格隆汇8月28日丨北京控股环境集团(00154.HK)发布公告，截至2025年6月30日止六个月，集团持续经营 业务的收入为人民币7.22亿元，同比减少约10.1%；公司股东应占期内溢利为人民币1.27亿元，同比减 少约4.7%，每股基本及摊薄盈利为人民币8.47分。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：154） 截至二零二五年六月三十日止六個月 簡明中期業績公佈 摘要 1 • 截至二零二五年六月三十日止六個月，本集團持續經營業務之收入為人民幣 72,236萬元，較去年同期之人民幣80,323萬元減少約10.1%。 • 本集團期內息稅折舊攤銷前溢利為人民幣34,789萬元，較去年同期之人民幣 32,846萬元增加約5.9%。 • 本公司股東應佔期內溢利為人民幣12,713萬元，較去年同期之人民幣13,345萬 元減少約4.7%。 • 每股基本及攤薄盈利為人民幣8.47分。 • 於二零二五年六月三十日，本公司股東應佔每股淨資產為人民幣2.54元。 • 董事會不建議派發期內中期股息。 北京控股環境集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月之未經審核中期 簡明綜合業績連同去年 ...

Group 1 - The company, Beijing Enterprises Environment Group (00154.HK), announced a board meeting scheduled for August 28, 2025, in Hong Kong to approve the publication of its interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend, if applicable [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：154） 董事會召開日期 北京控股環境集團有限公司（「本公司」）董事會（「董事會」）宣佈將於二零二五 年八月二十八日（星期四）在香港灣仔港灣道十八號中環廣場六十六樓舉行董事 會會議，藉以（其中包括）批准刊發本公司及其附屬公司截至二零二五年六月三 十日止六個月的中期業績公佈，以及考慮派發中期股息（如有）。 香港，二零二五年八月十五日 於本公佈日期，本公司董事會由五名執行董事包括陳新國先生、沙寧女士、于杰先生、 李艾先生和吳光發先生，及五名獨立非執行董事包括宦國蒼博士、王建平博士、張明 先生、苗莉女士和羅勝強博士組成。 承董事會命 北京控股環境集團有限公司 公司秘書 黃國偉 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 北京控股環境集團有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00154 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,500,360,150 | | 0 | | 1,500,360,150 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - As of July 18, 160 stocks reached their 52-week highs, with notable performances from China New Economy Investment (00080), Aoyuan Group Equity (02905), and Zhong An Holdings Group (08462) showing high growth rates of 288.89%, 55.28%, and 50.00% respectively [1][2]. Summary by Category 52-Week High Performers - China New Economy Investment (00080) closed at 0.440, with a peak price of 0.700, achieving a growth rate of 288.89% [2]. - Aoyuan Group Equity (02905) closed at 0.218, with a peak price of 0.250, achieving a growth rate of 55.28% [2]. - Zhong An Holdings Group (08462) closed at 0.221, with a peak price of 0.228, achieving a growth rate of 50.00% [2]. - Other notable performers include Hualian International (00969) with a growth rate of 40.13% and Zhongke Bio (01237) with a growth rate of 37.25% [2]. Additional High Performers - Wanma Holdings (06928) closed at 0.550 with a growth rate of 30.43% [2]. - Lepu Biopharma-B (02157) closed at 7.940 with a growth rate of 24.54% [2]. - Other stocks with significant growth include ZhiJianYueDong (06860) at 17.14% and China Jindian Group (08281) at 17.12% [2]. 52-Week Low Performers - The document also lists stocks that reached their 52-week lows, with XI Ernan CO-U (09311) showing a decline of 16.10% [6]. - Other notable declines include XI Ernan CO (07311) at -12.62% and Haotian International Construction Investment (01341) at -5.70% [6].

Financial Performance - The company achieved an operating revenue of RMB 1.664 billion in 2024, with a total profit of RMB 377 million, marking an increase compared to the previous year[11] - The company recorded a revenue of RMB 1.66412 billion for the year, an increase of 3.2% compared to RMB 1.61180 billion last year[22] - Solid waste treatment and electricity and steam sales generated revenue of RMB 1.27586 billion, up 12.4% from RMB 1.13542 billion last year[22] - For continuing operations, EBITDA was RMB 7.3084 billion, an increase of 6.9% or RMB 469.1 million from RMB 6.8393 billion last year, while net profit rose by 30.7% to RMB 3.2637 billion from RMB 2.4979 billion[31] - The company reported a pre-tax profit from continuing operations of RMB 376,784,000, up 48.4% from RMB 253,826,000 in 2023[178] - Total comprehensive income for the year was RMB 299,581 thousand, compared to RMB 213,141 thousand in 2023, indicating a growth of 40.5%[174] Waste Treatment and Environmental Initiatives - The waste treatment volume exceeded 4.66 million tons, and the electricity generated reached over 1.45 billion kWh, both showing growth from the previous year[11] - The company processed 4.37 million tons of household waste in 2024, approximately 12,000 tons per day, representing a year-on-year growth of 3.8%[18] - The company generated 1.728 billion kWh of electricity, a 7.8% increase from the previous year[18] - The company has successfully applied for over 730,000 green certificates in carbon asset development, indicating significant progress in environmental initiatives[11] - The company aims to contribute to building a beautiful China and a waste-free city through its operational strategies[13] - The company emphasizes sustainable development and invests in energy-saving and emission-reduction technologies[141] Operational Efficiency and Market Expansion - The company plans to enhance operational efficiency and sustainable development capabilities in response to the green transformation of the economy[13] - The company is actively expanding its market presence through light asset businesses such as equipment contracting and entrusted operations[12] - The company plans to focus on expanding the solid waste treatment market and enhancing operational efficiency to achieve its strategic goals by 2025[21] - The company reported a significant increase in diversified revenue from collaborative sludge disposal and external heating supply compared to the previous year[11] Financial Management and Cost Control - The company’s administrative expenses decreased by 11.6% to RMB 1.7312 billion due to effective cost control measures[27] - The company’s financial costs decreased by 31.9% to RMB 1.1111 billion, primarily due to the repayment of an RMB 800 million loan[28] - The company’s total liabilities decreased significantly, with bank loan repayments amounting to RMB 78,684,000, down from RMB 573,809,000 in 2023[179] - The company’s cash flow from financing activities generated RMB 110,013,000, a recovery from a net outflow of RMB 1,349,091,000 in the previous year[179] Governance and Management - The company has a diverse board with members holding advanced degrees from prestigious institutions, enhancing its strategic decision-making capabilities[63][64][65][66][67][68][69] - The company emphasizes a culture of integrity and requires all directors and management to adhere to a code of conduct related to integrity and ethical behavior[74] - The company has appointed a new independent non-executive director, Ms. Miao Li, on May 22, 2024[77] - The company’s management team has extensive experience in planning, market development, and engineering construction[70] - The company has established an internal audit department to regularly review its internal control systems, ensuring any significant deficiencies are addressed[96] Risk Management and Compliance - The company emphasizes risk management and compliance, focusing on internal control mechanisms and ESG system construction[12] - The board is responsible for risk management and internal control systems, continuously assessing and managing major risks in areas such as safety and financial security[96] - The company has confirmed that its risk management and internal control systems are adequate and effective[97] Employee and Social Responsibility - The group has approximately 1,200 employees as of December 31, 2024, with compensation based on performance, experience, and market practices[117] - The company continues to improve employee welfare, training, and occupational health and safety policies[144] - The group made charitable donations totaling approximately RMB 180,000 during the year[150] Audit and Financial Reporting - The audit report was issued without reservation, confirming the integrity of the financial statements as of March 27, 2024[163] - The company’s governance is responsible for overseeing the financial reporting process and ensuring compliance with applicable accounting standards[167] - The auditors communicated significant audit findings and any material weaknesses in internal controls to the governance team[170] Shareholder Relations - The company emphasizes the importance of effective communication with shareholders and provides comprehensive operational and financial performance information through annual and interim reports[106] - The company did not recommend any dividend payment for the year[116]

Financial Performance - The group's revenue from continuing operations for the year was RMB 1.664 billion, an increase of 3.2% compared to RMB 1.612 billion last year[2]. - EBITDA for the year was RMB 710 million, up 7.3% from RMB 662 million in the previous year[2]. - Net profit attributable to shareholders for the year was RMB 286 million, a significant increase of 50% from RMB 191 million last year[2]. - Earnings per share for the year were RMB 19.1 cents, compared to RMB 12.7 cents in 2023[2]. - The company reported a total comprehensive income of RMB 299.6 million for the year, compared to RMB 213.1 million in the previous year[5]. - Operating profit for the year was RMB 488 million, an increase from RMB 417 million in the previous year[3]. - The company reported a net profit of RMB 326.37 million for the year, a 30.7% increase from RMB 249.79 million last year[68]. - Basic earnings per share from continuing operations increased to RMB 0.194 from RMB 0.126 in 2023, marking a growth of approximately 54%[39]. Assets and Liabilities - As of December 31, 2024, net assets attributable to shareholders were RMB 3.613 billion, an increase of 8.5% from RMB 3.329 billion a year earlier[2]. - The total assets as of December 31, 2024, were RMB 10.009 billion, compared to RMB 9.897 billion in 2023[6]. - The company’s total liabilities decreased to RMB 6.093 billion from RMB 6.241 billion in the previous year[7]. - The group reported current liabilities exceeding current assets by RMB 742,430,000 as of December 31, 2024, indicating a need for careful consideration of future liquidity[16]. - The net current liabilities decreased to RMB 742,430,000 in 2024 from RMB 1,077,908,000 in 2023, while total assets less current liabilities increased to RMB 6,326,842,000[51]. Revenue Segments - The revenue from solid waste treatment services was RMB 1,664,124,000, with a gross profit of RMB 603,059,000, resulting in a gross margin of approximately 36.2%[25]. - Revenue from the production and operation segment reached RMB 1.276 billion, reflecting a year-on-year growth of 12.4%, with a gross profit of RMB 555 million, up 8.5%[56]. - Solid waste treatment and electricity and steam sales generated revenue of RMB 1.27586 billion, up 12.4% from RMB 1.13542 billion last year[60]. - The engineering construction, equipment sales, and related services segment recorded revenue of RMB 388 million, a decrease of 18.5% year-on-year, with a gross profit of RMB 48 million, down 16.5%[57]. Costs and Expenses - The cost of waste treatment services increased to RMB 452,632,000 in 2024 from RMB 369,651,000 in 2023, an increase of about 22.4%[32]. - Total financial costs decreased to RMB 111,112,000 in 2024 from RMB 163,271,000 in 2023, a reduction of about 32%[33]. - Income tax expense for the year was RMB 68,545,000, down from RMB 103,532,000 in 2023, representing a decrease of approximately 33.8%[35]. - Administrative expenses were reduced by 11.6% to RMB 173.12 million due to effective cost control measures[64]. Capital Expenditure and Investments - The capital expenditure for the year was RMB 337,580,000, which includes investments in property, plant, and equipment[27]. - The total capital expenditure for the year amounted to RMB 338 million, primarily for the construction and renovation of waste incineration power plants[89]. Dividends and Shareholder Returns - The company did not recommend any dividend distribution for the year, consistent with the previous year[2]. - The company has no issued potential diluted ordinary shares as of the reporting date[44]. Accounting and Compliance - The group applied the revised Hong Kong Financial Reporting Standards (HKFRS) for the first time, effective from January 1, 2024, with no significant impact on financial position or performance[9][10]. - The group’s auditors issued an unqualified opinion on the consolidated financial statements for the two years, confirming compliance with relevant regulations[17]. - The audit committee reviewed and approved the financial performance and condition for the year ending December 31, 2024[97]. Operational Highlights - The company achieved a total waste processed of 4.37 million tons (approximately 12,000 tons/day) in 2024, representing a year-on-year increase of 3.8%[56]. - The electricity generated was 1.728 billion kWh in 2024, up 7.8% from the previous year, while the on-grid electricity volume increased by 7.4% to 1.449 billion kWh[56]. - The company successfully applied for 733,235 green certificates and traded over 18,800 tons of carbon emission allowances during the year[56]. Strategic Changes - The company has terminated the operations of the ecological construction services segment, which is not included in the reported figures[23]. - The company completed the sale of a 51% stake in Beijing Beikong Ecological Construction Group for RMB 41,488,000 in June 2024, marking a strategic divestment[36]. - The company aims to enhance capacity utilization of existing projects and expand into light asset businesses such as entrusted operations and equipment contracting[59].

[Company Information and Structure](index=2&type=section&id=Company%20Information%20and%20Structure) [Company Basic Information](index=2&type=section&id=Company%20Information) This chapter provides core information about the company's basic registration details, board of directors and committee members, main office addresses, website, stock code, auditor, and principal bankers - Company Chairman and CEO is **Mr. Chen Xinguo**, Dr. Huan Guocang, an independent non-executive director, chairs the Audit Committee, and Dr. Jin Lizuo chairs the Remuneration Committee[2](index=2&type=chunk) - The company's auditor is Ernst & Young, and its principal bankers include Bank of China (Hong Kong) and several major banks in mainland China[2](index=2&type=chunk) [Company Structure and Key Projects](index=3&type=section&id=Company%20Structure) The report outlines the company's equity structure, showing Beijing Enterprises Holdings Limited as the major shareholder, and lists multiple solid waste treatment projects, primarily waste-to-energy plants, operated in mainland China with their respective shareholding percentages - Beijing Enterprises Holdings Limited holds **49.23%** of Beijing Enterprises Environment Group Limited, making it the major controlling shareholder[3](index=3&type=chunk) - The company operates multiple waste-to-energy projects across Beijing, Jiangsu, Shandong, Hunan, Heilongjiang, Hubei, and Hainan, with most shareholdings exceeding **80%**, and some being **100%** owned[4](index=4&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=5&type=section&id=Business%20Review) In the first half of 2024, the company's core business was solid waste treatment with a total capacity of **12,850 tons per day**, achieving a **9.7%** year-on-year increase in operating revenue by expanding sludge co-disposal and heating businesses, while divesting the ecological construction services segment to focus on core operations [Continuing Operations: Solid Waste Treatment](index=5&type=section&id=Continuing%20Operations%EF%BC%9ASolid%20Waste%20Treatment%20Segment) In the first half of 2024, the solid waste treatment segment, as the core continuing operation, saw significant growth in overall operating metrics, with waste intake, power generation, and grid-connected power all increasing year-on-year, while co-processing businesses like heating and sludge treatment surged over **70%**, driving a **9.7%** increase in operating revenue and **13.2%** in gross profit, though engineering construction revenue declined **51%** due to fewer large projects Major Operating Data for H1 2024 | Indicator | H1 2024 | Year-on-Year Growth | | :--- | :--- | :--- | | Household Waste Intake | 2.2018 million tons | +8.7% | | Power Generation | 861 million kWh | +9.8% | | Grid-Connected Power | 725 million kWh | +9.5% | | Heating and Steam Supply | 70.3 thousand tons | +107.8% | | Sludge Treatment | 307 thousand tons | +74.8% | Segment Revenue and Gross Profit | Business Segment | H1 2024 Revenue (RMB) | Year-on-Year Change | H1 2024 Gross Profit (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Production and Operation Business | 614 million yuan | +9.7% | 289 million yuan | +13.2% | | Engineering Construction Business | 189 million yuan | -51% | 25 million yuan | -64.5% | [Discontinued Operations: Ecological Construction Services](index=6&type=section&id=Discontinued%20Operations%EF%BC%9AEcological%20Construction%20Services%20Segment) To focus resources on core solid waste treatment, the Group completed the sale of Beijing BEHL Ecological Construction Group Co., Ltd. equity in June 2024, formally terminating the ecological construction services business, which recorded a loss of **RMB 7.78 million** during the period - The company completed the sale of BEHL Ecological equity in June 2024, terminating its ecological construction services business to focus resources on the solid waste treatment market[8](index=8&type=chunk) - The discontinued ecological construction services business recorded a loss of **RMB 7.78 million** during the reporting period[8](index=8&type=chunk) [Outlook](index=6&type=section&id=Outlook) Facing a challenging market, the Group plans to seize strategic opportunities in the solid waste market during the critical '14th Five-Year Plan' period, focusing on enhancing existing project capacity utilization, securing new projects, and actively expanding asset-light businesses like entrusted operations and equipment EPC to create a second growth curve and elevate business performance - Future strategic priorities include enhancing existing project capacity, securing new market projects, and expanding asset-light businesses such as entrusted operations and equipment EPC to create a second growth curve[9](index=9&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) In the first half of 2024, the Group's total revenue from continuing operations was **RMB 803 million**, a **15.0%** year-on-year decrease, primarily due to a **51.0%** drop in waste-to-energy plant construction revenue, yet core solid waste treatment and power/steam sales revenue grew **9.7%**, gross profit slightly decreased **3.5%** to **RMB 313 million**, but overall gross margin improved from **34.3%** to **39.0%**, and profit for the period increased **2.6%** to **RMB 142 million** [Revenue and Gross Profit](index=6&type=section&id=Revenue%20and%20Gross%20Profit) For the six months ended June 30, 2024, the Group's continuing operations revenue decreased **15.0%** year-on-year to **RMB 803 million**, mainly due to a **51.0%** reduction in waste-to-energy plant construction revenue, while core waste treatment, power, and steam sales revenue grew **9.7%** to **RMB 614 million**, and gross profit slightly declined **3.5%** to **RMB 313 million**, but overall gross margin improved from **34.3%** to **39.0%** due to a higher proportion of high-margin operating business Segment Revenue and Gross Profit (For the six months ended June 30) | Item (RMB million) | 2024 Revenue | 2023 Revenue | 2024 Gross Profit | 2023 Gross Profit | 2024 Gross Margin | 2023 Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Solid Waste Treatment and Power & Steam Sales | 614.33 | 559.92 | 288.74 | 255.10 | 47.0% | 45.6% | | Waste-to-Energy Plant Construction and Related Services | 188.90 | 385.55 | 24.66 | 69.50 | 13.1% | 18.0% | | **Total** | **803.23** | **945.47** | **313.40** | **324.60** | **39.0%** | **34.3%** | [Other Income, Expenses and Tax](index=7&type=section&id=Other%20Income%2C%20Expenses%20and%20Tax) During the period, net other income and gains were **RMB 33.75 million**, a year-on-year decrease mainly due to reduced VAT refunds, administrative expenses increased **21.2%** to **RMB 102 million** with R&D expenses surging **55.9%**, finance costs significantly decreased **31.0%** to **RMB 56.03 million**, and income tax expense increased **18.8%** to **RMB 33.59 million** - Administrative expenses increased by **21.2%** year-on-year, primarily due to a **55.9%** increase in research and development expenses from **RMB 13.37 million** to **RMB 20.84 million**[14](index=14&type=chunk) - Finance costs significantly decreased by **31.0%** year-on-year, from **RMB 81.22 million** to **RMB 56.03 million**[16](index=16&type=chunk) - Income tax expense increased by **18.8%** year-on-year, with the effective tax rate rising from **17.1%** to **18.2%**[17](index=17&type=chunk) [EBITDA and Profit for the Period](index=8&type=section&id=EBITDA%20and%20Profit%20for%20the%20Period) In the first half of 2024, the Group's total EBITDA was **RMB 328 million**, a **8.3%** year-on-year decrease, however, total profit for the period increased **2.6%** to **RMB 142 million**, with profit from continuing operations growing **10.0%** to **RMB 151 million**, indicating strengthened profitability in core businesses effectively offsetting losses from discontinued operations Profit and EBITDA Summary (For the six months ended June 30, RMB million) | Item | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **Total** | | | | | EBITDA | 328.46 | 358.30 | -8.3% | | Profit for the period | 142.11 | 138.50 | +2.6% | | Profit attributable to equity holders of the Company | 133.45 | 131.60 | +1.4% | | **Continuing Operations** | | | | | EBITDA | 334.22 | 347.45 | -3.8% | | Profit for the period | 150.58 | 136.85 | +10.0% | | Profit attributable to equity holders of the Company | 141.23 | 130.51 | +8.2% | [Financial Position Analysis](index=9&type=section&id=Financial%20Position) As of June 30, 2024, the Group's total assets were **RMB 9.759 billion**, total liabilities were **RMB 6.030 billion**, and net assets were **RMB 3.729 billion**, with the company selling BEHL Ecological equity during the period and no other significant investments, while franchise rights increased due to the Shiyan project and contract assets significantly decreased due to the termination of ecological construction business, and total bank and other borrowings were **RMB 4.491 billion** with trade payables decreasing Balance Sheet Overview (RMB) | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | 9.759 billion yuan | 9.897 billion yuan | | Total Liabilities | 6.030 billion yuan | 6.241 billion yuan | | Net Assets | 3.729 billion yuan | 3.656 billion yuan | - The net book value of franchise rights increased by **RMB 69 million** to **RMB 2.789 billion**, primarily due to construction investment in the Shiyan project[26](index=26&type=chunk) - Contract assets significantly decreased by **RMB 290 million** to **RMB 82 million** due to the termination of ecological construction services[29](index=29&type=chunk) - Trade and bills receivables increased by **RMB 104 million** to **RMB 811 million**, mainly due to an increase in grid-connected electricity tariff receivables[31](index=31&type=chunk) [Liquidity and Financial Resources](index=11&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2024, the Group faced liquidity pressure with current liabilities (**RMB 3.773 billion**) exceeding current assets (**RMB 2.789 billion**), however, considering stable cash flows from solid waste treatment and the controlling company's commitment not to demand repayment of shareholder loans, the Board believes the Group has sufficient cash resources for continuous operation - As of the end of the reporting period, the Group's cash and cash equivalents were **RMB 1.173 billion**, and bank and other borrowings were **RMB 4.491 billion**[38](index=38&type=chunk) - The Group has a liquidity shortfall, with current liabilities exceeding current assets, but controlling companies Idata and Beijing Enterprises have pledged financial support and will not demand repayment of shareholder loans to ensure the company's liquidity[38](index=38&type=chunk) [Key Performance Indicators](index=12&type=section&id=Key%20Performance%20Indicators) During the reporting period, the company's profitability indicators for continuing operations improved, with gross margin, operating profit margin, and net profit margin all increasing year-on-year, while the asset-liability structure remained relatively stable, with the current ratio flat, debt-to-asset ratio slightly decreasing, and net debt-to-equity ratio slightly increasing Key Performance Indicators (KPIs) | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Continuing Operations** | | | | Gross Margin | 39.0% | 34.3% | | Operating Profit Margin | 29.9% | 26.1% | | Net Profit Margin | 18.7% | 14.5% | | **Financial Ratios** | **June 30, 2024** | **December 31, 2023** | | Current Ratio (times) | 0.74 | 0.74 | | Debt-to-Asset Ratio (Total Liabilities / Total Assets) | 61.8% | 63.1% | | Net Debt-to-Equity Ratio (Net Debt / Total Equity) | 89.0% | 88.2% | [Other Financial Information](index=12&type=section&id=Other%20Financial%20Information) In the first half of 2024, the Group's total capital expenditure was **RMB 143 million**, primarily for the construction and renovation of waste-to-energy plants, with capital commitments for service concession arrangements totaling **RMB 261 million** at period-end, and limited foreign exchange exposure as most transactions are denominated in RMB, while contingent liabilities mainly comprise performance guarantees of **RMB 70 million**, and employee count decreased from **1,248** to **1,112** due to the sale of the ecological construction business - Total capital expenditure for the first half was **RMB 143 million**, mainly for the construction and renovation of waste-to-energy plants[40](index=40&type=chunk) - Most of the Group's transactions are denominated in RMB, and the presentation currency is also RMB, resulting in controllable foreign exchange risk[41](index=41&type=chunk) - As of June 30, 2024, the Group's employee count was **1,112**, a decrease from the beginning of the year, primarily due to the sale of the ecological construction services business[42](index=42&type=chunk) [Interim Condensed Consolidated Financial Information](index=14&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information) [Interim Condensed Consolidated Statement of Profit or Loss](index=14&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the company's continuing operations generated **RMB 803 million** in revenue and **RMB 151 million** in profit, with total profit for the period reaching **RMB 142 million** after accounting for losses from discontinued operations, a **2.6%** year-on-year increase, and profit attributable to equity holders of the company was **RMB 133 million**, with basic earnings per share of **8.89 RMB cents** Consolidated Statement of Profit or Loss Summary (For the six months ended June 30, RMB thousand) | Item | 2024 (Unaudited) | 2023 (Unaudited, Restated) | | :--- | :--- | :--- | | **Revenue from Continuing Operations** | **803,230** | **945,465** | | Profit for the period from continuing operations | 150,578 | 136,855 | | (Loss)/Profit for the period from discontinued operations | (8,465) | 1,647 | | **Profit for the period** | **142,113** | **138,502** | | Profit attributable to equity holders of the Company | 133,445 | 131,596 | | Basic earnings per share (RMB cents) | 8.89 | 8.77 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Building on a profit for the period of **RMB 142 million**, and considering exchange differences from translating overseas operations, total comprehensive income for the period was **RMB 116 million**, compared to **RMB 164 million** in the prior period, with **RMB 108 million** attributable to equity holders of the company Consolidated Statement of Comprehensive Income Summary (For the six months ended June 30, RMB thousand) | Item | 2024 (Unaudited) | 2023 (Unaudited, Restated) | | :--- | :--- | :--- | | Profit for the period | 142,113 | 138,502 | | Other comprehensive (loss)/income for the period | (25,885) | 25,110 | | **Total comprehensive income for the period** | **116,228** | **163,612** | | Attributable to equity holders of the Company | 107,657 | 156,889 | [Interim Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's total assets were **RMB 9.759 billion**, total liabilities were **RMB 6.030 billion**, and total equity was **RMB 3.729 billion**, with non-current assets forming a significant portion, primarily including franchise rights, goodwill, and receivables under service concession arrangements, while liabilities were mainly composed of bank and other borrowings Statement of Financial Position Summary (RMB thousand) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Total Assets** | **9,759,415** | **9,897,162** | | Total Non-Current Assets | 6,970,914 | 6,902,334 | | Total Current Assets | 2,788,501 | 2,994,828 | | **Total Liabilities** | **6,030,074** | **6,240,802** | | Total Non-Current Liabilities | 2,257,422 | 2,168,066 | | Total Current Liabilities | 3,772,652 | 4,072,736 | | **Total Equity** | **3,729,341** | **3,656,360** | [Interim Condensed Consolidated Statement of Changes in Equity](index=18&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, total equity increased from **RMB 3.656 billion** at the beginning of the year to **RMB 3.729 billion**, primarily driven by the **RMB 142 million** profit recorded during the period, partially offset by exchange differences losses - Total equity at the beginning of the period was **RMB 3.656 billion**, total comprehensive income for the period was **RMB 116 million**, and with other changes, total equity at period-end increased to **RMB 3.729 billion**[49](index=49&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=19&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In the first half of 2024, net cash generated from operating activities was **RMB 69.19 million**, net cash used in investing activities was **RMB 194 million**, primarily for additions to franchise rights, and net cash generated from financing activities was **RMB 83.50 million**, mainly from new bank loans, resulting in a net decrease in cash and cash equivalents of **RMB 41.46 million** to **RMB 1.173 billion** at period-end Consolidated Statement of Cash Flows Summary (For the six months ended June 30, RMB thousand) | Item | 2024 (Unaudited) | 2023 (Unaudited, Restated) | | :--- | :--- | :--- | | Net cash generated from operating activities | 69,188 | 37,460 | | Net cash used in investing activities | (194,142) | (188,085) | | Net cash generated from/(used in) financing activities | 83,498 | (512,222) | | Net decrease in cash and cash equivalents | (41,456) | (662,847) | | Cash and cash equivalents at beginning of period | 1,209,940 | 2,328,991 | | **Cash and cash equivalents at end of period** | **1,173,014** | **1,672,180** | [Notes to the Financial Statements](index=21&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) The notes to the financial statements detail the basis of preparation, accounting policies, segment information, and specific composition and changes of each account, highlighting that the financial statements are prepared on a going concern basis with liquidity support from the controlling company, solid waste treatment as the core operating segment, revenue primarily from waste treatment and power sales, and the ecological construction services business as a discontinued operation sold during the period - The financial statements are prepared on a going concern basis, and despite current liabilities exceeding current assets, the Board believes the controlling shareholder's financial support commitment ensures the company's continuous operation[53](index=53&type=chunk) - The Group's operating segments primarily include the solid waste treatment segment (continuing operations) and the ecological construction services segment (sold during the period and classified as discontinued operations)[56](index=56&type=chunk) - The company completed the sale of **51%** equity in Beijing BEHL Ecological Construction Group Co., Ltd. (BEHL Ecological) on June 19, 2024, for a cash consideration of **RMB 41.49 million**, with this business classified as a discontinued operation[18](index=18&type=chunk)[72](index=72&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[76](index=76&type=chunk) [Disclosable Information](index=42&type=section&id=Disclosable%20Information) [Directors' and Major Shareholders' Interests](index=42&type=section&id=Directors'%20and%20Shareholders'%20Interests) This section discloses the list of company directors and their changes during the reporting period, confirming no material interests in company contracts, and details the interests of directors and major shareholders in the company's shares, with controlling shareholder Beijing Enterprises Holdings Limited holding a total of **50.40%** of shares as of June 30, 2024 - Executive Director **Mr. Wu Guangfa** holds **10,392,755** shares of the company, representing **0.69%** of the total share capital[110](index=110&type=chunk) Major Shareholder Holdings (June 30, 2024) | Shareholder Name | Total Holdings | Percentage of Share Capital | | :--- | :--- | :--- | | Idata | 738,675,000 shares | 49.23% | | Beijing Enterprises | 756,120,000 shares | 50.40% | | Cosmos Friendship Limited | 347,000,000 shares | 23.13% | - The report confirms that as of the reporting date, not less than **25%** of the total issued shares of the company are held by the public, complying with listing rules requirements[116](index=116&type=chunk) [Corporate Governance](index=46&type=section&id=Corporate%20Governance) [Corporate Governance Practices and Compliance](index=46&type=section&id=Corporate%20Governance%20Practices) The company complied with most provisions of the Corporate Governance Code during the reporting period, but with certain deviations, such as the Chairman and CEO being the same person, which the Board believes benefits current business development, and the Audit Committee reviewed these interim results, while the Board assumes full responsibility for the Group's risk management and internal control systems and conducts regular reviews - The company deviated from the Corporate Governance Code in several aspects, including: the Chairman and CEO being the same person (**Mr. Chen Xinguo**); some independent non-executive directors not attending the annual general meeting; the Chairman not holding meetings with non-executive directors without executive directors present; and board meetings not being held at least quarterly[119](index=119&type=chunk) - The Audit Committee, comprising three independent non-executive directors, reviewed the Group's interim results, financial position, and risk management for the six months ended June 30, 2024[122](index=122&type=chunk) - The Board confirms full responsibility for the Group's risk management and internal control systems and conducts regular reviews[123](index=123&type=chunk)

Financial Performance - For the six months ended June 30, 2024, the group's revenue from continuing operations was RMB 803.23 million, a decrease of approximately 15% compared to RMB 945.47 million in the same period last year[1]. - The group's EBITDA for the period was RMB 328.46 million, down about 8.3% from RMB 358.30 million in the previous year[1]. - The profit attributable to shareholders for the period was RMB 133.45 million, an increase of approximately 1.4% from RMB 131.60 million in the same period last year[3]. - Basic and diluted earnings per share for the period were RMB 0.089[1]. - The total comprehensive income for the period was RMB 116.23 million, compared to RMB 163.61 million in the previous year[4]. - The company reported a significant increase in profit attributable to shareholders, reaching RMB 141.22 million for the period[12]. - The company reported a net profit of RMB 184,089,000 for the six months ended June 30, 2024, compared to a net loss of RMB 47,234,000 for the same period in 2023[15]. - EBITDA decreased by 8.3% to RMB 328.46 million, while net profit increased by 2.6% to RMB 142.11 million[49]. Revenue Breakdown - For the six months ended June 30, 2024, the total revenue was RMB 906.42 million, with solid waste treatment contributing RMB 803.23 million and ecological construction services contributing RMB 103.19 million[12]. - The company reported a revenue of RMB 103,190,000 for the six months ended June 30, 2024, a decrease of 22.2% compared to RMB 132,631,000 for the same period in 2023[22]. - The company reported a significant increase in revenue from kitchen waste treatment services, which amounted to RMB 96,490,000, up from RMB 69,882,000 in the previous year[15]. - The solid waste treatment segment remains the primary revenue driver, reflecting the company's strategic focus on this area[10]. Assets and Liabilities - The total assets as of June 30, 2024, were RMB 9,759.42 million, a decrease from RMB 9,897.16 million as of December 31, 2023[6]. - The total liabilities decreased to RMB 6,030.07 million from RMB 6,240.80 million as of December 31, 2023[6]. - The total accounts receivable from service concession arrangements was RMB 2,348,194,000 as of June 30, 2024, down from RMB 2,395,699,000 as of December 31, 2023[25]. - The aging analysis of trade receivables showed a total of RMB 810,996,000 as of June 30, 2024, compared to RMB 707,260,000 as of December 31, 2023[26]. - The total accounts payable was RMB 600,883,000 as of June 30, 2024, down from RMB 860,375,000 as of December 31, 2023[28]. - As of June 30, 2024, the company's net current liabilities were RMB 984,151,000, down from RMB 1,077,908,000 as of December 31, 2023[33]. Operational Highlights - The company achieved a total waste processing volume of 2,201,800 tons in the first half of 2024, with an average daily processing of 12,098 tons, representing an 8.7% increase year-on-year[37]. - The company recorded a significant increase in heat and steam supply volume, which rose by 107.8% to 70,300 tons[37]. - The company has initiated 30 R&D projects and obtained 10 patents in the first half of 2024, indicating a focus on technological innovation[37]. - The company plans to enhance capacity utilization of existing projects and expand into light asset businesses such as entrusted operations and equipment general contracting[39]. Cost and Expenses - The financial costs incurred during the period were RMB 56.03 million, impacting overall profitability[12]. - The company’s financial costs for the six months ended June 30, 2024, were RMB 56,027,000, a decrease from RMB 81,219,000 in the same period of 2023[18]. - The income tax expense for continuing operations was RMB 33,593,000 for the six months ended June 30, 2024, compared to RMB 28,284,000 for the same period in 2023[19]. - Administrative expenses increased by 21.2% to RMB 101.94 million, with R&D expenses rising by 55.9% to RMB 20.84 million[44]. - Other operating expenses decreased by RMB 7.83 million to RMB 5.01 million, primarily due to a reduction in trade receivables impairment losses[45]. Corporate Governance - The company has complied with all applicable corporate governance code provisions as of June 30, 2024, except for certain independent non-executive directors who were unable to attend the annual general meeting due to other commitments[74]. - The chairman and CEO roles have been combined since February 1, 2024, which the board believes will benefit the company's current business development and management[74]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim performance, financial condition, risk management, and internal controls for the six months ending June 30, 2024[77]. - The company did not purchase, redeem, or sell any of its listed securities during the six months ending June 30, 2024[78]. - The company will publish its interim report containing all relevant financial information on the Hong Kong Stock Exchange and its website in a timely manner[79].