金圆股份(000546) - 2025 Q2 - 季度财报

Part I Important Notes, Table of Contents, and Definitions This section provides essential disclaimers, lists reference documents, and defines key terms used throughout the report for clarity Important Notes The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, taking legal responsibility - The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal liabilities[5] - The company's responsible person Qiu Yongping, chief accountant Huang Bo, and head of accounting department Huang Bo declare that the financial report in this semi-annual report is true, accurate, and complete[5] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7] Catalogue of Reference Documents This section lists the semi-annual report's reference documents, including signed financial statements and publicly disclosed company files - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department[11] - Reference documents also include originals of all company files and announcements publicly disclosed on the website designated by the China Securities Regulatory Commission during the reporting period[12] Definitions This section defines common terms used in the report, covering company names, related parties, subsidiaries, and significant business events Partial Definitions | Definition Item | Definition Content | | :--- | :--- | | Jinyuan Shares, the Company, this Company | Jinyuan Environmental Protection Co., Ltd. | | Jinyuan Holdings | Jinyuan Holdings Group Co., Ltd. | | Major Asset Restructuring, this Major Asset Restructuring | The company issued 428,933,014 shares to 10 transaction counterparts including Jinyuan Group and Conba Group | Part II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, and a summary of its key financial performance and position I. Company Profile Jinyuan Environmental Protection Co., Ltd., stock code 000546, is listed on the Shenzhen Stock Exchange, with Qiu Yongping as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jinyuan Shares | | Stock Code | 000546 | | Listing Stock Exchange | Shenzhen Stock Exchange | | Chinese Name | Jinyuan Environmental Protection Co., Ltd. | | Legal Representative | Qiu Yongping | II. Contact Persons and Contact Information The company's Board Secretary is Huang Bo and Securities Affairs Representative is Yang Xiaofen, with disclosed contact addresses, phone numbers, and email addresses Company Contact Information | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Huang Bo | 30th Floor, Building 1, Runhe Xinyada Creative Center, No. 1750 Jianghong Road, Binjiang District, Hangzhou | 0571-86602265 | jygf@jyc.group | | Securities Affairs Representative | Yang Xiaofen | 30th Floor, Building 1, Runhe Xinyada Creative Center, No. 1750 Jianghong Road, Binjiang District, Hangzhou | 0571-86602265 | jygf@jyc.group | III. Other Information The company's registered address is in Changchun, office in Hangzhou, with no changes in contact or disclosure information during the reporting period Company Registration and Office Information | Item | Content | | :--- | :--- | | Company Registered Address | Room 801, 5A Comprehensive Building, Phase IV, Jilin Financial Building Commercial Complex, Intersection of Ecological West Street and Bing45th Road, Jingyue District, Changchun City | | Company Office Address | 30th Floor, Building 1, Runhe Xinyada Creative Center, No. 1750 Jianghong Road, Binjiang District, Hangzhou | | Company Website | http://www.jysn.com/gfindex.html | | Company Email | jygf@jyc.group | - The company's website and media for disclosing the semi-annual report, as well as the location for report availability, remained unchanged during the reporting period, as detailed in the 2024 annual report[21] IV. Key Accounting Data and Financial Indicators During the reporting period, operating revenue increased by 59.05% year-on-year, but net profit attributable to shareholders turned into a loss, decreasing by 128.53% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,188,443,836.95 | 2,633,477,404.91 | 59.05% | | Net Profit Attributable to Shareholders of Listed Company | -49,596,929.73 | 173,825,799.40 | -128.53% | | Net Profit from Non-recurring Gains and Losses | -143,460,955.04 | -79,370,682.61 | -80.75% | | Net Cash Flow from Operating Activities | -87,824,447.42 | -492,829,198.66 | 82.18% | | Basic Earnings Per Share (RMB/share) | -0.0638 | 0.23 | -127.74% | | Diluted Earnings Per Share (RMB/share) | -0.0638 | 0.23 | -127.74% | | Weighted Average Return on Net Assets | -1.20% | 4.15% | -5.35% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Prior Year) | Indicator | End of Current Reporting Period (RMB) | End of Prior Year (RMB) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,656,761,947.93 | 5,626,873,768.88 | 0.53% | | Net Assets Attributable to Shareholders of Listed Company | 4,111,643,212.69 | 4,161,887,438.48 | -1.21% | V. Differences in Accounting Data under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[23] - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[25] VI. Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses amounted to 93.86 million RMB, primarily from government subsidies and capital occupation fees, with VAT refunds classified as recurring Non-recurring Gains and Losses and Amounts | Item | Amount (RMB) | Explanation | | :--- | :--- | :--- | | Gains and losses from disposal of non-current assets | -169,434.81 | | | Government subsidies recognized in current profit or loss | 113,978,671.21 | Primarily government subsidies received by Jiangxi subsidiaries | | Capital occupation fees collected from non-financial enterprises recognized in current profit or loss | 10,921,386.27 | Primarily interest accrued from Zhejiang Huayue | | Other non-operating income and expenses apart from the above | -699,753.89 | | | Less: Income tax impact | 30,128,099.54 | | | Impact on minority interests (after tax) | 38,743.93 | | | Total | 93,864,025.31 | | - Value-added tax refunds of 72,240,883.84 RMB were classified as recurring gains and losses because they are closely related to the company's normal operations and are continuously enjoyed according to certain standards[28] Part III Management Discussion and Analysis This section analyzes the company's business operations, industry trends, core competencies, financial performance, investment activities, and risk management strategies I. Main Businesses Engaged in by the Company During the Reporting Period The company's main businesses are environmental protection and new energy materials, with the latter expanding and the former optimizing its operating model (I) Industry Development During the Reporting Period The solid (hazardous) waste disposal industry faces overcapacity and declining profits, while the lithium resource sector benefits from strong demand and improving salt lake lithium extraction technology - In 2024, national general industrial solid waste generation was 4.47 billion tons, a year-on-year increase of 4.44%; comprehensive utilization was 2.65 billion tons, an increase of approximately 3.11%, with the comprehensive utilization rate rising from 55.4% in 2020 to 59.3% in 2024[30] - As of the end of 2023, national hazardous waste centralized disposal capacity reached approximately 210 million tons per year, while the total hazardous waste generation in 2024 was only 130 million tons, indicating disposal capacity still far exceeds generation, with the industry transitioning from scale expansion to inventory optimization[33] - According to Minsheng Securities Research Institute, global lithium supply will increase by 352,000 tons LCE to 1.743 million tons LCE in 2025, an increase of 25%[34] (II) Main Businesses and Products Engaged in by the Company During the Reporting Period The company's core businesses include solid (hazardous) waste disposal and resource utilization, alongside salt lake brine lithium extraction for lithium salt products - The company's main businesses are environmental protection and new energy materials, with the new energy materials industry continuously developing and the environmental protection industry further optimizing its operating model[40] - The new energy materials business primarily involves the extraction and refining of lithium salt products (including but not limited to crude lithium salt, industrial-grade, and battery-grade lithium carbonate) from upstream salt lake brine lithium ore[42] Main Business Segment Performance (Current Reporting Period) | Business Segment | Operating Revenue (RMB 10,000) | Net Profit Attributable to Parent (RMB 10,000) | Year-on-Year Change (Operating Revenue) | | :--- | :--- | :--- | :--- | | New Energy Materials | 1,639.66 | -2,459.91 | N/A | | Solid (Hazardous) Waste Resource Utilization | 409,795.06 | -81.02 | +61.06% | | Solid (Hazardous) Waste Harmless Disposal (excluding impact of deconsolidated companies) | 6,589.79 | -1,203.71 | +39.96% | II. Analysis of Core Competencies The company's core competencies include efficient management, "internationally leading" electrochemical extraction technology for salt lake lithium, a strategic global lithium resource layout, and an experienced team with a strong corporate culture - The company fully leverages its flat organizational structure, rapid decision-making, and efficient execution as a private enterprise, continuously strengthening its refined management capabilities[49] - The electrochemical intercalation method technology used by the company in salt lake lithium extraction has been recognized by experts as reaching "international leading level," characterized by strong raw material adaptability, high lithium recovery rate, low processing cost, small investment, and quick returns[50] - The company's "Second Take-off" strategic goal is clear, having already deployed salt lake lithium mines in Tibet, China, and Argentina, South America, and actively expanding hard rock lithium resources in West Africa (Nigeria) and Southern Africa, gradually achieving a global lithium resource strategic layout[51] III. Analysis of Main Business Operating revenue increased by 59.05% due to higher sales and prices from Jiangxi Huiying, but a larger increase in operating costs led to a decline in gross profit margin and a net loss Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,188,443,836.95 | 2,633,477,404.91 | 59.05% | Primarily due to significant growth in sales volume and prices of Jiangxi Huiying products compared to the previous period | | Operating Cost | 4,321,127,572.26 | 2,564,777,319.90 | 68.48% | Primarily due to increased raw material procurement volume and prices | | Administrative Expenses | 60,247,286.58 | 100,637,676.36 | -40.13% | Primarily due to deconsolidation of subsidiaries, reduced employee compensation, and depreciation reclassified to other operating costs | | Net Cash Flow from Operating Activities | -87,824,447.42 | -492,829,198.66 | 82.18% | Primarily due to a significant increase in inventory in the prior year period due to business scale expansion | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount for Current Reporting Period (RMB) | Proportion of Operating Revenue | Amount for Prior Year Period (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Environmental Protection Industry | 4,163,848,494.72 | 99.41% | 2,613,543,474.37 | 99.24% | 59.32% | | | New Energy Materials | 16,396,595.57 | 0.39% | N/A | N/A | N/A | | By Product | Solid (Hazardous) Waste Resource Utilization | 4,097,950,634.21 | 97.84% | 2,544,316,159.05 | 96.61% | 61.06% | | | Solid (Hazardous) Waste Harmless Disposal | 65,897,860.51 | 1.57% | 69,227,315.32 | 2.63% | -4.81% | | | Lithium Salt Products | 16,396,595.57 | 0.39% | N/A | N/A | N/A | | By Region | Jiangxi Province | 4,098,546,647.14 | 97.85% | 2,461,854,550.96 | 93.48% | 66.48% | IV. Analysis of Non-Main Business Non-main businesses significantly impacted total profit, with positive contributions from investment income and fair value changes, and negative impacts from asset impairment and non-operating expenses Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Is it Sustainable | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 12,298,707.23 | -17.58% | | No | | Gains and losses from changes in fair value | 1,817,146.27 | -2.60% | | No | | Asset Impairment | -32,422,543.19 | 46.36% | Primarily due to inventory impairment provisions | No | | Other Income | 186,182,569.12 | -266.20% | Primarily VAT refunds and government subsidies related to daily operating activities | Yes | V. Analysis of Assets and Liabilities Total assets slightly increased, while net assets attributable to shareholders slightly decreased, with notable changes in cash, inventory, contract liabilities, and other receivables Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 262,652,151.99 | 4.64% | 125,905,620.71 | 2.24% | 2.40% | | | Inventory | 1,009,758,519.31 | 17.85% | 941,809,253.23 | 16.74% | 1.11% | | | Contract Liabilities | 332,578,403.62 | 5.88% | 183,456,804.86 | 3.26% | 2.62% | Primarily due to increased advance receipts for goods from Jiangxi Huiying | | Other Receivables | 346,094,066.19 | 6.12% | 608,141,689.72 | 10.81% | -4.69% | Primarily due to partial repayment of debts by Zhejiang Huayue | - The company's financial assets and liabilities measured at fair value totaled 81,010,767.95 RMB during the reporting period, including 2,137,019.36 RMB in trading financial assets and 77,103,975.73 RMB in other equity instrument investments[62] - As of the end of the period, 5,025,188.59 RMB in cash and cash equivalents were frozen due to litigation, classified as restricted assets[63] VI. Analysis of Investment Status Total investment decreased significantly by 73.54% year-on-year, with the major non-equity investment in the Geji County Baqiancuo Salt Lake Boron-Lithium Mine project progressing but not yet generating returns Investment Amount During the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment amount during the reporting period | 16,495,641.99 | | Investment amount in the prior year period | 62,350,456.95 | | Change Percentage | -73.54% | Major Non-Equity Investment Status | Project Name | Investment Method | Industry Involved in Investment | Amount Invested in Current Reporting Period (RMB) | Cumulative Actual Investment Amount as of End of Reporting Period (RMB) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Geji County Baqiancuo Salt Lake Boron-Lithium Mine Resource Comprehensive Utilization Project | Self-built | New Energy Materials | 6,695,436.19 | 710,713,848.65 | 80.85% | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[67][68][69] VII. Major Asset and Equity Sales The company did not sell any major assets during the reporting period, but previously sold 100% equity of Qinghai Huzhu Jinyuan Cement Co., Ltd. in 2022 to optimize its industrial structure - The company did not sell any major assets during the reporting period[70] Major Equity Sale Status | Equity Sold | Sale Date | Transaction Price (RMB 10,000) | Impact of Sale on the Company | | :--- | :--- | :--- | :--- | | 100.00% equity of Qinghai Huzhu Jinyuan Cement Co., Ltd. (including its controlled subsidiaries) | July 11, 2022 | 172,440 | After the transaction, the company will adjust its industrial structure and optimize its asset structure, focusing on the new energy materials industry and low-carbon environmental protection industry. This transaction will help the company maintain good sustainable operating capabilities and effectively improve its asset condition | VIII. Analysis of Major Holding and Participating Companies Key subsidiaries include Jiangxi Huiying, which generated 4.098 billion RMB in revenue from solid (hazardous) waste resource utilization, and Geji Lithium, which contributed 16.40 million RMB in new energy materials revenue but reported a net loss Financial Data of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Huiying | Subsidiary | Resource utilization and harmless disposal of solid (hazardous) waste | 250,000,000 | 1,823,957,715.69 | 117,767,552.07 | 4,098,006,647.14 | 21,129,422.08 | | Jiangxi Xinjinye | Subsidiary | Resource utilization and harmless disposal of solid (hazardous) waste | 220,000,000 | 759,803,043.11 | 164,591,275.45 | 590,000.00 | -13,241,738.49 | | Geji Lithium | Subsidiary | New Energy Materials | 100,000,000 | 897,821,720.17 | -54,232,051.83 | 16,404,643.80 | -34,934,238.58 | | Beijing Jinyuan | Subsidiary | New Energy Materials | 10,000,000 | 6,030,207.37 | -9,373,572.37 | 0.00 | -7,979,968.24 | - The company did not acquire or dispose of any subsidiaries during the reporting period[75] IX. 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[76] X. Risks Faced by the Company and Countermeasures The company faces risks from macroeconomic changes, project underperformance, overseas investments, industry competition, metal price volatility, and exchange rate fluctuations, with corresponding mitigation strategies in place - Risks of macroeconomic environment and industrial policy changes: The lithium industry market is influenced by lithium resources, competitive landscape, terminal demand, technological development, government policies, and global economic conditions. Countermeasures: Closely monitor domestic and international economic and policy situations, adjust operating decisions, and enhance market competitiveness and risk resistance capabilities[76] - Risks of new projects falling short of expectations: New energy material projects have long construction cycles, high investment, and technical difficulties, potentially failing to achieve expected benefits due to macroeconomic, industry policy, market environment changes, or subjective/objective factors during construction. Countermeasures: Establish detailed project management systems, clarify responsibilities, daily progress checks, collaborative departmental review and judgment, and timely problem resolution[77] - Overseas investment risks: Deploying salt lake lithium mines in Argentina and exploring more international projects in the future, facing risks such as laws and regulations, business environment, cultural differences, policy changes, political and economic instability, and intellectual property protection. Countermeasures: Closely monitor economic environment and political situations, comply with local policies and regulations, conduct regular risk identification and assessment, timely adjust strategies, prudently select investment targets and partners, and introduce high-level talent[78] - Risks of intensified competition in the environmental protection industry: The solid (hazardous) waste disposal industry faces overcapacity, declining disposal volumes, and falling gross profit margins; the resource utilization industry faces rising raw material prices and limited profit margins; entry of central and state-owned enterprises intensifies competition. Countermeasures: Strengthen management of existing solid (hazardous) waste resource utilization businesses, improve production efficiency and capacity utilization, divest inefficient assets, and explore new material fields[79] - Risks of non-ferrous metal price fluctuations: The main products of the resource utilization business are electrolytic copper and gold-containing materials, whose prices are affected by economic environment, supply and demand, inflation, USD trends, wars, and unrest. Countermeasures: Continuously monitor macroeconomic and political environments, analyze non-ferrous metal price trends, formulate marketing strategies, and use financial instruments to hedge against price fluctuation risks[81] - Exchange rate fluctuation risks: Increased overseas project investment and operation intensity means exchange rate fluctuations may increase RMB costs or reduce RMB revenues, affecting profit margins and the value of foreign currency-denominated assets and liabilities. Countermeasures: Actively improve foreign exchange fund utilization efficiency, reasonably reduce financial expenses, continuously monitor exchange rate trends, and adopt foreign exchange hedging measures[82] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[83] - The company has not disclosed a valuation enhancement plan[83] XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[83] Part IV Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management During the reporting period, Fang Guangquan resigned from multiple positions, while Huang Bo and Yang Xiaofen were appointed to new senior management and board roles Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Fang Guangquan | Director | Resignation | January 10, 2025 | Personal reasons | | Fang Guangquan | Deputy General Manager, Board Secretary | Dismissal | January 10, 2025 | Personal reasons | | Fang Guangquan | Chief Accountant, Head of Finance | Dismissal | March 26, 2025 | Personal reasons | | Huang Bo | Chief Accountant, Head of Finance | Appointment | March 27, 2025 | Job transfer | | Huang Bo | Deputy General Manager, Board Secretary | Appointment | April 23, 2025 | Job transfer | | Huang Bo | Director | Elected | May 15, 2025 | Job transfer | | Yang Rihong | Deputy General Manager | Appointment | April 23, 2025 | Job transfer | II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[86] III. 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[87] IV. Environmental Information Disclosure The company and its seven major subsidiaries are listed as legally required environmental information disclosure enterprises, with public access to their reports - The listed company and its major subsidiaries, totaling 7 entities, are included in the list of enterprises required to disclose environmental information by law[88] Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Jiangxi Huiying Environmental Protection Technology Co., Ltd. | http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information | | 2 | Qinghai Gelvxin Environmental Protection Technology Co., Ltd. | http://125.72.26.66:8074/idp-province//home | | 3 | Heyuan Jinyuan Environmental Protection Technology Co., Ltd. | https://www.app.gdeei.cn/gdeepub/front/dal/report/list | | 4 | Kuluqi Jinyuan Dongmeng Environmental Protection Technology Co., Ltd. | http://111.56.142.62:40010/cas/login?pagePublishTicket=a5a7eb4fc8c741f0bca2ea78de4bca68 | | 5 | Ankang Jinyuan Xuanlong Environmental Protection Technology Co., Ltd. | http://113.140.66.227:11077//noLogin/index | | 6 | Guannan Jinyuan Environmental Protection Technology Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchivewebapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchivewebapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 7 | Sichuan Tianyuanda Environmental Protection Technology Co., Ltd. | https://103.203.219.138:8082/eps/index/enterprisesearch | V. Social Responsibility The company maintains sound corporate governance, engages with investors, protects employee and stakeholder rights, adheres to environmental regulations, and actively participates in social welfare - The company has established a standardized corporate governance structure, forming scientific and effective corporate governance systems and work processes to ensure good communication and director performance[89] - The company maintains close communication with investors through various channels, including investor hotlines, email exchanges, and the SZSE Listed Company Cloud Service Platform[90] - The company strictly complies with regulations such as the "Labor Law" and "Labor Contract Law," safeguarding employees' legitimate rights and interests and providing a good working and living environment[91] - The company strictly implements environmental protection laws and regulations, strengthens environmental management, lawfully practices clean production, ensures stable and compliant discharge of wastewater, exhaust gas, and waste residue, and has committed no environmental violations[92] - Subsidiary Geji Lithium donated 10,000 RMB to local Children's Day activities, actively fulfilling its social welfare responsibilities[93] Part V Significant Matters This section covers the fulfillment of commitments, related party transactions, external guarantees, auditor appointments, litigation, penalties, and other major corporate events I. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of the End of the Reporting Period Actual controller Zhao Hui's commitments regarding competition, related party transactions, and independence were fulfilled, and the company has no overdue unfulfilled commitments - Zhao Hui's commitments regarding horizontal competition, related party transactions, fund occupation, independence, and social security were fulfilled on May 21, 2025, as he is no longer the company's actual controller[95][96][97] - The company has no overdue unfulfilled commitments[98] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties of the Listed Company The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - The company reported no non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[99] III. 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[100] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[101] V. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company's Board of Directors and Supervisory Board provided no explanations regarding a "non-standard audit report" for the current period - The company's Board of Directors and Supervisory Board provided no explanations regarding the accounting firm's "non-standard audit report" for the current reporting period[102] VI. Explanations by the Board of Directors on Matters Related to the "Non-Standard Audit Report" for the Prior Year The company's Board of Directors provided no explanations regarding the "non-standard audit report" for the prior year - The company's Board of Directors provided no explanations regarding matters related to the "non-standard audit report" for the prior year[103] VII. 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] VIII. Litigation Matters The company had no major litigation or arbitration matters, but several minor cases with no significant impact on operations - The company had no major litigation or arbitration matters during this reporting period[104] Summary of Other Litigation Matters | Type of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Whether a Provision for Liabilities was Formed | Litigation (Arbitration) Progress | Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | Summary of litigation (arbitration) where the company or its subsidiaries are plaintiffs, not meeting major litigation disclosure standards and not yet judged (ruled) | 32.59 | No | Progressing according to litigation (arbitration) procedures | No significant impact on the company's production and operations | | Summary of litigation (arbitration) where the company or its subsidiaries are plaintiffs, not meeting major litigation disclosure standards and already judged (ruled) | 3,506.65 | No | Judged (ruled) | No significant impact on the company's production and operations | | Summary of litigation (arbitration) where the company or its subsidiaries are defendants, not meeting major litigation disclosure standards and not yet judged (ruled) | 4,948.10 | No | Progressing according to litigation (arbitration) procedures | No significant impact on the company's production and operations | | Summary of litigation (arbitration) where the company or its subsidiaries are defendants, not meeting major litigation disclosure standards and already judged (ruled) | 7,493.57 | No | Judged (ruled) | No significant impact on the company's production and operations | IX. Penalties and Rectification The company, Zhao Hui, and Fang Guangquan received administrative penalties and disciplinary actions for failing to timely disclose non-operating fund occupation by related parties - Jinyuan Shares, Zhao Hui, and Fang Guangquan were warned and fined by the Jilin Regulatory Bureau of the China Securities Regulatory Commission for failing to timely disclose non-operating fund occupation by related parties, with Jinyuan Shares fined 1 million RMB, Zhao Hui 1.5 million RMB, and Fang Guangquan 400,000 RMB[106] - Zhao Hui and Fang Guangquan received warning letters from the China Securities Regulatory Commission for the aforementioned actions and were recorded in the securities and futures market integrity archives[106] - Jinyuan Shares, Jinyuan Holdings, Zhao Hui, and Fang Guangquan received public condemnation or circulated criticism from the Shenzhen Stock Exchange for non-operating fund occupation by the controlling shareholder (cumulative occupied amount of 406.6 million RMB)[106][107] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or overdue large debts[108] XI. Significant Related Party Transactions The company reported no significant related party transactions concerning daily operations, asset/equity acquisitions or disposals, joint external investments, or related party debt/credit during the reporting period - The company reported no related party transactions related to daily operations during the reporting period[109] - The company reported no related party transactions involving asset or equity acquisitions/disposals during the reporting period[110] - The company reported no related party debt or credit transactions during the reporting period[112] XII. Significant Contracts and Their Performance The company has entrusted management of subsidiary businesses to related parties and provided a 260 million RMB guarantee for Jiangxi Huiying, which has been fulfilled - Jinyuan Environmental Protection Co., Ltd. entrusted Qinghai Hongyang Cement Co., Ltd. to manage the business and daily affairs of Golmud Hongyang Environmental Protection Technology Co., Ltd[116] - Lishui Jinyuan Environmental Protection Co., Ltd. entrusted Heyuan Jinjie Environmental Protection Building Materials Co., Ltd. to manage the business and daily affairs of Heyuan Jinyuan Environmental Protection Technology Co., Ltd[116] Company Guarantees for Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Guarantee Amount (RMB 10,000) | Guarantee Period | Whether Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Huiying | 26,000 | 6,000 | 5 years | Yes | - The company had no entrusted wealth management or other significant contracts during the reporting period[122][123] XIII. Explanation of Other Significant Matters The company completed the cancellation of repurchased shares, reducing its total share capital, and the actual controller changed from Zhao Baisheng and Zhao Hui to Zhao Baisheng due to a divorce agreement - The company cancelled 1,133,700 repurchased shares, reducing its total share capital from 778,781,962 shares to 777,648,262 shares, with the registered capital changing accordingly to 777,648,262 RMB[124] - According to the "Divorce Agreement" signed by Mr. Zhao Hui and Ms. Pan Ying, Mr. Zhao Hui's 66,137,566 shares in the company (accounting for 8.505% of the total share capital) and 7.67% equity in Jinyuan Holdings were transferred to Ms. Pan Ying[125] - Upon completion of this equity change, Mr. Zhao Hui will no longer hold company shares or Jinyuan Holdings equity, and will cease to be the company's actual controller. The company's actual controller will change from Mr. Zhao Baisheng and Mr. Zhao Hui to Mr. Zhao Baisheng[125] XIV. Significant Matters of Company Subsidiaries Subsidiaries Jinyuan Bay and Jiangxi Xinjinye need to pay back taxes totaling 7.18 million RMB, a subsidiary acquired 100% equity of CGL Mining Development Co. Limited with lithium exploration permits in Nigeria, and Jiangxi Huiying received significant government subsidies - Company subsidiaries Jinyuan Bay and Jiangxi Xinjinye are required to pay back taxes totaling 7,178,121.12 RMB, which will be recognized in the 2025 current profit or loss[126] - A company subsidiary acquired 100% equity of CGL MINING DEVELOPMENT CO.LIMITED, which holds 2 lithium-niobium-tantalum exploration permits in Nigeria, covering a total area of approximately 61.6 square kilometers[127] - Company subsidiary Jiangxi Huiying received government subsidies totaling 61.83 million RMB, with several subsidies exceeding 10% of the company's net profit attributable to shareholders in the most recent audited fiscal year[127] Part VI Share Changes and Shareholder Information This section details changes in the company's share capital, securities issuance, shareholder structure, and changes in controlling shareholder and actual controller I. Share Change Status The company's total share capital decreased by 1,133,700 shares due to the cancellation of repurchased shares, primarily affecting unrestricted shares Share Change Status | Share Type | Number of Shares Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number of Shares After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 80,943,056 | 10.39% | 0 | 80,943,056 | 10.41% | | II. Unrestricted Shares | 697,838,906 | 89.61% | -1,133,700 | 696,705,206 | 89.59% | | III. Total Shares | 778,781,962 | 100.00% | -1,133,700 | 777,648,262 | 100.00% | - The company completed the cancellation of 1,133,700 repurchased shares on March 10, 2025, resulting in a reduction in total share capital[130] II. Securities Issuance and Listing Status The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[131] III. Number of Shareholders and Shareholding Status As of the end of the reporting period, there were 52,105 common shareholders, with Jinyuan Holdings Group Co., Ltd. as the largest shareholder (29.82% stake, high pledge ratio), and Ms. Pan Ying becoming the second largest shareholder (8.50% stake, also pledged) - As of the end of the reporting period, the total number of common shareholders was 52,105[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 (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinyuan Holdings Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 29.82% | 231,907,628 | 0 | 231,907,628 | Pledged | 161,080,000 | | Pan Ying | Domestic Natural Person | 8.50% | 66,137,566 | 66,137,566 | 0 | Pledged | 59,900,000 | | Qiu Yongping | Domestic Natural Person | 2.52% | 19,564,654 | 14,673,490 | 4,891,164 | Pledged | 15,000,000 | | Xu Hua | Domestic Natural Person | 1.32% | 10,242,456 | 0 | 10,242,456 | N/A | 0 | | Du Yanzhang | Overseas Natural Person | 1.00% | 7,777,300 | 0 | 7,777,300 | Pledged | 7,000,000 | - Jinyuan Holdings is the controlling shareholder of Kaiyuan Asset, and Jinyuan Holdings and Kaiyuan Asset are parties acting in concert[133] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[135] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder remained unchanged, but the actual controller changed from Zhao Baisheng and Zhao Hui to Zhao Baisheng on May 21, 2025 - The company's controlling shareholder remained unchanged during the reporting period[136] Changes in Actual Controller | Item | Content | | :--- | :--- | | Name of Original Actual Controller | Zhao Baisheng, Zhao Hui | | Name of New Actual Controller | Zhao Baisheng | | Change Date | May 21, 2025 | | Disclosure Date on Designated Website | May 22, 2025 | VI. 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 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 unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and financial items I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[141] II. Financial Statements This section provides the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets slightly increased to 5.66 billion RMB, with significant changes in cash, other receivables, and contract liabilities Major Items of Consolidated Balance Sheet (End of Period vs. Beginning of Period) | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 262,652,151.99 | 125,905,620.71 | | Other Receivables | 346,094,066.19 | 608,141,689.72 | | Inventory | 1,009,758,519.31 | 941,809,253.23 | | Total Assets | 5,656,761,947.93 | 5,626,873,768.88 | | Contract Liabilities | 332,578,403.62 | 183,456,804.86 | | Non-current Liabilities Due Within One Year | 528,336.58 | 60,519,579.43 | | Total Liabilities | 1,119,814,652.99 | 1,019,801,419.75 | | Total Equity Attributable to Owners of the Parent Company | 4,111,643,212.69 | 4,161,887,438.48 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets increased to 5.09 billion RMB, with a significant rise in cash and other payables, while other receivables remained high Major Items of Parent Company Balance Sheet (End of Period vs. Beginning of Period) | Item | Balance at End of Period (RMB) | Balance at Beginning of Period (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 217,658,863.54 | 28,746,069.74 | | Other Receivables | 3,944,128,716.43 | 3,939,345,125.82 | | Total Assets | 5,088,809,089.37 | 4,895,161,646.74 | | Other Payables | 300,161,097.28 | 98,376,741.90 | | Total Current Liabilities | 340,881,951.53 | 144,684,333.51 | | Total Owners' Equity | 4,747,927,137.84 | 4,750,477,313.23 | 3. Consolidated Income Statement Consolidated operating revenue increased by 59.05% year-on-year, but a larger increase in operating costs resulted in a shift from operating profit to loss, with net profit attributable to parent company shareholders decreasing by 128.53% to -49.60 million RMB Major Items of Consolidated Income Statement (Current Period vs. Prior Period) | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 4,188,443,836.95 | 2,633,477,404.91 | | Total Operating Cost | 4,419,073,540.11 | 2,680,448,322.24 | | Operating Profit | -69,238,700.79 | 172,161,167.15 | | Total Profit | -69,942,029.48 | 170,946,764.11 | | Net Profit | -69,008,076.81 | 156,435,101.86 | | Net Profit Attributable to Shareholders of the Parent Company | -49,596,929.73 | 173,825,799.40 | | Basic Earnings Per Share (RMB/share) | -0.0638 | 0.23 | 4. Parent Company Income Statement Parent company operating revenue slightly increased, but operating profit and net profit remained negative, with net loss significantly narrowed to -2.55 million RMB Major Items of Parent Company Income Statement (2025 Semi-Annual vs. 2024 Semi-Annual) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Operating Revenue | 5,265,831.50 | 4,854,470.71 | | Operating Profit | -2,550,175.39 | -43,981,272.91 | | Total Profit | -2,550,175.39 | -43,982,436.81 | | Net Profit | -2,550,175.39 | -45,907,169.50 | 5. Consolidated Cash Flow Statement Net cash flow from operating activities significantly improved to -87.82 million RMB, while net cash flow from investing activities decreased due to reduced proceeds from the disposal of Huzhu Jinyuan equity Major Items of Consolidated Cash Flow Statement (Current Period vs. Prior Period) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -87,824,447.42 | -492,829,198.66 | | Net Cash Flow from Investing Activities | 283,761,626.21 | 1,097,281,163.31 | | Net Cash Flow from Financing Activities | -61,126,022.22 | -466,886,961.13 | | Net Increase in Cash and Cash Equivalents | 134,715,032.22 | 137,585,403.26 | 6. Parent Company Cash Flow Statement Parent company net cash flow from operating activities turned positive at 189.25 million RMB, while investing and financing activities showed minor net outflows Major Items of Parent Company Cash Flow Statement (Current Period vs. Prior Period) | Item | 2025 Semi-Annual (RMB) | 2024 Semi-Annual (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 189,253,508.62 | -217,304,670.52 | | Net Cash Flow from Investing Activities | -32,325.93 | 525,029,600.35 | | Net Cash Flow from Financing Activities | -308,388.89 | -153,151,388.87 | | Net Increase in Cash and Cash Equivalents | 188,912,793.80 | 154,573,540.96 | 7. Consolidated Statement of Changes in Owners' Equity Consolidated owners' equity decreased by 70.13 million RMB, primarily due to net loss attributable to parent company owners and minority interests, alongside a reduction in share capital from repurchased share cancellation Consolidated Statement of Changes in Owners' Equity (Current Period) | Item | Share Capital (RMB) | Capital Reserve (RMB) | Less: Treasury Stock (RMB) | Other Comprehensive Income (RMB) | Retained Earnings (RMB) | Total Equity Attributable to Owners of the Parent Company (RMB) | Minority Interests (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Beginning of Period | 778,781,962.00 | 1,986,557,646.84 | 18,087,967.36 | 4,356,804.11 | 1,193,177,272.98 | 4,161,887,438.48 | 445,184,910.65 | 4,607,072,349.13 | | Amount of Increase/Decrease in Current Period | -1,133,700.00 | -16,954,267.36 | -18,087,967.36 | -647,296.06 | -49,596,929.73 | -50,244,225.79 | -19,880,828.40 | -70,125,054.19 | | Balance at End of Period | 777,648,262.00 | 1,969,603,379.48 | 0.00 | 3,709,508.05 | 1,143,580,343.25 | 4,111,643,212.69 | 425,304,082.25 | 4,536,947,294.94 | 8. Parent Company Statement of Changes in Owners' Equity Parent company owners' equity decreased by 2.55 million RMB, primarily due to net loss, with share capital and capital reserves reduced by repurchased share cancellation Parent Company Statement of Changes in Owners' Equity (Current Period) | Item | Share Capital (RMB) | Capital Reserve (RMB) | Less: Treasury Stock (RMB) | Retained Earnings (RMB) | Total Owners' Equity (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at Beginning of Period | 778,781,962.00 | 3,026,493,289.30 | 18,087,967.36 | 784,313,367.86 | 4,750,477,313.23 | | Amount of Increase/Decrease in Current Period | -1,133,700.00 | -16,954,267.36 | -18,087,967.36 | -2,550,175.39 | -2,550,175.39 | | Balance at End of Period | 777,648,262.00 | 3,009,539,021.94 | 0.00 | 781,763,192.47 | 4,747,927,137.84 | III. Company Basic Information Jinyuan Environmental Protection Co., Ltd., listed on SZSE since 1993, is controlled by Jinyuan Holdings and Zhao Baisheng, with main businesses in salt lake lithium extraction and solid (hazardous) waste services - Jinyuan Environmental Protection Co., Ltd. was listed and traded on the Shenzhen Stock Exchange on December 15, 1993[176] - The current controlling shareholder is Jinyuan Holdings Group Co., Ltd., and the actual controller is Zhao Baisheng[176] - As of June 30, 2025, the company's total share capital was 777,648,262.00 shares[176] - The company's main businesses include upstream salt lake brine lithium ore extraction and refining, and providing harmless disposal and resource utilization services for solid (hazardous) waste to waste-generating enterprises[176] IV. Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to Chinese Accounting Standards and CSRC disclosure regulations, with no significant doubts about going concern within 12 months - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"[177] - The company has no matters or circumstances that would cause significant doubt about its ability to continue as a going concern within 12 months from the end of the reporting period[178] V. Significant Accounting Policies and Accounting Estimates This section details 42 significant accounting policies and estimates, including revenue recognition, financial instruments, and inventory, ensuring compliance with accounting standards and reflecting the company's financial position - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and cash flows[179] - The company uses the transfer of control as the judgment criterion for revenue recognition, recognizing revenue when the performance obligations in the contract are fulfilled, i.e., when the customer obtains control of the relevant goods[292] - In applying accounting policies, the company needs to make judgments, estimates, and assumptions about the carrying amounts of financial statement items that cannot be measured accurately, which affect the reported amounts of income, expenses, assets, and liabilities, as well as the disclosure of contingent liabilities at the balance sheet date[323] VI. Taxation This section outlines the company's main tax categories and rates, including VAT and corporate income tax, and details various tax incentives enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added generated during the sale of goods or provision of taxable services | 13%、9%、6%、3%、1% | | Corporate Income Tax | Calculated based on taxable income | 25%、16.5%、15%、12.5%、9%、8.25%、5% | - Subsidiaries Jiangxi Xinjinye, Tianhuilongyuan, Kuluqi Jinyuan, and Gelvxin enjoy VAT "immediate refund upon collection" policies; Jiangxi Xinjinye enjoys a 100% VAT "immediate refund upon collection" for self-produced and self-sold platinum, while gold and gold ore are exempt from VAT[335][336] - Gelvxin, Xizang Jinzangyuan, and Ali Liyuan enjoy a 15% corporate income tax rate under the Western Development policy; Ankang Jinyuan, Tianhuilongyuan, Tianyuanda, and Kuluqi Jinyuan enjoy a "three-year exemption, three-year half reduction" policy for environmental protection projects' corporate income tax; Lishui Jinyuan enjoys exemption from the local retained portion of corporate income tax; Geji Lithium and Geji Jinyuan enjoy a 9% tax rate; Zhejiang Jinyuan and Beijing Jinyuan apply a 5% small and micro enterprise corporate income tax rate[336][337][338] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including cash, receivables, inventory, fixed assets, intangible assets, and equity, explaining period-end balances, beginning balances, and significant changes Period-End Balances of Major Consolidated Financial Statement Items | Item | Balance at End of Period (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 262,652,151.99 | | Accounts Receivable | 145,418,811.28 | | Inventory | 1,009,758,519.31 | | Fixed Assets | 1,253,224,319.22 | | Intangible Assets | 1,501,067,048.86 | | Short-term Borrowings | 31,078,437.78 | | Accounts Payable | 471,680,466.47 | | Contract Liabilities | 332,578,403.62 | | Share Capital | 777,648,262.00 | | Retained Earnings | 1,143,580,343.25 | - Due to the cancellation of repurchased shares, the company's share capital decreased by 1,133,700 shares, capital reserve (share premium) decreased by 16,954,267.36 RMB, and treasury stock decreased by 18,087,967.36 RMB[485][487] VIII. Research and Development Expenses Total R&D expenses for the period were 1.05 million RMB, a 34.06% year-on-year decrease, entirely expensed, primarily comprising employee compensation, direct materials, and depreciation R&D Expenses | Item | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Direct Materials | 426,422.34 | 0.00 | | Employee Compensation | 568,183.95 | 1,545,083.40 | | Depreciation and Amortization | 56,138.58 | 48,495.58 | | Total | 1,050,744.87 | 1,593,578.98 | | Of which: Expensed R&D | 1,050,744.87 | 1,593,578.98 | IX. Changes in Consolidation Scope The company had no transactions or events resulting in loss of control over subsidiaries or step-by-step disposal of investments in subsidiaries during the reporting period - There were no transactions or events resulting in the loss of control over subsidiaries during this period[554] - There were no situations involving the step-by-step disposal of investments in subsidiaries leading to loss of control during this period[554] X. Interests in Other Entities The company holds interests in various wholly-owned and controlled subsidiaries, with Ali Liyuan being a significant non-wholly-owned subsidiary with a 34.00% minority interest Composition of Enterprise Group (Partial Subsidiaries) | Subsidiary Name | Registered Capital (RMB) | Business Nature | Shareholding Percentage (Direct) | Shareholding Percentage (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Lishui Jinyuan | 200,000,000.00 | Manufacturing | 100.00% | | Directly established | | Jinyuan New Materials | 450,000,000.00 | Manufacturing | 100.00% | | Directly established | | Jiangxi Xinjinye | 220,000,000.00 | Manufacturing | | 100.00% | Business combination not under common control | | Ali Liyuan | 53,000,000.00 | Manufacturing | | 66.00% | Business combination not under common control | | Jiangxi Huiying | 250,000,000.00 | Manufacturing | | 100.00% | Business combination not under common control | Financial Information of Significant Non-Wholly-Owned Subsidiaries | Subsidiary Name | Minority Shareholding Percentage | Profit or Loss Attributable to Minority Shareholders for Current Period (RMB) | Minority Interests Balance at End of Period (RMB) | | :--- | :--- | :--- | :--- | | Ali Liyuan (Consolidated) | 34.00% | -16,435,544.72 | 389,945,478.54 | Summary Financial Information of Insignificant Associates | Item | Balance at End of Period/Amount for Current Period (RMB) | | :--- | :--- | | Total Carrying Amount of Investments | 39,335,176.66 | | --Net Profit | -74,429.81 | | --Total Comprehensive Income | -74,429.81 | XI. Government Grants The company had no government grants recognized as receivables, with deferred income of 7.24 million RMB related to assets, and 113.98 million RMB in government grants recognized in current profit or loss - As of the end of the reporting period, the company had no government grants recognized as receivables[563] Liability Items Related to Government Grants | Accounting Account | Balance at Beginning of Period (RMB) | Amount Recognized in Other Income for Current Period (RMB) | Balance at End of Period (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 7,568,373.85 | 328,282.50 | 7,240,091.35 | Related to assets | Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount for Current Period (RMB) | Amount for Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 113,941,685.28 | 61,318,938.73 | | Non-operating Income | 36,985.93 | 93,931.84 | | Total | 113,978,671.21 | 61,412,870.57 | XII. Risks Related to Financial Instruments