区域 项目 2024 年第二季度 2024 年 1-6 月 华东 垃圾进厂量（万吨） 147.06 281.91 发电量（万度） 51,249.08 100,298.81 上网电量（万度） 44,674.53 83,595.39 上网电价（元/度） 0.391-0.65 0.391-0.65 结算电量（万度） 46,357.28 81,937.52 主要经营数据分区域统计如下： | | | 绿色动力环保集团股份有限公司 2024 年第二季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》， 绿色动力环保集团股份有限公司（以下简称"公司"）现将公司垃圾处理业务 2024 年第二季度主要经营数据公告如下： 据公司初步统计，2024 年第二季度公司下属子公司合计垃圾进厂量为 354.34 万吨，发电量为 125,850.36 万度，上网电量为 107,248.17 万度，供汽 量为 12.15 万吨。2024 年上半年下属子公司累计垃圾进厂量为 7 ...

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

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

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

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 綠色動力環保集團股份有限公司 Dynagreen Environmental Protection Group Co., Ltd.* （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1330） 2023年第三季度報告 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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].