Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately RMB 65,362,000, an increase of about 5.9% compared to RMB 61,734,000 for the same period in 2022[5] - The total gross profit for the same period was approximately RMB 18,737,000, representing a significant increase of about 64.9% from RMB 11,362,000 in 2022[5] - The profit attributable to the owners of the company was approximately RMB 8,485,000, a turnaround from a loss of RMB 3,580,000 in the same period of 2022[5] - The company reported a pre-tax profit of RMB 10,181,000 for the six months ended June 30, 2023, compared to a pre-tax loss of RMB 3,764,000 in the same period of 2022[6] - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 0.028, compared to a loss per share of RMB 0.012 in the same period of 2022[8] - The company reported a net loss of RMB 3,580,000 for the six months ended June 30, 2023, compared to a net loss of RMB 44,206,000 for the same period in 2022, indicating a significant improvement[13] - Total comprehensive loss for the period was RMB 3,602,000, which includes a foreign exchange loss of RMB 22,000[13] - The company reported a significant increase in rental income to RMB 1,393,000 in 2023 from RMB 1,008,000 in 2022, an increase of 38.3%[26] - Other income and gains increased to approximately RMB 3,281,000, a rise of about 74.1% from RMB 1,885,000 in 2022[70] Assets and Liabilities - The company's total assets as of June 30, 2023, were RMB 206,509,000, down from RMB 250,123,000 as of December 31, 2022[10] - The company's net asset value increased to RMB 81,001,000 as of June 30, 2023, compared to RMB 71,053,000 at the end of 2022[11] - The company's cash and bank balances decreased to RMB 28,316,000 from RMB 55,260,000 at the end of 2022[10] - Trade payables decreased to RMB 150,483,000 from RMB 181,652,000 at the end of 2022[10] - Total assets as of June 30, 2023, amounted to RMB 207,490,000, while total liabilities were RMB 168,337,000, resulting in a net asset position[24] - The capital debt ratio as of June 30, 2023, was 65%, down from 72% as of December 31, 2022[79] Cash Flow - Cash and cash equivalents decreased by RMB 26,752,000, ending at RMB 28,316,000 as of June 30, 2023, compared to RMB 57,621,000 at the end of June 30, 2022[15] - Operating cash flow showed a net outflow of RMB 1,609,000 for the six months ended June 30, 2023, down from a net inflow of RMB 6,444,000 in the same period of 2022[15] - The company’s financing activities resulted in a net cash outflow of RMB 25,118,000 for the period, compared to a net inflow of RMB 5,315,000 in the previous year[15] - The company’s cash flow from investment activities showed a slight outflow of RMB 25,000, indicating minimal investment activity during the period[15] Business Operations - The company operates in four main business segments: EPC projects, construction projects, equipment projects, and service franchise arrangements, focusing on environmental services such as wastewater treatment[20] - The company plans to continue expanding its environmental services and enhance its operational capabilities in wastewater treatment and soil remediation[20] - Revenue from EPC projects reached RMB 53,269,000, significantly up from RMB 14,416,000 in the previous year, marking a growth of 269%[26] - The revenue from EPC projects during this period was approximately RMB 53,269,000, while revenue from service concession arrangements was about RMB 10,297,000, and O&M project revenue was approximately RMB 1,796,000[55] - The company is focusing on expanding its operations in the Vietnamese market, having signed new contracts worth several tens of millions of RMB, with construction expected to start in 2024[58] Employee and Governance - The group employed 50 employees, a decrease from 69 employees as of December 31, 2022[117] - Employee benefits expenses, including salaries and wages, totaled RMB 9,408,000, slightly down from RMB 9,659,000 in 2022[28] - The company aims to ensure employee compensation levels are in line with industry practices and current market conditions[117] - The company maintains good corporate governance standards, with the board reviewing and improving governance practices regularly[120] - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring sufficient independence[120] Share Options and Dividends - The company has implemented a share option plan allowing for the issuance of up to 18,000,000 shares, representing approximately 6% of the total shares issued as of the adoption date[31] - The company did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the previous year[44] - The company has 18,000,000 unexercised share options with an exercise price of HKD 1.19, which could potentially increase the share capital by HKD 21,420,000 if fully exercised[39] - The share options have a vesting period of three years, with specific percentages vesting in subsequent fiscal years[103] Future Outlook - The company provided a positive outlook for the second half of 2023, projecting a revenue growth of 10% to 1.32 billion RMB[136] - New product launches are expected to contribute an additional 200 million RMB in revenue, with a focus on innovative technology solutions[136] - Strategic acquisitions are planned to enhance product offerings, with an estimated investment of 300 million RMB allocated for this purpose[136] - Research and development expenditures have increased by 30%, totaling 150 million RMB, to support new technology initiatives[136] - The company aims to improve operational efficiency, targeting a 5% reduction in costs by optimizing supply chain processes[136] - The company is committed to sustainability, with plans to reduce carbon emissions by 20% over the next three years[136]

China TianYF Holdings Group Limited 中 國 天 億 福 控 股 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8196） 截 至2023年6月30日 止 六 個 月 中 期 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM已 定 位 為 相 比 起 在 聯 交 所 上 市 的 其 他 公 司 可 能 帶 有 較 高 投 資 風 險 的中小型公司提供一個上市的市場。有意投資者應了解投資於該等公司 的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主 板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證 券會有高流通量的市場。 香港交易及結算所有限公司及聯交所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。 本公告乃根據聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供 有關中國天億福控股集團有限公司（「本公司」，連同其附屬公司，統稱「 ...

Financial Performance - For the three months ended March 31, 2023, the group's revenue increased by approximately 46.5% year-on-year to approximately RMB 28,715,000, compared to RMB 19,596,000 in the same period of 2022[5] - The total gross profit for the same period increased by approximately 353.0% year-on-year to approximately RMB 5,440,000, up from RMB 1,201,000 in 2022[5] - The loss attributable to the company's owners for the period was approximately RMB 787,000, a decrease of about 86.0% compared to a loss of RMB 5,628,000 in the same period of 2022[5] - The group recorded a tax loss of RMB 847,000 for the period, compared to a tax loss of RMB 6,289,000 in the previous year[6] - The basic and diluted loss per share for the period was RMB 0.003, compared to RMB 0.019 in the same period of 2022[8] - The total comprehensive loss for the period amounted to RMB 1,027,000, down from RMB 5,790,000 in the previous year[8] - Revenue from EPC projects reached RMB 24,160,000, significantly up from RMB 1,268,000 in the previous year[24] - The company reported a pre-tax loss of RMB 847,000 for the three months ended March 31, 2023, compared to a pre-tax loss of RMB 6,289,000 in the same period of 2022[24] - The operating segment performance showed a profit of RMB 5,440,000, with EPC projects contributing RMB 5,843,000[18] - Revenue from external customers in Vietnam was RMB 19,785,000, while revenue from mainland China dropped to RMB 8,930,000 from RMB 19,596,000[21] Dividend and Shareholder Information - The group did not recommend the payment of an interim dividend for the period[5] - The company did not declare any interim dividend for the three months ended March 31, 2023[30] - As of March 31, 2023, the company has issued a total of 300,000,000 shares, with major shareholders holding significant stakes: Oceanic Expert Investments Limited and Meitao Holdings Limited each hold 91,350,000 shares, representing 30.45% of the issued shares[71] - The total number of shares held by the directors is 10,000,000, which accounts for approximately 1.33% of the issued share capital[70] Expenses and Costs - The cost of sales for the period was approximately RMB 23,275,000, an increase of about 26.5% from RMB 18,395,000 in the same period of 2022[52] - Selling and distribution expenses decreased to approximately RMB 325,000, down about 30.4% from RMB 467,000 in the same period of 2022[54] - Administrative expenses for the period were approximately RMB 6,706,000, a decrease of about 3.7% from RMB 6,962,000 in the same period of 2022[55] - The company incurred financing costs of RMB 118,000 during the reporting period[24] - Depreciation and amortization expenses for the period amounted to RMB 298,000[24] Strategic Focus and Market Position - The company primarily engages in environmental services such as wastewater treatment and soil remediation[12] - The company is positioned in the GEM market, which is characterized by higher investment risks compared to other listings on the Hong Kong Stock Exchange[2] - The company has increased its investment in the Vietnamese market, signing new contracts worth several tens of millions of RMB in early 2023[37] - The company is focusing on the Greater Bay Area and Vietnam as key markets for future development[37] - The company aims to maintain a cautious approach to client selection, stable income, cost control, and cash flow management as part of its strategy for 2023 and 2024[40] - The company anticipates that the business environment will remain challenging, with pressures from currency depreciation and global political issues[38] - The company believes that the economic recovery in China will take time and is adopting a pragmatic management style[40] Share Option Scheme - The company has adopted a share option scheme, granting 18,000,000 options to directors and employees, which represents 6% of the total issued shares as of March 31, 2023[77] - The share option plan aims to encourage contributions from eligible individuals and enhance the company's ability to attract and retain skilled personnel[75] - No individual has been granted more than 1% of the personal limit under the share option plan, ensuring compliance with regulatory requirements[74] - The vesting period for the share options is set at 3 years, allowing participants to exercise their options after this period[83] - The exercise price for the share options granted is set at HKD 1.19[89] - The remaining term of the share option scheme is approximately 9 years[88] - The company has not granted any additional share options since the issuance of 18,000,000 options on June 29, 2022[92] Governance and Compliance - The company has established a clear governance structure for granting options to core connected persons, requiring independent non-executive director approval[81] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the period[95] - The company has confirmed compliance with the prescribed trading standards during the period[94] - The company has adopted a code of conduct regarding securities trading for directors, which is not less stringent than the GEM Listing Rules[94] Future Outlook - The company provided a positive outlook for the upcoming quarters, projecting a revenue growth of 20% for the full year 2023[98] - New product launches are expected to contribute an additional $50 million in revenue by Q3 2023[98] - The company is investing in new technology development, allocating $10 million for R&D in the next fiscal year[98] - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[98] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $30 million earmarked for potential deals[98] - Operational efficiency improvements are expected to reduce costs by 10% over the next year[98] - The company aims to enhance customer engagement through new marketing strategies, targeting a 25% increase in customer retention rates[98] - Overall, the company remains committed to sustainable growth and innovation in its business strategies[98]

China TianYF Holdings Group Limited 中 國 天 億 福 控 股 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8196） 截 至2023年3月31日 止 三 個 月 第 一 季 度 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM已 定 位 為 相 比 起 在 聯 交 所 上 市 的 其 他 公 司 可 能 帶 有 較 高 投 資 風 險 的中小型公司提供一個上市的市場。有意投資者應了解投資於該等公司 的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主 板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證 券會有高流通量的市場。 香港交易及結算所有限公司及聯交所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。 本公告乃根據聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供 有關中國天億福控股集團有限公司（「本公司」）的資料，本公司 ...

Financial Performance - The company's revenue for the year ended December 31, 2022, increased by approximately RMB 138,372,000 or 116.9% to approximately RMB 256,749,000 compared to 2021[9]. - The company reported a loss attributable to owners of approximately RMB 11,547,000, a decrease of approximately RMB 5,495,000 or 32.2% from the loss of RMB 17,042,000 in 2021[10]. - The company’s total revenue for 2022 reached approximately RMB 257 million, with a significant reduction in annual losses compared to previous years[13]. - The group's gross profit for the year ended December 31, 2022, was approximately RMB 23,565,000, an increase of about 52.7% from RMB 15,429,000 in 2021[29]. - The group's loss for the year ended December 31, 2022, was approximately RMB 11,547,000, a reduction of about 32.2% from a loss of RMB 17,042,000 in 2021[35]. Revenue Sources - Revenue from a major municipal wastewater treatment equipment project contributed approximately RMB 203 million to the overall revenue for 2022[10]. - The company confirmed that its EPC projects generated revenue of approximately RMB 10,634,000 for the year ended December 31, 2022[9]. - The company’s revenue from equipment projects was approximately RMB 218,795,000 for the year ended December 31, 2022[9]. - Revenue from construction projects increased by approximately 485.7% to RMB 1,675,000 for the year ended December 31, 2022, compared to RMB 286,000 in 2021[22]. - Revenue from service concession arrangements was approximately RMB 16,014,000 for the year ended December 31, 2022, a decrease of about 16.8% from RMB 19,244,000 in 2021[25]. Market Strategy and Outlook - The company has adjusted its resource allocation to focus on the Vietnam market, which is showing signs of recovery, and has signed new contracts worth several tens of millions of RMB[13]. - The company anticipates improvements in business conditions for 2023 compared to the past three years, but maintains a cautious outlook[16]. - The company emphasizes a strategy focused on careful customer selection, stable income, cost control, and cash flow management for 2023 and 2024[16]. - The company is monitoring changing market dynamics and exploring business development opportunities in different regional markets[16]. - The company acknowledges ongoing challenges in the operating environment, including currency depreciation and global political tensions affecting economic recovery[18]. Employee and Management Information - As of December 31, 2022, the group employed 69 employees, a decrease from 88 employees in 2021[73]. - Employee costs for the year ended December 31, 2022, were approximately RMB 21.5 million, compared to RMB 20.7 million in 2021[73]. - The company plans to review and determine the remuneration of directors and senior management based on recommendations from the remuneration committee[73]. - The company aims to ensure employee compensation levels are in line with industry standards and linked to performance[73]. Corporate Governance - The company has adopted the corporate governance code as per GEM listing rules and has complied with it throughout the year ended December 31, 2022[147]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2022[150]. - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and GEM listing rules[170]. - The company has established three committees: audit, remuneration, and nomination, to oversee specific aspects of the company's affairs[167]. - The company has appropriate insurance arrangements for directors facing legal actions related to the group's activities, which remained effective as of December 31, 2022[119]. Shareholder Information - As of December 31, 2022, the company’s major shareholders include Oceanic Expert Investments Limited and Meitao Holdings Limited, each holding approximately 30.45% of the issued shares[134]. - The company’s directors and senior management hold a total of 91,350,000 shares, representing approximately 30.45% of the issued share capital[128]. - The company has maintained sufficient public float as required by GEM listing rules as of December 31, 2022[140]. - The company will hold its annual general meeting on May 10, 2023, without suspending the registration of share transfers[142]. Risk Factors - The company faces risks related to changes in government policies and regulations that could impact the demand for its environmental services[96]. - The company’s ability to comply with new regulatory standards and government policies is crucial for its growth and competitiveness[97]. - The company faces intense competition in the wastewater treatment engineering services market, with existing competitors and new entrants posing significant challenges[99]. Compliance and Internal Controls - The audit committee reviewed the effectiveness of the internal control system and risk management functions, confirming they are adequate and effective as of December 31, 2022[191]. - The company has implemented compliance procedures to ensure adherence to relevant laws and regulations in China and Hong Kong, maintaining compliance as of December 31, 2022[106]. - The company has established a framework for the timely and appropriate disclosure of inside information as per regulatory guidelines[193]. Stock Option Plan - The company adopted a stock option plan on June 17, 2022, allowing for the issuance of a total of 18,000,000 shares, representing 6% of the total shares issued as of the adoption date and the annual performance announcement date[54][57]. - The maximum number of shares that can be issued under the stock option plan is capped at 18,000,000 shares, which corresponds to 6% of the total shares issued[57]. - The vesting period for the stock options is set at 3 years[63]. - The exercise price for the stock options will be determined based on the higher of the closing price on the grant date or the average closing price over the five trading days preceding the grant date[67].

China TianYF Holdings Group Limited 中 國 天 億 福 控 股 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8196） 截 至2022年12月31日 止 年 度 之 年 度 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM已 定 位 為 相 比 起 在 聯 交 所 上 市 的 其 他 公 司 可 能 帶 有 較 高 投 資 風 險 的中小型公司提供一個上市的市場。有意投資者應了解投資於該等公司 的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主 板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證 券會有高流通量的市場。 香港交易及結算所有限公司及聯交所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。 本公告乃根據聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供 有關中國天億福控股集團有限公司（「本公司」）的資料，本公司董事（ ...

[Cover and Summary](index=1&type=section&id=%E5%B0%81%E9%9D%A2%E4%B8%8E%E6%91%98%E8%A6%81) [Financial Highlights](index=3&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) The Group reported strong financial performance for the nine months ended September 30, 2022, with revenue more than doubling, gross profit increasing by nearly 1.5 times, and loss attributable to owners significantly narrowing by almost 90%, indicating improved profitability 2022 First Three Quarters Key Financial Indicators | Indicator | Q1-Q3 2022 (RMB) | Q1-Q3 2021 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 132,687,000 | 65,329,000 | +103.1% | | Gross Profit | 21,455,000 | 8,738,000 | +145.5% | | Loss Attributable to Owners | 1,075,000 | 10,639,000 | -89.9% | - The Board does not recommend the payment of an interim dividend for the period[8](index=8&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the nine months ended September 30, 2022, the Group's total revenue reached **RMB 133 million**, a **103.1%** increase, with gross profit rising to **RMB 21.46 million**, a **145.5%** increase, significantly narrowing the loss for the period to **RMB 1.08 million** from **RMB 10.64 million** in the prior year, and improving basic loss per share from **RMB 0.035** to **RMB 0.004** Condensed Consolidated Statement of Comprehensive Income (For the Nine Months Ended September 30) | Item (RMB thousand) | 2022 (Unaudited) | 2021 (Unaudited) | | :--- | :--- | :--- | | Revenue | 132,687 | 65,329 | | Gross Profit | 21,455 | 8,738 | | Loss Before Tax | (313) | (11,229) | | Loss for the Period | (1,075) | (10,639) | | Loss Per Share Attributable to Owners (RMB) | (0.004) | (0.035) | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of September 30, 2022, the Group's total equity was **RMB 73.53 million**, a slight decrease from **RMB 74.82 million** at the year's start, primarily due to the **RMB 1.075 million** loss and **RMB 0.218 million** exchange difference recorded during the period Summary of Changes in Equity (For the Nine Months Ended September 30, 2022) | Item (RMB thousand) | Amount | | :--- | :--- | | Total Equity as at January 1, 2022 | 74,823 | | Loss for the Period | (1,075) | | Exchange Differences on Translation of Foreign Operations | (218) | | Total Equity as at September 30, 2022 | 73,530 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The notes detail the company's business nature, financial statement preparation basis, segment performance, revenue composition, share option scheme, taxation, and dividend policies, highlighting equipment projects as the main growth driver and the recognition of share option expenses [Company Information and Basis of Preparation](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E8%B5%84%E8%AE%AF%E4%B8%8E%E7%BC%96%E5%88%B6%E5%9F%BA%E5%87%86) The company, an investment holding company registered in the Cayman Islands, primarily engages in environmental protection businesses including wastewater treatment and soil remediation facility design, construction, operation, and maintenance, with financial statements prepared under Hong Kong Financial Reporting Standards - The Group is principally engaged in environmental protection businesses, including the design, construction, operation, and maintenance services for wastewater treatment and soil remediation facilities, as well as trading of related equipment[29](index=29&type=chunk) [Operating Segment Information](index=7&type=section&id=%E7%BB%8F%E8%90%A5%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group's five business segments saw the Equipment Projects segment as the most prominent in the first nine months of 2022, with revenue surging from **RMB 36.28 million** to **RMB 95.45 million** and segment results increasing from **RMB 4.14 million** to **RMB 13.93 million**, becoming the core engine of growth, while EPC project revenue also significantly increased, and other segments experienced declines Revenue and Results by Segment (For the Nine Months Ended September 30) | Segment (RMB thousand) | 2022 Revenue | 2021 Revenue | 2022 Results | 2021 Results | | :--- | :--- | :--- | :--- | :--- | | EPC Projects | 15,351 | 428 | 5,874 | (33) | | Construction Projects | 1,715 | 3,031 | 146 | 804 | | Equipment Projects | 95,447 | 36,284 | 13,927 | 4,139 | | Service Concession Arrangements | 16,827 | 18,401 | 836 | 1,126 | | Others | 3,347 | 7,185 | 672 | 2,702 | | **Total** | **132,687** | **65,329** | **21,455** | **8,738** | [Revenue, Other Income and Gains](index=9&type=section&id=%E6%94%B6%E7%9B%8A%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Total revenue for the period was **RMB 133 million**, primarily from equipment projects, while other income and gains totaled **RMB 3.48 million**, an **85%** year-on-year increase, mainly driven by **RMB 1.61 million** in exchange gains - The increase in other income and gains was mainly due to exchange gains of approximately **RMB 1.606 million** recorded during the period, whereas no such gains were recorded in the prior period[41](index=41&type=chunk) [Share Option Scheme](index=10&type=section&id=%E8%B4%AD%E8%82%A1%E6%9D%83%E8%AE%A1%E5%88%92) The company adopted a share option scheme on June 17, 2022, granting **18,000,000** options on June 29 at an exercise price of **HKD 1.19** per share, resulting in approximately **HKD 1.502 million** in share option expenses recognized for the nine months ended September 30, 2022 - The Company adopted a share option scheme on June 17, 2022, and granted **18,000,000** share options during the period[45](index=45&type=chunk)[54](index=54&type=chunk) - For the nine months ended September 30, 2022, the Group recognized share option expenses of approximately **HKD 1,502,000**[55](index=55&type=chunk) [Income Tax and Dividends](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E%E4%B8%8E%E8%82%A1%E6%81%AF) The Group's main operating subsidiary in mainland China, certified as a high-tech enterprise, benefits from a preferential corporate income tax rate of **15%**, and the Board does not recommend any dividend payment for the nine months ended September 30, 2022 - Guangzhou Zhongke Jianyu Environmental Protection Co., Ltd., the Group's principal operating subsidiary, enjoys a preferential corporate income tax rate of **15%** as a high-tech enterprise[61](index=61&type=chunk) - The Board does not recommend the payment of any dividend for the nine months ended September 30, 2022[64](index=64&type=chunk) [Loss Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E4%BA%8F%E6%8D%9F) For the nine months ended September 30, 2022, basic loss per share was **RMB 0.004**, calculated based on a loss of **RMB 1.075 million** and **300 million** weighted average ordinary shares outstanding, representing a significant improvement from **RMB 0.035** in the prior year - Basic loss per share for the nine months ended September 30, 2022, was **RMB 0.004**, compared to a loss of **RMB 0.035** for the same period in 2021[66](index=66&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review and Outlook](index=15&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE%E4%B8%8E%E5%B1%95%E6%9C%9B) The Group's performance significantly improved, with revenue increasing by **103.1%** and loss narrowing by **89.9%**, primarily due to a large municipal equipment project in the Greater Bay Area; the Group remains cautious given macroeconomic uncertainties, focusing strategically on the Greater Bay Area, maintaining client relationships, restarting the Vietnam project, and optimizing internal cost structures - Performance improvement was mainly due to the recognition of approximately **RMB 90 million** in progress revenue from a large municipal equipment wastewater treatment project in the Greater Bay Area, leading to an increase in overall turnover, gross profit, and a reduction in loss[70](index=70&type=chunk) - Future strategy focuses on the Greater Bay Area and restarting the Vietnam project, while adjusting administrative expenses to reduce operating costs[73](index=73&type=chunk) - Management maintains a cautious outlook on business conditions for 2022 and 2023, believing the operating environment remains challenging with no short-term improvement expected[74](index=74&type=chunk) [Financial Review](index=16&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) The period saw strong financial performance, with total revenue growing **103.1%** to **RMB 133 million** and gross profit increasing **145.5%** to **RMB 21.46 million**, primarily driven by equipment projects whose revenue surged **163.1%**, while administrative expenses rose **16.1%** due to R&D and share option fees, ultimately reducing the loss for the period from **RMB 10.64 million** to **RMB 1.08 million** [Business Revenue Analysis](index=16&type=section&id=%E4%B8%9A%E5%8A%A1%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) Total revenue growth was primarily driven by the Equipment Projects segment, which saw a **163.1%** year-on-year increase due to a large municipal project in the Greater Bay Area, and EPC project revenue also surged, while Construction, Service Concession Arrangements, and Other segments experienced revenue declines Revenue Changes by Segment (For the Nine Months Ended September 30) | Segment | 2022 Revenue (RMB) | 2021 Revenue (RMB) | YoY Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | EPC Projects | 15,351,000 | 428,000 | +3486.7% | Number of projects increased from 1 to 4 | | Construction Projects | 1,715,000 | 3,031,000 | -43.4% | Number of projects decreased from 3 to 1 | | Equipment Projects | 95,447,000 | 36,284,000 | +163.1% | Contribution from large municipal project in Greater Bay Area | | Service Concession Arrangements | 16,827,000 | 18,401,000 | -8.6% | Decrease in service income | | Others | 3,347,000 | 7,185,000 | -53.4% | Decrease in technical consulting projects | [Cost and Profit Analysis](index=18&type=section&id=%E6%88%90%E6%9C%AC%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E6%9E%90) Gross profit increased by **145.5%** year-on-year, primarily due to high revenue and profit from a large equipment project in the Greater Bay Area, while cost of sales increased by **96.6%** with revenue, and administrative expenses rose by **16.1%** due to increased R&D and share-based payment expenses, ultimately leading to an **89.9%** reduction in loss for the period - Gross profit increased by **145.5%** to **RMB 21,455,000**, mainly due to the recognition of revenue from a large municipal equipment project in the Greater Bay Area[86](index=86&type=chunk) - Administrative expenses increased by **16.1%**, primarily due to an increase in R&D expenses of approximately **RMB 2.076 million** and the recognition of share-based payments related to share options of approximately **RMB 1.27 million**[90](index=90&type=chunk) - Loss for the period decreased by **89.9%** to **RMB 1,075,000**, mainly due to the increase in overall turnover and gross profit[91](index=91&type=chunk) [Corporate Governance and Other Disclosures](index=19&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2) This section covers the company's corporate governance practices, directors' and shareholders' shareholdings, share option scheme details, and the audit committee's review, noting compliance with most corporate governance codes despite the Chairman and CEO being the same person, and disclosing major shareholder and director holdings and June 2022 share options [Disclosure of Directors' and Shareholders' Interests](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A%E6%8A%AB%E9%9C%B2) As of September 30, 2022, Chairman Mr. Xie Yang held **30.45%** of the company's shares through controlled corporations, making him the controlling shareholder, while Mr. Song Xiaoxing held **14.68%** through his controlled corporations, and several directors held granted share options Major Shareholders' Shareholdings (As at September 30, 2022) | Shareholder Name | Capacity | Number of Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Xie Yang | Interest in controlled corporation | 91,350,000 | 30.45% | | Mr. Song Xiaoxing | Interest in controlled corporation | 44,032,500 | 14.68% | [Details of Share Option Scheme](index=23&type=section&id=%E8%B4%AD%E8%82%A1%E6%9D%83%E8%AE%A1%E5%88%92%E8%AF%A6%E6%83%85) On June 29, 2022, the company granted **18,000,000** share options to directors and employees at an exercise price of **HKD 1.19** per share, vesting in three tranches from 2023 to 2025 based on performance, with an exercise period until June 28, 2032 - On June 29, 2022, the Company granted **18,000,000** share options to directors and employees under the share option scheme, with an exercise price of **HKD 1.19**[108](index=108&type=chunk) Share Options Granted to Directors (Balance as at September 30, 2022) | Director Name | Total Share Options Granted | | :--- | :--- | | Mr. Xie Yang | 3,000,000 | | Mr. Gao Xuefeng | 3,000,000 | | Mr. Zhao Yanwei | 3,000,000 | | Mr. He Xuanxi | 1,000,000 | [Audit Committee Review](index=25&type=section&id=%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A%E5%AE%A1%E9%98%85) The company's Audit Committee, comprising three independent non-executive directors chaired by Mr. Xie Zhiwei, has reviewed the Group's adopted accounting policies and the unaudited condensed consolidated financial statements for the period - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the period[116](index=116&type=chunk)

[Financial Highlights](index=3&type=section&id=Financial%20Highlights) The Group's revenue significantly increased by 139.6% year-on-year, with a notable reduction in loss attributable to owners of the company Financial Highlights for the Six Months Ended June 30, 2022 | Indicator | H1 2022 (RMB '000) | H1 2021 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 61,734 | 25,761 | +139.6% | | Gross Profit | 11,362 | 5,557 | +104.5% | | Loss Attributable to Owners of the Company | 3,580 | 6,192 | -42.2% | - The Board does not recommend the payment of an interim dividend for the period[7](index=7&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's financial performance, position, equity changes, and cash flows for the period [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's revenue significantly increased by 139.6% year-on-year to RMB 61.734 million, primarily driven by substantial increases in revenue from equipment and EPC projects, leading to a narrowed loss for the period Overview of Results for the Six Months Ended June 30 (RMB '000) | Item | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 61,734 | 25,761 | +139.6% | | Gross Profit | 11,362 | 5,557 | +104.5% | | Administrative Expenses | (14,838) | (11,872) | +25.0% | | Loss Before Tax | (3,764) | (6,720) | -44.0% | | Loss for the Period | (3,580) | (6,192) | -42.2% | - Basic and diluted loss per share attributable to owners of the Company narrowed from **RMB 0.021** in the prior period to **RMB 0.012** in the current period[11](index=11&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2022, total assets increased to RMB 393 million, but current liabilities outpaced current assets, resulting in a net current liability of RMB 7.168 million, while total equity slightly decreased Summary of Statement of Financial Position (RMB '000) | Item | June 30, 2022 | December 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 83,007 | 86,485 | -4.0% | | Current Assets | 310,454 | 258,067 | +20.3% | | Current Liabilities | 317,622 | 264,770 | +19.9% | | Net Current Liabilities | (7,168) | (6,703) | +7.0% | | Net Assets/Total Equity | 71,221 | 74,823 | -4.8% | [Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2022, total equity decreased from RMB 74.823 million at the beginning of the year to RMB 71.221 million, primarily due to the RMB 3.580 million loss and RMB 0.022 million exchange difference recorded during the period - Total comprehensive loss for the period was **RMB 3.602 million**, comprising a loss for the period of **RMB 3.580 million** and an exchange difference of **RMB 0.022 million**, leading to a decrease in total equity[17](index=17&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash generated from operating activities significantly decreased to RMB 6.444 million for the period, but cash and cash equivalents at period-end still increased to RMB 57.621 million due to financing activities Overview of Cash Flows for the Six Months Ended June 30 (RMB '000) | Item | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 6,444 | 47,475 | | Net Cash Used in Investing Activities | (125) | (62) | | Net Cash Generated from Financing Activities | 5,315 | 2,883 | | Net Increase in Cash and Cash Equivalents | 11,634 | 50,296 | | Cash and Cash Equivalents at End of Period | 57,621 | 96,627 | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes on the Group's operating segments, revenue, other income, and share option scheme [Operating Segment Information](index=10&type=section&id=Operating%20Segment%20Information) The Group's total revenue growth for the period was primarily driven by equipment and EPC projects, with equipment projects contributing over half of the revenue and segment results, while service concession arrangements revenue slightly decreased Segment Revenue for the Six Months Ended June 30 (RMB '000) | Segment | 2022 | 2021 | YoY Change | | :--- | :--- | :--- | :--- | | EPC Projects | 14,416 | 246 | +5760.2% | | Construction Projects | 1,268 | 598 | +112.0% | | Equipment Projects | 32,916 | 6,607 | +398.2% | | Service Concession Arrangements | 10,731 | 11,698 | -8.3% | | Others | 2,403 | 6,612 | -63.7% | | **Total** | **61,734** | **25,761** | **+139.6%** | Segment Results for the Six Months Ended June 30 (RMB '000) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | EPC Projects | 4,157 | (50) | | Construction Projects | 108 | 73 | | Equipment Projects | 6,307 | 2,184 | | Service Concession Arrangements | 182 | 467 | | Others | 608 | 2,883 | | **Total** | **11,362** | **5,557** | [Revenue, Other Income and Gains](index=13&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Revenue composition for the period is consistent with segment reporting, with equipment and EPC projects being the primary income sources, and other income increased year-on-year mainly due to an exchange gain of RMB 0.725 million - Other income and gains increased from **RMB 1.379 million** in the prior period to **RMB 1.885 million**, with an exchange gain of **RMB 0.725 million** being the main contributing factor to the increase[36](index=36&type=chunk) [Share Option Scheme](index=15&type=section&id=Share%20Option%20Scheme) The company adopted a new share option scheme on June 17, 2022, granting 18,000,000 share options to directors and employees with an exercise price of HKD 1.19 per share, aiming to incentivize and reward contributors - The Company adopted a new share option scheme on June 17, 2022, and granted **18,000,000** share options during the period[42](index=42&type=chunk)[50](index=50&type=chunk) - The granted share options have an exercise price of **HKD 1.19 per share** and vest over three years with vesting percentages of **40%**, **30%**, and **30%** respectively[46](index=46&type=chunk)[52](index=52&type=chunk) - The fair value of share options granted on June 29, 2022, was approximately **HKD 9.154 million**, with related expenses of **HKD 31,960** recognized during the period[52](index=52&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial review, capital structure, and other significant disclosures [Business Review and Outlook](index=22&type=section&id=Business%20Review%20and%20Outlook) The Group's first-half performance significantly improved, with revenue growth of 139.6% and a 42.2% reduction in loss, primarily due to approximately RMB 30 million in revenue from a large municipal equipment project in the Greater Bay Area - The core driver for performance improvement was the recognition of approximately **RMB 30 million** in progress revenue from a large municipal wastewater treatment equipment project in the Greater Bay Area[77](index=77&type=chunk) - The future outlook remains cautious, with operating strategies including: - Mitigating pandemic risks, carefully selecting customers, and controlling costs - Establishing a stable foothold in the Guangdong-Hong Kong-Macao Greater Bay Area and securing more municipal projects - The Vietnam project is expected to commence in the second half of 2022[78](index=78&type=chunk)[80](index=80&type=chunk) - The Group has begun exploring the big health market and signed a non-legally binding Memorandum of Understanding with Jilin City Wutian Health Services Co., Ltd. to jointly develop the Chinese market[81](index=81&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This section details the Group's financial performance, highlighting strong revenue and gross profit growth driven by equipment projects, which effectively offset increased expenses and led to a narrowed net loss [Business Revenue](index=23&type=section&id=Business%20Revenue) Total revenue increased by 139.6% year-on-year to RMB 61.734 million, primarily contributed by equipment and EPC projects, with equipment project revenue surging by 398.2% to become the most significant income source Revenue Breakdown by Segment (RMB '000) | Segment | H1 2022 | H1 2021 | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | EPC Projects | 14,416 | 246 | +5760.2% | From three EPC projects, compared to only one small project in the prior period | | Construction Projects | 1,268 | 598 | +112.0% | Increased revenue | | Equipment Projects | 32,916 | 6,607 | +398.2% | From a large municipal equipment project in the Greater Bay Area and two other projects | | Service Concession Arrangements | 10,731 | 11,698 | -8.3% | Slight decrease in revenue | | Others | 2,403 | 6,612 | -63.7% | Reduced contributions from technical consulting and O&M projects | [Cost of Sales and Gross Profit](index=25&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales increased by 149.3% year-on-year in line with revenue growth, while gross profit increased by 104.5% to RMB 11.362 million, primarily due to contributions from a large municipal equipment project in the Greater Bay Area - Cost of sales increased by **149.3%** from approximately **RMB 20.204 million** in the prior period to **RMB 50.372 million**, largely consistent with the revenue growth trend[92](index=92&type=chunk) - Gross profit increased by **104.5%** from approximately **RMB 5.557 million** in the prior period to **RMB 11.362 million**, primarily due to the recognition of progress revenue from a large municipal equipment project in the Greater Bay Area[93](index=93&type=chunk) [Operating Expenses and Loss for the Period](index=25&type=section&id=Operating%20Expenses%20and%20Loss%20for%20the%20Period) Both selling and distribution expenses and administrative expenses increased during the period, with administrative expenses rising by 25.0% due to increased R&D investment, yet the loss for the period successfully narrowed by 42.2% to RMB 3.580 million - Selling and distribution expenses increased by **83.1%** year-on-year to **RMB 0.985 million**[94](index=94&type=chunk) - Administrative expenses increased by **25.0%** year-on-year to **RMB 14.838 million**, primarily due to an increase in R&D expenses of approximately **RMB 2.917 million**[95](index=95&type=chunk) - Loss for the period decreased by **42.2%** from **RMB 6.192 million** in the prior period to **RMB 3.580 million**[96](index=96&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=26&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) As of June 30, 2022, the Group's capital structure remained stable with total equity of approximately RMB 71.221 million, cash and bank balances increased, but the company was in a net current liability position, with the gearing ratio rising to 70% Capital and Liquidity Ratios | Indicator | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Total Equity Attributable to Shareholders | RMB 71.221 million | RMB 74.823 million | | Cash and Bank Balances | RMB 57.621 million | RMB 46.009 million | | Net Current (Liabilities)/Assets | (RMB 7.168 million) | (RMB 6.703 million) | | Total Bank Borrowings | RMB 45.088 million | RMB 38.497 million | | Gearing Ratio | 70% | 67% | [Other Disclosures](index=26&type=section&id=Other%20Disclosures) During the period, the Group had no significant investment or acquisition activities, with operating commitments amounting to approximately RMB 123 million, and the company's name was changed post-period - As of June 30, 2022, the Group's contracted commitments for EPC and construction projects amounted to approximately **RMB 123 million**[71](index=71&type=chunk)[102](index=102&type=chunk) - Certain of the Group's buildings, investment properties, and leasehold land have been pledged to secure bank facilities granted[106](index=106&type=chunk) - Subsequent to the reporting period, the Company's name was changed from "Jianyu Group Holdings Limited" to "China TianYF Holdings Group Limited", effective from **July 27, 2022**[118](index=118&type=chunk) [Corporate Governance and Other Information](index=30&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, directors' and major shareholders' interests, and the audit committee's review [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The company is committed to maintaining good corporate governance, complying with all provisions of the Corporate Governance Code during the period, with the only deviation being the combined roles of Chairman and CEO - The Company complied with the Corporate Governance Code of the GEM Listing Rules, with the only deviation being that the roles of Chairman and Chief Executive Officer were not segregated, both held by **Mr. Xie Yang**[122](index=122&type=chunk) [Directors' and Major Shareholders' Interests](index=30&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) The report discloses the shareholdings of directors and major shareholders, with Chairman Mr. Xie Yang holding 30.45% of the company's shares through his controlled corporation, making him the controlling shareholder Major Shareholders' Shareholdings as of June 30, 2022 | Shareholder Name/Person | Capacity | Number of Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Xie Yang | Interest in Controlled Corporation | 91,350,000 | 30.45% | | Mr. Zhao Yanwei | Beneficial Owner | 15,000,000 | 5.00% | | Mr. Song Xiaoxing | Interest in Controlled Corporation | 44,032,500 | 14.68% | [Audit Committee Review](index=33&type=section&id=Audit%20Committee%20Review) The Audit Committee, comprising three independent non-executive directors, has reviewed the accounting policies and unaudited condensed consolidated financial statements for the six months ended June 30, 2022, deeming them compliant with applicable accounting standards and Listing Rules requirements - The Audit Committee has reviewed the interim results and interim report for the period and is of the opinion that adequate disclosures have been made and comply with relevant requirements[140](index=140&type=chunk)

[Financial Highlights](index=3&type=section&id=Financial%20Highlights) Jianyu Group's Q1 2022 revenue increased 53.0% to RMB 19.6 million, yet gross profit declined 39.3% to RMB 1.2 million, and loss attributable to owners widened 26.6% to RMB 5.63 million Financial Highlights Summary | Indicator | 2022 Q1 (RMB) | 2021 Q1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 19,596,000 | 12,809,000 | +53.0% | | Gross Profit | 1,201,000 | 1,977,000 | -39.3% | | Loss Attributable to Owners of the Company | (5,628,000) | (4,447,000) | +26.6% (Loss Widened) | | Interim Dividend | Not Proposed | N/A | - | [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The company's revenue increased 53.0% to RMB 19.6 million, but a significant rise in cost of sales led to gross profit falling to RMB 1.2 million, with the loss for the period widening to RMB 5.63 million and basic loss per share at RMB 0.019 Condensed Consolidated Statement of Comprehensive Income Summary | Item (RMB Thousands) | 2022 Q1 (Unaudited) | 2021 Q1 (Unaudited) | | :--- | :--- | :--- | | Revenue | 19,596 | 12,809 | | Cost of Sales | (18,395) | (10,832) | | **Gross Profit** | **1,201** | **1,977** | | Administrative Expenses | (6,962) | (6,829) | | Loss Before Tax | (6,289) | (4,816) | | **Loss for the Period** | **(5,628)** | **(4,447)** | | **Basic Loss Per Share Attributable to Owners of the Company (RMB)** | **(0.019)** | **(0.015)** | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of March 31, 2022, total equity decreased to RMB 69.03 million from RMB 74.82 million at year-start, primarily due to a RMB 5.63 million loss and RMB 0.16 million exchange difference loss during the period - As of March 31, 2022, total equity decreased from **RMB 74.823 million** at the beginning of the year to **RMB 69.033 million**, primarily due to a loss for the period of **RMB 5.628 million** and an exchange loss of **RMB 0.162 million**[14](index=14&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, including the company's five operating segments, revenue recognition, and tax status, highlighting equipment projects as the primary Q1 2022 revenue source and the group's main operating subsidiary enjoying a 15% preferential corporate income tax rate [Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The company's business is divided into five segments, with equipment projects contributing the largest revenue (RMB 10.29 million) in Q1 2022, followed by service concession arrangements (RMB 5.08 million), and most revenue originating from Mainland China Operating Segment Performance (RMB Thousands) | Segment | 2022 Q1 Revenue | 2022 Q1 Performance | | :--- | :--- | :--- | | EPC Projects | 1,268 | 108 | | Construction Projects | 2,228 | 390 | | Equipment Projects | 10,285 | 816 | | Service Concession Arrangements | 5,082 | (96) | | Others | 733 | (17) | | **Total** | **19,596** | **1,201** | - Geographically, almost all of the company's revenue (**RMB 19.6 million**) was derived from customers in Mainland China[23](index=23&type=chunk) [Revenue, Other Income and Gains](index=10&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue for Q1 2022 significantly increased to RMB 19.6 million from RMB 12.81 million in the prior year, driven primarily by equipment projects and new construction projects, while other income decreased to RMB 0.504 million due to the absence of government grants present in the prior period Revenue and Other Income Breakdown (RMB Thousands) | Revenue Source (RMB Thousands) | 2022 Q1 | 2021 Q1 | | :--- | :--- | :--- | | **Revenue** | | | | EPC Projects | 1,268 | 598 | | Construction Projects | 2,228 | – | | Equipment Projects | 10,285 | 3,780 | | Service Concession Arrangements | 5,082 | 4,812 | | Others | 733 | 3,619 | | **Total Revenue** | **19,596** | **12,809** | | **Other Income** | | | | Bank Interest Income | 81 | 26 | | Rental Income | 423 | 415 | | Government Grants | – | 400 | | **Total Other Income** | **504** | **841** | [Income Tax](index=11&type=section&id=5.%20Income%20Tax) Guangzhou Zhongke Jianyu Environmental Protection Co Ltd, the group's main operating subsidiary, is recognized as a high-tech enterprise, enjoying a preferential corporate income tax rate of 15% during the reporting period, lower than the standard 25% - The Group's principal operating subsidiary in Mainland China is certified as a high-tech enterprise, enjoying a **15%** preferential corporate income tax rate[28](index=28&type=chunk) [Dividends & Loss Per Share](index=11&type=section&id=6.%20Dividends%20%26%207.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) The Board does not recommend any interim dividend for the three months ended March 31, 2022, and due to increased losses, basic loss per share widened to RMB 0.019 from RMB 0.015 in the prior period - The Board does not recommend the payment of an interim dividend for Q1 2022[30](index=30&type=chunk) - Basic loss per share was **RMB 0.019**, compared to **RMB 0.015** in the prior period, calculated based on **300 million** weighted average ordinary shares in issue[31](index=31&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review & Outlook](index=12&type=section&id=Business%20Review%20%26%20Outlook) In Q1 2022, company revenue grew 53% due to a large equipment project, but its low gross margin led to widened overall losses; management remains cautious on the economic outlook, focusing on the Greater Bay Area, restarting pandemic-affected projects, and exploring the big health market for diversification - Revenue growth was primarily driven by a large equipment project, but its low gross margin and the absence of government grants in the prior period were the main reasons for the increased loss in the current period[34](index=34&type=chunk) - The company maintains a cautious outlook on 2022 business conditions, considering factors such as sporadic domestic outbreaks, uncertain pandemic prevention policies, rising raw material prices, and tense international political situations[38](index=38&type=chunk) - The Group has begun exploring the big health market, signing a memorandum of understanding in April 2022, aiming to enhance business performance and diversify its business structure[39](index=39&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) This section analyzes financial performance, highlighting revenue growth driven by equipment projects (+172.1%) and new construction projects, offset by a 79.7% decline in other business revenue, with cost of sales increasing 69.8% (exceeding revenue growth), leading to a 39.3% drop in gross profit and widened losses [Revenue Analysis by Segment](index=13&type=section&id=Revenue%20Analysis%20by%20Segment) Total revenue grew 53.0% to RMB 19.6 million, driven by a 172.1% surge in equipment project revenue to RMB 10.29 million and a 112.0% increase in EPC project revenue to RMB 1.27 million, while other business revenue sharply declined 79.7% Revenue by Segment (RMB Thousands) | Segment | 2022 Q1 Revenue (RMB Thousands) | YoY Change | | :--- | :--- | :--- | | EPC Projects | 1,268 | +112.0% | | Construction Projects | 2,228 | (None in prior year) | | Equipment Projects | 10,285 | +172.1% | | Service Concession Arrangements | 5,082 | +5.6% | | Others | 733 | -79.7% | [Cost, Expense, and Profitability Analysis](index=15&type=section&id=Cost%2C%20Expense%2C%20and%20Profitability%20Analysis) Cost of sales increased 69.8% to RMB 18.4 million, outpacing revenue growth and leading to a 39.3% decline in gross profit to RMB 1.2 million, primarily due to a large equipment project's low-profit margin, while sales and distribution expenses rose 90.6% - Gross profit decreased **39.3%** to **RMB 1.2 million**, primarily due to the lower profit margin of a large equipment project[50](index=50&type=chunk) - Cost of sales increased **69.8%** to **RMB 18.4 million**, generally consistent with the increase in revenue for the period[49](index=49&type=chunk) - Sales and distribution expenses increased **90.6%** to **RMB 0.467 million**, mainly due to higher salaries, business entertainment expenses, and repair and maintenance expenses[51](index=51&type=chunk) [Other Disclosure Matters](index=16&type=section&id=Other%20Disclosure%20Matters) The company complies with corporate governance codes, with Mr. Xie Yang serving as both Chairman and CEO, a structure the Board believes benefits the group, and Mr. Xie holding 30.45% of shares through controlled corporations, while the Audit Committee, composed of three independent non-executive directors, has reviewed the quarterly financial statements - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Xie Yang; the Board believes this arrangement benefits the Group's business prospects and management, and the Board's composition, including three independent non-executive directors, ensures a balance of power[55](index=55&type=chunk) - As of March 31, 2022, Chairman Mr. Xie Yang, through his wholly-owned company, is deemed to have an interest in **91,350,000** shares, representing **30.45%** of the total issued shares[60](index=60&type=chunk)[61](index=61&type=chunk) - The company's Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated financial statements for the period[67](index=67&type=chunk)[68](index=68&type=chunk)

GW GREAT WATER 建 篇 集團 控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號: 8196 年報 2021 GHI 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM 的定位,乃為相比超其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的市場。有意投 資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司·在GEM買賣的證券可能會較於主板買賣之證券承受軟大的市場波動風險· 同時無法保證在 GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何擊明,並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告的資料乃遵照《聯交所的GEM證券上市規則》(「GEM上市規則）而刊載·旨在提供有關建禹集團控股有限公 司(「本公司」)的资料；本公司的董事（「董事儿顾就本報告的資料共同及個別地承擔全部責任。各董事在作出一切 合理查詢後,確認就其所知及所信,本報告所載資料在各重要方面均屬準確完備,沒有誤導或 ...