永清环保(300187) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report structure, and defines key terms for consistent understanding Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, advising investors to consider potential risks - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4] - Potential risks faced by the company are detailed in "Part III Management Discussion and Analysis," urging investors to pay attention to investment risks[4] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[5] Table of Contents This section serves as a structural guide, listing chapter titles and starting page numbers for easy navigation - The report's table of contents clearly lists eight main sections, including Important Notes, Company Profile, Management Discussion and Analysis, Corporate Governance, Significant Matters, Share Changes, Bond-Related Information, and Financial Report[8] List of Reference Documents This section lists important publicly disclosed documents, including signed financial statements and original announcements - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department[10] - Reference documents also include the original "2025 Semi-Annual Report Full Text" and its summary, signed by the company's responsible person[10] - All original company documents and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period are also included in the reference documents[10] Definitions This section defines common terms used in the report, such as company abbreviations, reporting period, and industry-specific acronyms - The reporting period refers to January 1, 2025, to June 30, 2025[11] - EPC refers to an engineering procurement construction model where the company undertakes design, procurement, construction, and commissioning services[11] - BOT refers to the Build-Operate-Transfer model, where the service provider invests, builds, operates, and maintains facilities, recovering costs through fees during the agreement period[11] Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics Company Profile This section details Yongqing Environmental's stock information, legal representative, and contact details, noting no changes in registered address Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yongqing Environmental | | Stock Code | 300187 | | Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Yongqing Environmental Protection Co., Ltd. | | Legal Representative | Wang Feng | - The company's registered address and office address remained unchanged during the reporting period[15] Key Accounting Data and Financial Indicators The company achieved revenue and net profit growth, with a significant increase in non-recurring net profit, despite a decrease in net cash flow from operating activities Key Accounting Data and Financial Indicators (This Reporting Period vs. Same Period Last Year) | Indicator | This Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 371,294,655.55 | 326,841,347.55 | 13.60% | | Net Profit Attributable to Shareholders of Listed Company | 71,732,207.08 | 68,343,327.75 | 4.96% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 39,513,169.11 | 20,835,553.08 | 89.64% | | Net Cash Flow from Operating Activities | 82,801,592.94 | 99,717,462.13 | -16.96% | | Basic Earnings Per Share (RMB/share) | 0.1111 | 0.1059 | 4.91% | | Diluted Earnings Per Share (RMB/share) | 0.1111 | 0.1059 | 4.91% | | Weighted Average Return on Net Assets | 6.42% | 6.42% | 0.00% | Key Accounting Data and Financial Indicators (End of This Reporting Period vs. End of Last Year) | Indicator | End of This Reporting Period (RMB) | End of Last Year (RMB) | Change from End of Last Year | | :--- | :--- | :--- | :--- | | Total Assets | 3,536,161,242.85 | 3,545,006,385.10 | -0.25% | | Net Assets Attributable to Shareholders of Listed Company | 1,104,514,225.04 | 1,090,778,726.46 | 1.26% | Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reports no differences in net profit or net assets between domestic and international accounting standards - The company's financial report for the reporting period shows no differences in net profit and net assets under International Accounting Standards compared to Chinese Accounting Standards[19] - The company's financial report for the reporting period shows no differences in net profit and net assets under overseas accounting standards compared to Chinese Accounting Standards[20] Non-Recurring Gains and Losses and Their Amounts Non-recurring gains and losses totaled RMB 32.22 million, primarily from fair value changes of financial assets and government subsidies Non-Recurring Gains and Losses and Their Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -20,045.42 | | Government grants recognized in profit or loss (excluding those closely related to normal business operations) | 2,549,636.02 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities (excluding effective hedging activities related to normal business operations) | 29,027,828.87 | | Other non-operating income and expenses apart from the above | 685,112.54 | | Less: Income tax impact | 23,703.70 | | Minority interest impact (after tax) | -209.66 | | Total | 32,219,037.97 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses[23] Part III Management Discussion and Analysis This section provides an in-depth analysis of the company's business operations, financial performance, and future strategic direction Principal Businesses Engaged in During the Reporting Period The company strategically focuses on being a "new energy asset operator and pollution reduction innovator," integrating environmental and new energy businesses - The company's strategic positioning is "new energy quality asset operator, pollution reduction and carbon reduction technology innovator," forming a complementary and closed-loop system with traditional environmental protection businesses[26] - The company actively explores the positive interaction between industrial resources and financial capital, deepening research and layout in new energy-related businesses[26] Environmental Protection Business The environmental protection business covers soil remediation, hazardous waste, air pollution control, and environmental consulting, with steady growth and new market expansion - Soil remediation is one of the company's core businesses, having established a complete industrial chain covering the entire environmental remediation process, and successfully won the bid for the Shenzhen Yulong Landfill Bottom Soil Stabilization Treatment Equipment Operation and Maintenance Service Project[28][29] - The hazardous waste harmless treatment and operation business has an approved annual disposal capacity of 97,400 tons, serving over 500 customers, with profitability gradually recovering[30][31] - The environmental testing business has expanded its accreditation to include pollutants such as perchlorate and thallium in wastewater, as well as parameters for urban sludge and rare and precious metals in solid waste[32] - The air pollution control business actively expands into non-power sectors while steadily advancing the thermal power flue gas treatment market, successfully signing the desulfurization tower renovation project for Yueyang Forest & Paper Co., Ltd[33] New Energy and Dual Carbon Business The new energy and dual carbon business includes renewable energy investment, construction, and consulting, actively expanding smart grids and distributed photovoltaics - The company actively promotes the construction of the Smart Security Manufacturing Park Smart Grid Project in Fuyang District, Hangzhou City, and plans to replicate this model in the Yangtze River Delta, Pearl River Delta, and middle reaches of the Yangtze River urban clusters[34] - The company's 27 operational photovoltaic power generation projects generated over 40 million kWh during the reporting period, and it won the bid for the Wugang Urban-Rural Integration Industrial Investment Co., Ltd. Photovoltaic Power Generation Industry Annual (Operation and Maintenance) Service Project[37] - The company actively explores the user-side energy storage segment in the electrochemical energy storage industry, successfully commissioning the "Photovoltaic + Energy Storage" integrated demonstration project in Nantong, Jiangsu[38] - The company established the Dual Carbon Research Institute and Yongzhiqing Carbon (Beijing) Technology Co., Ltd., fully implementing "dual carbon comprehensive services" and actively exploring the application of artificial intelligence and big data in business areas[39][40] Future Business Development Direction The company will focus on operating quality energy assets and resource utilization, particularly rare and precious metal recovery, with a national expansion plan - The company's future focus is primarily on the operation and management of quality energy assets, including waste-to-energy, photovoltaic power generation, energy storage power station operation, and microgrid construction[41] - Another major future direction for the company is resource utilization, especially the recovery and utilization of rare and precious metals[41] - The company has already established a presence in key regions such as Zhejiang, Shenzhen, and Hunan, and plans to expand its business nationwide[41] Market Position Leveraging core technologies, the company maintains a leading position in environmental protection and is transitioning into a comprehensive environmental and new energy platform - The company relies on its core technological advantages and continuous innovation and R&D capabilities to further deepen and consolidate its leading position in soil remediation, air pollution control, and solid/hazardous waste treatment[42] - The company has gradually expanded from traditional environmental protection businesses to the entire environmental and new energy industry chain, including new energy construction and operation and dual carbon comprehensive services, achieving steady development in operating performance and industrial scale[42] - The company integrates virtual power plant platform R&D, urban microgrid construction, carbon asset development, and green finance, forming a closed-loop business strategy to provide "one-stop" comprehensive services for local governments, industrial parks, and enterprises[42] Performance Driving Factors Strong policy support and vast market opportunities, including "14th Five-Year Plan" goals and CCER market restart, are key drivers for the company's growth - National policy support has significantly increased, providing strong guarantees for standardized industry development and business sustainability, such as the "Opinions on Accelerating the Construction of a Waste Recycling System" and the "2024 Energy Work Guidance Opinions"[45][46] - The "14th Five-Year Plan" and "Beautiful China" construction goals clearly define key tasks for green transformation, actively and steadily promoting carbon peaking and carbon neutrality, and continuously deepening pollution prevention and control[47] - The official restart of the CCER market will stimulate the development and trading market for CCERs, helping to achieve carbon peaking and carbon neutrality goals[47] - The "Opinions on Accelerating the Comprehensive Green Transformation of Economic and Social Development" proposes that the scale of the energy-saving and environmental protection industry will reach approximately RMB 15 trillion by 2030, bringing new development opportunities for the company[48] Core Competitiveness Analysis The company's core strengths include leading R&D capabilities, extensive project experience, and a professional management team, supporting its strategic goals - The company consistently regards technological innovation as its core competitiveness, mastering a number of key core technologies with international standards and domestic leading levels in solid (hazardous) waste treatment, waste-to-energy, clean energy, air pollution control, site remediation, and cultivated land management[50] - The company possesses three national-level scientific research and innovation platforms: "National Enterprise Technology Center," "National Engineering Research Center for Soil Nutrient Management and Pollution Remediation," and "Postdoctoral Research Workstation"[51] - The company has many years of experience in implementing contaminated site and farmland remediation projects, being one of the enterprises with the most successful cases in China, and successfully won the bid for the Shenzhen Yulong Landfill Bottom Soil Stabilization Treatment Equipment Procurement and Operation and Maintenance Project[54] - The company has built a professional, highly skilled, and experienced talent and management team, and newly approved the "Changsha Senior Engineer Studio," strengthening the aggregation effect of high-end technical talent[58] Analysis of Principal Business Principal business revenue grew by 13.60%, driven by new energy and environmental segments, with increased sales and R&D expenses Major Financial Data Year-on-Year Change | Indicator | This Reporting Period (RMB) | Same Period Last Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 371,294,655.55 | 326,841,347.55 | 13.60% | - | | Selling Expenses | 12,610,136.14 | 6,276,463.01 | 100.91% | Increased market expansion and marketing team building expenses | | R&D Investment | 20,041,719.79 | 13,082,400.61 | 53.20% | Layout of new strategic directions, 5 new R&D projects initiated | | Income Tax Expense | 8,333,554.28 | 2,552,362.69 | 226.50% | Increased provision for income tax for waste-to-energy business based on tax policies | Products or Services Accounting for More Than 10% of Revenue | Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Environmental Protection Business | 94,238,493.82 | 71,488,589.07 | 24.14% | 15.83% | | New Energy and Dual Carbon Business | 277,056,161.73 | 182,970,606.61 | 33.96% | 12.86% | | Environmental Operation Services | 226,950,743.46 | 119,164,985.55 | 47.49% | 13.46% | | Environmental Engineering Services | 134,278,437.16 | 128,708,921.49 | 4.15% | 14.99% | - During the reporting period, the company added 9 EPC orders totaling RMB 233.22 million; 17 orders were recognized as revenue, totaling RMB 134.08 million[64] Analysis of Non-Principal Business Investment income, fair value changes, and credit impairment losses significantly contributed to total profit, with fair value changes being a sustainable factor Impact of Non-Principal Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 12,927,527.48 | 16.12% | Yes | | Gains or Losses from Changes in Fair Value | 29,073,580.14 | 36.26% | Sustainable | | Asset Impairment | 3,541,907.46 | 4.42% | Yes | | Credit Impairment Losses | 2,389,989.84 | 2.98% | Yes | - Investment income primarily originates from long-term equity investment income accounted for using the equity method and dividend income[67] - Gains or losses from changes in fair value primarily arise from changes in the fair value of other non-current financial assets and performance compensation[67] Analysis of Assets and Liabilities Total assets slightly decreased while net assets attributable to shareholders increased, with a stable debt structure but some assets under restriction Changes in Asset Composition (End of This Reporting Period vs. End of Last Year) | Item | Amount at End of This Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Last Year (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 146,119,507.40 | 4.13% | 176,457,981.32 | 4.98% | -0.85% | | Accounts Receivable | 454,032,197.51 | 12.84% | 408,270,184.58 | 11.52% | 1.32% | | Contract Assets | 480,790,661.79 | 13.60% | 526,285,397.94 | 14.85% | -1.25% | | Short-Term Borrowings | 491,018,041.65 | 13.89% | 446,481,641.66 | 12.59% | 1.30% | | Long-Term Borrowings | 516,662,048.69 | 14.61% | 614,891,881.90 | 17.35% | -2.74% | - The company had no major overseas assets during the reporting period[69] Financial Assets Measured at Fair Value (End of Period) | Item | Amount at End of Period (RMB) | | :--- | :--- | | Trading Financial Assets | 99,381,541.83 | | Other Equity Instrument Investments | 183,886,588.64 | | Other Non-Current Financial Assets | 121,420,697.63 | | Total | 404,688,828.10 | - The total amount of restricted assets at the end of the period was RMB 1,295,068,791.76, primarily including cash and bank balances, long-term equity investments, contract assets, accounts receivable, fixed assets, and intangible assets, with restriction types including freezing, pledge, and mortgage[73] Analysis of Investment Status Total investment increased by 25.39% to RMB 87.38 million, primarily for fixed assets and long-term investments, with no major equity or non-equity investments Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment Amount During the Reporting Period | 87,377,008.05 | | Investment Amount in Same Period Last Year | 69,683,276.14 | | Change Rate | 25.39% | Financial Assets Measured at Fair Value (End of Period Amount) | Asset Category | Amount at End of Period (RMB) | | :--- | :--- | | Other | 405,873,959.28 | | Total | 405,873,959.28 | - The company had no use of raised funds, entrusted wealth management, derivative investments, or entrusted loans during the reporting period[77][78][79][80] Significant Asset and Equity Disposals The company did not engage in any significant asset or equity disposal during the reporting period - The company did not dispose of significant assets during the reporting period[81] - The company did not dispose of significant equity during the reporting period[82] Analysis of Major Controlled and Invested Companies Hengyang Yongqing and Xinyu Yongqing are key subsidiaries contributing significantly to net profit, while Puxiang Bioenergy provided RMB 8 million in cash dividends Major Subsidiaries and Invested Companies with Net Profit Impact Exceeding 10% | Company Name | Company Type | Principal Business | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Hengyang Yongqing Environmental Energy Co., Ltd. | Subsidiary | Municipal Solid Waste Incineration Power Generation | 37,723,326.54 | | Xinyu Yongqing Environmental Energy Co., Ltd. | Subsidiary | Municipal Solid Waste Incineration Power Generation | 12,897,791.48 | | Puxiang Bioenergy Co., Ltd. | Invested Company | Municipal Solid Waste Incineration Power Generation | 165,449,795.87 | - Invested company Puxiang Bioenergy Co., Ltd. distributed RMB 8 million in cash dividends to the company during the reporting period[84] - Hunan Yongzhijing Rare and High-Purity New Materials Co., Ltd. and Dongguan Shentou New Energy Development Co., Ltd. were newly established during the reporting period, with no significant impact on overall production, operation, and performance[84] Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[85] Risks Faced by the Company and Countermeasures The company addresses risks like economic uncertainty, accounts receivable, financing shortfalls, and new business expansion through strategic adjustments and enhanced management - Macroeconomic and industry policy uncertainties may adversely affect the company's environmental protection business development, which the company addresses through strategic adjustments, risk control, and optimizing its industrial structure[85] - Risks exist in accounts receivable collection, which the company manages through continuous monitoring, strengthening customer credit management, and intensifying collection efforts[86] - Rapid increase in new energy project investments may lead to insufficient financing, prompting the company to further broaden financing channels and innovate financing methods[87] - New business expansion may not meet expectations, and the company will dispatch senior executives to collaborate with partner companies, strengthening risk control and team cooperation[88] Registration Form for Research, Communication, and Interview Activities During the Reporting Period The company conducted 8 investor communication activities, covering topics such as share transfer, investments, tariffs, and future business plans - During the reporting period, the company hosted a total of 8 investor communication activities, including telephone calls and on-site research[89] - Communication content primarily involved progress on agreement transfers, external investments to establish joint ventures, the impact of increased US tariffs, the 2024 dividend proposal, the company's business layout in artificial intelligence, big data, and future business plans[89] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[90] - The company has not disclosed a valuation enhancement plan[90] Implementation of "Quality and Return Dual Improvement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[90] Part IV Corporate Governance, Environment, and Society This section details changes in corporate governance, environmental disclosures, and the company's social responsibility initiatives Changes in Directors, Supervisors, and Senior Management Key personnel changes include the appointment of a new CFO, resignations of supervisors due to reform, and a director's resignation, with a new director elected Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Du Xun | Chief Financial Officer | Appointment | May 26, 2025 | Due to company business development needs | | Chen Kai | Chairman of Supervisory Board | Resignation | May 14, 2025 | Resigned due to Supervisory Board reform | | Li Rong | Supervisor | Resignation | May 14, 2025 | Resigned due to Supervisory Board reform | | Yu Bo | Employee Supervisor | Resignation | May 14, 2025 | Resigned due to Supervisory Board reform | | Chen Qingqian | Director | Election | May 14, 2025 | Supplementary election of director | | Zhou Zhizhu | Director | Resignation | April 23, 2025 | Resigned as director due to personal reasons | Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[93] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[94] Environmental Information Disclosure The company and four major subsidiaries are listed as legally required environmental information disclosure enterprises, with relevant query indexes provided - The listed company and its major subsidiaries, totaling 4 entities, are included in the list of enterprises required to disclose environmental information by law[95] Enterprises Included in the List of Legally Required Environmental Information Disclosure | No. | Enterprise Name | | :--- | :--- | | 1 | Hengyang Yongqing Environmental Energy Co., Ltd. | | 2 | Xinyu Yongqing Environmental Energy Co., Ltd. | | 3 | Jiangsu Yongzhiqing Solid Waste Disposal Co., Ltd. | | 4 | Gansu Hexi Environmental Protection Technology Co., Ltd. | Social Responsibility The company actively fulfills its social responsibilities by treating investors fairly, safeguarding employee rights, and providing quality environmental services - The company strictly adheres to laws and regulations, treats all shareholders equally, fulfills information disclosure obligations in a timely, accurate, and complete manner, and communicates with investors through various channels[96] - The company strictly complies with labor laws and regulations, prioritizes employee health, ensures production safety, and actively conducts employee training and corporate culture activities to enhance employee quality and cohesion[97] - As a market-leading environmental protection enterprise, the company strives to provide high-quality environmental products and services to society, contributing to the vision of clear skies and blue waters[97] Part V Significant Matters This section covers significant events, including unfulfilled commitments, related party transactions, and major contracts Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period Jiangsu Yongzhiqing failed to meet its 2024 performance commitment, resulting in an outstanding compensation payment of RMB 73.23 million, and two directors did not complete their share increase plans - Jiangsu Yongzhiqing failed to achieve its committed performance for 2024, and the guarantors Liu Zhengjun and Chen Huihui are required to pay performance compensation of RMB 73,226,153.24, which the company has not yet received[99] - Directors Mr. Xiao Mingzhi and Mr. Wang Zhenguo did not complete their share increase plans, increasing shares by RMB 918,355 and RMB 299,839 respectively, falling short of the committed minimums of RMB 5.4 million and RMB 6 million[99] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties The company reports no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - The company reports no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[100] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[101] Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[102] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the "Non-Standard Audit Report" for This Reporting Period Not applicable - Not applicable[103] Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year Not applicable - Not applicable[103] Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[103] Litigation Matters The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during this reporting period[104] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[104] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller Not applicable - Not applicable[105] Significant Related Party Transactions The company had no significant related party transactions, including those related to daily operations, asset/equity acquisition/disposal, joint investments, or related party debts - The company had no related party transactions related to daily operations during the reporting period[105] - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[106] - The company had no related party creditor-debtor transactions during the reporting period[108] Significant Contracts and Their Performance The company has no major entrustment, contracting, or leasing matters, but has significant guarantees for subsidiaries and associates, totaling 47.21% of net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[112][113][114] External Guarantees by the Company and its Subsidiaries (Excluding Guarantees to Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Fulfilled | | :--- | :--- | :--- | :--- | | Puxiang Bioenergy Co., Ltd. | 10,500 | 3,464 | No | - The total approved guarantee limit for subsidiaries at the end of the reporting period was RMB 694.9 million, with an actual guarantee balance of RMB 486.825 million[118] - The actual total guarantee amount accounts for 47.21% of the company's net assets, of which the debt guarantee balance provided directly or indirectly to guaranteed parties with an asset-liability ratio exceeding 70% was RMB 449.465 million[118] Explanation of Other Significant Matters A previously planned loan guarantee for a wholly-owned subsidiary was canceled due to project content adjustments - Due to the business development needs of Xinyu Yongqing, a wholly-owned subsidiary, the company had previously approved providing a joint and several liability guarantee for its RMB 60 million bank loan application[122] - Subsequently, due to adjustments in the content of the loan project, the company no longer provides a guarantee for the aforementioned loan[122] Significant Matters of Company Subsidiaries A grand-subsidiary transferred 99.99% equity in an Indonesian entity, and a wholly-owned subsidiary co-invested in a new company for rare and precious metal refining - Hunan Dezhiqing New Energy Technology Co., Ltd., a grand-subsidiary, transferred its 99.99% equity in Indonesia Dezhiqing to Beijing Longyuan Weide Energy Technology Co., Ltd., and the industrial and commercial change registration has been completed[123] - Jiangsu Yongzhiqing, a wholly-owned subsidiary, jointly invested with Sanfendi Environmental Protection to establish Hunan Yongzhijing Rare and High-Purity New Materials Co., Ltd., with a registered capital of RMB 20 million, to develop rare and precious metal refining and trading business[123] Part VI Share Changes and Shareholder Information This section details changes in share capital, shareholder structure, and the holdings of directors, supervisors, and senior management Share Change Status Total shares remained unchanged, but restricted shares increased by 69,725 due to supervisor resignations, and a new second-largest shareholder emerged via agreement transfer Share Change Status (Shares) | Item | Quantity Before This Change | Proportion Before This Change | Increase/Decrease in This Change (Subtotal) | Quantity After This Change | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,421,123 | 0.53% | 69,725 | 3,490,848 | 0.54% | | II. Unrestricted Shares | 642,201,042 | 99.47% | -69,725 | 642,131,317 | 99.46% | | III. Total Shares | 645,622,165 | 100.00% | 0 | 645,622,165 | 100.00% | - Restricted shares increased by 69,725 shares, primarily due to the company's Supervisory Board reform, with former Chairman Chen Kai and Supervisor Li Rong resigning, leading to an increase in restricted shares in accordance with relevant regulations[126][127] - The company's controlling shareholder, Yongqing Group, transferred 38,672,700 shares (accounting for 5.99% of the company's total share capital) to Jinhui Shenghuo via an agreement transfer, making Jinhui Shenghuo the company's second-largest shareholder[128][129] Issuance and Listing of Securities The company had no issuance or listing of securities during the reporting period - The company had no issuance or listing of securities during the reporting period[131] Number of Shareholders and Shareholding Status The company had 21,862 common shareholders, with the controlling shareholder holding 46.72% (partially pledged), and a new second-largest shareholder with 5.99% - The total number of common shareholders at the end of the reporting period was 21,862[132] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period | Pledged, Marked, or Frozen Status (Number) | | :--- | :--- | :--- | :--- | :--- | | Hunan Yongqing Environmental Technology Industry Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 46.72% | 301,606,623 | 294,520,000 (Pledged) | | Chengdu Jinhui Shenghuo Enterprise Management Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.99% | 38,672,700 | 0 (Not Applicable) | - Ouyang Yuyuan is the mother-in-law of the actual controller Liu Zhengjun; the company is unaware of any other related relationships or concerted actions among the top 10 shareholders[133] Changes in Shareholdings of Directors, Supervisors, and Senior Management There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[135] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[136] - The company's actual controller remained unchanged during the reporting period[136] Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[137] Part VII Bond-Related Information This section provides information regarding the company's bond-related activities Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[139] Part VIII Financial Report This section presents the company's comprehensive financial statements, including notes on accounting policies and financial risks Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[141] Financial Statements This section includes the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owners' equity, and parent company statement of changes in owners' equity[142][146][150][154][158][162][166][170] Company Basic Information This section outlines Yongqing Environmental's history, business scope, legal representative, controlling entities, and financial statement consolidation scope - Yongqing Environmental Protection Co., Ltd. was established through the overall conversion of Hunan Yongqing Desulfurization Co., Ltd., and was listed and traded on the ChiNext board of the Shenzhen Stock Exchange on March 8, 2011[176][177] - The company's industry is ecological protection and environmental governance, with principal businesses including soil remediation, solid/hazardous waste treatment, air pollution control, environmental consulting, new energy, and dual carbon businesses[185] - The company's legal representative is Wang Feng, its parent company is Hunan Yongqing Environmental Technology Industry Group Co., Ltd., and its actual controller is Liu Zhengjun[186][187] Basis of Preparation of Financial Statements Financial statements are prepared on a going concern basis, adhering to Chinese accounting standards and disclosure rules, primarily using historical cost - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations, based on actual transactions and events[190] - Accounting is based on the accrual basis, and except for certain financial instruments, financial statements are measured at historical cost[190] - The company has the ability to continue as a going concern for at least 12 months from the end of the period, with no significant matters affecting its going concern ability[192] Significant Accounting Policies and Accounting Estimates This section details the company's accounting policies and estimates for revenue, financial assets, investments, fixed assets, and other key areas, ensuring financial report accuracy - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the consolidated and company's financial position as of June 30, 2025, and operating results and cash flows for the half-year period of 2025[194] - The company classifies financial assets into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[226] - The company recognizes revenue when customers obtain control of the related goods and determines the progress of performance obligations using the input method or output method based on the nature of the performance obligation[322][323] - The company assesses non-current non-financial assets such as fixed assets, construction in progress, right-of-use assets, and intangible assets with finite useful lives for impairment indicators at the balance sheet date and conducts impairment tests[305] Taxation This section discloses the company's main tax types and rates, along with various tax incentives, which positively impact its operating performance Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 3%, 5%, 6%, 9%, 11%, 13% | | Urban Maintenance and Construction Tax | 1%, 5%, 7% | | Enterprise Income Tax | 0-25% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - The company and some subsidiaries (such as Hengyang Yongqing, Xinyu Yongqing, Jiangsu Yongzhiqing) enjoy a 15% enterprise income tax preferential rate as high-tech enterprises[365][366][367] - Hengyang Yongqing Environmental Energy Co., Ltd. and Xinyu Yongqing Environmental Energy Co., Ltd. waste-to-energy projects enjoy a 100% immediate refund of value-added tax[364] - The company and some subsidiaries enjoy the policy of additional deduction for R&D expenses before tax, where technology-based small and medium-sized enterprises can deduct 100% of actual expenses before tax[367][368] Notes to Consolidated Financial Statement Items This section provides detailed explanations for consolidated financial statement items, including balances, changes, and accounting treatments, supporting financial analysis - The cash and bank balances at the end of the period were RMB 146,119,507.40, of which RMB 99,131,833.35 were restricted due to bill deposits, pledges, and freezing[374] - The book value of accounts receivable at the end of the period was RMB 454,032,197.51, with the highest proportion being within 1 year of aging[392] - During the reporting period, operating revenue was RMB 371,294,655.55, operating cost was RMB 254,459,195.68, and principal business revenue increased by 13.60% year-on-year[618] - The long-term borrowings balance at the end of the period was RMB 516,662,048.69, primarily consisting of guaranteed borrowings, pledged + guaranteed borrowings, and mortgaged + pledged + guaranteed borrowings[585] Research and Development Expenses Total R&D expenses were RMB 20.04 million, fully expensed, reflecting increased investment in new strategic directions R&D Expense Details | Item | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 13,476,572.08 | 7,768,586.14 | | Technical Service Fees | 262,426.59 | 803,212.81 | | Depreciation of Fixed Assets and Amortization of Intangible Assets | 1,250,729.16 | 1,382,087.26 | | Equipment and Material Costs | 4,784,383.75 | 3,014,506.17 | | Total | 20,041,719.79 | 13,082,400.61 | - All R&D expenses for this period were expensed and did not result in the formation of intangible assets[665] Changes in Consolidation Scope Two new wholly-owned subsidiaries were established and included in the consolidation scope, with no significant impact on overall operations - There were no new business combinations under non-common control in this period[666] - There were no new business combinations under common control in this period[669] - There were no reverse acquisition matters in this period[670] - Dongguan Shentou New Energy Development Co., Ltd. and Hunan Yongzhijing Rare and High-Purity New Materials Co., Ltd. were newly established in this period and included in the consolidation scope from their establishment dates, with no significant impact on overall production and operation[671] Interests in Other Entities This section details the company's equity interests in subsidiaries, joint ventures, and associates, reflecting its business layout in environmental and new energy sectors - The company owns multiple wholly-owned subsidiaries, with business natures covering waste-to-energy, environmental and sanitation engineering, environmental testing, photovoltaic power generation, solid waste treatment, and rare and precious metal refining and trading[673][674][675][676] - The total book value of the company's investments in joint ventures and associates is RMB 50,696,588.56, contributing RMB 4,927,517.03 to net profit in this period[678] Government Grants This section discloses deferred income from government grants and current period government subsidies, including VAT refunds and deferred income amortization Liability Items Involving Government Grants (Deferred Income) | Accounting Account | Beginning Balance (RMB) | Amount Transferred to Other Income This Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Deferred Income | 31,864,381.26 | 1,337,245.30 | 30,527,135.96 | | Gansu Jiuquan Hazardous Waste Disposal Project | 16,568,165.67 | 870,323.70 | 15,697,841.97 | | Pollution Control and Energy Saving & Carbon Reduction | 10,182,941.33 | 360,358.92 | 9,822,582.41 | Government Grants Recognized in Profit or Loss This Period | Source of Other Income | Amount Incurred This Period (RMB) | Amount Incurred Last Period (RMB) | | :--- | :--- | :--- | | VAT Immediate Refund | 8,259,599.91 | 9,539,207.16 | | Amortization of Deferred Income | 1,324,789.60 | 1,807,411.96 | | Economic Work Advanced Unit Award | 460,000.00 | 190,000.00 | | Total | 10,869,047.04 | 12,106,802.10 | Risks Related to Financial Instruments The company manages market, credit, and liquidity risks through monitoring, maintaining sufficient cash, and credit assessments to balance risk and return - The company's main financial instruments include equity investments, debt investments, borrowings, accounts receivable, and accounts payable[682] - The market risks faced by the company include exchange rate risk, interest rate risk, and other price risks, with foreign exchange fluctuation risk not being significant[683][684] - Credit risk primarily arises from financial assets, which the company manages by depositing liquid funds in banks with high credit ratings, conducting credit reviews of customers, and continuously monitoring accounts receivable balances[687][688] - Liquidity risk is managed by maintaining sufficient cash and cash equivalents and utilizing bank loans and debt[690] Disclosure of Fair Value This section discloses the fair value of assets and liabilities measured at fair value, totaling RMB 405.77 million, with details on valuation methods Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 242,238.67 | - | 99,139,303.16 | 99,381,541.83 | | (II) Accounts Receivable Financing | - | - | 1,082,931.18 | 1,082,931.18 | | (III) Other Equity Instrument Investments | - | 183,886,588.64 | - | 183,886,588.64 | | (IV) Other Non-Current Financial Assets | - | 121,420,697.63 | - | 121,420,697.63 | | Total Assets Continuously Measured at Fair Value | 242,238.67 | 305,307,286.27 | 100,222,234.34 | 405,771,759.28 | - Level 1 fair value measurement items use unadjusted quoted prices in active markets[695] - Level 2 fair value measurement items are valued using market approach[696] - Level 3 fair value measurement items (such as accounts receivable financing) determine their fair value based on their face amount[697] Related Parties and Related Party Transactions This section detailed the company's related parties and transactions, including purchases, leases, guarantees, and key management compensation - The ultimate controlling party of the enterprise is Liu Zhengjun, and the parent company is Hunan Yongqing Environmental Technology Industry Group Co., Ltd., holding 46.72% of shares[698] Related Party Transactions for Purchasing Goods/Receiving Services | Related Party | Related Transaction Content | Amount Incurred This Period (RMB) | | :--- | :--- | :--- | | Hunan Yongqing Machinery Manufacturing Co., Ltd. | Procurement of equipment, labor services, materials | 4,060,930.80 | | Hunan Yongqing Environmental Technology Industry Group Co., Ltd. | Procurement of services, guarantee services | 4,935,507.82 | | Beijing Yongqing Huanneng Investment Co., Ltd. | Procurement of services | 1,186,181.88 | The Company as Guarantor (Partial) | Guaranteed Party | Guarantee Amount (RMB) | | :--- | :--- | | Hengyang Yongqing Environmental Energy Co., Ltd. | 298,000,000.00 | | Xinyu Yongqing Environmental Energy Co., Ltd. | 144,900,000.00 | | Gansu Hexi Environmental Protection Technology Co., Ltd. | 150,000,000.00 | | Puxiang Bioenergy Co., Ltd. | 105,000,000.00 | | Yiyang Lingjia Cha Photovoltaic Power Development Co., Ltd. | 76,000,000.00 | - Key management personnel compensation for this period was RMB 2,516,193.29[716] Share-Based Payment The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[722] Commitments and Contingencies This section discloses significant commitments, including investment contracts and outstanding guarantees, with no material contingencies requiring disclosure Significant Commitments | Commitment Item | Contracts Signed But Not Yet Performed or Not Fully Performed (RMB 10,000) | | :--- | :--- | | Investment in Establishing Aier Health Insurance Co., Ltd. | 11,200.00 | | Signed but Undue Guarantees | 2,985.41 | | Total | 14,185.41 | - As of the date of approval of the financial statements, the company has no contingent matters requiring disclosure[725] Events After the Balance Sheet Date A post-balance sheet event involved the transfer of a grand-subsidiary's equity, with no other significant non-adjusting events or profit distributions - Hunan Dezhiqing New Energy Technology Co., Ltd., a grand-subsidiary, signed an equity transfer agreement to transfer its 99.99% equity in Indonesia Dezhiqing to Beijing Longyuan Weide Energy Technology Co., Ltd., and the industrial and commercial change registration has been completed[123] - The company had no significant non-adjusting events after the reporting period[728] - The company had no profit distribution or sales returns after the reporting period[729] Other Significant Matters No prior period accounting errors or other specific events occurred, and segment information is presented by business type and operating region - The company had no prior period accounting error corrections, debt restructurings, asset exchanges, annuity plans, or discontinued operations during the reporting period[730][731][732][733] Financial Information of Reporting Segments (Partial) | Item | Environmental Operation Services | Environmental Engineering Services | Environmental Consulting Services | BOT Construction Service Period Revenue | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 2,696,904,476.08 | 3,834,514,292.83 | 60,679,448.04 | 0.00 | 3,536,627,296.31 | | Total Liabilities | 2,070,381,946.60 | 2,591,249,956.24 | 89,179,775.15 | 0.00 | 2,417,984,435.18 | | Operating Revenue | 230,476,067.34 | 147,164,200.63 | 10,449,012.95 | 790,735.57 | 371,294,655.55 | | Operating Cost | 123,499,522.73 | 141,594,684.96 | 7,024,950.96 | 734,611.27 | 254,459,195.68 | Notes to Major Items in Parent Company Financial Statements This section provides detailed notes on the parent company's accounts receivable, other receivables, long-term equity investments, revenue, costs, and investment income - The parent company's book balance of accounts receivable at the end of the period was RMB 284,424,772.47, with the highest proportion being within 1 year of aging[740] - The parent company's total other receivables at the end of the period were RMB 924,168,089.91, primarily including dividends receivable from consolidated subsidiaries and related party current accounts[753][756][762] - The parent company's book value of long-term equity investments at the end of the period was RMB 1,581,943,911.60, primarily investments in subsidiaries[775] - The parent company's operating revenue for this period was RMB 145,607,389.20, and operating cost was RMB 133,646,588.96[782] - The parent company's investment income for this period was RMB 44,692,837.53, primarily from dividends from subsidiaries and long-term equity investment income accounted for using the equity method[788] Supplementary Information This section includes a detailed statement of non-recurring gains and losses, net asset return, and earnings per share, with no accounting data differences Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -20,045.42 | | Government grants recognized in profit or loss (excluding those closely related to normal business operations) | 2,549,636.02 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 29,027,828.87 | | Other non-operating income and expenses | 685,112.54 | | Less: Income tax impact | 23,703.70 | | Minority interest impact (after tax) | -209.66 | | Total | 32,219,037.97 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 6.42% | 0.1111 | 0.1111 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 3.54% | 0.0612 | 0.0612 | - The company's financial report for the reporting period shows no differences in accounting data under domestic and overseas accounting standards[793]