financial companies controlled by the company, had no deposits, loans, credit lines, or other financial business with related parties[111][112] - The company had no other significant related party transactions during the reporting period[113] Significant Contracts and Their Performance The company has multiple lease and guarantee contracts, including significant guarantees for subsidiaries totaling 562.22 million yuan, and two major daily operation contracts performing as scheduled without generating receivables - The company had no entrusted management situations during the reporting period[114] - The company had no contracting situations during the reporting period[115] Lease Information (Partial) | No | Lessee | Lease Address | Lease Area (m²) | Lease Term | | :--- | :--- | :--- | :--- | :--- | | 1 | Shanghai Shijing New Energy Technology Co, Ltd | 10th floor, No 1452 Hongqiao Road, Changning District, Shanghai | 1,507.09 | 2025.03.01-2028.02.28 | | 4 | Anhui Shijing Guangneng Technology Co, Ltd | Xingsheng Road, Heli Park, Ningguo Economic and Technological Development Zone, Ningguo City, Anhui Province New Energy High-end Intelligent Manufacturing Industrial Park | 19,715.13 | 2024.06.12-2027.06.11 | | 5 | Anhui Shijing Guangneng Technology Co, Ltd | Xingsheng Road, Heli Park, Ningguo Economic and Technological Development Zone, Ningguo City, Anhui Province New Energy High-end Intelligent Manufacturing Industrial Park | 158,055.22 | 2024.07.12-2027.07.11 | - The company had no lease projects that generated profit or loss exceeding 10% of the company's total profit during the reporting period[116] Company's Guarantees for Subsidiaries (Partial) | Guaranteed Party Name | Guarantee Amount (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Yongfeng Boniuqiang | 2,550 | 2,550 | Three years | No | | Ningguo Huanchuang | 4,000 | 1,000 | One year | No | | Shijing Environmental Protection | 10,000 | 8,000 | Three years | No | | Shijing Guangneng | 120,000 | 17,000 | Two years | No | - At the end of the reporting period, the total guarantee balance for subsidiaries was 562.22 million yuan, accounting for 59.54% of the company's net assets[119] Significant Daily Operation Contracts | Company Party Name | Counterparty Name | Total Contract Amount (10,000 Yuan) | Contract Performance Progress | Sales Revenue Recognized in Current Period (10,000 Yuan) | Cumulative Sales Revenue Recognized (10,000 Yuan) | Accounts Receivable Collection Status | Significant Changes in Conditions Affecting Contract Performance | Significant Risk of Contract Non-Performance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Shijing Technology Co, Ltd | Anhui Ningguo Zhongyi New Urbanization Construction Co, Ltd | 109,213.00 | Performing as per contract schedule | 0.00 | 0.00 | No accounts receivable generated yet | No | No | | Suzhou Shijing Technology Co, Ltd | Ziyang Jian'gong Construction Co, Ltd | 246,311.78 | Performing as per owner's required schedule | 0.00 | 0.00 | No accounts receivable generated yet | No | No | - The company had no other significant contracts during the reporting period[121] Explanation of Other Significant Matters The company confirms there are no other significant matters requiring explanation during this reporting period - The company had no other significant matters requiring explanation during the reporting period[122] Significant Matters of Company Subsidiaries The company confirms there were no significant matters concerning its subsidiaries during this reporting period - The company had no significant matters concerning subsidiaries during the reporting period[123] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and the shareholdings of directors, supervisors, and senior management Share Change Information The company's total share capital increased by 776,300 shares due to equity incentive vesting, impacting diluted EPS and net assets per share Share Change Information | Share Class | Number Before Change (Shares) | Percentage Before Change (%) | Increase/Decrease in Current Change (Shares) | Number After Change (Shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 40,936,420 | 20.31% | -277,620 | 40,658,800 | 0.14% | | II. Unrestricted Shares | 160,670,610 | 79.69% | 41,435,100 | 202,105,710 | 99.86% | | III. Total Shares | 201,607,030 | 100.00% | 776,300 | 202,383,330 | 100.00% | - The company's total share capital increased from 201,607,030 shares to 202,383,330 shares, primarily due to the vesting and listing of 776,300 restricted shares on April 3, 2025, from the second vesting period of the 2022 Restricted Stock Incentive Plan's initial grant and the first vesting period of the 2022 Second Phase Restricted Stock Incentive Plan's initial grant that met vesting conditions[127] - This equity incentive vesting impacted diluted earnings per share and net assets per share attributable to common shareholders[128] Changes in Restricted Shares | Shareholder Name | Initial Restricted Shares (Shares) | Shares Unrestricted in Current Period (Shares) | Shares Restricted in Current Period (Shares) | Period-End Restricted Shares (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Ye | 31,646,790.00 | 31,646,790.00 | 0 | 0 | Not applicable | | Ye Xiaohong | 8,633,870.00 | 8,633,870.00 | 0 | 0 | Not applicable | | Wu Qianqian | 199,640.00 | 199,640.00 | 0 | 0 | Not applicable | | Lyu Aimin | 210,000.00 | 210,000.00 | 0 | 0 | Not applicable | | Xu Zhiqiang | 0 | 0 | 23,625.00 | 23,625.00 | Senior management restricted shares | | Zhang Yongqiang | 0 | 0 | 7,875 | 7,875 | Senior management restricted shares | | Total | 40,690,300 | 40,690,300 | 31,500 | 0 | | Securities Issuance and Listing The company did not issue or list any securities during this reporting period - The company had no securities issuance or listing during the reporting period[131] Shareholder Numbers and Shareholding The company had 20,268 common shareholders, with Zhu Ye as the largest shareholder (15.64% pledged), and Ye Xiaohong (4.27% pledged) and Zhu Ye maintaining joint control - Total number of common shareholders at the end of the reporting period was 20,268[132] Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Period-End Shareholding (Shares) | Restricted Shares Held (Shares) | Unrestricted Shares Held (Shares) | Share Status | Number (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhu Ye | Domestic natural person | 15.64% | 31,646,790.00 | 0 | 31,646,790.00 | Pledged | 31,150,000 | | Shandong Jiangyi Venture Capital Co, Ltd | Domestic non-state-owned legal person | 9.69% | 19,607,000.00 | 0 | 19,607,000.00 | Not applicable | 0 | | Ye Xiaohong | Domestic natural person | 4.27% | 8,633,870.00 | 0 | 8,633,870.00 | Pledged | 8,630,000 | | Industrial Bank Co, Ltd - Boshi Huixing Return One-Year Holding Flexible Allocation Mixed Securities Investment Fund | Domestic non-state-owned legal person | 3.24% | 6,559,818.00 | 0 | 6,559,818.00 | Not applicable | 0 | | China Construction Bank Corporation - Wanjia Xinli Flexible Allocation Mixed Securities Investment Fund | Domestic non-state-owned legal person | 1.38% | 2,801,160.00 | 0 | 2,801,160.00 | Not applicable | 0 | | Chen Guoshi | Domestic natural person | 1.30% | 2,626,193.00 | 0 | 2,626,193.00 | Not applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas legal person | 1.27% | 2,566,435.00 | 0 | 2,566,435.00 | Not applicable | 0 | | Liu Guohua | Domestic natural person | 0.67% | 1,350,062.00 | 0 | 1,350,062.00 | Not applicable | 0 | | Men Zhenming | Domestic natural person | 0.60% | 1,209,000.00 | 0 | 1,209,000.00 | Not applicable | 0 | | Suzhou Shijing Technology Co, Ltd Repurchase Special Securities Account | Domestic non-state-owned legal person | 0.56% | 1,134,414.00 | 0 | 1,134,414.00 | Not applicable | 0 | - Shareholder Ye Xiaohong and controlling shareholder Zhu Ye are mother and daughter, and they have further consolidated their joint control over the company by signing a "Concerted Action Agreement"[134] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during this reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report[135] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during this reporting period - The company's controlling shareholder did not change during the reporting period[136] - The company's actual controller did not change during the reporting period[136] Preferred Share Information The company did not have any preferred shares during this reporting period - The company had no preferred shares during the reporting period[137] Part VII Bond Information This section provides details regarding the company's bond-related activities Bond Information The company had no bond-related information to disclose during this reporting period - The company had no bond-related information during the reporting period[139] Part VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and specific items Audit Report The company's semi-annual financial report was not subject to an audit - The company's semi-annual financial report was not audited[141] Financial Statements This section presents the company's consolidated and parent company financial statements for the first half of 2025, showing total assets of 9.737 billion yuan, total liabilities of 8.759 billion yuan, and a net loss of 0.122 billion yuan Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 9.737 billion yuan, with current assets at 59.89% and current liabilities at 64.35% of total liabilities Key Data from Consolidated Balance Sheet | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 9,736,708,448.84 | 10,482,366,571.98 | | Total Current Assets | 5,831,372,954.87 | 6,549,424,674.04 | | Total Non-Current Assets | 3,905,335,493.97 | 3,932,941,897.94 | | Total Liabilities | 8,758,959,286.20 | 9,396,683,966.88 | | Total Current Liabilities | 5,636,155,657.30 | 6,328,971,925.48 | | Total Non-Current Liabilities | 3,122,803,628.90 | 3,067,712,041.40 | | Total Owners' Equity Attributable to Parent Company | 944,293,029.29 | 1,050,794,495.86 | | Total Owners' Equity | 977,749,162.64 | 1,085,682,605.10 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 6.228 billion yuan, with current assets at 78.16% and current liabilities at 81.15% of total liabilities Key Data from Parent Company Balance Sheet | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 6,227,908,798.34 | 6,735,021,354.66 | | Total Current Assets | 4,867,113,112.96 | 5,514,491,224.58 | | Total Non-Current Assets | 1,360,795,685.38 | 1,220,530,130.08 | | Total Liabilities | 4,788,677,590.92 | 5,305,123,127.35 | | Total Current Liabilities | 3,886,030,544.47 | 4,498,510,046.10 | | Total Non-Current Liabilities | 902,647,046.45 | 806,613,081.25 | | Total Owners' Equity | 1,439,231,207.42 | 1,429,898,227.31 | Consolidated Income Statement For the first half of 2025, consolidated operating revenue decreased by 48.24% to 1.057 billion yuan, resulting in a net loss of 0.122 billion yuan and basic EPS of -0.60 yuan Key Data from Consolidated Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,056,997,246.90 | 2,041,968,400.93 | | II. Total Operating Costs | 1,218,180,956.49 | 1,849,635,560.13 | | III. Operating Profit (Loss indicated by "—") | -120,597,250.67 | 127,998,491.60 | | IV. Total Profit (Total Loss indicated by "—") | -158,371,679.19 | 127,115,459.95 | | V. Net Profit (Net Loss indicated by "—") | -121,583,778.58 | 128,287,954.73 | | Net Profit Attributable to Parent Company Shareholders | -120,151,802.69 | 128,996,824.58 | | VIII. Earnings Per Share: Basic Earnings Per Share | -0.60 | 0.640 | | VIII. Earnings Per Share: Diluted Earnings Per Share | -0.60 | 0.640 | Parent Company Income Statement For the first half of 2025, parent company operating revenue significantly decreased to 543.93 million yuan, resulting in a net loss of 4.32 million yuan, a reversal from profit in the prior year Key Data from Parent Company Income Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 543,932,724.64 | 1,934,545,914.04 | | II. Operating Profit (Loss indicated by "—") | 28,033,837.66 | 251,079,134.42 | | III. Total Profit (Total Loss indicated by "—") | -9,445,144.69 | 250,237,965.09 | | IV. Net Profit (Net Loss indicated by "—") | -4,317,356.01 | 224,717,806.66 | Consolidated Cash Flow Statement Net cash flow from operating activities improved to -149.90 million yuan, while net cash flow from investing activities was -19.28 million yuan, and financing activities generated 67.14 million yuan Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -149,901,055.99 | -352,019,977.52 | | Net Cash Flow from Investing Activities | -19,276,941.46 | -429,881,174.72 | | Net Cash Flow from Financing Activities | 67,138,850.19 | 992,145,639.48 | | Net Increase in Cash and Cash Equivalents | -102,039,147.26 | 210,244,487.24 | | Period-End Cash and Cash Equivalents Balance | 20,824,409.71 | 528,734,992.10 | Parent Company Cash Flow Statement Net cash flow from operating activities significantly improved to 328.97 million yuan, while investing activities used 157.52 million yuan and financing activities used 176.66 million yuan Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating