Financial Performance - The company's basic earnings per share for 2022 was CNY 1.41, a decrease of 2.76% compared to CNY 1.45 in 2021[14]. - The weighted average return on net assets decreased to 11.03% in 2022 from 12.77% in 2021, a decline of 1.74 percentage points[14]. - The net profit attributable to shareholders was 1.146 billion RMB, a decrease of 1.46% year-on-year, primarily due to losses in the natural gas business amounting to approximately 65 million RMB[51]. - The company reported a total revenue of CNY 3.47 billion in the third quarter, reflecting a steady performance amidst challenging market conditions[21]. - In 2022, the company achieved operating revenue of 12.875 billion RMB, a year-on-year increase of 9.33%, with main business revenue of 12.510 billion RMB, up 9.07%[51]. - The company’s operating revenue for the reporting period reached CNY 1,287,506.32 million, representing a year-on-year increase of 9.33%[125]. - Operating costs increased to CNY 1,024,235.51 million, up 12.89% compared to the previous year[125]. - The net cash flow from operating activities decreased by 51.90% to CNY 42,247.48 million[125]. - The company reported a significant increase in short-term borrowings, amounting to approximately ¥177.61 million, indicating increased bank financing[154]. Revenue and Business Segments - The solid waste treatment business generated main business revenue of 6.880 billion RMB, accounting for 54.99% of the company's main business revenue, with a year-on-year growth of 4.74%[52]. - The life waste incineration business (excluding engineering and equipment) achieved revenue of 2.828 billion RMB, a 12% increase year-on-year, with a gross profit margin of 47.7%[52]. - The energy business achieved a revenue of 4.069 billion yuan, accounting for 32.53% of the company's total revenue, with a year-on-year growth of 21.20% primarily due to increased natural gas sales and higher average sales prices[73]. - The water supply business generated main business revenue of 961 million RMB, a decrease of 2.33% year-on-year, attributed to reduced installation revenue and water sales[68]. - The wastewater treatment business generated 600 million yuan in revenue, representing 4.79% of total revenue, with a year-on-year growth of 7.23% due to increased settlement revenue from wastewater treatment plants[75]. Operational Challenges and Improvements - The company faced a loss of approximately CNY 65 million in its energy business due to rising natural gas procurement costs, impacting overall net profit which decreased by about CNY 100 million year-on-year[14]. - The net cash flow from operating activities for the reporting period was 422 million yuan, a decrease of 51.90% year-on-year, primarily due to significant losses in the energy business and economic downturn impacts[47]. - The company is in the expansion phase for its solid waste treatment business and the maturity phase for its gas business[33]. - The energy business faced challenges with a loss of approximately 65 million RMB due to rising procurement costs, but is expected to return to profitability in 2023[51]. Strategic Initiatives and Future Plans - The company aims to enhance its core business in waste treatment while pursuing collaborative development in water and energy sectors, focusing on sustainable growth[30]. - The company is committed to the "waste-free city" initiative, which is expected to expand the market demand for solid waste treatment[30]. - The company plans to issue public REITs for wastewater and solid waste treatment assets, with an estimated scale of 1-3 billion yuan, to enhance financing channels and promote investment cycles[40]. - The company aims to resolve at least 1.5 billion yuan of outstanding accounts receivable with the support of local governments, improving cash flow and reducing financial costs[47]. - The company is actively pursuing a "no waste city" strategy, focusing on expanding its waste treatment capabilities and enhancing customer engagement[50]. Technological Advancements and Innovations - The company is enhancing digital and information technology capabilities to support efficient management and operational improvements[40]. - The company has established a technology innovation platform, with 7 subsidiaries recognized as high-tech enterprises and 2 as specialized and innovative enterprises in Guangdong Province[80]. - The company has obtained a total of 391 authorized patents and 42 software copyrights, contributing to cost reduction and operational optimization[80]. - The company has developed the first "Waste-Free City Brain" in the country, enhancing operational efficiency and regulatory oversight through digitalization in solid waste management[105]. - The company has implemented a smart kitchen waste collection system, enhancing real-time monitoring and management of kitchen waste throughout the collection and processing stages[110]. Environmental and Social Responsibility - The company has been recognized as the 7th among the top 10 environmental companies in China for 2022, reflecting its industry influence and commitment to social responsibility[46]. - The company is committed to supporting national carbon neutrality goals and enhancing collaboration between solid waste treatment and energy businesses[74]. - The company has established a carbon management committee to oversee carbon emissions and develop reduction strategies, contributing to carbon neutrality goals[41]. - The company is focusing on developing a data management system and enhancing its information service capabilities[181]. Market Expansion and Customer Engagement - The company is actively pursuing market expansion strategies, targeting new regions with a projected investment of 50 million in infrastructure development[199]. - The user base expanded to 5 million active users, marking a 20% increase compared to the previous year[199]. - New product launches are expected to contribute an additional 200 million in revenue in 2022, focusing on innovative technology solutions[199]. - A recent acquisition of a tech startup is anticipated to enhance the company's product offerings and is expected to generate an additional 100 million in revenue over the next two years[199].

Financial Performance - The company's revenue for Q3 2022 reached ¥3,474,514,168.32, representing a year-on-year increase of 35.05%[6] - Net profit attributable to shareholders for Q3 2022 was ¥318,085,681.38, a year-on-year increase of 5.47%[6] - The company's total operating revenue for the year-to-date period reached 9.61 billion CNY, a 34.89% increase compared to the same period last year[21] - The company reported a net profit decrease of 6.56% for the first nine months of 2022, primarily due to rising natural gas procurement costs[10] - Operating profit for Q3 2022 was RMB 3.91 million, significantly up from RMB 535,358.27 in Q3 2021[49] - Net profit attributable to shareholders of the parent company for Q3 2022 was RMB 867.70 million, a decrease of 6.5% compared to RMB 928.61 million in Q3 2021[49] Revenue Breakdown - The solid waste treatment business generated revenue of ¥5,244,000,000 in the first nine months of 2022, accounting for 55.80% of the company's main business revenue, with a growth rate of 43.46%[11] - The energy business achieved revenue of ¥3,004,000,000 in the first nine months of 2022, representing a year-on-year increase of 31.25%[15] - In the first three quarters of 2022, the company's water supply business generated revenue of 707 million CNY, accounting for 7.53% of total revenue, a year-on-year decrease of 1.77% due to the impact of the pandemic[18] - The drainage business achieved revenue of 443 million CNY in the first three quarters of 2022, representing a year-on-year increase of 35.40%, primarily due to increased income from sewage treatment and the operation of sewage networks[19] Cash Flow and Liquidity - The net cash flow from operating activities for the first nine months of 2022 was ¥102,631,764.83, a significant decline of 93.78% year-on-year[11] - Cash flow from operating activities for the first three quarters of 2022 was RMB 102.63 million, down 93.8% from RMB 1.65 billion in the same period of 2021[54] - The company's cash balance was CNY 1,220,620,733.95, down from CNY 1,306,970,050.80, reflecting a decrease of about 6.6%[42] - The ending cash and cash equivalents balance was ¥303,106,091.89, down from ¥831,403,664.97, indicating a decrease of about 63.6% year-over-year[67] Assets and Liabilities - The total assets at the end of Q3 2022 amounted to ¥32,475,317,583.93, reflecting a 10.92% increase compared to the end of the previous year[9] - The total current assets as of September 30, 2022, amounted to CNY 6,341,995,471.40, an increase from CNY 4,845,545,025.58 as of December 31, 2021, representing a growth of approximately 31%[42] - Total liabilities as of September 30, 2022, were CNY 21,190,651,018.19, compared to CNY 18,742,794,372.04, showing a rise of about 7.7%[46] - The company's total equity attributable to shareholders increased to CNY 10,599,855,317.30 from CNY 9,904,595,770.79, marking an increase of approximately 7%[46] Operational Highlights - The company has expanded its solid waste treatment projects, including new incineration projects in Zhangzhou and Ulanqab, contributing to revenue growth[11] - The company is actively pursuing a "zero waste city" strategy, enhancing its solid waste treatment capabilities and expanding its service offerings[13] - The company's solid waste treatment business processed 761.05 thousand tons of garbage incineration in the first nine months of 2022, a 14.45% increase from 664.99 thousand tons in the same period of 2021[27] - The company plans to construct a hydrogen production project in Foshan with an annual production capacity of approximately 2,200 tons of hydrogen, aiming to integrate hydrogen production, refueling, and utilization[17] Research and Development - The company's research and development expenses decreased by 34.11% to 58.14 million CNY due to the cancellation of plans to apply for high-tech enterprise status[21] - Research and development expenses for Q3 2022 were RMB 58.14 million, a decrease of 34% compared to RMB 88.23 million in Q3 2021[49] Government Support - The company received government subsidies amounting to 16.33 million CNY during the reporting period, contributing to its non-operating income[20] Future Projects - The company has ongoing projects, including a hydrogen production project with a capacity of 2,200 tons per year expected to be completed in the first half of 2023[38] - The company plans to establish an agricultural resource recycling treatment center project with a capacity of 20 tons per day, expected to be completed in the second half of 2024[38]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥6,135,052,324.36, representing a year-on-year increase of 34.81%[22]. - The net profit attributable to shareholders for the same period was ¥549,617,324.66, a decrease of 12.34% compared to the previous year[22]. - The net cash flow from operating activities was ¥15,742,979.38, showing a significant decline of 98.53% year-on-year[22]. - Basic earnings per share for the first half of 2022 were ¥0.67, down 16.25% from ¥0.80 in the same period last year[22]. - The company achieved a revenue of 6.135 billion RMB in the first half of 2022, representing a year-on-year growth of 34.81%[43]. - The net profit attributable to shareholders decreased by 12.34% to 550 million RMB, primarily due to rising natural gas procurement costs influenced by international energy prices[43]. - In Q2 2022, the company reported a revenue of 3.408 billion RMB, a year-on-year increase of 37.10%, with a net profit of 391 million RMB, up 1.48%[43]. - The main business revenue for the first half of 2022 was 6.018 billion RMB, accounting for 98.09% of total revenue, with a growth of 34.70% year-on-year[43]. - The company's operating costs increased by 48.82% to 4,819,798,602.21 yuan in the first half of 2022, compared to 3,238,589,367.58 yuan in the same period of 2021[74]. - The net profit after deducting non-recurring gains and losses for the first half of the year was approximately ¥549.76 million, a decrease of 9.69% from ¥608.76 million in the same period last year[156]. Assets and Liabilities - The total assets at the end of the reporting period were ¥31,382,582,836.90, an increase of 7.19% from the end of the previous year[22]. - The net assets attributable to shareholders increased by 3.79% to ¥10,279,739,414.99[22]. - Total liabilities increased to ¥20,425,646,398.55 from ¥18,742,794,372.04, reflecting a rise of about 8.99%[171]. - The company's total assets amounted to ¥31,382,582,836.90, compared to ¥29,278,480,367.01, showing an increase of approximately 7.17%[171]. - The total current assets increased to ¥5,808,392,522.74 from ¥4,845,545,025.58, representing a growth of approximately 19.87%[166]. - Accounts receivable rose significantly to ¥2,372,675,268.95 from ¥1,730,666,290.38, marking an increase of about 37.14%[166]. - Total liabilities rose to ¥9,367,719,418.57, up from ¥8,651,319,619.15, marking a 8.3% increase[177]. Business Segments - The solid waste treatment business achieved a revenue of 3.335 billion RMB in the first half of 2022, accounting for 55.42% of the company's total revenue, with a year-on-year growth of 38.72%[45]. - The net profit from the solid waste treatment business was 508 million RMB, representing 90.15% of the company's total net profit, and a year-on-year increase of 38.15%[45]. - The energy business generated a revenue of 1.95 billion RMB, making up 32.41% of total revenue, with a year-on-year growth of 39.57%[56]. - The company reported a net loss of approximately 90 million RMB in the energy business, a decline of about 180 million RMB compared to the previous year, primarily due to rising natural gas procurement costs[56]. - The water supply business revenue was 448 million RMB, accounting for 7.45% of total revenue, showing a year-on-year decrease of 2.12%[58]. - The drainage business revenue reached 285 million RMB, representing 4.73% of total revenue, with a year-on-year growth of 36.63%[62]. Operational Highlights - The company attributed the revenue growth primarily to new projects in solid waste treatment, including the commencement of operations at the Changde and Kaiping projects[22]. - The solid waste treatment business processed 502.25 million tons of waste in the first half of 2022, an increase of 15.60% from 434.47 million tons in the same period of 2021[71]. - The company generated 191,931.59 million kWh of electricity from waste in the first half of 2022, up 16.18% from 165,207.50 million kWh in the first half of 2021[71]. - The company's sludge treatment volume increased by 41.10% to 12.08 million tons in the first half of 2022, compared to 8.56 million tons in the same period of 2021[71]. - The company plans to build a hydrogen production project in Nanhai, with an annual production capacity of approximately 2,200 tons of hydrogen, to support new energy applications[57]. Risk Management - There were no significant risks that materially affected the company's operations during the reporting period[7]. - The company faces significant policy risks due to the impact of national renewable energy subsidy policy adjustments on its solid waste business, necessitating further observation and confirmation of policy continuity and changes[91]. - The company's financial risk is relatively low, with a stable cash flow and a debt-to-asset ratio at a historically high level, but future project financing needs may increase vulnerability to rising financing costs due to external market changes[99]. - The company emphasizes strict adherence to environmental regulations to mitigate the risk of penalties, with increased investments in environmental protection potentially impacting profitability[92]. Corporate Governance - The company did not propose any profit distribution plan for the reporting period[6]. - The company is committed to ongoing communication with suppliers, customers, and government entities to adapt to macroeconomic and industry policy changes[91]. - The company plans to strengthen its governance and strategic control capabilities to align management improvements with business expansion, reducing operational and governance risks[103]. - The company has not disclosed any new major related transactions during the reporting period[130]. - There are no significant lawsuits or arbitration matters during the reporting period[130]. Environmental Responsibility - The company has implemented a comprehensive flue gas treatment process, including SNCR, semi-dry desulfurization, and activated carbon adsorption, ensuring effective pollution control[113]. - The company has established a self-monitoring plan to track pollutant emissions and their impact on the surrounding environment, with results publicly disclosed[116]. - Green Electric Company reported total emissions of 4.55 tons of particulate matter, 78.64 tons of SO2, and 391.13 tons of NOx from its power plants[110]. - The company has received environmental impact assessment approvals for all its projects and has passed completion environmental inspections[114]. - The company has no record of administrative penalties related to environmental issues during the reporting period[117].

2022 年第一季度报告 单位：元 币种：人民币 1 / 21 证券代码：600323 证券简称：瀚蓝环境 瀚蓝环境股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 本报告所涉及的对未来的预测和前瞻性陈述不构成公司对投资者的实质承诺，敬请投资者注意投 资风险。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 项目 本报告期 本报告期比上年同期增减变动幅度(%) | --- | --- | |-----------------------------------------------|------------------------| | | | | 营业收入 | 32.0 ...

Financial Performance - Operating revenue for 2021 reached ¥11,776,514,847.68, a year-on-year increase of 57.41% compared to ¥7,481,435,505.82 in 2020[25]. - Net profit attributable to shareholders was ¥1,163,381,533.36, reflecting a growth of 10.01% from ¥1,057,479,540.11 in 2020[25]. - Net cash flow from operating activities decreased by 55.09% to ¥878,287,327.91, primarily due to adjustments related to the implementation of Interpretation No. 14[25]. - The company's net assets attributable to shareholders increased by 31.06% to ¥9,904,595,770.79 from ¥7,557,478,083.04 in 2020[25]. - The weighted average return on equity decreased by 2.19 percentage points to 12.77% in 2021 from 14.96% in 2020[25]. - The company reported a significant decline in net profit for the energy sector, down 73%, due to rising international energy prices and a pricing policy that led to losses in the second half of the year[55]. - The net profit from the energy business decreased by 72.82% to CNY 36 million, accounting for 3.06% of the total net profit for 2021[99]. Operational Highlights - The company reported a stable financial performance with no major operational disruptions noted in the management discussion[10]. - The company has not engaged in non-operational fund occupation by controlling shareholders or related parties[10]. - The company completed carbon reduction transactions of 960,000 tons of VCU and 72,000 tons of CCER during the reporting period[40]. - The company has established a solid waste business group and an energy division to strengthen its research capabilities and drive future growth[39]. - The company has expanded its solid waste treatment projects, including the completion of the Nanhai industrial aluminum ash treatment project (30,000 tons/year) and the Nanjing large waste treatment project (30 tons/day) among others, enhancing its operational scale and resource synergy[51]. - The company processed 8.99 million tons of industrial hazardous waste in 2021, a significant increase of 120.88% from 4.07 million tons in 2020[95]. Strategic Initiatives - The company is focusing on the "No Waste City" initiative, aiming to deepen market expansion and enhance resource collaboration across its four major business segments[39]. - The company plans to expand its solid waste treatment capacity, with new projects including a waste incineration power plant in Fuzhou (800 tons/day) and a BOT project in Guiping (1,300 tons/day)[50]. - The company aims to achieve a balanced profit and loss in the energy sector in 2022 through improved gas pricing mechanisms and diversified gas supply sources[56]. - The company is actively pursuing the construction of four expansion projects for wastewater treatment plants, expected to be operational in 2022, with a total capacity of 80,000 tons/day[61]. - The company plans to gradually shift towards light asset operations in energy and water services, starting from its base in Nanhai District, Foshan[149]. Governance and Compliance - The company has established a comprehensive corporate governance structure, adhering to laws and regulations, with a focus on protecting shareholder rights[170]. - The total pre-tax remuneration for the board of directors and senior management during the reporting period amounted to CNY 1,021.39 million[174]. - The company has not engaged in any related party transactions that would affect the independence of its operations[170]. - The company has maintained a clear division of responsibilities among its shareholders, board, supervisors, and management[170]. - The company has established a performance evaluation plan for senior management for the years 2021-2023[198]. Market Outlook - The solid waste industry is expected to see significant growth driven by the "No Waste City" initiative, with plans to promote around 100 cities by 2025[134]. - The national urban waste incineration capacity is projected to reach approximately 800,000 tons per day by the end of 2025, indicating a focus on expanding waste treatment infrastructure[135]. - The company anticipates that the waste incineration market will enter a phase of consolidation and integration, enhancing operational efficiency and quality[135]. - The national emphasis on waste resource utilization in the "14th Five-Year Plan" and carbon neutrality goals is expected to drive demand for recycling and resource recovery, marking a potential growth phase for the recycling industry[142]. Future Projections - The financial target for 2022 is set at 12.2 billion yuan in operating revenue and total assets of 30.5 billion yuan[152]. - The company plans to invest approximately 4 billion yuan in major capital expenditures for 2022, with additional funding needs depending on project acquisition and progress[153]. - The company provided guidance for Q4 2023, expecting revenue to be between 1.6 billion and 1.7 billion, indicating a potential growth of 10-13%[180]. - New product launches are anticipated to contribute an additional 200 million in revenue in the next quarter[180].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥2,572,742,156.01, representing a year-on-year increase of 27.95%[7] - Net profit attributable to shareholders for Q3 2021 was ¥301,601,265.48, a decrease of 1.96% compared to the same period last year[7] - The net profit for the first nine months of 2021 was ¥928,610,156.29, showing a year-on-year growth of 20.82%[12] - Operating revenue increased by 38.40%, driven by the completion of clean energy transformations in the ceramic construction industry and the launch of multiple waste incineration projects[19] - Total operating revenue for the first three quarters of 2021 reached CNY 7,123,764,841.74, a 38.3% increase from CNY 5,147,083,458.93 in the same period of 2020[51] - Net profit for the first three quarters of 2021 was CNY 937,615,512.25, representing a 21.7% increase compared to CNY 770,201,495.77 in the previous year[51] Revenue Growth - The energy business saw a significant revenue increase of 86.33%, with natural gas sales volume up by 56.07% year-on-year[11] - The solid waste treatment business generated ¥12.52 billion in revenue, with a growth rate of 15.13% due to new project launches[11] - The company’s sales revenue from services increased by 45.34%, attributed to reduced pandemic impacts and accelerated government settlement processes[19] Cash Flow and Liquidity - The company maintained a strong cash flow, with net cash flow from operating activities for the first nine months at ¥1,651,024,122.31, a 35.35% increase year-on-year[10] - Cash inflow from operating activities for the first three quarters of 2021 reached ¥6,409,410,505.49, a 39.9% increase compared to ¥4,583,533,693.65 in the same period of 2020[56] - The company reported a net increase in cash and cash equivalents of ¥900,029,089.58, compared to ¥138,361,028.80 in the same period last year[58] Assets and Liabilities - The total assets at the end of the reporting period were ¥28,355,547,329.53, reflecting a year-on-year increase of 13.75%[10] - Total liabilities amounted to approximately ¥16.76 billion, with current liabilities at ¥7.79 billion and non-current liabilities at ¥8.97 billion[63] - The total equity attributable to shareholders reached approximately ¥7.56 billion, contributing to total equity of approximately ¥8.17 billion[65] Cost and Expenses - Operating costs rose by 43.55% due to business growth and increased revenue[19] - The company reported a financial expense of CNY 325,203,457.72, which increased from CNY 245,329,173.91 in the previous year[51] - Research and development expenses increased to CNY 88,231,400.22 in 2021 from CNY 75,656,525.50 in 2020, reflecting a growth of 16.7%[51] Production and Operations - Natural gas production increased by 60.99% to 70,813.54 million cubic meters in the first nine months of 2021 compared to 43,986.47 million cubic meters in the same period of 2020[28] - Hydrogen production surged by 128.79% to 361,918.47 kilograms in the first nine months of 2021, up from 158,190.12 kilograms in the same period of 2020[30] - The amount of waste incinerated reached 664.99 million tons, a 48.60% increase compared to the same period last year[26] Challenges and Risks - The company faced challenges in profitability due to rising energy costs and the expiration of certain tax benefits from the previous year[12] - The company reported a significant increase in credit impairment losses of 137.20%, attributed to a substantial rise in accounts receivable and contract assets[19] Future Plans - The company plans to diversify its gas supply sources and expand its industrial user base, aiming for a 61% increase in sales volume year-on-year[15]

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥4,551,022,685.73, representing a year-on-year increase of 45.11% compared to ¥3,136,354,596.60 in the same period last year[17]. - The net profit attributable to shareholders for the first half of 2021 was ¥627,008,890.81, which is a 36.02% increase from ¥460,979,418.18 in the previous year[17]. - The net cash flow from operating activities was ¥1,074,424,586.48, showing a significant increase of 94.55% compared to ¥552,269,735.27 in the same period last year[17]. - Basic earnings per share for the first half of 2021 were ¥0.80, up 33.33% from ¥0.60 in the same period last year[20]. - The company reported a net profit of ¥707,379,637.95 for the first half of 2021, compared to ¥477,108,535.01 in the same period of 2020, indicating a year-over-year increase of 48.2%[163]. - The net profit after deducting non-recurring gains and losses for the first half of the year was RMB 608,763,366.15, representing a 34.90% increase compared to the same period last year[137]. - The total profit for the first half of 2021 was approximately ¥761.71 million, compared to ¥566.13 million in the same period of 2020, showing an increase of 34.5%[171]. - The company's tax expenses for the first half of 2021 were approximately ¥133.27 million, up from ¥109.14 million in the same period of 2020, which is an increase of 22.1%[171]. Revenue Breakdown - The main business revenue reached 4.467 billion RMB, with a year-on-year increase of 45.12%, accounting for 98.16% of total revenue[35]. - The solid waste treatment business generated 2.404 billion RMB in revenue, contributing 53.81% to the main business revenue, with a year-on-year growth of 44.25%[36]. - The energy business reported a revenue of 1.397 billion RMB, accounting for 31.28% of main business revenue, with a significant year-on-year increase of 71.21%[40]. - The drainage business achieved a revenue of 208 million RMB in the first half of the year, accounting for 4.66% of the company's total revenue, with a year-on-year growth of 7.06%[41]. Asset and Liability Management - The total assets at the end of the reporting period were ¥27,478,563,363.03, an increase of 10.23% from ¥24,928,910,550.35 at the end of the previous year[19]. - Cash and cash equivalents at the end of the period amounted to ¥183,362.16 million, representing 6.67% of total assets, an increase of 80.27% compared to the previous year[54]. - Accounts receivable increased to ¥157,788.52 million, accounting for 5.74% of total assets, reflecting a growth of 53.54% year-on-year due to increased revenue and delayed government settlements[54]. - The total liabilities increased to ¥8,606,754,710.40 as of June 30, 2021, compared to ¥8,009,428,820.43 at the end of 2020, reflecting a growth of 7.4%[163]. - The asset-liability ratio decreased to 65.28% from 67.22%, a reduction of 1.94 percentage points[137]. Operational Challenges - The company faced challenges with new projects' capacity utilization, which impacted profitability, particularly in organic waste treatment and industrial hazardous waste projects[22]. - The increase in operating revenue was partly due to the recovery from the COVID-19 pandemic, which had previously affected the capacity utilization of various business segments[21]. - The ongoing COVID-19 pandemic continues to pose operational risks, prompting the company to strengthen its emergency management and response capabilities[79]. Strategic Initiatives - The company is implementing a "14th Five-Year" strategic plan focusing on expanding solid waste treatment and enhancing operational efficiency[34]. - The company aims to build a comprehensive ecological environment service industry chain, enhancing its competitive advantage in the market[29]. - The company has initiated a digital management system to improve operational efficiency and management levels[33]. Environmental and Compliance Efforts - The company has implemented a comprehensive flue gas treatment process including SNCR, semi-dry desulfurization, and activated carbon adsorption, ensuring good operational status of pollution control facilities[88]. - The company has established a self-monitoring plan for pollution discharge, which is publicly disclosed to monitor environmental impact[93]. - The company has successfully passed environmental impact assessments for all projects and received relevant approvals[91]. - The company does not belong to the key pollutant discharge units as per environmental protection department, with total emissions of 3.628 tons of particulate matter, 29.076 tons of SO2, and 304.855 tons of NOx[87]. Financial Structure and Investments - The company’s long-term equity investment balance increased by ¥49,164.56 million, a growth of 5.9% compared to the beginning of the year, primarily due to capital injection into subsidiaries[58]. - The company executed new leasing standards, resulting in the recognition of right-of-use assets amounting to ¥10,323.76 million[54]. - The company successfully issued RMB 992.32 million of convertible bonds in April 2020, with a 6-year term and listed on the Shanghai Stock Exchange[139]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 35,133[115]. - The number of shares before the change was 766,699,884, and after the issuance of new shares, it increased to 815,347,146[114]. - The top shareholder, Foshan Nanhai Water Supply Group Co., Ltd., holds 139,810,227 shares[117].

Financial Performance - Net profit attributable to shareholders reached ¥242.16 million, a year-on-year increase of 78.34%[12] - Operating revenue for the quarter was ¥2.07 billion, representing a 46.34% increase compared to the same period last year[12] - Basic earnings per share rose to ¥0.32, up 77.78% from the previous year[12] - Operating profit for Q1 2021 was ¥287,576,755.15, compared to ¥172,350,292.32 in Q1 2020, reflecting a 66.7% increase[56] - Net profit for Q1 2021 was ¥240,155,837.25, up 84.7% from ¥130,132,536.33 in Q1 2020[56] - Total revenue for Q1 2021 reached ¥2,065,199,593.29, a 46.3% increase from ¥1,411,203,171.28 in Q1 2020[53] Revenue Sources - The main revenue from solid waste treatment was ¥1.09 billion, an increase of 43.37% year-on-year[12] - Energy business revenue reached ¥610 million, showing an 80.01% increase compared to the previous year[12] - The company reported a significant increase in natural gas sales, reaching 19,038.58 million cubic meters, a 71% increase compared to the previous year[29] - Hydrogen production surged to 93,497.65 kilograms, representing a 379.44% increase year-over-year[29] Cash Flow and Operating Activities - Cash flow from operating activities surged to ¥476.33 million, a remarkable increase of 906.99% year-on-year[15] - The cash inflow from operating activities for Q1 2021 was CNY 1,774,762,039.34, compared to CNY 1,155,371,204.43 in Q1 2020, representing an increase of approximately 53.5%[65] - The net cash flow from operating activities for Q1 2021 was CNY 476,329,970.77, a significant increase from CNY 47,302,539.90 in Q1 2020[65] - The company reported a significant increase in cash received from sales of goods and services, totaling CNY 1,684,775,326.26 in Q1 2021, up from CNY 1,133,213,159.22 in Q1 2020, marking a growth of approximately 48.6%[65] Asset and Liability Management - Total assets increased to ¥26.51 billion, up 6.35% from the previous year[12] - Total liabilities increased to CNY 17,868,121,561.39, up from CNY 16,758,437,028.45, representing a growth of approximately 6.6%[43] - Total equity reached CNY 8,644,105,727.24, compared to CNY 8,170,473,521.90, indicating an increase of about 5.8%[43] - Current assets totaled CNY 2,396,243,599.71, up from CNY 2,137,042,535.02, reflecting a rise of approximately 12.1%[47] Cost and Expense Management - The gross profit margin improved from 25.14% in the previous year to 27.85% in the current period[14] - Research and development expenses rose to RMB 2,955.65 million, a 40.74% increase from RMB 2,100.00 million in the previous year[23] - Total operating costs for Q1 2021 were ¥1,791,104,014.19, a 41.2% increase from ¥1,268,361,922.15 in Q1 2020[53] - Financial expenses for Q1 2021 amounted to ¥107,375,233.94, an increase from ¥73,463,756.30 in Q1 2020[53] Strategic Initiatives - The company plans to continue expanding its waste treatment capacity and investing in new projects to enhance operational efficiency and market presence[20] - The company is focusing on market expansion and new product development as part of its strategic initiatives[83] - The company launched new waste incineration projects, adding a capacity of 5,700 tons/day during the quarter[14] Operational Metrics - The total amount of waste processed increased to 204.03 million tons in Q1 2021, a 62.24% increase from 125.76 million tons in Q1 2020[26] - The company generated 77,821.16 million kWh of electricity from waste in Q1 2021, marking a 65.94% increase compared to 46,896.33 million kWh in Q1 2020[26] - The company processed 5.15 million tons of kitchen waste in Q1 2021, representing a 131.98% increase from 2.22 million tons in Q1 2020[26] - The company processed 5,036.68 million tons of wastewater, a 3.54% increase from the previous year[29]

Financial Performance - The company's operating revenue for 2020 was approximately ¥7.48 billion, representing a year-on-year increase of 21.45% compared to ¥6.16 billion in 2019[28]. - Net profit attributable to shareholders of the listed company reached approximately ¥1.06 billion in 2020, an increase of 15.87% from ¥912.60 million in 2019[28]. - The net cash flow from operating activities was approximately ¥1.96 billion, reflecting a significant increase of 47.68% compared to ¥1.32 billion in 2019[28]. - The total assets at the end of 2020 amounted to approximately ¥24.93 billion, an increase of 18.31% from ¥21.07 billion at the end of 2019[28]. - Basic earnings per share for 2020 were ¥1.38, up 15.97% from ¥1.19 in 2019[28]. - The company reported a weighted average return on equity of 14.96% for 2020, an increase of 0.35 percentage points from 14.61% in 2019[28]. - The company achieved an operating revenue of 7.481 billion yuan, a year-on-year increase of 21.45%[47]. - The net profit attributable to the parent company was 1.020 billion yuan, reflecting a year-on-year growth of 17.57%[47]. - The company’s cash flow from operating activities was 1.956 billion yuan, an increase of 47.68% year-on-year, indicating a healthy financial status[47]. - The company reported a revenue of RMB 748,143.55 million, an increase of 21.45% compared to RMB 616,003.11 million in 2019[66]. Dividend Policy - The company plans to distribute a cash dividend of 2.2 CNY per 10 shares (including tax) based on the number of shares registered on the dividend distribution announcement date[8]. - In 2020, the company paid a cash dividend of ¥2.20 per 10 shares, consistent with the previous year, while the net profit attributable to ordinary shareholders was approximately ¥1.06 billion[132]. - The company has maintained a cash dividend policy, distributing no less than 30% of the average distributable profit over the last three years, with a cash distribution of approximately ¥168.67 million in 2020, representing 15.95% of the net profit attributable to ordinary shareholders[131]. Audit and Compliance - The company has received a standard unqualified audit report from Huaxing Accounting Firm[6]. - The company has ensured the accuracy and completeness of the financial report as stated by its responsible personnel[7]. - The company has not faced any issues with a majority of directors being unable to guarantee the authenticity of the annual report[10]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[10]. - The company has not violated decision-making procedures for providing guarantees[10]. - The company has maintained compliance with all commitments made by its major shareholders and related parties[134]. - The company has no major litigation or arbitration matters during the reporting period[140]. - The company has no significant related party transactions reported during the period[142]. - The company has not made any changes to its accounting policies that would materially affect its financial statements[137]. Operational Strategy - The company has a comprehensive solid waste treatment business model, integrating waste classification, transportation, and processing[36]. - The energy business includes the supply of pipeline gas, bottled gas, and hydrogen, contributing to the company's diversified revenue streams[37]. - The company is focused on expanding its market presence in waste treatment and energy supply sectors, aligning with the "zero waste city" initiative[36]. - The company has implemented a strategy of vertical and horizontal integration in its solid waste treatment operations to enhance efficiency and service capabilities[36]. - The company is actively pursuing a "zero waste city" strategy, further solidifying its integrated waste management business model[52]. - The company is exploring light asset operation models in its energy and water sectors to enhance operational flexibility and efficiency[114]. - The company is committed to enhancing its water supply services through smart water management technologies, aiming to improve service levels and explore high-quality supply projects[114]. Environmental Responsibility - The company reported a total nitrogen oxide emission of 363.79 tons, sulfur dioxide emission of 65.4 tons, and COD emission of 106.13 tons, all within the approved limits[158]. - The company achieved a nitrogen oxide emission of 115.79 tons, sulfur dioxide emission of 11.33 tons, COD emission of 3.593 tons, and ammonia nitrogen emission of 0.0873 tons, also within the approved limits[158]. - The company maintained a nitrogen oxide emission of 271.03 tons, sulfur dioxide emission of 8.15 tons, COD emission of 2.64 tons, and ammonia nitrogen emission of 0.05 tons, all compliant with standards[158]. - The company’s emissions for nitrogen oxides reached 288 tons, sulfur dioxide at 93.336 tons, COD at 14.959 tons, and ammonia nitrogen at 2.235 tons, with no exceedances reported[160]. - The company recorded nitrogen oxide emissions of 232.82 tons and sulfur dioxide emissions of 17.73 tons, remaining within the approved limits[160]. - The company’s wastewater discharge is treated at a sewage station before intermittent release, ensuring compliance with environmental standards[158]. - The company adheres to multiple pollution control standards, including GB18485-2014 and GB16297-1996, ensuring regulatory compliance[158]. - The company has implemented advanced treatment processes for both air and water emissions, ensuring they meet or exceed regulatory requirements[160]. Research and Development - The company established the Hanlan Environment Research Institute and a technology R&D department to enhance its innovation capabilities[59]. - The company is leveraging emerging technologies such as big data, AI, and 5G to improve operational efficiency and safety in hazardous waste disposal projects[60]. - Research and development expenses increased by 63.94% to RMB 11,070.32 million, reflecting a significant investment in technology and innovation[66]. - R&D expenses totaled 110.70 million yuan, representing 1.48% of operating revenue, with 255 R&D personnel, making up 3.40% of total staff[75]. Market and Competition - The company acknowledges increased market competition in the solid waste industry and plans to enhance operational management and brand influence to secure new projects[122]. - The company anticipates that the solid waste industry will face challenges due to the dual impact of waste classification and national subsidy policy adjustments[93]. - The integration of the waste incineration power generation industry is accelerating, with a focus on high-quality projects and increased competition[97]. - Future trends in the sanitation industry include increased automation, integration, and market penetration, driven by urbanization and technological advancements[99]. Community Engagement and Social Responsibility - The company has undertaken various poverty alleviation projects, including collaborations with local governments and initiatives to support rural communities[147]. - The company invested a total of 59.39 million RMB in poverty alleviation through industrial development, helping 1,417 registered impoverished individuals to escape poverty[148]. - The company facilitated employment for 860 registered impoverished households through job transfer initiatives[148]. - A total of 0.95 million RMB was allocated to support 19 impoverished students, while 0.5 million RMB was invested to improve educational resources in impoverished areas[148]. - The company contributed 9 million RMB to East-West poverty alleviation cooperation and 33.24 million RMB to targeted poverty alleviation efforts[150]. - The company plans to continue its community contributions and enhance its poverty alleviation measures based on field assessments and employee engagement[151]. Financial Management - The company has a stable structure with a slightly higher debt-to-asset ratio, but strong cash flow from operations, indicating low financial risk despite potential future funding needs[123]. - The company is exploring diversified financing options, including equity and bond financing, to support rapid growth and manage financial costs effectively[125]. - The company has established a comprehensive plan for capital allocation to optimize funding efficiency and meet growth demands[125]. - The total guarantee amount for the company and its subsidiaries is 46,292.26 million RMB, accounting for 5.67% of the company's net assets[144]. - The company has no new guarantees during the reporting period, and the guarantee balance is entirely for subsidiaries[144]. - The company has maintained a good credit status and stable cash flow, relying on self-generated cash flow for future debt repayments[192]. - The ongoing conversion of convertible bonds is expected to dilute earnings per share and net assets per share to some extent[200].

Financial Performance - Operating income for the first nine months reached CNY 5,147,083,458.93, a year-on-year increase of 20.50%[18] - Net profit attributable to shareholders increased by 4.40% to CNY 768,600,032.46 compared to the same period last year[18] - Basic earnings per share rose to CNY 1.00, an increase of 4.17% year-on-year[20] - Total revenue for Q3 2020 reached ¥2,010,728,862.33, a 25.7% increase from ¥1,600,388,090.43 in Q3 2019[53] - Net profit for Q3 2020 was ¥313,208,125.26, compared to ¥279,955,840.72 in Q3 2019, reflecting an increase of 11.8%[56] Assets and Liabilities - Total assets increased by 12.72% to CNY 23,750,710,592.32 compared to the end of the previous year[18] - Total liabilities reached ¥15,902,781,161.40, up from ¥13,939,750,372.68, indicating a growth of around 14.1%[45] - Current assets totaled ¥3,913,234,679.31, compared to ¥3,265,474,520.23, reflecting an increase of about 19.8%[46] - Long-term borrowings increased significantly to ¥5,836,164,805.91 from ¥4,520,832,097.58, a rise of approximately 29.1%[45] - The total amount of contract liabilities was approximately $34.60 million, indicating prepayments received for future services[83] Cash Flow - Cash flow from operating activities increased by 67.80% to CNY 1,219,815,461.81 compared to the same period last year[18] - Cash received from operating activities increased by ¥18,948.90 million, a 127.78% rise, mainly from compensation related to the demolition of the original Guicheng Water Plant[32] - Operating cash inflow for the first three quarters of 2020 reached RMB 4,583,533,693.65, an increase of 13.6% compared to RMB 4,034,500,576.30 in the same period of 2019[68] - Cash inflow from financing activities reached RMB 8,735,455,687.26, a substantial increase from RMB 3,312,802,231.00 in the same period of 2019[70] - The company reported a net increase in cash and cash equivalents of RMB 138,361,028.80, compared to a decrease of RMB 116,561,428.35 in the previous year[70] Shareholder Information - Net assets attributable to shareholders increased by 10.52% to CNY 7,247,925,473.42 compared to the end of the previous year[18] - The top ten shareholders collectively hold 62.70% of the company's shares, with the largest shareholder owning 17.98%[22] - Shareholders' equity totaled CNY 7,131,158,646.24, with retained earnings of CNY 3,853,574,714.19[81] - The company's equity attributable to shareholders rose to ¥7,247,925,473.42, compared to ¥6,558,101,671.02, an increase of about 10.5%[46] Research and Development - Research and development expenses rose significantly by ¥3,696.73 million, a 95.55% increase, reflecting increased investment in R&D[28] - Research and development expenses in Q3 2020 amounted to ¥27,756,268.13, significantly higher than ¥11,432,300.24 in Q3 2019, indicating a 142.6% increase[56] Financial Challenges - The company faced challenges in profit growth due to fixed costs and reduced capacity utilization during the pandemic[20] - Financial expenses increased by ¥7,967.73 million, or 48.10%, due to interest expenses from new projects and expanded external financing[28] - The company experienced a 39.18% decrease in tax refunds received, totaling ¥1,978.41 million less compared to the previous year[32] Strategic Initiatives - The company plans to expand its market presence and invest in new product development in the upcoming quarters[78] - The company is focusing on strategic acquisitions to enhance its competitive position in the market[78]