Core Viewpoint - Company Minshan Environmental Energy has decided to terminate its application for public stock issuance and listing on the Beijing Stock Exchange, as announced on September 30, 2025 [1][10]. Group 1: Company Financial Performance - In the fiscal years 2022, 2023, and 2024, the company's operating revenues were CNY 2,599.01 million, CNY 2,939.72 million, and CNY 2,895.02 million, respectively [5]. - The net profit attributable to the parent company for the same years was CNY 46.12 million, CNY 61.25 million, and CNY 72.99 million, showing a consistent growth trend [5]. - For the first half of 2025, the company reported operating revenue of CNY 168.84 million, a year-on-year increase of 27.16%, and a net profit of CNY 41.26 million, up 13.72% [6][7]. Group 2: Assets and Liabilities - As of December 31, 2024, the total assets amounted to CNY 1,453.17 million, with total equity of CNY 739.65 million [6]. - The company's debt-to-asset ratio was 50.47% as of December 31, 2024, indicating a stable financial structure [6]. Group 3: IPO and Future Projects - The company submitted its application for public stock issuance on December 1, 2023, and the application was officially accepted by the Beijing Stock Exchange on December 8, 2023 [4]. - The planned fundraising amount for the IPO is CNY 295 million, which will be allocated to several projects, including a user-side electrochemical energy storage station and a retired battery recycling project [8][9]. Group 4: Shareholder Structure - The actual controllers of the company, He Qiunan, He Aiyun, and He Zhanyuan, collectively hold 59.61% of the voting rights at the shareholders' meeting [9].