Core Points - The company, Bingyang Technology, is a leading producer of expanded clay aggregate in China, established in April 2003 and listed on the Beijing Stock Exchange in December 2020 [1] - The company reported a revenue of 401 million yuan in Q3 2025, ranking 7th among 12 companies in the industry [2] - The company's net profit for the same period was 46.72 million yuan, also ranking 7th in the industry [2] Financial Performance - Revenue composition shows that expanded clay aggregate contributed 143 million yuan (54.03%), quartz sand 114 million yuan (43.32%), and oil extraction additives 6.90 million yuan (2.62%) [2] - The company's asset-liability ratio was 39.35% in Q3 2025, higher than the industry average of 32.68% [3] - The gross profit margin was 20.30%, which is below the industry average of 23.72% [3] Management Compensation - The chairman, Fan Rong, received a salary of 731,000 yuan in 2024, an increase of 35,000 yuan from 2023 [4] - The general manager, Li Rucheng, earned 152,400 yuan in 2024, up by 29,500 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.89% to 4,950 [5] - The average number of circulating A-shares held per shareholder increased by 8.63% to 16,000 [5]

Core Viewpoint - The establishment of a coal-based solid waste resource utilization production line in Shenmu City, Shaanxi Province, marks a significant step towards the industrialization of coal-based solid waste recycling in China, utilizing waste materials such as fly ash and coal gangue to produce low-carbon building materials [1][2]. Group 1: Production and Technology - The production line has an annual capacity of 600,000 cubic meters of cloud concrete stone, effectively transforming solid waste into high-value building materials [1][2]. - The research team has developed a comprehensive process package for recycling coal-based solid waste into microcrystalline glass, cloud concrete stone, and expanded clay, creating a pathway from "black waste" to "green building materials" [2][3]. - The Shenmu production line is described as a "solid waste digestive system," capable of processing 600,000 tons of solid waste annually [2]. Group 2: Economic and Environmental Impact - The Shenmu cloud concrete stone production line generates an average annual profit exceeding 20 million yuan, demonstrating the economic viability of solid waste resource utilization [3]. - The projects not only showcase the potential for environmental protection and economic benefits to coexist but also highlight the vast market for solid waste resource utilization [3]. - The initiative aligns with China's dual carbon goals, emphasizing the importance of solid waste recycling in environmental governance, energy security, industrial upgrading, and a low-carbon future [3].

Core Viewpoint - The establishment of a coal-based solid waste resource utilization production line in Shenmu City, Shaanxi Province, marks a significant step towards the industrialization of coal-based solid waste recycling in China, utilizing waste materials such as fly ash and coal gangue to produce high-value construction materials like cloud concrete stone [1][2]. Group 1: Production and Technology - The production line has an annual capacity of 600,000 cubic meters of cloud concrete stone, effectively acting as a "solid waste digester" by consuming 600,000 tons of solid waste annually [2]. - The research team has developed a comprehensive process package for recycling coal-based solid waste into microcrystalline glass, cloud concrete stone, and ceramic particles, successfully transforming "black waste" into "green building materials" [2][3]. - The team has established three industrial demonstration lines that cover various products, paving the way for large-scale and high-value utilization of coal-based solid waste [2]. Group 2: Economic and Environmental Impact - The Shenmu cloud concrete stone production line generates an average annual profit of over 20 million yuan, demonstrating the potential for waste-to-resource transformation [4]. - The projects showcase that environmental protection and economic benefits can coexist, highlighting the vast market potential for solid waste resource utilization [4]. - The initiative aligns with China's dual carbon goals, emphasizing the importance of solid waste resource utilization in environmental governance, energy security, industrial upgrading, and a low-carbon future [4].

Core Viewpoint - The transformation of coal-based solid waste from a burden to a resource is essential for environmental protection and clean coal production, with innovative technologies paving the way for sustainable utilization [1][2][3] Group 1: Industry Overview - Traditional methods of handling coal-based solid waste primarily involve landfilling, leading to significant environmental pollution and land occupation [1] - Approximately 1.5 billion tons of new coal-based solid waste is generated annually in China, making it the largest industrial solid waste category [1] - The lack of mature resource utilization technologies and poor market effects hinder the large-scale and high-quality utilization of coal-based solid waste [1] Group 2: Technological Innovations - A new production line for coal-based solid waste preparation, designed by a research team from Xi'an University of Architecture and Technology and funded by Shaanxi Building Materials Technology Group, has been successfully launched, producing 600,000 cubic meters of cloud concrete annually [1][2] - The team has developed key technologies for low-carbon building materials from coal-based solid waste, establishing three industrial demonstration lines [2] - The cloud concrete project in Shenmu can process 600,000 tons of solid waste annually, generating over 100 million yuan in sales and more than 20 million yuan in profit [2] Group 3: Future Prospects - The ongoing innovation in technology and the establishment of representative solid waste resource utilization factories are crucial for bridging the gap between laboratory research and industrial application [3] - The team aims to continue enhancing technology research and industrial transformation, promoting a deep integration of production, education, and research to turn waste into valuable resources [3]

General Provisions - The company is established as a joint-stock limited company in accordance with the Company Law and other relevant regulations [1] - The company was approved by the China Securities Regulatory Commission to issue 20,550,000 shares of common stock to the public on November 12, 2021 [1][3] - The registered capital of the company is RMB 149,591,086 [2] Business Objectives and Scope - The company's business objective is to create value for customers, provide returns for shareholders, and fulfill social responsibilities through technological progress and product innovation [3] - The business scope includes the production and sale of various materials such as coated sand, inorganic binders, and oil drilling technology services [3] Shares - The company issues shares in the form of stocks, adhering to principles of openness, fairness, and justice [4] - The total number of shares issued by the company is 149,591,086, all of which are common shares [4][5] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and access company documents [10] - Shareholders are obligated to comply with laws and regulations, pay for their subscribed shares, and not misuse their rights to harm the company or other shareholders [13] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting occurring within six months after the end of the previous fiscal year [48] - Shareholder meetings can be conducted in person or via electronic communication, and all shareholders have the right to attend and vote [50][51] Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring two-thirds approval [80][81] - Shareholders must avoid conflicts of interest during voting on related party transactions, ensuring that related shareholders abstain from voting [84]