Group 1 - Shandong Nuclear Power Marketing Co., Ltd. has been established with a registered capital of 200 million yuan [1] - The legal representative of the new company is Chen Hong [1] - The company's business scope includes market marketing planning, key technology research and development for waste heat power generation, seawater desalination treatment, greenhouse gas emission control technology research and development, and artificial intelligence basic software development [1] Group 2 - The company is wholly owned by Shandong Nuclear Power Co., Ltd. [1]

Core Viewpoint - The 23rd anniversary celebration of Boqi Environmental Protection highlights the company's growth alongside China's evolving environmental policies, marking its transformation from a startup to a leading player in the ecological environment governance sector [1]. Group 1: Company Development Stages - Boqi Environmental Protection was founded in 2002, focusing on flue gas desulfurization for coal-fired power plants, establishing a strong foundation in the environmental sector [2]. - The company ranked third in the national capacity for flue gas desulfurization in 2006 and achieved the highest operational performance for 600MW units that year [2]. - After going public in Japan in 2007, Boqi expanded its market reach internationally and diversified its business model to include operation maintenance and concession management [2]. - By 2018, Boqi listed on the Hong Kong Stock Exchange, entering a new phase of development that aligned with China's dual carbon goals, expanding its services to include comprehensive environmental solutions [4]. Group 2: Market Position and Achievements - According to Frost & Sullivan, Boqi ranked first among independent companies in China's coal-fired power plant desulfurization market in 2016, with a capacity of 66.5 GW, capturing 62.3% of the market share [3]. - The company successfully implemented advanced technologies in its projects, such as the integrated low-temperature SCR denitrification technology, achieving ultra-low emissions in its first steel operation project [4]. - Boqi's wastewater treatment project achieved near-zero discharge, marking a significant milestone in its environmental service capabilities [4]. Group 3: Strategic Initiatives and Future Outlook - In the 3.0 era, Boqi has engaged in strategic acquisitions and established a presence in hazardous waste treatment and resource recycling, contributing to its comprehensive service offerings [5]. - The implementation of new pollution control guidelines for waste photovoltaic components and wind turbine blades signifies Boqi's commitment to sustainable practices and regulatory compliance [5]. - The company is positioned to play a significant role in the renewable energy and resource recycling sectors, contributing to China's high-quality development in the environmental industry [6].

Group 1: New Energy and Materials Development - The company is actively developing photovoltaic and energy storage businesses, focusing on creating integrated low-carbon parks and communities, with sodium-ion battery materials still in the R&D phase and not yet industrialized [2][3] - The company plans to enhance R&D investment to maintain market competitiveness, especially in response to increasing customer demands and industry competition [3] Group 2: Financial Performance and R&D Investment - R&D expenses decreased by 37.27% year-on-year due to the sale of subsidiaries, which may impact technological innovation and product competitiveness [3] - The company reported a turnaround in Q1 2025, with net profit growth attributed to the reversal of credit impairment losses and reduced management expenses [3] Group 3: Business Adjustments and Market Strategies - The subsidiary Baole Interactive is experiencing continuous losses, prompting the company to consider adjusting its business structure to improve performance [4] - The company aims to maintain and expand market share in the anti-wear and corrosion business through technological, model, and management innovations [4] Group 4: Revenue Trends and Market Expansion - The acoustic noise reduction business saw a significant revenue decline of 59.35% year-on-year, with plans to enhance technology and expand market presence in industrial and transportation noise reduction [4] - The company is committed to the stable income contribution from the Ningde Hengmao waste heat power generation project while actively seeking to expand market share through mergers or EPC models [4]