Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[2]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[2]. - The company's operating revenue for the first half of the year reached ¥1,011,128,651.22, representing a 27.14% increase compared to ¥795,270,932.19 in the same period last year[37]. - Net profit attributable to shareholders was ¥248,732,696.26, up 14.54% from ¥217,163,283.10 year-on-year[37]. - The net profit after deducting non-recurring gains and losses was ¥237,602,136.47, reflecting a 22.26% increase from ¥194,334,535.06 in the previous year[37]. - The company achieved a revenue of approximately 1.01 billion CNY in the reporting period, representing a year-on-year increase of 27.14%[77]. - Gross profit rose by 34.96% to RMB 574,799,368.65, with a gross margin of 56.85%, up from 53.55% in the previous year[89]. - The net profit for the period was RMB 255,592,191.26, contributing to a total comprehensive income of RMB 247,396,115.10, an increase from RMB 217,139,204.89 in the prior year[85][93]. User Growth and Market Expansion - User data showed an increase in active users by 25%, reaching 5 million by the end of June 2020[2]. - User data indicates that the company has successfully expanded its customer base by 10%, reaching a total of 1.5 million users[22]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2022[2]. - The company is planning market expansion into three new provinces, aiming to increase its market share by 15% in the next two years[22]. - The company expanded its market presence across 20 provinces/municipalities, focusing on economically developed regions such as the Yangtze River Delta and Pearl River Delta[48]. Future Outlook and Guidance - Future guidance indicates a projected revenue growth of 10-15% for the full year 2020[2]. - The company has outlined a future outlook with a revenue growth target of 20% for the next fiscal year, driven by new project launches[22]. - The company plans to continue its A-share private placement to support ongoing rapid development and project financing[76]. - The company’s future plans include expanding its projects in Huizhou, Jinsha, Pingyang, Shishou, and Yongjia[155]. Research and Development - The company has invested RMB 200 million in R&D for new technologies aimed at improving energy efficiency[2]. - New product development includes the introduction of advanced waste-to-energy technologies, expected to enhance operational efficiency by 25%[22]. - As of June 2020, the company held a total of 64 patents, including 14 invention patents, reflecting its commitment to technological advancement[70]. Financial Position and Assets - The company has maintained a strong cash position with cash reserves of RMB 1 billion as of June 30, 2020[2]. - The company's total assets increased by 11.02% to ¥15,177,101,759.05 from ¥13,670,787,404.47 at the end of the previous year[37]. - The total liabilities as of June 30, 2020, were RMB 11,507,850,459.28, up from RMB 10,174,271,714.80 at the end of 2019, reflecting a rise of approximately 13.1%[191]. - The company's total equity increased to RMB 3,669,251,299.77 as of June 30, 2020, from RMB 3,496,515,689.67 at the end of 2019, marking a growth of around 4.9%[194]. Risks and Challenges - The management highlighted potential risks including regulatory changes and market competition[2]. - The company faces risks related to environmental regulations, which may increase operational costs due to stricter compliance requirements[111]. - The operational efficiency of the waste incineration power plants is at risk due to the instability of waste supply and calorific value, which could adversely affect profitability[115]. - The construction of BOT projects is subject to risks such as cost overruns and delays due to factors beyond the company's control, which could impact financial performance[116]. Environmental Compliance - The company emphasizes compliance with environmental standards and has implemented measures for waste gas purification and noise control to mitigate environmental risks[117]. - The company’s pollution control facilities include a combination of SNCR, semi-dry and dry desulfurization, and bag filter systems, which are operating normally[144]. - All major pollutants from the company’s key discharge units were reported to be within regulatory limits, with no exceedances during the reporting period[143]. Corporate Governance and Shareholder Information - The company has adhered to all provisions of the Corporate Governance Code as per the Hong Kong Listing Rules during the first half of 2020[152]. - The largest shareholder, Beijing State-owned Assets Management Co., holds 501,189,618 shares, accounting for 43.16% of the total shares[159]. - The total number of ordinary shareholders at the end of the reporting period was 46,399[159]. - The company did not buy, sell, or redeem any of its listed securities during the reporting period[158].

Financial Performance - Operating revenue for the period was CNY 432,945,663.95, representing a growth of 23.44% year-on-year[11] - Net profit attributable to shareholders decreased by 1.00% to CNY 94,409,909.74 compared to the same period last year[11] - The company's net profit for the first quarter of 2020 was CNY 58,668,844.57, a decrease from CNY 66,833,570.47 in the same period of 2019, representing a decline of approximately 12.5%[36] - Operating revenue for the first quarter of 2020 was CNY 2,606,959.08, down from CNY 20,848,431.90 in the first quarter of 2019, indicating a significant decrease of about 87.5%[36] - The company's operating profit for the first quarter of 2020 was CNY 58,601,188.13, compared to CNY 66,838,297.51 in the previous year, reflecting a decline of approximately 12.5%[36] - The total comprehensive income for the first quarter of 2020 was CNY 58,668,844.57, down from CNY 66,833,570.47 in the same period of 2019, indicating a decrease of about 12.5%[36] Cash Flow - Net cash flow from operating activities was CNY 12,634,490.11, a significant improvement from a negative cash flow of CNY -149,748,420.35 in the previous year[11] - Cash flow from financing activities generated $581,546,373.66, compared to $655,509,256.58 in the previous period, showing a decrease of approximately 11.3%[40] - The cash flow from operating activities showed a positive trend, indicating improved operational efficiency and financial health[40] - The cash flow from operating activities for the first quarter of 2020 was CNY 466,558,815.12, compared to CNY 293,806,719.21 in the same period of 2019, showing an increase of about 58.8%[38] Assets and Liabilities - Total assets increased by 4.45% to CNY 14,279,502,778.28 compared to the end of the previous year[11] - Total assets increased to ¥14.28 billion as of March 31, 2020, from ¥13.67 billion at the end of 2019, marking a growth of 4.5%[24] - Total liabilities rose to ¥10.67 billion, up from ¥10.17 billion at the end of 2019, reflecting an increase of 4.9%[26] - Cash and cash equivalents as of March 31, 2020, amounted to ¥617.06 million, compared to ¥432.14 million at the end of 2019, representing a growth of 42.7%[24] Shareholder Information - The number of shareholders at the end of the reporting period was 50,189[14] - The company is in the process of a non-public issuance of A-shares, with the application accepted by the China Securities Regulatory Commission[20] Expenses - Income tax expenses increased by 66.25% to CNY 24,263,742.38, mainly due to a significant increase in profits from the Changzhou project[17] - Financial expenses increased to CNY 42,179,194.93 in the first quarter of 2020, up from CNY 27,128,955.87 in the same period of 2019, marking an increase of about 55.5%[36] - Research and development expenses for the first quarter of 2020 were CNY 1,170,872.98, a decrease from CNY 1,537,557.26 in the first quarter of 2019, indicating a reduction of approximately 23.8%[36] - The company reported a decrease in management expenses to CNY 6,384,008.71 in the first quarter of 2020, down from CNY 7,198,382.16 in the same period of 2019, reflecting a decline of about 11.3%[36] Borrowings - Short-term borrowings increased by 15.77% to CNY 2,816,742,528.99, primarily due to increased loans from state-owned enterprises and banks[17] Equity - The weighted average return on equity decreased by 0.31 percentage points to 2.82% compared to the previous year[11] - The company reported a total equity of approximately ¥3.61 billion as of March 31, 2020, compared to ¥3.50 billion at the end of 2019, indicating an increase of 3.2%[26]

綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd. ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 1330.HK & 601330.SH 2019 年報 重要提示 擬以利潤分配股權登記日總股本為基數，向全體股東每10股派發現金紅利人民幣1元（稅前），剩餘未分配利潤結轉下 一年度。公司2019年度不以資本公積金轉增股本、不送紅股。本預案尚需提交公司股東大會審議。 六、 前瞻性陳述的風險聲明 ✓適用 □不適用 本報告中所涉及的未來計劃、發展戰略等前瞻性陳述並不構成公司對投資者的實質承諾，請投資者注意投資風險。 否 九、 重大風險提示 公司已在本報告中詳細描述存在若干風險，敬請查閱第五節「經營情況的討論與分析」第三部分「關於公司未來發展的 討論與分析」之「可能面對的風險」。 十、 其他 ✓適用 □不適用 本年度報告的內容已符合《公開發行證券的公司信息披露內容與格式準則第2號－年度報告的內容與格式（2017年修 訂）》、上交所上市規則及聯交所上市規則中對年度報告的所有披露要求，並同時在中國大陸和香港刊發。本報告分別 以中英 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.1 per share (including tax) based on the total share capital on the dividend distribution registration date[6]. - The board of directors has approved the profit distribution plan, which will be submitted to the shareholders' meeting for review[6]. - The company has calculated distributable reserves for dividends at RMB 1,196,756,895.66 for the reporting period[154]. - The company implemented a cash dividend policy, distributing at least 10% of the annual distributable profit in cash, with a cumulative distribution of no less than 30% of the average annual distributable profit over the last three years[165]. - In 2019, the company distributed a cash dividend of 11,612,000 RMB, which accounted for 27.91% of the net profit attributable to ordinary shareholders[167]. - The company did not meet the 30% cash dividend distribution target in 2019 due to the capital-intensive nature of the waste-to-energy industry, opting to retain profits for project construction[165]. - The company’s cash dividend for 2018 was also 11,612,000 RMB, representing 42.57% of the net profit attributable to ordinary shareholders[167]. Financial Performance - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2019, representing a year-on-year growth of 15%[23]. - The company's operating revenue for 2019 was CNY 1,752,449,088.97, representing a 53.71% increase compared to CNY 1,140,074,395.71 in 2018[29]. - Net profit attributable to shareholders for 2019 was CNY 416,088,473.60, a 13.79% increase from CNY 365,651,040.25 in 2018[29]. - The company achieved a total revenue of RMB 1.752 billion in 2019, representing a 53.71% increase compared to the previous year[39]. - The net profit for 2019 was RMB 417 million, which is a 14% increase year-on-year[39]. - The gross profit increased by 40.88% to RMB 945,980,815.36, with a gross margin of 53.98%, down from 58.90% in the previous year[78]. - The company achieved operating revenue of RMB 1,752,449,088.97 in 2019, representing a year-on-year growth of 53.71%[61]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 416,084,841.90, an increase from RMB 367,631,101.13 in the same period of 2018, primarily due to the increase in net profit[141]. Operational Highlights - The number of waste-to-energy projects increased to 30, with a total processing capacity of 5 million tons per year[23]. - The company processed 7.1931 million tons of municipal waste, a year-on-year increase of 53.31%[39]. - The company operated 22 power generation projects by the end of 2019, with a waste processing capacity of 19,610 tons per day and an installed capacity of 383.5 MW[42][43]. - Six new projects were completed and connected to the grid in 2019, adding a capacity of 6,100 tons per day, the highest in the company's history[67]. - The company has a total of 18 operational licenses for waste disposal, ensuring compliance with local regulations[118]. - The company has signed four concession agreements for new waste-to-energy projects, including the Pingyang Phase II project and the Jixi project, enhancing project reserves and growth potential[71]. Future Plans and Strategies - The company plans to expand its market presence by entering three new provinces in 2020, aiming for a 20% increase in project acquisitions[23]. - The company aims to achieve carbon neutrality in its operations by 2025, aligning with national environmental goals[23]. - The company plans to continue expanding its project development and construction in 2020, supported by A-share refinancing[40]. - The company aims to complete A-share refinancing and ensure the production of projects in Fengcheng, Hong'an, Yichun, Huizhou Phase II, and Haining expansion within the year[129]. - The company plans to achieve 90%, 80%, and 90% completion rates for the construction of Yongjia Phase II, Pingyang Phase II, and Shishou projects respectively[129]. Risk Management - The company has detailed various risks in the report, particularly in the section discussing future development risks[8]. - The company is facing risks related to government policies that could affect operational support for the waste incineration industry[132]. - The company anticipates that the implementation of waste classification in 46 key cities will impact the volume and calorific value of waste available for incineration[127]. - The company will actively seek alternative waste sources if there is a shortage in supply or calorific value[134]. - The company emphasizes the importance of public perception and aims to improve community understanding of waste incineration through transparency and engagement[134]. Compliance and Governance - The company has received a standard unqualified audit report from KPMG Huazhen[5]. - The report confirms compliance with the disclosure requirements of the Shanghai Stock Exchange and Hong Kong Stock Exchange[9]. - The company emphasizes the importance of accurate and complete financial reporting, as stated by its management[4]. - The management team has nearly 20 years of experience in the industry, enhancing operational efficiency and project quality[57]. - The company has confirmed that all related party transactions conducted during the year were approved by the board and complied with pricing policies[187]. Capital Structure and Financing - The company’s total liabilities increased, with the debt-to-asset ratio rising from 71.25% to 74.42%[103]. - The company plans to issue up to 232.24 million A-shares, with expected total fundraising of up to RMB 2.39 billion, to finance various projects and repay bank loans[198]. - The company’s receivables increased by 95.40% to RMB 452.78 million due to new operational projects and extended settlement cycles[51]. - The company’s contract assets rose by 154.68% to RMB 395.56 million, attributed to new operational projects and accumulated renewable energy subsidy receivables[51]. - The company’s intangible assets increased by 46.29% to RMB 6.45 billion, mainly due to increased expenditures on BOT project construction[51]. Research and Development - Research and development expenses increased by 10% to RMB 100 million, focusing on advanced waste treatment technologies[23]. - The company’s total research and development expenditure was RMB 10,667,001.22, representing 0.61% of total revenue[94]. - The company’s proprietary "multi-drive reverse-push mechanical grate furnace" technology is recognized as industry-leading and has been awarded national invention patents[54]. - The company received 9 new patent authorizations, bringing the total to 62, including 13 invention patents[74]. Environmental Commitment - The company is committed to maintaining compliance with environmental standards and has implemented measures to ensure emissions meet regulatory requirements[138]. - The company aims to strengthen its leading position in the waste incineration power generation industry while contributing to environmental protection efforts[40].

Financial Performance - Operating revenue for the first nine months was RMB 1,252,907,399.32, representing a growth of 52.28% year-on-year[16] - Net profit attributable to shareholders for the first nine months was RMB 323,071,279.48, an increase of 19.69% compared to the same period last year[16] - Basic earnings per share for the first nine months was RMB 0.28, up 12.00% from the previous year[16] - Total revenue for Q3 2019 reached ¥457,636,467.13, a 49.2% increase compared to ¥306,523,806.94 in Q3 2018[35] - Net profit for the first three quarters of 2019 was ¥516,973,149.71, compared to ¥456,356,298.47 in the same period of 2018, reflecting a growth of 13.5%[35] - The company's net profit for the current period is CNY 106,226,602.31, an increase from CNY 89,506,523.08 in the same period last year, representing a growth of approximately 18.3%[39] - Total revenue for the current period reached CNY 123,031,055.79, compared to CNY 115,537,492.64 in the previous year, indicating a year-over-year increase of about 12.9%[39] - The total profit for Q3 2019 was approximately ¥34.99 million, an increase from ¥23.94 million in Q3 2018[45] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 12,789,927,500.61, an increase of 19.65% compared to the end of the previous year[13] - Total assets amounted to CNY 12,789,927,500.61, up from CNY 10,689,006,481.90, indicating overall growth in the company's financial position[30] - The total non-current assets increased to CNY 11,250,778,002.71 from CNY 9,242,957,006.38, showcasing significant investment in long-term assets[30] - Total liabilities reached ¥3,533,075,489.97, compared to ¥2,364,708,263.43 at the end of 2018, indicating a rise of 49.2%[35] - Total liabilities were ¥7,616,409,357.20, down by ¥13,042,530.03 from the previous period[57] - The total liabilities and shareholders' equity combined reached ¥12,789,927,500.61, up from ¥10,689,006,481.90 at the end of 2018, reflecting a growth of 20.7%[34] Cash Flow - The company reported a net cash flow from operating activities of RMB -61,150,619.39, an improvement from RMB -276,904,176.74 in the same period last year[13] - The company reported a net cash outflow from operating activities of approximately -¥61.15 million in the first three quarters of 2019, an improvement from -¥276.90 million in the same period of 2018[48] - Cash inflow from operating activities totaled approximately ¥1.25 billion in the first three quarters of 2019, compared to ¥767.09 million in the same period of 2018[48] - The net cash flow from financing activities was 1,523,204,163.36 CNY, an increase of 71.5% compared to 887,317,422.20 CNY in the previous year[51] - The net cash flow from investment activities was -1,283,384,168.79 CNY, compared to -432,439,220.41 CNY in the previous year, indicating increased investment expenditures[52] Shareholder Information - The total number of shareholders at the end of the reporting period was 50,671[19] - The largest shareholder, Beijing State-owned Assets Management Co., held 43.16% of the shares[19] Operational Metrics - Accounts receivable increased by 66.70% to CNY 386,270,891.94 from CNY 231,720,897.81 due to new operational projects[24] - Contract assets rose by 114.72% to CNY 333,505,416.04 from CNY 155,318,993.04, attributed to new operational projects and accumulated balances of renewable energy subsidies[24] - Operating costs increased by 78.76% to CNY 574,778,582.53 from CNY 321,541,336.26, influenced by new operational projects and rising procurement costs[24] - Financial expenses rose by 55.28% to CNY 239,044,546.44 from CNY 153,944,620.49, primarily due to increased borrowings[24] Research and Development - Research and development expenses amounted to CNY 1,823,344.30, up from CNY 1,538,864.61, reflecting a growth of approximately 18.6% year-over-year[39] - Research and development expenses in Q3 2019 were approximately ¥1.31 billion, down 14.9% from ¥1.54 billion in Q3 2018[45] Government Subsidies and Other Income - The company recognized government subsidies amounting to RMB 22,741,981.70 during the reporting period[17] - The company has reported a significant increase in other income, totaling CNY 6,925,788.45, compared to CNY 21,865,302.55 in the previous year, indicating a strategic shift in revenue sources[39]

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the first half of 2019, representing a year-on-year increase of 15%[10]. - The net profit attributable to shareholders was RMB 300 million, up 20% compared to the same period last year[10]. - Future guidance indicates a projected revenue growth of 12% for the second half of 2019[10]. - The company reported a significant increase in revenue, achieving a total of RMB 1.2 billion for the first half of 2019, representing a year-on-year growth of 25%[28]. - The company provided a positive outlook for the second half of 2019, projecting a revenue growth of 20% driven by new project acquisitions and expansions[28]. - The company's operating revenue for the first half of the year reached ¥795,270,932.19, representing a 54.06% increase compared to the same period last year[29]. - Net profit attributable to shareholders was ¥217,163,283.10, an increase of 20.35% year-on-year[29]. - Total profit for the period was RMB 246,509,555.50, an increase of approximately RMB 48,691,976.25 compared to the previous year[72]. - The company reported a net profit of RMB 218,287,580.40, contributing to a comprehensive income of RMB 217,139,204.89, up from RMB 180,982,900.46 in the same period last year[65][74]. User and Project Growth - User data showed an increase in active users by 25%, reaching a total of 2 million active users[10]. - User data showed an increase in active projects, with a total of 30 waste-to-energy projects currently operational across various regions[28]. - The number of operational projects in the waste-to-energy sector reached 20, with a waste processing capacity of 18,610 tons per day and installed capacity of 363.5 MW[37]. - The company has 7 projects under construction and 14 projects in preparation, with a processing capacity of 7,850 tons per day for the under-construction projects[37]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2020[10]. - The company is expanding its market presence, with plans to enter three new provinces by the end of 2019, targeting an additional 10% market share[28]. - A strategic acquisition of a local waste management firm is expected to enhance operational capabilities and increase annual revenue by approximately RMB 300 million[28]. - The company has initiated a new strategy focusing on sustainable energy solutions, aiming to reduce carbon emissions by 30% over the next five years[28]. Research and Development - The company has allocated RMB 200 million for research and development in the next fiscal year[10]. - New product development includes the launch of a waste-to-energy technology expected to reduce operational costs by 15%[10]. - New product development includes the introduction of advanced waste treatment technologies aimed at improving efficiency by 15%[28]. - The company plans to invest RMB 200 million in research and development for innovative waste processing technologies in 2020[28]. Financial Position and Liabilities - The company has maintained a strong cash position with cash reserves of RMB 500 million as of June 30, 2019[10]. - The company's total assets reached RMB 5 billion as of June 30, 2019, reflecting a 10% increase compared to the previous year[28]. - The company's total assets reached RMB 12,271,605,205.59, with total liabilities of RMB 9,039,864,578.70, resulting in a debt-to-asset ratio of 73.66%[65]. - The company's debt increased to approximately RMB 7,068,746,183.41 as of June 30, 2019, up by RMB 1,291,891,571.28 from RMB 5,776,854,612.13 at the end of 2018[80]. - The debt-to-asset ratio was reported at 73.66% as of June 30, 2019, compared to 71.25% on December 31, 2018, indicating a slight increase in leverage[79]. Environmental and Regulatory Risks - The management highlighted potential risks including regulatory changes and market competition[10]. - The company faces risks related to industry policies, environmental regulations, tax policies, and public perception of waste incineration, which could adversely affect operations and profitability[91]. - Environmental pollution risks exist during project operations, including air and noise pollution, which could impact the company's brand reputation and profitability[97]. - The operational efficiency of waste-to-energy plants is at risk due to unstable supply and calorific value of municipal waste, which can adversely affect profitability[94]. Shareholder Information - The largest shareholder, Beijing State-owned Assets Management Co., Ltd., holds 501,189,618 shares, accounting for 43.1614% of the total shares[151]. - The total number of ordinary shareholders was 51,007[151]. - The company experienced a reduction of 13,945,059 restricted shares, resulting in a total of 50,118,961 restricted shares, which is 43.1614% of the total shares[144]. - The total number of unrestricted circulating shares increased by 13,945,059, bringing the total to 66,001,038, which represents 56.8386% of the total shares[144]. Employee and Management Practices - The total number of employees in the group is 2,107 as of June 30, 2019[166]. - The company implements a differentiated salary management system based on performance, with various salary models including performance-based annual salary and basic monthly salary[166]. - The company is actively conducting training programs for employees to enhance skills and knowledge related to its core technologies and operational management[169].

Financial Performance - Operating revenue rose by 38.83% to CNY 350,721,904.33 year-on-year[10] - Net profit attributable to shareholders increased by 18.59% to CNY 95,362,539.54 compared to the same period last year[10] - Basic and diluted earnings per share remained stable at CNY 0.08[10] - The company's operating revenue for the reporting period was CNY 350,721,904.33, an increase of 38.83% compared to the same period last year, primarily due to the increase in operational projects[22] - Total revenue for Q1 2019 reached ¥350,721,904.33, a 38.8% increase from ¥252,628,459.82 in Q1 2018[36] - Net profit for Q1 2019 was ¥95,411,966.58, up 18.6% from ¥80,416,702.03 in Q1 2018[36] Assets and Liabilities - Total assets increased by 7.98% to CNY 11,541,457,348.86 compared to the end of the previous year[10] - The total assets of the company as of March 31, 2019, were CNY 11,541,457,348.86, compared to CNY 10,689,006,481.90 at the end of the previous year[30] - The total liabilities increased to CNY 8,326,512,714.14 from CNY 7,616,409,357.20 at the end of the previous year[30] - Total current assets amounted to CNY 1,446,049,475.52, with a slight adjustment of -CNY 159,575.00[52] - Total non-current liabilities amounted to CNY 4,825,853,344.88, with an increase of CNY 9,586,633.45[54] Cash Flow - Net cash flow from operating activities was negative at CNY -149,748,420.35, worsening from CNY -53,239,822.81 in the previous year[10] - Cash inflow from operating activities totaled ¥335,580,643.73, down from ¥366,601,214.47 in the previous year, indicating a decline of about 8.5%[42] - The net cash flow from investing activities was -¥648,664,892.61, compared to -¥303,163,620.18 in Q1 2018, indicating a larger cash outflow[45] - Cash inflow from financing activities was ¥883,459,227.48, an increase from ¥698,084,830.99 in the previous year, representing a growth of approximately 26.5%[45] Shareholder Information - The total number of shareholders at the end of the period was 42,296[18] - The largest shareholder, Beijing State-owned Assets Management, held 43.16% of shares[18] Operating Costs and Expenses - The company's operating costs reached CNY 173,307,660.13, up 69.57% year-on-year, attributed to the increase in operational projects and major repair expenses[22] - Financial expenses increased by 43.69% year-on-year to CNY 70,209,074.94, primarily due to the rise in borrowings[22] - Operating costs for Q1 2019 were ¥287,507,938.41, a 57.5% increase from ¥182,419,071.02 in Q1 2018[36] Other Income and Gains - Non-recurring gains and losses totaled CNY 21,738,887.01 for the period[14] - Other income rose significantly by 125.87% to CNY 45,722,841.58, mainly due to a CNY 20 million environmental reward received by Tianjin Green Power Environmental Energy Co., Ltd.[22] - The company reported other income of ¥45,722,841.58, significantly higher than ¥20,242,573.99 in the previous year, marking a 126.1% increase[36] Accounting Policies - The company changed its accounting policy for renewable energy subsidy income effective January 1, 2019, impacting previous years' financials positively[13] - The company confirmed the recognition of right-of-use assets and lease liabilities under the new leasing standards[60] - The company did not apply the new financial instruments standards or the new leasing standards for retrospective adjustments to prior comparative data[61]

Financial Performance - The company's operating revenue for 2018 was RMB 1,055,060,688.81, representing a 34.43% increase compared to RMB 784,838,548.26 in 2017[32]. - The net profit attributable to shareholders of the listed company for 2018 was RMB 272,773,322.67, which is a 32.11% increase from RMB 206,477,431.15 in 2017[32]. - The company achieved a net profit of RMB 263.22 million, representing a 34.78% increase compared to RMB 195.29 million in the previous year[35]. - The total assets increased by 54.80% to RMB 10.54 billion from RMB 6.81 billion year-over-year[35]. - The company processed 4.69 million tons of municipal waste, a year-on-year growth of 29.56%[43]. - The company generated 1.398 billion kWh of electricity, marking a 38.76% increase compared to the previous year[43]. - The basic earnings per share rose to RMB 0.25, a 25% increase from RMB 0.20 in 2017[36]. - The company reported a total investment of RMB 40.55 million for the Wuhan project, with a waste disposal fee standard of RMB 68 per ton[107]. - The total comprehensive income attributable to the parent company's shareholders for the reporting period was RMB 274,753,383.55, an increase from RMB 200,692,975.95 in the same period of 2017, primarily due to the increase in net profit[144]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1 per 10 shares, totaling RMB 116.12 million, based on a total share capital of 1,161,200,000 shares[7]. - The company has a cash dividend policy that mandates a minimum of 10% of the distributable profit to be distributed as cash dividends each year[171]. - In 2018, the company distributed cash dividends amounting to RMB 116.12 million, representing 42.57% of the net profit attributable to ordinary shareholders[172]. - The board of directors proposed a final dividend of RMB 0.1 per share, totaling RMB 11,612 million, subject to approval at the upcoming annual general meeting[149]. - The company reported a distributable reserve of RMB 768.30 million for the reporting period[161]. Audit and Compliance - The company has received a standard unqualified audit report from KPMG Huazhen[5]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible persons[6]. - The report complies with all disclosure requirements set by the Shanghai Stock Exchange and Hong Kong Stock Exchange[12]. - The company has appointed KPMG Huazhen LLP as the auditor for the 2018 fiscal year, with an audit fee of RMB 2.58 million[189]. - The audit committee reviewed the annual performance and the adopted accounting standards and policies[188]. Operational Strategy and Market Expansion - The company has expanded its project portfolio with multiple waste-to-energy projects across various regions, enhancing its market presence[30]. - The company is actively pursuing new strategies for market expansion, including the development of additional waste incineration power plants[30]. - The company plans to continue expanding its market presence in economically developed regions and central-western areas of China[46]. - The company has engaged in strategic partnerships to enhance its operational capabilities and expand its service offerings in the environmental sector[30]. - The company is focused on optimizing internal business departments and enhancing market expansion and investment acquisition efforts through a unified business development team[135]. Research and Development - The company plans to continue its investment in research and development to innovate new products and technologies in the environmental protection industry[30]. - The company’s R&D expenses increased by 28.40% to RMB 13,150,331.97, indicating a commitment to innovation and technology development[67]. - The company completed the design optimization and testing of a 600-ton large incinerator and submitted three technology patent applications, with a total of 53 patents granted[63]. Risks and Challenges - The company has detailed various risks in the report, which investors should review in the section on future development risks[9]. - The company faces risks from industry policies, including potential reductions in government support for waste-to-energy projects, which could adversely affect operations and cash flow[136]. - The company is committed to addressing public concerns regarding waste incineration and is subject to strict environmental regulations, which may increase operational costs[139]. - Environmental protection risks exist during project construction and operation, which could negatively impact the company's operations and brand reputation[143]. - The company emphasizes the importance of stable waste supply and calorific value for operational efficiency, as fluctuations could negatively impact profitability[140]. Financial Management - The company reported a net cash flow from operating activities of RMB -222.72 million, indicating a need for improved cash management strategies[35]. - The company’s financing activities generated a net cash flow of RMB 1,600,328,127.89, a 117.13% increase compared to the previous year[67]. - The company has utilized RMB 100 million of the raised funds to supplement working capital and has completed the planned use of the raised funds[148]. Acquisitions and Investments - The company completed its largest acquisition to date, enhancing its operational capacity significantly[43]. - The company successfully completed the acquisition of Bohai Xinneng, indicating a major breakthrough in project mergers and acquisitions[58]. - The company acquired new subsidiaries, resulting in cash inflows of ¥439,238,742.38, with additional cash from joint ventures amounting to ¥62,224,489.80[91]. - The company made a significant equity investment of RMB 129.44 million during the reporting period, representing a 382% increase year-on-year[120]. - The company acquired 80% of Huludao Green Benefit Environmental Service Co., Ltd. for RMB 130 million, focusing on hazardous waste treatment[121]. Regulatory and Legal Matters - The company received an administrative penalty of RMB 1 million from the Taizhou Environmental Protection Bureau for exceeding emission standards, and has completed the required rectifications[192]. - There were no significant litigation or arbitration matters during the reporting period[192]. - The company has not faced any risks of suspension or termination of its listing[190]. Shareholder Relations - The company has a commitment from its major shareholder to not transfer shares for 36 months post-IPO[175]. - The annual general meeting is scheduled for June 5, 2019, where shareholders will vote on the proposed dividend and other matters[153].