Financial Performance - For the six months ended June 30, 2023, the group's revenue was approximately RMB 4,437.54 million, an increase of 16.03% compared to the same period last year[2]. - For the same period, the net profit attributable to equity shareholders of the group was approximately RMB 1,817.97 million, a decrease of 25.17% year-on-year; the net profit from continuing operations attributable to equity shareholders was approximately RMB 548.70 million, an increase of 1.21%[2]. - Basic earnings per share for the six months ended June 30, 2023, was RMB 1.00[2]. - The group's gross profit for the period was RMB 1,180.80 million, compared to RMB 1,132.22 million in the previous year[4]. - The operating profit for the period was RMB 1,152.79 million, up from RMB 1,072.05 million year-on-year[4]. - The group's total comprehensive income for the period was RMB 1,721.01 million, compared to RMB 14,159.00 million in the previous year[8]. - The profit before tax for the period was RMB 2,065.34 million, down from RMB 2,680.87 million year-on-year[4]. - The company reported a decrease in profit from joint ventures, with a share of profit of RMB 1,269.26 million compared to RMB 1,887.42 million in the previous year[4]. - Total revenue for the six months ended June 30, 2023, was RMB 4,437,539 thousand, compared to RMB 4,152,385 thousand for the same period in 2022, representing an increase of approximately 6.9%[17]. - Revenue from waste disposal services was RMB 3,397,526 thousand for the six months ended June 30, 2023, up from RMB 3,054,303 thousand in the same period of 2022, reflecting a growth of about 11.3%[20]. - Revenue from energy-saving equipment sales reached RMB 848,406 thousand, an increase of 44.2% from RMB 588,811 thousand in the previous year[17]. - The revenue from port logistics services was RMB 109,122 thousand, slightly down from RMB 119,616 thousand in the same period last year, indicating a decrease of approximately 8.3%[17]. Assets and Liabilities - Non-current assets increased to RMB 69,900,967 thousand from RMB 66,016,132 thousand, reflecting a growth of approximately 4.4%[11]. - Current assets rose significantly to RMB 14,030,109 thousand, up from RMB 9,363,745 thousand, marking an increase of about 49.5%[12]. - Current liabilities increased to RMB 11,230,954 thousand from RMB 10,353,664 thousand, representing a rise of approximately 8.4%[13]. - The company's cash and cash equivalents surged to RMB 8,407,577 thousand, compared to RMB 4,361,637 thousand, indicating a growth of around 92.5%[13]. - The total assets minus current liabilities stood at RMB 72,700,122 thousand, up from RMB 65,026,213 thousand, reflecting an increase of about 11.5%[13]. - The company's goodwill increased to RMB 182,361 thousand from RMB 134,927 thousand, showing a growth of approximately 35.1%[11]. - The total equity attributable to shareholders increased to RMB 45,773,649 thousand from RMB 44,862,013 thousand, a rise of about 2%[13]. - The company’s non-current liabilities rose to RMB 24,418,216 thousand from RMB 17,853,809 thousand, indicating an increase of approximately 36.7%[13]. - The company’s total liabilities as of June 30, 2023, were RMB 35,649,170 thousand, compared to RMB 35,649,170 thousand in the previous year, indicating stable financial leverage[22]. Operational Highlights - The company has launched 126 projects across 25 provinces and autonomous regions in China, with an annual waste disposal capacity of approximately 2.1244 million tons (59,190 tons per day)[57]. - The group successfully signed contracts for two waste-to-energy projects in Yunnan Yuan Yang and Hubei Jing Shan, and an additional waste transfer project in Anhui Shi Tai[58]. - The group received approximately 7.558 million tons of municipal waste during the reporting period, representing a year-on-year increase of 35%[59]. - The group processed approximately 6.576 million tons of municipal waste, which is a year-on-year increase of 39%[59]. - The total electricity generated was approximately 2.154 billion kWh, reflecting a year-on-year growth of 33%[59]. - The average electricity generation per ton of waste processed was approximately 328 kWh[59]. - The group has a robust pipeline of waste-to-energy projects with significant processing capacities across various locations[60][61]. - The company is focusing on strategic acquisitions and expansions to strengthen its market position and operational efficiency[63]. - The completion of new facilities is expected to enhance the company's ability to meet growing market demand and improve profitability[64]. Research and Development - Research and development costs for the six months ended June 30, 2023, were RMB 33,706 thousand, compared to RMB 31,904 thousand for the same period in 2022, reflecting an increase of 5.6%[31]. - The company is committed to sustainable development and has been enhancing its operational efficiency through innovative marketing models and collaborations with industry leaders[56]. - The group plans to continue enhancing technology research and development, optimizing processes to improve efficiency and reduce energy consumption and emissions[105]. Corporate Governance - The board of directors confirmed that the company has adhered to the corporate governance code during the reporting period[107]. - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2023, and found no disagreement with the accounting treatment adopted by the company[110]. - The interim results announcement will be available on the Hong Kong Stock Exchange and the company's website, with the interim report to be sent to shareholders later[111].

Financial Performance - China Conch Venture Holdings Limited reported a revenue of RMB 5.2 billion for the fiscal year 2022, representing a year-on-year increase of 15%[6]. - The company achieved a net profit of RMB 1.1 billion, which is a 10% increase compared to the previous year[6]. - The company's revenue for the year ended December 31, 2022, was RMB 8,224,356,000, a decrease of 1.5% compared to RMB 8,350,485,000 in 2021[12]. - The pre-tax profit for 2022 was RMB 4,439,279,000, down 44.5% from RMB 7,933,461,000 in 2021[12]. - The net profit attributable to equity shareholders for 2022 was RMB 3,909,927,000, a decrease of 47.5% compared to RMB 7,458,129,000 in 2021[12]. - The company's revenue from continuing operations was RMB 7,896.32 million, representing an increase of 18.20% year-on-year[47]. - Revenue for the reporting period reached RMB 7,896.32 million, an increase of 18.20% compared to RMB 6,680.74 million in the previous year[48]. - The revenue from waste disposal was RMB 6,561.02 million, a year-on-year increase of 14.23%, driven by new project launches and acquisitions[49]. - The gross profit margin for the group improved to 28.23%, up 3.57 percentage points year-on-year[55]. - The company's net profit attributable to equity shareholders was RMB 3,852.18 million, a decrease of 44.21% compared to the previous year[48]. Market Expansion and Strategy - The company has set a revenue target of RMB 6 billion for the fiscal year 2023, reflecting an expected growth of 15%[6]. - User data indicates a growth in customer base by 20%, reaching a total of 1.5 million users by the end of 2022[6]. - The company is expanding its market presence in Southeast Asia, with plans to establish two new production facilities by the end of 2023[6]. - A strategic acquisition of a local competitor is expected to enhance market share by 10% in the next fiscal year[6]. - The company is actively expanding its food waste disposal business, with 13 signed projects involving a total processing capacity of approximately 324,000 tons per year[36]. - The company is focusing on enhancing its processing capabilities and expanding its market presence through new projects and acquisitions[36]. Research and Development - Research and development investments increased by 30% in 2022, focusing on sustainable technologies and innovative materials[6]. - The company is investing 100 million in R&D for innovative logistics solutions over the next three years[186]. Operational Efficiency - The company aims to reduce operational costs by 5% through improved efficiency measures in 2023[6]. - The company is focusing on enhancing project operation efficiency through technical upgrades and professional management[28]. - The management team emphasized the importance of sustainability in future strategies, aiming for a 30% reduction in carbon emissions by 2030[186]. Environmental and Social Governance - The company has been recognized with an upgraded ESG rating from MSCI, moving from "BBB" to "A" for its 2021 report[23]. - The company emphasizes its commitment to environmental protection and has published an independent Environmental, Social, and Governance report[174]. - The company is committed to avoiding any form of harassment or discrimination in the workplace, ensuring equal employment and development opportunities for all employees[101]. Corporate Governance - The board of directors confirmed compliance with corporate governance codes and standards throughout the reporting period, ensuring transparency and accountability[78]. - The board held a total of seven meetings during the reporting period, with at least one meeting each quarter to discuss and approve the company's operational strategies and financial plans[83]. - The company has established an independent evaluation mechanism for the board to ensure independent perspectives and opinions are considered in decision-making[83]. - The company has adopted a board diversity policy, aiming for at least 80% of board members to have a university education and at least 60% to hold accounting or other professional qualifications[99]. Employee and Management Information - The total number of employees as of December 31, 2022, is approximately 5,551, a decrease from 7,090 in 2021, primarily due to the spin-off of a subsidiary[148]. - Total employee compensation for the year ended December 31, 2022, was approximately RMB 585.26 million, compared to RMB 374.33 million in 2021, reflecting a significant increase[149]. - The company continues to focus on shareholder interests through share buybacks and maintaining a strong employee compensation policy[149]. Related Party Transactions - The company has complied with the disclosure requirements under Chapter 14A of the Listing Rules for related party transactions for the year ended December 31, 2022[163]. - The total transaction amount with Kawasaki Heavy Industries under the Kawasaki General Agreement for the year ended December 31, 2022, was RMB 14.66 million, which did not exceed the annual transaction cap of RMB 62.4 million[160]. Risk Management - The company faces significant risks including macroeconomic pressures, increased competition in waste disposal projects, and challenges in international operations[171]. - The company emphasizes compliance with legal and regulatory requirements to mitigate operational risks[172]. - The company has established a risk management and internal control system to safeguard shareholder investments and assets, complying with the Corporate Governance Code[110].

Financial Performance - For the fiscal year ending December 31, 2022, the group's continuing operations revenue was approximately RMB 7,896.32 million, an increase of 18.20% compared to RMB 6,680.74 million in 2021[2] - The net profit attributable to equity shareholders from continuing operations for the fiscal year was approximately RMB 3,852.18 million, a decrease of 44.21% from RMB 6,905.39 million in 2021[2] - The net profit from the main business (excluding share of profits from joint ventures) was approximately RMB 915.39 million, an increase of 22.53% compared to RMB 747.07 million in 2021[2] - The basic earnings per share from continuing operations for the fiscal year was RMB 2.12, down from RMB 3.80 in 2021[2] - The board of directors proposed a final cash dividend of HKD 0.40 per share, down from HKD 0.70 per share in 2021[2] - The group's gross profit for the fiscal year was RMB 2,228.75 million, compared to RMB 1,647.46 million in 2021[4] - The operating profit for the fiscal year was RMB 2,034.88 million, an increase from RMB 1,411.17 million in 2021[4] - The total profit before tax for the fiscal year was RMB 4,372.23 million, down from RMB 7,258.53 million in 2021[4] - The total net profit for the year was RMB 16,189.59 million, significantly higher than RMB 7,577.16 million in 2021, largely due to the disposal of discontinued operations[6] - The company's annual profit for 2022 reached RMB 16,189,586 thousand, a significant increase from RMB 7,577,156 thousand in 2021, representing a growth of approximately 113%[7] - Total comprehensive income for the year amounted to RMB 15,644,982 thousand, compared to RMB 7,659,242 thousand in the previous year, indicating an increase of about 104%[7] Assets and Liabilities - The company's non-current assets, including property, plant, and equipment, totaled RMB 4,077,828 thousand, up from RMB 1,212,651 thousand in 2021, reflecting a growth of approximately 236%[8] - Intangible assets increased to RMB 16,688,910 thousand in 2022 from RMB 10,007,101 thousand in 2021, marking a rise of around 67%[8] - Current liabilities, including bank loans, amounted to RMB 10,353,664 thousand, compared to RMB 5,139,230 thousand in the previous year, showing an increase of about 102%[9] - The company's total assets, after deducting current liabilities, reached RMB 65,026,213 thousand, up from RMB 59,900,837 thousand in 2021, indicating a growth of approximately 8%[9] - The net asset value of the company stood at RMB 47,172,404 thousand, compared to RMB 46,657,436 thousand in the previous year, reflecting a slight increase of about 1%[9] - The company’s cash and cash equivalents increased to RMB 4,361,637 thousand from RMB 2,560,045 thousand in the previous year, representing a growth of approximately 70%[9] - The company’s total equity attributable to shareholders was RMB 44,862,013 thousand, a slight decrease from RMB 45,269,794 thousand in 2021, indicating a decline of about 1%[9] - As of December 31, 2022, the group's net current liabilities amounted to approximately RMB 990 million, primarily due to the RMB 3,880 million convertible bonds maturing in September 2023[11] Revenue Breakdown - Revenue from waste disposal services was RMB 6,561,015 thousand in 2022, up from RMB 5,743,801 thousand in 2021, indicating a growth of about 14.3%[15] - Revenue from energy-saving equipment sales increased to RMB 967,810 thousand in 2022, compared to RMB 569,811 thousand in 2021, reflecting a growth of approximately 69.9%[15] - Revenue from port logistics services was RMB 234,414 thousand in 2022, slightly up from RMB 224,276 thousand in 2021, showing a growth of about 4.8%[15] - The group reported a total of RMB 328,034 thousand in revenue from discontinued operations in 2022, down from RMB 1,669,747 thousand in 2021, indicating a decline of approximately 80.4%[15] - Revenue from waste disposal construction services was RMB 3,884,903,000, while waste operation services revenue was RMB 2,456,540,000, showing significant growth in operational services[18] Investments and Projects - The company has established 118 environmental protection projects across 25 provinces and regions in China and Vietnam, with an annual waste processing capacity of approximately 20.32 million tons[83] - The company is focusing on the development of two major business segments: municipal waste disposal and new energy materials[81] - The company has successfully launched the first phase of the lithium iron phosphate positive electrode material project and commenced construction of the negative electrode material project[82] - The company has ongoing projects in Yunnan Yanshan (Phase 1) and Jiangxi Shanggao, each with a processing capacity of 110,000 tons per year, completed in August 2017 and February 2019 respectively[86] - The company has a total of 31 projects listed, showcasing significant growth in waste processing capacity across various provinces[86] Operational Efficiency and Future Plans - The company aims to optimize its industrial structure and enhance its competitive position through technological innovation and project quality improvement[81] - The company is focusing on expanding its market presence through the establishment of new facilities in regions such as Inner Mongolia and Hunan[86] - The company plans to complete several projects in 2023, including Anhui Shucheng (140,000 tons/year) and Jilin Shulan (140,000 tons/year) by April 2023[88] - The company is also developing a new project in Shaanxi with a capacity of 140,000 tons/year, expected to be completed by November 2023[88] - The total projected capacity from new projects in 2023 is 372,000 tons per year (10,400 tons per day)[88] Employee and Administrative Costs - Employee costs for continuing operations amounted to RMB 585,257 thousand in 2022, up from RMB 374,334 thousand in 2021, reflecting a growth of about 56.3%[38] - Administrative expenses rose by 31.60% year-on-year to RMB 531.58 million, primarily due to increased employee salaries and R&D expenses[107] Tax and Regulatory Compliance - The effective tax rate for the company's subsidiaries in China was 25%, with certain high-tech enterprises benefiting from a reduced rate of 15%[47] - The company continues to monitor tax regulations and expects to manage its tax liabilities effectively in the future[46] - The company has confirmed that the withholding tax on dividends payable from undistributed profits in China is RMB 55,500,000 for 2022[49] Shareholder Returns - The final dividend per ordinary share for 2022 is HKD 0.40, totaling approximately HKD 725,194,000, equivalent to about RMB 647,794,000[58] - The company repurchased a total of 13,780,000 shares during the reporting period, with a total cost of HKD 276,985,110[136]

Financial Performance - Revenue for the first half of 2022 reached RMB 3,824,351, an increase of 21.50% compared to RMB 3,147,617 in the same period of 2021[22] - Profit before tax decreased by 19.85% to RMB 2,680,867 from RMB 3,344,772 year-on-year[22] - The profit attributable to equity shareholders of the company was RMB 2,429,553, down 24.21% from RMB 3,205,615 in the previous year[22] - The profit from core business attributable to equity shareholders was RMB 542,136, representing a 16.43% increase from RMB 465,652 in the same period last year[22] - The company achieved revenue of RMB 3.824 billion, representing a year-on-year growth of 21.50%[25] - The net profit attributable to the parent company was RMB 542 million, an increase of 16.43% year-on-year[25] - The revenue from the waste disposal segment was RMB 3,054.30 million, showing a year-on-year growth of 14.52%, driven by the commissioning of nine new projects and acquisitions[47] - The energy-saving equipment segment achieved revenue of RMB 588.81 million, a significant increase of 92.21% due to higher order volumes[48] - The gross profit margin for the group improved to 29.61%, up 3.99 percentage points year-on-year, driven by higher-margin operational projects in waste disposal and energy-saving equipment[52] - Other net income rose by 115.77% year-on-year to RMB 186.57 million, primarily due to increased bank interest income and government subsidies[53] Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 72,214,892, reflecting a 4.78% increase from RMB 68,919,066 at the end of 2021[23] - Total liabilities increased by 19.63% to RMB 26,631,769 from RMB 22,261,630 year-on-year[23] - The equity attributable to equity shareholders of the company decreased by 3.93% to RMB 43,488,729 from RMB 45,269,794 at the end of 2021[23] - Non-current assets grew by 11.30% to RMB 61,975.31 million, driven by investments in property, plant, and equipment[59] - The balance of bank loans increased by RMB 5,483.95 million to RMB 15,741.78 million, primarily due to new bank loans during the reporting period[64] - Cash and cash equivalents stood at RMB 5,573.69 million as of June 30, 2022, with major currencies being RMB, HKD, and USD[62] - The company's total liabilities increased to RMB 7,579,876 thousand from RMB 5,139,230 thousand, representing a rise of approximately 47.5%[104] Market Expansion and Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings in the new materials sector[5] - Future outlook includes strategic initiatives aimed at improving operational efficiency and exploring potential mergers and acquisitions[5] - The company is investing in new technologies to drive innovation and sustainability in its operations[5] - The company is actively expanding its market presence in the renewable energy materials sector and enhancing its project management capabilities[26] - The company is focusing on increasing its processing capacity through both new constructions and acquisitions, enhancing its competitive position in the market[34] - The company is developing new projects in Vietnam and various provinces in China, indicating a strategy for international expansion[35] - The company plans to enhance its operational management and seek market expansion in the waste disposal sector to capture new development opportunities[43] - The company plans to continue expanding its market presence and developing new technologies in waste disposal and logistics services[110] Operational Efficiency and Management - The company aims to improve project management standards and optimize technical processes to enhance operational efficiency[26] - The company is focusing on enhancing product innovation and strengthening partnerships with industry leaders and academic institutions for technology development[44] - The company plans to optimize project management and reduce energy consumption per unit to enhance project efficiency and competitiveness[43] Shareholder and Equity Information - The company did not declare an interim dividend for the six months ended June 30, 2022[77] - The company repurchased a total of 13,780,000 shares during the reporting period, with a total cost of HKD 276,985,110[85] - The repurchase aimed to enhance shareholder value[86] - The company’s directors and senior management held a total of 47,680,000 shares, representing approximately 2.63% of the company[82] - The company’s major shareholders were disclosed in accordance with the Securities and Futures Ordinance[81] Research and Development - Research and development costs rose to RMB 31,904 thousand in 2022, compared to RMB 15,319 thousand in 2021, representing a 108.5% increase[142] - The company is focusing on the development of new energy materials and enhancing communication with industry leaders to innovate production technologies[26] Cash Flow and Financing Activities - The net cash generated from operating activities for the first half of 2022 was RMB 866.52 million, an increase of RMB 260.42 million year-on-year, primarily due to the increase in waste-to-energy projects[66] - The net cash used in investing activities for the first half of 2022 was RMB 2,257.87 million, a decrease of RMB 938.23 million year-on-year, mainly due to dividends received from joint ventures[67] - The net cash generated from financing activities for the first half of 2022 was RMB 4,395.08 million, an increase of RMB 1,764.36 million year-on-year, attributed to increased bank loan proceeds[68] Environmental and Social Responsibility - The company has promoted 111 environmental protection projects across 24 provinces, with a total capacity to process approximately 19.57 million tons of municipal waste annually (54,600 tons per day)[28] - The company is actively pursuing strategic partnerships in the new energy materials sector, aiming to establish itself as a benchmark enterprise in the industry[39]

Financial Performance - China Conch Venture Holdings Limited reported a revenue of RMB 10.5 billion for the fiscal year 2021, representing a year-on-year increase of 15%[12] - The company achieved a net profit of RMB 2.1 billion, which is a 20% increase compared to the previous year[12] - The company's revenue for the year ended December 31, 2021, was RMB 8,350,485,000, representing an increase of 26.5% compared to RMB 6,604,573,000 in 2020[16] - The pre-tax profit for 2021 was RMB 7,933,461,000, a slight decrease of 1.5% from RMB 8,052,715,000 in 2020[16] - The net profit attributable to equity shareholders for 2021 was RMB 7,458,129,000, down 2.1% from RMB 7,617,627,000 in 2020[16] - The total revenue for the reporting period was RMB 8,350.49 million, representing a year-on-year increase of 26.43%[60] - Revenue from waste disposal reached RMB 5,743.80 million, up 19.38% year-on-year, driven by the launch of 18 new projects and increased construction of waste-to-energy projects[61] - Revenue from energy-saving equipment surged by 80.11% year-on-year to RMB 569.81 million, primarily due to increased orders for waste heat power generation[61] Market Expansion and Strategy - User data indicated a growth in customer base by 25%, reaching a total of 1.5 million active users[12] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2023[12] - Strategic acquisitions are being considered to enhance operational capabilities, with a focus on companies in the environmental technology sector[12] - The company is actively pursuing expansion opportunities in both domestic and international markets, including ongoing projects in Vietnam[40] - The company has expanded its environmental business footprint across 22 provinces and municipalities in China, as well as in Vietnam and Sri Lanka, with a total of 95 signed environmental projects[34] Research and Development - The company has allocated RMB 300 million for research and development in sustainable technologies over the next two years[12] - New product development includes the launch of eco-friendly building materials, projected to contribute an additional RMB 500 million in revenue by 2022[12] - The company is planning to construct a lithium iron phosphate cathode material project with an annual production capacity of 500,000 tons[31] - The lithium iron phosphate cathode material project is planned to have a production capacity of 500,000 tons per year, with the first phase targeting 50,000 tons per year, aiming for trial production by November 2022[45] Operational Efficiency - The company aims to improve operational efficiency by 5% through digital transformation initiatives[12] - A new partnership with local suppliers is expected to reduce costs by 8% in the supply chain[12] - The company is committed to enhancing its processing capabilities with new technologies and facilities to meet increasing market demand[40] - The company is focusing on strategic partnerships, with several projects having joint ventures or majority stakes[39] Environmental Initiatives - The company signed a cooperation agreement with Hainan Huasheng Group to build a project with a disposal capacity of 100,000 tons/year for fly ash and 50,000 tons/year for oil sludge[25] - The company successfully signed three environmental projects with the government of Qingtian City, Guizhou Province, focusing on solid waste disposal and waste-to-energy initiatives[25] - The company has established 10 projects in the cement kiln waste disposal sector, with a processing capacity of approximately 740,000 tons per year, and has processed about 560,000 tons of municipal waste during the reporting period[43] Corporate Governance - The company emphasizes the importance of corporate governance and has adopted the Corporate Governance Code as per the Stock Exchange's requirements[91] - The board of directors held five meetings during the reporting period, ensuring effective oversight of the company's affairs[96] - The company confirmed compliance with the Corporate Governance Code and maintains a minimum of three independent non-executive directors on its board[95] - The board is responsible for strategic guidance and oversight of management, including approval of major transactions and financial data[99] Financial Position - Total assets as of December 31, 2021, reached RMB 68,919,066,000, an increase of 26.9% from RMB 54,327,572,000 in 2020[17] - Total liabilities increased to RMB 22,261,630,000 in 2021, up 55.1% from RMB 14,350,393,000 in 2020[17] - The equity attributable to shareholders increased to RMB 45,269.79 million, up by RMB 6,704.81 million or 17.39% year-on-year[72] Employee and Talent Management - The total number of employees as of December 31, 2021, was 7,090[88] - The total employee compensation amounted to RMB 651.14 million, an increase from RMB 462.31 million in 2020[88] - The company has established a diverse talent strategy development platform to recruit professionals from vocational schools and universities[88] Risk Management - The company faces significant risks including macroeconomic pressures, increased competition in waste disposal projects, and operational challenges in overseas markets[199] - The company has implemented a comprehensive review and optimization of its risk management and internal control systems, with no significant internal control deficiencies reported during the assessment periods[130] Shareholder Relations - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of its business performance and strategies[145] - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting, which must be held within two months of the request[136]

Financial Performance - Revenue for the first half of 2021 reached RMB 3,879,414 thousand, a 37.72% increase compared to RMB 2,816,978 thousand in the same period of 2020[8] - Profit attributable to equity shareholders for the first half of 2021 was RMB 3,476,780 thousand, reflecting a 0.24% increase from RMB 3,468,485 thousand in the previous year[8] - The net profit from core business attributable to equity shareholders increased by 31.38%, amounting to RMB 733,395 thousand compared to RMB 558,238 thousand in the same period last year[8] - The overall gross profit margin decreased to 32.69%, down 0.42 percentage points compared to the previous year[59] - The pre-tax profit for the period was RMB 3,674.64 million, an increase of 0.45% compared to the previous year[47] - The company achieved a profit attributable to equity shareholders of RMB 3,476,780,000, slightly up from RMB 3,468,485,000 in the prior period[119] - Basic earnings per share for the period was RMB 1.93, compared to RMB 1.92 in the same period last year[119] - The company reported a total comprehensive income of RMB 3,540,330,000, compared to RMB 3,528,634,000 in the previous year[121] Assets and Liabilities - Total assets as of June 30, 2021, were RMB 61,121,228 thousand, representing a 12.50% increase from RMB 54,327,572 thousand at the end of 2020[9] - Total liabilities increased by 29.56% to RMB 18,591,892 thousand from RMB 14,350,393 thousand at the end of 2020[9] - The company's equity attributable to shareholders increased by 6.88% to RMB 41,216,339 thousand from RMB 38,564,985 thousand at the end of 2020[9] - Current assets rose by 30.81% to RMB 8,379.90 million, primarily due to increases in receivables and bank deposits[68] - The company's net assets reached RMB 42,529.3 million in 2021, up from RMB 39,977.2 million in 2020, indicating a growth of 3.9%[124] Cash Flow - The net cash generated from operating activities for the first half of 2021 was RMB 606.10 million, a year-on-year increase of RMB 536.57 million[79] - The net cash used in investing activities for the first half of 2021 was RMB 3,196.10 million, an increase of RMB 2,092.76 million compared to the same period last year[80] - The net cash generated from financing activities for the first half of 2021 was RMB 2,630.72 million, up RMB 470.71 million year-on-year[81] - Operating cash flow for the six months ended June 30, 2021, was RMB 606,100 thousand, significantly up from RMB 69,530 thousand in the prior year, representing a growth of 769.5%[130] Environmental Projects and Operations - The company is aligning its operations with national environmental policies to seize development opportunities[11] - The company has added 17 new environmental protection projects this year, including 11 solid and hazardous waste disposal projects with a capacity of approximately 1.22 million tons per year[12] - The total number of environmental protection projects promoted by the company has reached 168 across 25 provinces, with an annual processing capacity of approximately 9.67 million tons of industrial solid and hazardous waste and 13.17 million tons of municipal waste[12] - The solid and hazardous waste disposal segment received approximately 944,300 tons of waste during the reporting period, representing a year-on-year increase of about 121%, with hazardous waste increasing by 106% and general solid waste by 130%[15] - The company has established a strategy to develop an industrial chain for solid and hazardous waste disposal, including fly ash washing and oil sludge treatment[14] Revenue Segments - Revenue from hazardous waste disposal reached RMB 731.80 million, showing a significant growth of 86.93% year-on-year[50] - The revenue from garbage disposal was RMB 2,667.10 million, reflecting a year-on-year increase of 26.59%[50] - The energy-saving equipment segment reported revenue of RMB 306.33 million, up 81.55% from the previous year[50] - The revenue from waste disposal services increased to RMB 2,973,431 thousand, up 30.7% from RMB 2,275,684 thousand in the previous year[138] Strategic Initiatives - The company is focusing on expanding its core market and improving operational quality through technological upgrades and addressing technical challenges[15] - The company plans to enhance technological innovation and focus on the environmental protection industry, aiming to optimize existing technologies and explore new business areas such as carbon capture and resource utilization of lithium batteries[41] - The company aims to deepen its core market in environmental protection and extend its industrial chain in line with its five-year development plan[41] - The company is committed to enhancing its operational efficiency and expanding its market share through strategic partnerships and project developments[21] Shareholder and Governance - Major shareholders include Hai Luo Gong Hui with 126,651,500 shares (6.93%) and Hai Chuang Investment with a total of 126,651,500 shares (6.93%)[98] - The company's directors and senior management hold a total of 47,680,000 shares (2.61%) by Mr. Guo Jingbin and 35,033,752 shares (1.92%) by Mr. Ji Qinying[101] - The company is committed to high standards of corporate governance to enhance shareholder value and accountability[109] - The board confirms compliance with the Corporate Governance Code during the reporting period[109] Expenses and Financial Management - Distribution costs rose by RMB 21.68 million, an increase of 43.63%, driven by higher market development expenses[62] - Administrative expenses increased by RMB 70.90 million, up 47.60%, due to the rise in projects put into operation[63] - Financial expenses increased by RMB 44.20 million, a rise of 40.76%, mainly due to increased bank loans[64] - The company incurred total financial expenses of RMB 207,225,000, which is an increase of 55.8% from RMB 133,715,000 in the same period last year[146] Acquisitions and Investments - The company completed the acquisition of Aqualink Global Limited for HKD 616,151,831 and West Environmental Technology Holdings Limited for HKD 190,847,580 on June 28, 2021[90] - The company acquired a 39% stake in Dezhou Haizhong Nuo Environmental Technology Co., Ltd. for RMB 11,700,000, increasing its ownership to 89%[185] - The acquisition of 70% of Binzhou Huabin Jucheng Environmental Technology Co., Ltd. was completed for RMB 44,000,000, aimed at developing solid waste and hazardous waste treatment business[186]

Financial Performance - The company reported a revenue of RMB 5 billion for the fiscal year 2020, reflecting a year-on-year increase of 10%[6] - Revenue for 2020 reached RMB 6,604,573,000, a 29% increase from RMB 5,120,281,000 in 2019[8] - The company's total revenue for the reporting period was RMB 6,604.57 million, representing a year-on-year increase of 28.99%[36] - The company's pre-tax profit was RMB 8,052.72 million, an increase of 8.62% compared to the previous year[36] - The net profit attributable to equity shareholders was RMB 7,617.63 million, reflecting an 8.89% year-on-year growth, with a main business net profit of RMB 1,230.19 million, up 24.55%[36] - The company reported a net profit margin of 12% for the fiscal year 2020, an improvement from 10% in the previous year[6] - The group's profit before tax for the reporting period was RMB 8,052.72 million, up RMB 638.94 million year-on-year, with a growth rate of 8.62% driven by profits from joint ventures and core business[52] User Growth and Market Expansion - User data indicates a growth in active users by 15% compared to the previous year, reaching a total of 1.2 million users[6] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[6] - The company is focusing on expanding its waste disposal business both domestically and internationally, particularly in Southeast Asia, to capitalize on its competitive advantages[33] Strategic Initiatives - The company has set a future outlook with a revenue guidance of RMB 6 billion for the next fiscal year, representing a projected growth of 20%[6] - New product development includes the launch of an eco-friendly building material line, expected to contribute an additional RMB 500 million in revenue[6] - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance operational efficiency and increase revenue by 15%[6] - The company is investing RMB 200 million in technology research and development to innovate its product offerings[6] Environmental Commitment - The management team emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[6] - The company added 48 new environmental protection projects, including 29 solid waste disposal projects with a capacity of approximately 3.23 million tons per year[13] - The company is focusing on expanding its non-kiln disposal business, marking a new highlight in its environmental strategy for 2020[14] Operational Capacity and Projects - The company has a total processing capacity of 2.87 million tons per year, with an actual capacity of 1.33 million tons per year[18] - The company has completed projects in Shaanxi, Anhui, Jiangxi, Guangxi, and Yunnan, contributing significantly to its waste disposal capabilities[17] - The company has a total of 1.01 million tons per year in solid waste disposal projects, with several projects in operation and under construction[19] - The company has established partnerships with various entities, including a 35% stake in Fujian Sanming and 100% ownership in Guangxi Chongzuo[20] Financial Management and Governance - The company is committed to high standards of corporate governance to ensure shareholder rights and accountability[78] - The board confirmed compliance with the corporate governance code throughout the reporting period[78] - The company has established a policy requiring directors to obtain prior written approval before trading the company's shares[86] - The company has a dedicated website for transparent communication with shareholders and investors, providing access to financial and other relevant information[132] Employee and Compensation - The total employee compensation for the year was approximately RMB 462.31 million, an increase from RMB 306.58 million in 2019[76] - As of December 31, 2020, the company had a total of 5,459 employees[76] - The company has optimized its compensation system to enhance management efficiency and employee motivation[75] Risk Management - The company faces significant risks including ongoing macroeconomic pressures and intensified competition in waste disposal projects[188] - The company has established an annual risk management and internal control implementation plan by the end of February 2020, focusing on financial, operational, and safety monitoring[120] - The risk management and internal control systems were confirmed to be effective by management during the audit committee meeting on March 29, 2021[121] Shareholder Returns - The board of directors has approved a dividend payout of RMB 0.5 per share, reflecting a 20% increase from the last fiscal year[6] - The proposed final dividend for the year ended December 31, 2020, is HKD 0.70 per share, compared to HKD 0.65 per share in 2019[141] - The company is committed to a dividend policy that aims to distribute approximately 20% of its distributable net profit each fiscal year[141]

Financial Performance - Revenue for the first half of 2020 reached RMB 2,816,978,000, representing a 33.93% increase compared to RMB 2,103,338,000 in the same period of 2019[9] - Profit before tax for the first half of 2020 was RMB 3,658,013,000, up 10.79% from RMB 3,301,797,000 in the previous year[9] - Net profit attributable to equity shareholders for the first half of 2020 was RMB 3,468,485,000, a 10.44% increase from RMB 3,140,610,000 in 2019[9] - The company's main business net profit increased by 30.13% year-on-year, with a 44.73% growth in the second quarter[11] - The profit attributable to joint ventures for the first half of 2020 was RMB 2,910,247,000, a 7.32% increase from RMB 2,711,623,000 in the same period of 2019[9] - The solid waste disposal segment generated revenue of RMB 391.49 million, up 41.46% year-on-year, driven by increased operations in projects such as Yiyang Phase II and Guiyang[34] - The waste disposal segment reported revenue of RMB 2,106.96 million, a growth of 40.07% year-on-year, due to the commissioning of multiple projects[35] - The energy-saving equipment segment saw revenue of RMB 168.73 million, a modest increase of 6.03% year-on-year[35] - The new building materials segment experienced a decline in revenue by 7.12% year-on-year, primarily due to decreased market demand amid the pandemic[35] - The port logistics segment's revenue decreased by 8.68% year-on-year, attributed to a drop in throughput, although handling prices increased[35] Assets and Liabilities - Total assets as of June 30, 2020, amounted to RMB 48,775,201,000, reflecting a 15.66% increase from RMB 42,171,561,000 at the end of 2019[10] - Total liabilities increased by 40.49% to RMB 13,219,311,000 as of June 30, 2020, compared to RMB 9,409,165,000 at the end of 2019[10] - The equity attributable to equity shareholders was RMB 34,256,335,000, which is a 7.55% increase from RMB 31,852,952,000 at the end of 2019[10] - Current liabilities increased by 54.69% to RMB 5,999.18 million, primarily due to accrued dividends and increased bank loans[52] - The bank loan balance as of June 30, 2020, was RMB 4,642.29 million, an increase of RMB 2,059.05 million compared to the end of the previous year[56] - The net asset value of the company reached RMB 35,555,890 thousand, up from RMB 32,762,396 thousand, representing an increase of about 8.6%[93] Cash Flow and Investments - The net cash generated from operating activities for the first half of 2020 was RMB 69.53 million, a decrease of RMB 73.41 million year-on-year[58] - The net cash used in investing activities was RMB 1,103.34 million, an increase of RMB 225.79 million year-on-year, primarily due to increased investments in intangible assets and property[59] - The net cash generated from financing activities was RMB 2,160.01 million, an increase of RMB 1,303.05 million year-on-year, mainly due to new bank loans[60] - The company acquired 70% equity in a waste management business for RMB 216.02 million on June 8, 2020, to expand into hazardous waste and solid waste treatment[63] - The company plans to invest approximately RMB 222.00 million in two to three solid waste disposal projects in China[65] Operational Highlights - A total of 29 new environmental protection projects were added, including 21 solid waste disposal projects with a capacity of approximately 2.14 million tons per year and 8 waste disposal projects with a capacity of approximately 1.48 million tons per year[12] - The company has promoted 139 environmental protection projects across 23 provinces, with an annual processing capacity of approximately 7.86 million tons of industrial solid waste and 12.5 million tons of municipal waste[12] - The company has achieved a daily processing scale of approximately 36,100 tons of municipal waste[12] - The group has established a hazardous waste disposal capacity of approximately 7.86 million tons per year[20] - The group has ongoing projects with a total processing capacity of 3.17 million tons per year (9,300 tons per day) across various locations, including Anhui, Guizhou, Yunnan, and others[23] Strategic Focus and Future Outlook - The company remains focused on the energy-saving and environmentally friendly new materials industry, aiming to create a better home for humanity[2] - Future outlook includes continued expansion in the energy-saving materials sector and potential new product developments[2] - The company plans to focus on expanding environmental protection projects, particularly in cement kiln collaborative projects, and aims to accelerate the construction of ongoing projects[30] - The company is actively pursuing new strategies for market expansion and technology development in waste treatment and disposal[19] - The company aims to enhance its regional development strategy for waste-to-energy projects, increasing its visibility and securing more large project contracts[31] Employee and Shareholder Information - The total employee compensation for the six months ended June 30, 2020, was approximately RMB 156.98 million, an increase from RMB 113.79 million in the same period of 2019, representing a growth of 38%[74] - As of June 30, 2020, the company had approximately 4,374 employees, reflecting the company's commitment to human resource management and talent development[74] - Major shareholders include Hai Luo Trade Union with a 7.02% stake and Hai Chuang Investment with a total of 6.02% stake (including direct and controlled interests)[76] - The company has not granted any stock options under its stock option plan since its listing in 2013, indicating a focus on other forms of employee incentives[74] Government and Regulatory Matters - The company did not adopt any new accounting standards that would significantly impact the financial reporting for the current period[98] - The group did not recognize any inventory provision for the six months ended June 30, 2020, consistent with the previous year[120] - The company expects to maintain a favorable tax rate of 15% for certain subsidiaries due to high-tech enterprise certification[112]

Financial Performance - Revenue for the year ended December 31, 2019, was RMB 5,120,281,000, an increase from RMB 2,889,592,000 in 2018, representing a growth of 77.3%[10] - Profit before tax for 2019 was RMB 7,413,779,000, compared to RMB 6,251,536,000 in 2018, reflecting an increase of 18.5%[10] - Net profit attributable to equity shareholders for 2019 was RMB 6,995,831,000, up from RMB 5,947,269,000 in 2018, marking a growth of 17.6%[10] - Profit from joint ventures for 2019 was RMB 6,008,155,000, compared to RMB 5,275,171,000 in 2018, indicating an increase of 13.9%[10] - The company achieved a revenue of RMB 5,120.28 million in 2019, representing a year-on-year increase of 77.20%[58] - Pre-tax profit for the company was RMB 7,413.78 million, reflecting an 18.59% growth compared to the previous year[58] Market Expansion and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[10] - Future guidance indicates a focus on increasing production capacity and exploring potential mergers and acquisitions to strengthen market position[10] - The company aims to leverage its existing partnerships to explore new business opportunities and expand its market reach[10] - Strategic initiatives will be implemented to optimize operational processes and reduce costs, enhancing overall profitability[10] - The company plans to enhance its core competitiveness by developing new environmental protection technologies and improving operational efficiency[55] - The company aims to expand its market presence by accelerating project collaborations with major cement companies and enhancing customer acquisition strategies[56] Environmental Projects and Waste Management - The company added 54 new environmental projects in 2019, including 32 solid waste disposal projects with a capacity of approximately 3.5 million tons per year and 22 waste disposal projects with a capacity of approximately 5.16 million tons per year[35] - The solid waste disposal segment received a total of 666,000 tons of waste during the reporting period, including 306,900 tons of hazardous waste and 359,700 tons of general solid waste[37] - The company achieved a total market capitalization of RMB 43.8 billion, ranking 254th in the list of China's top 500 listed companies[33] - The company has established a total of 118 environmental projects across 21 provinces and municipalities, with an annual processing capacity of 6.29 million tons of solid and hazardous waste and 11.6 million tons of municipal waste[35] - The company is actively exploring diversified development in solid waste disposal, including the research and development of technologies for organic hazardous waste and municipal waste treatment[36] - The company has a strategic focus on expanding its hazardous waste processing capabilities, which is critical for future growth[39] Financial Position and Assets - Total assets increased to RMB 42,171,561 thousand in 2019, up from RMB 33,216,302 thousand in 2018, representing a growth of approximately 27.8%[11] - As of December 31, 2019, total assets were RMB 42,171.16 million, an increase of RMB 8,955.26 million from the previous year, with a debt-to-asset ratio of 22.31%, up 1.99 percentage points[74] - The group's non-current assets amounted to RMB 36,706.96 million, an increase of 35.22% compared to the previous year-end[76] - The group's current liabilities reached RMB 3,878.31 million, a significant increase of 78.62% year-on-year, primarily due to increased project investment[77] Operational Efficiency and Cost Management - The company is focusing on improving the quality of waste processed and increasing disposal efficiency as part of its operational management strategy[57] - The overall gross profit margin decreased to 34.21%, down 4.77 percentage points year-on-year, with specific segments like waste disposal and energy-saving equipment experiencing declines in gross margins[67][68] - Distribution costs rose to RMB 89.62 million, a year-on-year increase of 56.57%, reflecting the company's active market expansion efforts[70] - Administrative expenses increased to RMB 277.89 million, up 53.98% year-on-year, primarily due to the growth in operational companies and employee compensation[71] - Financial expenses amounted to RMB 177.68 million, a significant increase of 136.78% year-on-year, driven by interest on convertible bonds and new bank loans[72] Corporate Governance and Management - The board of directors consists of eight members, including four executive directors and four independent non-executive directors[92] - The company has established two committees: the Audit Committee and the Remuneration and Nomination Committee, with defined responsibilities[102] - The Audit Committee's main responsibilities include reviewing financial statements and overseeing the company's risk management and internal control systems[104] - The company has implemented insider trading warnings for employees to prevent any violations of trading regulations[91] - The board is responsible for strategic guidance and effective supervision of management, retaining decision-making authority on significant matters[95] Employee and Stakeholder Relations - The total number of employees as of December 31, 2019, was approximately 3,941, an increase from 2,666 in 2018, representing a growth of 47.7%[153] - Total employee compensation, including directors' remuneration, was approximately RMB 306.58 million for the year ended December 31, 2019, compared to RMB 199.38 million in 2018, reflecting a year-on-year increase of 53.9%[154] - The company emphasizes the importance of maintaining strong relationships with employees, customers, and suppliers to ensure sustainable development[130] Risk Management and Compliance - The company faces significant risks including macroeconomic pressures, increased competition in waste disposal projects, and operational risks associated with joint ventures and proprietary technologies[175] - The company emphasizes the importance of compliance with legal and regulatory requirements to avoid risks that could lead to the termination of operating licenses[176] - The company has complied with various environmental protection laws in China, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[177] Future Outlook and Investments - The company aims to enhance its market position through strategic investments and potential acquisitions in the future[139] - The company plans to allocate approximately RMB 200.0 million for the development of solid waste disposal and waste-to-energy projects[139] - For the year ended December 31, 2020, the company plans to allocate approximately RMB 258.6 million for the development of waste-to-energy projects, which is an increase from previous allocations[138]

Financial Performance - Revenue for the first half of 2019 reached RMB 2,103,338 thousand, a 106.23% increase compared to RMB 1,019,888 thousand in the same period of 2018[53] - Profit before tax for the first half of 2019 was RMB 3,301,797 thousand, reflecting a 25.27% increase from RMB 2,635,845 thousand year-on-year[53] - Net profit attributable to equity shareholders for the first half of 2019 was RMB 3,140,610 thousand, up 24.12% from RMB 2,530,320 thousand in the previous year[53] - The company achieved operating revenue of RMB 78.21 million from waste-to-energy operations, representing a 70.53% increase year-over-year, processing 39.94 million tons of municipal waste and generating 120 million kWh of electricity[65] - The company reported a profit distribution to non-controlling interests of RMB 43,949, up from RMB 35,504 in the previous year[141] Assets and Liabilities - Total assets as of June 30, 2019, amounted to RMB 37,754,837 thousand, representing a 13.66% increase from RMB 33,216,302 thousand at the end of 2018[54] - Total liabilities increased by 32.44% to RMB 8,940,126 thousand as of June 30, 2019, compared to RMB 6,750,441 thousand at the end of 2018[54] - The company’s equity attributable to equity shareholders was RMB 28,020,559 thousand, an increase of 8.81% from RMB 25,752,817 thousand at the end of 2018[54] - The group’s cash and cash equivalents as of June 30, 2019, were RMB 2,809.67 million, with a significant increase in bank loans contributing to this liquidity[99] - The company’s total equity attributable to equity holders as of June 30, 2019, was RMB 28,020,559, reflecting a stable financial position[137] Revenue Streams - Revenue from waste disposal reached RMB 1,504.17 million, a significant increase of 187.35% year-on-year, primarily due to the increase in construction projects[84] - Revenue from solid waste disposal was RMB 276.74 million, with a year-on-year growth of 89.77%[83] - Revenue from energy-saving equipment decreased by 20.07% year-on-year, totaling RMB 159.14 million, mainly due to a reduction in orders for waste heat power generation projects[84] - The revenue from port logistics increased by 15.30% year-on-year, amounting to RMB 118.56 million, driven by the expansion of quality customers[84] - The revenue from energy-saving and environmental protection solutions totaled RMB 1,940,051 thousand, significantly higher than RMB 868,389 thousand in the same period last year, marking an increase of approximately 123.1%[160] Operational Developments - The company signed 20 new environmental projects, achieving a historic high in contract numbers[56] - The company has promoted and signed a total of 93 environmental projects across 19 provinces, with a waste disposal capacity of 4.32 million tons of hazardous waste and 10.26 million tons of municipal waste[58] - The company has established a joint venture with China National Building Material Group and signed strategic cooperation agreements with cement companies to develop the domestic solid waste disposal market[56] - The company is set to launch several new projects in the second half of the year, including locations in Shaanxi, Yunnan, Jiangxi, and Guizhou[59] - The company is focusing on expanding its market presence through new project developments and enhancing its operational efficiency[64] Cost and Expenses - Distribution costs increased to RMB 40.47 million, a year-on-year increase of RMB 17.12 million, reflecting a growth of 73.28% due to rising market development expenses[94] - Administrative expenses rose to RMB 106.84 million, a year-on-year increase of RMB 40.66 million, representing a growth of 61.45% due to the addition of new operating companies and increased employee compensation[94] - Financial expenses for the period were RMB 85,861,000, significantly higher than RMB 12,275,000 in the same period last year[125] - The gross profit margin for the company's products was 33.73%, a decrease of 8.42 percentage points year-on-year[92] - The gross margin for waste disposal was 25.57%, a year-on-year decrease of 11.51 percentage points, primarily due to the construction period of the grate furnace waste-to-energy business[93] Market and Strategic Focus - The company focused on environmental protection and energy-saving materials, aligning with national policies promoting ecological civilization[55] - The overall performance showed steady growth compared to the same period last year, laying a solid foundation for achieving annual targets[55] - The company faced challenges from a complex global economic environment but continued to leverage opportunities in the domestic market[55] - The company plans to accelerate the development of environmental protection projects and enhance brand effects to increase market share in the second half of the year[79] - The company is committed to developing environmentally friendly project designs that reflect its corporate culture and values[64] Employee and Compensation - The group reported total employee compensation of approximately RMB 113.79 million for the six months ended June 30, 2019, compared to RMB 73.81 million for the same period in 2018, representing an increase of 54%[108] - As of June 30, 2019, the group had approximately 3,290 employees, reflecting a commitment to competitive compensation and various training programs[108] - The group’s senior management holds a total of 3,516,418 shares, representing approximately 0.19% of the total shares[116] Accounting and Reporting Changes - The company adopted the revised International Financial Reporting Standard 16 on January 1, 2019, which may impact future financial reporting[143] - The company adopted IFRS 16 "Leases" starting January 1, 2019, which requires lessees to recognize right-of-use assets and lease liabilities for all leases[144] - The transition to IFRS 16 did not result in restating comparative information, and prior assessments of leases remain unchanged[145] - The company will reassess lease liabilities if there are changes in lease payments due to index or rate changes[148] - The company has opted not to separate non-lease components from lease components and accounts for them as a single lease component[147]