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].

Financial Performance - The net profit attributable to the parent company for 2021 was RMB 693,187,998.85, with a legal surplus reserve of RMB 58,281,246.28 deducted, resulting in a distributable profit of RMB 4,577,680,726.37[7] - The cash dividend proposed for 2021 is RMB 1.46 per share (including tax), totaling RMB 208,375,350.78, which accounts for 30.06% of the distributable profit[7] - The total undistributed profit at the beginning of the year was RMB 4,114,041,385.40[7] - The company's operating revenue for 2021 was CNY 453,557.90 million, representing a 34.83% increase compared to CNY 336,387.40 million in 2020[26] - The net profit attributable to shareholders for 2021 was CNY 69,318.90 million, a 21.60% increase from CNY 57,003.90 million in 2020[26] - The net cash flow from operating activities for 2021 was CNY 93,680.80 million, showing a significant increase of 75.95% from CNY 53,243.60 million in 2020[26] - The total assets at the end of 2021 were CNY 2,106,529.20 million, which is a 12.03% increase from CNY 1,880,296.90 million at the end of 2020[26] - The basic earnings per share for 2021 was CNY 0.49, up 22.50% from CNY 0.40 in 2020[27] - The company reported a weighted average return on equity of 10.11% for 2021, an increase of 1.16 percentage points from 8.95% in 2020[30] - The total profit amounted to 89,605.9 million RMB, an increase of 24.77% year-on-year[50] Operational Highlights - The company successfully secured multiple wastewater treatment projects, expanding its wastewater treatment rights scale, including the Tianjin Xiqing Dasi project and the PPP project in Jieshou City[37] - The company achieved a technology transformation with 55 completed technology projects, resulting in an economic benefit of approximately CNY 151.71 million from technology achievements[40] - The company established a smart operation management system, enhancing management efficiency through various modules such as water quality warning and energy consumption management[37] - The company acquired two hazardous waste projects, establishing a new pattern in hazardous waste treatment across northern and southern regions[37] - The company expanded its wastewater treatment capacity by 80,000 cubic meters per day, bringing the total to approximately 560.46 million cubic meters per day[45] - The company added 106.6 million square meters of heating service area in its new energy cooling and heating business, totaling 311 million square meters[45] - The hazardous waste disposal capacity increased to 12.8 million tons per year across four projects, with a landfill project capacity of 31.46 million tons[45] Research and Development - Research and development expenses increased by 38.97% to 1,834.50 million RMB due to heightened investment in R&D[50] - The company received 13 utility model patents and engaged in three national-level research projects, showcasing its commitment to technological advancement[40] - The number of R&D personnel reached 287, accounting for 12.48% of the total workforce[67] - The company invested 200 million in R&D for new technologies, focusing on AI and machine learning[117] - The company is investing 50 million in R&D for new technologies aimed at enhancing operational efficiency and sustainability[139] Governance and Compliance - All board members attended the board meeting, ensuring the report's authenticity and completeness[5][8] - The company received a standard unqualified audit report from PwC Zhong Tian[6] - The board of directors consists of 9 members, including independent directors, ensuring compliance with governance standards and effective oversight[104] - The company held 24 board meetings and 5 shareholder meetings during the reporting period, demonstrating active governance practices[104] - The company has established a comprehensive risk management system to identify, analyze, and respond to various policy risks, ensuring dynamic management of potential threats[99] Market Expansion and Strategy - The company aims to increase its market share in the renewable energy sector by winning the Tianjin Houtai Park energy station project[37] - The company plans to enhance its focus on resource and energy utilization in line with national policies promoting wastewater resource utilization and solid waste recycling[41] - The company will continue to expand its industrial and organic solid waste business, as well as its new energy supply services, to enhance its emerging environmental protection business segment[93] - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the industry[124] - Market expansion plans include entering two new international markets, which are expected to contribute an additional 5% to revenue in 2022[117] Financial Management and Dividend Policy - The company has a cash dividend policy that mandates a minimum of 20% of the distributable profit to be distributed as cash dividends each year, provided certain conditions are met[177] - The company aims for cumulative cash distributions over three years to be no less than 30% of the distributable profit during that period[177] - The board of directors is responsible for proposing the profit distribution plan based on the company's operational status and future funding needs[177] - The company has modified its articles of association to enhance transparency and clarity in its cash dividend policy[176] - The company confirmed that the cash dividend policy complies with the company's articles of association and shareholder resolutions, with clear standards and ratios established[181] Environmental Impact - The company achieved a cumulative reduction of pollutants, including approximately 455,700 tons of COD and 54,500 tons of total nitrogen, contributing significantly to water environment management[199] - The company adheres to national and local wastewater discharge standards, primarily the Class A standard of GB18918-2002[198] - During the reporting period, the company discharged approximately 25,500 tons of COD, 1,250 tons of total nitrogen, 781 tons of ammonia nitrogen, and 252 tons of total phosphorus[199] Human Resources - The total number of employees remained stable at 822, indicating no major changes in workforce size[125] - The professional composition includes 1,188 production personnel, 94 sales personnel, 520 technical personnel, 122 financial personnel, 203 administrative personnel, and 173 management personnel[168] - The education level of employees includes 4 with a doctorate, 123 with a master's degree, and 1,136 with a bachelor's degree[168]

Financial Performance - Operating revenue for the first quarter reached RMB 87,528.3 million, representing a year-on-year increase of 22.20%[10] - Net profit attributable to shareholders was RMB 16,579.3 million, up 27.72% from the same period last year[10] - The company reported a net profit excluding non-recurring gains and losses of RMB 14,470.5 million, an increase of 24.31% year-on-year[10] - Net profit for Q1 2021 totaled RMB 208,245 thousand, compared to RMB 165,741 thousand in Q1 2020, marking a growth of 25.6%[43] - The company recorded investment income of 35,441 thousand RMB in the first quarter of 2021, a substantial rise from 6,163 thousand RMB in the same period of 2020[48] Cash Flow and Liquidity - Net cash flow from operating activities improved significantly to RMB 4,144.6 million, a remarkable increase of 889.15% compared to the previous year[10] - Cash and cash equivalents increased by RMB 74,058 million, a rise of 759.53% compared to the previous period[22] - The company reported a net cash inflow from operating activities of 41,446 thousand RMB, a significant improvement from a net outflow of 5,252 thousand RMB in the first quarter of 2020[54] - Cash flow from financing activities net amount was 1,444,783 thousand RMB, an increase of 786.5% from 163,703 thousand RMB in the same period last year[58] - The company reported a net increase in cash and cash equivalents of 816,950 thousand RMB, compared to 184,013 thousand RMB in the same period last year, reflecting strong liquidity[58] Assets and Liabilities - Total assets increased to RMB 2,066,092.6 million, a growth of 9.88% compared to the end of the previous year[10] - Total liabilities increased to RMB 1,290,430 million, marking a growth of 5% compared to the end of the previous year[17] - The company’s total assets reached RMB 20,660,926 million, up from RMB 18,802,969 million at the end of 2020[27] - Total liabilities reached RMB 8,046,975 thousand as of March 31, 2021, compared to RMB 6,620,344 thousand at the end of 2020, reflecting a growth of 21.5%[38] Shareholder Information - The total number of shareholders reached 67,051, with the largest shareholder holding 50.14% of the shares[16] - Basic earnings per share increased to RMB 0.116, reflecting a growth of 27.47% compared to the previous year[12] - Basic and diluted earnings per share for the first quarter of 2021 were both 0.116 RMB, compared to 0.091 RMB in the same period of 2020, reflecting a 27.5% increase[48] Government Support and Subsidies - The company received government subsidies amounting to RMB 2,815.7 million, which are closely related to its normal business operations[12] Operational Highlights - Revenue from wastewater treatment business significantly increased due to the new plant operation and higher service fees, contributing to overall revenue growth[19] - The company plans to adjust its non-public issuance of A-shares, pending approval from the China Securities Regulatory Commission[23] Cost Management - Research and development expenses for the first quarter of 2021 were minimal at 3 thousand RMB, indicating a focus on cost management[48] - The company’s financial expenses decreased to 48,509 thousand RMB in the first quarter of 2021 from 50,920 thousand RMB in the same period of 2020, primarily due to lower interest expenses[48]