[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 ...

[Financial Summary](index=3&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's financial performance for the nine months ended September 30, 2021, shows significant revenue growth and reduced losses Financial Performance Highlights | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 65,329 | 36,733 | +77.9% | | Gross Profit | 8,738 | 4,050 | +115.8% | | Loss attributable to ordinary equity holders | (10,639) | (17,333) | -38.6% (Loss narrowed) | - The Board of Directors does not recommend the payment of any dividend for the period[8](index=8&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement details the breakdown of revenue, costs, and profit/loss for the nine months ended September 30, 2021 and 2020 Condensed Consolidated Statement of Comprehensive Income | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 65,329 | 36,733 | | Cost of sales | (56,591) | (32,683) | | Gross Profit | 8,738 | 4,050 | | Other income and gains | 1,883 | 1,884 | | Selling and distribution expenses | (908) | (1,628) | | Administrative expenses | (19,028) | (22,293) | | Finance costs | (1,914) | (1,942) | | Loss before tax | (11,229) | (19,929) | | Income tax credit | 590 | 2,596 | | Loss for the period | (10,639) | (17,333) | | Loss attributable to owners of the parent | (10,639) | (17,333) | | Loss per share attributable to ordinary equity holders of the parent (Basic and Diluted) | RMB (0.035) | RMB (0.058) | Other Comprehensive Income | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | | :--- | :--- | :--- | | Exchange differences on translation of foreign operations | (435) | (1,927) | | Total comprehensive income/(loss) for the period | (11,074) | (19,260) | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This statement details the changes in the company's equity components from January 1, 2021, to September 30, 2021 Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2021 (RMB thousands) | September 30, 2021 (RMB thousands) | | :--- | :--- | :--- | | Share capital | 2,397 | 2,397 | | Share premium account | 98,818 | 98,818 | | Merger reserve | (13,830) | (13,830) | | Asset revaluation reserve | 9,134 | 9,134 | | Statutory surplus reserve | 15,029 | 15,029 | | Exchange fluctuation reserve | 3,937 | 3,502 | | Retained profits | (23,584) | (34,233) | | Total | 91,901 | 80,827 | | Non-controlling interests | (6) | (6) | | Total equity | 91,895 | 80,821 | - Total equity decreased due to a **loss for the period of RMB 10,639 thousand** and **exchange differences of RMB (435) thousand**[16](index=16&type=chunk) [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=7&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB(%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8)) This section provides explanatory notes and disclosures for the unaudited condensed consolidated financial statements [1. General Information](index=7&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) The company is incorporated in the Cayman Islands, with its principal place of business in Hong Kong, focusing on environmental protection businesses - The company was incorporated in the Cayman Islands as an exempted company on **March 25, 2015**[18](index=18&type=chunk) - The Group primarily engages in environmental protection businesses, including wastewater treatment and soil remediation, through the design, construction, operation, and maintenance of related facilities, as well as equipment trading[18](index=18&type=chunk) [2. Basis of Preparation](index=7&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The unaudited condensed consolidated financial statements are prepared in accordance with HKFRS and reviewed by the audit committee - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, Hong Kong Generally Accepted Accounting Principles, and the disclosure requirements of the Hong Kong Companies Ordinance[20](index=20&type=chunk) - The condensed consolidated financial statements are unaudited but have been reviewed by the Company's Audit Committee[21](index=21&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The group's business is divided into five reportable operating segments, with management assessing performance based on adjusted profit/loss before tax for each segment - The Group's business is divided into five reportable operating segments: EPC projects, Construction projects, Equipment projects, Service Concession Arrangements, and Other projects (primarily including operation and maintenance services)[22](index=22&type=chunk)[25](index=25&type=chunk) Segment Revenue | Segment Revenue (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | EPC projects | 428 | 793 | | Construction projects | 3,031 | 2,716 | | Equipment projects | 36,284 | 26,380 | | Service Concession Arrangements | 18,401 | 2,693 | | Other | 7,185 | 4,151 | | **Total** | **65,329** | **36,733** | Segment Results (Gross Profit) | Segment Results (Gross Profit) (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | EPC projects | (33) | 101 | | Construction projects | 804 | 12 | | Equipment projects | 4,139 | 3,349 | | Service Concession Arrangements | 1,126 | 151 | | Other | 2,702 | 437 | | **Total** | **8,738** | **4,050** | [4. Revenue, Other Income and Gains](index=10&type=section&id=4.%20%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) Group revenue primarily derives from EPC, construction, equipment, service concession arrangements, and other services, totaling RMB 65,329 thousand, with other income and gains of RMB 1,883 thousand Revenue Sources | Revenue Source (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | EPC projects | 428 | 793 | | Construction projects | 3,031 | 2,716 | | Equipment projects | 36,284 | 26,380 | | Service Concession Arrangements | 18,401 | 2,693 | | Other | 7,185 | 4,151 | | **Total Revenue** | **65,329** | **36,733** | Other Income and Gains | Other Income and Gains (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | Bank interest income | 151 | 71 | | Rental income | 1,282 | 1,313 | | Government grants | 450 | 487 | | Other | - | 13 | | **Total Other Income and Gains** | **1,883** | **1,884** | [5. Finance Costs](index=10&type=section&id=5.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the nine months ended September 30, 2021, the Group's finance costs, primarily bank loan interest, totaled RMB 1,914 thousand, a slight decrease from the prior year Finance Costs | Finance Costs (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | Bank loan interest | 1,914 | 1,942 | [6. Income Tax](index=11&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85) This section details the applicable income tax rates for Hong Kong, Mainland China (including preferential rates for high-tech enterprises), and Vietnam - The statutory Hong Kong profits tax rate is **16.5%**, with no provision for the period[34](index=34&type=chunk) - Mainland China subsidiaries are subject to a corporate income tax rate of **25%**, with high-tech enterprises enjoying a **preferential rate of 15%**[35](index=35&type=chunk) - Vietnamese subsidiaries are subject to a corporate income tax rate of **22%**[35](index=35&type=chunk) Income Tax Credit | Income Tax Credit (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | Current period - outside Hong Kong Deferred | (590) | (2,596) | | **Total tax recovery for the period** | **(590)** | **(2,596)** | [7. Dividends](index=11&type=section&id=7.%20%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any dividend for the nine months ended September 30, 2021 - The Directors do not recommend the payment of any dividend for the nine months ended September 30, 2021[37](index=37&type=chunk) [8. Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=11&type=section&id=8.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share was RMB (0.035) for the period, an improvement from RMB (0.058) in the prior year, with diluted loss per share being the same Loss Per Share Calculation | Indicator | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | Loss for the period attributable to ordinary equity holders | RMB 10,639,000 | RMB 17,333,000 | | Weighted average number of ordinary shares in issue | 300,000,000 shares | 300,000,000 shares | | Basic loss per share | RMB (0.035) | RMB (0.058) | - Diluted loss per share is the same as basic loss per share as the Group had no potential dilutive ordinary shares in issue[39](index=39&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an overview of the group's business performance, financial results, and future outlook [Business Review](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The group, a wastewater and drinking water treatment engineering service provider in China, saw revenue increase by 77.9% and loss decrease by 38.6% - The Group is a wastewater and drinking water treatment engineering service provider in China, primarily engaged in EPC projects, equipment projects, service concession arrangements, and O&M projects[41](index=41&type=chunk) Key Financial Performance | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 65,329 | 36,733 | +77.9% | | Loss attributable to ordinary equity holders | (10,639) | (17,333) | -38.6% (Loss narrowed) | Revenue Composition | Revenue Composition (RMB thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | | :--- | :--- | :--- | | EPC projects | 428 | 793 | | Construction projects | 3,031 | 2,716 | | Equipment projects | 36,284 | 26,380 | | Service Concession Arrangements | 18,401 | 2,693 | | Other environmental projects | 7,185 | 4,151 | [Outlook](index=12&type=section&id=%E5%B1%95%E6%9C%9B) The group plans to mitigate operational risks, control costs, stabilize revenue, and focus on cash flow amidst economic uncertainties, with some projects progressing and others delayed - The Group's future operational focus will be on preventing operational risks from the pandemic, carefully selecting customers, controlling costs, stabilizing revenue, and focusing on cash flow[43](index=43&type=chunk) - Chinese projects are progressing, such as the Guangzhou Eastern Industrial Solid Waste Treatment Equipment Project, with a contract value of approximately **RMB 47,880,000**, which has entered the substantial procurement phase and is expected to enter the delivery and installation phase in the fourth quarter of this year[43](index=43&type=chunk) - The Vietnam project has been temporarily suspended again due to recurring local pandemic outbreaks, and the Group is actively communicating and coordinating with the client[43](index=43&type=chunk) - The Group will continue to deepen its presence in the Greater Bay Area, striving for more municipal projects, and has secured new project contracts in the second and third quarters of 2021[45](index=45&type=chunk) - Revenue and profitability are expected to improve in the fourth quarter of 2021, but the full-year performance remains cautious due to the domestic pandemic, adjustments in prevention policies, and insufficient energy supply[46](index=46&type=chunk) [Financial Review](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section analyzes the group's revenue, costs, and profit components, highlighting significant growth in revenue and gross profit, and a reduction in loss [Revenue](index=13&type=section&id=%E6%94%B6%E7%9B%8A) Total group revenue increased by 77.9% to RMB 65,329 thousand, driven by equipment projects, service concession arrangements, and other projects - The Group's revenue for the period was approximately **RMB 65,329,000**, representing an increase of approximately **77.9%** compared to the same period in 2020[47](index=47&type=chunk) [EPC Projects and Construction Projects](index=13&type=section&id=EPC%E9%A0%85%E7%9B%AE%E5%8F%8A%E5%BB%BA%E8%A8%AD%E9%A0%85%E7%9B%AE) EPC project revenue decreased by 46.0% to RMB 428 thousand, while construction project revenue increased by 11.6% to RMB 3,031 thousand EPC and Construction Project Revenue | Project Type | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | EPC project revenue | 428 | 793 | -46.0% | | Construction project revenue | 3,031 | 2,716 | +11.6% | - Construction project revenue increased primarily due to revenue from **three construction projects** in the nine months of 2021, compared to two in the same period of 2020[50](index=50&type=chunk) [Equipment Projects](index=14&type=section&id=%E8%A8%AD%E5%82%99%E9%A0%85%E7%9B%AE) Equipment project revenue increased by 37.5% to RMB 36,284 thousand, primarily due to an increase in project numbers Equipment Project Revenue | Project Type | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Equipment project revenue | 36,284 | 26,380 | +37.5% | - Revenue increased primarily due to revenue from **six equipment projects** in the nine months of 2021, compared to two in the same period of 2020[52](index=52&type=chunk) [Service Concession Arrangements](index=14&type=section&id=%E6%9C%8D%E5%8B%99%E7%89%B9%E8%A8%B1%E7%B6%93%E7%87%9F%E5%AE%89%E6%8E%92) Service concession arrangement revenue surged by 583.3% to RMB 18,401 thousand, mainly due to the Guangzhou sludge treatment project's formal operation Service Concession Arrangement Revenue | Project Type | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Service Concession Arrangement revenue | 18,401 | 2,693 | +583.3% | - Revenue increased primarily because the Guangzhou sludge treatment project passed formal acceptance and commenced operation in mid-2020, whereas the prior year period was a trial operation period[53](index=53&type=chunk) [Other](index=14&type=section&id=%E5%85%B6%E4%BB%96) Other segment revenue increased by 73.1% to RMB 7,185 thousand, driven by more technical consulting projects and increased O&M contributions Other Segment Revenue | Project Type | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Other segment revenue | 7,185 | 4,151 | +73.1% | - Revenue increased primarily due to an increase in the number of technical consulting projects (five projects contributing **RMB 4,823 thousand** in 2021, compared to one project contributing **RMB 2,170 thousand** in 2020) and increased contributions from O&M projects[54](index=54&type=chunk) [Other Income and Gains](index=14&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Total other income and gains remained stable at RMB 1,883 thousand, a slight decrease of 0.1% year-on-year Other Income and Gains | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Other income and gains | 1,883 | 1,884 | -0.1% | [Cost of Sales](index=15&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by 73.2% to RMB 56,591 thousand, in line with revenue growth, with increases in inventory, subcontracting, and service costs Cost of Sales Breakdown | Cost Type | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total cost of sales | 56,591 | 32,683 | +73.2% | | Cost of inventories sold | 34,976 | 22,989 | +52.1% | | Subcontracting costs | 9,922 | 2,664 | +272.4% | | Cost of services provided | 11,693 | 7,030 | +66.3% | [Gross Profit](index=15&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit increased by 115.8% to RMB 8,738 thousand, driven by high-margin technical consulting projects and growth in equipment and service concession segments Gross Profit | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Gross Profit | 8,738 | 4,050 | +115.8% | - Gross profit increased primarily due to undertaking **high-margin technical consulting projects** and increased revenue from the equipment projects and service concession arrangements segments[58](index=58&type=chunk) [Selling and Distribution Expenses](index=15&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses decreased by 44.2% to RMB 908 thousand, mainly due to reductions in salaries, maintenance, and tender fees Selling and Distribution Expenses | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 908 | 1,628 | -44.2% | - Selling and distribution expenses decreased primarily due to a reduction of approximately **RMB 120 thousand** in salaries and employee benefits, approximately **RMB 411 thousand** in maintenance expenses, and approximately **RMB 174 thousand** in tender handling fees[59](index=59&type=chunk) [Administrative Expenses](index=15&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by 14.6% to RMB 19,028 thousand, primarily due to the absence of one-off expenses for construction qualification upgrades incurred in the prior year Administrative Expenses | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Administrative expenses | 19,028 | 22,293 | -14.6% | - Administrative expenses decreased primarily because approximately **RMB 3,000,000** in expenses incurred in the same period of 2020 for upgrading construction qualifications were not incurred in the current period[60](index=60&type=chunk) [Loss for the Period](index=15&type=section&id=%E6%9C%AC%E6%9C%9F%E9%96%93%E虧%E6%90%8D) Loss for the period decreased by 38.6% to RMB 10,639 thousand, attributed to higher gross profit, increased revenue from key segments, and reduced administrative expenses Loss for the Period | Indicator | Nine Months Ended September 30, 2021 (RMB thousands) | Nine Months Ended September 30, 2020 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Loss for the period | (10,639) | (17,333) | -38.6% (Loss narrowed) | - The decrease in loss was primarily due to increased gross profit (contributed by high-margin technical consulting projects), increased revenue from equipment projects and service concession arrangements, and the elimination of expenses for upgrading construction qualifications incurred in the same period of 2020[61](index=61&type=chunk) [Dividends](index=16&type=section&id=%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any dividend for the nine months ended September 30, 2021 - The Board of Directors does not recommend the payment of any dividend for the nine months ended September 30, 2021[63](index=63&type=chunk) [Corporate Governance Practices](index=16&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company adheres to the GEM Listing Rules' Corporate Governance Code, with the exception of the Chairman and CEO roles being held by the same individual - The Company has adopted the Corporate Governance Code set out in Appendix 15 to the GEM Listing Rules[64](index=64&type=chunk) - Except for the roles of Chairman and Chief Executive Officer being held by Mr. Xie Yang, the Company has complied with the code provisions of the Corporate Governance Code throughout the period[64](index=64&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer is beneficial to the Group's business prospects and management, with the balance of power ensured by senior management and the Board[64](index=64&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=16&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[65](index=65&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in the Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=17&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of September 30, 2021, Mr. Xie Yang, the Director and Chief Executive, held 30.45% of the total issued shares through a controlled corporation Directors' and Chief Executive's Interests | Director's Name | Capacity | Number of Shares (L) | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Xie Yang | Interest in controlled corporation | 91,350,000 | 30.45% | - Mr. Xie Yang holds shares through Oceanic Expert Investments Limited, which is wholly owned by Mino Holdings Limited, and Mino Holdings Limited is **100% beneficially owned by Mr. Xie Yang**[70](index=70&type=chunk) [Major Shareholders' Interests and Short Positions in Shares or Underlying Shares](index=18&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%96%BC%E8%82%A1%E4%BB%BD%E6%88%96%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%B7%A1%E5%80%89) As of September 30, 2021, major shareholders included Oceanic Expert Investments Limited (30.45%), Waterman Global Limited (22.37%), and Jiasheng Venture Capital Co., Ltd. (14.68%) Major Shareholders' Interests | Shareholder Name | Capacity | Number of Ordinary Shares (L) | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Oceanic Expert Investments Limited | Beneficial owner | 91,350,000 | 30.45% | | Mino Holdings Limited | Interest in controlled corporation | 91,350,000 | 30.45% | | Waterman Global Limited | Beneficial owner | 67,117,500 | 22.37% | | Keen Leap Investments Limited | Interest in controlled corporation | 67,117,500 | 22.37% | | Keen Leap Investments Limited | Beneficial owner | 2,732,000 | 0.91% | | Mr. Zhang Yao | Interest in controlled corporation | 69,849,500 | 23.28% | | Jiasheng Venture Capital Co., Ltd. | Beneficial owner | 44,032,500 | 14.68% | | Chongmin Venture Capital Co., Ltd. | Interest in controlled corporation | 44,032,500 | 14.68% | | Mr. Song Xiaoxing | Interest in controlled corporation | 44,032,500 | 14.68% | - The percentage of shares is calculated based on **300,000,000 issued shares** as of September 30, 2021[77](index=77&type=chunk) [Share Option Scheme](index=19&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The group did not adopt any share option scheme as of September 30, 2021 - As of September 30, 2021, the Group had not adopted any share option scheme[80](index=80&type=chunk) [Compliance with the Code of Conduct Regarding Securities Transactions](index=19&type=section&id=%E6%9C%89%E9%97%9C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%93%8D%E5%AE%88%E8%A6%8F%E5%89%87%E7%9A%84%E5%90%88%E8%A6%8F) The company adopted a code of conduct for directors' securities transactions no less stringent than GEM Listing Rules, and all directors complied during the period - The Company has adopted a code of conduct for directors' securities transactions, the terms of which are no less stringent than the required standard of dealings set out in the GEM Listing Rules[81](index=81&type=chunk) - All Directors have confirmed compliance with the required standard of dealings throughout the period[81](index=81&type=chunk) [Review of Financial Statements](index=19&type=section&id=%E5%AF%A9%E9%96%B1%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) The Audit Committee, comprising three independent non-executive directors, reviewed the group's accounting policies and the unaudited condensed consolidated financial statements - The Audit Committee consists of **three independent non-executive Directors**, with Mr. Xie Zhiwei as Chairman[82](index=82&type=chunk) - The Audit Committee has reviewed the accounting policies and practices adopted by the Group and discussed financial reporting matters, including the unaudited condensed consolidated financial statements for the period[82](index=82&type=chunk)

GREAT WATER HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock Code: 8196 INTERIM REPORT 2021 建禹集團 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 中期報告 2021 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM已定位為相比超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的內容概不負責，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内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。 本報告乃根據聯交所GEM證券上市規則(「GEM上市規則」的規定而提供有關建高集團控股有限公 ...

GW GREAT WATER 型 ET 建 電 區 靠 控 股 有限 2 ( 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ) 股份代號:8196 第一季度業績報告 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM已定位為相比超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的內容概不負責，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内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。 本報告乃根據聯交所GEM證券上市規則(「GEM上市規則」的規定而提供有關建高集團控股有限公司(「本公司」)的 資料・本公司董事(Γ董事 J)願就此共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等所深知及 確信,本報告所就資料在所有重大方面均屬準確及完整 ...

GW GREAT WATER 建 渠 控股有限 （於開曼群島註冊成立之有限公司） 2020 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内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」》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,沒有誤導或欺詐成分,且並無 遺漏任何事項，足以令致本 ...

GW GREAT WATER 建 国 (於開曼群島註冊成立之有限公司) 股份代號: 8196 第三季度業績報告 2020 gul 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM已定位為相比超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的內容概不負責，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依賴該等內容而引致的任何損失承擔任何責任。 本報告乃根據聯交所GEM證券上市規則(ΓGEM上市規則)的規定而提供有關建禹集團控股有限公司(Γ本公司」· 連 同其附屬公司,「本集團」的資料,本集團董事（「董事儿願就此共同及個別承擔全部費任。董事在作出一切合理 查詢後確認,就彼等所深知及確信,本報告所載資料在所有重大方面均屬準確及完整,並無誤導或欺詐成分； ...

GW GREAT WATER 建 ET (於開曼群島註冊成立之有限公司) 股份代號: 8196 中期報告 2020 Gui 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM已定位為相比超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的內容概不負責，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内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。 本報告乃根據聯交所GEM證券上市規則(「GEM上市規則」的規定而提供有關建高集團控股有限公司(「本公司」)的 資料・本公司董事(Γ董事 J)願就此共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等所深知及 確信,本報告所載資料在所有重大方面均屬準確及完整,並無誤導或欺詐成分：及並無遺漏任何其 ...