Core Viewpoint - The financial report of Tongxing Environmental Technology Co., Ltd. for the first half of 2025 shows significant growth in revenue and net profit compared to the same period in 2024, indicating a positive trend in the company's financial performance [1][4]. Financial Performance - Total operating revenue for the first half of 2025 reached CNY 404,922,215.94, an increase from CNY 303,339,565.55 in the same period of 2024, representing a growth of approximately 33.5% [4]. - Total operating costs increased to CNY 324,717,159.37 from CNY 294,234,942.09, reflecting a rise of about 10.4% [4]. - The net profit for the first half of 2025 was CNY 52,649,493.66, compared to CNY 22,507,165.92 in the previous year, marking a substantial increase [5]. Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 2,557,084,349.57, up from CNY 2,464,184,463.02 at the beginning of the year [2][3]. - Total liabilities increased to CNY 767,647,845.08 from CNY 667,878,167.28, indicating a rise in the company's obligations [2][3]. - Total equity decreased slightly to CNY 1,789,436,504.49 from CNY 1,796,306,295.74, showing a minor reduction in shareholder equity [2][3]. Cash Flow - Net cash flow from operating activities for the first half of 2025 was CNY 125,636,687.68, compared to CNY 68,505,457.30 in the same period of 2024, indicating improved cash generation [6]. - Cash and cash equivalents at the end of the period were CNY 423,929,860.08, reflecting a decrease from CNY 527,843,314.31 at the beginning of the year [7]. Earnings Per Share - Basic and diluted earnings per share for the first half of 2025 were both CNY 0.40, up from CNY 0.15 in the same period of 2024, indicating a significant improvement in profitability per share [5].

Core Viewpoint - The company reported a decline in revenue for 2024 but achieved significant growth in net profit, indicating a potential shift in focus towards more profitable ventures such as sodium-ion battery materials [1][5]. Financial Performance - The company's revenue for 2024 was 724 million yuan, a decrease of 6.56% year-on-year [1]. - Net profit attributable to shareholders was 39.03 million yuan, an increase of 52.82% year-on-year [1]. - The asset-liability ratio at the end of 2024 was 27.10%, down by 7.74 percentage points year-on-year [1]. - The net cash flow from operating activities was 107 million yuan, up by 30.77% year-on-year [1]. Sodium-Ion Battery Business Development - The company has completed the preliminary planning for its sodium-ion battery materials factory, with production lines to be built based on product maturity and market demand [2][7]. - The first phase of the project aims for an annual production capacity of 6,000 tons of sodium-ion battery cathode materials [2][7]. - The sodium-ion battery cathode materials have reached the third generation, with a pilot production line achieving mass production [6]. Strategic Partnerships and Research - The company has shifted its research focus from a collaboration with the University of Science and Technology of China to a partnership with Southwest University, resulting in the development of new patents and a joint venture for sodium-ion battery research [5][6]. - The company has sent samples of its second-generation sodium-ion battery cathode materials to nearly 20 companies for testing, receiving positive feedback on performance metrics [6]. Future Growth and Strategic Direction - The company aims to achieve its first orders for sodium-ion battery cathode materials by 2025 [8]. - The chairman emphasized a strategic focus on mergers and acquisitions of "small but beautiful" companies and high-quality assets to enhance growth [8]. - The company is transitioning towards a business model centered on pollution reduction and carbon neutrality, with plans to expand into carbon capture and utilization (CCUS) technologies [8].