证券代码：601330 证券简称：绿色动力 公告编号：临 2025-018 转债代码：113054 转债简称：绿动转债 本议案已经公司第五届董事会提名委员会 2025 年第三次会议审议通过。 本议案还需提交公司股东大会审议。 二、审议通过了《关于召开 2025 年第一次临时股东大会的议案》。同意公司 2025 年第一次临时股东大会于 2025 年 5 月 9 日在深圳召开。详见与本公告同日 披露于上海证券交易所网站（www.sse.com.cn）的《关于召开 2025 年第一次临 时股东大会的通知》。 绿色动力环保集团股份有限公司 第五届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 绿色动力环保集团股份有限公司（以下简称"公司"或"集团"）第五届董 事会第八次会议于2025年4月16日在公司会议室以现场会议结合通讯方式召开。 全体董事一致同意，豁免本次临时董事会提前5日通知的要求，并均已知悉与所 议事项相关的内容。会议应出席董事7名，实际出席董事7名。经与会董事推举， 本次会议由董事胡声泳先生主持， ...

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].

2024 年度第二次临时受托管理事务报告 债券受托管理人 证券代码：601330 证券简称：绿色动力 可转债代码：113054 可转债简称：绿动转债 绿色动力环保集团股份有限公司 公开发行 A 股可转换公司债券 二〇二四年十二月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《绿色 动力环保集团股份有限公司 2021 年公开发行可转换公司债券之受托管理协议》（以下简 称"《受托管理协议》"）《绿色动力环保集团股份有限公司公开发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）等相关公开信息披露文件、第三方机构出具 的文件等，由本期债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证 券"）编制。中信建投证券对本报告中所包含的发行人、第三方机构出具文件的引述内 容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出 任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺或声明。 在任何情况下，投资者依据本报告所进行的任何作为或不 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因绿色动力环保集团股份有限公司（以下简称"公司"）实施 2024 年中期权 益分派,本公司的相关证券停复牌情况如下："绿动转债"于 2024 年 11 月 8 日至 2024 年 11 月 18 日（权益分派股权登记日）期间停止转股。 | 证券代码：601330 | 证券简称：绿色动力 | 公告编号：临 2024-059 | | --- | --- | --- | | 转债代码：113054 | 转债简称：绿动转债 | | 绿色动力环保集团股份有限公司 关于"绿动转债"转股价格调整的公告 | 113054 | 绿动转债 | 可转债转股复 | | | 2024/11/18 | 2024/11/19 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 停复牌类型 牌 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | 经中国证监会《关于核准绿色动力环保集团股份有限 ...

FF301 本月底法定/註冊股本總額： RMB 1,393,451,983 | 2. 股份分類 | 普通股 | 股份類別 | | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601330 | 說明 | | 於上海證券交易所上市 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 989,092,086 RMB | | 1 | RMB | | 989,092,086 | | 增加 / 減少 (-) | | | | 105 | | | RMB | | 105 | | 本月底結存 | | | | 989,092,191 RMB | | 1 | RMB | | 989,092,191 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | - ...

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]

| | | 一、可转债发行上市概况 经中国证监会《关于核准绿色动力环保集团股份有限公司公开发行可转换 公司债券的批复》（证监许可[2022]132号）核准，绿色动力环保集团股份有限 公司（以下简称"公司"）于2022年2月25日公开发行2,360万张可转债，每张 面值人民币100元，发行总额23.60亿元，票面利率：第一年0.20%、第二年 0.40%、第三年0.60%、第四年1.50%、第五年1.80%、第六年2.00%，期限6年。 累计转股情况：截至 2024 年 9 月 30 日，累计已有 116,000 元"绿动转债" 转换成公司 A 股普通股，累计转股数为 11,878 股，占可转换公司债券（以 下简称"可转债"）转股前公司已发行股份总额的 0.0009%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的可转债金额为 2,359,884,000 元，占可转债发行总量的 99.9951%。 本季度转股情况：自 2024 年 7 月 1 日至 2024 年 9 月 30 日，"绿动转债"转 股金额 0 元，转股数 0 股。 绿色动力环保集团股份有限公司 经上海证券交易所自律监管决定书 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E7%AF%80%20%E9%87%8B%E7%BE%A9) [Company Profile and Key Financial Indicators](index=8&type=section&id=%E7%AC%AC%E4%BA%8C%E7%AF%80%20%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) [Corporate Information](index=8&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides basic information about Green Dynamics Environmental Group Co, Ltd, including its name, legal representative, contact details, addresses, website, and stock listing information - The company's shares are dual-listed on the Shanghai Stock Exchange (A-share, code 601330) and the Hong Kong Stock Exchange (H-share, code 1330)[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=10&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) In H1 2024, revenue and net profit declined due to reduced construction activities, while operating cash flow significantly improved from increased subsidy collections and lower construction spending Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) | Prior-Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,660,506,740.32 Yuan | 2,141,513,147.31 Yuan | -22.46% | | Net Profit Attributable to Shareholders | 303,026,018.30 Yuan | 364,057,245.61 Yuan | -16.76% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 301,480,353.86 Yuan | 358,887,623.29 Yuan | -16.00% | | Net Cash Flow from Operating Activities | 543,371,427.14 Yuan | 287,718,294.22 Yuan | 88.86% | | **Asset Status** | **End of Current Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders | 7,913,311,756.42 Yuan | 7,807,439,716.26 Yuan | 1.36% | | Total Assets | 22,515,212,843.20 Yuan | 22,537,265,642.95 Yuan | -0.10% | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior-Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.22 | 0.26 | -15.38% | | Diluted Earnings Per Share (Yuan/Share) | 0.21 | 0.24 | -12.50% | | Weighted Average Return on Equity (%) | 3.80 | 4.84 | Decrease of 1.04 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 3.79 | 4.77 | Decrease of 0.98 percentage points | - During the reporting period, total non-recurring gains and losses amounted to **1.5457 million yuan**, primarily from government grants and other non-operating income and expenses[21](index=21&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AC%AC%E4%B8%89%E7%AF%80%20%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Industry and Core Business Overview](index=12&type=section&id=%E4%B8%80%E3%80%81%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%AC%E8%A1%8C%E6%A5%AD%E5%8F%8A%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81%E8%AA%AA%E6%98%8E) The company is a leading waste-to-energy enterprise in China operating under a BOT model, with the industry now entering a stable phase supported by new green certificate trading mechanisms - The company's core business is waste-to-energy generation under a BOT concession model, typically for 25 to 30 years; as of June 30, 2024, it operated **37 projects** with a daily processing capacity of **40,300 tons** and an installed capacity of **857MW**, ranking among the top in the industry[23](index=23&type=chunk)[24](index=24&type=chunk) - The waste-to-energy industry has entered a stable development phase after meeting its "14th Five-Year Plan" targets, with green certificate trading providing a new revenue stream as national subsidies are phased out[27](index=27&type=chunk)[28](index=28&type=chunk) - The industry benefits from preferential policies like benchmark electricity tariffs and tax incentives, but also faces the challenge of declining national subsidies[29](index=29&type=chunk) [Core Competency Analysis](index=15&type=section&id=%E4%BA%8C%E3%80%81%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E6%A0%B8%E5%BF%83%E7%AB%B6%E7%88%AD%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies remain strong, centered on its extensive national market presence, deep industry experience, proprietary advanced technologies, and a seasoned management team - The company's market network covers over 20 provinces and municipalities, with a strategic focus on the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions, which helps mitigate regional risks[31](index=31&type=chunk) - The company's proprietary "multi-drive reverse-push mechanical grate furnace" is a leading core technology in the industry, protected by a national invention patent and promoted as a key technology during the "11th Five-Year Plan" period[33](index=33&type=chunk) - The company possesses an experienced management team with core members having collaborated for nearly two decades, ensuring deep industry insight and strong operational and market development capabilities[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=%E4%B8%89%E3%80%81%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81%E7%9A%84%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) In H1 2024, revenue and net profit declined due to fewer construction projects, but the company's core operations remained robust with record-high performance indicators and continued efficiency improvements Key Financial Performance for H1 2024 | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 1.661 billion yuan | -22.46% | | Net Profit Attributable to Shareholders | 303 million yuan | -16.76% | | Total Assets | 22.515 billion yuan | - | | Equity Attributable to Shareholders | 7.913 billion yuan | - | Key Operational Data for H1 2024 | Indicator | Volume | YoY Growth | | :--- | :--- | :--- | | Total Municipal Solid Waste Processed | 7.0073 million tons | 11.27% | | Total Power Generation | 2,498.69 million kWh | 12.85% | | On-grid Power Generation | 2,072.02 million kWh | 12.90% | | Total Steam Supply | 239,000 tons | 22.51% | | Operating Revenue | 1.440 billion yuan | 10.66% | - The company enhanced operational efficiency through multiple initiatives, including expanding synergistic waste treatment, securing new steam supply contracts, completing its first green certificate transaction, and leveraging centralized procurement to reduce costs[39](index=39&type=chunk) - The company advanced its technological and digital capabilities through collaborations like the smart power plant project with Alibaba Cloud, development of new sludge injection processes, and strengthening industry-academia-research partnerships[40](index=40&type=chunk) - Looking ahead, the waste-to-energy market is expected to expand into county-level regions, with green certificate trading, carbon markets, and improved waste treatment fee mechanisms offering new revenue growth opportunities[41](index=41&type=chunk)[42](index=42&type=chunk) [Core Business Analysis](index=20&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E5%88%86%E6%9E%90) Analysis of financial statement variances reveals that declines in revenue and costs were driven by reduced construction activities, while operating cash flow grew substantially due to improved subsidy collection Analysis of Major Financial Statement Items | Item | Current Period (Yuan) | Prior-Year Period (Yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,660,506,740.32 | 2,141,513,147.31 | -22.46 | Decrease in construction projects led to a 619 million yuan drop in construction revenue | | Operating Costs | 919,438,857.60 | 1,371,722,378.79 | -32.97 | Construction costs decreased by 568 million yuan | | Net Cash Flow from Operating Activities | 543,371,427.14 | 287,718,294.22 | 88.86 | Increased collection of national subsidies and reduced spending on PPP project construction | | Net Cash Flow from Investing Activities | -205,918,818.39 | -413,739,621.84 | N/A | Reduced investment in construction | | Net Cash Flow from Financing Activities | -352,743,054.33 | -598,828,719.83 | N/A | Increased borrowings were offset by higher debt and interest repayments | [Analysis of Assets and Liabilities](index=22&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A0%E5%82%B5%E6%83%85%E6%B3%81%E5%88%86%E6%9E%90) As of June 30, 2024, the company's total assets were 22.515 billion yuan and total liabilities were 14.114 billion yuan, with a debt-to-asset ratio of 62.69% and restricted assets of 11.113 billion yuan Status of Major Restricted Assets (Period-End) | Item | Book Value at Period-End (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 2,039,180.00 | For issuing performance bonds | | Other Non-current Assets | 3,990,797,573.58 | Pledged for loans | | Intangible Assets | 5,104,550,440.42 | Pledged for loans | | Accounts Receivable | 1,723,763,980.12 | Pledged for loans | | Contract Assets | 291,976,946.71 | Pledged for loans | | **Total** | **11,113,128,120.83** | - | [Financial Review (as required by the Stock Exchange of Hong Kong)](index=24&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7%EF%BC%88%E6%A0%B9%E6%93%9A%E8%81%AF%E4%BA%A4%E6%89%80%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) The company's debt-to-asset ratio was 62.69%, with a revenue decline driven by a sharp drop in construction income, while gross margin improved significantly due to a favorable revenue mix Revenue Composition Analysis for H1 2024 | Revenue Type | H1 2024 (Yuan) | H1 2023 (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Construction Revenue | 22,954,459.10 | 641,720,109.79 | -96.42% | | Operating Revenue | 1,440,317,386.59 | 1,301,588,175.06 | +10.66% | | Interest Income | 197,234,894.63 | 198,204,862.46 | -0.49% | | **Total Operating Revenue** | **1,660,506,740.32** | **2,141,513,147.31** | **-22.46%** | - Gross profit for the period was **741 million yuan**, a year-on-year decrease of 3.73%; the gross profit margin was **44.63%**, a significant increase from 35.95% in the prior year, primarily due to the reduced proportion of lower-margin construction revenue[53](index=53&type=chunk) - As of June 30, 2024, the company's total outstanding borrowings were approximately **9.71 billion yuan**, with **3.525 billion yuan** of its 18.379 billion yuan total credit facility remaining unused; most borrowings are at floating interest rates[61](index=61&type=chunk) [Analysis of Major Subsidiaries and Investees](index=28&type=section&id=%EF%BC%88%E4%B8%83%EF%BC%89%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%83%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section analyzes the performance of five key subsidiaries, all of which are profitable waste treatment and power generation entities contributing significantly to the company's total assets Operating Performance of Major Subsidiaries in H1 2024 (Unit: 10,000 Yuan) | Company Name | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Tongzhou Company | 143,178.99 | 55,701.89 | 9,833.08 | 3,852.05 | 2,870.17 | | Shantou Company | 115,296.07 | 43,826.89 | 10,245.89 | 4,630.35 | 4,000.59 | | Haining Expansion Co | 114,401.44 | 56,087.26 | 8,679.94 | 4,176.15 | 4,125.60 | | Huizhou Phase II Co | 146,365.21 | 72,448.71 | 13,906.65 | 6,896.62 | 6,623.05 | | Wuhan Company | 124,853.55 | 44,871.33 | 11,093.07 | 4,002.41 | 3,803.85 | [Potential Risks](index=29&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%B0%8D%E7%9A%84%E9%A2%A8%E9%9A%AA) The company faces risks from policy changes in renewable energy subsidies, stricter environmental regulations, public opposition (NIMBY effect), and operational challenges like project delays and receivables collection - Changes in national renewable energy subsidy policies represent a core risk, as the phase-out of subsidies could adversely affect profitability and cash flow; mitigation strategies include expanding heat supply services and participating in green certificate trading[69](index=69&type=chunk) - The company faces risks from public opposition due to the "Not In My Back Yard" (NIMBY) effect, which can complicate project site selection, extend development timelines, and increase costs[70](index=70&type=chunk) - As business expands, extended settlement cycles for national subsidies and local waste treatment fees may lead to growing accounts receivable, which, if not collected promptly, could negatively impact cash flow and performance[73](index=73&type=chunk) [Corporate Governance](index=33&type=section&id=%E7%AC%AC%E5%9B%9B%E7%AF%80%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) The company experienced several changes in its board and senior management during the period, including retirements and resignations, with new appointments made for key positions Changes in Directors and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Zhong Xia | General Manager, Executive Director | Resigned | | Fu Jie | Independent Director | Resigned | | Ouyang Jiejiao | Independent Director | Elected | | Yue Peng | Non-executive Director | Resigned | | Luo Zhaoguo | Supervisor | Resigned | | Zhao Zhixiong | Non-executive Director | Elected | | Tian Yingying | Supervisor | Elected | [Profit Distribution Proposal](index=35&type=section&id=%E4%B8%89%E3%80%81%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%88%96%E8%B3%87%E6%9C%AC%E5%85%AC%E7%A9%8D%E9%87%91%E8%BD%89%E5%A2%9E%E9%A0%90%E6%A1%88) The board proposes a cash dividend of RMB 0.1 per share (pre-tax) for the first half of 2024, pending shareholder approval H1 2024 Profit Distribution Proposal | Item | Details | | :--- | :--- | | Distribution or Capitalization | Yes | | Cash Dividend per 10 Shares (Yuan) (pre-tax) | 1 | | Bonus Shares per 10 Shares | 0 | | Capitalization Shares per 10 Shares | 0 | [Compliance with the Corporate Governance Code](index=36&type=section&id=%E4%BA%94%E3%80%81%E9%81%B5%E5%AE%88%E3%80%8A%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87%E3%80%8B) The company complied with most of the Corporate Governance Code, with a deviation noted where the Chairman also serves as the acting General Manager to ensure operational continuity - The company deviated from Code Provision C.2.1, which requires the roles of chairman and chief executive to be separate, as Chairman Mr. Qiao Dewei has also served as the acting General Manager since February 8, 2024, an arrangement the board deems appropriate for stability[83](index=83&type=chunk) [Environment and Social Responsibility](index=37&type=section&id=%E7%AC%AC%E4%BA%94%E7%AF%80%20%E7%92%B0%E5%A2%83%E8%88%87%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) [Environmental Information](index=37&type=section&id=%E4%B8%80%E3%80%81%E7%92%B0%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E6%B3%81) The company, with its main subsidiaries listed as key pollutant-discharging units, details its environmental protection measures and confirms compliance with all standards during the reporting period - Key subsidiaries are designated as major pollutant-discharging units, with primary pollutants including SO2, NOx, dust, and COD; all emissions complied with national and local standards during the period, with no instances of non-compliance[84](index=84&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) Estimated Total Emissions of Key Pollutants from Major Discharging Units (H1 2024) | Pollutant Name | Actual Emissions (tons) | Emission Limit (tons/year) | | :--- | :--- | :--- | | Sulfur Dioxide | 136.63 | 880.37 | | Nitrogen Oxides | 565.73 | 2,456.38 | | Particulate Matter (Dust) | 16.39 | 251.41 | | COD | 1.837 | 16.537 | - All projects are equipped with comprehensive pollution control facilities, including advanced flue gas treatment systems and wastewater recycling processes, which operated normally throughout the reporting period[91](index=91&type=chunk) - The company's waste-to-energy business directly contributes to carbon reduction by replacing landfill disposal, which reduces methane emissions, and substituting fossil fuel-based power generation[98](index=98&type=chunk) [Significant Matters](index=44&type=section&id=%E7%AC%AC%E5%85%AD%E7%AF%80%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) [Material Related-Party Transactions](index=46&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%97%9C%E8%81%AF%E4%BA%A4%E6%98%93) Material related-party transactions involved service procurement from an affiliate for project promotion and financial assistance from the controlling shareholder, which has been fully repaid - The company engaged in a framework agreement with affiliate Shenzhen Crystal Digital Technology for promotional services, with transactions totaling **0.4576 million yuan** in H1 2024 against a yearly cap of 20 million yuan[103](index=103&type=chunk) - Financial assistance previously provided by the controlling shareholder, Beijing State-owned Assets Management Co, Ltd, and its subsidiaries has been **fully repaid** as of the end of the reporting period[105](index=105&type=chunk) [Material Contracts and Guarantees](index=49&type=section&id=%E5%8D%81-%20%E2%80%BA%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E6%B3%81) The company had no material contracts for custody or leasing, while total guarantees for subsidiaries amounted to 7.42 billion yuan, representing 93.80% of the company's net assets Summary of Company Guarantees (as of the end of the reporting period) | Guarantee Item | Amount (Yuan) | | :--- | :--- | | Total Outstanding Guarantees for Subsidiaries (B) | 7,422,857,703.52 | | Total Guarantees (A+B) | 7,422,857,703.52 | | Total Guarantees as a Percentage of Net Assets | 93.80% | | Guarantees for Subsidiaries with Debt-to-Asset Ratio >70% (D) | 1,428,147,240.00 | | Portion of Total Guarantees Exceeding 50% of Net Assets (E) | 3,466,201,825.31 | [Progress on the Use of Raised Funds](index=50&type=section&id=%E5%8D%81%E3%83%8B%EF%BD%A5%E5%8B%9F%E9%9B%86%E8%B3%87%E9%87%91%E4%BD%BF%E7%94%A8%E9%80%B2%E5%B1%95%E8%AA%AC%E6%98%8E) As of the period end, 93.15% of the 2.345 billion yuan raised from convertible bonds in 2022 has been utilized, with 138 million yuan of surplus funds reallocated to other projects Overall Utilization of Convertible Bond Proceeds (Unit: 10,000 Yuan) | Item | Amount | | :--- | :--- | | Net Proceeds Raised | 234,476.64 | | Total Committed Investment | 234,476.64 | | Cumulative Investment as of Period-End | 218,410.35 | | Unused Amount as of Period-End | 26,402.46 | | Cumulative Investment Progress | 93.15% | - To improve capital efficiency, the company reallocated **138 million yuan** in surplus funds from completed projects to the Wuhan Phase II and Huludao waste-to-energy projects for finalization and rectification work[115](index=115&type=chunk)[116](index=116&type=chunk) [Changes in Share Capital and Shareholders](index=53&type=section&id=%E7%AC%AC%E4%B8%83%E7%AF%80%20%E8%82%A1%E4%BB%BD%E8%AE%8A%E5%8B%95%E5%8F%8A%E8%82%A1%E6%9D%B1%E6%83%85%E6%B3%81) [Changes in Share Capital](index=53&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) The company's total share capital increased slightly due to the conversion of "GDT-CB" convertible bonds, adding 1,144 A-shares - During the reporting period, the company's total share capital increased from 1,393,450,734 to 1,393,451,878 shares due to the conversion of **1,144 A-shares** from the "GDT-CB" convertible bonds[118](index=118&type=chunk)[119](index=119&type=chunk) [Shareholder Information](index=54&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E6%9D%B1%E6%83%85%E6%B3%81) As of the period end, the company had 41,925 shareholders, with the top two being Beijing State-owned Assets Management Co, Ltd (42.63%) and HKSCC Nominees Limited (27.23%) Top Ten Shareholders' Holdings (as of the end of the reporting period) | Shareholder Name | Number of Shares | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Beijing State-owned Assets Management Co, Ltd | 594,085,618 | 42.63 | State-owned legal person | | HKSCC NOMINEES LIMITED | 379,460,000 | 27.23 | Overseas legal person | | China Three Gorges Capital Holdings Co, Ltd | 84,265,896 | 6.05 | State-owned legal person | | Beijing State-owned Assets (Hong Kong) Co, Ltd | 24,859,792 | 1.78 | Overseas legal person | | Beijing Huitai Hengrui Investment Co, Ltd | 16,890,707 | 1.21 | Domestic non-state-owned legal person | - The controlling shareholder, Beijing State-owned Assets Management Co, Ltd, and its wholly-owned subsidiary, Beijing State-owned Assets (Hong Kong) Co, Ltd, are related parties and collectively hold approximately **44.41%** of the company's shares[123](index=123&type=chunk) [Human Resources and Policies](index=59&type=section&id=%E5%85%AD%E3%80%81%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E6%94%BF%E7%AD%96) The group employed 3,370 people as of June 30, 2024, supported by a competitive compensation system and a comprehensive employee training and development framework - As of June 30, 2024, the group had a total of **3,370 employees**[129](index=129&type=chunk) [Information on Preference Shares](index=60&type=section&id=%E7%AC%AC%E5%85%AB%E7%AF%80%20%E5%84%AA%E5%85%88%E8%82%A1%E7%9B%B8%E9%97%9C%E6%83%85%E6%B3%81) [Not Applicable](index=60&type=section&id=%E4%B8%8D%E9%81%A9%E7%94%A8) The company had no preference shares during the reporting period [Information on Bonds](index=61&type=section&id=%E7%AC%AC%E4%B9%9D%E7%AF%80%20%E5%82%B5%E5%88%B8%E7%9B%B8%E9%97%9C%E6%83%85%E6%B3%81) [Information on Convertible Bonds](index=61&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%89%E6%8F%9B%E5%85%AC%E5%8F%B8%E5%82%B5%E5%88%B8%E6%83%85%E6%B3%81) The company's 2.36 billion yuan "GDT-CB" convertible bond's conversion price was adjusted due to dividend distribution, and the board decided against a downward revision despite meeting the criteria - The conversion price of the **2.36 billion yuan** "GDT-CB" A-share convertible bond (code "113054"), issued in February 2022, was adjusted from 9.60 yuan/share to **9.45 yuan/share** on June 26, 2024, due to the 2023 dividend payment[132](index=132&type=chunk) "GDT-CB" Conversion Status during the Reporting Period | Item | Amount/Quantity | | :--- | :--- | | Amount Converted during Period (Yuan) | 11,000 | | Shares Converted during Period | 1,144 | | Cumulative Shares Converted | 11,878 | | Outstanding Amount (Yuan) | 2,359,884,000 | | Unconverted Portion of Total Issuance (%) | 99.9951 | - China Chengxin International maintained the company's corporate credit rating at **"AA+"** with a stable outlook and the "GDT-CB" bond rating at "AA+" in its May 2024 report[139](index=139&type=chunk) - Although the company's stock price triggered the downward revision clause for the conversion price, the board decided not to propose a downward revision between September 6, 2023, and September 5, 2024[141](index=141&type=chunk) [Financial Report](index=67&type=section&id=%E7%AC%AC%E5%8D%81%E7%AF%80%20%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A) [Consolidated Balance Sheet](index=67&type=section&id=%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2024, the company's total assets stood at 22.52 billion yuan, with total liabilities at 14.11 billion yuan and equity attributable to parent company shareholders at 7.91 billion yuan Consolidated Balance Sheet - Key Items (Unit: Yuan) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 4,168,970,905.64 | 3,863,574,113.53 | | Total Non-current Assets | 18,346,241,937.56 | 18,673,691,529.42 | | **Total Assets** | **22,515,212,843.20** | **22,537,265,642.95** | | **Liabilities and Equity** | | | | Total Current Liabilities | 3,074,913,962.38 | 3,991,164,536.87 | | Total Non-current Liabilities | 11,039,186,594.42 | 10,272,144,211.14 | | **Total Liabilities** | **14,114,100,556.80** | **14,263,308,748.01** | | Equity Attributable to Parent Company | 7,913,311,756.42 | 7,807,439,716.26 | | **Total Shareholders' Equity** | **8,401,112,286.40** | **8,273,956,894.94** | [Consolidated Income Statement](index=73&type=section&id=%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) In H1 2024, the company generated revenue of 1.66 billion yuan and net profit attributable to parent company shareholders of 303 million yuan, representing year-on-year declines of 22.46% and 16.76% respectively Consolidated Income Statement - Key Items (Unit: Yuan) | Item | Jan-Jun 2024 (Unaudited) | Jan-Jun 2023 (Unaudited) | | :--- | :--- | :--- | | Operating Revenue | 1,660,506,740.32 | 2,141,513,147.31 | | Less: Operating Costs | (919,438,857.60) | (1,371,722,378.79) | | Operating Profit | 390,013,727.65 | 434,249,599.86 | | Total Profit | 391,058,983.14 | 435,089,543.71 | | Net Profit | 323,733,601.98 | 380,095,083.50 | | Net Profit Attributable to Parent Company | 303,026,018.30 | 364,057,245.61 | | Basic Earnings Per Share (Yuan) | 0.22 | 0.26 | | Diluted Earnings Per Share (Yuan) | 0.21 | 0.24 | [Consolidated Statement of Cash Flows](index=76&type=section&id=%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The company's net cash flow from operating activities surged by 88.86% to 543 million yuan in H1 2024, driven by improved collections and reduced construction spending Consolidated Statement of Cash Flows - Key Items (Unit: Yuan) | Item | Jan-Jun 2024 (Unaudited) | Jan-Jun 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 543,371,427.14 | 287,718,294.22 | | Net Cash Used in Investing Activities | (205,918,818.39) | (413,739,621.84) | | Net Cash Used in Financing Activities | (352,743,054.33) | (598,828,719.83) | | Net Decrease in Cash and Cash Equivalents | (15,284,786.34) | (724,824,722.19) | | Cash and Cash Equivalents at End of Period | 1,017,250,170.59 | 1,139,958,571.40 |

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].