Financial Performance - The company's operating revenue for Q1 2025 was CNY 828,204,134.70, representing a 2.90% increase compared to CNY 804,876,678.42 in the same period last year[7]. - Net profit attributable to shareholders for the same period was CNY 184,962,944.73, reflecting a significant increase of 33.21% from CNY 138,851,431.42 year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 184,254,403.87, up 33.53% from CNY 137,986,348.36 in the previous year[7]. - Basic and diluted earnings per share rose to CNY 0.13, marking a 30.00% increase from CNY 0.10 in the previous year[7]. - Operating profit for Q1 2025 was CNY 239,561,656.40, representing a 32.5% increase from CNY 180,777,849.89 in Q1 2024[23]. - The total comprehensive income for Q1 2025 was CNY 195,427,451.39, up from CNY 146,935,270.62 in the same period last year, reflecting a growth of approximately 33%[26]. Cash Flow - The net cash flow from operating activities increased by 21.49% to CNY 272,106,017.07, compared to CNY 223,971,977.34 in the same quarter last year[7]. - Cash inflow from operating activities in Q1 2025 was CNY 810,572,243.15, compared to CNY 786,770,756.46 in Q1 2024, indicating a growth of about 3%[28]. - The net cash flow from operating activities for Q1 2025 was CNY 272,106,017.07, an increase of 21% from CNY 223,971,977.34 in Q1 2024[28]. - Cash outflow for investment activities in Q1 2025 was CNY 115,585,339.40, down from CNY 143,330,443.54 in Q1 2024, showing a decrease of approximately 19%[30]. - Cash inflow from financing activities in Q1 2025 was CNY 653,849,589.09, compared to CNY 446,631,029.24 in Q1 2024, reflecting a significant increase of about 46%[32]. - The net cash flow from financing activities for Q1 2025 was -CNY 102,677,376.95, compared to CNY 57,564,388.59 in Q1 2024, indicating a shift in cash flow dynamics[32]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,016,995,914.66, a slight increase of 0.13% from CNY 21,988,772,935.44 at the end of the previous year[7]. - Total liabilities as of March 31, 2025, amounted to CNY 13,287,927,903.68, a slight decrease from CNY 13,459,982,502.46 as of December 31, 2024[22]. - Total equity as of March 31, 2025, was CNY 8,729,068,010.98, up from CNY 8,528,790,432.98 at the end of 2024[22]. - The company's current assets reached RMB 4,320,055,265.45, compared to RMB 4,123,624,060.69 at the end of 2024, indicating a growth of approximately 4.77%[20]. - The accounts receivable increased to RMB 2,635,255,793.16 from RMB 2,512,178,004.57, representing a growth of about 4.9%[20]. Shareholder Information - The company reported a total of 38,736 common shareholders at the end of the reporting period[12]. - The company has a significant shareholder, Beijing State-owned Assets Management Co., Ltd., holding 42.63% of the shares[16]. - HKSCC Nominees Limited, another major shareholder, holds 27.23% of the shares, indicating strong foreign investment interest[16]. - The company has a total of 594,085,618 shares held by its largest shareholder, which is a state-owned entity[16]. Future Plans - The company plans to continue its market expansion and product development strategies in the upcoming quarters[17].

Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 0.2 per share (pre-tax) based on the total share capital as of the profit distribution registration date for all shareholders[5]. - The company will not increase share capital from reserves or issue bonus shares for the fiscal year 2024, pending approval at the shareholders' meeting[5]. - The company has not proposed any capital increase from reserves for the fiscal year 2024[5]. - The board of directors proposed a final dividend of RMB 0.2 per share (pre-tax), totaling approximately RMB 27,869.05 million, subject to shareholder approval at the annual general meeting[127]. - The company has a calculated distributable reserve for dividends of RMB 1,511,674,690.45, with no share premium account available for capitalized dividend distribution[136]. Financial Performance - The company's operating revenue for 2024 is RMB 3,398,572,272.66, a decrease of 14.08% compared to RMB 3,955,548,511.61 in 2023[25]. - Net profit attributable to shareholders for 2024 is RMB 585,082,147.27, down 7.02% from RMB 629,281,357.74 in 2023[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is RMB 578,600,321.04, a decrease of 6.36% from RMB 617,906,499.99 in 2023[25]. - The basic earnings per share decreased by 6.67% to RMB 0.42 in 2024 compared to RMB 0.45 in 2023[26]. - The weighted average return on net assets fell to 7.32% in 2024, down 0.99 percentage points from 8.31% in 2023[26]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 585,082,147.27, a decrease from RMB 629,281,357.74 in the same period of 2023, primarily due to a reduction in net profit[124]. Operational Efficiency and Cost Management - The company is focusing on enhancing operational efficiency and reducing costs through increased centralized procurement and financial cost reduction strategies[33]. - The company is actively pursuing cost reduction and efficiency enhancement strategies, including increasing centralized procurement to lower purchasing costs[41]. - The company plans to focus on operational efficiency and cost management to mitigate the impact of declining construction revenue[70]. - The company is committed to enhancing operational efficiency through technology development and facility upgrades to mitigate rising environmental compliance costs[115]. Risk Management and Compliance - The company has outlined several risks in the report, which investors should review in the "Management Discussion and Analysis" section[10]. - The management has confirmed the accuracy and completeness of the financial report, with no false records or significant omissions[8]. - The company has received a standard unqualified audit opinion from the accounting firm[8]. - The report complies with all disclosure requirements set by relevant stock exchange regulations in both mainland China and Hong Kong[10]. - There are no instances of non-operational fund occupation by controlling shareholders or related parties[7]. - The company has not faced any violations regarding decision-making procedures for external guarantees[7]. Technological Innovation and Development - The company aims to deepen technological innovation and strengthen core competitiveness in the waste incineration power generation sector[35]. - The company has successfully conducted green certificate trading for its Changzhou and Zhangqiu Phase II projects[33]. - The company has obtained a total of 80 authorized patents, including 19 invention patents, by the end of 2024, reflecting its commitment to technological innovation[42]. - The company has successfully implemented digital transformation initiatives, including the application of artificial intelligence technology in waste incineration management, leading to improved operational efficiency[42]. Market and Industry Trends - The company is expanding its market presence in economically developed regions such as the Yangtze River Delta and Pearl River Delta, as well as in central and western regions of China[52]. - The national urban waste incineration processing capacity is expected to reach approximately 800,000 tons/day by the end of 2025, with urban waste incineration accounting for about 65% of the total[45]. - The waste-to-energy industry is characterized by high capital intensity and stable waste generation linked to local population levels, minimizing seasonal and cyclical fluctuations[55]. - The market for waste incineration power generation in China is expected to grow, driven by urbanization and supportive policies, with a shift towards refined management of existing projects[110]. Governance and Management - The company has maintained a consistent governance structure with no significant changes in board composition[162]. - The company continues to focus on maintaining transparency and accountability in its governance practices[164]. - The company has appointed PwC as the new auditor effective June 17, 2022, and plans to propose the appointment of Lixin CPA as the auditor for the fiscal year 2024 at the shareholders' meeting on December 20, 2024[144]. - The supervisory board held eight meetings during the year to monitor the company's operations and approved the 2024 financial report, affirming its compliance with accounting standards and regulations[148]. Future Outlook and Strategic Initiatives - The company is focused on improving its operational efficiency and expanding its project portfolio to meet the growing demand for waste management solutions[54]. - The company is negotiating terms in franchise agreements to allow for adjustments in waste processing fees in response to significant policy changes[116]. - The company is actively assessing the quantity and quality of waste provided by local governments to ensure stable supply and operational efficiency[119]. - The company is expanding its revenue sources by developing heating services tailored to local conditions[114].

Financial Performance - The company’s financial report is guaranteed to be true, accurate, and complete by the board of directors and senior management[9]. - The company achieved operating revenue of RMB 3,398,572,272.66, a decrease of 14.08% compared to CNY 3,955,548,511.61 in 2023[26]. - Net profit attributable to shareholders for 2024 is CNY 585,082,147.27, down 7.02% from CNY 629,281,357.74 in 2023[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is CNY 578,600,321.04, a decrease of 6.36% from CNY 617,906,499.99 in 2023[26]. - The net cash flow from operating activities increased by 47.13% to CNY 1,438,470,488.62 in 2024, compared to CNY 977,677,149.93 in 2023[26]. - The net assets attributable to shareholders at the end of 2024 are CNY 8,052,817,092.46, an increase of 3.14% from CNY 7,807,439,716.26 at the end of 2023[26]. - Total assets at the end of 2024 are CNY 21,988,772,935.44, a decrease of 2.43% from CNY 22,537,265,642.95 at the end of 2023[26]. - Basic earnings per share decreased by 6.67% to RMB 0.42 in 2024 compared to RMB 0.45 in 2023[27]. - The weighted average return on equity fell to 7.32% in 2024, down from 8.31% in 2023, a decrease of 0.99 percentage points[27]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 585,082,147.27, a decrease from RMB 629,281,357.74 in the same period of 2023, primarily due to a reduction in net profit[125]. Dividend and Shareholder Returns - The company announced a cash dividend of RMB 0.2 per share (pre-tax) based on the total share capital as of the profit distribution record date[6]. - The company will not increase share capital from reserves or issue bonus shares for the fiscal year 2024[6]. - The company will carry forward the remaining undistributed profits to the next fiscal year[6]. - The company has implemented a mid-term cash dividend for the first time and established a three-year shareholder dividend return plan (2024-2026)[35]. - The company plans to pay a final dividend of RMB 0.2 per share (pre-tax) for the year ending December 31, 2024, totaling approximately RMB 278,690,500[128]. - The distributable reserves for dividend payments calculated according to relevant regulations amount to RMB 1,511,674,690.45, with no share premium account available for capitalized dividend distribution[137]. Operational Efficiency and Innovations - The company plans to deepen technical innovation and enhance operational efficiency to strengthen its core competitiveness[36]. - The company is focused on enhancing operational efficiency through technology development and facility upgrades to counteract rising environmental costs[116]. - The company has successfully implemented digital transformation initiatives, including the application of artificial intelligence in waste incineration management, leading to improved operational efficiency[43]. - The company is addressing public concerns regarding waste incineration by adhering to environmental standards and increasing community engagement[119]. Market and Industry Trends - The demand for harmless treatment of urban waste is increasing significantly, driven by the overall goals of ecological civilization construction and carbon neutrality[45]. - The waste incineration industry is entering a stable development phase, with key tasks focusing on quality improvement and efficiency enhancement[45]. - The company is positioned to leverage the growing emphasis on ecological civilization and environmental protection in China, which prioritizes waste management as a strategic emerging industry[52]. - The company has expanded its market presence to economically developed regions such as the Yangtze River Delta and Pearl River Delta, as well as central and western regions including Anhui, Hubei, and Sichuan[53]. Risks and Challenges - The company faces risks related to the fluctuation of waste supply and calorific value, which can impact operational efficiency and profitability[120]. - The company is subject to strict environmental regulations, which may increase operational costs and affect profitability due to rising environmental investment[116]. - The company is at risk of project cost overruns and delays due to external factors such as material price fluctuations and labor disputes[121]. - The company has established measures to mitigate risks from delayed accounts receivable, emphasizing strong communication with clients to ensure timely collections[118]. Governance and Management - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange rules and has not implemented any share incentive plans for the fiscal year ending December 31, 2024[155]. - The supervisory board held eight meetings during the year to monitor the company's operations and ensure compliance with legal and regulatory requirements[149]. - The company has maintained a stable management structure with no significant changes in shareholding among directors and supervisors[160]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to CNY 1,817.96 million[161]. Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing operational efficiency[5]. - The company’s R&D expenses were RMB 7,097,412.89, showing a slight decrease of 3.73% compared to the previous year[67]. - The company has obtained a total of 80 authorized patents, including 19 invention patents, by the end of 2024, reflecting its commitment to technological innovation[43].

Financial Performance - Operating revenue for the third quarter was RMB 883,455,617.64, a decrease of 1.90% compared to the same period last year[4] - Net profit attributable to shareholders was RMB 200,612,765.88, an increase of 16.75% year-on-year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 198,710,461.23, an increase of 18.10% year-on-year[4] - Total operating revenue for the first three quarters of 2024 was CNY 2,543,962,357.96, a decrease of 16.4% compared to CNY 3,042,041,871.04 in the same period of 2023[18] - Net profit attributable to the parent company for the first three quarters of 2024 was CNY 503,638,784.18, down from CNY 535,891,930.52 in 2023, representing a decline of 6.0%[19] - Operating profit for the first three quarters of 2024 was CNY 648,158,421.93, slightly up from CNY 644,825,687.54 in 2023, indicating a marginal increase of 0.5%[18] - Total comprehensive income for the first three quarters of 2024 was CNY 533,018,881.32, compared to CNY 562,700,388.06 in 2023, a decrease of 5.3%[20] Cash Flow - Net cash flow from operating activities for the third quarter was RMB 511,360,358.47, an increase of 37.71% year-on-year[4] - The net cash flow from operating activities for the year-to-date was RMB 1,054,731,785.61, an increase of 60.04% year-on-year[7] - Cash flow from operating activities for the first three quarters of 2024 was CNY 1,054,731,785.61, an increase of 60.0% compared to CNY 659,044,916.66 in 2023[22] - Cash inflow from operating activities totaled CNY 2,582,988,602.32 for the first three quarters of 2024, up from CNY 2,275,444,587.39 in 2023, an increase of 13.5%[22] - The company reported a net cash flow from investment activities of CNY -279,228,731.73 for the first three quarters of 2024, an improvement from CNY -579,177,150.12 in 2023[24] - In the first three quarters of 2024, the company generated cash inflows from financing activities amounting to CNY 3,275,503,155.28, compared to CNY 1,643,964,039.21 in the same period of 2023, representing an increase of approximately 99.4%[25] - The net cash flow from financing activities for the first three quarters of 2024 was -CNY 743,520,063.99, an improvement from -CNY 811,646,650.15 in 2023[25] Assets and Liabilities - Total assets at the end of the reporting period were RMB 22,404,412,278.53, a decrease of 0.59% compared to the end of the previous year[4] - The total current assets increased to RMB 4.241 billion from RMB 3.864 billion as of December 31, 2023, representing a growth of approximately 9.8%[15] - Accounts receivable rose to RMB 2.395 billion, up from RMB 1.973 billion, indicating an increase of about 21.4%[15] - Current liabilities decreased to RMB 2.793 billion from RMB 3.991 billion, a reduction of approximately 30.1%[16] - Total liabilities amounted to RMB 13.790 billion, down from RMB 14.263 billion, reflecting a decrease of about 3.3%[16] - The company's cash and cash equivalents stood at RMB 1.065 billion, slightly up from RMB 1.035 billion[15] - The company's retained earnings increased to RMB 3.719 billion from RMB 3.425 billion, showing a growth of about 8.6%[17] - Long-term borrowings increased to RMB 7.690 billion from RMB 7.034 billion, an increase of approximately 9.3%[16] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders is 41,693, with the top ten shareholders holding 594,085,618 shares, accounting for 42.63% of the total shares[8] - The largest shareholder is Beijing State-owned Assets Management Co., Ltd., holding 594,085,618 shares, representing 42.63% of the total[9] - Changcheng Life Insurance Co., Ltd. increased its holdings to 104,700,000 H-shares, representing 7.5137% of the total shares as of September 20, 2024[12] - The company has not reported any changes in the participation of the top ten shareholders in margin financing and securities lending activities[9] - There are no significant changes in the shareholding structure of the top ten shareholders compared to the previous period[10] Operational Metrics - In the third quarter of 2024, the total waste received by subsidiaries reached 3.7002 million tons, with electricity generation amounting to 1,323.4992 million kWh[13] - For the first nine months of 2024, the cumulative waste received was 10.7075 million tons, an increase of 7.16% year-on-year[13] - Cumulative electricity generation for the same period was 3,822.1888 million kWh, reflecting a year-on-year growth of 10.44%[13] - The cumulative online electricity volume reached 3,160.1891 million kWh, with a year-on-year increase of 10.94%[13] - The cumulative steam supply for the first nine months was 371,900 tons, showing a year-on-year growth of 23.64%[13] Guarantees and Contracts - As of September 30, 2024, the company provided guarantees totaling RMB 7.125 billion, all for subsidiaries[14] - The company signed guarantee contracts for fixed asset loans of RMB 1.7 billion and RMB 5.77 billion for its subsidiaries during the reporting period[14]

綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1330.HK & 601330.SH 中期報告 2024 12 Fi t 重要提示 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存在虛假記 載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席董事會會議。 三、 本半年度報告未經審計。 四、 公司負責人喬德衛、主管會計工作負責人易智勇及會計機構負責人（會計主管人員）趙林斌聲明：保證半年度報告中財 務報告的真實、準確、完整。 五、 公司董事會下屬審計與風險管理委員會已審閱本報告，亦就本公司所採取的會計政策及常規以及內部監控等事項與本 公司的管理層進行商討。 六、 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 擬以2024年半年度利潤分配股權登記日總股本為基數，向全體股東每股派發現金紅利人民幣0.1元（稅前）。本次利潤 分配不進行資本公積轉增股本、不送紅股。本利潤分配預案尚需提交公司股東大 ...

Financial Performance - The company reported an unaudited interim revenue of RMB 0.1 per share as a cash dividend for the first half of 2024, subject to shareholder approval[4]. - The company's operating revenue for the first half of 2024 was CNY 1,660,506,740.32, a decrease of 22.46% compared to the same period last year[20]. - Net profit attributable to shareholders was CNY 303,026,018.30, down 16.76% year-on-year[20]. - Basic earnings per share for the first half of 2024 were CNY 0.22, a decrease of 15.38% compared to the same period last year[21]. - The total profit for the period was RMB 391,058,983.14, a decrease of RMB 44,030,560.57 compared to the previous year, attributed to reduced gross profit and increased operational expenses[57]. - The company’s total comprehensive income for the first half of 2024 was RMB 323,733,601.98, down from RMB 380,095,083.50 in the first half of 2023[161]. - The company reported a total comprehensive loss of ¥364,057,245.61 for the first half of 2023, highlighting challenges in profitability during that period[171]. Compliance and Governance - The board of directors confirmed the accuracy and completeness of the interim report, ensuring no false records or significant omissions[4]. - The interim financial report was prepared in accordance with the Chinese Accounting Standards and is compliant with the relevant disclosure requirements[5]. - The company has maintained compliance with corporate governance codes and will continue to review its governance practices[89]. - The company has implemented measures to ensure that all major decisions are made with board approval, maintaining a balance of power[89]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance company value[89]. Risk Management - The company has outlined potential risks including policy, market, and operational risks in the management discussion section[4]. - The company has established an audit and risk management committee to review the report and discuss accounting policies with management[4]. - The company will monitor industry policy risks closely and adapt its operations to mitigate potential impacts, including adjusting waste treatment fees if necessary[72]. - The company faces risks of project cost overruns and delays due to factors beyond its control, such as material price fluctuations and labor disputes[78]. - The company is actively monitoring policy changes and will negotiate terms in franchise agreements to mitigate potential losses from changes in environmental tax incentives[75]. Environmental Initiatives - The company has a significant focus on environmental protection and renewable energy, with projects such as the biomass power project in Ninghe and the comprehensive waste treatment center in Miyun[11]. - The company emphasizes the importance of green certificates, which correspond to renewable energy generation, as part of its sustainability initiatives[12]. - The company’s waste incineration projects contribute to carbon reduction by replacing landfills and providing energy, thus reducing greenhouse gas emissions[105]. - The company adheres to the principle of "prevention first, combined prevention and control" in its environmental protection management[104]. - The company has established measures in its franchise agreements to ensure compensation from local governments if waste supply falls below guaranteed levels[77]. Operational Capacity and Projects - The company operates multiple projects across various regions, including waste-to-energy projects in cities like Wuhan and Shantou[11]. - The company operates 37 projects in the waste-to-energy sector, with a waste processing capacity of 40,300 tons per day and an installed capacity of 857 MW as of June 30, 2024[24]. - The company is involved in the construction and operation of several BOT (Build-Operate-Transfer) projects, enhancing its operational capacity[12]. - The company reported a strong commitment to expanding its waste-to-energy capabilities, with ongoing projects in places like Guizhou and Jiangsu[11]. - The company is focusing on improving the economic benefits of existing projects through cost reduction strategies and operational enhancements[38]. Financial Position - The total assets of the company were CNY 22,515,212,843.20, a slight decrease of 0.10% from the end of the previous year[20]. - The company's debt-to-asset ratio was 62.69%, indicating a stable capital structure management strategy[61]. - The total equity attributable to shareholders increased to RMB 7,913,311,756.42 as of June 30, 2024, up from RMB 7,807,439,716.26 at the end of 2023, representing a growth of approximately 1.36%[154]. - The company has a total bank credit limit of RMB 18,379,060,000.00, with RMB 3,524,832,079.00 remaining unused as of June 30, 2024[62]. - The company’s total liabilities decreased to RMB 14.11 billion from RMB 14.26 billion, a reduction of approximately 1.06%[153]. Cash Flow and Investments - The net cash flow from operating activities increased by 88.86% to CNY 543,371,427.14 compared to the previous year[20]. - The company generated RMB 646,584,501.34 in cash inflow from investment activities in the first half of 2024, compared to RMB 1,334,145,207.50 in the same period of 2023[168]. - The company reported a net cash decrease of RMB (15,284,786.34) in the first half of 2024, a significant reduction compared to RMB (724,824,722.19) in the same period of 2023[166]. - The company has not implemented any capital reserve increase or bonus shares in this profit distribution plan[86]. - The company has not engaged in any major contracts or guarantees during the reporting period[116]. Shareholder Information - The company plans to distribute a cash dividend of RMB 0.1 per share, totaling approximately RMB 139.35 million for the first half of 2024[86]. - The largest shareholder, Beijing State-owned Assets Management Co., holds 594,085,618 shares, representing 42.63% of the total shares[130]. - The total number of ordinary shareholders reached 41,925 by the end of the reporting period[129]. - The total number of shares held by the top ten shareholders includes significant stakes in both domestic and foreign shares[131]. - The total issued shares of the company as of June 30, 2024, is 1,393,451,878[134]. Employee and Management Practices - The company maintains a competitive salary system linked to performance and task completion, with ongoing adjustments based on operational conditions and industry standards[137]. - The company has established a comprehensive training mechanism for employee development, including various specialized training programs[137]. - The company has not reported any violations of employee trading guidelines during the reporting period[136]. - The total number of employees in the group as of June 30, 2024, is 3,370[137]. - The company has adopted a salary management system based on target management and performance evaluation[137]. Technological Development - The company is focused on enhancing its technological capabilities in waste management and energy production[12]. - The company completed the basic design for a small-scale multi-drive reverse combustion furnace (100-200 tons) as part of its R&D efforts[41]. - The company aims to enhance operational efficiency through digitalization and has partnered with Alibaba Cloud for smart power plant construction[41]. - The company is exploring the establishment of a low-carbon environmental industry park to achieve high-quality development[43]. - The company plans to enhance power generation through technology research and development, facility upgrades, and improved operational management to offset rising environmental costs[74].

Financial Performance - The company's operating revenue for Q1 2024 was RMB 804,876,678.42, representing a decrease of 22.65% compared to the same period last year[5] - Net profit attributable to shareholders for the same period was RMB 138,851,431.42, down 18.60% year-on-year[5] - Basic earnings per share for Q1 2024 were RMB 0.10, reflecting a decrease of 9.09% compared to the previous year[5] - Total revenue for Q1 2024 was CNY 804,876,678.42, a decrease of 22.6% compared to CNY 1,040,584,663.77 in Q1 2023[23] - Operating profit for Q1 2024 was CNY 180,777,849.89, a decrease of 15.1% compared to CNY 212,978,678.94 in Q1 2023[23] - Net profit attributable to shareholders for Q1 2024 was CNY 146,935,270.62, down 17.7% from CNY 178,619,518.10 in Q1 2023[25] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 117.38%, amounting to RMB 223,971,977.34, due to increased operational income and government subsidies[5] - Operating cash inflow for Q1 2024 was CNY 786,770,756.46, an increase of 17.9% compared to CNY 666,743,506.91 in Q1 2023[31] - Cash inflow from operating activities was primarily driven by sales revenue of CNY 770,491,374.42 in Q1 2024, compared to CNY 643,940,616.20 in Q1 2023, reflecting a growth of 19.6%[31] - Cash outflow from investment activities in Q1 2024 was CNY 143,330,443.54, a decrease of 39.1% compared to CNY 235,335,075.11 in Q1 2023[33] - Net cash flow from financing activities for Q1 2024 was CNY 57,564,388.59, recovering from a negative cash flow of CNY 469,181,472.67 in Q1 2023[35] - The net increase in cash and cash equivalents for Q1 2024 was CNY 138,223,288.24, a recovery from a decrease of CNY 601,477,799.18 in Q1 2023[37] Assets and Liabilities - Total assets at the end of the reporting period were RMB 22,652,919,862.86, showing a slight increase of 0.51% from the end of the previous year[5] - Total liabilities as of March 31, 2024, were CNY 14,224,238,362.33, a slight decrease from CNY 14,263,308,748.01 as of December 31, 2023[21] - Total equity as of March 31, 2024, was CNY 8,428,681,500.53, an increase from CNY 8,273,956,894.94 as of December 31, 2023[21] - Long-term borrowings as of March 31, 2024, were CNY 7,056,454,319.64, slightly up from CNY 7,033,566,028.80 as of December 31, 2023[21] - The company reported a decrease in short-term borrowings to CNY 596,482,119.44 from CNY 516,440,084.96[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,596[9] - The top shareholder, Beijing State-owned Assets Management Co., Ltd., holds 42.63% of the shares, totaling 594,085,618 shares[10] Operational Highlights - The decrease in operating revenue was primarily due to a reduction in the number and scale of construction projects, leading to a decrease in construction income by RMB 306 million[8] - The company's subsidiary processed 3.4639 million tons of waste in Q1 2024, representing a year-on-year increase of 15.73%[14] - The electricity generation for Q1 2024 was 1,240,186,000 kWh, which is a 17.30% increase compared to the same period last year[14] - The on-grid electricity volume reached 999,538,600 kWh, marking a year-on-year growth of 13.55%[14] Convertible Bonds - The company’s convertible bonds, "Green Dynamic Convertible Bonds," have an adjusted conversion price of RMB 9.60 per share effective from July 26, 2023[14] - As of March 31, 2024, a total of 112,000 yuan worth of "Green Dynamic Convertible Bonds" have been converted into A-shares, accounting for 0.0008% of the total shares issued prior to conversion[14]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.15 per share (pre-tax) based on the total share capital on the dividend record date for all shareholders[6]. - The company will not increase share capital from capital reserves or issue bonus shares for the fiscal year 2023[6]. - The company will carry forward the remaining undistributed profits to the next fiscal year[6]. - The company has calculated its distributable reserves for dividends at RMB 2,058,119,860.42, with no share premium account available for capitalized dividend distribution[123]. - The company plans to pay a final dividend of RMB 0.15 per share, totaling approximately RMB 209.0175 million, subject to approval at the upcoming annual general meeting[118]. - In 2023, the total cash dividend amount represents 33.22% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 62,928.14 million[198]. - The company aims to distribute at least 10% of the annual distributable profit in cash and ensure that the cumulative cash dividends over the last three years are no less than 30% of the average annual distributable profit[196]. - The cash dividend proposal for 2023 is part of the company's commitment to maintaining a sustainable cash dividend policy while ensuring ongoing operational capabilities[196]. - The company emphasizes the importance of cash dividends and will not issue stock dividends in years where cash dividends are not distributed[196]. Financial Performance - The company's operating revenue for 2023 was CNY 3,955,548,511.61, a decrease of 13.39% compared to CNY 4,567,117,851.39 in 2022[19]. - Net profit attributable to shareholders for 2023 was CNY 629,281,357.74, down 15.51% from CNY 744,767,290.31 in 2022[19]. - The net cash flow from operating activities for 2023 was CNY 977,677,149.93, a decline of 19.17% compared to CNY 1,209,581,828.27 in 2022[19]. - Basic earnings per share for 2023 was CNY 0.45, a decrease of 15.09% from CNY 0.53 in 2022[20]. - The weighted average return on equity for 2023 was 8.31%, down 2.33 percentage points from 10.64% in 2022[20]. - The total assets at the end of 2023 were CNY 22,537,265,642.95, a slight decrease of 0.62% from CNY 22,677,440,152.69 at the end of 2022[19]. - The net assets attributable to shareholders increased by 6.51% to CNY 7,807,439,716.26 at the end of 2023, compared to CNY 7,330,237,121.56 at the end of 2022[19]. - The total profit for the period was RMB 777,086,059.95, a decline of RMB 114,556,815.89 compared to the same period last year[58]. - The gross profit decreased by 2.95% to RMB 1,523,750,202.69, with a gross margin of 38.52%, up from 34.38% in the previous year[57]. Project Development and Operations - The company is involved in multiple waste-to-energy projects across various regions, including Wuhan, Taizhou, and Pingyang, focusing on sustainable energy generation[13]. - The company has ongoing projects such as the expansion of the Pingyang waste incineration power plant, which is a PPP project aimed at increasing capacity[14]. - The company is actively pursuing new projects, including the construction of waste incineration plants in regions like Guangxi and Guizhou, enhancing its market presence[14]. - The company launched four new waste-to-energy projects, increasing waste processing capacity by 4,600 tons per day[25]. - The company achieved a steam supply volume of 428,600 tons, which is a 42.00% increase compared to the previous year[25]. - In 2023, the company processed 13.4468 million tons of household waste, an increase of 17.98% year-on-year[25]. - The company generated 3.89423 billion kWh of electricity, representing a year-on-year growth of 11.87%[25]. - The company aims to strengthen its core business in waste-to-energy and explore new growth points in low-carbon environmental industry parks[26]. - The company is focused on enhancing the operational efficiency of existing incineration facilities, particularly those with a load rate below 70%[39]. Governance and Compliance - The audit report issued by PwC confirms the financial report's authenticity, accuracy, and completeness[5]. - The annual report complies with all disclosure requirements set by relevant securities regulations in both mainland China and Hong Kong[9]. - The board of directors and senior management guarantee the report's content is free from false records or misleading statements[4]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management[130]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with applicable provisions[132]. - The supervisory board approved the financial report for the year 2023, affirming that it was prepared in accordance with relevant accounting standards[129]. - The company has not faced any penalties from regulatory authorities in the past three years, reflecting compliance with regulations[156]. - The company emphasizes transparency in its governance practices, as noted in the governance section of the report[136]. Risk Management - The company has detailed risks in the report, particularly in the "Management Discussion and Analysis" section[8]. - The company emphasizes the importance of investment risk awareness regarding forward-looking statements in the report[7]. - The company is facing risks related to fluctuating waste supply and calorific value, which could impact operational efficiency and profitability[111]. - The company will continue to monitor policy changes that may affect its profitability and cash flow, particularly regarding renewable energy subsidies[108]. - The company is committed to adhering to environmental standards and increasing public awareness of waste incineration power generation to mitigate negative perceptions[110]. Research and Development - The total R&D expenditure for the period was RMB 7,372,735.78, representing 0.19% of total revenue, with no capitalized R&D expenses[79]. - As of the end of 2023, the company has obtained a total of 75 authorized patents, including 18 invention patents, reflecting its commitment to technological innovation[35]. - The company is committed to advancing its research and development efforts in new processes and technologies for waste treatment, enhancing its competitive edge in the industry[35]. - The company has initiated trials for new technologies aimed at ultra-low emissions in waste incineration, showing promising results in various projects[35]. Management and Human Resources - The company has a total of 3,466 employees, with 2,136 in production roles and 652 in technical positions[192]. - Female employees account for 22.99% of the total workforce[189]. - The company has established a competitive salary system linked to performance, with a focus on maintaining stability and adjusting salaries based on operational conditions and industry standards[193]. - The company has implemented a comprehensive training program, including five specialized training projects and various online and offline training methods to enhance employee skills and performance[194]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 17.5989 million yuan[154]. Market Position and Strategy - The company has a nationwide market presence covering 20 provinces and municipalities, focusing on economically developed regions such as the Yangtze River Delta and Pearl River Delta[46]. - The company is positioned to benefit from the adjustment of waste incineration power pricing policies, which will provide additional revenue sources through green certificate trading[36]. - The company plans to strengthen mergers and acquisitions to enhance its core business in waste incineration power generation and aims for high-quality development[105]. - The company is actively seeking investment opportunities to improve profitability, with no major investment plans beyond previously announced projects[101]. - The market for waste incineration power generation is expected to grow as policies encourage the establishment of facilities in county-level regions by 2030[104].

Financial Performance - The company's operating revenue for 2023 was CNY 3,955,548,511.61, a decrease of 13.39% compared to CNY 4,567,117,851.39 in 2022[20]. - Net profit attributable to shareholders for 2023 was CNY 629,281,357.74, down 15.51% from CNY 744,767,290.31 in 2022[20]. - The net cash flow from operating activities for 2023 was CNY 977,677,149.93, a decrease of 19.17% compared to CNY 1,209,581,828.27 in 2022[20]. - Basic earnings per share for 2023 was CNY 0.45, down 15.09% from CNY 0.53 in 2022[21]. - The weighted average return on net assets for 2023 was 8.31%, a decrease of 2.33 percentage points from 10.64% in 2022[21]. - The total assets at the end of 2023 were CNY 22,537,265,642.95, a slight decrease of 0.62% from CNY 22,677,440,152.69 at the end of 2022[20]. - The net assets attributable to shareholders at the end of 2023 were CNY 7,807,439,716.26, an increase of 6.51% from CNY 7,330,237,121.56 at the end of 2022[20]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 629,281,357.74, a decrease from RMB 722,293,217.33 in the same period of 2022, primarily due to a reduction in net profit[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.15 per share (before tax) based on the total share capital on the dividend distribution record date[6]. - The company has calculated its distributable reserves for dividends at RMB 2,058,119,860.42, with no share premium account available for capitalized dividend distribution[124]. - The cash dividend amount represents 33.22% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 62,928.14 million[199]. - The cash dividend distribution plan states that the cash dividends should not exceed 10% of the distributable profits for the year, with a cumulative distribution over the last three years not less than 30% of the average annual distributable profits[198]. - The board of directors has confirmed that the cash dividend policy aligns with the company's articles of association and shareholder meeting resolutions[198]. - The company emphasizes cash dividends as a priority in its shareholder return plan for the years 2021 to 2023, focusing on maintaining sustainable operations[197]. - The company has not proposed any stock dividends for the year 2023, indicating a focus solely on cash distributions[199]. Audit and Compliance - The company reported a standard unqualified audit opinion from PwC Zhong Tian LLP for the annual report[5]. - The board of directors confirmed the accuracy and completeness of the annual report, ensuring no false records or significant omissions[4]. - The annual report complies with all disclosure requirements set by relevant regulations in both mainland China and Hong Kong[9]. - The supervisory board confirmed that the financial report for the year 2023 was prepared in accordance with relevant accounting standards and accurately reflects the company's financial status and operating results[130]. - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management, ensuring compliance with relevant laws and regulations[131]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with applicable provisions throughout the reporting period[133]. Operational Highlights - The company operates multiple waste-to-energy projects across various regions, including Wuhan, Taizhou, and Pingyang, contributing to its overall capacity[14]. - The company is involved in the construction and operation of several BOT (Build-Operate-Transfer) projects, enhancing its market presence in waste management[15]. - The company has plans for expansion in existing projects, such as the second phase of the Wuhan project, which aims to increase capacity and efficiency[15]. - The company launched four new waste-to-energy projects, increasing waste processing capacity by 4,600 tons per day[26]. - The company processed 13.4468 million tons of household waste, an increase of 17.98% year-on-year[26]. - The company generated 3.89423 billion kWh of electricity, representing a year-on-year growth of 11.87%[26]. - The company aims to strengthen its core business in waste-to-energy and explore new growth points in low-carbon environmental industry parks[27]. Risk Management - The company has detailed various risks in the report, which can be found in the management discussion and analysis section[8]. - The company emphasizes the importance of investment risk awareness for investors regarding future plans and strategies[7]. - The company faces risks from fluctuating waste supply and calorific value, which could impact operational efficiency and profitability[112]. - The company will monitor policy changes closely, as alterations in renewable energy pricing and subsidies could adversely affect profitability and cash flow[109]. Governance and Management - The company has established a governance structure that includes independent directors and a remuneration committee to ensure transparency and accountability[155]. - The company has a total of 85,900 shares held by senior management, with no changes reported during the period[136]. - The company has appointed several new directors and independent directors, with their tenures ranging from 2021 to 2024[136]. - The company has a diverse management team with expertise in engineering, finance, and operations, enhancing its strategic capabilities[149]. - The company emphasizes governance and transparency in its management structure, as detailed in the governance section of the report[137]. Research and Development - The company has obtained a total of 75 authorized patents, including 18 invention patents, reflecting its commitment to technological innovation[36]. - Total research and development (R&D) expenses amounted to RMB 7,372,735.78, representing 0.19% of total revenue[79]. - The company is actively exploring new technologies, including an integrated ultra-low emission technology for waste incineration flue gas, which has shown promising results in trials[36]. - The company continues to conduct trials for new processes, including a novel de-ammoniation technology, to enhance operational efficiency in various projects[36]. Market Position and Strategy - The company operates in the waste-to-energy sector, which is characterized by government encouragement, regional monopolies, capital intensity, and minimal seasonal and cyclical fluctuations[41]. - The company is positioned to benefit from the recent adjustments in waste incineration power pricing policies, which will enhance revenue sources post-subsidy[37]. - The company aims to achieve "zero landfill" for primary waste in regions with significant waste generation, promoting the construction of incineration facilities[40]. - The company is focused on enhancing waste incineration processing facilities in county-level regions, particularly where daily waste collection exceeds 300 tons[40]. - The company is positioned to capitalize on the growing market for waste incineration in county-level regions as part of national policy initiatives[105].

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。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 2023年第三季度報告 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...