Core Viewpoint - Tianshan Co. announced the public transfer of production capacity indicators for two clinker production lines, totaling 4,500 tons per day, equivalent to 1.35 million tons, for a price of 80.4 million yuan [1] Group 1 - The buyer of the production capacity indicators is a subsidiary of Gansu Qilian Mountain Cement Group [1] - The transaction is classified as a related party transaction due to the former executive Wang Luyan being the chairman of Qilian Mountain Cement [1] - The board of directors approved the transaction on December 12 [1] Group 2 - The expected impact on the current net profit is approximately 65.24 million yuan, accounting for 10.90% of the total [1] - From early 2025 to the disclosure date, the cumulative related party transactions between the company and Qilian Mountain Cement amount to approximately 810 million yuan [1]

Core Viewpoint - The company is planning to spin off its subsidiary, Shenhuo New Materials Technology Co., Ltd., for a separate listing to enhance its aluminum processing business and organizational structure [5][6][7]. Group 1: Company Overview - The company has not changed its controlling shareholder or actual controller during the reporting period [5]. - The company plans not to distribute cash dividends or issue bonus shares [3]. Group 2: Key Events - The board approved the spin-off of Shenhuo New Materials Technology Co., Ltd. on June 13, 2023, to support the development of the aluminum processing sector [5][6]. - Shenhuo New Materials will acquire 51% of the shares of Shangqiu Sunshine Aluminum Co., Ltd. and 100% of the equity of Yunnan Shenhuo New Materials Technology Co., Ltd. [6]. - The company is actively progressing with the spin-off listing [7]. Group 3: Bankruptcy Restructuring - Henan Youse Huiyuan Aluminum Co., Ltd. is undergoing bankruptcy restructuring due to severe losses and inability to continue operations [8]. - A new investor, Pingdingshan Xinglu Trading Co., Ltd., has been recruited through public bidding, with an investment amount of 353.5 million yuan [8][9]. - As of the reporting period, the company has recovered 128 million yuan in debts related to Huiyuan Aluminum [10]. Group 4: Board Meeting Resolutions - The board meeting on August 15, 2025, approved the 2025 semi-annual report and the public transfer of coal production capacity indicators from Xinzhang Coal Mine [13][14]. - The coal production capacity of Xinzhang Coal Mine was reduced from 2.25 million tons/year to 1.8 million tons/year, resulting in a surplus capacity of 720,000 tons/year [13].