Financial Reporting - The company reported a mid-year financial report for 2023, which has not been audited[3]. - The board of directors confirmed the accuracy and completeness of the financial report, with no significant omissions or misleading statements[3]. - The financial report was prepared in accordance with Chinese accounting standards, using Renminbi as the accounting currency[5]. - The report complies with all disclosure requirements set by the stock exchanges in China and Hong Kong[5]. - The financial report was approved by the board of directors on August 29, 2023, ensuring timely disclosure of financial performance[145]. Risk Management - The company has detailed descriptions of policy risks, market risks, and business risks in the report[4]. - The company has a risk statement regarding forward-looking statements, indicating that future plans do not constitute a commitment to investors[3]. - The company faces risks from environmental policy changes that could adversely affect profitability and cash flow, necessitating close monitoring of policy dynamics[70]. - The company plans to mitigate the impact of rising environmental investment through technological R&D and operational management improvements[70]. - The company has implemented measures to mitigate environmental risks during project construction and operation[74]. Financial Performance - The company's operating revenue for the first half of 2023 was RMB 2,141,513,147.31, a decrease of 5.35% compared to RMB 2,262,546,411.63 in the same period last year[15]. - Net profit attributable to shareholders was RMB 364,057,245.61, down 12.60% from RMB 416,538,533.88 year-on-year[15]. - The net cash flow from operating activities increased by 4.69% to RMB 287,718,294.22 compared to RMB 274,831,745.69 in the previous year[15]. - The company's total assets as of June 30, 2023, were RMB 22,694,821,097.59, a slight increase of 0.08% from RMB 22,677,440,152.69 at the end of the previous year[15]. - The company's gross profit decreased by 5.51% to RMB 769,790,768.52, with a gross margin of 35.95%[48]. Operational Highlights - The company operated 35 projects in the waste incineration power generation sector, with a waste processing capacity of 38,000 tons per day and an installed capacity of 797.5 MW[19]. - The company has multiple waste-to-energy projects across various regions, including Zhejiang, Guizhou, and Guangdong, indicating a broad operational footprint[9]. - The company is involved in the construction and operation of several PPP projects, enhancing its public-private partnership strategy[10]. - The company is focused on expanding its waste management and energy production capabilities through various projects[9]. - The company achieved a cumulative steam supply of 195,100 tons, representing a year-on-year increase of 39.65%[32]. Environmental Commitment - The company is committed to environmental protection and sustainable development through its waste-to-energy initiatives[9]. - The company emphasizes the importance of environmental protection in its operations, focusing on harmless treatment and resource utilization of municipal solid waste[90]. - The company is committed to reducing carbon emissions through its waste incineration projects, which replace landfills and contribute to energy generation, thus directly aiding in carbon reduction efforts[91]. - The company has established emergency response plans for environmental incidents and conducts annual drills as per regulatory requirements[88]. - The company has implemented self-monitoring plans to track pollutant emissions and their impact on surrounding environmental quality, with results made public[89]. Shareholder Information - The total number of ordinary shareholders reached 49,675 by the end of the reporting period[104]. - The largest shareholder, Beijing State-owned Assets Management Co., Ltd., holds 594,085,618 shares, representing 42.63% of the total shares[105]. - The total number of shares held by the top ten unrestricted shareholders amounts to 1,112,000,000 shares, which is approximately 79.87% of the total share capital[106]. - The report highlights that the company has maintained a stable shareholder structure with no significant changes in major shareholders[107]. - The company has not granted any equity incentives to directors, supervisors, or senior management during the reporting period[108]. Debt and Financing - The company's debt-to-asset ratio was 64.81% as of June 30, 2023, compared to 65.55% at the end of 2022[55]. - The company issued A-share convertible bonds totaling RMB 2.36 billion, with net proceeds of RMB 2.345 billion, of which approximately RMB 1.913 billion had been utilized by June 30, 2023[60]. - The company reported a significant decrease in cash and cash equivalents, totaling approximately CNY 1.15 billion, down 38.61% from CNY 1.87 billion at the end of the previous year[42]. - The company is actively exploring equity financing options to reduce its debt-to-asset ratio[74]. - The company has pledged receivables and other non-current assets as collateral for bank credit facilities, with the maximum liability for guarantees amounting to RMB 7,404,109,374.20 as of June 30, 2023[57]. Employee and Governance - The company has recently experienced changes in its board of directors, with two non-executive directors resigning and two new directors being elected[78]. - The company is committed to adhering to high standards of corporate governance and has complied with applicable governance codes[80]. - The company has established a comprehensive training mechanism for employee development, including various specialized training programs[111]. - The company emphasizes the importance of employee training and development as a key strategy for achieving operational goals and enhancing performance[111]. - The company maintains a competitive salary structure linked to performance and task completion, with ongoing adjustments based on operational conditions and industry standards[110]. Accounting Policies - The company's accounting policies remain consistent with those used in the preparation of the 2022 annual financial statements, ensuring stability in financial reporting[148]. - The group recognizes expected credit losses based on reasonable and evidence-based information, considering past events, current conditions, and forecasts of future economic conditions[161]. - The company recognizes cash dividends as liabilities when approved by the shareholders' meeting[191]. - The group classifies financial assets based on the business model and cash flow characteristics, including those measured at amortized cost and fair value[157]. - The company confirms construction service revenue based on the progress of construction, using the input method to determine the percentage of completion[194].

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[6]. - The net profit for the same period was RMB 300 million, up 20% compared to the previous year[6]. - The company's operating revenue for the first half of 2023 was CNY 2,141,513,147.31, a decrease of 5.35% compared to CNY 2,262,546,411.63 in the same period last year[19]. - Net profit attributable to shareholders of the listed company was CNY 364,057,245.61, down 12.60% from CNY 416,538,533.88 year-on-year[19]. - The basic earnings per share for the first half of 2023 were CNY 0.26, a decrease of 13.33% from CNY 0.30 in the same period last year[20]. - The total comprehensive income attributable to shareholders of the parent company was RMB 364,057,245.61, down from RMB 394,064,460.90 in the same period last year[59]. - The company reported a net profit for the six months ended June 30, 2023, of a loss of RMB 364,057,245.61, compared to a profit of RMB 1,089,608,483.01 for the same period in 2022[152]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[6]. - The company is focusing on expanding its market presence and project acquisitions, particularly in the treatment of kitchen waste and sludge[44]. - The company is positioned to capitalize on new opportunities in the county-level market for waste incineration, as the government aims to enhance waste treatment facilities in these areas by 2025[29]. - The company aims to enhance its operational efficiency through various environmental projects[14]. Research and Development - The company has allocated RMB 100 million for research and development in green technologies for the upcoming fiscal year[6]. - Research and development expenses decreased by 37.27% to ¥2,522,176.32 from ¥4,020,489.95 in the previous year[46]. - The company is actively planning and expanding low-carbon environmental industrial park projects, having signed a cooperation framework agreement with the government of Jinan City in May 2023[41]. Environmental Commitment - The company is committed to sustainable development and renewable energy initiatives in China[14]. - The company has implemented environmental protection measures to mitigate risks of pollution during project construction and operation[82]. - The company’s waste incineration projects contribute to carbon reduction by replacing landfills and generating energy, thus reducing greenhouse gas emissions[97]. - The company adheres to a "prevention first, combined prevention and control" approach in its environmental management practices[96]. Financial Stability and Investments - The company maintains a strong cash position with RMB 500 million in liquid assets, ensuring financial stability for future investments[6]. - The company reported a significant increase in investment, with a total investment of RMB 510,000,000 in the reporting period, representing a 69.72% increase compared to RMB 300,500,000 in the same period last year[70]. - The company has no plans for major acquisitions in the near term but is exploring strategic partnerships to enhance service offerings[6]. Regulatory and Risk Factors - Risk factors include potential regulatory changes and market competition, which have been detailed in the management discussion section[6]. - The company is subject to significant regulatory risks due to environmental policies, which may impact profitability and cash flow[78]. - The company will closely monitor policy dynamics and advocate for stable policies through industry organizations[78]. Corporate Governance - The company adheres to the corporate governance code as per the Stock Exchange requirements during the six-month period ending June 30, 2023[87]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance company value[87]. - The company has established a non-competition agreement with its controlling shareholder, Beijing Guozi Company, to avoid competition in core business areas[105]. Shareholder Information - The total number of shares held by the top ten unrestricted shareholders amounts to 1,110,000,000 shares[115]. - The top shareholder, Beijing State-owned Assets Management Co., Ltd., holds 594,085,618 shares, representing 42.63% of total shares[113]. - The company reported no significant changes in shareholding that would affect earnings per share or net asset value[111]. Employee Management - The company implements a salary management system based on performance assessment, linking employee compensation to task completion and work performance[119]. - The company has established a multi-dimensional training mechanism for employee development, including various specialized training programs[120]. Financial Reporting and Accounting - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and are consistent with the accounting policies used in the 2022 annual financial statements[158]. - The company recognizes expected credit losses based on historical experience, current conditions, and forecasts of future economic conditions for financial assets measured at amortized cost[173]. - The group’s consolidated financial statements include all subsidiaries, and adjustments are made for any inconsistencies in accounting policies or periods[164].

Fundraising and Utilization - The company issued 23.60 billion RMB in convertible bonds, with a net amount raised of approximately 23.45 billion RMB[1]. - As of December 31, 2022, the company utilized approximately 17.18 billion RMB of the net raised funds, leaving about 6.27 billion RMB unutilized[2]. - As of June 30, 2023, the unutilized net amount of raised funds is approximately 432.03 million RMB[5]. Project Allocations - The funds were allocated to various projects, including 3.01 billion RMB for the Enshi project and 3.17 billion RMB for the Shuozhou project[3]. - The Enshi project is expected to commence operations in September 2022, while the Shuozhou project is anticipated to start in March 2023[4]. - The Wuhan Phase II project and the Huludao waste-to-energy project are both expected to begin operations in June 2023[4]. - Both the Huludao Waste-to-Energy project and Wuhan Phase II project commenced operations in May and June 2023, respectively, but still require some finishing work and defect rectification[8]. Reallocation of Funds - The company plans to reallocate the unutilized funds, with estimated savings of approximately 41.34 million RMB from the Enshi project and 96.78 million RMB from the Shuozhou project[7]. - The total estimated savings from the previous allocation of raised funds is approximately 138.12 million RMB[7]. - The company plans to reallocate approximately RMB 138.12 million of unused fundraising to the Wuhan Phase II project and the Huludao Waste-to-Energy project[8]. - An estimated RMB 101.84 million will be used for the Wuhan Phase II project, while approximately RMB 36.28 million will be allocated to the Huludao Waste-to-Energy project[8]. Board's Perspective - The board believes that the reallocation of unused fundraising is fair and reasonable, aligning with the best interests of the company and its shareholders[8]. - There are no other changes to the use of net proceeds from fundraising aside from the aforementioned adjustments[8].

Financial Performance - The company's operating revenue for Q1 2023 was RMB 1,040,584,663.77, representing a decrease of 5.84% compared to the same period last year[5]. - Net profit attributable to shareholders for the same period was RMB 170,585,929.73, down by 5.69% year-on-year[5]. - Basic earnings per share decreased by 7.69% to RMB 0.12, while diluted earnings per share fell by 15.38% to RMB 0.11[5]. - Total revenue for Q1 2023 was CNY 1,040,584,663.77, a decrease of 5.9% compared to CNY 1,105,078,853.31 in Q1 2022[21]. - Net profit attributable to shareholders for Q1 2023 was CNY 170,585,929.73, a decrease of 5.8% from CNY 180,883,631.36 in Q1 2022[26]. - Basic earnings per share for Q1 2023 was CNY 0.12, compared to CNY 0.13 in Q1 2022[26]. - Research and development expenses for Q1 2023 were CNY 1,109,193.75, significantly lower than CNY 2,844,871.02 in Q1 2022, indicating a reduction of 61.0%[21]. - The company reported a decrease in financial expenses for Q1 2023, totaling CNY 114,262,056.27, compared to CNY 130,733,129.87 in Q1 2022, a reduction of 12.6%[21]. - Other comprehensive income after tax for Q1 2023 was CNY 0, compared to CNY 4,036,347.94 in Q1 2022, indicating a significant decline[25]. Cash Flow and Assets - The net cash flow from operating activities increased by 23.65% to RMB 103,030,599.50[5]. - The company's cash and cash equivalents were RMB 1.27 billion as of March 31, 2023, compared to RMB 1.87 billion at the end of 2022[14]. - The total current assets as of March 31, 2023, were RMB 3.70 billion, down from RMB 4.14 billion at the end of 2022[14]. - The total liabilities as of March 31, 2023, were RMB 14.41 billion, a decrease from RMB 14.86 billion as of December 31, 2022[17]. - The company's short-term borrowings were RMB 501.54 million as of March 31, 2023, compared to RMB 629.45 million at the end of 2022[16]. - The company's intangible assets increased to RMB 11.17 billion as of March 31, 2023, from RMB 10.97 billion at the end of 2022[14]. - The company reported a total of RMB 1.65 billion in accounts receivable as of March 31, 2023, up from RMB 1.51 billion at the end of 2022[14]. - The company's total assets amounted to RMB 22.41 billion, a decrease from RMB 22.68 billion as of December 31, 2022[14]. - The company's total equity as of March 31, 2023, was CNY 7,998,022,054.24, an increase from CNY 7,813,278,861.54 as of December 31, 2022[19]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 52,542[9]. - The largest shareholder, Beijing State-owned Assets Management Co., Ltd., holds 42.63% of the shares[10]. - The company issued 23.6 million convertible bonds with a total amount of RMB 2.36 billion, approved by the China Securities Regulatory Commission on February 25, 2022[12]. - The company has cumulative conversions of 91,000 RMB 2.36 billion convertible bonds into A-shares, representing 0.0007% of the total shares issued prior to conversion[12]. Investment and Financing Activities - In Q1 2023, the company received cash from investments totaling CNY 1,200,000 from minority shareholders and CNY 2,360,000,000 from bond issuance[30]. - Cash outflow from investment activities amounted to CNY 235,335,075.11, compared to CNY 399,918,594.12 in Q1 2022[31]. - The net cash flow from financing activities in Q1 2023 was negative CNY 469,181,472.67, a significant decrease from positive CNY 2,365,534,604.95 in Q1 2022[33]. - The total cash inflow from financing activities in Q1 2023 was CNY 122,793,121.97, compared to CNY 2,924,971,450.84 in Q1 2022[30]. - The company paid CNY 484,404,806.59 in debt repayments in Q1 2022, indicating a focus on managing liabilities[33]. Strategic Outlook - The company is not applying new accounting standards for the current fiscal year, which may impact financial reporting[34]. - The company’s cash flow management strategies are under review, given the significant changes in cash positions year-over-year[33]. - Future outlook and strategic initiatives were not explicitly detailed in the provided documents, indicating a need for further analysis[32].

Dividend and Capital Management - The company plans to distribute a cash dividend of RMB 0.12 per share (pre-tax) based on the total share capital on the dividend record date for all shareholders[8]. - The company did not transfer capital reserves to increase share capital or issue bonus shares for the fiscal year 2022[8]. - The distributable reserves calculated for dividend distribution amounted to RMB 3,063,822,504.78, with no share premium account available for capitalization[166]. Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2022, representing a year-on-year increase of 15%[32]. - The company achieved an operating revenue of RMB 4,567,117,851.39 in 2022, a decrease of 9.69% compared to the previous year[52]. - The net profit attributable to shareholders of the listed company for 2022 was CNY 744,767,290.31, an increase of 6.73% from CNY 697,785,876.79 in 2021[40]. - The company reported a net profit margin of 12% for 2022, up from 10% in 2021[32]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 722,293,217.33, an increase from RMB 711,866,475.14 in the same period last year, primarily due to an increase in net profit[156]. Assets and Liabilities - The total assets of the company at the end of 2022 were CNY 22,677,440,152.69, up 12.18% from CNY 20,214,466,018.97 at the end of 2021[40]. - The company's net assets attributable to shareholders at the end of 2022 were CNY 7,330,237,121.56, an increase of 12.29% from CNY 6,528,089,590.66 at the end of 2021[40]. - The asset-liability ratio improved from 65.78% at the end of the previous year to 65.55%[119]. - The company had RMB 10,471,334,174.01 in pledged receivables and operating rights as collateral for bank credit lines[122]. Cash Flow - The net cash flow from operating activities reached CNY 1,209,581,828.27, representing a significant increase of 134.91% compared to CNY 514,917,738.84 in 2021[40]. - Cash flow from operating activities increased to RMB 5.15 billion, primarily due to higher government subsidy reimbursements[1]. - Cash received from sales and services amounted to RMB 2,611,030,834.05, an increase of RMB 624,351,485.30 or 23.91% compared to the previous year, primarily due to government subsidy reimbursements[112]. Risk Management and Compliance - The company has detailed risk factors in the report, which investors should review carefully[10]. - The company emphasizes the importance of understanding investment risks related to forward-looking statements[9]. - The company emphasizes compliance and governance, achieving an A-grade rating in information disclosure for three consecutive years[52]. - The supervisory board confirmed that the financial report for the year 2022 was prepared in accordance with relevant accounting standards and accurately reflects the company's financial status and operating performance[171]. Operational Highlights - User data indicates that the company processed approximately 3 million tons of waste in 2022, an increase of 10% compared to the previous year[32]. - The company processed 11.3978 million tons of household waste, representing an 8.16% increase year-on-year[54]. - The company is actively pursuing mergers and acquisitions, with a focus on integrating smaller waste management firms to enhance market presence[32]. - The company has launched a new waste sorting initiative, which is expected to improve recycling rates by 25%[32]. Research and Development - Research and development efforts are focused on advanced waste treatment technologies, aiming to reduce operational costs by 15%[32]. - The company’s R&D expenses increased by 22.84% to RMB 8,703,930.67 in 2022, compared to RMB 7,085,349.05 in the previous year[74]. - The company has a total of 68 patents, including 17 invention patents, reflecting its commitment to innovation and technology development[61]. Governance and Management - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and senior management, adhering to relevant laws and regulations[173]. - The company has maintained a stable leadership structure with no significant changes in the board composition during the reporting period[184]. - The company emphasizes the importance of governance and has established various committees to oversee different aspects of its operations[187]. Environmental Commitment - The company is committed to achieving carbon neutrality by 2030, with investments in renewable energy projects projected to exceed RMB 500 million[32]. - The company is committed to adhering to environmental standards and will publicly disclose emission data to improve public perception of waste incineration power generation[149]. - The company is focusing on enhancing project efficiency and effectiveness while expanding heating and other solid waste disposal services[143].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2022, representing a year-over-year increase of 15%[30]. - In 2022, the company's operating revenue was approximately CNY 4.57 billion, a decrease of 9.69% compared to CNY 5.06 billion in 2021[38]. - The net profit attributable to shareholders was CNY 744.77 million, representing a growth of 6.73% from CNY 697.79 million in the previous year[38]. - The net cash flow from operating activities increased significantly by 134.91% to CNY 1.21 billion, compared to CNY 514.92 million in 2021[38]. - The total assets at the end of 2022 reached CNY 22.68 billion, up 12.18% from CNY 20.21 billion in 2021[38]. - The basic earnings per share for 2022 was CNY 0.53, an increase from CNY 0.50 in 2021[39]. - The weighted average return on equity decreased to 10.64% in 2022, down from 11.06% in 2021[39]. - The company reported a total of CNY 12.10 million in non-recurring gains for 2022, compared to CNY 11.67 million in 2021[44]. - The net profit attributable to shareholders for the fourth quarter of 2022 was CNY 154.14 million, showing a decline from CNY 180.88 million in the previous quarter[42]. - The company achieved a revenue of RMB 4,567,117,851.39 in 2022, a decrease of 9.69% compared to RMB 5,056,889,425.65 in the previous year[73]. Dividends and Share Capital - The company announced a cash dividend of RMB 0.12 per share (pre-tax) based on the total share capital as of the dividend distribution record date for all shareholders[6]. - The company will not increase share capital from capital reserves or issue bonus shares for the fiscal year 2022[6]. - The company will distribute the remaining undistributed profits to the next fiscal year[6]. - The board proposed a final dividend of 0.12 RMB per share, totaling approximately 167.21 million RMB, subject to shareholder approval[161]. - The distributable reserves for dividends amount to 3,063,822,504.78 RMB, with no share premium account available for capitalization[167]. Corporate Governance - The board of directors guarantees the truthfulness, accuracy, and completeness of the annual report, with no false records or significant omissions[4]. - The annual report complies with the disclosure requirements of the relevant stock exchange rules and has been published in both Chinese and English[9]. - The company emphasizes compliance management and has received an A-grade evaluation for information disclosure for three consecutive years[47]. - The company has established a robust governance structure comprising the general meeting of shareholders, board of directors, supervisory board, and senior management, ensuring compliance with relevant laws and regulations[176]. - The supervisory board confirmed that the financial report for the year 2022 was prepared in accordance with applicable accounting standards, accurately reflecting the company's financial status and operational performance[174]. - The company has maintained high standards of corporate governance, adhering to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year ending December 31, 2022[180]. - No insider trading incidents were reported during the reporting period, indicating effective compliance and governance practices[177]. - The company is committed to reviewing and enhancing its corporate governance practices to ensure ongoing compliance with the corporate governance code[180]. Market Expansion and Strategy - User data indicates that the company has successfully expanded its operational projects to over 30 cities across China, enhancing its market presence[30]. - The company is actively pursuing market expansion through strategic partnerships, aiming to enter three new provinces by the end of 2023[30]. - The company plans to enhance its R&D budget by 30% in 2023 to accelerate innovation in environmental technologies[30]. - The company plans to continue expanding its market presence and invest in new technologies to drive future growth[38]. - The company is strategically expanding its operations in economically developed regions such as the Yangtze River Delta and the Pearl River Delta, as well as in central and western China[65]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $30 million earmarked for potential deals[199]. - The company is focusing on new business growth points aligned with national strategies for ecological civilization and carbon neutrality[47]. Operational Efficiency and Technology - The company has initiated a new strategy focusing on sustainable practices, targeting a 25% reduction in operational carbon emissions by 2025[30]. - The company achieved significant advancements in technology, receiving awards for its multi-drive reverse combustion furnace and dioxin online warning control technology[59]. - The company’s proprietary multi-drive reverse-push grate furnace technology has been recognized as a leading incineration technology and has received national invention patents[70]. - The company processed 11.3978 million tons of household waste in 2022, representing an 8.16% year-on-year increase[53]. - The company achieved an online electricity generation of 3.4801 billion kWh, a 4.56% increase compared to the previous year[53]. - The company has set a performance guidance for 2023, projecting a revenue growth of 10% to 12% compared to 2022[30]. Risks and Challenges - The company has outlined several risks in the report, which are detailed in the management discussion and analysis section[8]. - The company faces risks related to the public's negative perception of waste incineration power generation, which could complicate operations and impact profitability[150]. - The operational efficiency of the waste incineration power plants is dependent on the stability of waste supply and calorific value, which are influenced by local government waste collection systems and population[151]. - The company is closely monitoring policy changes that may impact profitability and cash flow due to adjustments in renewable energy price subsidy policies[147]. - The company is committed to adhering to environmental protection regulations, which may increase operational costs and affect profitability[148]. Financial Management - The company issued convertible bonds totaling RMB 2.36 billion, setting a record for single financing scale[47]. - The company’s cash management strategy focuses on prudent risk management and reducing capital costs, with operational funds primarily sourced from internal cash flow and bank loans[120]. - The company's debt-to-asset ratio decreased from 65.78% to 65.55% year-on-year, indicating improved financial stability[120]. - The company has not repaid a total of approximately RMB 10.15 billion in borrowings, down from RMB 10.72 billion at the end of the previous year[123]. - The company reported a total of RMB 946.78 million in unfulfilled purchase commitments related to construction contracts as of December 31, 2022[125]. Leadership and Management - The company reported a significant leadership change with Qiao Dewei becoming the chairman on March 31, 2021, after serving as the general manager since 2009[190]. - The current general manager, Zhong Xia, has been in the role since March 31, 2021, and has extensive experience in various managerial positions within the company[191]. - The company has a strategic committee led by Qiao Dewei, focusing on long-term growth and sustainability initiatives[190]. - The leadership team has a strong educational background, with several members holding advanced degrees in management and finance[190]. - The company is focused on enhancing its financial management and investor relations through experienced professionals in its leadership[194][195][196][197].

Financial Performance - Total operating revenue for the reporting period was RMB 1,104,978,951.60, a decrease of 18.30% compared to the same period last year[5] - Net profit attributable to shareholders of the listed company was RMB 174,086,855.58, down 34.80% year-on-year[5] - Basic earnings per share for the reporting period was RMB 0.12, a decrease of 40.00% compared to the same period last year[8] - Total revenue for the first three quarters of 2022 was CNY 3,367,525,363.23, a decrease of 12.7% compared to CNY 3,858,555,185.67 in the same period of 2021[20] - Net profit attributable to shareholders for the first three quarters of 2022 was CNY 590,625,389.46, a decrease of 16.2% from CNY 704,549,291.22 in the same period of 2021[21] - Basic earnings per share for the first three quarters of 2022 were CNY 0.42, down from CNY 0.51 in the same period of 2021[25] - The company reported a comprehensive income total of CNY 594,282,064.70 for the first three quarters of 2022, compared to CNY 745,185,176.05 in 2021, indicating a decline of 20.3%[25] Cash Flow and Liquidity - The net cash flow from operating activities increased by 45.59% to RMB 436,098,595.78[8] - In the first three quarters of 2022, the company's operating cash inflow was approximately CNY 2.08 billion, an increase of 4.0% compared to CNY 1.99 billion in the same period of 2021[28] - The net cash flow from operating activities for the first three quarters of 2022 was CNY 436.1 million, up 45.6% from CNY 299.5 million in the same period of 2021[28] - The net cash flow from investment activities in the first three quarters of 2022 was negative CNY 847.9 million, an improvement compared to negative CNY 1.27 billion in the same period of 2021[29] - The total cash inflow from financing activities in the first three quarters of 2022 was CNY 4.08 billion, a decrease of 20.7% from CNY 5.14 billion in the same period of 2021[31] - The net cash flow from financing activities for the first three quarters of 2022 was CNY 1.06 billion, compared to CNY 407.2 million in the same period of 2021[31] - The company's cash and cash equivalents at the end of the first three quarters of 2022 amounted to CNY 1.61 billion, an increase from CNY 1.03 billion at the end of the same period in 2021[33] - The company experienced a net increase in cash and cash equivalents of CNY 653.2 million in the first three quarters of 2022, compared to a decrease of CNY 563.6 million in the same period of 2021[33] Assets and Liabilities - Total assets at the end of the reporting period were RMB 22,526,898,461.48, an increase of 11.44% compared to the end of the previous year[5] - The total liabilities as of September 30, 2022, amounted to CNY 14,882,990,484.83, an increase of 11.9% from CNY 13,296,884,507.65 at the end of 2021[22] - The total equity attributable to shareholders as of September 30, 2022, was CNY 7,643,907,976.65, up from CNY 6,917,581,511.32 at the end of 2021, reflecting an increase of 10.5%[22] - The company's intangible assets rose to RMB 10,695,361,712.65 from RMB 9,546,803,985.25 year-over-year[14] - Accounts receivable increased to RMB 1,936,019,333.32 from RMB 1,530,086,535.20 year-over-year[14] Shareholder Information - The top shareholder, Beijing State-owned Assets Management Co., Ltd., holds 594,085,618 shares, accounting for 42.63% of the total shares[9] - HKSCC Nominees Limited is the second-largest shareholder with 379,447,000 shares, representing 27.23%[9] - The total number of ordinary shareholders at the end of the reporting period is 56,708[10] - The total number of shares held by the top ten shareholders is significant, indicating concentrated ownership[11] Operational Insights - The number and scale of construction projects decreased compared to the same period last year, leading to a decline in construction revenue[8] - The company experienced an increase in operating expenses due to major repairs on operational projects, affecting gross profit margins[8] - The company did not report any significant new product or technology developments during the quarter[5] - There were no updates on market expansion or mergers and acquisitions in the current reporting period[5] Research and Development - Research and development expenses for the first three quarters of 2022 were CNY 5,292,398.51, an increase from CNY 3,261,651.00 in the same period of 2021, showing a growth of 62.1%[20] Convertible Bonds - The company issued 23.6 million A-share convertible bonds with an initial conversion price of RMB 9.82 per share, adjusted to RMB 9.72 per share after a dividend distribution[12] - The company decided not to adjust the conversion price of the convertible bonds despite triggering downward adjustment clauses[12]

Financial Reporting and Compliance - The company reported a half-year financial report prepared in accordance with Chinese accounting standards, which has not been audited[7]. - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report, with no significant omissions or misleading statements[6]. - The report complies with all disclosure requirements set by the Shanghai Stock Exchange and Hong Kong Stock Exchange[7]. - The financial report uses Renminbi as the accounting currency[7]. - The company has established an audit and risk management committee to review the report[6]. - The report indicates that there are no violations of decision-making procedures for providing guarantees[6]. - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[6]. - There are no non-operational fund occupations by controlling shareholders or related parties reported[6]. Revenue and Profitability - The company reported a revenue of RMB 1.2 billion for the first half of 2022, representing a year-over-year increase of 15%[14]. - The company's operating revenue for the first half of the year was CNY 2,262,546,411.63, a decrease of 9.72% compared to CNY 2,506,023,079.65 in the same period last year[22]. - Net profit attributable to shareholders was CNY 416,538,533.88, down 4.80% from CNY 437,535,990.24 year-on-year[22]. - Basic earnings per share for the first half of the year were CNY 0.30, a decrease of 3.23% from CNY 0.31 in the same period last year[23]. - The total comprehensive income attributable to the shareholders of the parent company was RMB 394,064,460.90, a decrease from RMB 443,023,223.16 in the same period last year, primarily due to a reduction in net profit[63]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 58.01% to CNY 274,831,745.69, compared to CNY 173,930,780.07 in the previous year[22]. - The company's cash and cash equivalents increased by 96.15% to RMB 1,896,310,221.84, primarily due to cash received from convertible bonds[51]. - The total liabilities increased to RMB 14.99 billion from RMB 13.30 billion, primarily due to the issuance of new bonds[133]. - The company's debt-to-asset ratio was 66.77% as of June 30, 2022, which is higher than the industry average, indicating potential financial risk[83]. - The total amount of guarantees provided by the company, including those to subsidiaries, was RMB 7,148.64 million, which accounted for 102.12% of the company's net assets[112]. Operational Performance and Growth - User data indicated that the number of operational waste-to-energy projects increased to 25, up from 22 in the previous year, reflecting a growth rate of 13.6%[13]. - The company expects a revenue growth of 20% for the second half of 2022, driven by new project launches and market expansion initiatives[14]. - The operational efficiency of existing plants improved by 12% due to the implementation of new management practices and technologies[14]. - The company has set a target to reduce operational costs by 5% through improved supply chain management and resource optimization[14]. - The company is expanding its market presence in southern China, targeting an increase in market share by 10% by the end of 2023[14]. Environmental Compliance and Risks - The company is subject to significant regulatory risks due to environmental policies affecting the waste-to-energy industry, which may impact profitability and cash flow[77]. - The company will strictly adhere to environmental standards and publicly disclose emission data to improve community understanding of waste-to-energy operations[80]. - The company has implemented a comprehensive air pollution control process, including SNCR and SCR technologies, to ensure emissions meet regulatory standards[94]. - The company has received environmental impact assessments for its projects, with approvals from relevant environmental authorities[95]. - The company emphasizes environmental compliance and has implemented measures to mitigate pollution risks during project operations[83]. Research and Development - New product development includes the introduction of advanced waste treatment technologies, which are projected to enhance operational efficiency by 30%[14]. - Research and development expenses increased by 70.88% to approximately RMB 4.02 million, reflecting a commitment to enhancing core competencies through innovation[48][49]. - The company has a total of 68 patents granted as of June 2022, including 17 invention patents, reflecting ongoing advancements in technology[45]. Corporate Governance and Shareholder Information - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code during the reporting period[88]. - The total number of shareholders as of the end of the reporting period was 60,830[116]. - The largest shareholder, Beijing State-owned Assets Management Co., Ltd., held 594,085,618 shares, representing 42.63% of the total shares[117]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[122]. - The company has established a competition avoidance agreement with Beijing Guozi Company to prevent competition in core business areas[110].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 1,105,078,853.31, a decrease of 5.02% compared to the same period last year[5]. - Net profit attributable to shareholders was RMB 180,883,631.36, down 13.63% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 178,642,358.15, a decrease of 13.90% compared to the previous year[5]. - The basic earnings per share were RMB 0.13, reflecting a decrease of 13.33% year-on-year[5]. - The weighted average return on net assets was 2.70%, a decrease of 0.68 percentage points compared to the previous year[5]. - Total revenue for Q1 2022 was CNY 1,105,078,853.31, a decrease of 5.0% from CNY 1,163,496,483.27 in Q1 2021[23]. - Net profit attributable to shareholders of the parent company for Q1 2022 was CNY 180,883,631.36, compared to CNY 209,434,657.22 in Q1 2021, indicating a decline of 13.6%[25]. - Basic earnings per share for Q1 2022 were CNY 0.13, down from CNY 0.15 in Q1 2021, reflecting the decline in net profit[29]. - The net loss for Q1 2022 was RMB 13,744,562.62, an improvement from a net loss of RMB 18,615,532.06 in Q1 2021, indicating a reduction in losses by approximately 26.5%[47]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 296.70%, amounting to RMB 83,324,684.86[5]. - Operating cash inflow for Q1 2022 was CNY 618,686,640.32, a decrease of 1.66% from CNY 627,729,596.13 in Q1 2021[32]. - Net cash flow from operating activities for Q1 2022 was CNY 83,324,684.86, significantly up from CNY 21,004,668.68 in Q1 2021, representing a year-over-year increase of 296.4%[32]. - Cash inflow from financing activities in Q1 2022 totaled CNY 2,924,971,450.84, compared to CNY 552,774,929.14 in Q1 2021, indicating a substantial increase[34]. - Net cash flow from financing activities for Q1 2022 was CNY 2,365,534,604.95, a significant rise from CNY 8,564,601.85 in Q1 2021[36]. - The company reported a net cash increase of CNY 2,027,797,956.44 in Q1 2022, contrasting with a net decrease of CNY 488,449,757.98 in Q1 2021[36]. - Cash and cash equivalents at the end of Q1 2022 were CNY 2,982,587,911.79, compared to CNY 1,104,518,281.88 at the end of Q1 2021, reflecting a significant increase[36]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 22,725,983,922.38, representing a 12.42% increase from the end of the previous year[6]. - The company's current assets reached RMB 5,392,367,398.57 as of March 31, 2022, compared to RMB 3,224,430,049.99 at the end of 2021, indicating a significant increase of about 67.3%[15]. - The total assets of the company as of March 31, 2022, amounted to RMB 22,725,983,922.38, an increase from RMB 20,214,466,018.97 as of December 31, 2021, reflecting a growth of approximately 12.5%[18]. - Total liabilities increased to CNY 15,394,541,481.66 as of March 31, 2022, from CNY 13,296,884,507.65 at the end of 2021, representing a growth of 15.8%[21]. - The total assets and liabilities as of March 31, 2022, were RMB 9,777,310,107.26, compared to RMB 7,653,886,626.74 as of December 31, 2021, showing an increase of approximately 27.8%[42]. - Total current liabilities as of March 31, 2022, were CNY 1,617,523,396.02, down from CNY 1,811,342,366.71 as of December 31, 2021[40]. - Long-term borrowings as of March 31, 2022, were CNY 1,670,385,415.50, slightly decreased from CNY 1,690,869,071.73 as of December 31, 2021[40]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,619[10]. - The largest shareholder, Beijing State-owned Assets Management Co., Ltd., holds 42.63% of the shares, totaling 594,085,618 shares[12]. - The total number of shareholders with unlimited sale conditions is 10, with the top ten shareholders holding a significant portion of the company's equity[12]. Research and Development - The company reported a decrease in research and development expenses to CNY 2,844,871.02 in Q1 2022 from CNY 1,076,887.72 in Q1 2021, indicating a potential shift in focus or budget allocation[23]. - Research and development expenses in Q1 2022 amounted to RMB 2,844,871.02, up from RMB 1,076,887.72 in Q1 2021, marking an increase of about 163%[44]. Other Financial Metrics - The company reported non-recurring gains of RMB 2,241,273.21 during the period[7]. - Other comprehensive income for Q1 2022 was CNY 4,036,347.94, compared to a loss of CNY 2,006,615.29 in Q1 2021, showing an improvement in this area[28]. - The financial expenses for Q1 2022 were RMB 38,680,418.48, compared to RMB 30,384,788.36 in Q1 2021, indicating an increase of approximately 27%[44]. - The company is exploring market expansion opportunities, although specific strategies were not detailed in the financial report[21].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2021, representing a year-on-year increase of 15%[15]. - The company's operating revenue for 2021 was approximately ¥5.06 billion, representing a 122.03% increase compared to ¥2.28 billion in 2020[23]. - Net profit attributable to shareholders for 2021 was approximately ¥698 million, an increase of 38.62% from ¥503 million in 2020[23]. - The net cash flow from operating activities for 2021 was approximately ¥515 million, showing a significant increase of 123.84% compared to ¥230 million in 2020[23]. - The total assets at the end of 2021 were approximately ¥20.21 billion, reflecting a 15.87% increase from ¥17.45 billion at the end of 2020[23]. - The net assets attributable to shareholders at the end of 2021 were approximately ¥6.53 billion, an 18.96% increase from ¥5.49 billion at the end of 2020[23]. - Basic earnings per share for 2021 were ¥0.50, up from ¥0.43 in 2020, marking a 16.28% increase[24]. - The company achieved a revenue of RMB 505,688.94 million in 2021, representing a growth of 122.03% year-over-year[35]. - Net profit attributable to shareholders reached RMB 69,778.59 million, an increase of 38.62% compared to the previous year[35]. - The company achieved operating revenue of RMB 5,056,889,425.65, a 122.03% increase compared to RMB 2,277,618,815.00 in the previous year[60]. Operational Highlights - The user data indicates that the company processed approximately 3 million tons of waste in 2021, an increase of 10% compared to the previous year[15]. - The company processed a total of 10.5376 million tons of municipal waste, marking a 17.43% increase year-on-year[31]. - The total electricity generated reached 3,329.1482 million kWh, reflecting a year-on-year growth of 22.10%[31]. - The company expanded its waste treatment capacity by 7,500 tons per day, continuing a trend of adding over 6,000 tons annually for three consecutive years[31]. - The company has successfully developed eight kitchen waste treatment projects, with five projects expanding into steam supply services, achieving a total steam supply of 139,500 tons for the year[31]. - The company has 31 operational waste-to-energy projects with a total waste processing capacity of 34,000 tons per day and an installed capacity of 699.5 MW as of December 31, 2021[47]. Strategic Initiatives - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year, driven by new project launches and market expansion[15]. - A strategic acquisition of a waste management firm is anticipated to be completed by Q2 2022, which is expected to add an additional RMB 500 million in annual revenue[15]. - The company plans to invest RMB 200 million in R&D for sustainable waste management solutions over the next two years[15]. - The company has initiated a new strategy focusing on public-private partnerships (PPP) to enhance project funding and execution efficiency[15]. - The company aims to strengthen mergers and acquisitions to leverage capital market advantages for future growth[32]. - The company plans to actively seek investment opportunities to enhance profitability in its daily operations[111]. Governance and Compliance - The audit report issued by KPMG Huazhen LLP was a standard unqualified opinion[4]. - The report complies with the disclosure requirements of the relevant stock exchange rules and has been published in both Chinese and English[7]. - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the annual report[4]. - The company has established a robust governance structure comprising the shareholders' meeting, board of directors, supervisory board, and senior management, ensuring compliance with relevant laws and regulations[142]. - The company has adopted the Corporate Governance Code as per the Hong Kong Stock Exchange rules and has complied with its provisions throughout the reporting period[143]. - The company emphasizes compliance with environmental standards and publicly discloses emission data to improve public understanding of waste incineration power generation[123]. Risk Management - The company has detailed risks in the report, which can be found in the "Management Discussion and Analysis" section[6]. - The report includes a forward-looking statement risk disclaimer, indicating that future plans do not constitute a substantive commitment to investors[4]. - The company has established a social stability risk assessment procedure in project approval processes to address public concerns regarding waste incineration power generation[123]. - The company will closely monitor policy changes and adapt its business strategies to maintain stable revenue streams amid potential regulatory impacts[120]. Leadership and Management - The company reported a significant leadership change with Qiao Dewei becoming the chairman on March 31, 2021, after serving as the general manager since April 2012[154]. - The current management team includes experienced professionals with backgrounds in finance and management, such as Hu Shengyong, who served as the financial director until March 30, 2021[156]. - The company has a strategic committee led by Qiao Dewei, focusing on long-term growth and sustainability initiatives[154]. - The management team has extensive experience in various sectors, including investment, sales, and operations, which enhances the company's strategic direction[155]. - The leadership team collectively has over 100 years of experience in the industry, indicating a strong foundation for future growth[162][163][164][165][166]. Shareholder Engagement - The board proposed a final dividend of RMB 0.1 per share for the year ended December 31, 2021, totaling RMB 139.344 million, subject to shareholder approval at the annual general meeting[131]. - The company allows shareholders holding 10% or more of shares to request a special general meeting[178]. - The company emphasizes the protection of shareholder rights by presenting individual resolutions for independent matters at the general meeting[177]. - All resolutions at the 2020 Annual General Meeting and the 2021 Extraordinary General Meetings were passed unanimously, indicating strong shareholder support[146].