Core Insights - The Ministry of Natural Resources has released the "2024 National Seawater Utilization Report," highlighting significant developments in seawater desalination and cooling water usage in China [1] Desalination Developments - In 2024, there are 158 existing seawater desalination projects in China, with a total capacity of 2.856 million tons per day, an increase of 333,000 tons per day compared to 2023 [1] - Coastal provinces such as Tianjin, Shandong, Jiangsu, and Zhejiang are actively advancing large-scale seawater desalination projects to ensure reliable water supply for high-water-consuming industries like power, petrochemicals, and steel [1] - Breakthroughs have been made in domestically developed seawater desalination equipment, with the fifth production line of the Tianjin Nangang Industrial Zone's integrated seawater desalination and comprehensive utilization project achieving full localization of key equipment such as reverse osmosis membranes, high-pressure pumps, and energy recovery devices [1] Cooling Water Usage - The total seawater cooling water usage in 2024 is projected to be 188.336 billion tons, an increase of 2.957 billion tons from 2023 [1] - Provinces including Liaoning, Shandong, Jiangsu, Zhejiang, Fujian, and Guangdong have annual seawater cooling water usage exceeding 10 billion tons [1] - Regions such as Tianjin, Hebei, Shandong, and Fujian are actively developing and transforming technologies for seawater extraction of bromine and potassium, exploring efficient and diversified utilization of seawater resources to enhance resource efficiency [1]

近日，自然资源部海洋战略规划与经济司发布《2024年全国海水利用报告》。《报告》显示，2024年全 国现有海水淡化工程158个，工程规模285.6万吨/日，比2023年增加了33.3万吨/日。天津、山东、江 苏、浙江等沿海省市积极推进大型海水淡化工程建设，为沿海电力、石化、钢铁等高耗水行业用水提供 可靠水源保障。自主研发的海水淡化装备产品取得突破，天津南港工业区先达海水淡化及综合利用一体 化项目第五条生产线(3万吨/日)反渗透膜、高压泵、能量回收装置等关键装备实现全国产化。 ...

Core Viewpoint - The audit report outlines the transitional profit and loss situation of Shaanxi Changling Electronic Technology Co., Ltd. from October 1, 2023, to March 31, 2025, detailing the company's historical background, capital structure changes, and the implications of recent equity transfers [1][2][5]. Company Background - Shaanxi Changling Electronic Technology Co., Ltd. was established in 2001, evolving from the state-owned Changling Machinery Factory founded in 1957, which was a key project during China's First Five-Year Plan [1]. - The company is a significant player in the military electronics sector, designated as a key backbone enterprise for the design, research, and production of military electronic products [1]. Capital Structure - The initial registered capital of the company was 416.2044 million yuan, which was later reduced to 348.2345 million yuan following a resolution by the shareholders [1]. - The current capital structure includes major shareholders such as China Huarong Asset Management Co., Ltd. (59.13%), China Construction Bank (11.86%), and others, totaling 421.4845 million yuan [2]. Equity Transfers - In 2013, a settlement agreement was reached regarding litigation over state funding, leading to a capital increase of 73.25 million yuan by Changling Industrial, adjusting its contribution to 88.6745 million yuan [2]. - The company underwent further equity adjustments, with significant transfers to Shaanxi Yinfeng Electronic Co., Ltd., resulting in a new ownership structure where Yinfeng holds 98.395% of the shares [4][6]. Financial Reporting Period - The transitional profit and loss statement covers the period from October 1, 2023, to March 31, 2025, and is based on the assumption of ongoing operations [5][6]. - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance with relevant regulations [5][7]. Accounting Policies - The company has established specific accounting policies and estimates based on its operational characteristics, with a fiscal year aligned with the calendar year [7]. - The company recognizes significant financial instruments and their valuation methods, including the treatment of foreign currency transactions and financial assets [19][20][23].