岷山环能的保荐机构（主承销商）是德邦证券股份有限公司，保荐代表人是蔡畅、陈培生。 根据《中国证券监督管理委员会行政许可实施程序规定》第二十一条的规定，中国证监会决定终止 岷山环能向不特定合格投资者公开发行股票并在北交所上市注册程序。 岷山环能是一家集原生资源清洁生产、再生资源回收利用、高新材料制造为一体的资源生产和资源 综合利用企业。岷山环能实际控制人为何秋安、王爱云、何占源。报告期内，公司控股股东、实际控制 人未发生变化。 岷山环能拟在北交所发行股票总数不超过7,000.00万股（含本数，未考虑超额配售选择权的情况 下）或不超过8,050.00万股（含本数，全额行使本次股票发行的超额配售选择权的情况下），公司及主 承销商可以根据具体发行情况择机采用超额配售选择权，采用超额配售选择权发行的股票数量不得超过 本次发行股票数量的15%（即不超过1,050.00万股），且发行后公众股东持股比例不低于股本总额的 25%、发行对象不少于100人、发行后股东人数不少于200人为前提。 岷山环能拟募集资金29,547.29万元，用于用户侧电化学储能电站项目（一期）、退役动力电池梯次 利用及回收项目（一期）、网络智能化城市矿 ...

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].