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创业环保:创业环保第九届董事会第二十一次会议决议公告

2023-09-22 10:11
债券代码:188867 债券简称:21 津创 01 证券代码:600874 股票简称:创业环保 公告编号:临 2023-052 天津创业环保集团股份有限公司 第九届董事会第二十一次会议决议公告 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。 与会董事对本议案的表决情况如下: 与会董事对本议案的表决情况如下: 表决结果:9 票同意,0 票反对,0 票弃权。本议案获得通过。 2. 关于修订《天津创业环保集团股份有限公司企业年金方案》的议案 与会董事对本议案的表决情况如下: 表决结果:9 票同意,0 票反对,0 票弃权。本议案获得通过。 3. 关于新设募集资金专户并授权签订四方监管协议事项的议案 具体详见本公司同日于上海证券交易所网站(http://www.sse.com.cn)发布 的《创业环保关于新设募集资金专户并授权签订四方监管协议事项的公告》(公告 编号:临 2023-054)。 天津创业环保集团股份有限公司(以下简称"本公司"或"公司")第九届董 事会第二十一次会议于 2023 年 9 月 22 日以通讯表决方式召开 ...
天津创业环保股份(01065) - 2023 - 中期财报

2023-09-21 22:05
Financial Performance - The company reported its interim financial results for the six months ending June 30, 2023, which are unaudited[3]. - The company's operating revenue for the first half of 2023 was RMB 210,896.6 million, a decrease of 0.95% compared to RMB 212,928.9 million in the same period last year[16]. - Net profit attributable to shareholders for the same period was RMB 43,784.6 million, representing an increase of 10.47% from RMB 39,636.3 million year-on-year[16]. - The net cash flow from operating activities reached RMB 71,575.3 million, a significant increase of 122.00% compared to RMB 32,240.5 million in the previous year[16]. - The total assets of the company at the end of the reporting period were RMB 2,374,613.7 million, up 3.38% from RMB 2,296,967.4 million at the end of the previous year[16]. - The company's net assets attributable to shareholders increased by 2.53% to RMB 869,434.5 million from RMB 847,947.3 million year-on-year[16]. - Basic earnings per share remained stable at RMB 0.28, with diluted earnings per share also at RMB 0.28, showing no change compared to the previous year[17]. - The company's net profit after deducting non-recurring gains and losses for the first half of 2023 was CNY 40,132.2 million, an increase of 10.89% compared to CNY 36,190.3 million in the same period last year[133]. - The current ratio decreased by 7.89% to 1.75 from 1.90 at the end of the previous year, attributed to an increase in current liabilities[133]. - The cash interest coverage ratio improved significantly to 5.00, up 96.08% from 2.55 in the previous year, indicating a substantial increase in net cash flow from operating activities[133]. Corporate Governance and Compliance - There were no significant risks or non-compliance issues reported during the period[3]. - The company confirmed that there were no instances of non-operational fund occupation by controlling shareholders or related parties[3]. - The board of directors and senior management have guaranteed the accuracy and completeness of the financial report[3]. - The company has not faced any situations where more than half of the directors could not ensure the truthfulness of the interim report[3]. - The company has not disclosed any forward-looking statements or risk warnings in this report[3]. - The interim report includes a section on corporate governance and social responsibility[4]. - The company has established a comprehensive risk management framework to identify, analyze, and respond to various policy risks and operational challenges[50]. - The company is committed to maintaining effective communication with local governments and regulatory bodies to ensure compliance and operational stability[51]. Investment and Capital Management - The company invested RMB 1.42 billion in new projects, adding a wastewater treatment capacity of 200,000 cubic meters per day during the first half of the year[28]. - The company completed a capital increase of RMB 20.91 million for the Linxia wastewater treatment plant PPP project[39]. - The company established a new company for the Karamay South Suburb wastewater treatment project with a registered capital of RMB 113.87 million[40]. - The company completed a capital increase of RMB 16.23 million for the Enshi Dasha Dam wastewater treatment project[41]. - The company plans to establish Tianjin Tianchuang Environmental Technology Co., Ltd. with a registered capital of RMB 20 million to develop light asset business[41]. - The company agreed to acquire the Tianjin Nanjing Sludge Treatment Plant assets for a total consideration of RMB 471.8259 million, with RMB 424.64331 million already paid and RMB 47.18259 million remaining[42]. - The company has allocated RMB 22,925.66 million for repaying interest-bearing debts and supplementing working capital, which has already been fully utilized[111]. - The company is responding to macroeconomic fluctuations and increasing competition in the environmental protection industry through strategic capital management[109]. Research and Development - Research and development expenses rose by 76.72% to RMB 1,157.5 million, reflecting the company's commitment to innovation and technology[32]. - The company established a technology product center to enhance its technical capabilities and improve operational efficiency[29]. - The company is committed to ongoing research and development of new technologies to improve its service offerings and operational efficiency in the environmental protection industry[151]. Environmental and Social Responsibility - The company’s wastewater treatment, water supply, and reclaimed water business has a total scale of approximately 5.678 million cubic meters per day, with PPP model wastewater treatment capacity at about 4.943 million cubic meters per day[23]. - The company has been recognized as one of the "Top Ten Influential Enterprises in China's Water Industry" for 18 consecutive years since 2005 and has been in the "Top 50 Environmental Enterprises in China" for five consecutive years since 2018[27]. - The company’s wastewater treatment projects strictly adhered to relevant discharge standards, with all effluent quality meeting the required benchmarks[76]. - The company has implemented emergency response plans for environmental incidents, which have been reviewed and filed with local environmental authorities[78]. - The company’s self-monitoring environmental plans are in compliance with national requirements, with results publicly disclosed on local environmental monitoring platforms[79]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 61,569, including 60 H-share shareholders[115]. - The top ten shareholders hold a total of 715,565,186 shares, representing 45.57% of the total shares[116]. - The largest shareholder, Municipal Investment, has not changed its shareholding during the reporting period[116]. - The second-largest shareholder, Hong Kong Central Clearing Limited, increased its holdings by 76,000 shares to 337,906,810 shares, representing 21.52%[116]. - The total number of restricted shares at the end of the reporting period is 0, indicating full release of previously restricted shares[114]. - The total number of shares held by the top ten unrestricted shareholders is 1,098,000,000 shares[117]. Debt and Financial Ratios - The company's debt-to-asset ratio was reported at 58.77% as of June 30, 2023[97]. - The total liabilities increased to RMB 13,954,951 thousand as of June 30, 2023, compared to RMB 13,467,381 thousand at the end of 2022, reflecting a growth of 3.6%[136]. - The company's total cash and cash equivalents at the end of June 30, 2023, stood at RMB 2,999,928 thousand, up from RMB 2,036,580 thousand at the end of June 30, 2022, reflecting a growth of 47.38%[143]. - The company reported a loan repayment rate of 100%, maintaining its commitment to debt obligations[133]. Business Expansion and Strategy - The company is focusing on enhancing its operational capabilities and expanding its business in emerging sectors while maintaining its core water services[26]. - The company is exploring new business areas such as environmental restoration and monitoring to capture market opportunities[108]. - The company plans to continue expanding its market presence through strategic partnerships and potential acquisitions in the environmental services sector[151]. - The company has successfully completed the acquisition of a waste management firm, which is projected to contribute an additional RMB 300 million in revenue annually[160]. Stock Options and Incentives - The company established a stock option incentive plan to align the interests of shareholders and management for long-term development[57]. - The total number of stock options granted under the equity incentive plan is 14,270,000, representing approximately 0.91% of the total issued share capital of 1,570,418,085 shares as of the report date[62]. - The first exercise period for 140 incentive recipients has been met, allowing for the exercise of 3,334,792 stock options, which represents 1/3 of the total granted options[66]. - The exercise price for the stock options was set at RMB 6.98 per share, with adjustments made to RMB 6.72 and RMB 6.58 per share following profit distribution plans in 2020, 2021, and 2022[67][68].
创业环保:创业环保2023年第二次临时股东大会决议公告

2023-09-21 09:48
| 证券代码:600874 | 证券简称:创业环保 | 公告编号:2023-051 | | --- | --- | --- | | 债券代码:188867 | 债券简称:21 津创 01 | | 天津创业环保集团股份有限公司 2023 年第二次临时股东大会决议公告 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法律责任。 重要内容提示: 本次会议是否有否决议案:无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 8 | | --- | --- | --- | | 其中:A | 股股东人数 | 7 | | 境外上市外资股股东人数(H | 股) | 1 | | 2、出席会议的股东所持有表决权的股份总数(股) | | 731,003,507 | | 其中:A | 股股东持有股份总数 | 723,080,508 | | 境外上市外资股股东持有股份总数(H | 股) | 7,922,999 | (一) 股东大会召开的时间:2023 年 9 月 21 日 (二) 股东大会召开的地点:天津市南开区卫津南路 76 号创业环保大厦 ...
创业环保:创业环保2023年第二次临时股东大会会议资料

2023-09-04 09:12
天津创业环保集团股份有限公司 2023 年第二次临时股东大会会议资料 2023 年 9 月 4 日 创业环保 2023 年第二次临时股东大会 会议资料 目 录 | 一、2023 | 年第二次临时股东大会会议须知………………………………………………2 | | --- | --- | | 二、2023 | 年第二次临时股东大会会议议程……………………………………………3-4 | | 三、2023 | 年第二次临时股东大会会议议案……………………………………………5-19 | 1 创业环保 2023 年第二次临时股东大会 会议资料 天津创业环保集团股份有限公司 2023 年第二次临时股东大会会议须知 各位股东: 为维护全体股东的合法权益,确保本公司股东大会顺利进行,根据《公司法》、 《证券法》、《上市公司股东大会规则》及《公司章程》等法律、法规的规定, 特制订本须知。 一、全体参会人员应以维护全体股东的合法权益、保障会议的正常秩序和议 事效率为原则,自觉履行法定义务。 二、本公司董事会办公室负责本次大会的程序安排和会务工作。 三、董事会在股东大会的召开过程中,应当以维护股东的合法权益,确保正 常程序和议事效率为原则 ...
创业环保:创业环保H股公告-2023年8月证券变动月报表

2023-09-04 09:11
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2023年8月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 天津創業環保集團股份有限公司 呈交日期: 2023年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 01065 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 340,000,000 | RMB | | 1 RMB | | 340,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 340,000,000 | RMB | | 1 RMB | | 340,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香 ...
创业环保:创业环保关于召开2023年第二次临时股东大会的通知

2023-09-04 08:31
天津创业环保集团股份有限公司 关于召开 2023 年第二次临时股东大会的通知 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法律责任。 证券代码:600874 证券简称:创业环保 公告编号:2023-050 债券代码:188867 债券简称:21 津创 01 一、 召开会议的基本情况 股东大会召开日期:2023年9月21日 本次股东大会采用的网络投票系统:上海证券交易所股东大会网络投票 系统 本公告仅适用于A股股东。H股股东股权登记日及参会登记方法等相关事 宜 请 参 阅 本 公 司 于 2023 年 9 月 4 日 在 香 港 交 易 所 网 站 (http://www.hkex.com.hk)刊发的"2023年第二次临时股东大会通告" 重要内容提示: (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 召开的日期时间:2023 年 9 月 21 日 14 点 00 分 召开地点:天津市南开区卫津南路 76 号天津创业环保大厦 5 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统:上海证券交易所股东 ...
创业环保(600874) - 创业环保关于参加2023年度天津辖区上市公司半年报业绩说明会暨投资者网上集体接待日活动的公告
2023-08-29 08:38
证券代码:600874 股票简称:创业环保 公告编号:临 2023-049 债券代码:188867 债券简称:21 津创 01 天津创业环保集团股份有限公司 关于参加 2023 年度天津辖区上市公司半年报业绩 说明会暨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: 1 会议召开时间:2023 年 9 月 5 日(周二)13:30-16:50 会议召开地点:"全景路演"(http://rs.p5w.net)或关注微信公众 号:全景财经,或下载全景路演 APP 会议召开方式:网络方式 天津创业环保集团股份有限公司(以下简称"本公司"或"公司")于 2023 年 8 月 26 日在上海证券交易所网站(http://www.sse.com.cn)发布了公司《2023 年半年度报告》。为进一步加强与投资者的互动交流,本公司将参加由天津证监 局、 天津上市公司协会与深圳市全景网络有限公司联合举办的"2023 年度天津 辖区上市公司半年报业绩说明会暨投资者网上集体接待日活动"(以下简称" ...
创业环保:创业环保关于参加2023年度天津辖区上市公司半年报业绩说明会暨投资者网上集体接待日活动的公告

2023-08-29 08:38
| 证券代码:600874 | 股票简称:创业环保 | 公告编号:临 | 2023-049 | | --- | --- | --- | --- | | 债券代码:188867 | 债券简称:21 津创 01 | | | 天津创业环保集团股份有限公司 关于参加 2023 年度天津辖区上市公司半年报业绩 说明会暨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: 天津创业环保集团股份有限公司(以下简称"本公司"或"公司")于 2023 年 8 月 26 日在上海证券交易所网站(http://www.sse.com.cn)发布了公司《2023 年半年度报告》。为进一步加强与投资者的互动交流,本公司将参加由天津证监 局、 天津上市公司协会与深圳市全景网络有限公司联合举办的"2023 年度天津 辖区上市公司半年报业绩说明会暨投资者网上集体接待日活动"(以下简称"本 次说明会"),现将相关事项公告如下: 一、说明会类型 本次说明会以网络方式召开,届时将就本公司 2023 年半年报业绩情况、 ...
创业环保(600874) - 2023 Q2 - 季度财报
2023-08-25 16:00
Financial Performance - The company's operating revenue for the first half of 2023 was CNY 210,896.6 million, a decrease of 0.95% compared to CNY 212,928.9 million in the same period last year[8]. - Net profit attributable to shareholders for the same period was CNY 43,784.6 million, representing a 10.47% increase from CNY 39,636.3 million year-on-year[8]. - Basic earnings per share remained stable at CNY 0.28, with diluted earnings per share also at CNY 0.28, showing no change compared to the previous year[9]. - The company reported a weighted average return on equity of 5.10%, down by 0.39 percentage points from 5.49% in the same period last year[9]. - The company achieved a main business revenue of 188.25 million, with an operating profit of 99.54 million during the first half of 2023[57]. - The company reported a net profit of CNY 7.58 million for the Tianjin subsidiary, with total assets of CNY 143.60 million[76]. - The company’s Xi'an subsidiary reported a net profit of CNY 3.21 million, with total assets of CNY 102.21 million[76]. - The company reported a net profit of 40,132.2 million, an increase of 10.89% compared to the same period last year[170]. - Net profit for the first half of 2023 was CNY 455,045, representing an increase of 10.65% compared to CNY 411,306 in the first half of 2022[181]. Investments and Projects - The company added 5 new project contracts in the environmental technology sector, with a total contract value of CNY 7.4743 million during the first half of 2023[32]. - New investments in projects amounted to CNY 1.42 billion, increasing wastewater treatment capacity by 200,000 cubic meters per day[35]. - The company completed a capital increase of 20.91 million for the Linxia City Wastewater Treatment Plant PPP project, raising the registered capital from 45 million to 65.91 million[46]. - The company acquired the assets of the Jinnan sludge treatment plant for 471.83 million, with 424.64 million paid by the end of the reporting period[54]. - The company plans to establish new subsidiaries for wastewater treatment projects in Karamay and Enshi, with registered capital of 113.87 million and 170.86 million respectively[50][51]. - The total investment for the Tianjin City Houtai Scenic Area Energy Station project was adjusted to CNY 183.48 million, with a capital contribution of CNY 54 million[68]. - The total estimated investment for the Honghu City sewage treatment plant upgrade project was adjusted to CNY 148.32 million, with a reduction in registered capital from CNY 60 million to CNY 30 million[71]. Financial Position - The company’s fixed assets rose by 47.23% to 1,341.74 million, primarily due to the acquisition of the Jinnan sludge treatment plant assets[44]. - Short-term borrowings increased by 152.95%, amounting to 2.53 million, indicating a rise in financing activities[44]. - The company’s total liabilities increased to CNY 13,954,951, up from CNY 13,467,381 in the previous year, reflecting a growth of 3.63%[178]. - Total equity attributable to shareholders rose to CNY 8,694,345, an increase of 2.53% from CNY 8,479,473 year-over-year[178]. - The company’s non-current liabilities totaled 8,168,909 million, with long-term borrowings at 7,289,221 million[174]. - The debt-to-asset ratio slightly increased to 58.77% from 58.63%[170]. - The company has a total bond balance of 630,000,000 with an interest rate of 3.9%[168]. - The company’s total assets increased to 23,746,137 million, up from 22,969,674 million year-over-year[174]. Operational Efficiency and Strategy - The company is actively expanding its market presence, with a focus on resource utilization and low-carbon initiatives[40]. - The company aims to enhance its operational efficiency by restructuring its business layout and optimizing its project quality[17]. - The company’s operating costs decreased by 6.55%, totaling 1,415.62 million, attributed to lower construction costs in ongoing PPP projects[62]. - The company’s cash flow from financing activities saw a significant increase of 482.34%, amounting to -44.27 million, indicating higher net debt financing[61]. - The company has implemented a comprehensive risk management system to address various policy risks and ensure compliance with environmental regulations[99]. Environmental Impact and Compliance - The company operates 51 wastewater treatment projects, with each project designed to handle over 20,000 tons per day, classified as key pollutant discharge units by local environmental authorities[107]. - During the reporting period, the company discharged approximately 12,300 tons of Chemical Oxygen Demand (COD), 6,044 tons of total nitrogen, 390 tons of ammonia nitrogen, and 141 tons of total phosphorus, all within the regulatory standards[109]. - The company achieved a cumulative reduction of approximately 203,900 tons of COD, 27,000 tons of total nitrogen, 2,570 tons of ammonia nitrogen, and 330 tons of total phosphorus, contributing significantly to water body environmental management[109]. - The company’s wastewater treatment projects have passed environmental assessments and received approvals from environmental protection departments[90]. - The company faced an administrative penalty of 320,000 yuan due to violations of water pollution prevention regulations, which did not significantly impact overall operations[111]. - The company is actively involved in new energy cooling and heating services and distributed photovoltaic power generation projects, contributing to carbon emission reduction[94]. - The company has established emergency response plans for environmental incidents in compliance with local regulations[91]. - The company is adapting to new environmental standards, which may pose operational risks and require upgrades to wastewater treatment facilities[98]. Research and Development - Research and development expenses increased by 76.72%, reaching 6.55 million, reflecting a significant investment in innovation[61]. - Research and development expenses increased significantly to CNY 11,575, up 76.00% from CNY 6,550 in the same period last year[180]. Shareholder and Equity Information - The company completed the issuance of 143,189,655 restricted A shares, with a lock-up period of 6 months, following the non-public offering in September 2022[121]. - The total number of unrestricted circulating shares increased to 1,570,418,085, representing 100% of the total shares after the issuance[119]. - The total guarantee amount (including guarantees to subsidiaries) is 304,935.68 million RMB, accounting for 35.07% of the company's net assets[135]. - The amount of guarantees provided to subsidiaries during the reporting period is 16,759.47 million RMB[135]. - The company has provided debt guarantees to entities with a debt-to-asset ratio exceeding 70%, amounting to 62,360.11 million RMB[135]. - The company has maintained a consistent capital structure with no new preferred shares issued during the period[196]. - The minority interest in total equity is recorded at 1,001,300, showing a stable relationship with minority shareholders[196]. - The overall financial health of the company appears robust, with a focus on maintaining and growing equity[194].
天津创业环保股份(01065) - 2023 - 中期业绩

2023-08-25 12:30
Financial Performance - For the six months ended June 30, 2023, the company's operating revenue was RMB 210,896.6 million, a decrease of 0.95% compared to RMB 212,928.9 million in the same period last year[6]. - The net profit attributable to shareholders for the same period was RMB 43,784.6 million, representing an increase of 10.47% from RMB 39,636.3 million year-on-year[6]. - The net cash flow from operating activities surged by 122.00%, reaching RMB 71,575.3 million compared to RMB 32,240.5 million in the previous year[6]. - Basic earnings per share remained stable at RMB 0.28, unchanged from the previous year[7]. - The weighted average return on net assets was 5.10%, a decrease of 0.39 percentage points compared to 5.49% in the same period last year[7]. - The company reported non-recurring gains and losses totaling RMB 3,652.4 million after tax, with government subsidies contributing RMB 3,969.1 million[8]. Shareholder Information - The total number of common shareholders reached 61,569 as of June 30, 2023, including 60 H-share shareholders[14]. - The largest shareholder, Tianjin Municipal Investment Co., Ltd., holds 715,565,186 shares, representing 45.57% of total shares[15]. - Hong Kong Central Clearing Limited is the second-largest shareholder with 337,906,810 shares, accounting for 21.52%[15]. - The company reported no new restricted shares during the reporting period, maintaining a total of 143,189,655 restricted shares[13]. - The company has not disclosed any impacts on earnings per share or net assets per share due to share changes[11]. - The company’s private placement was fully subscribed by existing shareholders, indicating strong support from major investors[12]. Business Operations and Strategy - The company is positioned to benefit from the national water network construction plan, which aims to establish a comprehensive national water network by 2035, creating a potential growth market for water environmental enterprises[19]. - The light asset business model is gaining attention, allowing for the separation of asset ownership and operational rights, which could enhance revenue and profit margins amid increasing market competition[20]. - The company has not reported any new strategies or significant market expansions during the reporting period[11]. - The company is restructuring its market expansion strategy to align with its strategic positioning and future business planning[26]. Environmental and Regulatory Compliance - The Ministry of Ecology and Environment has revised regulations for voluntary greenhouse gas emission trading, establishing a framework for orderly market operations[21]. - The hazardous waste management plan aims to enhance ecological risk prevention and treatment capabilities by 2025, providing a foundation for hazardous waste disposal[21]. - The company emphasizes the importance of maintaining smooth communication with local governments and regulatory bodies to enhance operational stability and environmental performance[49]. Research and Development - The company reported a significant increase in R&D expenses, which rose by 76.72% to RMB 1,157.5 million due to increased investment in personnel and technology development[31]. - The company has registered 20 authorized patents and received three awards for low-carbon application scenarios during the reporting period[27]. - The company is focusing on digital and intelligent operational systems to promote research projects aimed at reducing pollution and carbon emissions[27]. Asset and Investment Management - The total assets at the end of the reporting period were RMB 2,374,613.7 million, reflecting a growth of 3.38% from RMB 2,296,967.4 million at the end of the previous year[5]. - The net assets attributable to shareholders increased by 2.53%, amounting to RMB 869,434.5 million compared to RMB 847,947.3 million at the end of the previous year[5]. - The company acquired assets from the Tianjin sludge plant, contributing to a 47.23% increase in fixed assets to RMB 134,174.0 million[33]. - The company completed a capital increase of RMB 2,091 million for the Linxia City Chuangye Water Co., Ltd. for the expansion of a wastewater treatment project[36]. Risks and Challenges - The company faces risks related to government credit, as the funding for sewage treatment services primarily comes from government payments[44]. - The company is exposed to operational management risks due to the need for sewage treatment plants to upgrade to meet new environmental standards[46]. - The company has established a comprehensive risk management system to identify, analyze, and respond to various policy risks, ensuring dynamic management and effective control of risks[48]. Financial Position - The total liabilities increased to RMB 13,954,951 thousand as of June 30, 2023, compared to RMB 13,467,381 thousand at the end of 2022, indicating a rise of about 3.62%[53]. - The company's cash and cash equivalents were RMB 3,045,762 thousand as of June 30, 2023, down from RMB 3,252,060 thousand at the end of 2022, a decrease of approximately 6.36%[51]. - Total accounts receivable as of June 30, 2023, is RMB 3,279,064 thousand, up 10.8% from RMB 2,959,595 thousand at the end of 2022[69]. - Total accounts payable as of June 30, 2023, is RMB 609,856 thousand, an increase of 19.3% from RMB 511,159 thousand at the end of 2022[70].