Beijet Group Co., Ltd. 2025 Annual Report Summary

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Stock Code: 300774 Stock Abbreviation: Beijete Announcement No.: 2026-014

1. Important Notice

This summary of the annual report is derived from the full annual report. To fully understand the company’s operating results, financial condition, and future development plans, investors should carefully read the full annual report on the media designated by the China Securities Regulatory Commission.

All directors attended the board meeting that reviewed this report.

Tianjian Certified Public Accountants (Special General Partnership) issued an unqualified opinion on the company’s financial report for the year.

Non-standard audit opinion indication

□ Applicable √ Not applicable

The company was not profitable at the time of listing and has not yet achieved profitability.

□ Applicable √ Not applicable

Profit distribution plan or capital reserve conversion plan approved by the board of directors for the reporting period.

√ Applicable □ Not applicable

The profit distribution plan approved by the board of directors for this period is: based on 408,763,660 shares, a cash dividend of 0.25 yuan (tax included) per 10 shares will be distributed to all shareholders; no bonus shares will be issued; and no capital reserve will be converted into share capital.

The company’s proposed profit distribution plan for preferred shares, approved by the board of directors.

□ Applicable □ Not applicable

2. Basic Company Information

3. Company Overview

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2. Main Business or Product Introduction During the Reporting Period

Beijete’s main business focuses on industrial water treatment, resource recycling of high-salinity wastewater, and comprehensive development of salt lakes for lithium extraction and other minerals. Relying on independently developed core technologies such as zero-discharge salt separation of high-salinity wastewater, high-efficiency reuse of recycled water, reduction processes for complex high-salinity wastewater, and standard discharge technology for saline and phenolic wastewater, the company provides water treatment solutions, operational management, technical services, product manufacturing, and sales. Its service fields include coal chemical industry, petrochemical, coking, salt lake lithium extraction, seawater desalination, industrial parks, heavy metal wastewater, biochemistry, electronics, and semiconductors. It is a leading domestic provider of comprehensive solutions for wastewater resource recycling in the industrial sector.

The company divides its main business into three parts: water treatment solutions, operational management and technical services, and product manufacturing and sales. The specific details are as follows:

1. Water Treatment Solutions

Water treatment solutions mainly target large industrial and municipal water treatment needs, as well as resource utilization of salt lakes, seawater, underground brine, etc., providing design, equipment manufacturing, system integration, installation, commissioning, and trial operation services. Depending on project requirements, the company undertakes full-process or phased services. Business models mainly include EP and EPC. EP provides system design, equipment manufacturing, and system integration without civil construction; EPC includes civil construction services in addition to EP scope. Based on market field and whether resource recycling is involved, solutions are categorized into wastewater resource recycling, deep water treatment, and resource utilization of salt lakes, underground brine, and seawater.

(1) Wastewater Resource Recycling

Water resource recycling involves treating wastewater and reusing the regenerated water in industrial or municipal sectors to achieve water cycle utilization.

In municipal wastewater reuse: The company independently developed and implemented municipal wastewater reuse technology as early as 2008, successfully applying it in multiple projects, including a notable application in the Zhongshi recycled water project, which won the “Second Prize for Scientific and Technological Progress from Sinopec.”

In industrial parks and industrial enterprise wastewater recycling: The company uses its自主研发的GT series medium-high pressure membrane system to treat wastewater, achieving reuse rates over 90%. This system has been applied in projects such as Zhongtian wastewater and Zhongke refining water reuse. The “Shihua Municipal + Industrial Park Wastewater Linkage Treatment” project in Wuhai Uda District adopts a staged collection and linkage treatment approach for heavily polluted, lightly polluted industrial wastewater, and municipal sewage, meeting first-class standard A or enterprise reuse water standards. After operation, nearly 100% of wastewater is reused, eliminating environmental pollution. Annually, about 7.3 million tons of industrial water are saved.

High-salinity wastewater resource recycling: Zero-discharge salt separation of high-salinity water extracts inorganic salts from wastewater for industrial use, enabling inorganic salt resource recycling. This is a key step toward zero wastewater discharge. The company’s自主研发的高含盐废水零排放分盐技术 has been applied in projects like Zhongmei Yu Xing’s integrated water treatment zero-discharge salt separation project and Hongbo coking wastewater zero-discharge salt separation project. The Zhongmei Yu Xing Phase II project, with a salt separation capacity of 110,000 tons, was rated as “overall reaching international advanced level, with some units at the international leading level” by experts organized by the China Chemical Environmental Protection Association.

(2) Deep Water Treatment

Deep water treatment includes high-difficulty wastewater and water supply treatment, as well as chemical water treatment, providing solutions without resource recycling objectives.

A. High-difficulty wastewater treatment

This involves treating complex, high-pollutant industrial wastewater to meet discharge standards. The company’s core technology for high-salinity phenolic wastewater has been applied in Sinopec and Saudi Aramco joint projects, saving over 40 million yuan annually and reducing costs by 70%.

B. Water supply and chemical water treatment

This includes treatment of natural water sources, boiler feedwater, and condensate water. The company has undertaken multiple projects, such as the Zhangjiagang Lianfeng Steel Water Purification Plant (112,000 m3/d), which addresses seasonal water quality fluctuations, and the Sinopec refining condensate water project, serving one of the largest joint ventures in China.

In 2022, the company undertook chemical water and condensate water treatment for ExxonMobil’s Huizhou ethylene project, one of China’s first major foreign-invested projects and a leading global chemical complex, marking the company’s entry into international markets.

(3) Salt Lake Lithium Extraction and Resource Utilization of Underground Brine and Seawater

In 2021, the company won all five lots of the core equipment for the 10,000-ton lithium extraction project at Zabuye Salt Lake in Tibet, marking its entry into salt lake lithium extraction. This success stems from years of research on high-salinity wastewater salt extraction processes. Leveraging technical expertise and operational experience, the company maximizes resource utilization of salt lakes, including elements like potassium, rubidium, cesium, and boron, to enhance lithium recovery and economic benefits.

To protect Tibet’s fragile ecology and implement strict environmental policies, the company has established joint laboratories with Tibet Mining Development Co., Ltd., Wanhua Chemical Group Battery Materials Technology Co., Ltd., and the China Geological Survey Institute of Mineral Resources, focusing on resource and environmental research and green, efficient development. In 2023, the company partnered with Tibet Zabuye Lithium High-Tech Co., Ltd. to build a comprehensive development and R&D base, which achieved stable lithium carbonate production within six months, solidifying its technological leadership in salt lake resource development. Future plans include optimizing technical routes for comprehensive utilization of lithium, freshwater, acids, alkalis, and other products.

China’s lithium resources are abundant, with salt lake brine accounting for 90%, mainly in Qinghai and Tibet. In the era of green energy driven by carbon neutrality and peak carbon, salt lake lithium development will accelerate, offering broad prospects for salt lake lithium extraction technology. Beijete will leverage its technological and experience advantages to expand related businesses.

2. Operational Management and Technical Services

With strong technical strength and quality service, the company provides operational management, design, R&D, on-site technical guidance, equipment cleaning, and problem diagnosis services.

Operational management is a key part of the company’s main business. Relying on自主研发的核心技术 and professional staff, a good brand image built during project construction, and strong customer relationships, the company undertakes and operates water treatment projects for clients.

During the reporting period, the company’s operation management projects are mainly acquired through: ① BOT, PPP, and other methods; ② recognition of water treatment solutions’ quality and technology, leading to continued operation or management of related projects; ③ direct market acquisition.

The company has established a digital smart center to meet unmanned/low-man operation needs, reduce costs, and ensure operational safety.

3. Product Manufacturing and Sales

The company has modern, specialized manufacturing bases in Zhengzhou and Wuhai, responsible for producing and selling core water treatment equipment, supporting devices, chemicals, and integrating modular R&D, manufacturing, and sales for some equipment. Its product business mainly includes ultrafiltration units, reverse osmosis units, concentration devices, dosing equipment, containers, filters, and related accessories, membranes, and water treatment chemicals.

4. Key Financial Data and Indicators

(1) Major financial data and indicators for the past three years

Does the company need to retrospectively adjust or restate previous years’ financial data?

□ Yes √ No

(Unit: Yuan)

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(2) Major quarterly financial data

Unit: Yuan

■

Are the above financial indicators or their totals significantly different from the related financial indicators disclosed in the company’s quarterly or semi-annual reports?

□ Yes √ No

5. Share Capital and Shareholder Information

(1) Top 10 shareholders and voting rights restored preferred shareholders’ shareholding

Unit: Shares

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Shareholders holding more than 5%, top 10 shareholders, and top 10 unrestricted circulating shareholders involved in securities lending and return transactions

□ Applicable √ Not applicable

Changes in shareholding due to securities lending/return by top shareholders and unrestricted circulating shareholders

□ Applicable √ Not applicable

Does the company have any arrangements for differences in voting rights?

□ Yes √ No

(2) Total preferred shareholders and top 10 preferred shareholders’ shareholding

The company had no preferred shareholders during the reporting period.

(3) Ownership and control relationship diagram between the company and the actual controller

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5. Bonds Outstanding as of the date of approval of the annual report

□ Applicable √ Not applicable

Third, Major Events

1. On May 29, 2025, the company’s Fourth Board of Directors held its seventh meeting, approving the “Proposal on Deregistering Branches,” agreeing to cancel Beijete Group Co., Ltd.’s former Ping Branch and Ma’anshan Branch. On August 4, 2025, Ma’anshan Market Supervision Administration issued a registration notice for Beijete Group Co., Ltd.’s Ma’anshan Branch, which has completed deregistration. The deregistration process for the former Ping Branch is still underway. Details are available on the China Securities Journal (CNINFO).

2. The company held the Fourth Board of Directors’ Eighth Meeting and the First Extraordinary Shareholders’ Meeting on June 23 and July 9, 2025, respectively, approving proposals including the “2025 Private Placement Plan.” The company plans to issue no more than 122.6291 million shares to specific investors to raise 1 billion yuan for projects such as the Kashgar North Water Supply Capacity Enhancement and Sewage Treatment Plant, the EPC project for the full water treatment system upgrade at Shanxi Zhongmei Pingluo Energy Chemical Co., Ltd., and working capital. On September 12, 2025, the company held the Tenth Meeting of the Fourth Board, approving the “2025 Private Placement Plan (Revised Draft),” and adjusting the use of raised funds accordingly. The private placement is progressing according to legal procedures and plans. Details are available on CNINFO.

3. On December 5, 2025, the company disclosed the “Notice on Signing a Framework Agreement for Equity Acquisition by a Wholly-Owned Subsidiary,” stating that Beijete (Beijing) New Materials Technology Co., Ltd. signed a Framework Agreement on December 4, 2025, with Liang Dakun, Liang Dajuan, and Liang Dafang, intending to acquire controlling interest in Yunnan Wenye Nonferrous Metals Co., Ltd. The agreement is preliminary and non-binding; the implementation and formal acquisition depend on due diligence, audits, and negotiations, with final approval required. The transaction’s final terms and amounts are uncertain. The company will disclose relevant progress in accordance with laws. Details are available on CNINFO.