Financial Performance - The company's operating revenue for 2022 was RMB 452,216.70 million, a slight decrease of 0.30% compared to RMB 453,557.90 million in 2021[6] - Net profit attributable to shareholders for 2022 was RMB 75,125.40 million, representing an increase of 8.38% from RMB 69,318.90 million in 2021[6] - The net profit after deducting non-recurring gains and losses was RMB 66,366.20 million, up 8.16% from RMB 61,359.80 million in 2021[6] - Basic earnings per share for 2022 were RMB 0.51, an increase of 4.08% compared to RMB 0.49 in 2021[7] - The net cash flow from operating activities for 2022 was RMB 91,205.10 million, a decrease of 2.64% from RMB 93,680.80 million in 2021[6] - The total operating revenue for the year ended December 31, 2022, was RMB 4,522,167, a slight decrease from RMB 4,535,579 in 2021[61] - The total profit for 2022 was RMB 969,298, compared to RMB 896,059 in 2021, reflecting a growth of 8.2%[61] - The net profit attributable to the company's ordinary shareholders for 2022 was RMB 751,254 thousand, an increase from RMB 693,189 thousand in 2021, resulting in basic earnings per share of RMB 0.51[72] Assets and Liabilities - The total assets at the end of 2022 reached RMB 2,296,967.40 million, a growth of 9.04% from RMB 2,106,529.20 million in 2021[6] - Cash and cash equivalents at the end of the period reached RMB 325,206 million, accounting for 14.16% of total assets, a 52.00% increase from RMB 213,949 million in the previous period[38] - Short-term borrowings decreased by 99.31% to RMB 100.10 million, down from RMB 14,585 million, primarily due to repayment of part of the short-term loans[38] - The company’s total liabilities reached RMB 13,467,381,000 in 2022, up from RMB 12,961,222,000 in the previous year, marking a growth of approximately 3.9%[60] - Non-current liabilities totaled RMB 10,120,558,000 in 2022, compared to RMB 9,750,450,000 in 2021, indicating an increase of about 3.8%[60] Revenue Breakdown - The revenue from wastewater treatment and water plant construction business was CNY 319,278.80 million, a decrease of 4.74% year-on-year, with a gross margin of 35.11%, up by 5.31%[24] - The revenue from recycled water treatment and supporting projects increased by 15.65% year-on-year to CNY 38,977.50 million, with a gross margin of 37.27%, down by 0.64%[24] - The revenue from hazardous waste disposal business increased by 7.63% year-on-year to CNY 23,719.60 million, with a gross margin of 31.58%, up by 16.67%[24] - The revenue from the Tianjin-Beijing-Hebei region was CNY 236,182.00 million, an increase of 12.79% year-on-year, with a gross margin of 37.93%, down by 2.01%[25] - The revenue from the Southwest region was CNY 20,794.00 million, up by 11.85% year-on-year, with a gross margin of 28.84%, an increase of 4.99%[25] - The revenue from the Northwest region decreased by 32.27% year-on-year to CNY 46,953.00 million, with a gross margin of 25.86%, up by 10.52%[25] Investments and Expansion - The company is actively expanding its strategic new business while consolidating its existing water service projects, including the development of photovoltaic power generation projects[11] - The company plans to acquire assets from Tianjin Urban Infrastructure Investment Group to expand its sludge disposal business, which will help in extending its industrial chain[11] - The company plans to invest RMB 6,971 million in the second phase expansion of the Linxia sewage treatment plant PPP project, with a capital contribution of RMB 2,091 million[40] - The company is focusing on investments in water services, new energy cooling and heating, and sludge treatment sectors[39] - The company plans to increase its stake in Tianjin Jiayuan Shengchuang New Energy Technology Co., Ltd. for the Tianjin Houtai Scenic Area energy station project, with a total investment of RMB 183.48 million[41] Research and Development - Research and development expenses increased by 137.33% to RMB 43.54 million due to higher investment in R&D personnel and materials[22] - Total research and development investment amounted to RMB 5,418.45 million, accounting for 1.20% of operating revenue[35] - The number of R&D personnel is 410, representing 18.10% of the total workforce[35] - The company received 23 authorized patents in 2022, including 2 invention patents and 21 utility model patents[18] Operational Efficiency and Management - The company has focused on enhancing operational management and has implemented a big data management platform to improve efficiency and safety in operations[10] - The company operates under market-oriented mechanisms, having implemented performance assessment systems and management contracts for its subsidiaries[12] - The company aims to enhance operational management levels through standardized management and timely risk control measures[56] - The company is focusing on comprehensive risk management to identify, analyze, and respond to various policy risks[55] Environmental Commitment - The company has initiated greenhouse gas monitoring at wastewater treatment plants as part of its commitment to carbon neutrality[10] - The company is committed to integrating digital and low-carbon operations in its wastewater treatment plants[47] - The national target for sludge harmless disposal rate is set to reach 90%, with a goal to establish new disposal facilities with a scale of no less than 20,000 tons per day[46] Dividend and Shareholder Information - The proposed cash dividend for 2022 is RMB 1.44 per 10 shares, totaling RMB 226,140,204.24, which represents 30.10% of the distributable profit for the year[58] - The proposed total dividend amount as of December 31, 2022, was RMB 226,140 thousand, an increase from RMB 208,376 thousand in 2021[9] Audit and Compliance - The audit committee has reviewed the accounting principles and methods adopted by the group, ensuring compliance with financial reporting standards[85] - The audit firm PwC has confirmed that the financial figures for the year ending December 31, 2022, are consistent with the audited consolidated financial statements[86] - No assurance opinion was issued by PwC regarding the annual performance announcement[86] - The announcement does not include any strategic initiatives or new strategies[86] - The document does not provide any user data or performance summaries[86]

Financial Performance - The company's operating revenue for the third quarter was RMB 110,472.8 million, a decrease of 18.81% compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 23,655.8 million, down 1.52% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 22,070.5 million, a decrease of 1.73% compared to the previous year[3]. - The basic earnings per share for the quarter was RMB 0.17, a decrease of 2.82% compared to the same period last year[3]. - The diluted earnings per share also stood at RMB 0.17, with a similar decline of 2.82% year-on-year[3]. - The weighted average return on equity was 3.02%, a decrease of 0.48 percentage points compared to the previous year[3]. - The total operating revenue for the first nine months of 2022 was RMB 3,234,017 thousand, a slight decrease of 0.9% compared to RMB 3,264,565 thousand in the same period last year[13]. - Operating income for the first nine months of 2022 was RMB 1,251,087 thousand, a decrease of 0.5% compared to RMB 1,262,890 thousand in the same period last year[19]. - Net profit attributable to shareholders was RMB 632,921 thousand, an increase of 16.2% from RMB 544,688 thousand in the previous year[14]. - The company reported a net profit of RMB 499,933 thousand for the first nine months, a decline of 21.2% from RMB 634,307 thousand in the same period last year[19]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 2,271,781.9 million, an increase of 7.84% from the end of the previous year[3]. - The company's total assets as of September 30, 2022, reached RMB 22,717,819 thousand, up from RMB 21,065,292 thousand at the beginning of the year, reflecting a growth of 7.8%[12]. - Current assets increased significantly to RMB 6,599,246 thousand, compared to RMB 4,837,125 thousand at the beginning of the year, marking a growth of 36.4%[10]. - The total liabilities increased to RMB 13,356,860 thousand, compared to RMB 12,961,222 thousand at the beginning of the year, reflecting a rise of 3.1%[11]. - Total liabilities as of September 30, 2022, were RMB 8,019,213 thousand, an increase of 6.1% from RMB 7,558,954 thousand at the beginning of the year[18]. Shareholder Information - The equity attributable to shareholders was RMB 835,871.4 million, reflecting a growth of 17.39% year-on-year[3]. - The total number of shareholders at the end of the reporting period was 60,012, with the largest shareholder holding 45.57% of the shares[6]. - The company completed a private placement of shares, increasing the number of restricted A-shares by 143,189,655 shares, without changing the control rights[9]. - The company’s total equity increased to RMB 7,009,359 thousand, up 18.7% from RMB 5,903,624 thousand at the beginning of the year[18]. Cash Flow and Investments - Net cash flow from operating activities was RMB 701,019 thousand, down 15.2% from RMB 826,117 thousand year-on-year[15]. - Operating cash flow for the period from January to September 2022 amounted to RMB 1,041,895 thousand, a decrease of 47.5% compared to RMB 1,995,774 thousand in the same period last year[20]. - The cash inflow from the sale of goods and services received was RMB 855,526 thousand, reflecting the company's operational performance[20]. - The company raised RMB 816,702 thousand from investments, a substantial increase from RMB 2,298 thousand in the previous year[16]. - The company reported a cash inflow of RMB 813,890 thousand from investment absorption during the financing activities[20]. - The company’s cash outflow from investment activities was RMB 435,302 thousand, an improvement from RMB -1,426,203 thousand in the same period last year[15]. - The company received RMB 141,477 thousand in investment income during the reporting period, down from RMB 244,101 thousand in the previous year[20]. - The cash inflow from operating activities was RMB 1,224,926 thousand, while cash outflow totaled RMB 1,172,390 thousand, resulting in a net cash inflow of RMB 52,536 thousand[20]. Research and Development - The company reported a research and development expense of RMB 13,327 thousand, which is a significant increase from RMB 6,930 thousand in the previous year, indicating a focus on innovation[13]. - Research and development expenses increased to RMB 1,700 thousand, significantly higher than RMB 5 thousand in the same period last year[19]. Government Subsidies - The company received government subsidies amounting to RMB 2,044.4 million during the quarter, contributing to its financial performance[4].

Financial Performance - The company's operating revenue for the first half of 2022 was RMB 2,129.29 million, representing an increase of 11.84% compared to RMB 1,903.95 million in the same period last year[12]. - Net profit attributable to shareholders for the same period was RMB 396.36 million, a 30.17% increase from RMB 304.49 million year-on-year[12]. - The net profit after deducting non-recurring gains and losses was RMB 361.90 million, up 36.90% from RMB 264.35 million in the previous year[12]. - The basic earnings per share for the first half of 2022 was RMB 0.28, reflecting a growth of 30.52% compared to RMB 0.21 in the same period last year[13]. - The weighted average return on net assets increased to 5.49%, up by 0.92 percentage points from 4.57% year-on-year[13]. - The company achieved operating revenue of RMB 212,928.9 million in the first half of 2022, an increase of 11.84% compared to the previous year[25]. - Net profit attributable to the company reached RMB 39,636.3 million, representing a growth of 30.17% year-on-year[25]. - Revenue from wastewater treatment business was RMB 154,817.9 million, up 12.07% from the same period last year[25]. Cash Flow and Assets - The net cash flow from operating activities was RMB 322.41 million, a decrease of 53.24% compared to RMB 689.47 million in the same period last year[12]. - Total assets at the end of the reporting period were RMB 21,454.60 million, an increase of 1.85% from RMB 21,065.29 million at the end of the previous year[12]. - Net assets attributable to shareholders at the end of the reporting period were RMB 7,311.40 million, reflecting a 2.69% increase from RMB 7,120.20 million year-on-year[12]. - The company's total liabilities as of June 30, 2022, amounted to RMB 13,141,899 thousand, up from RMB 12,961,222 thousand at the end of 2021, indicating a growth of approximately 1.4%[110]. - The total equity attributable to shareholders of the parent company increased to RMB 7,311,399 thousand as of June 30, 2022, from RMB 7,120,198 thousand at the end of 2021, marking an increase of about 2.7%[110]. Research and Development - The company plans to invest no less than RMB 38.15 million in technology research and development for new processes and application technologies in wastewater and sludge treatment[22]. - Research and development expenses increased by 76.74% to RMB 655.0 million due to higher investment in R&D activities[27]. - The company's research and development expenses for the six months ended June 30, 2022, were RMB 6,550 thousand, compared to RMB 3,706 thousand in the same period of 2021, showing an increase of approximately 76.5%[113]. Environmental and Operational Management - The company has established a digital management platform to enhance operational efficiency and is focusing on big data management in its operations[21]. - The company aims to achieve a 70% urban sewage collection rate by 2025 as part of national water environment governance goals[20]. - The company has implemented an emergency response plan for sudden environmental incidents, which has been reviewed and filed with the local environmental protection bureau[70]. - The company has established an environmental self-monitoring plan in accordance with national requirements, with monitoring results publicly disclosed on the local environmental information monitoring platform[71]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[72]. Risk Management - The company faces risks related to government credit, as wastewater treatment service fees are primarily sourced from government accounts, making government credit crucial for cash flow[36]. - The company is exposed to policy change risks that could directly impact water pricing and the volume of hazardous waste generated due to regional industrial policy shifts[37]. - The company emphasizes the importance of enhancing operational management levels to mitigate risks associated with environmental regulations and operational standards[41]. - The company plans to strengthen comprehensive risk management to identify, analyze, and respond to various policy risks effectively[40]. Shareholder and Equity Information - The company did not propose any profit distribution or capital reserve increase for the first half of 2022, with no dividends or stock bonuses declared[44]. - The stock option incentive plan involved a total of 12,170,000 stock options granted to 155 eligible participants, with the closing price of A-shares at RMB 6.28 prior to the first grant[45]. - The largest shareholder, Municipal Investment, holds 715,565,186 shares, representing 50.14% of the total shares[95]. - The total number of ordinary shareholders was 62,075 as of June 30, 2022, including 61 H-share shareholders[94]. - The company has a total of 1,426,000,000 shares issued, with the top five shareholders holding approximately 88.65% of the total shares[100]. Financial Management - The company’s financial expenses decreased by 31.07% to RMB 11,145.7 million, attributed to interest income recognition related to receivables[26]. - The company reported a loan repayment rate of 100% and an interest payment rate of 100%, indicating strong debt management[106]. - The asset-liability ratio slightly decreased to 61.25% from 61.53%, indicating stability in the company's financial structure[106]. - The company has no significant contingent liabilities as of June 30, 2022[88]. Corporate Governance - The company has complied with the corporate governance code and has established an audit committee to oversee financial reporting and internal controls[83]. - The group’s financial report for the six months ending June 30, 2022, is prepared in accordance with Chinese accounting standards, reflecting a true and complete financial status[138]. - The group’s accounting policies and estimates are tailored to the group's operational characteristics, particularly in measuring expected credit losses on receivables[135].

Financial Performance - The company's operating revenue for the first quarter reached RMB 107,155.2 million, representing a year-on-year increase of 22.42%[3] - Net profit attributable to shareholders was RMB 19,539.5 million, reflecting a growth of 17.85% compared to the same period last year[3] - The basic earnings per share (EPS) stood at RMB 0.14, which is a 20.69% increase from the previous year[3] - The operating profit for Q1 2022 was RMB 420,508 thousand, compared to RMB 334,554 thousand in Q1 2021, indicating a growth of 25.7%[18] - The company recorded a net profit of RMB 212,355 thousand in Q1 2022, a significant increase from RMB 41,446 thousand in Q1 2021[18] Cash Flow - The net cash flow from operating activities surged to RMB 21,235.5 million, marking a significant increase of 412.37% year-on-year[3][6] - The company reported a significant increase in cash flow from operating activities primarily due to higher receipts from sewage treatment services compared to the previous year[6] - The net cash flow from financing activities in Q1 2022 was negative RMB 62,420 thousand, a decrease from positive RMB 1,671,386 thousand in Q1 2021[19] - Cash and cash equivalents at the end of Q1 2022 amounted to RMB 2,026,062 thousand, down from RMB 2,393,239 thousand at the end of Q1 2021[19] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 2,108,999.8 million, showing a slight increase of 0.12% from the end of the previous year[4] - The total liabilities decreased to RMB 12,782,126 thousand as of March 31, 2022, from RMB 12,961,222 thousand at the end of 2021, indicating a reduction in financial obligations[12] - The total current assets as of March 31, 2022, were RMB 4,861,414 thousand, slightly up from RMB 4,837,125 thousand at the end of 2021[11] Shareholder Information - The total number of shareholders at the end of the reporting period was 60,888, with the top ten shareholders holding a combined 73.82% of the shares[7] - The largest shareholder, Tianjin Municipal Investment Co., Ltd., held 50.14% of the shares, amounting to 715,565,186 shares[7][8] Research and Development - Research and development expenses for Q1 2022 were RMB 2,375 thousand, an increase from RMB 1,673 thousand in Q1 2021, reflecting a focus on innovation[15] Future Plans - The company plans to revise and resubmit its private placement plan for A-shares to the China Securities Regulatory Commission (CSRC) after terminating the previous plan[10] - The company is committed to timely information disclosure regarding its private placement and will adhere to relevant regulations to mitigate investment risks[10] - The company plans to continue expanding its market presence and investing in new technologies, although detailed strategies were not outlined in the call[18]

Financial Performance - The net profit attributable to the company for 2021 was RMB 693,187,998.85, with a distributable profit of RMB 4,577,680,726.37 after accounting for statutory surplus reserves and previous year dividends [3]. - The proposed cash dividend for 2021 is RMB 1.46 per 10 shares, totaling RMB 208,375,350.78, which represents 30.06% of the distributable profit for the year [3]. - The company's operating revenue for 2021 was RMB 453,557.90 million, representing a 34.83% increase compared to RMB 336,387.40 million in 2020 [18]. - Net profit attributable to shareholders for 2021 was RMB 69,318.90 million, a 21.60% increase from RMB 57,003.90 million in 2020 [18]. - The net profit after deducting non-recurring gains and losses was RMB 61,359.80 million, up 24.42% from RMB 49,316.00 million in 2020 [18]. - The total profit amounted to RMB 89,605.9 million, an increase of 24.77% year-on-year [39]. - The basic earnings per share for 2021 were RMB 0.49, reflecting a 22.50% increase from RMB 0.40 in 2020 [19]. - The weighted average return on equity for 2021 was 9.00%, an increase of 1.26% compared to 7.74% in 2020 [19]. Assets and Liabilities - The total assets of the company at the end of 2021 were RMB 2,106,529.20 million, a 12.03% increase from RMB 1,880,296.90 million at the end of 2020 [18]. - The company’s net assets attributable to shareholders at the end of 2021 were RMB 712,019.80 million, an 8.02% increase from RMB 659,135.10 million at the end of 2020 [18]. - The company's long-term borrowings increased by 70.23% to RMB 719.72 million, reflecting the need for project construction and operational funding [57]. - The company's short-term borrowings amounted to RMB 145.85 million, reflecting new short-term loans from its subsidiary [57]. - The company's long-term receivables increased by 131.39% to RMB 381.19 million, attributed to the recognition of PPP project receivables [56]. Operational Highlights - The company successfully secured multiple wastewater treatment projects, including the Tianjin Xiqing Dasi project and the PPP project in Jieshou City, expanding its wastewater treatment capacity [29]. - The company achieved a technology transformation with 55 technology projects completed, resulting in an economic benefit of RMB 15,171.36 million from technology achievements in 2021 [32]. - The company has expanded its wastewater treatment capacity by 80,000 cubic meters per day and added 65 kilometers of recycled water pipeline during the reporting period [34]. - The company has a hazardous waste disposal capacity of 128,000 tons per year across four projects, with a landfill project capacity of 314,600 tons [35]. - The company has a total sludge disposal capacity of 2,970 tons per day, with an increase of 1,700 tons per day in entrusted operation during the reporting period [35]. Research and Development - The company added 16 new authorized patents and 6 new software copyrights during the reporting period, enhancing its R&D capabilities [38]. - The company reported a total R&D investment of RMB 2,376.24 million, accounting for 0.52% of total revenue, with 22.80% of R&D costs capitalized [53]. - The company’s R&D expenses rose by 38.97% to RMB 1,834.50 million, reflecting increased investment in innovation [40]. - The company achieved a contract amount of RMB 135.58 million from 37 technology transformation projects during the reporting period, saving RMB 16.13 million in electricity and chemical costs [35]. Governance and Management - The board of directors consists of 9 members, including 3 executive directors and 6 non-executive directors, with a total of 24 board meetings held during the reporting period [82]. - The company has established a comprehensive corporate governance structure, with the audit committee reviewing internal control effectiveness annually [88]. - The company has complied with the Corporate Governance Code and has made necessary adjustments to its governance guidelines in response to regulatory changes [80]. - The company has a shareholding management system that limits directors and senior management from transferring more than 25% of their shares during their tenure [81]. - The company has established a training program for directors to enhance their skills and knowledge in line with ongoing business development and regulatory updates [83]. Environmental Compliance - The company’s wastewater treatment projects have passed environmental impact assessments and received approvals from environmental protection departments [180]. - The company has implemented emergency response plans for environmental incidents, which have been reviewed and filed with local environmental authorities [181]. - The company’s self-monitoring plans for environmental compliance are in place, with results publicly disclosed on local environmental monitoring platforms [182]. - The company’s new energy cooling and heating business, along with distributed photovoltaic projects, contribute to carbon emission reductions [185]. Future Outlook - The company anticipates significant growth in the urban environmental infrastructure market by 2025, with specific targets for wastewater treatment and solid waste management [65]. - The company expects to process no less than 155,385 million cubic meters of wastewater in 2022, with service fee revenue and cost fluctuations not exceeding 30% under current policies and operational conditions [69]. - A planned investment of no less than RMB 38.15 million will be allocated for R&D and technological upgrades in wastewater and sludge treatment in 2022 [70]. - The company plans to expand its market presence by entering three new provinces, aiming for a 10% market share in these regions within two years [104]. Shareholder Engagement - The company aims to distribute at least 20% of the annual distributable profit to shareholders in cash dividends, with a cumulative distribution over three years not less than 30% of the distributable profit [137]. - The company’s cash dividend policy prioritizes cash over stock dividends when conditions are met, ensuring a stable and transparent distribution mechanism [136]. - The company must communicate with shareholders, especially minority shareholders, through various channels before discussing the cash dividend proposal [142]. - The company is required to disclose the cash dividend policy and its execution status in the annual report, ensuring transparency and compliance with regulations [145]. Stock Options and Incentives - The stock option incentive plan granted a total of 12,170,000 stock options to 155 eligible participants, with the market price at RMB 6.28 per share at the time of the first grant [150]. - The total estimated value of the granted stock options is RMB 30.11 million, with each option valued at RMB 2.11 based on the Black-Scholes model [165]. - The company aims to align the interests of shareholders, the company, and individual managers through the stock option incentive plan [152]. - The total number of stock options granted to any individual incentive recipient will not exceed 1.0% of the total issued share capital as of the reporting period end [158].