Financial Performance - The company's net profit for 2014 was -1,293.06 million RMB, with a net profit attributable to the parent company of -1,047.83 million RMB, resulting in an undistributed profit of -1,834.63 million RMB, leading to no profit distribution for the year [2]. - The company has faced significant financial losses, indicating a challenging operational environment and potential risks for future investments [3]. - The company reported a total revenue of CNY 6,623.46 million in 2014, a decrease of 21.84% compared to CNY 8,474.01 million in 2013 [22]. - The net profit attributable to shareholders was CNY -1,047.83 million, a significant decline from CNY 38.57 million in the previous year, marking a decrease of 2,817% [22]. - The operating cash flow for the year was CNY 76.92 million, down 90.17% from CNY 782.51 million in 2013 [31]. - The company’s total assets decreased by 7.93% to CNY 12,634.87 million from CNY 13,723.31 million in 2013 [22]. - Basic earnings per share were CNY -1.70, compared to CNY 0.06 in 2013, reflecting a decrease of 2,933.33% [23]. - The weighted average return on equity dropped to -123.13%, a decrease of 125.96 percentage points from 2.83% in the previous year [23]. - The company reported a total profit of -133.82 million yuan, with a net profit of -127.88 million yuan, indicating a significant loss compared to the previous year [68]. - The company reported a net loss of approximately CNY 1.05 billion in 2014, with no cash dividend distribution proposed for that year [87]. Operational Changes - The company has undergone changes in its main business operations, including a reduction in the production and sales of certain chemical products and an increase in coal sales [17]. - The company has undergone several changes in its controlling shareholders since its listing in 1996, reflecting a dynamic ownership structure [18]. - The company has not disclosed any new product developments or technological advancements in the current report [3]. - The company faced significant challenges due to low coal supply and market conditions, leading to a substantial increase in operational losses [27]. - The company aims to enhance market competitiveness through mixed-ownership reform and improved product offerings in response to ongoing market pressures [27]. - The company adjusted its production strategy in response to market demand fluctuations and regulatory changes in the coal industry [50]. Financial Management and Risks - The report includes a risk statement highlighting uncertainties in future plans, which do not constitute a substantive commitment to investors [3]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees [4]. - The company has maintained a standard unqualified audit report from Da Hua Certified Public Accountants, ensuring the accuracy of its financial statements [4]. - The company faces significant macroeconomic risks, with domestic economic growth slowing to 7% and severe overcapacity in the coal chemical industry, leading to weak market demand for its main products [82]. - The company's financial risk is heightened by a high asset-liability ratio and substantial losses, which complicate financing efforts and increase costs [82]. - Environmental regulations have intensified pressure on the company, necessitating increased investment in environmental protection measures to ensure compliance [82]. - The company has implemented comprehensive cost control measures to reduce product costs and expenses significantly compared to the previous year [83]. Future Outlook - The company’s future outlook remains uncertain due to the reported financial losses and market conditions [3]. - The company has not provided specific guidance for future performance or strategic initiatives in the current report [3]. - The company anticipates that the coal chemical industry will experience a turning point due to supportive macroeconomic policies and the implementation of stricter industry standards [71]. - The company plans to focus on transforming and upgrading its operations, emphasizing clean energy, new chemical materials, and fine chemicals [75]. - The company will actively seek strategic investors and improve asset management to enhance operational efficiency and profitability [77]. - The company plans to utilize futures hedging tools to mitigate price volatility risks for products like coke, coal, and methanol [78]. Shareholder and Governance Information - The total number of shareholders at the end of the reporting period was 43,236 [122]. - The company has not experienced any administrative penalties or public reprimands from the China Securities Regulatory Commission during the year [109]. - The company has changed its auditor from Zhongshen Yatai to Dahua CPA, with Dahua having a remuneration of 100,000 RMB for the audit [107]. - The company held a total of 8 board meetings in the year, with 6 conducted in person and 2 via communication methods [161]. - The independent directors did not raise any objections to the board resolutions or other matters during the reporting period [162]. - The company has established and implemented an internal control system to ensure compliance, asset security, and accurate financial reporting [165]. Employee and Compensation Information - The total compensation for the chairman and general manager, Fan Jian, was 352,400 RMB for the reporting period [137]. - The total number of employees in the parent company and major subsidiaries is 4,855, with 475 in the parent company and 4,380 in subsidiaries [150]. - The company has a total of 3,290 production personnel, 182 sales personnel, 469 technical personnel, 75 financial personnel, 646 administrative personnel, and 193 others [150]. - The company’s compensation policy links employee income to performance, emphasizing a merit-based distribution system [151].

Financial Performance - Total revenue for the first quarter was RMB 1,007,520,073.11, a decrease of 29.68% compared to the same period last year[9] - Net profit attributable to shareholders was RMB -201,868,596.23, reflecting a significant decline from the previous year[9] - Operating cash flow for the period was RMB -100,186,765.43, a decrease of 156.94% year-on-year[9] - Total operating revenue for Q1 2015 was ¥1,007,520,073.11, a decrease of 29.6% compared to ¥1,432,728,812.13 in the same period last year[34] - Net loss for Q1 2015 was ¥297,144,303.31, compared to a net loss of ¥190,467,307.56 in Q1 2014, representing a 56.0% increase in losses[35] - The net profit attributable to the parent company for Q1 2015 was ¥-201,868,596.23, compared to ¥-151,067,344.76 in the previous year[36] - Basic and diluted earnings per share for Q1 2015 were both ¥-0.328, compared to ¥-0.245 in Q1 2014[36] Assets and Liabilities - Total assets at the end of the reporting period were RMB 12,529,217,279, a decrease of 0.84% compared to the end of the previous year[9] - The net asset attributable to shareholders was RMB 12,634,872,234.65, down 60.01% year-on-year[9] - The company's total current assets as of March 31, 2015, amounted to 4,200,462,740.15 yuan, a decrease from 4,349,135,119.87 yuan at the beginning of the year[26] - The total liabilities of the company as of March 31, 2015, were 12,245,317,927.89 yuan, compared to 12,032,154,785.45 yuan at the beginning of the year[28] - Total liabilities for Q1 2015 were ¥3,042,808,321.50, compared to ¥2,522,111,580.40 in the same period last year, reflecting a 20.6% increase[32] - Total equity for Q1 2015 was ¥1,902,655,518.40, slightly up from ¥1,898,650,572.95 year-over-year[32] Cash Flow - Cash received from sales decreased by 63.88% year-on-year, attributed to lower production and sales volumes[19] - Other operating cash received increased by 66.93%, mainly due to increased government subsidies[19] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased by 68.53% year-on-year, mainly due to reduced project investment expenditures[20] - Cash received from borrowings increased by 49.88% compared to the same period last year, indicating an increase in borrowings[20] - Cash paid for other financing activities increased by 201.19% year-on-year, primarily due to payments for maturing letters of credit and note financing[20] - Cash flow from operating activities shows a net outflow of CNY 100,186,765.43, down from a net inflow of CNY 175,951,745.96 in the previous period[43] - Total cash inflow from operating activities is CNY 629,839,860.85, compared to CNY 1,700,993,066.20 in the previous period, reflecting a decline[42] - Cash outflow for operating activities is CNY 730,026,626.28, down from CNY 1,525,041,320.24 in the previous period[43] - The company reported a cash and cash equivalents balance of CNY -33,169,354.44 at the end of the period, compared to CNY 1,707,365,544.37 in the previous period[44] - The financing activities generated a net cash inflow of CNY 186,196.98, a recovery from a net outflow of CNY 474,254,924.80 in the previous period[44] Shareholder Information - The number of shareholders at the end of the reporting period was 43,081[12] - The largest shareholder, Yunnan Yunwei Group Co., Ltd., held 41.79% of the shares, with 257,506,610 shares pledged[12] Future Outlook - The company expects a significant loss in net profit from the beginning of the year to the next reporting period due to continued industry downturn and substantial losses in the first quarter[22] Financial Management - The company experienced a substantial increase in cash inflow compared to the previous period, indicating improved liquidity[46] - The company’s financial management strategies appear to be effective, as evidenced by the positive net cash flow and increased cash reserves[46]

Financial Performance - Operating revenue for the first nine months was CNY 4,674,391,235.67, down 31.51% year-on-year[7] - Net profit attributable to shareholders of the listed company was a loss of CNY 567,693,715.58, compared to a loss of CNY 21,408,879.66 in the same period last year[7] - Basic earnings per share were -CNY 0.92, compared to -CNY 0.035 in the same period last year[8] - The weighted average return on net assets was -51.60%, significantly lower than -1.58% in the previous year[7] - Total revenue for Q3 2014 was approximately ¥1.65 billion, a decrease of 13.5% compared to ¥1.91 billion in Q3 2013[32] - Net profit for Q3 2014 was a loss of approximately ¥213.98 million, compared to a profit of ¥204.02 million in Q3 2013[36] - The company's total comprehensive loss for Q3 2014 was approximately ¥213.98 million, compared to a comprehensive income of ¥204.02 million in Q3 2013[36] - The net profit for the third quarter was a loss of ¥4,671,369.31, compared to a profit of ¥138,697,559.16 in the same quarter last year, indicating a decline of 103.4%[39] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,450,290,647.47, a decrease of 0.91% compared to the end of the previous year[7] - The company's total liabilities increased to CNY 12,163,458,626.53 from CNY 11,777,210,833.31, reflecting an increase of approximately 3.3%[27] - The equity attributable to the parent company decreased to CNY 813,502,937.17 from CNY 1,384,032,256.62, a decline of about 41.2%[27] - The total assets increased to approximately ¥4.67 billion in Q3 2014 from ¥3.47 billion in the same period last year, reflecting a growth of 34.6%[31] - Total liabilities rose to approximately ¥2.79 billion in Q3 2014, up from ¥1.59 billion in Q3 2013, indicating a 75.3% increase[31] Cash Flow - Net cash flow from operating activities for the first nine months was CNY 346,647,021.75, compared to a negative cash flow of CNY 443,266,960.78 in the same period last year[7] - Cash flow from operating activities for the year-to-date period was -36,651,697.71, a significant improvement from -140,461,927.10 in the same period last year[46] - Total cash inflow from operating activities decreased to 63,232,763.50, down from 224,840,212.59 year-over-year, reflecting a decline of approximately 71.9%[46] - Cash outflow from operating activities was 99,884,461.21, compared to 365,302,139.69 in the previous year, indicating a reduction of about 72.6%[46] - The company reported cash and cash equivalents at the end of the period amounting to ¥2,025,162,816.93, an increase from ¥762,085,022.68 at the same time last year[45] Shareholder Information - The total number of shareholders is 48,366[12] - The largest shareholder, Yunnan Yunwei Group Co., Ltd., holds 257,506,610 shares, accounting for 41.79% of total shares[12] Operational Challenges - Operating revenue decreased by 31.51% year-on-year, primarily due to a major coal mine accident in Yunnan that halted production[13] - The company expects cumulative losses for the year due to raw material supply issues and market price fluctuations[17] - Cash received from sales decreased by 33.27% year-on-year, attributed to lower production and sales volumes[14] Investment and Accounting - Investment income decreased by 85.60% year-on-year, mainly due to asset sales in the previous year[13] - The company has implemented new accounting standards effective July 1, 2014, which do not impact total assets, liabilities, or net assets[19] - The company reported a decrease in long-term equity investments by CNY 163,886,252.16, which was reclassified to available-for-sale financial assets[22] Other Information - The company reported a significant increase in non-operating income, totaling CNY 1,470,336.12 for the current period[10] - The quarterly report has not been audited, and all board members attended the meeting to review the report[6] - Accounts receivable increased by 50.17% compared to the beginning of the period, due to extended credit terms for reputable customers[13] - Cash paid for purchasing goods and services decreased by 44.16% year-on-year, reflecting lower production loads[14] - The company provided guarantees totaling 240,758.00 million RMB, which is 187.09% of the latest net assets[16]

Financial Performance - The company reported a revenue of CNY 3,021,539,151.49 for the first half of 2014, a decrease of 39.36% compared to CNY 4,982,835,780.14 in the same period last year[17]. - The net profit attributable to shareholders was a loss of CNY 362,699,226.07, which is an increase in loss of CNY 12,324,080 compared to the previous year[21]. - The company's operating revenue decreased by 39.36% year-on-year, amounting to CNY 3,021,539,151.49, primarily due to a major coal mining accident in Yunnan that led to a comprehensive production halt in the province[22]. - The company reported a loss of CNY 371,250,914.92 after deducting non-recurring gains and losses, compared to a loss of CNY 353,196,396.90 in the previous year[17]. - Domestic revenue fell by 39.09% to CNY 2,885,925,697.00, while international revenue decreased by 76.53% to CNY 3,139,147.94[30]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 273,704,151.91, a significant improvement of 164.66% compared to a negative cash flow of CNY 423,281,290.96 in the same period last year[17]. - The net cash flow from operating activities increased by 164.66%, reaching CNY 273,704,151.91, as cash outflows decreased compared to the previous year[23]. - The company reported cash and bank deposits totaling RMB 654.71 million at the end of the period, a decrease from RMB 1.08 billion at the beginning of the period[128]. - The company’s cash balance at the end of the period was RMB 1.29 million, compared to RMB 537.63 thousand at the beginning of the period[128]. - The total monetary funds at the end of the period amounted to RMB 1.96 billion, compared to RMB 1.92 billion at the beginning of the period[129]. Operational Challenges - The company faced significant operational challenges due to macroeconomic conditions and safety incidents in the coal mining sector, leading to a production load limitation[20]. - The sales price of the main product, coke, dropped by approximately CNY 208 per ton, resulting in a profit reduction of CNY 261 million[24]. - The company produced 1.2155 million tons of coke in the first half of 2014, achieving only 32.33% of the annual production plan[26]. Management and Strategy - The company implemented refined management practices to mitigate risks and improve operational efficiency, including cost control and inventory management[21]. - The company is exploring mixed-ownership economic development to improve its asset-liability structure and operational efficiency[21]. - The company has ongoing projects, including a 100,000 tons/year methylamine project with an investment of CNY 70.50 million, currently at 97% completion[38]. Assets and Liabilities - The company's total assets decreased by 3.12% to CNY 13,149,959,465.56 from CNY 13,573,991,100.47 at the end of the previous year[17]. - The total amount of guarantees provided by the company to subsidiaries during the reporting period was 209,297 thousand[46]. - The total guarantee amount, including guarantees to subsidiaries, was 209,297 thousand, which accounts for 155.23% of the company's net assets[46]. - The total accounts payable decreased to CNY 2,492,000,000.00 from CNY 3,135,126,000.00, showing a reduction of approximately 20.5%[184]. Shareholder Information - The total number of shareholders at the end of the reporting period was 42,855[51]. - The largest shareholder, Yunnan Yunwei Group Co., Ltd., held 41.79% of the shares, totaling 257,506,610 shares[51]. - The second-largest shareholder, Yunnan Coal Chemical Group Co., Ltd., held 16.47% of the shares, totaling 101,508,950 shares[51]. Research and Development - The company's R&D expenditure decreased by 87.90% to CNY 636,033.54, mainly due to fewer project developments during the reporting period[23]. Environmental and Regulatory Compliance - The company is in the process of rectifying issues raised during environmental inspections and plans to restart refinancing applications upon completion of these rectifications[25]. - There were no significant legal disputes or bankruptcy restructuring matters reported during the period[41][42]. - The company did not experience any penalties or corrective actions from the China Securities Regulatory Commission during the reporting period[47]. Financial Reporting and Accounting - The company’s financial reports are prepared in accordance with the enterprise accounting standards, ensuring a true and complete reflection of its financial status[61]. - The company’s accounting period is based on the calendar year, from January 1 to December 31[62]. - The company recognizes long-term equity investments at the acquisition cost determined on the purchase date, excluding cash dividends and profits receivable from the invested unit[68]. Inventory and Receivables - The inventory balance at the end of the period is CNY 942,784,237.36, with a provision for inventory depreciation of CNY 45,050,796.58[152]. - The total accounts receivable at the end of the period amounted to ¥695,907,646.17, with a bad debt provision of ¥27,591,296.47, representing 3.96% of the total[130]. - The aging analysis of accounts receivable shows that 94.13% of the receivables are within one year, with a bad debt provision of ¥24,006,945.45[133]. Borrowings and Debt Management - The company’s short-term borrowings remained unpaid at the end of the period, with a total of CNY 1,583,000,000.00 guaranteed by Yunnan Yunwei Co., Ltd. for its subsidiaries[181]. - The total amount of long-term borrowings at the end of the period was 1,266,650,000.00 RMB, compared to 566,650,000.00 RMB at the beginning, indicating a significant increase[196]. - The company has no overdue borrowings that have been extended during the reporting period, indicating a stable debt management strategy[200].

Financial Performance - Net profit attributable to shareholders was CNY -151,067,344.76, showing a significant decline from the previous year's CNY -135,218,866.52[12] - Operating revenue for the first quarter was CNY 1,432,728,812.13, down 41.53% from CNY 2,450,062,073.70 in the same period last year[12] - The company's operating revenue decreased by 41.52% compared to the same period last year, primarily due to difficulties in coal procurement and reduced production load[15] - The net profit for Q1 2014 was a loss of CNY 190,467,307.56, compared to a loss of CNY 151,602,474.58 in Q1 2013, representing a 25.7% increase in losses[29] - Basic earnings per share were CNY -0.25, compared to CNY -0.22 in the same period last year[12] Cash Flow - Net cash flow from operating activities decreased by 58.62% to CNY 175,951,745.96 compared to CNY 425,167,022.75 in the previous year[12] - The cash inflow from operating activities totaled ¥1,700,993,066, a decrease of 41.5% from ¥2,917,615,461 in the previous year[34] - The net cash flow from operating activities for Q1 2014 was ¥175,951,746, a decrease of 58.7% compared to ¥425,167,023 in the same period last year[34] - Total cash inflow from financing activities was ¥948,254,670, down 58.5% from ¥2,280,740,188 in the previous year[35] - The net cash flow from financing activities was -¥474,254,925, contrasting with a positive net cash flow of ¥550,684,720 in Q1 2013[35] Assets and Liabilities - Total assets decreased by 3.81% to CNY 13,056,933,269.11 compared to the end of the previous year[12] - The total number of shareholders was 43,338 at the end of the reporting period[13] - The company's cash and cash equivalents decreased from CNY 1,921,884,852.62 to CNY 1,556,117,571.67[21] - Total liabilities rose to CNY 1,748,672,801.73, an increase of 9.9% from CNY 1,590,200,685.08 year-on-year[26] - The total owner's equity decreased to CNY 1,850,231,674.23 from CNY 1,875,392,661.55, indicating a decline of 1.3%[26] Operating Costs and Expenses - The company's operating costs decreased by 41.00%, in line with the reduction in operating revenue[15] - Total operating costs for Q1 2014 were CNY 1,636,486,895.46, down 37.1% from CNY 2,602,758,516.81 year-on-year[28] - The company reported a significant increase in sales expenses, totaling CNY 75,938,945.78, compared to CNY 68,189,466.77 in Q1 2013, marking an increase of 10.2%[29] - The cash paid for purchasing goods and services decreased by 42.51% due to lower production load[16] - The cash paid for employee compensation was ¥74,577,262, down from ¥95,065,929 in Q1 2013[34] Investment and Other Income - Investment income increased by CNY 10,521,921.88, mainly due to the subsidiary's hedging activities[15] - Government subsidies recognized in the current period amounted to CNY 6,100,000[11] - Non-operating income and expenses, excluding the above items, resulted in a net impact of CNY 6,335,299.87[11] - The company received ¥7,000,000 from minority shareholders in Q1 2014, compared to ¥14,720,000 in the same period last year[35] Future Outlook - The company expects a significant loss for the year-to-date period due to continued industry downturn and substantial first-quarter losses[18] - The company provided guarantees totaling CNY 176,640,000 for its subsidiaries, representing 98.31% of the latest unaudited net assets[18]

Financial Performance - The company's net profit for 2013 was CNY 3,856.55 million, with a total profit of CNY 104.15 million[5]. - The company reported an undistributed profit of CNY -798.99 million for the year 2013, leading to no profit distribution[5]. - The company achieved operating revenue of CNY 8,474,009,692.32 in 2013, a decrease of 9.87% compared to CNY 9,401,714,508.73 in 2012[28]. - The net profit attributable to shareholders of the listed company was CNY 38,565,513.51, a significant recovery from a loss of CNY 1,170,756,465.99 in the previous year[28]. - The company reported a net cash flow from operating activities of CNY 782,506,778.31, a turnaround from a negative cash flow of CNY -297,129,255.22 in 2012[29]. - The company’s total assets decreased by 16.97% to CNY 13,573,991,100.47 from CNY 16,347,292,972.18 in 2012[28]. - The company’s basic earnings per share improved to CNY 0.06 from a loss of CNY -1.90 in the previous year[28]. - The company’s operating profit was reported at CNY -27,740.04 million, indicating ongoing challenges in profitability despite revenue recovery[28]. - The company’s financial expenses decreased by 8.54% to CNY 639,927,470.73, reflecting improved cost management[29]. - The company’s total operating costs decreased by CNY 166,181.85 million, a reduction of 17.73% compared to the previous year[41]. Business Operations - The company completed the sale of assets related to acetylene chemical production, reducing its production and sales of certain products[20]. - The company has undergone changes in its main business operations since its listing, including the acquisition of various production facilities[20]. - The company acquired 67% of Yunnan Dawi Hengyuan Chemical Co., enhancing its product line with 34,700 tons of maleic anhydride, generating sales revenue of CNY 31,700,000[32]. - The company produced 3.43 million tons of coke, achieving 86.63% of its production plan, while ammonium sulfate production was 32,500 tons, reaching only 65.39% of the target[44]. - The company plans to produce and sell 3.76 million tons of coke, 41,800 tons of ammonium sulfate, and 357,400 tons of refined methanol in 2014[69]. Financial Management - The company has a negative retained earnings balance, indicating financial challenges[5]. - The company is focusing on strategic cooperation with private capital and mixed ownership to improve capital operation capabilities[70]. - The company plans to strengthen financial management and ensure the safety of its capital chain to reduce financial risks[70]. - The company is committed to improving its asset operation and asset securitization levels through non-public issuance and refinancing efforts[70]. - The company has a high asset-liability ratio, leading to increased financing difficulties and costs, which heightens financial risks[73]. Risk Management - The company has faced risks related to future plans, which are subject to uncertainties[6]. - The company faces macroeconomic risks due to sluggish domestic and foreign economic growth, impacting market demand for its main products[73]. - The company emphasizes safety and environmental management, implementing new regulations and training to enhance compliance and risk control[74]. - The company established a rectification leadership group to address environmental issues raised by the Ministry of Environmental Protection, impacting its refinancing efforts[43]. Corporate Governance - The company has maintained its registered status without changes during the reporting period[17]. - The company received a standard unqualified audit report from Zhongshen Zhonghuan Accounting Firm[4]. - The company has not faced any penalties or criticisms from the China Securities Regulatory Commission during the year[98]. - The company has established a comprehensive independent financial management system, ensuring complete independence from the controlling shareholder[135]. - The company has a complete independent organizational structure, ensuring that the board, shareholders' meeting, and management operate independently[134]. Shareholder Information - The total number of shareholders at the end of the reporting period was 44,776[105]. - The largest shareholder, Yunnan Yunwei Group Co., Ltd., holds 41.79% of the shares, amounting to 257,506,610 shares, with 61,600,000 shares pledged[105]. - The company has not experienced any changes in its limited sale shares during the reporting period[101]. - The company has no other shareholders holding more than 10% of the shares[109]. Employee Management - The total number of employees in the company is 3,698, with 366 in the parent company and 3,332 in major subsidiaries[120]. - The company has established a tiered training system to enhance employee skills and business capabilities, combining internal and external training methods[122]. - The employee compensation policy is based on performance, linking income closely to individual contributions and company economic performance[121]. - The total compensation for the board members and senior management during the reporting period amounted to 1.8364 million yuan before tax[110]. Environmental and Social Responsibility - The company is not classified as a heavily polluting enterprise by national environmental protection authorities[81]. - The coal chemical industry in China is facing challenges due to resource constraints and environmental concerns, necessitating a shift towards more efficient and sustainable practices[66]. - The company emphasizes the development of the coal chemical industry and seeks to strengthen its market position[109]. Strategic Initiatives - The company aims to enhance its operational efficiency and competitiveness through comprehensive benchmarking management and refined management practices[70]. - The company plans to implement a "big cost" management strategy to mitigate industry and product price risks, focusing on refined management across all operations[75]. - The company is focusing on technological and product innovation to develop a circular economy transformation[71].