Financial Performance - Operating revenue for the first nine months decreased by 32.18% to CNY 2,087,535,591.11 compared to the same period last year[6]. - Net profit attributable to shareholders increased by 154.19% to CNY 37,521,014.65 for the first nine months[6]. - Basic and diluted earnings per share increased by 133.33% to CNY 0.07[6]. - The company reported a net loss of ¥326,873,635.17 for the period, an improvement compared to a loss of ¥364,394,649.82 in the previous year[31]. - The company’s total profit for the first three quarters of 2019 was ¥50,693,830.58, compared to ¥39,011,885.48 in the previous year, representing a growth of approximately 30.5%[37]. - Net profit for Q3 2019 reached ¥15,295,422.13, compared to ¥4,593,749.87 in Q3 2018, indicating a substantial increase in profitability[37]. - The company reported a total comprehensive income for the first three quarters of 2019 was ¥175.37 million, down from ¥16.35 million in the same period of 2018[41]. Cash Flow and Liquidity - Net cash flow from operating activities improved by 87.76%, reaching CNY -41,937,410.18 for the first nine months[6]. - Cash flow from operating activities for the first three quarters of 2019 was approximately ¥2.52 billion, a decrease from ¥3.23 billion in the same period of 2018[42]. - The company reported a total operating cash outflow of 1,522,117,020.28 RMB, compared to 1,841,153,888.74 RMB in the same period last year[44]. - The total cash inflow from investment activities was 473,433,499.70 RMB, compared to 6,858,052.73 RMB in the previous year, resulting in a net cash flow of 439,741,727.95 RMB[44]. - Cash inflow from financing activities amounted to 1,886,576,138.00 RMB, while cash outflow was 2,591,731,397.73 RMB, leading to a net cash flow of -705,155,259.73 RMB[44]. - The company experienced a net increase in cash and cash equivalents of -300,034,422.15 RMB during the reporting period[45]. Assets and Liabilities - Total assets decreased by 10.31% to CNY 7,258,909,196.01 compared to the end of the previous year[6]. - Total current assets as of September 30, 2019, amounted to ¥5,402,639,061.32, a decrease from ¥5,917,775,335.72 in December 2018, reflecting a decline of approximately 8.7%[29]. - Total liabilities decreased to ¥5,241,244,474.98 from ¥6,110,106,437.28, a reduction of approximately 14.2%[31]. - Long-term borrowings decreased by 59.14% to ¥125,200,000.00, primarily due to loan repayments[11]. - The company reported a total liability of ¥4,116,433,546.03, down from ¥4,881,537,119.89 in the previous year, showing a decrease of approximately 15.7%[34]. - Total liabilities reached $4.88 billion, with current liabilities at $4.60 billion[52]. Shareholder Information - The total number of shareholders reached 44,635 at the end of the reporting period[10]. - The largest shareholder, Hangzhou Steel Group Co., Ltd., holds 25.67% of the shares[10]. - The company’s controlling shareholder changed to Hangzhou Steel Group Co., Ltd. after a share transfer of 25.67% completed in September 2019[12]. Investments and Equity - Long-term equity investments decreased by 69.52% to ¥66,327,699.45 as a result of the disposal of equity in Shandong Fida Ecological Environment Technology Co., Ltd.[11]. - The company completed the transfer of 4% equity in Juhua Group Finance Co., Ltd. for ¥48,277,862.51, with full payment received[15]. - The company transferred 90% equity in Quzhou Qingyuan Biotechnology Co., Ltd. for ¥36,209,100, with ¥28,967,300 received to date[16]. - The company has accumulated a provision for liabilities related to guarantees for Shen Ying Group totaling ¥58,898,303.35[13]. Performance Commitments - Jiangsu Haide's audited main business profit for 2017 was -18.466 million RMB, failing to meet the annual performance commitment[19]. - Shandong Fida's performance commitment requires an audited net profit of no less than 65 million RMB for 2017, 2018, and 2019, with a total commitment of 195 million RMB over three years[21]. - The company has terminated the investment agreements related to Shandong Fida due to the failure to meet performance commitments[25]. - The performance commitments for Shandong Fida include provisions for profit shortfalls to be compensated by future surpluses, but previous surpluses cannot offset future shortfalls[23]. Research and Development - Research and development expenses for the first three quarters of 2019 were ¥22,297,103.51, up from ¥15,897,479.97 in the same period of 2018, reflecting a focus on innovation[36]. - Research and development expenses increased to ¥8.56 million in Q3 2019, up from ¥1.28 million in Q3 2018, indicating a focus on innovation[39].

证券代码：600526 证券简称：*ST菲达 公告编号：临2019－096 浙江菲达环保科技股份有限公司 关于参加投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 活动类型：投资者网上集体接待日 活动时间：2019 年 11 月 5 日（周二）15∶30～17∶00 活动地点：深圳市全景网络有限公司提供的"全景·路演天下"平台 （http://rs.p5w.net） 活动参与方式：互联网在线交流 一、主题 为进一步加强与投资者的沟通交流，构建良好的投资者关系，浙江菲达环保 科技股份有限公司（以下简称"公司"）将参加由中国证监会浙江监管局指导、 浙江上市公司协会与深圳市全景网络有限公司共同举办的"沟通促发展 理性共 成长"辖区上市公司投资者网上集体接待日主题活动。 二、活动时间、地点 活动时间：2019 年 11 月 5 日（周二）15∶30～17∶00 活动地点：深圳市全景网络有限公司提供的"全景·路演天下"平台 （http://rs.p5w.net） 活动参与方式：互联网在 ...

Financial Performance - Operating revenue for the first nine months decreased by 32.18% to CNY 2,087,535,591.11 compared to the same period last year[6]. - Net profit attributable to shareholders increased by 154.19% to CNY 37,521,014.65 for the first nine months[6]. - Basic and diluted earnings per share increased by 133.33% to CNY 0.07[6]. - Net profit increased by 182.06% to ¥38,129,262.34, mainly due to the recognition of equity transfer gains from Jiangsu Fida Baokai Electric Co., Ltd.[12]. - The company reported a net loss of ¥326,873,635.17, an improvement from a loss of ¥364,394,649.82 in the previous year[31]. - Net profit for Q3 2019 was ¥15,295,422.13, an increase from ¥4,593,749.87 in Q3 2018[37]. - The net profit for Q3 2019 was a loss of ¥11.08 million, compared to a profit of ¥3.33 million in Q3 2018, indicating a significant decline[40]. - The total comprehensive income for Q3 2019 was ¥15.27 million, compared to ¥38.13 million in the same period last year, showing a decrease of 60%[38]. Cash Flow and Liquidity - Net cash flow from operating activities improved by 87.76%, reaching CNY -41,937,410.18 for the first nine months[6]. - Cash flow from operating activities for the first nine months of 2019 was approximately ¥2.52 billion, down from ¥3.23 billion in the same period of 2018[42]. - The company reported a total operating cash outflow of 1,522,117,020.28 RMB for the first three quarters of 2019, compared to 1,841,153,888.74 RMB in 2018[44]. - The total cash inflow from investment activities was 473,433,499.70 RMB, compared to 6,858,052.73 RMB in the previous year, resulting in a net cash flow of 439,741,727.95 RMB[44]. - Cash inflow from financing activities amounted to 1,886,576,138.00 RMB, while cash outflow was 2,591,731,397.73 RMB, leading to a net cash flow of -705,155,259.73 RMB[44]. - The company experienced a net increase in cash and cash equivalents of -300,034,422.15 RMB during the reporting period[45]. Assets and Liabilities - Total assets decreased by 10.31% to CNY 7,258,909,196.01 compared to the end of the previous year[6]. - Cash and cash equivalents decreased by 32.88% to ¥697,795,737.93 due to significant loan repayments during the period[11]. - Total liabilities decreased to ¥5,241,244,474.98 from ¥6,110,106,437.28, reflecting a reduction of approximately 14.2%[31]. - The company reported a total debt of ¥4,116,433,546.03, down from ¥4,881,537,119.89 in the previous year[34]. - The total amount of cash and cash equivalents was ¥711,133,214.89 as of December 31, 2018[51]. - Current liabilities reached ¥5,499,004,958.06, with short-term borrowings at ¥2,400,154,128.00[48]. Shareholder Information - The total number of shareholders reached 46,835 at the end of the reporting period[10]. - The largest shareholder, Hangzhou Steel Group Co., Ltd., holds 25.67% of the shares[10]. - The company’s controlling shareholder changed to Hangzhou Steel Group Co., Ltd., with the actual controller remaining the State-owned Assets Supervision and Administration Commission of Zhejiang Province[12]. Investments and Equity - Long-term equity investments decreased by 69.52% to ¥66,327,699.45 as a result of the disposal of equity in Shandong Fida Ecological Environment Technology Co., Ltd.[11]. - The company completed the transfer of 4% equity in Juhua Group Financial Co., Ltd. for ¥48,277,862.51, with full payment received[15]. - The company transferred 90% equity in Quzhou Qingyuan Biotechnology Co., Ltd. for ¥36,209,100, with ¥28,967,300 received to date[16]. - The company has accumulated a provision for expected liabilities of ¥58,898,303.35 related to guarantees provided for Shenying Group[13]. Research and Development - Research and development expenses for Q3 2019 were ¥11,251,872.58, compared to ¥5,299,159.99 in Q3 2018, indicating a significant increase in investment in innovation[36]. - Research and development expenses increased to ¥8.56 million in Q3 2019, up from ¥1.28 million in Q3 2018, reflecting a focus on innovation[39]. Regulatory and Compliance - The company adopted new financial instrument standards effective January 1, 2019, impacting financial reporting[53]. - The company is committed to following the revised financial reporting formats as per the Ministry of Finance guidelines[54].

Financial Performance - The company's operating revenue for the first half of 2019 was approximately RMB 1.44 billion, a decrease of 23.23% compared to RMB 1.87 billion in the same period last year[19]. - The net profit attributable to shareholders of the listed company reached RMB 24.50 million, representing a significant increase of 96.92% from RMB 12.44 million in the previous year[19]. - The net cash flow from operating activities was RMB 15.52 million, a turnaround from a negative cash flow of RMB -339.92 million in the same period last year, marking an improvement of 104.57%[19]. - The company reported a net profit of RMB -29.20 million after deducting non-recurring gains and losses, a significant decline of 957.01% compared to RMB 3.41 million in the previous year[19]. - Net profit attributable to shareholders increased by 96.92%, mainly due to gains from the disposal of subsidiary equity[21]. - The company reported a significant decline of 957.01% in net profit attributable to shareholders after deducting non-recurring gains and losses, primarily due to the aforementioned equity gains being classified as non-recurring[21]. - The company reported a net profit of CNY 21,206,075.50, a 137.62% increase, primarily due to the recognition of equity transfer gains[28]. - The company achieved a total consolidated revenue of ¥1,438,182,385.94, a decrease of 23.23% compared to the same period last year[34]. - Net profit for the period was ¥22,833,840.21, representing a significant increase of 155.85% year-over-year[34]. Assets and Liabilities - The total assets of the company decreased by 7.73% to RMB 7.47 billion from RMB 8.09 billion at the end of the previous year[19]. - The company's total assets amounted to ¥7,467,695,723.40, with a debt total of ¥5,461,710,520.73, resulting in a debt-to-asset ratio of 73.14%, down by 2.36 percentage points from the beginning of the year[34]. - The company's total liabilities decreased by 50.91% in long-term borrowings, reflecting substantial loan repayments during the period[27]. - Total liabilities decreased by 10.61% to CNY 5,461,710,520.73 from CNY 6,110,106,437.28[38]. - The company's total equity was CNY 2,005,985,202.67, slightly up from CNY 1,983,275,528.40, indicating a growth of about 1.1%[94]. Cash Flow - The company's cash and cash equivalents decreased by 41.36% to CNY 609,667,460.16, mainly due to significant loan repayments[27]. - The company reported a significant increase in other receivables, which rose to CNY 334,615,361.17 from CNY 253,477,175.79, reflecting a growth of approximately 32.0%[92]. - The net cash flow from operating activities for the first half of 2019 was -47,068,178.58 RMB, an improvement from -289,935,806.15 RMB in the same period of 2018[112]. - The total cash inflow from investment activities in the first half of 2019 was 368,295,398.06 RMB, compared to 6,795,682.86 RMB in the first half of 2018, indicating a significant increase[112]. - The total cash and cash equivalents at the end of the first half of 2019 were 192,326,221.00 RMB, down from 267,934,544.54 RMB at the end of the first half of 2018[112]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 46,835[84]. - The largest shareholder, Juhua Group Co., Ltd., holds 140,515,222 shares, representing 25.67% of the total shares[85]. - The second-largest shareholder, Fida Group Co., Ltd., holds 96,627,476 shares, representing 17.65% of the total shares, with 6,800,000 shares pledged[85]. Investment and Projects - The company has undertaken over 30 national-level projects, including 2 "863 Program" projects and 3 major R&D projects[30]. - The company is focusing on expanding into new markets such as metallurgy and cement while consolidating its existing market presence[33]. - The company has ongoing projects, including the Quzhou Qingtai sewage treatment upgrade project, with an investment of CNY 2,707.37 million[46]. Environmental Compliance - The company has implemented stable operations for its waste treatment facilities, ensuring compliance with environmental standards[72]. - There were no instances of exceeding pollutant discharge standards reported during the period[69]. - The company has established an emergency response plan for environmental incidents applicable to both Qizhou Qingtai and Qizhou Jutai[75]. Accounting and Financial Reporting - The company has not experienced any significant changes in accounting policies or estimates that would affect net profit, total assets, or net assets[80]. - The company has not reported any major accounting errors requiring retrospective restatement during the reporting period[81]. - The company has made changes to its accounting policies in accordance with the Ministry of Finance's notification regarding the format of financial statements for 2019[183]. Legal and Regulatory Matters - The company has no major litigation or arbitration matters during the reporting period[61]. - The company has established a special team and hired lawyers to handle litigation matters related to Jiangsu Haide, ensuring the protection of its legal rights[58].

Financial Performance - The company reported a net profit attributable to shareholders of -421,673,080.29 yuan for 2018, following a net profit of -166,739,576.66 yuan in 2017, indicating a significant decline in profitability [7]. - The company's operating revenue for 2018 was approximately ¥3.52 billion, a decrease of 7.47% compared to ¥3.81 billion in 2017 [24]. - The net profit attributable to shareholders was a loss of approximately ¥421.67 million, representing a decline of 152.89% from a loss of ¥166.74 million in 2017 [24]. - The basic earnings per share for 2018 was -¥0.77, down 156.67% from -¥0.30 in 2017 [25]. - The weighted average return on equity decreased to -19.80%, a drop of 12.97 percentage points from -6.83% in 2017 [25]. - The net cash flow from operating activities improved by 85.24%, reaching approximately -¥30.79 million compared to -¥208.62 million in 2017 [25]. - The total assets at the end of 2018 were approximately ¥8.09 billion, a decrease of 2.85% from ¥8.33 billion at the end of 2017 [24]. - The net assets attributable to shareholders decreased by 18.02%, amounting to approximately ¥1.92 billion at the end of 2018 compared to ¥2.34 billion at the end of 2017 [24]. - The company reported a net loss of ¥427,060,997.22, a 115.36% increase in loss compared to the previous year [36]. - The company reported a total of 11 projects that were either suspended or delayed due to various external factors, impacting revenue recognition [53]. Operational Challenges - The company has been warned of potential delisting due to consecutive years of negative net profit, as per the Shanghai Stock Exchange regulations [7]. - The company is experiencing tight liquidity due to long execution cycles and significant upfront investments in EPC and PPP projects, exacerbated by a tightening of bank financing channels [99]. - The company faces increased competition in the environmental protection equipment market, leading to declining profit margins due to lower entry barriers and rising costs [68]. - The company is undergoing institutional reforms to implement a profit center and cost center model, along with a new incentive mechanism [98]. - The company has been involved in designing and bidding for flue gas desulfurization projects, which have received user recognition, indicating potential growth in this business area [111]. Strategic Initiatives - The company plans to enhance capital management and improve fund utilization efficiency in the future [25]. - The company aims to transition from equipment manufacturing to a comprehensive environmental service provider, covering air, water, and solid waste management [71]. - The company plans to focus on expanding its market presence and enhancing product offerings in response to competitive pressures in the environmental protection sector [54]. - The company is actively seeking strategic partners to reduce reliance on its own funds and expand financing channels [99]. - The company plans to enhance project cost control and improve financing security while strengthening fund recovery management [98]. Research and Development - The company was awarded 40 new patents during the reporting period, including 3 invention patents and 35 utility patents [41]. - Research and development expenses increased by 36.05% to ¥40,176,017.82, reflecting a focus on innovation [47]. - The company has established several national-level research and development centers, enhancing its competitive advantage in the industry [94]. - The company is investing 50 million in R&D for new technologies aimed at enhancing operational efficiency [160]. Environmental Compliance - The company’s wastewater treatment process achieves compliance with the GB8978-1996 standard [139]. - The company’s air emissions comply with the GB4915-2013 standard for cement plants [140]. - The company has no reported incidents of exceeding pollution discharge standards during the reporting period [141]. - The company has established an emergency response plan for environmental incidents [138]. Shareholder and Governance Issues - The company has not proposed any profit distribution or capital reserve transfer to increase share capital for the reporting period [5]. - The company has not proposed any cash dividend distribution plan for 2018, reflecting its ongoing financial challenges [102]. - The company has faced significant governance issues, including undisclosed major losses and inadequate control over subsidiaries, leading to regulatory penalties [176]. - The company received a corrective measure from the China Securities Regulatory Commission for failing to disclose performance forecasts and misusing raised funds [176]. - The company’s governance structure includes a mix of executive and non-executive directors, enhancing oversight and strategic direction [161][162]. Financial Transactions and Investments - The company plans to transfer 100% equity of Jiangsu Feida Baokai Electric Co., Ltd. for an assessed value of 262.55 million yuan, with the transaction expected to impact the 2019 financial statements [10]. - The company transferred a 16% stake in Juhua Financial Co., Ltd. for an assessed value of RMB 184.112 million, generating a gain of RMB 9.3234 million [86]. - The company completed the transfer of 100% equity of Jiangsu Fida Baokai Gas Co., Ltd. for 262.55 million RMB, with full payment received by March 2019 [124]. - The company has invested 4,360.68 million RMB in equity investment projects during the reporting period, a decrease of 86.15% compared to the previous year [77]. Market Outlook - The environmental protection industry is experiencing significant growth opportunities due to stricter national regulations and increased public awareness [32]. - The company provided a positive outlook for 2019, projecting a revenue growth of 10% to 12% [160]. - The environmental protection industry is expected to achieve an annual growth rate of over 20% during the 13th Five-Year Plan, with total investment projected to exceed 17 trillion RMB [71]. - The market for desulfurization wastewater treatment is estimated to be around 100 billion RMB during the 13th Five-Year Plan period, indicating significant future market potential [71].

Financial Performance - Operating revenue declined by 6.44% to CNY 760,226,734.01 year-on-year[7] - Net profit attributable to shareholders increased by 208.42% to CNY 20,473,398.94 compared to the same period last year[7] - Basic earnings per share rose by 300% to CNY 0.04[7] - The net profit for Q1 2019 was CNY 19,428,947.38, a significant increase of 242.19% compared to CNY 5,677,827.52 in the same period last year[12] - Total profit for Q1 2019 was CNY 25,051,380.20, up 99.53% from CNY 12,554,919.97 in the previous year[12] - The profit attributable to shareholders of the parent company was ¥20,473,398.94 in Q1 2019, compared to ¥6,638,215.89 in Q1 2018, marking a growth of 208.5%[38] - Operating profit for Q1 2019 was ¥24,563,835.05, an increase from ¥12,239,584.42 in Q1 2018, reflecting a growth of 100.5%[37] Cash Flow - Net cash flow from operating activities improved by 45.71%, reaching -CNY 196,108,800.13[7] - The net cash flow from operating activities was CNY -196,108,800.13, a 45.71% improvement from CNY -361,238,195.64 in the previous year[12] - The cash flow from financing activities was CNY -291,846,657.97, a decrease of 183.24% compared to CNY 350,609,202.79 in the previous year[12] - In Q1 2019, the company reported a net cash flow from operating activities of -196,108,800.13 RMB, an improvement from -361,238,195.64 RMB in Q1 2018[43] - The company generated a net cash flow from investing activities of 239,280,207.57 RMB, a significant improvement from -114,501,091.27 RMB in Q1 2018[43] - Cash outflow from financing activities was 1,047,846,657.97 RMB, compared to 885,908,797.21 RMB in Q1 2018, indicating an increase of approximately 18.3%[43] Assets and Liabilities - Total assets decreased by 9.52% to CNY 7,323,068,215.45 compared to the end of the previous year[7] - Current liabilities decreased from ¥5,499,004,958.06 to ¥4,704,162,801.16, a reduction of about 14.4%[30] - Total liabilities decreased from ¥6,110,106,437.28 to ¥5,320,685,239.68, a decline of around 12.9%[30] - Owner's equity increased from ¥1,983,275,528.40 to ¥2,002,382,975.77, an increase of about 1.0%[30] - Total current assets amounted to CNY 5,917,775,335.72 as of Q1 2019[47] - Total liabilities reached CNY 6,110,106,437.28, with current liabilities accounting for CNY 5,499,004,958.06[48] Shareholder Information - The number of shareholders reached 58,007 at the end of the reporting period[10] - The largest shareholder, Juhua Group Co., Ltd., holds 25.67% of the shares[10] Non-Recurring Items - Non-recurring gains and losses totaled CNY 53,954,791.65, primarily from the disposal of non-current assets[9] - The company reported a net loss of ¥343,921,250.88, compared to a loss of ¥364,394,649.82 in the previous period, indicating an improvement[30] Performance Commitments - Shandong Fida's audited net profit for 2017 was RMB 48.46 million, and for 2018 it was RMB 36.78 million, failing to meet the performance commitment of RMB 65 million for both years[25] - The company has stopped payment of the second tranche of the equity transfer and capital increase due to the failure to meet performance commitments[25] - The original shareholders committed that Shandong Fida's audited net profit for 2017, 2018, and 2019 should not be less than RMB 65 million each year, achieving only 74.6% and 56.5% of the target in 2017 and 2018 respectively[25] Investment Activities - Investment income for the period was CNY 57,772,992.70, primarily due to the recognition of equity transfer income from subsidiary Jiangsu Fida Baokai Electric Co., Ltd.[12] - The acquisition of 20% equity in Guangda Energy was terminated to avoid competition, with the decision made on February 27, 2019[15] - The company completed the full equity transfer of Jiangsu Fida Baokai Electric Co., Ltd., with all proceeds recognized in the Q1 2019 financial statements[16] Cost Management - The company plans to enhance cost and quality control measures in response to rising raw material costs affecting profitability[25] Research and Development - Research and development expenses in Q1 2019 were ¥3,505,601.83, a slight increase from ¥3,225,565.63 in Q1 2018, indicating a focus on innovation[37] Financial Reporting Changes - The company executed new financial instrument standards starting January 1, 2019, impacting financial reporting[49] - The company adopted new financial instrument standards effective January 1, 2019, impacting financial reporting[53]

Financial Performance - The company reported a net profit attributable to shareholders of -421,673,080.29 yuan for 2018, following a net profit of -166,739,576.66 yuan in 2017, indicating a significant decline in profitability [7]. - The company's operating revenue for 2018 was approximately ¥3.52 billion, a decrease of 7.47% compared to ¥3.81 billion in 2017 [24]. - The net profit attributable to shareholders was a loss of approximately ¥421.67 million, representing a decline of 152.89% from a loss of ¥166.74 million in 2017 [24]. - The basic earnings per share for 2018 was -¥0.77, down 156.67% from -¥0.30 in 2017 [25]. - The weighted average return on equity decreased to -19.80%, a drop of 12.97 percentage points from -6.83% in 2017 [25]. - The company reported a net loss of CNY 427,060,997.22, representing a 115.36% increase in loss compared to the previous year [37]. - The company reported a significant increase in non-recurring gains, with government subsidies amounting to approximately ¥35.19 million in 2018, compared to ¥29.31 million in 2017 [29]. - The company reported a net loss of approximately 422.86 million RMB in 2018, indicating financial difficulties [99]. Assets and Liabilities - The total assets at the end of 2018 were approximately ¥8.09 billion, a decrease of 2.85% from ¥8.33 billion at the end of 2017 [24]. - The net assets attributable to shareholders decreased by 18.02%, amounting to approximately ¥1.92 billion at the end of 2018 compared to ¥2.34 billion at the end of 2017 [24]. - The asset-liability ratio increased to 75.50%, up by 3.99 percentage points from the beginning of the year [46]. - The company's total liabilities increased to CNY 6,110,106,437.28 from CNY 5,957,200,585.97, reflecting an increase of about 2.6% [197]. - The total equity attributable to shareholders decreased to CNY 1,918,878,618.28 from CNY 2,340,647,101.60, representing a decline of about 18% [198]. - The company's inventory decreased to CNY 2,479,797,156.61 from CNY 2,907,706,038.53, a reduction of approximately 17.4% [196]. - The long-term investments in equity dropped to CNY 217,629,860.06 from CNY 450,024,015.83, indicating a decrease of about 51.7% [196]. Cash Flow and Financial Management - The net cash flow from operating activities improved by 85.24%, reaching approximately -¥30.79 million compared to -¥208.62 million in 2017 [24]. - The company's cash and cash equivalents increased by 36.59% from CNY 761,133,766.37 to CNY 1,039,598,147.05 due to the increase in other cash and proceeds from equity investments [35]. - The operating cash flow net amount improved by 85.24% from CNY -208,621,784.64 to CNY 0 due to reduced payment for goods [37]. - The company’s financial expenses increased by 38.17% to CNY 133,917,747.76, attributed to rising financing costs [37]. Business Operations and Strategy - The company plans to transfer 100% equity of Jiangsu Feida Baokai Electric Co., Ltd. for an assessed value of 262,550,000 yuan to Feida Group [10]. - The company is focusing on expanding its services in third-party operation and maintenance for coal power units and efficiency upgrades in non-power sectors [34]. - The company is actively investing in new technologies and expanding its services from equipment manufacturing to comprehensive environmental management, covering air, water, and solid waste [70]. - The company aims to enhance capital management and improve fund utilization efficiency in the future [25]. - The company is committed to expanding its market presence both domestically and internationally, aligning with the "Belt and Road" initiative [93]. Environmental Compliance and Industry Trends - The environmental protection industry is experiencing significant growth opportunities due to stricter national regulations and increased public awareness [33]. - The company is a leading provider of ultra-clean emissions solutions for coal-fired power plants in China and the largest supplier of electric dust removal equipment globally [32]. - The company is focusing on expanding its market presence in the kitchen waste treatment sector, winning new PPP projects [45]. - The energy-saving and environmental protection industry is projected to grow at an annual rate of over 20%, with total investment expected to exceed 17 trillion yuan during the "13th Five-Year Plan" period [69]. Governance and Compliance - The company has received a corrective measure order from the China Securities Regulatory Commission on May 14, 2018, and implemented a rectification plan [115]. - The company has established a framework for equity transfer in case of profit shortfalls, ensuring that all parties cooperate in the process [101]. - The company has a strategy in place to manage potential conflicts of interest and ensure compliance with competitive commitments [101]. - The company has not reported any penalties from securities regulatory bodies in the last three years, indicating compliance with regulations [165]. Research and Development - The total R&D expenditure was CNY 111.26 million, representing 3.16% of total revenue [60]. - R&D personnel accounted for 18.02% of the total workforce, with 623 employees dedicated to R&D [60]. - The company authorized 40 patents during the reporting period, including 3 invention patents and 35 utility patents [42]. - New product development initiatives are underway, with an investment of 50 million allocated for R&D in environmental technologies [154]. Shareholder Information - The total number of ordinary shareholders reached 62,630, an increase from 58,007 at the end of the previous month [141]. - The largest shareholder, Juhua Group Co., Ltd., holds 140,515,222 shares, representing 25.67% of total shares [143]. - The company’s stock structure remained unchanged during the reporting period, with all shares being freely tradable [138]. - The company has no plans for share reduction or significant changes in shareholding structure in the near future [147].

Financial Performance - Operating revenue for the first nine months reached CNY 3,077,889,475.72, a growth of 9.84% year-on-year[6] - Net profit attributable to shareholders decreased by 65.15% to CNY 14,760,830.48 compared to the same period last year[6] - Basic and diluted earnings per share fell by 62.50% to CNY 0.03[6] - Net profit decreased by 74.3% to ¥13,518,278.14, mainly due to increased financing costs compared to the previous period[10] - Total revenue for Q3 2018 reached CNY 1,204,591,057.47, an increase of 22.2% compared to CNY 985,120,607.28 in Q3 2017[32] - Year-to-date revenue for 2018 was CNY 3,077,889,475.72, up from CNY 2,802,159,389.94 in the same period of 2017, reflecting a growth of 9.8%[32] - Total operating revenue for Q3 2018 was CNY 660,537,300.54, an increase of 24.2% compared to CNY 531,954,093.18 in Q3 2017[36] - Net profit for Q3 2018 was CNY 4,593,749.87, a decrease of 71.9% from CNY 16,343,927.63 in Q3 2017[34] - The company reported a total profit of CNY 15,047,214.95 for Q3 2018, compared to CNY 12,371,407.95 in Q3 2017[34] - The company reported a total profit of CNY 4,745,273.16 for Q3 2018, down from CNY 6,768,463.83 in Q3 2017, reflecting a decrease of about 30%[37] Assets and Liabilities - Total assets increased by 2.28% to CNY 8,520,372,180.90 compared to the end of the previous year[6] - Current liabilities totaled CNY 5,503,055,037.30, slightly up from CNY 5,489,773,128.17 at the start of the year[27] - Non-current liabilities increased to CNY 597,435,176.51 from CNY 467,427,457.80, representing a rise of 27.8%[27] - The company's total equity reached CNY 2,419,881,967.09, up from CNY 2,373,202,728.65, marking a growth of 1.9%[27] - Cash and cash equivalents decreased by 32.21% to ¥516,009,843.31 due to increased prepayments for engineering projects[10] - Cash and cash equivalents decreased to CNY 265,995,759.64 from CNY 463,415,915.08, a decline of 42.6%[29] - Accounts receivable increased significantly to CNY 1,540,421,027.35 from CNY 1,064,673,665.66, reflecting a growth of 44.7%[29] - Inventory levels decreased to CNY 1,976,461,195.53 from CNY 2,232,765,306.19, a reduction of 11.5%[30] - Short-term borrowings rose to CNY 2,354,217,990.00 from CNY 1,913,640,000.00, an increase of 23.0%[27] Cash Flow - Cash flow from operating activities improved by 47.43%, reaching -CNY 342,618,059.46 for the first nine months[6] - Operating cash flow for the first nine months of 2018 was negative at CNY -342,618,059.46, an improvement from CNY -651,602,072.09 in the previous year[38] - The company reported a net cash outflow from investing activities of CNY -235,582,916.55 for the first nine months of 2018, compared to CNY -247,406,265.81 in the same period last year[39] - Financing activities generated a net cash inflow of CNY 305,221,310.75 in the first nine months of 2018, down from CNY 586,394,200.62 in the previous year[39] - Total cash outflow from operating activities was $1,841,153,888.74, down from $2,470,075,622.10 year-over-year[41] - Cash paid for purchasing goods and services was $1,626,570,297.14, a decrease from $2,218,675,226.96 in the prior year[41] Shareholder Information - The total number of shareholders reached 63,628 by the end of the reporting period[9] - The largest shareholder, Juhua Group Co., Ltd., holds 25.67% of the shares[9] Government and Other Income - Government subsidies recognized in the first nine months amounted to CNY 20,066,027.22[8] - Non-recurring gains and losses totaled CNY 6,746,162.23 for the current period[8] - Investment income rose by 103.32% to ¥13,975,392.10, driven by increased profits from joint ventures[10] Performance Commitments and Legal Matters - The company has a commitment from the sellers of Jiangsu Haide to transfer shares if profit targets are not met, with a minimum profit commitment of ¥40 million for 2015[15] - Jiangsu Haide achieved audited main business profits of RMB 50.48 million and RMB 56.71 million in 2015 and 2016, respectively, fulfilling the annual performance commitments[16] - In 2017, Jiangsu Haide reported an audited main business profit of -RMB 18.47 million, failing to meet the annual performance commitment[16] - Shandong Fida's 2017 net profit was RMB 48.46 million, which did not meet the annual performance commitment of RMB 65 million[21] - Shandong Fida's original shareholders committed to achieving audited net profits of no less than RMB 65 million for 2017, 2018, and 2019, with a requirement to complete at least 80% of this target[19] - As of the end of the reporting period, Jiangsu Haide has taken measures to strengthen management and risk control, aiming for profitability in 2018[16] - The company has suspended the payment of the remaining equity transfer payment of RMB 27 million due to performance failures[16] - The company plans to pay the second installment of the equity transfer payment of RMB 25.65 million within 30 working days if performance commitments are met[19] - Jiangsu Haide has appointed lawyers to handle litigation matters related to the company[16] - A natural person shareholder of Jiangsu Haide has been arrested, and the case is under further investigation[16]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥1,873,298,418.25, representing a 3.10% increase compared to ¥1,817,038,782.66 in the same period last year[19]. - The net profit attributable to shareholders decreased by 65.27% to ¥12,442,312.49 from ¥35,827,457.95 in the previous year[19]. - The net cash flow from operating activities was -¥339,923,828.21, a decrease of 43.96% compared to -¥236,122,346.86 in the same period last year[19]. - The total assets increased by 4.44% to ¥8,700,138,531.15 from ¥8,330,403,314.62 at the end of the previous year[19]. - The net profit for the reporting period was 8,924,528.27 RMB, a decrease of 75.38% compared to the same period last year, primarily due to increased financing costs[29]. - The total financial expenses increased by 81.07% to 69,743,812.81 RMB, attributed to higher financing volume and costs[29]. - The company reported a significant decrease of 88.98% in net profit after deducting non-recurring gains and losses, down to ¥3,407,005.00 from ¥30,921,897.97[19]. - Basic earnings per share decreased by 71.43% to ¥0.02 from ¥0.07 in the same period last year[20]. - The weighted average return on net assets decreased by 0.87 percentage points to 0.53% from 1.4% in the previous year[21]. Investment and Financing - The company aims to improve its financial performance by enhancing contract sales volume in the future[21]. - The net cash flow from financing activities increased by 72.10% to 402,182,088.08 RMB, primarily due to increased borrowings[29]. - The total amount of equity investment projects acquired during the reporting period was RMB 92 million, a decrease of 60.53% compared to the same period last year[43]. - The company invested RMB 17.85 million, RMB 11.90 million, and RMB 5.25 million in Yugan Fida Green Environment Co., Ltd., holding 51%, 34%, and 15% of the shares respectively[44]. - The company acquired a 20% stake in Everbright Environmental Energy (Quzhou) Co., Ltd. for RMB 11.95 million, with a registered capital of RMB 29.5 million[45]. Operational Efficiency and Management - The company has made adjustments to its board and management to stabilize operations and enhance project management efficiency[35]. - The company is focused on becoming a leading environmental protection group in pollution control across multiple sectors[35]. - The company is experiencing tight liquidity due to high financing costs and long project execution cycles, leading to a focus on improving capital recovery and optimizing financing structures[53]. - The company plans to strengthen the management and operational oversight of Jiangsu Haide to achieve profitability in 2018[61]. Legal and Compliance Issues - The company has taken legal measures to address issues related to unrecognized inventory costs and uncollected debts from the Indian Lanco project[53]. - The company has initiated lawsuits against Shanxi Guojin Coal Power Co., Ltd. for overdue contract payments amounting to CNY 21.915 million, with interest calculated at an annual rate of 6% from November 14, 2016, until payment is made[64]. - The company has also filed a lawsuit against Inner Mongolia Menghua Huaneng Power Co., Ltd. for overdue contract payments of CNY 12.48 million, with a temporary interest loss estimated at CNY 1.8 million[64]. - The company has maintained a focus on legal recourse to recover overdue payments, reflecting a proactive approach to managing receivables[64]. Environmental Compliance - The company operates 6 sets of air treatment devices and 1 set of wastewater treatment devices, ensuring stable operation and compliance with discharge standards[79]. - The wastewater treatment facility follows the GB18918-2002 standard for wastewater discharge, while air emissions comply with GB14554-93[76]. - The company has established an emergency response plan for environmental incidents[82]. - The company has implemented a self-monitoring scheme for environmental compliance, ensuring adherence to national standards[83]. - The company has no reported violations or exceedances in wastewater, air, or noise emissions during the reporting period[85]. Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 65,498[89]. - The top shareholder, Juhua Group Co., Ltd., held 140,515,222 shares, representing 25.67% of the total shares[91]. - Fida Group Co., Ltd. held 96,627,476 shares, accounting for 17.65% of the total shares, with 48,300,000 shares pledged[91]. - The company did not experience any changes in its total share capital or share structure during the reporting period[88]. Accounting and Financial Reporting - The company adheres to the accounting standards for enterprises, ensuring that its financial statements reflect a true and complete picture of its financial status and operating results[135]. - The company confirms that it does not have any changes in significant accounting policies or estimates during the reporting period[189]. - The company utilizes the Chinese Yuan (RMB) as its functional currency for accounting purposes[139]. - The company employs fair value measurement for financial assets and liabilities, with specific classifications and measurement methods outlined[144]. Future Outlook and Strategy - The company plans to expand its market presence and invest in new technologies to drive future growth[102]. - The company is actively involved in tax planning to maximize benefits from available tax incentives and ensure compliance with regulations[195]. - The company aims to enhance operational efficiency and reduce costs as part of its strategy to mitigate financial risks[53].

Financial Performance - In 2017, the company achieved a revenue of ¥3,805,117,860.02, representing a 3.14% increase compared to ¥3,689,413,794.69 in 2016[22] - The net profit attributable to shareholders was -¥166,739,576.66, a significant decrease of 475.27% from ¥44,431,590.84 in the previous year[22] - Basic earnings per share decreased by 475.00% to -0.30 CNY in 2017 compared to 0.08 CNY in 2016[24] - Net profit attributable to shareholders decreased by 475.27% due to losses from overseas projects and Jiangsu Haide's performance[24] - The company reported a net profit of -209,094,366.36 CNY in Q4 2017, marking a significant decline from previous quarters[26] - The company reported a net loss of ¥198,297,424.52, primarily due to significant impairment losses of ¥143,416,292.39 from overseas projects[46] - The total comprehensive income attributable to the parent company's owners was a loss of CNY 166,393,169.45 in 2017, compared to a profit of CNY 44,451,797.08 in the previous year[199] - The total profit for 2017 was a loss of CNY 186,402,349.21, compared to a profit of CNY 84,443,673.39 in 2016, indicating a substantial decline[198] Cash Flow - The net cash flow from operating activities was -¥215,011,258.64, down 391.24% from ¥73,825,789.84 in 2016[22] - Cash flow from operating activities decreased significantly due to a reduction in received payments compared to the previous year[25] - Investment activities generated a net cash flow of -¥394,407,412.91, reflecting increased external investments compared to the previous period[37] - The net cash flow from investing activities was -394,407,412.91 RMB, an increase of 38.53% compared to the previous year[49] - The net cash flow from financing activities was 607,143,540.05 RMB, an increase of 56.71% compared to the previous year[49] - Operating cash flow decreased by 391.24% year-on-year, from ¥73.83 million in 2016 to -¥215.01 million in 2017, primarily due to a reduction in received payments[62] Assets and Liabilities - The total assets increased by 4.49% to ¥8,330,403,314.62 at the end of 2017, compared to ¥7,972,283,298.76 at the end of 2016[22] - The net assets attributable to shareholders decreased by 7.65% to ¥2,340,647,101.60 at the end of 2017, down from ¥2,534,410,504.65 in 2016[22] - The company’s total liabilities increased significantly, impacting its financial stability and operational flexibility[36] - The company’s asset-liability ratio increased to 71.50%, up by 3.99 percentage points from the beginning of the year[46] - Short-term borrowings surged by 137.42% to ¥1,913,640,000.00, attributed to borrowing from banks for repayment of short-term financing and external investments[35] Investments and R&D - The total R&D expenditure was 114,189,680.01 RMB, accounting for 3.00% of total revenue[60] - The company has undertaken 26 internal technology research projects, with 14 results already applied in the field of coal-fired flue gas purification[44] - The company is actively pursuing technological advancements in air pollution control, achieving international standards in its operations[88] - The company is focusing on integrating production and finance, collaborating with local enterprises, and increasing R&D investment to transition from equipment manufacturing to comprehensive environmental services[69] Market Position and Strategy - The company is a leading supplier of electrostatic precipitators for coal-fired power plants and has seen promising growth in solid waste disposal business[32] - The company aims to transition from equipment manufacturing to comprehensive environmental services, focusing on air, water, and solid waste management[90] - The company is expanding its market presence in non-electric fields, including waste incineration and hazardous waste treatment projects[45] - The environmental protection industry is supported by national policies, indicating significant growth potential in the sector[87] Corporate Governance and Compliance - The company has established a commitment to not engage in any competitive business with its subsidiaries, ensuring no overlap in operations[99] - The company has not reported any significant changes in its operational strategy or product development during the reporting period[150] - The company continues to adhere to corporate governance practices, ensuring compliance with relevant regulations[149] - The company has faced significant litigation, including a case regarding priority compensation rights for 14 shops, with a claim amount of 57.14368308 million RMB[111] Employee and Management - The total number of employees in the parent company is 606, while the total number of employees in major subsidiaries is 3,308, resulting in a combined total of 3,914 employees[159] - The total remuneration paid to all directors, supervisors, and senior management personnel amounts to 552.58 million[156] - The company has established a comprehensive salary management system linking compensation to performance, with a focus on efficiency and fairness[160] - The company has implemented various training programs, including traditional culture training and specialized technical training, to enhance employee skills[161]