Financial Performance - The company's operating revenue for the first half of 2020 was CNY 3,136,354,596.60, representing a 17.43% increase compared to the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 460,979,418.18, showing a slight increase of 0.02% year-on-year[21]. - The net cash flow from operating activities reached CNY 552,269,735.27, which is a 33.62% increase compared to the previous year[23]. - The total assets of the company at the end of the reporting period were CNY 22,769,745,179.85, reflecting an 8.06% increase from the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were CNY 6,938,649,267.53, marking a 5.80% increase compared to the previous year[23]. - The basic earnings per share for the first half of 2020 remained stable at CNY 0.60, consistent with the same period last year[21]. - The weighted average return on equity decreased to 6.79%, down by 0.77 percentage points compared to the previous year[21]. - The company achieved a revenue of 3.136 billion RMB in the first half of 2020, representing a year-on-year increase of 17.43%[36]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 451 million RMB, with a year-on-year growth of 0.86%[36]. Operational Highlights - The solid waste treatment segment generated a revenue of 1.666 billion RMB, marking a significant year-on-year increase of 51.71%[36]. - The company has a total operational capacity for municipal solid waste incineration of 15,900 tons per day as of the end of the first half of 2020[37]. - New projects include the construction of the Jining Phase II project (800 tons/day), Kaiping project (600 tons/day), and Anxi expansion project (750 tons/day), all expected to be operational in Q3 2020[37]. - The company is actively expanding its market presence, securing multiple new solid waste treatment projects across various regions[37]. - The company has initiated a digital management system to enhance operational efficiency and integrate technology into its business processes[32]. Financial Position - The company has a stable financial structure with a slightly higher debt-to-asset ratio compared to historical levels, but maintains strong cash flow from operating activities[64]. - The company plans to explore diversified financing methods, including equity and bond financing, to support its rapid development and manage financial costs effectively[67]. - The company reported a current ratio of 0.57, an increase of 16.33% compared to the previous year[130]. - The quick ratio improved to 0.51, reflecting an 18.60% increase year-over-year[130]. - The debt-to-asset ratio stood at 67.02%, up by 0.86 percentage points from the previous year[130]. - The company maintained a loan repayment rate of 100% during the reporting period[130]. Risks and Compliance - The company did not report any significant risks that could materially affect its operations during the reporting period[9]. - The company faces potential policy risks due to possible adjustments in national industrial policies affecting the waste treatment business, particularly in the context of renewable energy subsidies[58]. - Environmental standards and enforcement are becoming stricter, requiring the company to enhance its operational service levels to comply with new regulations[61]. - The ongoing COVID-19 pandemic poses risks to operations, prompting the company to strengthen its emergency management and response capabilities[68]. - The company has maintained a compliance status with no major litigation or arbitration matters during the reporting period[78]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,594[112]. - The largest shareholder, Foshan Nanhai Water Supply Group Co., Ltd., held 137,779,089 shares, accounting for 17.98% of total shares[112]. - Guangdong Nanhai Holdings Investment Co., Ltd. held 97,814,489 shares, representing 12.77% of total shares[112]. Environmental and Social Responsibility - The company has engaged in various poverty alleviation projects during the reporting period, including collaborations with Liangshan Prefecture and Yunfu City[85]. - The company has participated in the "Love Liangshan" initiative, promoting consumption to aid poverty alleviation efforts[85]. - The company has committed to not engaging in similar business activities as Hanlan Environment in mainland China to avoid competition, with this commitment being effective until it no longer has a significant impact on Hanlan Environment[74]. Investment and Capital Structure - The company issued 992,320,000 RMB of convertible bonds on April 7, 2020, with a maturity of 6 years and an initial conversion price of 20.42 RMB per share[91]. - The company has fully utilized the funds raised from the convertible bonds for specific projects, with a remaining balance of 61,888.07 RMB in the dedicated fund account[97]. - The company has provided guarantees totaling CNY 53,642.26 million, which includes guarantees to subsidiaries[84]. Research and Development - Research and development expenses increased by 75.74% to approximately CNY 47.90 million, reflecting the company's commitment to innovation[46][47].

Financial Performance - Operating revenue grew by 12.54% year-on-year to CNY 1.41 billion, driven by new projects and increased treatment prices[11] - Net profit attributable to shareholders decreased by 28.73% to CNY 135.79 million, primarily due to reduced capacity utilization in waste management caused by COVID-19[11] - Basic and diluted earnings per share decreased by 28.00% to CNY 0.18[11] - Total operating revenue for Q1 2020 was RMB 1,411,203,171.28, an increase of 12% compared to RMB 1,253,976,828.56 in Q1 2019[38] - Net profit for Q1 2020 was RMB 130,132,536.33, a decrease of 29% from RMB 182,890,982.92 in Q1 2019[43] - The total equity decreased slightly to RMB 4,755,138,307.01 in Q1 2020 from RMB 4,757,085,505.84 in Q1 2019[38] Cash Flow and Liquidity - Cash flow from operating activities surged by 116.05% to CNY 47.30 million compared to the same period last year[11] - Cash inflow from financing activities reached 3,548,053,200.00 CNY, a substantial increase from 1,002,010,391.00 CNY in the previous year[53] - The ending cash and cash equivalents balance was 1,410,644,422.99 CNY, up from 1,117,127,793.87 CNY in the previous year[53] - The total cash and cash equivalents at the end of the period amounted to 681,178,957.54 CNY, up from 269,571,054.73 CNY, indicating a net increase of 569,047,818.17 CNY[55] Assets and Liabilities - Total assets increased by 6.29% to CNY 22.40 billion compared to the end of the previous year[11] - Current liabilities rose to ¥7,175,534,867.38, compared to ¥6,695,837,064.95, reflecting an increase of about 7.2%[32] - Non-current liabilities totaled ¥7,951,746,107.59, up from ¥7,243,913,307.73, indicating a growth of approximately 9.8%[34] - The total liabilities increased to RMB 7,898,050,106.58 in Q1 2020, compared to RMB 6,989,341,634.06 in Q1 2019, representing a growth of 13%[38] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,213[15] - The company's equity attributable to shareholders was 6,558,101,671.02 CNY, showcasing strong shareholder value[60] Research and Development - Research and development expenses rose significantly by 96.76% to ¥21.00 million, up from ¥10.67 million[22] - Research and development expenses increased to RMB 21,000,018.57 in Q1 2020, compared to RMB 10,673,097.91 in Q1 2019, reflecting a growth of 97%[43] Financial Adjustments and Standards - The company has implemented new revenue and leasing standards starting from 2020, which may impact future financial reporting[55] - The company has adjusted its accounting practices to align with new revenue and leasing standards effective January 1, 2020[69] Government Support - The company reported a government subsidy of CNY 6.88 million related to normal business operations[15]

Financial Performance - The company's operating revenue for 2019 was approximately ¥6.16 billion, representing a year-on-year increase of 27.04% compared to ¥4.85 billion in 2018[25]. - The net profit attributable to shareholders of the listed company for 2019 was approximately ¥912.60 million, an increase of 4.49% from ¥873.41 million in 2018[25]. - The net profit after deducting non-recurring gains and losses was approximately ¥867.85 million, reflecting a significant increase of 20.49% compared to ¥720.29 million in 2018[25]. - The company's total assets reached approximately ¥21.07 billion at the end of 2019, marking a 27.54% increase from ¥16.52 billion at the end of 2018[25]. - The weighted average return on net assets for 2019 was 14.61%, a decrease of 1.25 percentage points from 15.86% in 2018[26]. - The basic earnings per share for 2019 was ¥1.19, an increase of 4.39% from ¥1.14 in 2018[26]. - The company achieved an actual revenue of 6.16 billion yuan in 2019, exceeding the target by 1.90%[142]. Cash Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares, totaling approximately 168.58 million yuan[8]. - In 2019, the company distributed a cash dividend of approximately ¥168.58 million, representing 18.36% of the net profit attributable to ordinary shareholders[155]. - The company has implemented a cash dividend policy, distributing at least 30% of the average distributable profit over the last three years, with actual distributions exceeding this requirement[154]. - The company has established a dedicated dividend management system and shareholder return plan for 2018-2020 to regulate its dividend management practices[154]. - The company has maintained a consistent cash dividend distribution since its listing, ensuring the protection of minority investors' rights[154]. Operational Overview - The company operates in solid waste treatment, gas and new energy, water supply, and drainage services, utilizing a BOT or PPP model for its operations[35]. - The company has established a complete ecological environment service industry chain, covering solid waste, water services, gas, and new energy sectors[43]. - The company has successfully built a solid waste treatment industrial park in Nanhai, recognized as a leading facility in the country for its complete solid waste processing capabilities[46]. - The company has formed a vertical industrial chain advantage in solid waste treatment, covering all aspects from waste classification to final disposal[45]. - The company is focusing on expanding its solid waste treatment business as a core area for growth[138]. Risks and Compliance - The company reported no significant risks that could materially affect its operations during the reporting period[10]. - The company has detailed various risks and countermeasures in its operational analysis section[10]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[10]. - The company has not violated decision-making procedures in providing guarantees[10]. - The company emphasizes the importance of product quality and environmental compliance to mitigate risks associated with water supply services[148]. Investments and Acquisitions - The company acquired 100% equity of Ruihui Company at the end of 2019, which is subject to the same control merger accounting standards[25]. - The company has acquired 100% equity in Shenzhen Guoyuan for sanitation services, enhancing its market presence[54]. - The company’s long-term equity investments increased by 1.25 billion CNY, a growth of 19.04% compared to the previous year, due to new equity stakes in Shenzhen Guoyuan and Jiaxing Environmental Protection[120]. Financial Management - The company is committed to maintaining a low financial risk profile, with stable cash flow despite a slightly higher debt-to-asset ratio[150]. - The company is exploring diversified financing methods, including equity and bond financing, to support its rapid development and control financial costs[151]. - The total guarantee amount for the company and its subsidiaries is CNY 1,128,105,012.05, which accounts for 15.80% of the company's net assets[170]. - The company successfully issued CNY 992.32 million of convertible bonds on April 7, 2020, with a term of 6 years[186]. Market and Industry Trends - The hazardous waste treatment industry is entering a "golden era," with project approvals accelerating in 2019, indicating a significant growth phase for hazardous waste disposal[127]. - The government aims to achieve zero landfill for municipal waste in major cities by 2020, promoting the construction of waste treatment facilities[126]. - The implementation of mandatory waste classification is set to be completed in 46 key cities by 2020, with full coverage in other cities by 2025[130]. - The market for kitchen waste treatment is anticipated to see a surge in projects due to increased regulatory focus and the need for standardized processing[131]. Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 24,220, an increase from 23,213 at the end of the previous month[191]. - The largest shareholder, Foshan Nanhai Water Supply Group Co., Ltd., held 137,779,089 shares, representing 17.98% of the total shares[191]. - The top ten shareholders collectively held a significant portion of the company's shares, with the largest three shareholders alone holding over 39%[191]. - The actual controller of the company is the Foshan Nanhai District State-owned Assets Supervision and Administration Bureau[196].

Financial Performance - Net profit attributable to shareholders decreased by 0.99% to CNY 736,367,136.96[17] - Operating revenue rose by 19.05% to CNY 4,268,696,691.72[17] - The company reported a basic earnings per share of CNY 0.96, down from CNY 0.97[19] - Net profit for Q3 2019 was ¥279,951,957.71, compared to ¥245,813,462.29 in Q3 2018, reflecting an increase of approximately 13.9%[50] - Total comprehensive income attributable to the parent company for the first three quarters of 2019 was approximately ¥442.17 million, down from ¥484.15 million in the same period of 2018[55] - Net profit for Q3 2019 was approximately ¥22.70 million, down 80.7% from ¥117.44 million in Q3 2018[58] - Basic and diluted earnings per share for Q3 2019 were both ¥0.32, compared to ¥0.96 in Q3 2018[54] - Operating profit for Q3 2019 was approximately ¥30.22 million, a decline of 76.8% from ¥130.72 million in Q3 2018[58] Assets and Liabilities - Total assets increased by 16.95% year-on-year to CNY 19,287,764,805.12[17] - Total liabilities amounted to $12.27 billion, up from $10.07 billion, which is an increase of around 21.8%[36] - Current liabilities rose to $5.08 billion from $3.79 billion, an increase of about 34.0%[36] - Total assets reached $19.29 billion, compared to $16.49 billion, marking a growth of approximately 16.9%[36] - The total assets increased to ¥11,193,133,405.95 from ¥9,803,754,712.46, marking a growth of about 14.2% year-over-year[46] - The total liabilities rose to ¥6,527,553,543.93, up from ¥5,137,127,140.33, which is an increase of approximately 27.1%[46] - The total non-current assets reached CNY 14,108,681,827.68, with fixed assets accounting for CNY 3,352,275,027.28 and intangible assets at CNY 7,066,349,861.27[72] Cash Flow - Net cash flow from operating activities decreased by 22.84% to CNY 727,129,295.45[17] - Cash flow from operating activities rose by 52.56% to ¥248.14 million, due to increased wastewater treatment fees[25] - Cash received from financing activities increased by 132.55% to ¥3.31 billion, indicating higher bank borrowings[25] - The total cash inflow from operating activities for the first three quarters of 2019 was CNY 4,031,460,141.27, slightly up from CNY 4,020,731,582.28 in the same period of 2018, indicating a growth of approximately 0.1%[60] - The net cash flow from operating activities decreased to CNY 727,129,295.45 in 2019 from CNY 942,379,369.85 in 2018, representing a decline of about 22.7%[60] - Cash inflow from financing activities in the third quarter of 2019 was CNY 1,833,141,840.00, an increase from CNY 845,693,820.66 in the previous year, reflecting a growth of approximately 116.5%[66] Shareholder Information - The number of shareholders at the end of the reporting period was 23,362[19] - The largest shareholder, Foshan Nanhai Water Supply Group Co., Ltd., holds 137,779,089 shares, accounting for 17.98%[19] - Owner's equity attributable to shareholders increased to $6.42 billion from $5.83 billion, reflecting a growth of approximately 10.1%[36] Investments and Expenses - Investment income decreased by 50.94% to ¥45.53 million, attributed to last year's equity disposal gains[25] - Research and development expenses for Q3 2019 were ¥11,432,300.24, slightly down from ¥11,757,269.92 in Q3 2018, showing a decrease of about 2.8%[47] - The company reported investment income of ¥24,255,099.72 in Q3 2019, a significant increase from ¥2,904,728.64 in Q3 2018[50] - Financial expenses for Q3 2019 were approximately ¥38.20 million, an increase from ¥29.82 million in Q3 2018[55] Government Support - The company received government subsidies amounting to CNY 9,024,164.43 during the reporting period[19]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,669,678,385.18, representing a 16.63% increase compared to CNY 2,289,057,630.83 in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 7.78% to CNY 461,057,227.95 from CNY 499,980,143.30 in the previous year[22]. - The net profit after deducting non-recurring gains and losses increased by 25.75% to CNY 447,386,832.97 compared to CNY 355,775,749.70 in the same period last year[22]. - Basic earnings per share for the first half of 2019 were CNY 0.60, down 7.69% from CNY 0.65 in the same period last year[23]. - The weighted average return on net assets decreased by 1.71 percentage points to 7.60% from 9.31% in the previous year[23]. - The total operating revenue for the first half of 2019 reached ¥2,669,678,385.18, an increase of 16.6% compared to ¥2,289,057,630.83 in the same period of 2018[131]. - The company reported a net loss of 216,964,455.82 RMB during the period[169]. Cash Flow and Investments - The net cash flow from operating activities was CNY 413,118,778.40, a decrease of 4.90% from CNY 434,416,026.14 in the previous year[22]. - The total cash inflow from operating activities for the first half of 2019 was CNY 2,624,045,076.13, an increase from CNY 2,350,967,184.03 in the same period of 2018, representing an increase of approximately 11.6%[147]. - The net cash outflow from investing activities was CNY -1,627,262,962.70, compared to CNY -912,628,874.78 in the first half of 2018, indicating a significant increase in investment expenditures[150]. - The net cash inflow from financing activities was CNY 1,288,293,672.48, a substantial increase from CNY 339,651,664.12 in the same period of 2018, reflecting enhanced financing efforts[152]. - The cash outflow for purchasing goods and services was CNY 1,445,906,459.16, an increase from CNY 1,265,314,819.16 in the first half of 2018, indicating a rise of approximately 14.3%[147]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 18,208,624,625.53, reflecting a 10.41% increase from CNY 16,492,190,427.86 at the end of the previous year[22]. - The total liabilities reached ¥5,973,711,297.77, up from ¥5,137,127,140.33, marking an increase of 16.3%[131]. - The company's short-term borrowings increased to CNY 88,460,000, a rise of 268.89% year-on-year[41]. - The company's total equity at the end of the reporting period is 4,547,321,903.46 RMB, an increase from 4,445,793,266.50 RMB at the end of the previous period, reflecting a growth of approximately 2.3%[178]. Business Operations - The company continues to engage in solid waste treatment, gas, water supply, and drainage businesses, with no changes in its main business operations or industry conditions during the reporting period[29]. - The solid waste treatment business generated main operating revenue of CNY 1,098,000,000, up 37.01% year-on-year, becoming the core driver of the company's performance[34]. - The gas business reported main operating revenue of CNY 927,000,000, reflecting a year-on-year increase of 17.17%[35]. - The water supply business saw a slight decline in main operating revenue to CNY 422,000,000, down 0.78% year-on-year[36]. Risk Management - The company did not report any significant risks that could materially affect its production and operations during the reporting period[8]. - The company faces potential risks from policy changes in the environmental services sector, which could impact business development, particularly in gas pricing and environmental tax policies[49]. - Financial risk is considered low, with a stable cash flow and a focus on managing debt structure, although expansion plans may increase debt levels[56]. - The company is committed to improving safety production management to mitigate risks associated with its operations in high-risk sectors like gas and solid waste management[55]. Environmental Compliance - The company emphasizes the importance of product quality, ensuring that drinking water meets national health standards through advanced production technologies and real-time monitoring systems[51]. - The company has established comprehensive environmental management systems and emergency response plans for both Pingzhou and Green Power facilities[79][83]. - The company has not faced any administrative penalties related to environmental compliance during the reporting period[88]. - The company’s environmental monitoring results for the first half of 2019 showed that all discharge parameters met the standards, with no exceedance reported[85]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 30,324[92]. - The largest shareholder, Foshan Nanhai Water Supply Group Co., Ltd., holds 137,779,089 shares, accounting for 17.98% of the total[92]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[64]. Governance and Management - The company has established a sound management system and organizational model, but faces increased risks in decision-making and risk control due to future expansion[58]. - The company has committed to improving governance levels to minimize operational decision-making risks and governance risks[58]. - The company has not appointed or dismissed any accounting firms during the reporting period[69].

Financial Performance - Net profit attributable to shareholders decreased by 38.08% to CNY 190,830,341.70 year-on-year[11] - Operating revenue rose by 10.50% to CNY 1,253,796,154.42 compared to the same period last year[11] - Basic earnings per share fell by 37.50% to CNY 0.25 compared to the same period last year[11] - The weighted average return on equity decreased by 2.4 percentage points to 3.22%[11] - The company reported a significant decrease in investment income by 89.11% to ¥960.44, primarily due to last year's gains from equity disposals[19] - Net profit for Q1 2019 was ¥183,195,254.61, a decrease of 41.4% from ¥312,724,903.90 in Q1 2018[43] - Operating profit for Q1 2019 was ¥222,848,152.56, down 42.5% from ¥387,784,758.01 in Q1 2018[43] - Basic earnings per share for Q1 2019 was ¥0.25, compared to ¥0.40 in Q1 2018[46] Assets and Liabilities - Total assets increased by 3.84% to CNY 17,125,284,113.92 compared to the end of the previous year[11] - Total assets increased to ¥10,252,113,516.52 from ¥9,803,754,712.46, representing a growth of approximately 4.57%[36] - Total liabilities rose to ¥5,563,651,584.39 compared to ¥5,137,127,140.33, an increase of about 8.31%[39] - Non-current liabilities totaled ¥3,672,079,495.68, down from ¥3,760,110,983.23, indicating a decrease of approximately 2.34%[39] - Current liabilities increased significantly to ¥1,891,572,088.71 from ¥1,377,016,157.10, reflecting a growth of around 37.24%[39] - Owner's equity reached ¥4,688,461,932.13, slightly up from ¥4,666,627,572.13, showing a marginal increase of about 0.47%[39] - Total liabilities were reported at RMB 10,067,856,394.77, with current liabilities accounting for RMB 3,790,424,893.65[62] Cash Flow - Net cash flow from operating activities decreased by 55.26% to CNY 21,775,843.14 compared to the previous year[11] - Cash received from operating activities increased by 63.42% to ¥11,168.27, attributed to the recovery of receivables[19] - Cash outflow from operating activities totaled CNY 1,148,877,504.34 in Q1 2019, compared to CNY 997,925,797.60 in Q1 2018, indicating an increase of about 15.1%[50] - Cash inflow from financing activities reached CNY 1,002,010,391.00 in Q1 2019, significantly higher than CNY 370,077,522.17 in Q1 2018, representing a growth of approximately 170.2%[50] - Net cash flow from financing activities improved to CNY 678,012,570.14 in Q1 2019, compared to CNY 175,838,493.68 in Q1 2018, an increase of about 285.5%[53] Shareholder Information - The total number of shareholders at the end of the reporting period was 27,031[15] - The largest shareholder, Foshan Nanhai Water Supply Group Co., Ltd., holds 17.98% of the shares[15] Operational Insights - The company has not disclosed any new product developments or market expansion strategies in this report[17] - Accounts receivable increased by 41.10% to ¥584,987,465.96 due to higher revenue and delayed settlements from the Spring Festival[19] - Prepayments rose by 31.94% to ¥364,386,224.08 primarily due to increased payments for solid waste engineering and equipment[19] - Short-term borrowings surged by 167.56% to ¥641,600,000.00 reflecting an increase in bank loans[19] - R&D expenses decreased by 31.60% to ¥1,067.31 due to the completion of some projects and new projects not yet established[19] - Other income fell by 42.35% to ¥2,213.56 as a result of increased input VAT from ongoing construction projects[19] Inventory and Investments - Inventory decreased to ¥45,785,483.21 from ¥46,641,751.33, reflecting a decline of approximately 1.83%[36] - Long-term investments rose to ¥6,886,892,962.03 from ¥6,589,692,962.03, indicating an increase of approximately 4.54%[36] - The company has long-term equity investments valued at RMB 6,589,692,962.03 and fixed assets worth RMB 1,803,988,079.74[69]

Financial Performance - The net profit for 2018 was CNY 374,087,109.23, with a distributable profit of CNY 1,352,776,244.10 after accounting for previous undistributed profits and dividends[5]. - The company's operating revenue for 2018 was approximately ¥4.85 billion, representing a 15.38% increase from ¥4.20 billion in 2017[25]. - Net profit attributable to shareholders for 2018 was approximately ¥875.51 million, a 34.23% increase from ¥652.24 million in 2017[25]. - The net profit after deducting non-recurring gains and losses was approximately ¥722.40 million, up 21.51% from ¥594.51 million in 2017[25]. - The net cash flow from operating activities for 2018 was approximately ¥1.65 billion, a 9.47% increase from ¥1.51 billion in 2017[25]. - The company's total assets at the end of 2018 were approximately ¥16.49 billion, reflecting a 16.86% increase from ¥14.11 billion at the end of 2017[25]. - Basic earnings per share for 2018 were ¥1.14, a 34.12% increase from ¥0.85 in 2017[26]. - The weighted average return on equity for 2018 was 15.94%, an increase of 3.09 percentage points from 12.85% in 2017[26]. - The company achieved an operating revenue of 4.848 billion yuan in 2018, representing a year-on-year growth of 15.38%, with main business revenue increasing by 17.27% to 4.598 billion yuan[46]. - The net profit attributable to shareholders reached 876 million yuan, a year-on-year increase of 34.23%, while the net profit after deducting non-recurring gains and losses was 722 million yuan, up 21.51%[46]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.0 per 10 shares, totaling CNY 153,252,803.60, pending approval at the shareholders' meeting[5]. - In 2018, the company distributed a cash dividend of approximately ¥153.25 million, representing 17.50% of the net profit attributable to ordinary shareholders, which was ¥875.51 million[142]. - The company has a cash dividend policy that mandates a minimum distribution of 30% of the average distributable profit over the last three years, with actual distributions exceeding this requirement since its listing[141]. Operational Risks and Management - The company reported no significant risks that could materially affect its operations during the reporting period[7]. - The company has outlined various risks and countermeasures in its operational analysis section[7]. - The company has maintained a consistent financial reporting process, ensuring the accuracy and completeness of its financial statements[3]. - The company has established a comprehensive management system to adapt to its expanding operational scale and mitigate management risks associated with rapid growth[138]. - The company has not experienced any major litigation or arbitration matters during the year[150]. - The company has not reported any major accounting errors or changes in accounting policies during the reporting period[148]. Environmental and Social Responsibility - The company is committed to enhancing safety production management, particularly in high-risk areas such as gas and solid waste services, by implementing strict internal controls and safety protocols[135]. - The company has established a comprehensive environmental management system, ensuring compliance with pollution control standards and effective operation of pollution prevention facilities[163]. - The company has made significant investments in environmental protection technologies, including advanced wastewater treatment processes and emissions control systems[163]. - The company has received no administrative penalties related to environmental compliance during the reporting period, indicating adherence to relevant discharge regulations[170]. - The company has engaged third-party monitoring for environmental data, ensuring transparency and accountability in its pollution management efforts[169]. Market Expansion and Strategic Initiatives - The company is actively expanding its market presence, acquiring projects such as the hazardous waste disposal project in Ganzhou, Jiangxi, and securing operating rights for multiple waste-to-energy projects[43]. - The company is focusing on the "Big Solid Waste" development strategy, expanding its service capabilities in various waste management sectors, including kitchen waste and industrial hazardous waste[43]. - The company is exploring opportunities in the hydrogen energy sector as part of its new energy initiatives[121]. - The company is actively pursuing new market opportunities and potential acquisitions to foster growth[124]. - The company is committed to becoming a leading ecological environment service provider during the "13th Five-Year Plan" period[122]. Shareholder and Governance Structure - The actual controller of the company is the Foshan Nanhai District Public Asset Management Office[180]. - The company has maintained its commitment to respect its independent legal status and ensure independent operations and decision-making[145]. - The company has a structured remuneration system for its directors and senior management, including fixed allowances and performance-based salaries[194]. - The company has experienced changes in its board, with one director resigning and another being elected as a replacement[199]. - The company has maintained a stable leadership structure with no changes in shareholding among key executives during the reporting period[184]. Financial Position and Investments - The company’s financing cash flow net amount increased significantly by 411.77%, primarily due to increased bank borrowings[52]. - The company has established a self-monitoring scheme for environmental compliance, with results publicly disclosed in accordance with regulatory requirements[168]. - The company plans to publicly issue convertible bonds not exceeding 1 billion RMB, which has been approved by the Guangdong State-owned Assets Supervision and Administration Commission and the shareholders' meeting, pending approval from the China Securities Regulatory Commission[171]. - The company has not engaged in any significant asset or equity acquisitions or sales during the reporting period[154]. - The company is exploring diversified financing options, including equity and bond financing, to support its capital needs for future expansion[137].

Financial Performance - Net profit attributable to shareholders rose by 36.30% to CNY 743.71 million year-on-year[7]. - Operating revenue for the first nine months reached CNY 3.59 billion, reflecting a 17.16% increase from the same period last year[6]. - The weighted average return on equity improved by 2.86 percentage points to 13.67%[6]. - Total operating revenue for Q3 2018 reached CNY 1,296,434,085.70, an increase of 18.06% compared to CNY 1,098,388,154.44 in Q3 2017[26]. - Net profit for Q3 2018 was CNY 245,813,462.29, a slight decrease of 0.14% compared to CNY 248,159,875.29 in Q3 2017[27]. - The net profit attributable to the parent company for Q3 2018 was ¥243,729,409.20, an increase from ¥231,355,136.68 in Q3 2017, representing a growth of approximately 5.93%[28]. - The net profit for the first nine months of 2018 was ¥372,216,541.36, compared to ¥190,833,645.14 in the same period of the previous year, showing a significant increase of about 95.06%[30]. Assets and Liabilities - Total assets increased by 7.26% to CNY 15.14 billion compared to the end of the previous year[6]. - Total assets as of Q3 2018 amounted to CNY 9,276,130,203.60, an increase of 8.33% from CNY 8,562,958,484.23 in the previous year[24]. - Total liabilities rose to ¥8,847,531,014.18 from ¥8,014,766,292.00, indicating an increase in financial obligations[20]. - Total liabilities for Q3 2018 were CNY 4,611,373,199.34, reflecting an increase of 12.00% from CNY 4,117,165,217.73 in Q3 2017[24]. - Shareholders' equity increased to ¥6,289,656,352.37 from ¥6,097,919,052.24, showing a positive trend in the company's net worth[20]. Cash Flow - Cash flow from operating activities increased by 5.51% to CNY 942.38 million[6]. - Cash inflow from operating activities was CNY 540,718,543.72, down 16% from CNY 645,354,134.68 in the previous year[37]. - Cash outflow for operating activities was CNY 416,219,457.28, an increase from CNY 316,710,868.75 year-over-year[37]. - The total cash inflow from operating activities for the first nine months of 2018 was ¥4,020,731,582.28, compared to ¥3,347,008,382.58 in the same period of 2017, indicating a growth of about 20.06%[34]. - Cash received from investment income decreased by 65.71% to ¥200.00 million from ¥583.20 million due to reduced dividends from associated companies[13]. - Cash received from investments increased by 332.57% to ¥400.00 million from ¥92.47 million due to increased investments from minority shareholders[13]. - Cash inflow from financing activities totaled CNY 957,607,663.52, an increase from CNY 778,373,330.88 year-over-year[38]. - Net cash flow from financing activities was CNY 474,806,213.86, up from CNY 174,363,802.93 in the previous year[38]. Investments - The company completed a 30% equity acquisition in Nanhai Gas, contributing to increased gas sales[7]. - The company reported a significant increase in investment income, rising by CNY 8.51 million due to the disposal of held-for-sale assets[12]. - Cash paid for investments rose by 67.75% to ¥48,514.61 million from ¥28,921.30 million, reflecting payments for the acquisition of a 30% stake in Nanhai Gas[13]. - The company received CNY 181,008,583.33 in investment income, a significant increase from CNY 1,060,194.43 in the previous year[38]. Shareholder Information - The number of shareholders reached 30,981, with the top ten shareholders holding a combined 63.67% of shares[8]. Operating Costs and Expenses - Total operating costs for Q3 2018 were CNY 1,009,771,603.89, up 15.73% from CNY 872,549,608.76 in Q3 2017[27]. - The company incurred research and development expenses of CNY 79,851,134.59 in Q3 2018, compared to CNY 72,855,222.16 in Q3 2017, indicating a focus on innovation[27]. - The financial expenses for the first nine months of 2018 were ¥82,711,802.47, compared to ¥59,517,760.01 in the same period of 2017, indicating an increase of approximately 38.93%[30].

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 2,289,057,630.83, representing a 16.67% increase compared to CNY 1,962,036,237.25 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 499,980,143.30, a significant increase of 59.08% from CNY 314,288,553.39 in the previous year[20]. - The basic earnings per share for the first half of 2018 was CNY 0.65, up 58.54% from CNY 0.41 in the same period last year[21]. - The solid waste treatment segment generated revenue of 800 million yuan, reflecting an 18.07% increase compared to the previous period[33]. - The gas business reported revenue of 791 million yuan, marking an 18.29% year-on-year growth[34]. - The total profit for the period was 641 million yuan, with approximately 160 million yuan from the disposal of the official kiln market, accounting for about 25% of total profit[38]. - Net profit for the first half of 2018 was ¥504,300,417.32, representing a significant increase of 48.2% from ¥340,210,910.79 in the previous year[100]. Cash Flow and Financial Position - The net cash flow from operating activities was CNY 434,416,026.14, showing a slight decrease of 0.04% compared to CNY 434,570,118.03 in the same period last year[20]. - The company reported a net cash flow from financing activities of 339.65 million yuan, a significant increase of 468.81% year-on-year[36]. - The company reported a significant increase in cash and cash equivalents, with a balance of ¥1,155,519,005.07 compared to ¥1,294,606,454.04, a decrease of about 10.8%[92]. - The total cash inflow from operating activities was ¥2,350,967,184.03, up from ¥2,012,244,202.00 in the previous period, indicating a growth of 16.8%[104]. - The company reported a significant investment income of ¥89,884,017.01, compared to a loss of ¥4,038,346.63 in the previous year[99]. - The company raised ¥511,793,820.66 through borrowings, indicating a reliance on debt financing[108]. Assets and Liabilities - The company's total assets increased by 3.49% to CNY 14,604,818,687.59 from CNY 14,112,685,344.24 at the end of the previous year[20]. - Total current assets increased to ¥2,226,047,710.67 from ¥2,101,861,126.55, representing a growth of approximately 5.9%[92]. - Total liabilities increased to ¥8,570,870,706.46 from ¥8,014,766,292.00, which is an increase of about 6.9%[94]. - The company's total equity at the end of the reporting period is CNY 5,689,946,382.45, with a capital stock of CNY 766,264,018.00 and a capital reserve of CNY 2,140,679,305.1[113]. Investments and Acquisitions - The company completed a 30% equity acquisition in the gas development sector, contributing to increased sales volume and improved purchase-sale price margins[21]. - The company completed the acquisition of a 30% stake in gas development, which is now a wholly-owned subsidiary[34]. - Research and development expenses increased by 78.98% to 25.78 million yuan, indicating a focus on innovation[36]. Environmental and Regulatory Compliance - The company operates in the environmental services industry, which is expected to benefit from favorable national policies and a growing market demand for green industries[26]. - The company has established a comprehensive environmental management system to ensure compliance with discharge standards[67]. - The company has implemented advanced treatment technologies for wastewater and waste gas, ensuring no external discharge of treated wastewater[67]. Shareholder Information - The total number of common stock shareholders as of the end of the reporting period was 28,124[73]. - The largest shareholder, Foshan Nanhai Water Supply Group Co., Ltd., held 137,779,089 shares, accounting for 17.98% of the total shares[74]. Risk Management - The company faces various risks including policy, environmental, product quality, safety production, market competition, financial, and management risks, with strategies in place to mitigate these risks[49][50][51][52]. - The company plans to enhance its capital structure and explore diversified financing methods to support its growth and manage financial costs effectively[52]. Accounting and Financial Reporting - The financial report was approved for release on August 6, 2018[124]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements accurately reflect its financial position, operating results, changes in equity, and cash flows[128]. - The company recognizes cash equivalents as short-term investments that are highly liquid and can be converted to cash within three months[137].

Financial Performance - Operating revenue for the period was CNY 1,134,607,317.29, representing a growth of 20.03% year-on-year[7]. - Net profit attributable to shareholders increased by 133.96% to CNY 308,177,479.33, driven by gains from equity disposal and increased operational income[7]. - Basic earnings per share improved by 135.29% to CNY 0.40[7]. - Operating profit for Q1 2018 was ¥387,784,758.01, up from ¥154,684,361.12 in the same period last year, representing a growth of 150%[25]. - Net profit for Q1 2018 was ¥312,724,903.90, compared to ¥137,587,043.39 in Q1 2017, marking an increase of 127%[25]. - The total profit for Q1 2018 was CNY 255,438,920.28, with a net profit of CNY 226,078,908.63, showing a significant increase compared to the previous period[30]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 14,129,507,285.92, a slight increase of 0.12% compared to the end of the previous year[7]. - Accounts receivable increased by 50.58% to CNY 51,157.25 million due to higher revenues across business segments[12]. - Short-term borrowings increased significantly by 144.44% to CNY 11,000.00 million, reflecting a rise in bank loans[12]. - Current liabilities totaled ¥29.17 billion, a decrease from ¥29.64 billion at the beginning of the year[20]. - Total liabilities increased to ¥4,220,836,818.03 in Q1 2018 from ¥4,117,165,217.73 in Q1 2017, reflecting a rise of 2.5%[23]. - Current assets decreased to ¥776,016,194.68 in Q1 2018 from ¥891,926,151.41 in Q1 2017, a decline of approximately 13%[22]. - Non-current assets increased to ¥8,116,692,798.48 in Q1 2018, compared to ¥7,671,032,332.82 in Q1 2017, indicating a growth of 5.8%[22]. Cash Flow - Cash flow from operating activities showed a decline of 39.34%, totaling CNY 48,674,733.09[7]. - Cash inflow from operating activities amounted to CNY 1,046,600,530.69, up from CNY 907,487,037.30 in the same period last year, indicating a growth of approximately 15.3%[33]. - The net cash flow from operating activities decreased to CNY 48,674,733.09 from CNY 80,243,378.56, reflecting a decline of about 39.4%[33]. - Cash outflow from investing activities was CNY 697,517,077.78, significantly higher than CNY 229,544,101.56 in the previous year, indicating increased investment activity[33]. - The net cash flow from investing activities was negative at CNY -513,391,262.62, compared to CNY -226,802,590.89 in the same period last year[33]. - Cash flow from financing activities generated a net inflow of CNY 175,838,493.68, which is an increase from CNY 86,322,735.83 in the previous year[34]. - The ending cash and cash equivalents balance decreased to CNY 991,805,456.79 from CNY 1,099,252,095.69, a decline of approximately 9.8%[34]. Investments and Expenditures - Cash paid for fixed asset construction increased by 61.05% to ¥292.37 million, driven by expenditures on wastewater treatment plant upgrades[15]. - Cash paid for investment activities amounted to $432.02 million, compared to $87 million in the previous period, highlighting a substantial increase in capital expenditures[36]. - The total cash outflow from investing activities was $553.92 million, significantly higher than $152.27 million in the previous period, suggesting aggressive investment strategies[36]. Tax and Other Income - Other income rose significantly by ¥38.40 million, attributed to reclassification of government subsidies and increased tax refunds[13]. - Cash received from tax refunds increased by 396.57% to ¥22.91 million, reflecting higher VAT refunds[15]. - Income tax expenses increased by 69.33% to ¥75.80 million, largely due to significant profit from the disposal of equity in the Guanyao market[13]. - Non-operating income decreased by 95.65% to ¥0.12 million, primarily due to the reclassification of government subsidies[13]. Future Plans - The company plans to continue expanding its water supply and waste management operations, leveraging recent project launches and tax refunds[7]. - The company signed a supplementary agreement for a BOT project in Xiaogan, increasing the waste processing capacity from 1,050 tons/day to 2,250 tons/day[14].