Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year[2]. - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year, aiming for HKD 1.32 billion[4]. - The company's revenue for the fiscal year ending December 31, 2024, was RMB 1,686,990,000, a decrease of approximately 10.3% compared to RMB 1,881,556,000 in 2023[11]. - The pre-tax profit for 2024 was RMB 10,027,000, down significantly from RMB 352,267,000 in 2023, indicating a decline of about 97.2%[11]. - The net profit attributable to equity shareholders was RMB 6,275,000 in 2024, a significant decrease from RMB 264,130,000 in 2023[11]. - The net loss for the year was RMB 5.37 million, representing a decline of 101.77% compared to a profit of RMB 304.01 million in 2023[36]. - The industrial hazardous waste disposal service generated revenue of RMB 1,151.70 million, a decrease of 5.61% year-on-year[38]. - The gross profit margin for industrial hazardous waste disposal services was 37.82%, down 9.95 percentage points from the previous year[39]. User Growth and Market Expansion - User data showed a growth in active users by 20%, totaling 500,000 users by the end of the reporting period[3]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[6]. - A strategic acquisition of a local competitor was completed, valued at HKD 300 million, enhancing the company's market position[7]. Product Development and Innovation - New product development includes the launch of an eco-friendly product line, expected to contribute an additional HKD 200 million in revenue[5]. - A new partnership with a leading technology firm is expected to drive innovation and enhance product offerings[9]. - The company plans to enhance technology research and development, focusing on new pollutant treatment and sludge deodorization[34]. Sustainability and Environmental Initiatives - The management team emphasized a commitment to sustainability, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company has established 85 environmental projects across 21 provinces, with a total processing capacity of approximately 12.04 million tons/year[18]. - The company is focused on environmental protection and sustainable development, aligning its operations with national energy-saving and emission-reduction initiatives[72]. Operational Efficiency and Investments - The company plans to invest HKD 50 million in technology upgrades to improve operational efficiency[8]. - The company maintained a stable operational status despite a decline in comprehensive profitability due to falling prices in hazardous waste disposal[17]. - The total assets increased to RMB 9,750,378,000 in 2024, up from RMB 9,412,268,000 in 2023, reflecting a growth of approximately 3.6%[12]. Employee and Governance - The total number of employees at the end of the reporting period was 3,288, a decrease from 3,539 in 2023[69]. - The total employee compensation, including director remuneration, was approximately RMB 466.51 million, compared to RMB 423.30 million in 2023, reflecting an increase of about 10.2%[69]. - The company has adopted the Corporate Governance Code as a benchmark for its governance practices and has complied with all applicable provisions, except for one[71]. - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[76]. Risk Management and Compliance - The company has established a risk management framework with clear processes and internal management functions, ensuring effective operation of the risk control system[113]. - The board reviews the effectiveness of the risk management and internal control systems annually, confirming their adequacy and operational effectiveness[114]. - The company has implemented a complaint reporting management system to ensure compliance and address related concerns effectively[114]. Shareholder Engagement and Capital Structure - The company reported a final dividend of HKD 0.03 per share for the year ending December 31, 2023, totaling HKD 54.80 million, which was paid in July 2024[138]. - The total issued share capital of the company at the end of the reporting period was 1,826,765,059 shares[144]. - Major shareholders include Hai Luo Chuang Ye with a beneficial ownership of 13,900,000 shares (0.76%) and controlled entity interests totaling 495,295,879 shares (27.11%) in the company[146]. Strategic Partnerships and Framework Agreements - The company has established a framework agreement with China National Building Material Group for collaborative disposal services, effective until December 31, 2024[169]. - The company has established a collaborative disposal business model with Conch Cement, leveraging existing cement kiln facilities for industrial solid waste and hazardous waste disposal[181]. - The framework agreement renewal with Conch Cement for 2025 has been approved by independent shareholders on February 19, 2025, due to the applicable percentage exceeding 5%[190].

Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue was approximately RMB 1,686.99 million, a decrease of 10.34% compared to RMB 1,881.56 million in 2023[4] - The net profit attributable to equity shareholders for the fiscal year was approximately RMB 6.28 million, a significant decline of 97.62% from RMB 264.13 million in 2023[4] - The group's gross profit for the fiscal year was RMB 629.27 million, down from RMB 893.57 million in 2023[5] - The operating profit for the fiscal year was RMB 132.80 million, a decrease from RMB 453.08 million in 2023[5] - The total comprehensive income for the year was a loss of RMB 5.37 million, compared to a profit of RMB 304.01 million in 2023[7] - The basic earnings per share for the fiscal year was RMB 0.34, down from RMB 14.46 in 2023[5] - The group reported a revenue of RMB 1,686.99 million, a decrease of 10.34% compared to RMB 1,881.56 million in the same period last year[65] - The group experienced a significant decline in pre-tax profit, reporting RMB 10.03 million, down 97.15% from RMB 352.27 million year-on-year[65] - The net loss for the year was RMB 5.37 million, representing a decrease of 101.77% compared to a profit of RMB 304.01 million in the previous year[65] Dividends and Shareholder Returns - The board of directors proposed not to declare a final dividend for the fiscal year ending December 31, 2024[4] - The company declared a final dividend of HKD 0.03 per share, totaling approximately RMB 51,332,000, compared to no dividend in the previous year[44] Assets and Liabilities - Non-current assets increased to RMB 7,396.98 million from RMB 7,057.25 million in 2023[10] - Current assets decreased to RMB 1,476.36 million from RMB 1,514.60 million in 2023[11] - The total liabilities of the group were not specified but are critical for assessing the financial health moving forward[9] - Total assets increased to RMB 7,478,441 thousand from RMB 6,735,942 thousand, representing a growth of approximately 11.05%[12] - Current liabilities decreased from RMB 2,676,326 thousand to RMB 2,271,937 thousand, a reduction of about 15.1%[12] - Non-current liabilities increased from RMB 3,025,752 thousand to RMB 3,819,517 thousand, an increase of about 26.3%[15] - The net value of total equity decreased from RMB 3,710,190 thousand to RMB 3,658,924 thousand, a decline of approximately 1.4%[15] - The company's total assets at the end of the reporting period were RMB 9,750.38 million, an increase of RMB 338.11 million from the previous year[81] - The total liabilities to total assets ratio was 62.47%, an increase of 1.89 percentage points from the previous year[81] Revenue Breakdown - Revenue from solid waste disposal services was RMB 407,976 thousand, down from RMB 568,674 thousand, a decline of approximately 28.2%[23] - Revenue from hazardous waste disposal services totaled RMB 1,559,675 thousand, compared to RMB 1,788,837 thousand, reflecting a decrease of around 12.8%[23] - The industrial hazardous waste disposal service generated RMB 1,151.70 million, accounting for 68.27% of total revenue, a decrease from 64.85% in the previous year[66] - General hazardous waste revenue was RMB 958.23 million, representing 56.80% of total revenue, down 8.51% year-on-year[66] - The revenue from industrial solid waste disposal services decreased by 28.26% year-on-year to RMB 407.98 million, primarily due to delays in the implementation of pollution soil disposal orders[69] - Resource comprehensive utilization revenue increased by 37.31% year-on-year to RMB 127.32 million, mainly due to the operational input of alternative fuel projects in Wuhu and Chizhou[69] Operational Highlights - The company plans to expand its market presence and invest in new technologies to enhance service offerings[23] - The company is focusing on strategic acquisitions to bolster its operational capabilities and market share[23] - Future guidance indicates a cautious outlook due to market conditions, with an emphasis on cost management and efficiency improvements[23] - The company operates primarily in the industrial solid waste and hazardous waste solutions sector, with all external customer revenue generated from the People's Republic of China[26] - The company has successfully signed contracts for hazardous waste disposal projects, including a 50,000 tons/year project in Zhejiang Taizhou and a 300,000 tons/year project in Guangdong Qingxin[50][55] - During the reporting period, the company processed approximately 1,165,700 tons of industrial hazardous waste, representing a year-on-year increase of about 8.27%[53] - The company achieved a significant increase in alternative fuel production and sales, reaching approximately 302,400 tons, which is a year-on-year growth of about 198%[53] - The company has established 85 environmental protection projects across 21 provinces, with a total processing capacity of approximately 12,042,300 tons/year[48] - The company has ongoing projects in regions such as Chongqing Zhongxian with a capacity of 50,000 tons per year, expected to be completed by January 2025[58] Employee and Compensation - Employee costs totaled RMB 466,514 thousand, up from RMB 423,300 thousand in the previous year, reflecting increased salaries and benefits[31] - The total employee compensation, including director salaries, was approximately RMB 466.51 million, compared to RMB 423.30 million in 2023[107] - The number of employees decreased to 3,288 from 3,539 in 2023[107] Strategic Focus and Future Plans - The company aims to enhance its market presence through strategic expansions in the southwestern region, particularly in Chongqing and Guizhou[58] - The company plans to deepen integration with cement enterprises for production management, emphasizing process management and cost control to improve operational efficiency[114] - The company will increase R&D efforts in new pollution treatment technologies, accelerating the transformation of technological achievements in areas like sludge deodorization and low-temperature thermal treatment of fly ash[116] - The group aims to enhance its core competitiveness and accelerate transformation and development in line with national environmental policies[110] - The group will focus on strategic cooperation with leading environmental protection companies to promote high-quality development[110] Compliance and Governance - The company confirms compliance with corporate governance codes during the reporting period, except for the absence of the chairman at the annual general meeting due to other commitments[122] - The audit committee has reviewed the company's annual performance for the year ending December 31, 2024, and found no disagreement with the accounting treatment methods used[125] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[127]

Financial Performance - Revenue for the first half of 2024 was RMB 804,007 thousand, a decrease of 17.18% compared to RMB 970,784 thousand in the same period of 2023[66] - Profit before tax for the first half of 2024 was RMB 108,968 thousand, down 56.71% from RMB 251,729 thousand in the first half of 2023[66] - Net profit attributable to equity shareholders for the first half of 2024 was RMB 82,141 thousand, a decline of 58.93% compared to RMB 200,020 thousand in the same period of 2023[66] - The company reported a net profit of RMB 92,304 thousand for the first half of 2024, which is a decrease of 58.87% from RMB 224,439 thousand in the first half of 2023[66] - The company reported a revenue of RMB 804.01 million for the first half of 2024, a decrease of 17.18% compared to RMB 970.78 million in the same period of 2023[93] - Pre-tax profit for the first half of 2024 was RMB 108.97 million, down 56.71% from RMB 251.73 million year-on-year[93] - Net profit attributable to equity shareholders was RMB 82.14 million, reflecting a decline of 58.93% compared to RMB 200.02 million in the previous year[93] - The gross profit margin for industrial hazardous waste disposal services was 45.59%, down 6.66 percentage points year-on-year[97] - Gross profit for the same period was RMB 359,651 thousand, down 26.1% from RMB 486,357 thousand year-on-year[148] - Operating profit decreased to RMB 164,559 thousand, a decline of 45.0% compared to RMB 299,199 thousand in the previous year[148] - The total profit for the six months ended June 30, 2024, was RMB 92,304 thousand, a decrease of 58.9% compared to RMB 224,439 thousand in the same period of 2023[149] - The total comprehensive income attributable to equity shareholders of the company was RMB 82,141 thousand, down from RMB 200,020 thousand in the previous year, representing a decline of 59.0%[149] Assets and Liabilities - Total assets increased by 2.84% to RMB 9,679,285,000 as of June 30, 2024, compared to RMB 9,412,268,000 at the end of 2023[67] - Total liabilities rose by 3.92% to RMB 5,925,686,000, up from RMB 5,702,078,000 at the end of 2023[67] - The equity attributable to shareholders increased by 1.07% to RMB 3,025,134,000 from RMB 2,993,037,000 at the end of 2023[67] - The company's total liabilities increased to RMB 5,925.69 million, with a debt-to-asset ratio of 61.22%, up 0.64 percentage points from the previous year[103] - The company's total assets as of June 30, 2024, were RMB 9,679.29 million, an increase of RMB 267.02 million from the previous year[103] - The company's total loans and borrowings amounted to RMB 4,531.88 million, an increase of RMB 273.89 million compared to the end of 2023, primarily due to increased bank loans for project development[110] Operational Highlights - The company processed approximately 549,900 tons of industrial hazardous waste during the reporting period, a year-on-year increase of about 0.69%[73] - The company disposed of approximately 821,400 tons of industrial solid waste, a year-on-year decrease of about 20.73%[75] - The company achieved a 129.09% year-on-year increase in the disposal and supply of alternative fuels, totaling approximately 93,700 tons[73] - The company operates and constructs 83 environmental projects across 21 provinces, with a total processing capacity of approximately 11.75 million tons/year[70] - The company has a total processing capacity of 668.29 million tons per year, with 351.26 million tons currently operational[80] - The company has ongoing projects in Gansu Yongdeng and Chongqing Zhongxian, expected to add 10,000 tons and 50,000 tons per year, respectively, by October 2024[82] - The total capacity for industrial solid waste disposal projects is 364.72 million tons per year, with several projects completed in 2023[83] - The company is expanding its hazardous waste treatment capacity with projects in Shaanxi Yulin and Shandong Binzhou, expected to process 22.5 million tons and 10 million tons per year, respectively[82] Market and Strategic Initiatives - The GDP growth rate in China for the first half of 2024 was 5.0%, indicating a recovering national economy[69] - The company continues to focus on enhancing its core competitiveness through refined operations and innovative R&D amid a challenging market environment[69] - The company aims to enhance its technological capabilities through new product development and research initiatives in waste treatment solutions[83] - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings in the environmental sector[81] - The company plans to enhance its market position through mergers and acquisitions while focusing on the development of its core environmental protection business[88] - The company aims to accelerate project implementation in the second half of 2024, particularly in resource comprehensive utilization and sludge disposal[88] - The company will leverage partnerships with cement companies to optimize project layouts and improve economic efficiency in hazardous waste disposal[88] Cash Flow and Financial Management - The net cash generated from operating activities for the first half of 2024 was RMB 245.53 million, a decrease of RMB 32.56 million compared to the same period in 2023[113] - The net cash used in investing activities was RMB 338.4 million, a decrease of RMB 132.07 million year-on-year, mainly due to reduced payments for property, plant, and equipment[114] - The net cash generated from financing activities was RMB 195.13 million, a decrease of RMB 45.6 million compared to the previous year, attributed to a reduction in net loans obtained and an increase in loan repayments[115] - The company has unutilized bank credit facilities amounting to RMB 4.21 billion, ensuring liquidity for future operations[159] - The company expects to continue generating positive operating cash flow over the next twelve months, supported by improved working capital management[159] - The company reported a net cash increase of RMB 102.27 million, highlighting effective cash management strategies during the period[156] Corporate Governance and Leadership - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2024, and found no disagreement with the accounting practices adopted by the company[141] - The company has adopted the corporate governance code as per the listing rules, ensuring compliance and enhancing governance standards[139] - The company confirmed that all directors complied with the standard code for securities trading during the reporting period[140] - Li Xiaobo resigned as the executive director and general manager of the company effective August 29, 2024, impacting the company's strategic direction[137] - The company has appointed Wang Chunjian as the new executive director and general manager effective August 29, 2024, indicating a leadership change[137] - The company is committed to high standards of corporate governance to enhance shareholder value and accountability[138] Shareholder Information - 海螺国际控股(香港)有限公司持有286,134,000股股份，占总股本的15.66%[125] - 海螺集团持有483,462,011股股份，占总股本的26.47%[125] - 海螺工会持有109,178,000股股份，占总股本的5.98%[125] - 郭丹持有32,725,000股股份，占总股本的1.79%[125] - 曼滋持有35,033,752股股份，占总股本的1.92%[126] - 紀憲持有10,080,000股股份，占总股本的0.55%[126] - 海创集团由海螺工会持有82.93%的注册资本[127] - 海创集团被视为在创投控股(珠海)、海创医疗及海螺创业国际所持股份中拥有权益[128] - 主要股东的持股量可能与提交给联交所的持股量不同[128] - 根据证券及期货条例，主要股东须提交披露权益表格[128]

Financial Performance - For the six months ended June 30, 2024, the group's revenue was approximately RMB 804.01 million, a decrease of 17.18% compared to the same period last year[2]. - The net profit attributable to equity shareholders for the same period was approximately RMB 82.14 million, down 58.93% year-on-year[2]. - Basic earnings per share for the period were RMB 0.04, a decrease of RMB 0.07 compared to the previous year[2]. - The group reported a gross profit of RMB 359.65 million, down from RMB 486.36 million in the same period last year[5]. - Operating profit for the period was RMB 164.56 million, compared to RMB 299.20 million in the previous year[5]. - Total comprehensive income for the period was RMB 92.30 million, down from RMB 224.44 million year-on-year[7]. - Revenue for the six months ended June 30, 2024, was RMB 804,007 thousand, a decrease of 17.1% compared to RMB 970,784 thousand for the same period in 2023[15]. - The industrial hazardous waste disposal service generated revenue of RMB 558.63 million, a decrease of 11.56% year-on-year[58]. - The gross profit margin for the industrial hazardous waste disposal service was 45.59%, down 6.66 percentage points from the previous year[59]. - The gross profit for the resource comprehensive utilization segment increased by 164.48%, with a gross profit margin of 29.90%, up 17.98 percentage points[61]. Assets and Liabilities - The company's total assets as of June 30, 2024, were RMB 6,746.12 million, compared to RMB 6,735.94 million at the end of the previous year[8]. - The company's total liabilities were RMB 2,933.17 million, an increase from RMB 2,676.33 million year-on-year[8]. - The company's cash and cash equivalents increased to RMB 348.52 million from RMB 246.25 million in the previous year[8]. - Total assets at the end of the reporting period amounted to RMB 9,679.29 million, an increase of RMB 267.02 million compared to the end of the previous year[64]. - The group's debt-to-asset ratio was 61.22%, an increase of 0.64 percentage points from the end of the previous year[64]. - Non-current assets were RMB 8,216.89 million, up 2.67% year-on-year, primarily due to increases in property, plant, and equipment[66]. - Current assets reached RMB 1,462.39 million, reflecting a 3.80% increase year-on-year, mainly due to an increase in bank deposits[66]. - Current liabilities increased by 9.60% to RMB 2,933.17 million, primarily due to an increase in current portion of long-term borrowings[67]. Cash Flow - Net cash generated from operating activities was RMB 245.53 million, a decrease of RMB 32.56 million year-on-year, mainly due to increased procurement payments[75]. - Net cash used in investing activities was RMB 338.4 million, a decrease of RMB 132.07 million year-on-year, primarily due to reduced payments for property, plant, and equipment[76]. - Net cash generated from financing activities was RMB 195.13 million, a decrease of RMB 45.6 million year-on-year, mainly due to reduced net borrowings during the reporting period[77]. - Cash and cash equivalents at the end of the reporting period were RMB 348.52 million, an increase of RMB 27.1 million year-on-year[73]. Dividends and Shareholder Returns - The board of directors has resolved not to declare an interim dividend for the six months ended June 30, 2024[2]. - The board has approved a final dividend of HKD 0.03 per share, totaling approximately RMB 50,044,000, to be distributed in July 2024[36]. Operational Highlights - The company operates primarily in China, with all external customer revenue generated from this market[17]. - The group processed approximately 549,900 tons of industrial hazardous waste during the reporting period, representing a year-on-year increase of about 0.69%[42]. - The group processed approximately 821,400 tons of industrial solid waste, a year-on-year decrease of about 20.73%[44]. - The group is actively expanding its industrial solid waste market, obtaining disposal rights for multiple urgent projects such as battery sludge and steel slag sludge[44]. - The group has ongoing projects with a processing capacity of 100,000 tons per year in Gansu Yongdeng, expected to be completed by October 2024[48]. - The group has a total processing capacity of approximately 1,175.26 million tons per year across its operational and construction projects[54]. Strategic Focus - The group plans to focus on green low-carbon development strategies, emphasizing resource recycling and energy conservation[83]. - The group aims to enhance market share by activating existing customer potential and expanding into new markets[85]. - The company aims to focus on green development areas, increasing R&D investment and technological innovation to adapt to domestic and international technological changes[87]. - The company will enhance accounts receivable management and implement differentiated debt collection strategies to ensure stable cash flow[88]. Employee and Compensation - The total employee compensation, including directors' remuneration, was approximately RMB 191.95 million, an increase of 12.6% from RMB 170.51 million in the same period of 2023[82]. - The group has established a workforce of 3,423 employees as of the reporting period, down from 3,539 employees at the end of 2023[82]. Market Conditions - The company's GDP growth in China for 2024 is projected at 5.0%, indicating a recovering economic environment[38]. - The company has not reported any customer revenue exceeding 10% of total revenue during the reporting period[15]. - The group has no significant foreign exchange risk due to most assets and transactions being denominated in RMB[79].

本年報的中、英文版本已登載於本公司網站http://www.conchenviro.com（「本公司網站」）。已選擇 或被視為同意透過本公司網站收取本公司的公司通訊（「公司通訊」）的股東，如因任何理由在收取或 下載於本公司網站登載的公司通訊有任何困難，只要提出要求，均可立刻獲免費發送公司通訊的印 刷本。 股東可隨時更改收取公司通訊的方式的選擇（即收取公司通訊的印刷本，或透過本公司網站取得公 司通訊）。 股東可於任何時間以書面通知本公司的股份過戶登記處香港中央證券登記有限公司，地址為香港灣 仔皇后大道東183號合和中心17樓1712–1716室提出收取本年報的要求及╱或更改收取公司通訊的 方式的選擇。 目錄 | 釋義 | 2 | | --- | --- | | 一、公司資料 | 7 | | 二、財務資料摘要 | 9 | | 三、2023年海螺環保大事記 | 10 | | 四、業績回顧與展望 | 12 | | 五、管理層討論與分析 | 23 | | 六、企業管治報告 | 34 | | 七、董事會報告 | 56 | | 八、董事及高級管理人員簡歷 | 85 | | 九、獨立核數師報告 | 90 | | 十、合併損益 ...

海 外 研 证券研究报告 究 ＃industryId＃ 环保 ＃ ＃00587 .HK ＃海dy螺Com环pa保ny＃ 港股通（否） investS dyStockco ＃inve 买stSu 入ggest ion＃ ( ou 维 ng Cg 持e hs at ni ） d e＃ 经 营现 金流质量＃继tit续le＃提 高，首次派息 ge＃ ＃createTime1＃ 2024年 4月 1日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：海螺环保披露 23 年业绩：营收同比+8.8%至 18.8 亿元，归母净利润同比- 司 日期 20240328 19.6%至2.6亿元。单独看H2，收入同比+5.8%至9.1亿元，归母净利润同比-19.4% 跟 收盘价（港元） 0.84 至6411万元。上市后首次派息，每股拟派息0.03港元，全年派息率为21%。 踪 总股本（亿股） 18 点评：危废市场竞争压力继续加大，工业一般危废处置单价继续下行，且应收账款 计提减值略超预期，全年归母净利润同比下降19.6%至2.6亿元，低于预期。全年 报 流通股本（亿股） 18 工业固废处置/工业一般危废处 ...

Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was approximately RMB 1,881.56 million, an increase of 8.79% compared to RMB 1,729.60 million in 2022[2]. - The net profit attributable to equity shareholders for the fiscal year was approximately RMB 264.13 million, a decrease of 19.63% from RMB 328.66 million in 2022[2]. - Basic earnings per share for 2023 were RMB 0.14, down from RMB 0.18 in 2022[2]. - The company's net asset value increased to RMB 3,710,190 thousand from RMB 3,387,634 thousand, marking a growth of about 9.5%[10]. - The total equity attributable to shareholders rose to RMB 2,993,037 thousand from RMB 2,728,907 thousand, representing an increase of approximately 9.7%[10]. - The company reported a decrease in total comprehensive income for the year, totaling RMB 304.01 million, down from RMB 360.46 million in 2022[5]. - The company's pre-tax profit decreased by 14.19% to RMB 352.27 million in 2023 from RMB 410.53 million in 2022[53]. - The net profit for the year was RMB 304.01 million, reflecting a decline of 15.66% compared to RMB 360.46 million in the previous year[53]. Revenue Breakdown - Revenue from industrial solid waste disposal services was RMB 568,674 thousand, up from RMB 463,153 thousand, indicating a growth of about 22.8%[17]. - Revenue from hazardous waste disposal services totaled RMB 1,047,377 thousand, slightly down from RMB 1,057,841 thousand, reflecting a decrease of approximately 1.5%[17]. - The revenue from industrial hazardous waste disposal services was RMB 1,220.16 million, a decrease of 1.75% year-on-year[55]. - The revenue from industrial solid waste disposal services increased by 22.78% to RMB 568.67 million, driven by new project investments[55]. Expenses and Costs - The group's gross profit for 2023 was RMB 893.57 million, compared to RMB 910.14 million in 2022, indicating a decline in gross profit margin[4]. - Operating profit for the year was RMB 453.08 million, down from RMB 497.56 million in 2022[4]. - Total service costs increased to RMB 987,986,000 in 2023 from RMB 819,458,000 in 2022, a rise of 20.56%[23]. - Employee costs rose to RMB 423,300,000 in 2023, up from RMB 386,393,000 in 2022, reflecting an increase of 9.55%[22]. - Financial expenses increased by 10% to RMB 101.50 million, mainly due to new bank loans[61]. - Administrative expenses were RMB 312.54 million, a slight decrease of 0.63% year-on-year[60]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 8,003.39 million, compared to RMB 7,217.07 million in 2022[6]. - The company's non-current assets, including property, plant, and equipment, increased to RMB 7,057.25 million from RMB 6,366.19 million in 2022[6]. - Current liabilities rose to RMB 2,676.33 million in 2023, compared to RMB 1,979.08 million in 2022[8]. - The total liabilities of the company as of December 31, 2023, were RMB 5,702.08 million, up 10.74% from the previous year[72]. - The company's total borrowings as of December 31, 2023, amounted to RMB 4,257.99 million, an increase of RMB 483.30 million year-over-year, primarily due to project development and increased bank loans[70]. Dividends and Shareholder Information - The board of directors proposed a final cash dividend of HKD 0.03 per share for the fiscal year 2023[2]. - The company proposed a dividend of HKD 0.03 per share for the year ending December 31, 2023, totaling approximately RMB 49,662,000[38]. - The annual general meeting of shareholders is scheduled for June 26, 2024[93]. Market and Project Development - The company has actively expanded its market presence by signing contracts for key projects in economically developed regions[44]. - The group has established and operated 82 environmental projects across 22 provinces, with a processing capacity of approximately 9.4363 million tons per year[40]. - The group signed four hazardous waste disposal projects during the reporting period, involving a total processing capacity of approximately 418,000 tons per year[41]. - The company has focused on optimizing market allocation and improving processing efficiency through the establishment of a regional hazardous waste database[43]. - The company is actively pursuing new projects to enhance its processing capabilities and expand its market presence[47]. Compliance and Governance - The company confirmed compliance with corporate governance rules during the reporting period[95]. - The audit committee reviewed the company's annual performance for the year ending December 31, 2023, and found no disagreement with the accounting practices adopted[98]. - There were no significant post-reporting events affecting the company as of the announcement date[95].

Financial Performance - Revenue for the first half of 2023 reached RMB 970,784,000, an increase of 11.79% compared to RMB 868,437,000 in the same period of 2022[33]. - Profit before tax decreased by 19.37% to RMB 251,729,000 from RMB 312,212,000 year-on-year[33]. - Net profit attributable to equity shareholders was RMB 200,020,000, down 19.70% from RMB 249,080,000 in the previous year[33]. - The gross profit for the first half of 2023 was RMB 486.36 million, showing a slight decline compared to RMB 490.55 million in the previous year[63]. - The industrial hazardous waste disposal service generated revenue of RMB 631.66 million, representing an 8.55% increase year-on-year[61]. - The general hazardous waste segment achieved revenue of RMB 549.65 million, up 10.62% year-on-year, driven by new project launches[61]. - The oil sludge disposal service reported revenue of RMB 40.29 million, a decrease of 27.07% due to reduced production capacity from equipment upgrades[61]. - The fly ash disposal service saw revenue increase by 40.13% to RMB 41.71 million, attributed to new project launches and increased processing volume[61]. - The company reported a profit of RMB 200,020 thousand for the six months ended June 30, 2023, compared to a profit of RMB 249,080 thousand for the same period in 2022[124]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 8,919,789,000, reflecting a 4.49% increase from RMB 8,536,568,000 at the end of 2022[34]. - Total liabilities increased by 2.90% to RMB 5,298,147,000 from RMB 5,148,934,000 year-on-year[34]. - Equity attributable to equity shareholders rose by 7.33% to RMB 2,928,927,000 compared to RMB 2,728,907,000 at the end of 2022[34]. - Non-current assets increased to RMB 7,513.17 million, up 4.10% year-on-year, primarily due to increased property, plant, and equipment[71]. - Cash and cash equivalents at the end of the reporting period were RMB 321.42 million, a decrease of RMB 334.30 million year-on-year[78]. - The company's borrowings increased to RMB 4,095,387 thousand, up from RMB 3,774,694 thousand as of December 31, 2022, indicating a rise of 8.5%[121]. Operational Highlights - The company processed approximately 546,100 tons of industrial hazardous waste during the reporting period, representing a year-on-year increase of about 34%[39]. - The company processed approximately 1,036,200 tons of industrial solid waste, reflecting a year-on-year growth of about 15%[41]. - The company has operational and construction projects across 19 provinces, with a total processing capacity of approximately 7.3167 million tons per year[37]. - The company has initiated 66 environmental projects, including 38 general hazardous waste projects and 5 oil sludge disposal projects[37]. - The company has successfully signed contracts for three fly ash projects in Henan, Hunan, and Sichuan, with a total capacity of 300,000 tons per year[39]. Strategic Initiatives - The company is focusing on expanding its market presence and enhancing its product offerings[33]. - Future outlook indicates a commitment to sustainable development and innovation in environmental protection technologies[33]. - The company plans to explore potential mergers and acquisitions to strengthen its market position[33]. - Management emphasizes the importance of strategic initiatives to navigate market challenges and drive growth[33]. - The group aims to enhance profitability and efficiency through research innovation and management model improvements in 2023[53]. Corporate Governance - The company maintains a strong governance structure with significant shareholding by its directors, ensuring alignment of interests[101]. - The board confirmed compliance with the corporate governance code throughout 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[109]. - The company is committed to high standards of corporate governance to enhance shareholder value and accountability[107]. - The remuneration and nomination committee has established a diversity policy for board members[110]. Employee and Compensation - The total employee compensation for the reporting period was approximately RMB 170.51 million, an increase from RMB 138.30 million for the same period in 2022[90]. - The number of employees at the end of the reporting period was 3,515, down from 3,686 as of December 31, 2022[90]. - The company has implemented a comprehensive compensation management system to enhance employee motivation and performance[90]. - The company continues to focus on professional training and skill enhancement for its workforce[90]. Cash Flow and Investments - Net cash generated from operating activities was RMB 278.10 million, an increase of RMB 36.08 million year-on-year, driven by revenue growth and increased sales collections[80]. - The company has available undrawn bank facilities of RMB 6.8 billion, indicating strong liquidity for future operations[128]. - The company expects to continue generating positive operating cash flow in the next twelve months[128]. - Cash and cash equivalents increased by RMB 48,360,000, compared to an increase of RMB 59,606,000 in the same period of 2022[45]. - The company incurred financial expenses of RMB 49,670 thousand, an increase from RMB 43,386 thousand in the previous year[116]. Related Party Transactions - Significant related party transactions for the six months ended June 30, 2023, included service provision to Anhui Conch Cement Company totaling RMB 4,110 thousand, up from RMB 461 thousand in the same period of 2022, indicating a substantial increase of 789.4%[169]. - The total procurement of goods from related parties for the six months ended June 30, 2023, was RMB 73,683 thousand, compared to RMB 34,949 thousand in the previous year, reflecting an increase of 110.7%[169]. - Trade receivables from related parties as of June 30, 2023, included RMB 15,165 thousand from Anhui Conch Group and its subsidiaries, showing a slight decrease from RMB 15,599 thousand as of December 31, 2022[172].

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 告 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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 China Conch Environment Protection Holdings Limited 中國海螺環保控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：587） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The revenue for the year 2022 was reported at RMB 1.2 billion, representing a year-on-year increase of 15%[11] - The company achieved a net profit of RMB 300 million, which is a 10% increase compared to the previous year[11] - In 2022, the company reported a revenue of RMB 1,729,598,000, an increase from RMB 1,698,153,000 in 2021, representing a growth of approximately 1.5%[17] - The company's profit before tax decreased to RMB 410,531,000 in 2022 from RMB 697,713,000 in 2021, reflecting a decline of about 41.2%[17] - The company's revenue for the reporting period was RMB 1,729.60 million, an increase of 1.85% year-on-year[45] - Pre-tax profit decreased by 41.16% to RMB 410.53 million, while net profit for the year fell by 44.25% to RMB 360.46 million[45] - The net profit attributable to equity shareholders was RMB 328.66 million, a decrease of 43.20% compared to the previous year[45] - The industrial hazardous waste disposal service generated revenue of RMB 1,241.85 million, a slight decrease of 0.01% year-on-year[48] - The general hazardous waste segment saw revenue growth of 0.55% to RMB 1,057.84 million, driven by new project launches[48] - The gross profit for the company's products was RMB 910.14 million, a decrease of 10.33% year-on-year[51] Market Expansion and Strategic Initiatives - The company has set a revenue target of RMB 1.5 billion for 2023, indicating an expected growth of 25%[11] - Market expansion plans include entering two new provinces in China, aiming for a 30% increase in market share by 2024[11] - The company is considering strategic acquisitions to enhance its service offerings, with a budget allocation of RMB 200 million for potential mergers[11] - Future outlook remains positive, with management expressing confidence in achieving sustainable growth through strategic initiatives[11] - The company is actively expanding its project layout and enhancing market share to ensure safe production and solidify its industry leadership[42] Operational Efficiency and Technological Development - New product development includes the launch of an advanced waste treatment technology, projected to reduce operational costs by 15%[11] - Research and development expenses increased by 12%, totaling RMB 50 million, to support innovation initiatives[11] - The company reported a 5% improvement in operational efficiency due to the implementation of new technologies[11] - The company is focusing on optimizing disposal processes and implementing technological upgrades to improve operational efficiency[31] - Future strategies include deepening technological improvements and optimizing operational efficiency to address production bottlenecks[44] Environmental Projects and Waste Management - The company successfully acquired a 36,000 tons/year oil sludge resource recycling project in Zhoushan, Zhejiang, expanding its market presence in the region[20] - A strategic cooperation agreement was signed with Hongfa Investment for a project to dispose of 200,000 tons of solid (hazardous) waste annually, enhancing operational capabilities[21] - As of the end of the reporting period, the company operated 63 environmental projects across 19 provinces, with a total processing capacity of approximately 6.8157 million tons per year[30] - The company processed approximately 921,600 tons of industrial hazardous waste, representing a year-on-year increase of about 17.42%[31] - The company processed approximately 1.5936 million tons of industrial solid waste, reflecting a year-on-year growth of about 10.30%[33] Corporate Governance and Management Structure - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[78] - The company appointed new independent non-executive directors, including Mr. Li Qunfeng as Chairman and Mr. Li Xiaobo as General Manager on October 9, 2022[79] - The board retains decision-making authority over significant matters, including financial data and risk management systems[83] - The company has implemented a structured process for the appointment and re-election of directors, ensuring transparency and accountability[88] - The independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring unbiased oversight[81] Financial Position and Assets - The total assets of the company reached RMB 8,536,568,000 in 2022, up from RMB 7,510,221,000 in 2021, indicating an increase of approximately 13.7%[18] - The total liabilities increased to RMB 5,148,934,000 in 2022 from RMB 4,420,301,000 in 2021, marking a rise of about 16.5%[18] - The group's debt-to-asset ratio was 60.32%, an increase of 1.46 percentage points from the previous year[53] - Non-current assets increased by 24.29% year-on-year to RMB 7,217.07 million, mainly due to an increase in property, plant, and equipment[55] - The total bank loan balance as of December 31, 2022, was RMB 3,774.69 million, an increase of RMB 730.83 million from the previous year, mainly due to new 1-2 year bank loans[60] Employee and Compensation Information - The total employee compensation for the year ended December 31, 2022, was approximately RMB 386.39 million[72] - The total number of employees in the group is approximately 3,686, with 27.24% holding a bachelor's degree or higher[157] - The employee distribution by function includes 1,920 in technical research and development, 491 in management, and 465 in operations[157] - The company regularly reviews and determines the remuneration of directors and senior management based on performance and market benchmarks[164] Related Party Transactions and Compliance - The company has a continuing related party transaction with China National Building Material Group, involving a framework agreement for cement kiln collaborative disposal services, effective until December 31, 2024[172] - The company has complied with the disclosure requirements under Chapter 14A of the Listing Rules regarding related party transactions during the reporting period[184] - Independent non-executive directors confirmed that the related party transactions were conducted on normal commercial terms and in the overall interest of the company and its shareholders[184] Risk Management and Compliance - The company has engaged KPMG as its international auditor for the fiscal year ending December 31, 2022[188] - The company has maintained compliance with regulatory requirements to avoid risks that could lead to the termination of its operating license[191] - The company faces risks related to the environmental industry, including policy fluctuations and the financial stability of major clients[190] - The company has implemented comprehensive risk management measures, focusing on internal control effectiveness across key business areas[119] Shareholder Information and Ownership Structure - The total issued share capital of the company was 1,826,765,059 shares as of the reporting period end[142] - Major shareholders include Hai Luo Chuang Ye with a beneficial ownership of 494,302,979 shares, representing 27.06% of the total shares[144] - The company has a significant concentration of ownership, with the top shareholders holding over 90% of the shares[149] - The report highlights the importance of compliance with regulatory requirements regarding shareholding disclosures[151]