Financial Performance - For the year ended 31 December 2024, the Group's revenue amounted to RMB241.6 million, representing a decrease of 4.7% compared to the year ended 31 December 2023[17]. - The Group recorded a gross profit of RMB58.0 million for the year ended 31 December 2024, with a stable gross profit margin of 24.0%[17]. - The net loss for the year ended 31 December 2024 was RMB55.3 million, resulting in a net loss margin of 22.9%, compared to a net loss of RMB1.3 million and a margin of 0.5% for the previous year[18]. - Loss attributable to owners of the Company was RMB48.6 million for the year ended 31 December 2024, compared to a profit of RMB1.8 million for the year ended 31 December 2023[18]. - Basic loss per share attributable to owners of the Company amounted to RMB0.036 for the year ended 31 December 2024, compared to basic earnings per share of RMB0.001 for the previous year[19]. - In 2024, the Group's revenue was RMB 241,618,000, a decrease of 4.9% compared to RMB 253,450,000 in 2023[22]. - The Group reported a gross profit of RMB 58,027,000, down from RMB 60,726,000 in 2023, reflecting a gross margin decline[22]. - The loss before income tax for 2024 was RMB 56,761,000, compared to a profit of RMB 680,000 in 2023[22]. - The total assets as of December 31, 2024, were RMB 773,673,000, a decrease from RMB 843,157,000 in 2023[22]. - The Group's equity attributable to owners decreased to RMB 372,344,000 in 2024 from RMB 421,127,000 in 2023[22]. - The Group recorded a net loss of RMB 55.3 million for the year ended December 31, 2024, with a net loss margin of 22.9%, compared to a net loss of RMB 1.3 million and a margin of 0.5% in 2023[90]. Project Development - As of 31 December 2024, the Group has completed 51 hazardous waste incineration projects with an aggregate designed disposal capacity of 1,222,500 tonnes per annum[5]. - The Group has 5 ongoing hazardous waste incineration projects with an aggregate designed disposal capacity of 131,000 tonnes per annum[5]. - The Group completed 8 hazardous waste incineration projects in 2024, increasing the designed disposal capacity by approximately 179,000 tonnes per annum[33]. - The company completed hazardous waste incineration projects with a total designed disposal capacity of 179,000 tonnes per annum in 2024[37]. - Ongoing hazardous waste incineration projects as of December 31, 2024, have a total designed disposal capacity of 131,000 tonnes per annum[40]. - The company constructed an oil sludge thermal desorption treatment project with a designed treatment capacity of 200,000 tonnes per year, which began trial operation in March 2024[42]. - The company is developing a pyrolysis project with a designed disposal capacity of 220,000 tonnes per year, expected to commence trial operation in Q2 2025[46]. Revenue Breakdown - Revenue from oilfield auxiliary services increased by 24.3% to RMB156.4 million in 2024, up from RMB125.8 million in 2023[41]. - Revenue from hazardous waste incineration solutions decreased by 62.6% to RMB38.4 million in 2024, down from RMB102.7 million in 2023[53]. - Revenue from cement plant parallel kiln co-treatment services surged by 115.4% from RMB 14.3 million in 2023 to RMB 30.8 million in 2024, attributed to operations in Yunfu and Maoming projects[56]. - The overall revenue for the company decreased by 4.7% from RMB253.5 million in 2023 to RMB241.6 million in 2024[51]. - Revenue decreased by 4.7% from RMB 253.5 million for the year ended December 31, 2023, to RMB 241.6 million for the year ended December 31, 2024[55]. - Oilfield auxiliary services revenue increased by 24.3% from RMB 125.8 million in 2023 to RMB 156.4 million in 2024, driven by higher demand in the Karamay oilfield[55]. Cost and Expenses - Cost of services decreased by 4.7% from RMB 192.7 million in 2023 to RMB 183.6 million in 2024, mainly due to lower revenue from hazardous waste incineration[59]. - Administrative expenses increased by 6.5% from RMB 55.4 million in 2023 to RMB 59.0 million in 2024, remaining relatively steady[75]. - Research and development costs rose by 11.6% from RMB 11.2 million for the year ended December 31, 2023, to RMB 12.5 million for the year ended December 31, 2024, reflecting a focus on key technologies[81]. - Impairment losses on property, plant, and equipment amounted to RMB 28.8 million for the year ended December 31, 2024, a significant increase from RMB 3.9 million in 2023, primarily due to concerns over the commercial prospects of certain projects[82]. Corporate Governance - The Group is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[195]. - The Company has fully complied with the Corporate Governance Code during the Reporting Period[195]. - The Board has established the Group's purpose, values, and strategy aligned with its culture[196]. - No incidents of non-compliance with the Model Code by relevant employees noted during the Reporting Period[198]. - The Company will continue to review its corporate governance structure and make necessary changes when appropriate[195]. Strategic Focus and Future Plans - The Group aims to leverage its technology advantage to expand its business into new areas of solid waste treatment[7]. - The Group aims to capitalize on opportunities in the environmental protection industry and expand its business scope through technology innovation in 2025[26]. - The Group plans to leverage national policies supporting the environmental protection industry to expand its solid waste treatment business and maintain its market leadership[124][125]. - The Group will focus on technology innovation and commercialization of advanced solid waste treatment technologies to maximize shareholder returns and capture new business opportunities[125][125]. - The Group intends to adopt various project models for solid waste treatment, including operating and maintenance services projects, to enhance its competitiveness and risk management[130]. - The Group is actively exploring the application of artificial intelligence (AI) in environmental technology to improve operational efficiency and environmental data analysis capabilities[131]. Management and Workforce - The management team includes experienced executives with over 26 years in solid waste treatment solutions and operational management[153][154][161]. - The Group's workforce as of December 31, 2024, consists of 341 employees, with over 250 dedicated to R&D, project management, and execution[138]. - The Group's corporate governance and investor relations are overseen by Mr. GU, who is also responsible for corporate investment and finance[164]. - The appointment of independent directors like Mr. Chi and Mr. XIAO strengthens the board's oversight capabilities[169]. Financial Position and Capital Management - Cash and cash equivalents as of December 31, 2024, were approximately RMB49.8 million, down from RMB73.6 million in 2023, with net current assets decreasing from RMB227.9 million to RMB187.0 million[112][119]. - The gearing ratio as of December 31, 2024, was approximately 39%, compared to 37.4% in 2023, indicating a slight increase in financial leverage[113][120]. - The Group's borrowings as of December 31, 2024, amounted to RMB61.8 million, up from RMB32.9 million in 2023, secured by the Group's assets and personal guarantees from controlling shareholders[107][112]. - Capital expenditure for the year ended December 31, 2024, was approximately RMB68.8 million, significantly higher than RMB19.2 million in 2023, primarily for purchasing properties and equipment for oil sludge treatment and solid waste treatment projects[108][108].

Financial Performance - For the year ended December 31, 2024, the Group's revenue was RMB 241.6 million, a decrease of 4.7% compared to RMB 253.5 million for the year ended December 31, 2023[3]. - The Group's gross profit for the year ended December 31, 2024, was RMB 58.0 million, with a stable gross profit margin of 24.0% compared to the previous year[3]. - The Group recorded a net loss of RMB 55.3 million for the year ended December 31, 2024, resulting in a net loss margin of 22.9%, compared to a net loss of RMB 1.3 million and a margin of 0.5% in 2023[4]. - Loss attributable to owners of the Company was RMB 48.6 million for the year ended December 31, 2024, compared to a profit of RMB 1.8 million in 2023[5]. - Basic loss per share attributable to owners of the Company was RMB 0.036 for the year ended December 31, 2024, compared to basic earnings per share of RMB 0.001 for the year ended December 31, 2023[6]. - The Group's total comprehensive loss for the year was RMB 55.27 million, compared to a total comprehensive loss of RMB 1.27 million in 2023[13]. - The total loss for the year amounted to RMB 55,269,000 in 2024, compared to a loss of RMB 1,274,000 in 2023, indicating a substantial increase in losses[41]. Revenue Breakdown - The solid waste treatment segment reported external sales of RMB 85,207,000 in 2024, down from RMB 127,676,000 in 2023, representing a decrease of approximately 33.2%[41]. - The oilfield auxiliary services segment achieved external sales of RMB 156,411,000 in 2024, an increase from RMB 125,774,000 in 2023, reflecting a growth of about 24.4%[41]. - Revenue from hazardous waste incineration solutions decreased from RMB 102,693,000 in 2023 to RMB 38,426,000 in 2024, a decline of approximately 62.58%[53]. - Revenue from oilfield auxiliary services increased from RMB 125,774,000 in 2023 to RMB 156,411,000 in 2024, representing a growth of approximately 24.39%[53]. - Revenue from cement plant parallel kiln co-treatment services rose by 115.4% to RMB 30.8 million in 2024, compared to RMB 14.3 million in 2023, mainly due to the operations of the Yunfu and Maoming projects[114]. Expenses and Costs - Administrative expenses increased to RMB 58.97 million in 2024 from RMB 55.44 million in 2023[12]. - Research and development costs rose to RMB 12.51 million in 2024 from RMB 11.23 million in 2023[12]. - Total staff costs decreased to RMB 60,223,000 in 2024 from RMB 62,810,000 in 2023, a reduction of approximately 4%[1]. - The total depreciation and amortization expenses rose to RMB 23,702,000 in 2024 from RMB 16,440,000 in 2023, an increase of approximately 44%[1]. - Finance costs increased from RMB 2,574,000 in 2023 to RMB 2,839,000 in 2024, an increase of approximately 10.3%[58]. Assets and Liabilities - Current assets decreased to RMB 463.79 million as of December 31, 2024, from RMB 535.51 million in 2023[15]. - Non-current assets increased to RMB 309.89 million as of December 31, 2024, compared to RMB 307.65 million in 2023[15]. - Net current assets decreased to RMB 187,022,000 in 2024 from RMB 227,898,000 in 2023, representing a decline of approximately 18%[16]. - Total assets decreased from RMB 843,157,000 in 2023 to RMB 773,673,000 in 2024, a decline of approximately 8.25%[46]. - Total liabilities decreased from RMB 315,337,000 in 2023 to RMB 301,640,000 in 2024, a decline of approximately 4.34%[46]. Impairments and Provisions - Impairment losses recognized on trade receivables amounted to RMB 12,317,000 in 2024, compared to a reversal of RMB 1,937,000 in 2023[1]. - Impairment losses on property, plant, and equipment amounted to RMB 28.8 million for the year ended December 31, 2024, compared to RMB 3.9 million in the previous year, primarily due to assessments of specific projects[137]. - The allowance for credit losses on trade receivables rose to RMB 30,758,000 in 2024 from RMB 18,441,000 in 2023, an increase of about 67%[69]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[197][198]. - No shares of the company were purchased, sold, or redeemed during the reporting period[196]. Future Plans and Strategies - The Group plans to capitalize on national policies supporting the solid waste treatment industry, which is expected to see continued growth due to urbanization and improved living standards[174]. - The Group aims to enhance its market position in hazardous waste incineration by improving treatment techniques and expanding customer relationships both domestically and internationally[178]. - The Group will explore new business opportunities in solid waste treatment through the industrialization of pyrolysis technology, targeting waste plastics and waste paper residues[179]. - The Group intends to adopt various project models to enhance competitiveness and risk management in solid waste treatment projects, including oil sludge treatment facilities[180]. - The Group will actively explore innovative applications of artificial intelligence in environmental technology to drive business upgrades and improve operational efficiency[184].

y 维潜环保 维 港 环 保 科 技 控 股 集 团 有 限 公 司 Weigang Environmental Technology Holding Group Limited ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 1845 E INTERIM REPORT 期 報 告 中 CONTENTS 目錄 | --- | --- | --- | |------------------------------------------------------------------------------------|------------------------------|-------| | | | | | | | | | CORPORATE INFORMATION | 公司資料 | 2 | | FINANCIAL SUMMARY | 財務概要 | 5 | | MANAGEMENT DISCUSSION AND ANALYSIS | ...

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Financial Performance - For the year ended December 31, 2023, the Group's revenue amounted to RMB253.5 million, representing a decrease of 27.4% compared to the previous year[17]. - The Group recorded a gross profit of RMB60.7 million for the year ended December 31, 2023, with a gross profit margin of 24.0%, an increase of 5.6 percentage points from 18.4% in 2022[17]. - The net loss for the year ended December 31, 2023, was RMB1.3 million, with a net loss margin of 0.5%, significantly improved from a net loss of RMB78.0 million and a margin of 22.4% in 2022[18]. - Profit attributable to owners of the Company was RMB1.8 million for the year ended December 31, 2023, compared to a loss of RMB72.3 million in the previous year[18]. - Basic earnings per share attributable to owners of the Company amounted to RMB0.001 for the year ended December 31, 2023, a recovery from a basic loss per share of RMB0.054 in 2022[19]. - For the year ended December 31, 2023, the Group's revenue decreased to RMB 253,450,000, down 27.4% from RMB 348,928,000 in 2022[21]. - Gross profit for 2023 was RMB 60,726,000, a decline of 5.8% compared to RMB 64,198,000 in 2022[21]. - The Group reported a profit before income tax of RMB 680,000, a significant improvement from a loss of RMB 75,163,000 in 2022[21]. - The total assets of the Group increased to RMB 843,157,000 in 2023, up 13.3% from RMB 743,982,000 in 2022[21]. - Total liabilities rose to RMB 315,337,000, an increase of 25.7% from RMB 250,736,000 in 2022[21]. Project Development - As of December 31, 2023, the Group completed 43 hazardous waste incineration projects with a total designed disposal capacity of 1,043,500 tonnes per annum[4]. - The Group has 13 ongoing hazardous waste incineration projects with an aggregate designed disposal capacity of 310,000 tonnes per annum[4]. - The Group completed 5 hazardous waste incineration projects in 2023, adding a designed disposal capacity of approximately 140,000 tonnes per annum[32]. - The hazardous waste incineration project in North Bay has a designed disposal capacity of 16,500 tonnes per annum, part of the ongoing projects as of December 31, 2023[39]. - The Group's project in Qingchuan County, Sichuan Province, for domestic waste treatment using pyrolysis technology has a designed disposal capacity of 30,000 tonnes per year, with trial operation planned for April 2024[47]. - The Maoming cement plant parallel co-treatment project has a designed disposal capacity of 88,900 tonnes per year and is expected to begin trial operation in March 2024[46]. - The oil sludge thermal desorption treatment project near Karamay Oilfield has a designed treatment capacity of 200,000 tonnes per year and commenced trial operation in March 2024[44]. - The cement plant parallel kiln co-treatment project in Yunfu has a designed disposal capacity of 83,600 tonnes per year and generated revenue of RMB 14.3 million in 2023[45]. Revenue Streams - Revenue from oilfield auxiliary services amounted to RMB 125.8 million in 2023, up from RMB 64.5 million in 2022, representing a growth of approximately 95%[41]. - Revenue from hazardous waste incineration solutions decreased by 61.4% from RMB265.9 million for the year ended 31 December 2022 to RMB102.7 million for the year ended 31 December 2023[53]. - Revenue from cement plant parallel kiln co-treatment services increased by 45.9% from RMB9.8 million for the year ended 31 December 2022 to RMB14.3 million for the year ended 31 December 2023[58]. - Gross profit from hazardous waste incineration solutions decreased by 29.1% from RMB45.5 million for the year ended December 31, 2022 to RMB32.2 million for the year ended December 31, 2023[73]. - Gross profit from oilfield auxiliary services increased by 95% to RMB20.8 million for the year ended December 31, 2023[79]. Cost Management - Cost of services decreased by 32.3% from RMB284.7 million for the year ended December 31, 2022 to RMB192.7 million for the year ended December 31, 2023[60]. - Administrative expenses decreased by 5.5% from RMB58.7 million for the year ended December 31, 2022, to RMB55.4 million for the year ended December 31, 2023[81]. - Research and development costs decreased by 49.7% from RMB22.3 million for the year ended December 31, 2022, to RMB11.2 million for the year ended December 31, 2023[84]. - Finance costs decreased by 8.2% from RMB2.8 million for the year ended December 31, 2022, to RMB2.6 million for the year ended December 31, 2023[87]. Strategic Focus - The Group plans to focus on technology innovation to maintain its advanced technology and strong R&D capability, aiming to expand into new areas of solid waste treatment[6]. - The Company aims to become a leading solid waste treatment solutions provider in China by leveraging its technology advantages[6]. - The Group aims to capitalize on opportunities in the environmental protection industry and expand its business scope through technology innovation in 2024[25]. - The Group's commitment is to become a leading solid waste treatment solutions provider in China, maximizing shareholder returns[25]. - The Group intends to leverage its capital strength to enter the solid waste treatment sector through technology cooperation, investment, and mergers and acquisitions[139]. Market Outlook - The demand for solid waste treatment is expected to grow due to supportive national policies, positioning the Group as a leading provider of solid waste treatment solutions in China[131]. - National policies supporting the solid waste treatment industry are anticipated to drive continued demand growth, positioning the Group to capitalize on these opportunities[134]. - The Chinese economy is expected to experience strong growth post-pandemic, driven by pent-up domestic savings and demand, which will benefit the solid waste treatment industry[132]. Corporate Governance and Management - The company has adopted a dividend policy that does not specify a predetermined payout ratio, focusing on the interests of the company and its shareholders[154]. - The board has the discretion to recommend or not recommend dividends based on various factors including financial position and capital requirements[155]. - The company emphasizes the importance of operational management and internal control in its strategic planning[171]. - The management team has extensive experience in solid waste treatment solutions, with key executives having over 25 years of industry experience[162][165]. - The company aims to enhance its corporate governance and investor relations through experienced board members and management[179]. Employee and Resource Management - The Group employed 368 employees as of December 31, 2023, an increase from 362 employees in 2022, with over 250 personnel focused on R&D and project management[146]. - The management team has a diverse educational background, with degrees from prestigious institutions such as Tsinghua University and the Royal Melbourne Institute of Technology[176][182]. - The Group's financial strategies are supported by experienced professionals in investment and corporate finance, ensuring robust financial health and growth potential[179].

Financial Performance - For the year ended December 31, 2023, the Group's revenue was RMB 253.5 million, a decrease of 27.4% compared to RMB 348.9 million for the year ended December 31, 2022[3]. - The Group's gross profit for the year was RMB 60.7 million, with a gross profit margin of 24.0%, an increase of 5.6 percentage points from 18.4% in 2022[4]. - The Group recorded a net loss of RMB 1.3 million for the year, significantly improved from a net loss of RMB 78.0 million in 2022, resulting in a net loss margin of 0.5%[5]. - Profit attributable to owners of the Company was RMB 1.8 million, a turnaround from a loss of RMB 72.3 million in the previous year[6]. - Basic earnings per share attributable to owners of the Company was RMB 0.001, compared to a basic loss per share of RMB 0.054 for the year ended December 31, 2022[7]. - Total revenue for the company decreased by 27.4% to RMB 253,450,000 in 2023 from RMB 348,928,000 in 2022[59]. - Other income decreased by 38.3% to RMB 2,687,000 in 2023 from RMB 4,353,000 in 2022[62]. - Finance costs decreased by 8.2% to RMB 2,574,000 in 2023 from RMB 2,804,000 in 2022[65]. - Income tax expense decreased by 31.9% to RMB 1,954,000 in 2023 from RMB 2,869,000 in 2022[67]. Assets and Liabilities - Non-current assets increased to RMB 307.6 million as of December 31, 2023, up from RMB 241.1 million in 2022, primarily due to an increase in property, plant, and equipment[19]. - Trade and note receivables rose to RMB 223.1 million in 2023, compared to RMB 175.8 million in 2022, indicating improved collection efforts[19]. - Current liabilities increased to RMB 307.6 million as of December 31, 2023, compared to RMB 242.7 million in 2022, reflecting higher trade payables[19]. - Total assets less current liabilities increased to RMB 535,545,000 in 2023, up from RMB 501,244,000 in 2022, reflecting a growth of about 6.8%[20]. - Net assets rose to RMB 527,820,000 in 2023, compared to RMB 493,246,000 in 2022, indicating an increase of approximately 7%[20]. - Total liabilities rose to RMB 315,337,000 in 2023 from RMB 250,736,000 in 2022, with solid waste treatment segment liabilities increasing to RMB 169,807,000[52]. - The Group's total assets were approximately RMB 843.1 million, with total liabilities of approximately RMB 315.3 million, resulting in a gearing ratio of approximately 37.4%, up from 33.7% in 2022[184][187]. Segment Performance - Segment revenue for solid waste treatment decreased to RMB 127,676,000 in 2023 from RMB 284,412,000 in 2022, while oilfield auxiliary services segment revenue increased to RMB 125,774,000 from RMB 64,516,000[48]. - Total segment profit for 2023 was RMB 6,772,000, a significant improvement from a loss of RMB 70,391,000 in 2022[48]. - Revenue from hazardous waste incineration solutions decreased by 61.4% to RMB 102,693,000 in 2023 from RMB 265,895,000 in 2022[59]. - Revenue from oilfield auxiliary services increased by 95.4% to RMB 125,774,000 in 2023 from RMB 64,516,000 in 2022[59]. - Revenue from cement plant parallel kiln co-treatment services rose by 45.9% to RMB 14.3 million in 2023, compared to RMB 9.8 million in 2022[126]. Cost Management - Research and development costs decreased to RMB 11.2 million in 2023 from RMB 22.3 million in 2022, reflecting a strategic focus on cost management[14]. - Cost of services decreased by 32.3% from RMB 284.7 million in 2022 to RMB 192.7 million in 2023[128]. - Administrative expenses decreased by 5.5% to RMB 55.4 million in 2023, remaining relatively stable compared to the previous year[147]. - Directors' remuneration increased by 7.6% to RMB 4,141,000 in 2023 from RMB 3,847,000 in 2022[72]. - Total staff costs increased slightly by 1.2% to RMB 62,810,000 in 2023 from RMB 62,050,000 in 2022[72]. Impairment and Credit Quality - Impairment losses on trade receivables reversed by RMB 1,937,000 in 2023 compared to a loss of RMB 12,464,000 in 2022[72]. - The allowance for credit losses decreased to RMB 18,441,000 in 2023 from RMB 20,378,000 in 2022, indicating improved credit quality[77]. - The company recognized a reversal of impairment losses on contract assets amounting to RMB 5,776,000 in 2023, compared to a provision of RMB 1,988,000 in 2022[89]. Future Outlook and Strategy - The Chinese government's policies are expected to drive continued growth in the solid waste treatment industry, providing significant opportunities for the Group as a leading solutions provider in this sector[185][190]. - The Group aims to capitalize on opportunities from government policies supporting the environmental protection industry, particularly in solid waste treatment[194]. - The Group plans to enhance its market position in hazardous waste incineration by improving treatment techniques and expanding customer relationships both domestically and internationally[195]. - The Group will focus on industrializing pyrolysis technology to develop solutions for new solid waste treatment applications, including waste plastics and waste paper residues[198]. - The Group intends to adopt various project models to enhance competitiveness and risk management in solid waste treatment projects, including oil sludge treatment facilities[199]. - The Group will leverage its capital strength to enter the solid waste treatment sector through technology cooperation, investment, and mergers and acquisitions, aiming to build an integrated environmental industry group[200].

智通财经APP讯，维港环保科技(01845)发布公告，近日，转让人拟向受让人悉数转让其于维港泓达的全部39.23%股权，代价为人民币2921.43万元，该代价乃根据股权的实收资本额厘定。 该公司董事会于2024年2月1日(交易时段后)通过决议案，批准(其中包括)该公司间接全资附属德博环境放弃行使收购有关转让的股权的优先受让权。同日，德博环境亦签署维港泓达的股东决议案，以批准转让及股东由转让人变更为受让人。 公告称，于转让完成后，维港泓达将分别由德博环境、受让人及稷胜环保持有50.27%、39.23%及10.5%，因此，公司间接持有的股权比例概无变动，而维港泓达仍将为公司的间接非全资附属公司。 经计及下述主要因素及考量，董事(包括独立非执行董事)认为放弃行使优先受让权属公平合理并符合公司及股东的整体利益：经计及维港泓达的现有业绩，公司认为维持其现有持股比例，而不动用集团的宝贵财务资源以叠加其于维港泓达的权益较为理想;公司已考量受让人的背景，并认为其具备所需的业务专业知识及资源，可为维港泓达业务的进一步发展作出贡献，因此，受让人出任维港泓达的股东可为其业务的未来发展带来潜在利益;于转让完成后，维港泓达将仍为公司的 ...

Financial Performance - For the six months ended June 30, 2023, the Group's revenue was RMB 86.7 million, a decrease of 56.8% compared to the same period in 2022[16]. - The net loss for the six months ended June 30, 2023, was RMB 1.5 million, with a net loss margin of 1.7%, significantly improved from a net loss of RMB 34.6 million and a margin of 17.2% in the same period of 2022[17]. - Profit attributable to owners of the Company was RMB 0.5 million for the first half of 2023, compared to a loss of RMB 28.0 million in the same period of 2022[17]. - Revenue decreased by 56.8% from RMB200.7 million in the first half of 2022 to RMB86.7 million in the first half of 2023, primarily due to a decline in hazardous waste incineration solutions revenue[32]. - The Group recognized net other income of RMB1.6 million for the six months ended June 30, 2023, a significant increase compared to net other losses of RMB18.2 million for the same period in 2022[53]. - The Group recorded a net loss of RMB1.5 million for the six months ended June 30, 2023, significantly reduced from a net loss of RMB34.6 million for the same period in 2022[67]. - The total comprehensive loss for the period was RMB 1,503,000, compared to a loss of RMB 34,621,000 in the same period last year[196]. Revenue Breakdown - Revenue from hazardous waste incineration solutions fell by 71.4% from RMB167.7 million in the first half of 2022 to RMB47.9 million in the first half of 2023, attributed to market saturation and decreased demand[34]. - Revenue from oilfield auxiliary services increased by 45.0% from RMB22.3 million in the first half of 2022 to RMB32.2 million in the first half of 2023, driven by the recovery of the oil market[38]. Cost and Profitability - The cost of services decreased by 66.2% from RMB173.4 million in the first half of 2022 to RMB58.6 million in the first half of 2023, mainly due to reduced revenue[40]. - The gross profit for the same period was RMB 28.2 million, with a gross profit margin of 32.5%, representing an increase of 3.3% and 18.9 percentage points respectively compared to the prior year[16]. - The gross profit of hazardous waste incineration solutions increased by 18.1% from RMB21.0 million to RMB24.8 million, with the gross profit margin improving from 12.5% to 51.8%[49]. - The gross profit of oilfield auxiliary services increased by 24.1% from RMB2.9 million to RMB3.6 million, although the gross profit margin decreased from 13.0% to 11.1% due to market competition[50]. - The gross profit of other services decreased by 62.5% from RMB1.6 million to RMB0.6 million, with the gross profit margin declining from 29.1% to 16.2%[52]. Project Development and Capacity - The Group completed one hazardous waste incineration project in the first half of 2023, increasing its total completed projects to 39, with an aggregate designed disposal capacity of 903,500 tonnes per annum[23]. - As of June 30, 2023, the Group had 17 ongoing hazardous waste incineration projects across 17 cities in China, with a total designed disposal capacity of approximately 425,000 tonnes per annum[23]. - The Group's ongoing projects reflect its commitment to enhancing its capacity in hazardous waste management and solid waste treatment solutions[22]. - The group completed 38 hazardous waste incineration projects with a total designed disposal capacity of 903,500 tonnes per annum by the end of 2023[25]. - In the first half of 2023, the group completed an additional hazardous waste incineration project in Yunfu, adding approximately 25,000 tonnes per annum to its capacity[25]. Research and Development - The Group is focused on expanding its offerings in solid waste treatment, including thermal desorption of oil sludge and pyrolysis treatment, leveraging its expertise in hazardous waste incineration[21]. - The Group's strategic focus on research and development in new technologies aims to improve its service offerings and operational efficiency in the waste management sector[21]. - The group is expanding its business into new areas such as oil sludge thermal desorption and anaerobic cracking treatment of solid waste[30]. - The group has successfully applied some of its R&D results to new solid waste treatment projects, indicating ongoing innovation and market adaptation[24]. Financial Position and Assets - As of June 30, 2023, the Group's current assets were approximately RMB 482.8 million, total assets were approximately RMB 720.2 million, and the gearing ratio was approximately 31.7%, down from 33.7% as of December 31, 2022[92]. - The Group's material capital expenditure for the six months ended June 30, 2023, was approximately RMB 1.6 million, a decrease from RMB 22.5 million for the same period in 2022[80]. - The Group's borrowings remained stable at RMB 43.1 million as of June 30, 2023, compared to RMB 43.0 million as of December 31, 2022[86]. - Trade and note receivables decreased from RMB 175.8 million as of December 31, 2022, to RMB 175.3 million as of June 30, 2023, indicating relative stability[68]. - The decrease in trade and note payables from RMB 130.9 million as of December 31, 2022, to RMB 100.9 million as of June 30, 2023, was primarily due to fewer ongoing projects[76]. Shareholder Information - As of June 30, 2023, Mr. Cai Zhuhua holds a 39.83% interest in the Company, while Mr. Zhang Weiyang holds a 24.37% interest[118]. - The Group's focus on technology innovation and market expansion is expected to maximize shareholder returns as the domestic economy recovers post-pandemic[105]. - The Group's management emphasizes the importance of maintaining a leading market position and expanding market share in the hazardous waste disposal sector[106]. Corporate Governance - The Company has fully complied with the Corporate Governance Code during the reporting period, ensuring effective internal control measures and high standards of ethics and transparency[145]. - No incidents of non-compliance with the Model Code for Securities Transactions by Directors were noted during the reporting period[151]. Acquisitions and Investments - Debo Environment acquired a 9.27% equity interest in Target Company I for a total consideration of RMB 1, which will be consolidated into the Group's financial statements[182]. - Debo Environment conditionally agreed to acquire 90% of the equity interest in Target Company II for RMB 18,000,000, which will also be consolidated into the Group's financial statements[187]. - The acquisition of both Target Company I and II is part of the Group's strategy to enhance its capabilities in solid and hazardous waste management services in China[185]. - The acquisitions are expected to facilitate the development of new projects and enhance the Group's overall market position in the environmental sector[195].

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