Financial Performance - The company's operating revenue for Q1 2022 was ¥1,809,377,974.18, a decrease of 12.74% compared to the same period last year[6] - Net profit attributable to shareholders was ¥242,268,776.93, an increase of 11.73% year-on-year[6] - Basic earnings per share were ¥0.26, up by 13.04% compared to the previous year[6] - Net profit for Q1 2022 was ¥257,096,640.69, an increase of 5.73% compared to ¥243,009,788.67 in Q1 2021[27] - Earnings per share for Q1 2022 were ¥0.26 for basic and ¥0.21 for diluted, compared to ¥0.23 and ¥0.18 respectively in Q1 2021[29] Cash Flow - The net cash flow from operating activities reached ¥277,694,166.25, representing a significant increase of 111.04%[6] - Cash flow from operating activities in Q1 2022 was ¥1,752,017,596.99, down from ¥1,965,076,214.30 in Q1 2021[29] - The net cash flow from operating activities was $277,694,166.25, an increase from $131,581,581.41 in the previous period, indicating a significant improvement in operational efficiency[33] - Total cash inflow from operating activities amounted to $1,915,349,600.35, while cash outflow was $1,637,655,434.10, resulting in a positive net cash flow[33] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,555,778,011.18, an increase of 4.82% from the end of the previous year[9] - Total liabilities increased to ¥11,814,333,542.58 in Q1 2022 from ¥11,234,228,765.41 in Q1 2021, reflecting a growth of 5.16%[23] - Total current liabilities increased to RMB 7,354,123,670.51 from RMB 6,804,974,451.85, which is an increase of about 8.08%[21] - The company's long-term equity investments rose to RMB 75,164,871.54 from RMB 69,002,842.85, reflecting an increase of about 8.73%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,435[12] - The largest shareholder, Nanchang Water Industry Group Co., Ltd., held 29.28% of the shares[12] - Shareholders' equity attributable to the parent company was ¥6,135,072,586.32, reflecting a growth of 4.19% year-on-year[9] - Total equity attributable to shareholders increased to ¥6,135,072,586.32 in Q1 2022 from ¥5,888,289,544.31 in Q1 2021, representing a growth of 4.19%[23] Operational Efficiency - The company's cash and cash equivalents decreased to RMB 2,821,954,032.58 from RMB 2,944,295,079.41, representing a decline of about 4.15%[18] - Accounts receivable increased significantly to RMB 991,090,523.54 from RMB 743,876,377.83, marking an increase of approximately 33.33%[18] - Inventory rose to RMB 770,425,594.20, up from RMB 360,246,858.33, indicating a substantial increase of around 114.38%[18] - The company reported a significant increase in other receivables, which rose to RMB 255,555,494.15 from RMB 109,443,494.67, a growth of approximately 133.48%[18] Expenses - Research and development expenses for Q1 2022 were ¥18,981,713.08, an increase of 35.00% from ¥14,067,344.62 in Q1 2021[27] - Financial expenses for Q1 2022 were ¥50,974,589.64, up from ¥32,231,303.84 in Q1 2021, indicating a significant increase of 58.06%[27] - Cash paid for taxes increased to $97,193,102.47 from $91,757,745.38, indicating higher tax obligations[33] Investment Activities - The net cash flow from investing activities was -$268,953,308.85, showing a decrease in investment returns compared to -$609,377,915.67 previously[33] - The company received $9,286,900.00 from investments in subsidiaries, reflecting a decrease from $35,790,300.00 in the prior period[33] - The company reported a significant decrease in cash inflow from investment activities, which was $3,167,790.00 compared to $210,052,017.80 previously[33]

Financial Performance - In 2021, the company achieved a net profit of ¥949,880,140.10, with a net profit attributable to the parent company of ¥820,038,057.66[6] - The company's total distributable profit for 2021 amounted to ¥522,961,087.82, after accounting for dividends already distributed[6] - A cash dividend of ¥5.00 per share (including tax) will be distributed to shareholders, totaling ¥519,654,956.00[6] - The company extracted 10% of the net profit for the year as statutory reserve, amounting to ¥30,934,127.85[6] - The company reported a net profit of ¥309,341,278.48 for the parent company in 2021[6] - The company's operating revenue for 2021 was approximately ¥8.17 billion, an increase of 23.83% compared to ¥6.60 billion in 2020[25] - The net profit attributable to shareholders for 2021 was approximately ¥820 million, reflecting a growth of 23.52% from ¥664 million in 2020[25] - The net profit after deducting non-recurring gains and losses was approximately ¥789 million, up 28.25% from ¥615 million in 2020[25] - The net cash flow from operating activities for 2021 was approximately ¥1.38 billion, slightly up from ¥1.37 billion in 2020[28] - The total assets at the end of 2021 were approximately ¥17.70 billion, a 7.30% increase from ¥16.50 billion at the end of 2020[28] - The basic earnings per share for 2021 was ¥0.87, representing a 24.29% increase from ¥0.70 in 2020[28] - The weighted average return on equity for 2021 was 14.59%, an increase of 1.14 percentage points from 13.45% in 2020[28] Operational Highlights - Water sales volume increased by 8.53% to 378.69 million cubic meters, while sewage treatment volume rose by 21.75% to 969.22 million cubic meters[35] - The company signed 10 new concession agreements with an estimated investment of 690 million yuan, enhancing its sewage treatment capacity[38] - The company expanded its gas supply to 117,000 residential users, a 7% increase, and 1,871 non-residential users, a 58% increase[38] - A total of 9.44 billion yuan was allocated for the acquisition of solid waste treatment assets, diversifying the company’s environmental services[38] - The company increased its testing capabilities from 164 to 1,089 items, expanding its service offerings to include solid waste, drainage, soil, and air testing[38] Market Position and Strategy - The company holds over 80% market share in the sewage treatment business in Jiangxi province, with a treatment capacity of 3.652 million tons per day[42] - The company operates 11 water plants and a water supply network spanning 7,901 kilometers, serving a population of 4 million[42] - The company’s sewage treatment revenue increased due to the addition of 4 new BOT projects and 13 TOT projects in 2021[42] - The company has a gas pipeline network of 6,678 kilometers, with a gasification rate of 75%[42] - The company’s revenue from water supply and sewage engineering reached ¥5,930,702,442.68, with a year-on-year increase of 28.06%[54] Research and Development - The company’s R&D expenses rose by 35.51% to RMB 92,138,395.36, reflecting a focus on innovation[50] - The total R&D investment was 92.14 million yuan, accounting for 1.13% of operating revenue[62] - The company is investing 200 million RMB in R&D for new technologies aimed at improving water purification processes[115] Governance and Compliance - The company has provided a standard unqualified audit report from Da Xin Accounting Firm[5] - The company emphasizes the importance of compliance with environmental regulations, which may increase operational costs and risks associated with wastewater treatment[95] - The company is committed to enhancing its governance structure to protect the interests of minority shareholders and ensure independent operations from its controlling shareholder[99] - The company has committed to strict compliance with environmental laws and regulations, with no violations reported during the reporting period[169] Environmental Impact - The company’s wastewater treatment projects have consistently met the first-class A discharge standards for pollutants[161] - The company has reported a total reduction of approximately 306,500 tons of environmental pollutants during the reporting period[161] - The company has established pollution prevention facilities that are currently operating normally and have obtained necessary environmental permits[164] Future Outlook - The company plans to optimize the water intake project in Nanchang, which is significant for local drinking water source protection[90] - The company aims to create a smart water and gas network digital twin service platform to enhance service efficiency and optimize the business environment[91] - The company is set to acquire Blue Sky and Green Water Environmental Protection and expand its market value through asset restructuring[91] - Future guidance suggests an expected revenue increase of 1,110.62 million, reflecting optimistic market conditions[111] Shareholder Engagement - The company is actively engaging with investors through various channels to enhance communication and trust, thereby improving its corporate image[99] - The company plans to maintain a dividend distribution strategy for the next three years (2021-2023) as discussed in the annual general meeting[103] - The company has established a cash dividend policy that aims for a minimum of 50% of the net profit attributable to shareholders to be distributed in cash over the next three years, provided there are no major investment plans[146]

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,438,080,040.67, a decrease of 21.46% compared to the same period last year[6]. - Net profit attributable to shareholders was ¥233,861,222.48, an increase of 20.05% year-on-year[6]. - The net profit after deducting non-recurring gains and losses was ¥228,258,617.69, reflecting a growth of 22.11% compared to the previous year[6]. - Basic earnings per share for the quarter were ¥0.25, up 19.05% year-on-year, while diluted earnings per share decreased by 9.52% to ¥0.19[8]. - Total revenue for the first three quarters of 2021 reached ¥5,661,816,015.43, an increase of 23% compared to ¥4,607,150,812.24 in the same period of 2020[32]. - Net profit for the third quarter of 2021 was ¥718,496,305.29, compared to ¥600,000,461.49 in the same quarter of 2020, representing a 20% increase[36]. - The total comprehensive income attributable to the parent company was CNY 633,541,646.92, an increase from CNY 523,888,970.60 in the same period last year, representing a growth of approximately 20.9%[38]. - Basic earnings per share increased to CNY 0.68 from CNY 0.55, reflecting a growth of 23.6%[38]. Assets and Liabilities - Total assets at the end of the quarter reached ¥17,912,570,760.30, an increase of 8.57% from the end of the previous year[8]. - The company's total assets increased to ¥17,912,570,760.30 in Q3 2021, up from ¥16,497,965,601.41 in Q3 2020, marking a growth of approximately 8.6%[32]. - Total liabilities of the company reached ¥11,535,911,020.67, up from ¥10,503,260,697.59 in the previous year, indicating a growth of about 9.8%[32]. - Non-current liabilities totaled ¥4,721,848,935.47, an increase from ¥4,218,435,926.60 in the previous year, indicating a rise of about 11.9%[32]. - Current liabilities reached approximately $6.28 billion, a decrease of $6.05 million compared to the previous period[49]. - Total liabilities were approximately $10.50 billion, down from $10.55 billion, reflecting a decrease of $49.58 million[49]. - Shareholders' equity attributable to the parent company was ¥5,700,351,136.21, up 4.89% year-on-year[8]. - Shareholders' equity totaled approximately $5.99 billion, remaining unchanged from the previous period[49]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥664,874,786.77, a decrease of 24.73% compared to the previous year[8]. - Net cash flow from operating activities was CNY 664,874,786.77, down from CNY 883,332,653.67 in the previous year, indicating a decrease of about 24.8%[41]. - Cash inflow from operating activities totaled CNY 5,590,073,677.46, compared to CNY 5,098,450,703.37 in the same period last year, marking an increase of approximately 9.6%[41]. - Cash outflow from investing activities was CNY 1,525,547,225.88, a decrease from CNY 1,733,686,284.93, showing a reduction of about 12.0%[41]. - The net cash flow from financing activities was negative CNY 485,095,908.09, compared to a positive CNY 1,000,882,526.58 in the same period last year, indicating a significant decline[41]. - The total cash and cash equivalents at the end of the period were CNY 3,100,754,859.17, down from CNY 2,431,184,841.46, reflecting a decrease of approximately 27.6%[41]. Investments and Acquisitions - The company plans to acquire 100% equity of Dingyuan Ecological, 100% equity of Lantian Biyuan Environmental Protection, and 100% equity of Anyi Water Supply through a share issuance and cash payment[22]. - The company’s long-term equity investments decreased to CNY 67,343,202.29 from CNY 74,235,800.21, a decline of about 9.4%[25]. - The company reported a total cash inflow from investment activities of CNY 313,873,185.33, compared to CNY 45,740,750.11 in the previous year, indicating a significant increase[41]. - The company received CNY 35,790,300.00 from investments, a decrease from CNY 93,343,251.00 in the previous year, representing a decline of about 61.7%[41]. Shareholder Information - The company reported a total of 19,031 common shareholders at the end of the reporting period[21]. - The top ten shareholders hold a combined 77.69% of the total shares, with the largest shareholder, Nanchang Water Group, holding 29.28%[21]. Other Financial Metrics - The weighted average return on equity increased by 0.36 percentage points to 4.21% for the quarter[8]. - Research and development expenses for the third quarter of 2021 were ¥63,802,331.93, compared to ¥46,903,029.86 in the same quarter of 2020, reflecting a 36% increase[36]. - The company reported a decrease in other comprehensive income, with a net amount of -¥4,078,786.98 in Q3 2021 compared to ¥2,954,844.12 in Q3 2020[36]. - The company confirmed that the financial statements for the quarter were not audited[6]. - The company implemented new leasing standards effective January 1, 2021, impacting financial reporting[49]. - The company continues to focus on maintaining a strong balance sheet while exploring market expansion opportunities[49].

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥4,223,735,974.76, representing a 52.14% increase compared to ¥2,776,186,463.38 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥403,759,211.42, up 23.80% from ¥326,138,329.45 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥385,520,361.66, reflecting a 28.30% increase from ¥300,489,480.49 in the same period last year[22]. - The basic earnings per share for the first half of 2021 was ¥0.43, an increase of 26.47% compared to ¥0.34 in the previous year[23]. - The weighted average return on net assets increased to 7.25%, up by 0.61 percentage points from 6.64% in the previous year[23]. - The company's total revenue for the reporting period was CNY 4,223.74 million, up 52.14% from the previous year[39]. - The net profit attributable to shareholders was CNY 403.76 million, representing a year-on-year growth of 23.80%[37]. - The company reported a net profit margin improvement, with net profit for the first half of 2021 showing a positive trend compared to the previous year[180]. - The company's net profit for the first half of 2021 reached CNY 459,972,697.95, an increase of 22.8% compared to CNY 374,452,621.26 in the same period of 2020[184]. Assets and Liabilities - Total assets at the end of the reporting period were ¥17,460,056,960.47, a 5.83% increase from ¥16,497,965,601.41 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company were ¥5,443,674,480.03, showing a slight increase of 0.17% from ¥5,434,398,615.39 at the end of the previous year[22]. - Total liabilities were ¥11,365,558,453.18, rising from ¥10,503,260,697.59, representing a growth of 8.2%[174]. - Owner's equity totaled ¥6,094,498,507.29, an increase from ¥5,994,704,903.82, showing a growth of 1.7%[174]. - The company's asset-liability ratio is 65.09%, indicating a stable financial position[164]. Cash Flow - The net cash flow from operating activities was ¥354,522,625.39, a decrease of 13.69% compared to ¥410,743,447.79 in the same period last year[22]. - The company's cash flow is sufficient, ensuring the ability to meet the principal and interest payments of the convertible bonds[164]. - The company's cash and cash equivalents decreased from CNY 4,161,879,611.60 at the end of 2020 to CNY 3,224,893,514.22 by June 30, 2021[169]. - The company reported a cash flow from operating activities of CNY 2,904,992,782.60 for the first half of 2021, compared to CNY 2,807,638,869.14 in the same period of 2020[191]. Market Position and Strategy - The company holds a leading position in the urban water supply market in Nanchang, with a complete water quality monitoring system ensuring compliance with national standards[30]. - The company plans to expand its environmental protection efforts, focusing on water reuse, sludge drying, and smart energy management during the 14th Five-Year Plan period[32]. - The overall revenue scale of the water industry is expected to continue growing, driven by increasing urban and county water supply and wastewater treatment volumes[32]. - The company aims to contribute to low-carbon transformation and ecological protection, positioning itself as a leader in the Jiangxi province's environmental industry[32]. - The company is focusing on strategic acquisitions to bolster its market position and drive future growth[180]. Research and Development - R&D expenses increased by 50.82% to CNY 41.21 million, reflecting the company's commitment to innovation[39]. - Research and development expenses increased to CNY 12,237,419.99, up from CNY 10,880,837.18 in the first half of 2020, indicating a focus on innovation[186]. Environmental Compliance - The company has implemented real-time monitoring and quality control measures to ensure water quality meets national standards[61]. - The company has passed environmental assessments for all wastewater treatment projects prior to operation, ensuring compliance with local regulations[74]. - The company has established an emergency response plan for environmental incidents at all wastewater treatment facilities, which has been reported to the local environmental protection department for record-keeping[75]. - The company has complied with environmental protection laws and regulations, with no penalties reported for non-key pollutant discharge units during the reporting period[80]. Shareholder and Governance - The controlling shareholder, Water Industry Group, holds 29.42% of the company's shares, which may influence company operations and governance[61]. - The company is committed to enhancing corporate governance to protect the interests of minority shareholders[61]. - The company has made long-term commitments to maintain independence in operations and avoid conflicts of interest with its subsidiaries, ensuring fair treatment of all shareholders[87]. Related Party Transactions - The company has committed to reducing related party transactions and ensuring fair pricing and disclosure in any unavoidable transactions[88]. - The company will minimize related party transactions with Hongcheng Water Industry, ensuring fair pricing and timely disclosure[96]. Equity and Share Capital - The company’s total share capital increased to 948,107,625 shares due to the conversion of convertible bonds, with 69,274 shares converted during the reporting period[142]. - The total number of ordinary shareholders as of the end of the reporting period was 20,757[145]. - The largest shareholder, Nanchang Water Group Co., Ltd., held 278,959,551 shares, representing 29.42% of the total shares[145].

Financial Performance - Operating revenue for the first quarter reached CNY 2.07 billion, a significant increase of 55.34% year-on-year[12] - Net profit attributable to shareholders rose by 36.73% to CNY 216.83 million compared to the same period last year[12] - Basic earnings per share increased by 35.29% to CNY 0.23 per share[12] - The total profit for the quarter was CNY 311,960,739.33, up 44.49% from CNY 215,906,768.11 year-on-year[23] - Net profit for Q1 2021 was CNY 243,009,788.67, a 38.57% increase from CNY 175,369,045.90 in the previous year[23] - Operating profit for Q1 2021 was ¥310,115,063.94, up from ¥215,507,163.27 in Q1 2020, reflecting a growth of 43.9%[40] - Net profit attributable to shareholders for Q1 2021 was ¥216,829,242.49, compared to ¥158,584,655.97 in Q1 2020, marking an increase of 36.7%[42] Cash Flow - Net cash flow from operating activities improved to CNY 131.58 million, a turnaround from a negative cash flow of CNY 29.13 million in the previous year[12] - Cash flow from operating activities generated a net amount of ¥131,581,581.41, a significant improvement from a negative cash flow of ¥29,134,196.23 in Q1 2020[49] - Net cash flow from financing activities was negative at ¥-253,821,073.68, contrasting with a positive cash flow of ¥422,736,707.85 in Q1 2020[51] - The ending balance of cash and cash equivalents was ¥3,401,032,613.10, compared to ¥2,172,693,906.29 at the end of Q1 2020, reflecting an increase of approximately 56.5%[51] Assets and Liabilities - Total assets increased by 4.75% to CNY 17.28 billion compared to the end of the previous year[12] - Total liabilities reached ¥11,003,825,350.74, up from ¥10,503,260,697.59, marking a growth of around 4.76%[31] - Current liabilities rose to ¥6,490,532,636.21 from ¥6,284,824,770.99, indicating an increase of approximately 3.28%[29] - Total current assets amounted to ¥5,780,969,195.42, remaining stable compared to the previous period[55] - Total non-current liabilities amounted to ¥4,513,292,714.53, compared to ¥4,218,435,926.60, indicating an increase of approximately 6.99%[31] Shareholder Information - The total number of shareholders at the end of the period was 23,075[15] - The largest shareholder, Nanchang Water Industry Group, holds 29.42% of the shares[18] - Shareholders' equity increased to ¥6,278,304,782.30 from ¥5,994,704,903.82, showing an increase of about 4.74%[31] Research and Development - Research and development expenses rose by 89.23% to CNY 14,067,344.62 from CNY 7,434,050.98, reflecting the company's increased investment in R&D[21] - Research and development expenses for Q1 2021 were ¥14,067,344.62, nearly doubling from ¥7,434,050.98 in Q1 2020, indicating a focus on innovation[40] Investment Activities - The company reported a significant decrease in investment income, down 80.33% to CNY 632,852.19 from CNY 3,217,077.73, due to reduced equity method investment income[21] - Cash outflow from investing activities was ¥819,429,933.47, up from ¥456,068,002.82, representing an increase of about 79.7%[51] - Cash inflow from investment activities totaled ¥72,981,527.19, a significant increase from ¥29,451,808.84 in the previous period[53] Other Financial Metrics - The weighted average return on equity rose by 0.63 percentage points to 3.91%[12] - The company reported non-recurring gains of CNY 14.02 million for the quarter[15] - The company executed the new leasing standards effective January 1, 2021, impacting financial reporting and asset recognition[62]

Financial Performance - The company achieved a net profit of ¥784,409,025.73 for the year 2020, with a net profit attributable to the parent company of ¥663,909,525.23[6] - The parent company reported a net profit of ¥295,954,318.20 for 2020, with a proposed distribution of cash dividends of ¥4.21 per share, totaling ¥399,124,145.77[6] - The total distributable profit for the year amounted to ¥643,707,306.27 after accounting for previous retained earnings and dividends paid[6] - The company's operating revenue for 2020 was CNY 6,601,164,525.80, representing a 22.68% increase compared to CNY 5,380,989,963.80 in 2019[28] - Net profit attributable to shareholders for 2020 was CNY 663,909,525.23, a 35.84% increase from CNY 488,736,023.01 in 2019[28] - The net cash flow from operating activities for 2020 was CNY 1,372,145,632.36, up 14.20% from CNY 1,201,537,888.78 in 2019[28] - The total assets at the end of 2020 were CNY 16,497,965,601.41, a 39.47% increase from CNY 11,829,409,625.47 at the end of 2019[28] - Basic earnings per share for 2020 were CNY 0.70, reflecting a 14.75% increase from CNY 0.61 in 2019[29] - The weighted average return on equity for 2020 was 13.45%, an increase of 0.47 percentage points from 12.98% in 2019[29] Market Position and Operations - The company holds a dominant position in the urban water supply market in Nanchang, with a strong regional monopoly[37] - The company occupies over 80% market share in the county-level sewage treatment market in Jiangxi Province[41] - The gas market share in Nanchang has exceeded 90%[41] - The company operates under a franchise model for its main businesses, with franchise rights typically granted for 25-30 years, ensuring stability and exclusivity[41] - The company has established a water quality monitoring department that meets national standards, with over 140 detection capabilities, reflecting its technological leadership[44] - The company has implemented a high-education talent recruitment plan to enhance its operational and technical capabilities[44] - The sewage treatment and environmental governance sectors are expected to see continued growth due to government policies promoting ecological civilization[39] - The natural gas industry is anticipated to grow as the country implements clean and low-carbon development strategies[39] Financial Management and Governance - The company maintains a commitment to transparency and accuracy in its financial reporting, as stated by its management[4] - The company has provided a standard unqualified audit report from Da Xin Accounting Firm[5] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8] - There are no violations of decision-making procedures regarding external guarantees[8] - The company plans to allocate 10% of the parent company's net profit, amounting to ¥29,595,451.82, to statutory reserves[6] - The company has established a cash dividend policy that prioritizes shareholder returns while considering long-term growth[102] - The company will continue to improve its corporate governance structure to protect the interests of minority shareholders[99] Risks and Challenges - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[7] - The company has not disclosed any significant risks in the report, indicating a stable operational environment[10] - The company recognizes the risk of over-reliance on the local market for water supply and aims to expand into surrounding towns and suburbs to mitigate this risk[96] - The company faces potential risks related to price adjustments in the water supply sector due to strict government regulations, which may affect its ability to respond to rising operational costs[96] - The company is at risk of not renewing its operating licenses for wastewater treatment plants after the 20-30 year term expires[99] Environmental Responsibility - The company has implemented an emergency response plan for environmental incidents at all wastewater treatment facilities, enhancing its environmental protection measures[186] - The company’s major pollutants are monitored in real-time, with data accessible to environmental authorities and published on the provincial environmental quality information platform[189] - The company has not faced any penalties for environmental violations during the reporting period, adhering to national environmental laws[190] - The company’s environmental monitoring methods include both manual and online continuous monitoring, demonstrating a commitment to environmental responsibility[187] Subsidiaries and Related Transactions - The company has made long-term commitments regarding related party transactions, ensuring compliance with legal and regulatory requirements[111] - The company has committed to minimizing related party transactions with Hongcheng Water Industry, ensuring fair pricing and timely disclosure[111] - The company will not engage in any business activities that compete with Hongcheng Water Industry's current and future main operations[116] - The company has committed to resolving competition issues with Hongcheng Water Industry within 36 months through various means, including divestiture or closure of competing businesses[129] Investment and Growth Strategies - The company is actively exploring other segments of the environmental industry to drive sustainable growth[37] - The company plans to upgrade over 30 sewage treatment plants to meet Class A discharge standards, ensuring compliance with environmental regulations[95] - The company is focusing on expanding its water supply capabilities by improving old urban pipeline networks and constructing new facilities in key areas[95] - The solid waste treatment sector is expected to grow significantly due to government policies promoting waste classification and resource utilization, with incineration accounting for nearly 50% of waste treatment methods in 2020[94] Financial Instruments and Capital Structure - The company successfully issued convertible bonds, raising 1.8 billion RMB to support sustainable development[49] - The company’s cash flow is robust, ensuring the ability to meet the principal and interest payments on convertible bonds[195] - The total number of ordinary shares increased to 948,038,351 after the issuance of 5,885,000 new shares[198] - The company has 37,305 holders of convertible bonds, with the largest holder owning 20.50% of the total[192]

Financial Performance - Net profit attributable to shareholders of the listed company was ¥520,934,126.48, representing a growth of 48.57% year-on-year[11]. - Operating revenue for the first nine months was ¥4,607,150,812.24, an increase of 25.42% compared to the same period last year[11]. - Total profit increased by 37.77% from CNY 542,470,448.79 to CNY 747,370,784.83, attributed to increased company profits[26]. - Net profit rose by 44.09% from CNY 416,394,757.22 to CNY 600,000,461.49, reflecting overall profit growth[26]. - Total operating revenue for Q3 2020 reached ¥1,830,964,348.86, a 69.8% increase compared to ¥1,077,945,805.74 in Q3 2019[45]. - Net profit for Q3 2020 was ¥225,547,840.23, compared to ¥121,941,874.39 in Q3 2019, representing an 85.0% increase[48]. - The company reported a total profit of ¥280,409,490.08 for Q3 2020, compared to ¥157,902,682.87 in Q3 2019, a 77.2% increase[48]. - The net profit attributable to shareholders was ¥194,795,797.03, compared to ¥107,307,703.90 in Q3 2019, reflecting an 81.6% increase[48]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥14,466,155,670.63, an increase of 22.29% compared to the end of the previous year[11]. - Non-current assets totaled ¥9,870,180,080.84, up from ¥8,239,480,788.00, reflecting an increase of approximately 19.8%[34]. - Total liabilities reached ¥8,996,608,521.50, compared to ¥6,657,976,660.78, indicating a rise of about 35.1%[36]. - Short-term borrowings surged to ¥2,255,910,882.04 from ¥1,225,337,658.31, an increase of approximately 84.1%[34]. - Long-term borrowings increased to ¥2,707,244,726.80, up from ¥1,921,408,574.42, representing a growth of about 40.9%[36]. - Total current assets increased to ¥4,595,975,589.79 as of September 30, 2020, up from ¥3,589,928,837.47 on December 31, 2019, representing a growth of approximately 28.0%[30]. - Total liabilities amounted to $1,922,051,471.78, with current liabilities at $1,637,271,078.39[76]. Cash Flow - The net cash flow from operating activities for the first nine months was ¥883,332,653.67, a decrease of 2.49% year-on-year[11]. - Cash flow from investing activities showed a net outflow of CNY -1,687,945,534.82, an increase in cash payments for fixed assets and other long-term assets[26]. - The company's cash flow from financing activities increased by 576.31% from CNY 147,991,399.80 to CNY 1,000,882,526.58, primarily due to increased cash from loans[26]. - The company reported a net cash flow from operating activities of CNY 883,332,653.67, down from CNY 905,876,655.00 in the previous year[56]. - The total cash inflow from investment activities was 232,445,203.51 RMB, down from 393,269,118.11 RMB year-over-year, resulting in a net cash flow from investment activities of -328,354,734.18 RMB[62]. - The cash flow from financing activities showed a net outflow of 34,715,802.35 RMB, compared to a larger outflow of 377,005,335.93 RMB in the previous year[62]. Shareholder Information - The total number of shareholders at the end of the reporting period was 22,730[17]. - The largest shareholder, Nanchang Water Industry Group Co., Ltd., held 29.42% of the shares, amounting to 278,959,551 shares[17]. - Total equity attributable to shareholders rose to ¥5,044,744,799.75 from ¥4,750,230,007.74, reflecting an increase of approximately 6.2%[36]. Inventory and Receivables - Accounts receivable decreased by 42.08% from CNY 646,092,931.89 to CNY 374,241,133.09 due to changes in accounting policies[21]. - Prepayments increased by 74.42% from CNY 115,786,356.93 to CNY 201,955,635.41 primarily due to increased advance payments for projects and equipment[21]. - Inventory increased by 179.32% from CNY 356,025,396.29 to CNY 994,457,047.20 mainly due to changes in accounting policies[23]. Government Subsidies and Other Income - Government subsidies recognized in the current period amounted to ¥8,180,940.56, with a total of ¥14,161,066.15 for the year-to-date[16]. - Non-current asset disposal gains for the first nine months were ¥23,430,053.48[16]. - The total amount of other comprehensive income reported was $1,825,116.89[76].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,776,186,463.38, representing a 6.97% increase compared to CNY 2,595,317,193.29 in the same period last year[25]. - The net profit attributable to shareholders of the listed company reached CNY 326,138,329.45, a significant increase of 34.03% from CNY 243,335,142.46 in the previous year[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 300,489,480.49, up 30.85% from CNY 229,641,055.74 in the same period last year[25]. - The net cash flow from operating activities was CNY 410,743,447.79, showing a slight decrease of 1.37% compared to CNY 416,443,267.61 in the previous year[25]. - The company achieved a water sales volume of 16,321.35 million cubic meters, a decrease of 5.41% year-on-year[42]. - The sewage treatment volume increased by 5.13% year-on-year, reaching 42,542.34 million cubic meters[42]. - The company reported a total revenue of 277,618.65 million yuan, an increase of 6.97% compared to the same period last year[42]. - The net profit attributable to shareholders was 32,613.83 million yuan, reflecting a growth of 34.03% year-on-year[42]. - Total assets reached 1,305,875.06 million yuan, up 28.47% year-on-year, while net assets attributable to shareholders increased by 34.54% to 508,319.25 million yuan[42]. Assets and Liabilities - Total assets increased by 10.39% to ¥13,058,750,599.71 from the previous year[27]. - The net assets attributable to shareholders reached ¥5,083,192,500.85, an increase of 7.01% compared to the previous year[27]. - Total liabilities reached CNY 7,490,695,716.02, up from CNY 6,657,976,660.78, indicating an increase of about 12.5%[149]. - Short-term borrowings at the end of the period amounted to ¥2,028,188,867.29, a year-on-year increase of 94.97% from ¥1,040,244,000, primarily due to new bank loans[48]. - Current liabilities rose to CNY 5,246,894,776.19, an increase of 15.4% from CNY 4,549,763,857.67[149]. Investment and R&D - Research and development expenses rose by 79.28% to 27,324,836.26 yuan, indicating increased investment in innovation[42]. - Research and development expenses for the first half of 2020 were ¥27,324,836.26, which is a 79.49% increase compared to ¥15,241,130.82 in the same period of 2019[160]. - The company has committed to ensuring that Hongcheng Water Industry remains the professional development platform for its water production and sewage treatment business, with no new water supply or sewage treatment businesses to be added[70]. Market Position and Expansion - The company maintains a leading position in the urban water supply market in Nanchang, with a strong natural monopoly[33]. - The wastewater treatment business is expanding, with operations in multiple provinces and a focus on government-conferred operating rights[33]. - The company plans to enhance its market presence beyond Nanchang to become a nationwide comprehensive environmental service provider[58]. - Future growth in the wastewater treatment sector is expected due to government policies aimed at enhancing ecological civilization and environmental protection[36]. Risks and Challenges - The company faces risks related to national policy changes that could impact the water supply and wastewater treatment sectors[58]. - Market expansion risks are present due to the company's reliance on the Nanchang region for its water and gas services[58]. - The company faces risks related to water supply pricing adjustments due to strict government regulations, which can lead to mismatches between input costs and output pricing[61]. - The company is actively seeking backup water sources and improving production management to address potential risks from water quality and supply from the Gan River[61]. Shareholder and Governance - The company has a 29.42% shareholding by its controlling shareholder, Water Industry Group, and a total of 42.08% by the actual controller, Municipal Public Utility Group, which may influence operational decisions[61]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[65]. - The company has committed to not engaging in any business activities that would compete with Hongcheng Water Industry's current and future operations[86]. Financial Management and Compliance - The company has appointed Daixin Accounting Firm as its financial and internal control auditor for the 2020 fiscal year[98]. - There are no significant litigation or arbitration matters reported during the reporting period[100]. - The company has complied with environmental laws and regulations, with no penalties for violations reported during the reporting period[126]. Cash Flow and Financing - Cash and cash equivalents at the end of the period were 2,089,423,803.83 yuan, an increase of 81.70% year-on-year, primarily due to new bank loans[45]. - The net cash flow from financing activities was CNY 475,527,350.60, a turnaround from CNY -14,041,909.24, indicating a significant improvement[173]. - Financing cash inflows totaled CNY 1,870,732,093.10, compared to CNY 1,130,326,000.00, representing an increase of about 65.54%[171]. Equity and Share Capital - The total number of shares held by the top ten restricted shareholders amounts to 124,434,726 shares, with varying lock-up periods[137]. - The company’s total shares increased from 942,153,351 to 948,038,351 due to the issuance of 5,885,000 new shares[129]. - The company has a three-phase unlocking schedule for the restricted shares, with 40% unlockable after 24 months, 30% after 36 months, and 30% after 48 months[132].

2020 年第一季度报告 公司代码：600461 公司简称：洪城水业 江西洪城水业股份有限公司 2020 年第一季度报告 1 / 25 2020 年第一季度报告 目 录 | --- | --- | |-------|---------------| | | | | í | 重要提示 | | I Í | 公司基本情况… | | IIÍ | 重要事项 | | 四、 | 附录 | 2 / 25 2020 年第一季度报告 单位：元 币种：人民币 非经常性损益项目和金额 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人邵涛、主管会计工作负责人王剑玉及会计机构负责人（会计主管人员）黄立群保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |----------------------------------- ...

Financial Performance - The company achieved a net profit of ¥580,841,946.26 for the year 2019, with a net profit attributable to the parent company of ¥488,736,023.01[6]. - The parent company reported a net profit of ¥238,492,627.35 for 2019, with a proposed distribution of cash dividends of ¥2.6 per share, totaling ¥246,489,971.26[6]. - The total distributable profit for shareholders in 2019 amounted to ¥623,838,411.15, after accounting for dividends paid[6]. - The company plans to allocate 10% of the parent company's net profit, amounting to ¥23,849,262.74, to statutory reserves[6]. - The remaining undistributed profit of ¥377,348,439.89 will be carried forward to the next fiscal year[6]. - The company's operating revenue for 2019 was CNY 5,380,989,963.80, representing a 22.92% increase compared to CNY 4,377,751,056.23 in 2018[25]. - Net profit attributable to shareholders for 2019 was CNY 488,736,023.01, a 45.45% increase from CNY 336,006,633.61 in 2018[25]. - The net cash flow from operating activities for 2019 was CNY 1,201,537,888.78, showing a 7.07% increase from CNY 1,122,157,808.89 in 2018[25]. - The total assets at the end of 2019 were CNY 11,829,409,625.47, an 18.46% increase from CNY 9,986,382,242.90 at the end of 2018[25]. - Basic earnings per share for 2019 were CNY 0.61, up 41.86% from CNY 0.43 in 2018[25]. - The weighted average return on equity for 2019 was 12.98%, an increase of 3.02 percentage points from 9.96% in 2018[25]. Risk Management - The company has outlined potential risks in its report, which investors should be aware of[10]. - The company faces risks related to policy changes that may require technological upgrades in water supply and sewage treatment, impacting performance[97]. - The company is currently reliant on the local market in Nanchang for water supply, which poses a risk of over-dependence on a single market[97]. - The water pricing mechanism is strictly regulated, and the company may struggle to adjust prices in response to rising operational costs due to lengthy approval processes[97]. - The company is exposed to energy supply risks, particularly regarding electricity, which could affect production capacity and increase costs[97]. - The quality of raw water sourced from the Gan River is crucial for the company's operations, with potential risks from extreme weather and pollution events[97]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures regarding external guarantees[8]. - The audit report for the financial statements was issued by Da Xin Certified Public Accountants with an unqualified opinion[5]. - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[4]. - The company has committed to maintaining transparency in its dividend policy and ensuring it aligns with shareholder interests[103]. - The board of directors must propose any adjustments to the profit distribution policy, which requires a two-thirds majority approval from shareholders[103]. Market Position and Industry Trends - The company holds a dominant position in the Nanchang water supply market, with over 90% market share in the sewage treatment sector within the province[40]. - The wastewater treatment industry is in a rapid growth phase, driven by increasing demand for comprehensive environmental services and government policies aimed at enhancing ecological civilization[37]. - The natural gas market in China is expected to grow rapidly, with consumption projected to exceed 10% by 2020 and 15% by 2030, driven by ongoing reforms and policies[37]. - Future growth in the wastewater treatment sector is anticipated due to the implementation of various government initiatives aimed at improving water quality and environmental management[37]. - The company is well-positioned for future expansion through mergers and acquisitions, which will facilitate overcoming regional and technical barriers in the water services industry[37]. Investment and Capital Expenditures - The company invested 208,957,726.42 RMB in capital expenditures during the reporting period, with a total project budget of 1,034,682,700 RMB[80]. - The company has ongoing construction projects with planned capacities expected to be operational in 2020, including several water supply and sewage treatment facilities[71]. - The company completed the renovation of 138.8 kilometers of old gas pipelines during the reporting period[43]. Environmental Commitment - The company achieved a cumulative reduction of environmental pollutants by approximately 224,500 tons during the reporting period[178]. - The company operates 79 subsidiaries and branches listed as key pollutant discharge units in Jiangxi Province, Zhejiang Province, and Liaoning Province[178]. - All wastewater treatment facilities have passed environmental acceptance inspections and are operating normally[181]. - The company has established emergency response plans for environmental incidents at all wastewater treatment facilities[183]. - The company’s online monitoring data for major pollutants is supervised by environmental authorities and published in real-time[184]. Shareholder Relations and Dividends - The company’s profit distribution policy emphasizes protecting shareholders' rights and ensuring reasonable returns, with a minimum cash dividend ratio of 80% for mature companies without major capital expenditures[103]. - In 2019, the cash dividend amounted to ¥246,489,971.26, representing 50.43% of the net profit attributable to ordinary shareholders, which was ¥488,736,023.01[106]. - The company has a three-year dividend plan, with the latest plan covering 2018-2020, focusing on sustainable development and operational needs[103]. - The company distributed a total of ¥199,153,058.80 in cash dividends over the last three years, exceeding the required 30% of the average distributable profit of ¥356,865,999.70[103]. Related Party Transactions - The company will ensure fair pricing and timely disclosure for any unavoidable related party transactions[116]. - The company has committed to minimizing related party transactions with Hongcheng Water Industry[116]. - The company will not use its controlling power to harm the interests of Hongcheng Water Industry and its other shareholders[115]. Financial Adjustments and Compliance - The company has made adjustments to its financial reporting in accordance with new financial instrument standards, impacting the classification of financial assets and liabilities[147]. - The company has not yet completed its commitment to ensure the proper use of raised funds in accordance with regulatory requirements[142]. - The company has not yet fulfilled its commitment to reduce related party transactions and ensure fair pricing in transactions with Hongcheng Water[138].