Financial Performance - Operating revenue decreased by 25.24% to CNY 63,274,131.59 year-on-year[5] - Net profit attributable to shareholders was CNY 16,755,727.25, a significant recovery from a loss of CNY 1,344,925.38 in the same period last year[5] - Basic and diluted earnings per share were both CNY 0.0104, recovering from a loss of CNY -0.0008 in the same period last year[5] - The company reported a net loss of ¥198,770,084.94, an improvement from a loss of ¥215,525,812.19 in the previous period[36] - The company’s total comprehensive income for the period was 28,732,318.51 RMB, compared to 6,656,239.60 RMB in the previous year, reflecting a substantial increase[48] Cash Flow - The net cash flow from operating activities was negative at CNY -231,485,291.06, compared to CNY -44,684,194.66 in the previous year[5] - In Q1 2020, the net cash flow from operating activities was -RMB 231.49 million, a decrease of RMB 186.80 million compared to Q1 2019[23] - The company experienced a cash outflow of 320,531,788.09 RMB from operating activities, which is a substantial increase from 139,279,415.71 RMB in Q1 2019, representing a rise of about 130%[52] - The net cash flow from financing activities was 36,933,917.85 RMB, a recovery from -8,465,010.18 RMB in Q1 2019, showing a positive shift in financing[52] Assets and Liabilities - Total assets increased by 1.16% to CNY 4,839,513,921.51 compared to the end of the previous year[5] - Current assets totaled ¥2,620,305,160.44, compared to ¥2,582,879,926.34 at the end of 2019, indicating an increase of about 1.44%[34] - Total liabilities amounted to ¥1,370,778,477.44, up from ¥1,331,795,572.24, reflecting an increase of about 2.9%[36] - Long-term borrowings increased to ¥194,480,000.00 from ¥162,000,000.00, representing a growth of approximately 20%[36] Shareholder Information - The total number of shareholders reached 117,861, indicating a stable shareholder base[9] - The largest shareholder, Guozhong (Tianjin) Water Co., Ltd., holds 13.74% of shares, with a significant portion pledged[9] - The actual controller's companies released 198,310,900 shares for circulation, accounting for 11.99% of the total share capital[19] Investment and Expenses - The company reported an investment income of CNY 31,049,078.08, a 302.50% increase compared to CNY 7,714,105.37 in the same period last year[15] - Tax expenses decreased by 65.92%, from CNY 7,240,679.99 to CNY 2,467,270.83[15] - Financial expenses dropped by 86.42%, from CNY 3,560,526.10 to CNY 483,476.49[15] Operational Focus - The company is focusing on enhancing its financial performance and operational efficiency in the upcoming quarters[5] - The company is pursuing arbitration against Dongying government for unpaid sewage treatment fees amounting to RMB 46.67 million, with an additional RMB 64.34 million deemed uncollectible[28] - The company is in the process of a major asset acquisition of Chengdu Renxin Technology Co., acquiring 52.53% of its shares, with ongoing negotiations for compliance adjustments[30] Changes in Capital Structure - The company reduced its registered capital from RMB 801 million to RMB 571 million, with a return of RMB 102.11 million received on April 14, 2020[21] - The company plans to establish a joint venture with Shanghai Pengdu Health Technology Development Co., with a registered capital of RMB 100 million, where Pengdu Health will contribute RMB 80 million[22] Other Financial Metrics - The weighted average return on equity was 0.49%, up from -0.04% year-on-year[5] - Non-recurring gains and losses totaled CNY 9,053,496.90, with significant contributions from financial investment income[8] - The company’s research and development expenses for Q1 2020 were CNY 1,508,553.02, slightly up from CNY 1,334,193.72 in Q1 2019[43]

Financial Performance - In 2019, the company achieved a net profit attributable to shareholders of RMB 19.74 million, while the parent company's net profit was RMB 98.09 million[4]. - The parent company reported a distributable profit of RMB -26.26 million at the end of 2019, leading to a decision not to distribute profits or increase capital reserves[4]. - The company did not extract statutory surplus reserves and had an undistributed profit of RMB -36.08 million at the beginning of the year[4]. - The company's operating revenue for 2019 was approximately ¥537.84 million, representing a 14.27% increase compared to ¥470.66 million in 2018[23]. - The net profit attributable to shareholders for 2019 was approximately ¥19.74 million, an increase of 89.85% from ¥10.40 million in 2018[23]. - The basic earnings per share for 2019 was ¥0.0122, reflecting a 93.65% increase compared to ¥0.0063 in 2018[22]. - The net cash flow from operating activities decreased by 40.08% to approximately ¥101.21 million in 2019 from ¥168.90 million in 2018[23]. - The total assets at the end of 2019 were approximately ¥4.78 billion, a decrease of 5.87% from ¥5.08 billion at the end of 2018[23]. - The company reported a significant decline in the net profit after deducting non-recurring gains and losses, which was approximately -¥110.39 million in 2019 compared to ¥2.90 million in 2018[23]. - The weighted average return on equity for 2019 was 0.58%, an increase of 0.28 percentage points from 0.30% in 2018[22]. Operational Overview - The company operates primarily in wastewater treatment, water supply, and environmental engineering services, utilizing BOT, TOT, and BT models[29]. - The company's wastewater treatment business operates through 11 project companies, with a total processing capacity of 68.59 million tons per day, while the current processing capacity is 62.59 million tons per day[30]. - The water supply business is conducted through 2 project companies, with a total designed capacity of 51.00 million tons per day, and the current processing capacity is 16.00 million tons per day[31]. - The company has a strong position in the water services industry, leveraging extensive experience in municipal water construction and operation, and has successfully expanded its wastewater treatment and water supply services across regions[36]. - The company emphasizes innovation in environmental technology, continuously fostering core technical teams and enhancing research platforms to capture market trends and new opportunities[39]. - The company maintains a stable operational model in the water services sector, which is less affected by economic cycles, benefiting from urbanization and increased environmental regulations[35]. Investment and Acquisitions - The company actively seeks investment and acquisition opportunities in the global environmental industry, enhancing its ability to integrate resources and expand into domestic and international markets[42]. - The company acquired the remaining equity of Bicheng Technology, making it a wholly-owned subsidiary, focusing on clean energy transformation projects[47]. - The company plans to acquire a controlling stake in Chengdu Renxin Technology Co., Ltd., pending regulatory approvals[49]. - The company completed a share buyback of 40,154,025 shares, accounting for 2.43% of total share capital, with a total expenditure of approximately 120.53 million yuan[50]. - The company is optimizing its traditional water service sector while exploring opportunities in the new energy industry[47]. Revenue and Cost Analysis - The main business income from sewage treatment was 240.42 million yuan, an increase of 13.55% year-on-year[46]. - The main business income from water supply was 67.69 million yuan, a decrease of 34.46% year-on-year[46]. - Revenue from water sales decreased by 34.46% year-on-year, primarily due to the disposal of Dongying and Qianzi Mountain water supply operations[57]. - Revenue from wastewater treatment increased by 13.55% year-on-year, attributed to water fee adjustments in Taiyuan, Qinhuangdao, and Qinghai[57]. - Engineering service revenue surged by 152.67% year-on-year, driven by significant increases in revenue from Zhongke Guoyi and Hanjiang Industrial engineering services[57]. - Total costs for water sales decreased by 37.75% year-on-year, with raw material costs dropping by 96.63% due to the exclusion of disposed operations from the consolidation scope[59]. - Wastewater treatment raw material costs increased by 29.68% year-on-year, influenced by upgrades in wastewater treatment projects and higher water quality standards[61]. - The total cost of wastewater treatment remained relatively stable, with a slight decrease of 0.27% year-on-year[61]. - The total cost of main business operations increased by 13.63% year-on-year, reaching 36,298.98 million[60]. Legal and Compliance Issues - The company is involved in a significant lawsuit regarding a loan guarantee, with the original loan amount being CNY 50 million and the total amount claimed, including interest, reaching CNY 56,581,487.5[126]. - The company has a pending civil lawsuit where it is being asked to repay CNY 21,702,869.5 in principal and accrued interest of approximately CNY 12,747,964.57, totaling CNY 34,450,833.57[126]. - The company has faced administrative penalties amounting to CNY 100,000, which it is contesting in court due to alleged procedural errors and lack of evidence[128]. - The company has retained Zhongzhun Accounting Firm for auditing services, with a remuneration of CNY 80,000 for the audit period[125]. - The company has not faced any risks of suspension or termination of its listing status[125]. Future Outlook and Strategic Initiatives - The company plans to enhance its wastewater treatment capacity in Anhui and Shaanxi provinces, with expected production in 2020[84]. - The company is focusing on expanding into emerging environmental sectors such as solid waste treatment and resource recycling, driven by national policies promoting waste management[105]. - The company plans to enhance its competitive edge by optimizing existing water and environmental projects and pursuing mergers and acquisitions to inject high-quality assets[106]. - The company aims to improve its project construction capabilities and market expansion efforts, particularly in the environmental EPC engineering business[107]. - The company is committed to developing urban mineral resource recycling projects as part of its strategic transformation[106]. Shareholder and Governance Information - The company has not encountered any significant accounting errors that would require correction during the reporting period[124]. - The company has not made any changes to accounting estimates during the reporting period[123]. - The company has not reported any occupied funds or progress in debt recovery during the reporting period[122]. - The company has not received any non-standard audit opinions from its accounting firm[122]. - The company has not indicated any plans for mergers or acquisitions in the current reporting period[125].

Financial Performance - Net profit attributable to shareholders increased by 177.45% to CNY 26,366,048.95 for the first nine months of the year[9] - Operating revenue decreased by 3.35% to CNY 283,665,766.45 for the first nine months of the year[9] - Basic earnings per share increased by 178.95% to CNY 0.0159 per share[9] - The company reported a net loss of CNY 37,063,324.14 after deducting non-recurring gains and losses for the first nine months[9] - The company reported a net loss of CNY 217,508,642.44, an improvement from a loss of CNY 235,217,666.39 in the previous year[40] - Net profit for Q3 2019 was ¥11,645,626.78, compared to ¥7,310,399.03 in Q3 2018, reflecting a growth of approximately 59.5%[44] - The total comprehensive income attributable to the parent company for Q3 2019 was ¥14,092,805.72, compared to ¥9,636,001.57 in Q3 2018, indicating a 46.5% increase[45] Cash Flow - Net cash flow from operating activities decreased by 128.97% to CNY -12,841,536.23 for the first nine months of the year[9] - The net cash flow from operating activities decreased by 128.97%, amounting to -12,841,536.23 RMB compared to 44,329,999.60 RMB in the previous year[32] - The cash flow from operating activities for the first three quarters of 2019 was negative at -¥12,841,536.23, compared to a positive ¥44,329,999.60 in the same period of 2018[51] - The total cash inflow from investment activities was 989,520,437.11 RMB, while cash outflow was 1,183,907,458.93 RMB, resulting in a net cash flow of -194,387,021.82 RMB[54] - The total cash inflow from investment activities in Q3 2019 was 1,050,845,343.73 RMB, while cash outflow was 1,450,679,780.89 RMB, resulting in a net cash flow of -399,834,437.16 RMB[52] Assets and Liabilities - Total assets decreased by 6.45% to CNY 4,753,663,545.97 compared to the end of the previous year[9] - The company's cash and cash equivalents decreased by 55.54%, from RMB 1,092,783,662.72 to RMB 485,892,414.16, primarily due to repayment of bank loans and increased investments in asset management projects[15] - The company's prepaid expenses increased significantly by 490.62%, from RMB 26,508,157.08 to RMB 156,563,802.74, mainly due to a RMB 90 million payment for housing prepayments[15] - The company’s long-term equity investments decreased by 84.97%, from RMB 34,954,896.41 to RMB 5,252,697.74, due to changes in subsidiary ownership[15] - The company’s total liabilities decreased significantly, with current liabilities due within one year dropping by 88.17%, from RMB 234,200,000.00 to RMB 27,700,000.00, as a result of loan repayments[15] - Total liabilities were CNY 1,269,435,866.51, down from CNY 1,582,743,776.98, showing a reduction of about 19.74%[40] - The total liabilities and shareholders' equity amounted to CNY 4,582,660,214.96, indicating a balanced sheet[63] Shareholder Information - The total number of shareholders reached 125,085 by the end of the reporting period[11] - The largest shareholder, Guozhong (Tianjin) Water Co., Ltd., holds 13.74% of the shares[11] Investment and Acquisitions - The company plans to acquire 52.53% equity in Renxin Technology through a cash payment for 35,298,500 shares and subscription of 27,660,000 newly issued shares[33] - The company is negotiating a supplementary agreement regarding the major asset acquisition of Renxin Technology, with specific terms still under discussion[33] - The company completed a share repurchase of 40,154,025 shares, accounting for 2.43% of the total share capital, with a total expenditure of 120,527,510.56 RMB[34] Other Financial Metrics - The weighted average return on equity increased by 0.5 percentage points to 0.77%[9] - Research and development expenses for the first three quarters of 2019 amounted to ¥3,789,437.18, compared to ¥3,247,552.19 in the same period of 2018, an increase of about 16.6%[43] - The company’s investment income for the first three quarters of 2019 was ¥37,951,651.07, up from ¥32,530,835.94 in the same period of 2018, representing a growth of approximately 16.3%[44]

Financial Performance - The company's operating revenue for the first half of the year was CNY 179,490,731.52, a decrease of 12.85% compared to CNY 205,948,049.86 in the same period last year [23]. - The net profit attributable to shareholders increased significantly to CNY 13,375,865.88, up 537.82% from CNY 2,097,111.06 year-on-year [23]. - The basic earnings per share rose to CNY 0.0081, reflecting a 523.08% increase from CNY 0.0013 in the previous year [25]. - The weighted average return on equity improved to 0.38%, an increase of 0.32 percentage points compared to 0.06% in the same period last year [25]. - The net cash flow from operating activities was negative at CNY -17,104,356.47, a decline of 148.55% from CNY 35,226,812.14 in the previous year [24]. - Total assets decreased by 6.84% to CNY 4,733,571,693.77 from CNY 5,081,194,420.20 at the end of the previous year [24]. - Non-recurring gains totaled CNY 44,729,083.14, primarily from the disposal of non-current assets and government subsidies [26]. - Operating revenue decreased by 12.85% to RMB 179.49 million compared to the previous year, primarily due to the sale of subsidiaries [54]. - Operating costs decreased by 11.87% to RMB 118.12 million, also attributed to the sale of subsidiaries [54]. - Financial expenses decreased by 40.93% to RMB 6.57 million due to a reduction in loan principal [54]. - The company reported a total cash inflow from operating activities of 70,044,008.66 RMB, down from 355,592,383.08 RMB in the first half of 2018 [141]. Corporate Governance - The financial report has been declared true, accurate, and complete by the responsible persons [6]. - The board of directors attended the board meeting in full [5]. - The report has not been audited [6]. - The company plans not to distribute profits or increase capital reserves during the reporting period [7]. - The company held three shareholder meetings in 2019, including one annual and two extraordinary meetings [76]. - The actual controller of the company committed to fulfill obligations related to the issuance of shares and to consolidate control over the company within 36 months from March 1, 2020 [78]. - The company confirmed that all funds for the non-public issuance of shares will come from self-owned or self-raised funds, with no direct or indirect funding from the company itself [78]. - The company will not introduce new investors or shareholders during the lock-up period from March 2, 2017, to March 1, 2020, ensuring the final equity structure remains unchanged [79]. Legal Matters - The company has ongoing significant litigation matters, including a civil lawsuit involving a loan agreement with a borrowing amount of 5 million [80]. - The company has a guarantee liability of RMB 56,581,487.5 due to the failure of Guozhong Water to repay the loan [81]. - The company has filed an arbitration request for the recovery of unpaid sewage treatment service fees and related costs [81]. - The company is seeking the return of an investment and merger earnest money of RMB 5,000,000 and related fees from Shanghai Deno [81]. - The company has initiated legal proceedings against two defendants for the repayment of RMB 21,702,869.5 in principal and overdue interest [81]. - The company has faced disputes related to the cooperation framework agreement with Shanghai Deno and Jiangsu Deno [81]. - The company has submitted an arbitration application to the Shanghai International Economic and Trade Arbitration Commission [81]. - The company is currently negotiating a settlement with the Heilongjiang Provincial High Court regarding a previous case [81]. - The company has been involved in multiple legal disputes, including a case awaiting trial related to unpaid sewage treatment fees [81]. Environmental and Operational Strategy - The company emphasizes the integration of water supply and wastewater treatment services, enhancing its core competitiveness through a comprehensive environmental governance solution [38]. - The company is actively pursuing project upgrades and optimizations to ensure compliance with environmental standards and improve operational efficiency [46]. - The company is focused on expanding into emerging urban and rural markets, where significant growth potential remains [34]. - The company maintains a stable position in the water services industry, characterized by strong demand and low cyclicality [35]. - The company is committed to continuous innovation in technology and project management to enhance its service offerings and operational capabilities [40]. - The company has established a comprehensive water quality monitoring system to ensure compliance with discharge standards [99]. - The company has five pollution prevention construction projects underway, including upgrades and installations in Ma'anshan, which are expected to meet Class A discharge standards [94]. Shareholder and Equity Information - The company repurchased 40,154,025 shares, accounting for 2.43% of total share capital, with a total expenditure of approximately RMB 120.53 million [51]. - The total number of ordinary shareholders reached 130,064 by the end of the reporting period [112]. - The top ten shareholders held a total of 13.74% and 9.59% of shares respectively, with the largest shareholder being Guozhong (Tianjin) Water Co., Ltd. [114]. - The company has a total of 229,276,500 restricted shares, with no changes during the reporting period [111]. - The repurchased shares will be used for future employee stock ownership plans and equity incentive plans, with no immediate impact on earnings per share [108]. - The total equity attributable to the parent company at the end of the reporting period is CNY 3,506,730,723.96, compared to CNY 3,656,488,797.56 at the end of the previous year, reflecting a decrease of approximately 4.1% [145]. Market and Industry Outlook - The company anticipates risks related to macroeconomic and industry policy changes, which could significantly impact market demand and operational activities [69]. - The water industry is experiencing increased competition and consolidation, with projects shifting towards smaller cities, posing challenges for the company's expansion [70]. - The company plans to invest in high-tech and high-growth emerging markets through joint ventures and acquisitions, which carry inherent uncertainties [73]. Accounting and Financial Policies - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations in the next 12 months [155]. - The company adheres to the accounting policies and estimates in accordance with the relevant enterprise accounting standards, particularly for revenue recognition and research and development expenditures [155]. - The company follows specific accounting treatments for business combinations, distinguishing between same-control and non-same-control mergers [160]. - The company applies the equity method for investments in joint ventures, recognizing its share of assets, liabilities, and income [169]. - The company recognizes financial assets based on the degree of continued involvement, confirming liabilities accordingly when risks and rewards are not fully transferred [182].

证券代码：600187 证券简称：国中水务 编号：临 2019-056 黑龙江国中水务股份有限公司 关于参加投资者网上集体接待日活动的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的互动交流，黑龙江国中水务股份有限公司（以下简称"公司"）将参加由黑龙 江省上市公司协会、深圳市全景网络有限公司共同举办的"2019 年黑龙江省上市公司投资者网上集体接待 日"活动，现将有关事项公告如下： 本次集体接待日活动将通过深圳市全景网络有限公司提供的互联网平台举行，投资者可以登录"全景• 路演天下"网站（http://rs.p5w.net）参与公司本次投资者集体接待日活动，时间为 2019 年 6 月 19 日（周三） 14:00 至 16:30。 届时公司董事、总裁丁宏伟先生将通过网络在线问答互动的形式，与投资者就公司治理、发展经营情 况、融资情况和可持续发展等投资者关注的问题进行交流。期间，公司高管将全程在线，实时回答投资者 的提问。 欢迎广大投资者积极参与。 特此公告。 黑龙江国中水务股份有限公司 董事会 ...

Financial Performance - The company achieved a net profit of RMB 10.3986 million for the consolidated financial statements in 2018, while the parent company reported a net profit of RMB 68.7178 million[4]. - The company's operating revenue for 2018 was approximately ¥467.98 million, representing a year-on-year increase of 6.41% compared to ¥439.78 million in 2017[23]. - The net profit attributable to shareholders for 2018 was approximately ¥10.40 million, a decrease of 41.69% from ¥17.83 million in 2017[23]. - The basic earnings per share for 2018 was ¥0.0063, down 43.24% from ¥0.0111 in 2017[22]. - The net cash flow from operating activities for 2018 was approximately ¥173.97 million, a significant increase of 812.68% compared to ¥19.06 million in 2017[23]. - The total assets at the end of 2018 were approximately ¥5.08 billion, an increase of 10.71% from ¥4.59 billion at the end of 2017[23]. - The company's net assets attributable to shareholders at the end of 2018 were approximately ¥3.42 billion, a decrease of 2.45% from ¥3.51 billion at the end of 2017[23]. - The weighted average return on net assets for 2018 was 0.30%, down from 0.55% in 2017, reflecting a decrease of 0.25 percentage points[22]. Profit Distribution and Shareholder Decisions - The company plans not to distribute profits or increase capital reserves for the 2018 fiscal year, pending approval from the shareholders' meeting[4]. - The proposed cash dividend amount for 2018 is not to exceed 903.04% of the net profit attributable to ordinary shareholders[123]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits[124]. - The company has not distributed any dividends in the past three years, with net profits of RMB 10,398,554.36 in 2018, RMB 17,833,758.59 in 2017, and RMB 16,188,985.23 in 2016[123]. - The company repurchased shares totaling RMB 93,903,188.26 in 2018, which is considered as cash dividends for the year[123]. - The company plans to repurchase shares with a total amount not less than RMB 120 million and not exceeding RMB 200 million, with a repurchase price not exceeding RMB 4 per share[173]. Risk Management and Compliance - The report includes a risk statement indicating that future plans and strategies do not constitute a commitment to investors, highlighting potential investment risks[5]. - The report outlines various risks faced by the company, which are detailed in the section discussing operational conditions[6]. - The report emphasizes the importance of reviewing the detailed risk matters described in the operational analysis section[6]. - The company faces risks related to policy changes that could impact its water treatment and supply operations, given its reliance on government regulations[114]. - The company is encountering challenges in market expansion due to increased competition and the saturation of water service projects in developed regions[115]. - The company has ensured that all funds for share subscriptions in the non-public offering are sourced from self-owned or self-raised funds[126]. Operational Developments - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[1]. - The company is transitioning towards becoming an environmental comprehensive governance solution provider, enhancing its business coverage capabilities[39]. - The company is focusing on upgrading existing projects and expanding new business markets to enhance overall profitability[49]. - The company is actively pursuing new projects in Hunan and Shaanxi, with expected completion in 2019[83]. - The company aims to enhance its operational efficiency and reduce costs by optimizing existing water treatment and supply projects, while gradually entering higher-tech environmental sectors[110]. Asset Management and Investments - The company invested significantly in R&D, with expenses increasing by 274.05% to CNY 736.41 million[54]. - The total capital expenditure during the reporting period was RMB 200 million[94]. - The company has established an asset management plan with an initial entrusted property of RMB 100 million, aiming to generate reasonable investment returns through various financial instruments[101]. - The company reported a purchase of securities funds amounting to RMB 110,531,727.87 during the reporting period, with a realized investment income of RMB 490,382.23[103]. - The company has launched various wealth management products with interest rates ranging from 3.08% to 7.90%[171]. Environmental and Regulatory Compliance - The company reduced COD (Chemical Oxygen Demand) by approximately 65,290.67 tons, ammonia nitrogen by 5,712.32 tons, total nitrogen by 5,811.66 tons, total phosphorus by 735.15 tons, and suspended solids by 30,018.87 tons during the reporting period[175]. - The company has completed the construction and process debugging of the Qinhuangdao upgrade project, with environmental acceptance expected to be completed in early 2019, achieving Class A discharge standards[176]. - The company has established a real-time water quality monitoring system across its subsidiaries to ensure compliance with discharge standards[178]. - The company has developed emergency response plans for environmental incidents for all key pollutant discharge units and conducts regular drills[180]. - All key pollutant discharge units have obtained environmental impact assessment reports approved by local environmental protection departments during the reporting period[179]. Legal Matters and Contingencies - The company is involved in a significant lawsuit with a claim amount of RMB 21,702,869.5, which includes overdue interest calculated at a bank's prevailing rate[134]. - The company has filed an appeal against the first-instance judgment received on November 16, 2018, and is currently awaiting the second-instance hearing[134]. - The company has also been involved in arbitration regarding a construction project, with a claim for RMB 20,349,681.30 due to overpayment for work not completed as per the contract[138]. - An administrative penalty of RMB 100,000 was imposed on the company by the Ma'anshan Environmental Protection Bureau, which the company disputes[138]. Shareholder Structure and Control - The total number of ordinary shareholders at the end of the reporting period was 135,840, an increase from 132,870 at the end of the previous month[188]. - The largest shareholder, Guozhong (Tianjin) Water Co., Ltd., holds 227,312,500 shares, representing 13.74% of the total shares[190]. - The actual controller, Jiang Zhaobai, indirectly controls the voting rights of the company through Guozhong (Tianjin) Water Co., Ltd. and its subsidiaries[192]. - The company has no changes in the controlling shareholder or actual controller during the reporting period[196].

Financial Performance - Operating revenue for the period was CNY 84,637,790.13, down 7.71% from CNY 91,707,219.56 in the same period last year[5] - The net profit attributable to shareholders was a loss of CNY 1,344,925.38, an improvement from a loss of CNY 2,209,218.08 in the previous year[5] - Basic and diluted earnings per share were both CNY -0.0008, an improvement from CNY -0.0013 in the same period last year[5] - The company reported a net loss of CNY 236,562,591.77 in retained earnings, compared to a loss of CNY 235,217,666.39 at the end of 2018[27] - The company reported a net cash outflow from operating activities of CNY -44,684,194.66 in Q1 2019, contrasting with a net inflow of CNY 16,518,827.58 in Q1 2018[37] - The company's net profit for Q1 2019 was CNY 6,656,239.60, a decrease of 30.9% compared to CNY 9,668,893.28 in Q1 2018[35] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 5,086,531,607.49, a slight increase of 0.11% compared to the previous year[5] - The company's cash and cash equivalents decreased to CNY 796,482,341.99 from CNY 1,092,783,662.72 at the end of 2018, representing a decline of approximately 27%[25] - Accounts receivable and notes receivable increased by 76.63% to CNY 523,446,011.18 compared to CNY 296,344,146.52 in the same period last year[13] - Total current liabilities were reported at CNY 1,294,327,070.40, a slight increase from CNY 1,290,491,889.56[27] - The company's total liabilities stood at CNY 1,583,738,285.82, compared to CNY 1,582,743,776.98 at the end of 2018[27] - Current liabilities reached RMB 1,290,491,889.56, including accounts payable and accrued expenses of RMB 72,858,301.33 and contract liabilities of RMB 826,501,468.33[42] Shareholder Information - The total number of shareholders at the end of the reporting period was 132,870[9] - The largest shareholder, Guozhong (Tianjin) Water Co., Ltd., held 227,312,500 shares, accounting for 13.74% of total shares[9] - The equity attributable to shareholders was CNY 3,424,209,373.28, showing a marginal increase from CNY 3,419,421,632.46[27] - Total equity reported at approximately ¥3.35 billion[49] Cash Flow - The net cash flow from operating activities was negative at CNY -44,684,194.66, a significant decline of 370.50% compared to CNY 16,518,827.58 in the prior year[5] - The company’s cash flow from financing activities improved by 62.16%, with a net cash flow of -CNY 8,465,010.18 compared to -CNY 22,373,295.47 in the previous year[21] - The total cash inflow from investment activities was 251,685,408.92 RMB, while cash outflow was 450,036,414.73 RMB, resulting in a net cash flow from investment activities of -198,351,005.81 RMB[39] Other Financial Metrics - The company reported non-recurring gains and losses totaling CNY 9,958,079.11 for the period[7] - Financial expenses decreased by 36.59% to CNY 3,560,526.10 from CNY 5,615,394.71 year-on-year[16] - Investment income dropped by 42.23% to CNY 7,714,105.37, down from CNY 13,352,807.09 in the previous year[16] - The company’s other income surged by 1663.80% to CNY 4,243,796.99 from CNY 240,605.36 year-on-year[16] Compliance and Standards - The company adopted new financial instrument standards effective January 1, 2019, impacting the initial retained earnings and other comprehensive income[44] - The board approved changes to accounting policies on April 10, 2019, aligning with the new standards[50] - The company is in compliance with the revised accounting standards issued by the Ministry of Finance in 2017[51]

Financial Performance - The company achieved a net profit of RMB 10.3986 million for the consolidated financial statements in 2018, while the parent company reported a net profit of RMB 68.7178 million[4]. - As of the end of 2018, the parent company had a distributable profit of RMB -36.08195 million, leading to a proposal of no profit distribution for the year[4]. - The company did not allocate any statutory surplus reserve and reported an undistributed profit of RMB -42.95372 million at the beginning of the year[4]. - In 2018, the company's operating revenue was approximately CNY 467.98 million, an increase of 6.41% compared to CNY 439.78 million in 2017[23]. - The net profit attributable to shareholders was CNY 10.40 million, representing a decrease of 41.69% from CNY 17.83 million in the previous year[23]. - The basic earnings per share decreased by 43.24% to CNY 0.0063 from CNY 0.0111 in 2017[22]. - The net cash flow from operating activities significantly increased by 812.68% to CNY 173.97 million from CNY 19.06 million in 2017[23]. - The total assets at the end of 2018 were CNY 5.08 billion, reflecting a growth of 10.71% from CNY 4.59 billion in 2017[23]. - The company reported a net asset attributable to shareholders of CNY 3.42 billion, a decrease of 2.45% compared to CNY 3.51 billion at the end of 2017[23]. - The total revenue for the year was 46,353.92 million, an increase of 31.08% compared to the previous year[60]. - Total operating costs were 31,945.04 million, reflecting a 10.15% increase year-over-year[60]. Audit and Compliance - The report includes a standard unqualified audit opinion from Zhongzhun Accounting Firm, ensuring the accuracy and completeness of the financial statements[7]. - The company has not faced any issues related to non-standard audit opinions during the reporting period[129]. - There were no significant accounting errors or changes in accounting estimates reported for the period[131]. - The company has appointed Zhongzhun Accounting Firm for auditing services, with a fee of CNY 800,000[132]. Risk Management - The company has outlined potential risks in its operations, which are detailed in the section discussing "possible risks" in the report[6]. - The report emphasizes the importance of investment risk awareness for investors regarding future plans and strategic developments[5]. - The company is facing risks related to policy changes that could impact its water treatment and supply operations, which are heavily reliant on government regulations[115]. - The company anticipates challenges in expanding its business due to market saturation in developed regions and increasing competition in the water services industry[116]. Strategic Initiatives - The company plans to submit the profit distribution proposal to the 2018 annual general meeting for approval[4]. - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[1]. - The company has engaged in strategic acquisitions to bolster its service offerings and market reach[1]. - The company is actively pursuing investment and acquisition opportunities in the global environmental industry to strengthen its market position[46]. - The company is focusing on upgrading existing projects to ensure compliance with water quality standards and enhance operational efficiency[49]. - The company is committed to improving its operational efficiency and cost management in response to rising prices of energy and raw materials[118]. - The company is focused on enhancing its human resources capabilities to support its strategic initiatives and improve overall management effectiveness[113]. Shareholder Actions - The company completed a share buyback of 30,965,600 shares, accounting for 1.87% of the total share capital, to implement an equity incentive plan[51]. - The company repurchased shares totaling RMB 93,903,188.26 in 2018, which is considered as cash dividends for the purpose of calculating the dividend ratio[123]. - The proposed cash dividend amount for 2018 is not to exceed 903.04% of the net profit attributable to ordinary shareholders[123]. - The company did not propose any cash profit distribution plan despite having positive distributable profits for the reporting period[124]. - The company has a lock-up period of 36 months for shares issued in the non-public offering, starting from March 2, 2017[126]. Environmental Compliance - The company has established a real-time water quality monitoring system across its subsidiaries to ensure compliance with discharge standards[176]. - The company has developed emergency response plans for environmental incidents for all key discharge units and conducts regular drills[178]. - The company has completed the construction and process debugging of the Qinhuangdao upgrade project, with environmental acceptance expected to be completed in early 2019, achieving Class A discharge standards[174]. - All key pollutant discharge units have obtained environmental impact assessment reports approved by local environmental protection departments during the reporting period[177]. Research and Development - The company invested CNY 736.41 million in R&D, an increase of 274.05% year-on-year, reflecting a strong commitment to innovation[54]. - The total R&D investment amounted to 7,364,072.49 RMB, representing 1.57% of total operating revenue[66]. - The company had 15 R&D personnel, making up 1.71% of the total workforce[66]. Financial Management - The company reported a significant increase in management expenses by 2,519.91 million RMB, reflecting a 28.19% rise due to personnel costs and asset restructuring fees[64]. - The overall performance of entrusted financial management indicates a consistent return across various products, with returns ranging from 3.90% to 5.00%[157]. - The financial strategies employed have resulted in significant actual earnings, contributing positively to the company's overall financial health[157]. Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 135,840, an increase from 132,870 at the end of the previous month[186]. - The largest shareholder, Guozhong (Tianjin) Water Co., Ltd., holds 227,312,500 shares, representing 13.74% of the total shares[188]. - The total number of shares held by the top ten shareholders is significant, with the largest three shareholders collectively holding over 25% of the company[188]. - The actual controller, Jiang Zhaobai, indirectly controls the voting rights of the company through Guozhong (Tianjin) Water Co., Ltd.[190]. Legal Matters - The company is involved in a significant lawsuit with a claim amount of RMB 21,702,869.5, which remains unpaid by the defendants[134]. - The plaintiff has incurred a total liability of RMB 56,581,487.5 due to the defendants' failure to repay the loan principal and interest[134]. - The company has filed an appeal against the first-instance judgment received from the Harbin Intermediate People's Court, currently awaiting the second-instance hearing[134]. - An administrative penalty of RMB 100,000 was imposed on the company by the Ma'anshan Environmental Protection Bureau, which the company is contesting[138].

Financial Performance - Net profit attributable to shareholders decreased by 53.69% to CNY 9,502,960.77 for the first nine months compared to the previous year[6]. - Operating revenue for the first nine months was CNY 293,487,378.10, a decline of 4.65% year-on-year[6]. - Basic and diluted earnings per share dropped by 55.12% to CNY 0.0057[6]. - The company reported a net loss of CNY 236,113,259.98 as of September 30, 2018, compared to a loss of CNY 245,616,220.75 at the beginning of the year, indicating a slight improvement[36]. - Net profit for Q3 2018 was ¥7,310,399.03, a decline of 50.05% from ¥14,588,120.31 in Q3 2017[41]. - The company reported a gross profit margin of approximately 16.5% for the first nine months of 2018, down from 20.1% in the same period last year[40]. - Total operating revenue for Q3 2018 was ¥87,539,328.24, a decrease of 14.06% compared to ¥101,872,367.46 in Q3 2017[40]. - The company achieved a total profit of CNY 26,894,703.43 in Q3 2018, reflecting a strong recovery from the previous year's loss[44]. Cash Flow - The net cash flow from operating activities improved significantly to CNY 44,329,999.60, compared to a negative cash flow of CNY -14,678,974.48 in the same period last year[6]. - Cash inflow from operating activities totaled CNY 462,484,644.46, an increase of 22.7% compared to CNY 376,647,798.98 in the previous year[47]. - Cash inflow from investment activities reached CNY 4,424,689,902.47, up from CNY 628,762,488.96 year-over-year[48]. - The company reported a net decrease in cash and cash equivalents of CNY -155,116,116.47, contrasting with an increase of CNY 156,041,534.54 in the previous year[48]. - Cash inflow from the disposal of subsidiaries and other business units was CNY 1,172,121,388.70, significantly higher than CNY 184,012,026.25 in the previous year[48]. Assets and Liabilities - Total assets increased by 18.67% year-on-year to CNY 5,446,618,793.42 as of the end of the reporting period[6]. - The company's total liabilities rose to CNY 1,940,492,972.66 from CNY 933,151,259.20, indicating a significant increase of about 108.3%[36]. - The total amount of prepayments increased by 194.89% to CNY 39,997,680.77, primarily due to increased advance payments for engineering projects by a subsidiary[13][14]. - The company’s total liabilities due within one year increased by 248.20% to CNY 304,200,000.00, mainly due to the reclassification of long-term borrowings[13][18]. - The total current liabilities increased significantly to CNY 1,656,278,185.59 from CNY 319,565,037.15, marking a growth of approximately 418.5%[36]. Shareholder Information - The total number of shareholders reached 137,450 by the end of the reporting period[10]. - The largest shareholder, Guozhong (Tianjin) Water Co., Ltd., held 227,312,500 shares, accounting for 13.74% of total shares[11]. - The company repurchased a total of 29,565,600 shares, accounting for 1.787% of the total share capital, at an average price of CNY 3.048 per share, totaling CNY 89,940,683.26[29][30]. Investment and Income - The company reported a significant increase in non-operating income from financial investments, amounting to CNY 20,347,047.96 for the first nine months[8]. - The company’s investment income increased significantly to CNY 32,530,835.94, compared to a loss of CNY 542,999.80 in the previous year[24][21]. - Investment income for the first nine months of 2018 was CNY 48,849,581.79, a substantial increase from CNY 2,619,431.05 in the previous year[44]. Expenses - The company’s management expenses rose by 35.15% to CNY 83,364,761.45, primarily due to increased personnel costs and intermediary fees related to asset restructuring[24][20]. - The company experienced a significant increase in management expenses, which rose to ¥25,579,284.84 in Q3 2018 from ¥20,748,223.46 in Q3 2017, representing a 23.5% increase[40]. - The company incurred financial expenses of CNY 895,134.85 in Q3 2018, a decrease from CNY 3,831,231.96 in Q3 2017[44]. Future Outlook - The company plans to explore new market expansion strategies and product development initiatives to enhance future revenue streams[40]. - The company is actively progressing with the sale of assets, with several subsidiaries completing industrial and commercial changes, while awaiting government approvals for others[28].

Financial Performance - The company's operating revenue for the first half of 2018 was approximately CNY 205.95 million, a slight increase of 0.01% compared to the same period last year[21]. - Net profit attributable to shareholders decreased by 65.93% to CNY 2.10 million from CNY 6.16 million in the previous year[21]. - The net cash flow from operating activities increased significantly by 1,047.89% to CNY 35.23 million compared to CNY 3.07 million in the same period last year[21]. - Total assets grew by 23.33% to CNY 5.66 billion from CNY 4.59 billion at the end of the previous year[21]. - The company reported a basic earnings per share of CNY 0.0013, down 66.67% from CNY 0.0039 in the previous year[22]. - The weighted average return on net assets decreased by 0.14 percentage points to 0.06% compared to the previous year[22]. - The company achieved a revenue of 20,594.80 million RMB, a slight increase of 0.01% year-on-year, while net profit attributable to shareholders decreased by 65.93% to 209.71 million RMB[42]. - The total comprehensive income attributable to the parent company was CNY 2,472,710.28, down from CNY 6,780,912.99, a decline of 63.5%[133]. Assets and Liabilities - The company's total assets increased by 107,091.00 million RMB, representing a change of 23.33% during the reporting period[35]. - The company's available-for-sale financial assets rose from 58,238.64 million RMB at the end of 2017 to 89,238.64 million RMB, a change of 53.23%[35]. - Total current assets increased to CNY 2,118,473,989.51 from CNY 1,369,574,963.19, representing a growth of approximately 54.5%[123]. - Total current liabilities surged to CNY 1,716,205,718.64 from CNY 319,565,037.15, a significant increase of about 436.5%[125]. - The company's total liabilities amounted to CNY 2,002,795,973.99, up from CNY 933,151,259.20, reflecting an increase of about 114.5%[125]. - The total equity attributable to shareholders increased slightly to CNY 3,507,613,092.39 from CNY 3,505,140,382.11, a marginal rise of about 0.07%[125]. Cash Flow - Cash inflow from operating activities totaled ¥304,483,465.83, up from ¥244,948,784.84, reflecting a year-over-year increase of approximately 24.2%[138]. - Cash outflow from operating activities was ¥269,256,653.69, compared to ¥241,879,954.27, resulting in a net cash flow from operating activities of ¥35,226,812.14[139]. - The net cash flow from investment activities was 94,746,139.98 RMB, contrasting with -336,041,988.67 RMB in the previous period, showing a positive turnaround[143]. - The total cash inflow from financing activities was 943,392,320.00 RMB, indicating strong capital inflow during the period[144]. Shareholder Information - The company has a total of 142,011 ordinary shareholders as of the end of the reporting period[110]. - The top shareholder, Guozhong (Tianjin) Water Co., Ltd., holds 227,312,500 shares, representing 13.74% of the total shares[112]. - The total number of shares held by the top ten shareholders amounts to 13.74% + 9.59% + 2.40% + 1.31% + 1.03% + 0.68% + 0.65% + 0.62% + 0.53% + 0.52%, indicating a significant concentration of ownership[112]. - The company has repurchased 16.55 million shares, representing 1.0006% of the total share capital, with a total expenditure of RMB 51,629,329.40[46]. Business Operations - The company operates 13 wastewater treatment projects with a total processing capacity of 76.09 million tons per day[28]. - The company has four water supply project companies that effectively meet customer water demand[29]. - The company is focusing on expanding its operations in the energy-saving and environmental protection sectors while strengthening its core water supply and wastewater treatment businesses[42]. - The company operates 9 wastewater treatment plants listed as key pollutant discharge units by environmental protection authorities[96]. Risks and Challenges - The report includes a risk statement indicating that forward-looking statements do not constitute a commitment to investors, highlighting potential investment risks[5]. - The company faces risks related to macroeconomic and industry policy changes, which could significantly impact market supply and demand[64]. - Rising costs of energy, labor, and materials pose risks to new project budgets, potentially compressing profit margins for the company's water service subsidiaries[67]. - Water projects typically require significant upfront investment and have long operational cycles, making them vulnerable to local policy changes that could negatively impact operations and cash flow[66]. Legal Matters - The company is involved in a significant lawsuit regarding a loan guarantee, with the principal amount claimed being CNY 21,702,869.5 and accrued interest of approximately CNY 12,747,964.57 as of May 2017[75]. - A total of CNY 745 million is involved in an arbitration case concerning construction project payments, with additional claims for interest and penalties[77]. - The company has faced multiple lawsuits, including a civil case where it was ordered to pay CNY 1,222,893.38 for project-related disputes[77]. Management and Governance - The legal representative of the company is Yin Jun, who also serves as the board secretary[14]. - The company has appointed new board members, including Jiang Qingyun, Jin Zhongping, and Yan Yinzhu, indicating a shift in governance[117]. - The company has seen changes in its executive team, with new appointments including Zhuang Jianlong as Vice President and Chief Risk Officer[117]. Investment and Development - The company is actively pursuing international merger and acquisition opportunities to enhance its market position and integrate global resources[40]. - The company plans to invest in high-tech, high-growth emerging markets and environmental sectors through joint ventures, incubation, and acquisitions, but these markets carry inherent uncertainties[69]. - The company invested CNY 300 million in the Hangzhou Shark Bay Equity Investment Fund to enhance capital operation capabilities and efficiency[54].