证券代码：601200 证券简称：上海环境 公告编号：临 2023-019 上海环境集团股份有限公司 关于召开 2022 年度业绩说明会的预告公告 1．召开时间：2023 年 5 月 11 日（周四）上午 10:00-11:30 2．召开地点：上海证券交易所"上证路演中心"网络平台 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： 一、说明会类型 上海环境集团股份有限公司（以下简称"公司"）于 2023 年 3 月 25 日在上 海证券交易所网站（www.sse.com.cn）披露了《上海环境集团股份有限公司 2022 年年度报告》全文及摘要，为了让广大投资者更进一步了解公司的生产经营和利 润分配等情况，公司定于 2023 年 5 月 11 日上午 10:00-11:30 举行 2022 年度业绩 说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议，并就现金分 会议召开时间：2023 年 5 月 11 日（周四）上午 10:00-11:30 会 议 召 开 网 址 ： 上 海 证 券 交 易 所 " 上 ...

Audit and Financial Reporting - The company appointed Ernst & Young Hua Ming as the auditor for the 2022 annual report, with an audit fee of RMB 3,110,000[1]. - The financial statements reflect the company's compliance with accounting standards, ensuring fair representation of its financial position and operating results for the year ended December 31, 2022[65]. - The company conducts annual impairment tests for goodwill, regardless of whether there are indications of impairment, ensuring compliance with relevant regulations regarding goodwill impairment disclosures[75]. Related Party Transactions - The company expects a total of RMB 2,369.76 million in related party transactions for 2022, including RMB 1,744.99 million in sales and service transactions, RMB 624.73 million in purchases, and RMB 0.04 million in other transactions[4]. - The actual related party transactions amounted to RMB 2,080.18 million, with RMB 1,653.42 million from sales and services, representing 94.75% of the expected amount[5]. Shareholder Information - The total number of common stock shareholders as of the end of the reporting period is 77,496, an increase from 77,027 at the end of the previous month[20]. - Shanghai Chengtou (Group) Co., Ltd. holds 521,630,979 shares, representing 46.50% of the total shares[20]. - The top ten shareholders include state-owned entities such as Yangtze River Ecological Environmental Group Co., Ltd. with 58,402,192 shares (5.21%) and Three Gorges Capital Holdings Co., Ltd. with 53,783,649 shares (4.79%)[23]. - The company has no changes in the controlling shareholder or actual controller during the reporting period[26]. - The actual controller of the company is the Shanghai State-owned Assets Supervision and Administration Commission[27]. Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, was approximately RMB 492.1 million, a decrease of 29.77% compared to RMB 700.7 million in 2021[43]. - The company's operating revenue for 2022 was CNY 6,285,515,349.01, a decrease of 12.67% compared to 2021[100]. - Net profit attributable to shareholders for 2022 was CNY 519,542,987.89, down 27.10% from the previous year[100]. - The weighted average return on net assets for 2022 was 5.16%, a decrease of 2.29 percentage points from 2021[100]. - Basic and diluted earnings per share decreased to ¥0.46311 from ¥0.63523, a drop of about 27.1% year-over-year[138]. Cash Flow and Liquidity - The cash flow from operating activities for 2022 increased significantly to CNY 1,785,317,806.43, a growth of 186.61% year-on-year[100]. - The current ratio improved to 0.87 from 0.69, reflecting a 26.88% increase due to an increase in current assets and a decrease in current liabilities[43]. - The cash interest coverage ratio significantly increased to 5.01 from 2.15, indicating a 132.67% improvement driven by an increase in net cash from operating activities[43]. - The company successfully repaid all debts on time, maintaining a loan repayment rate of 100% and an interest payment rate of 100%[43]. Asset and Liability Management - The total assets at the end of 2022 were CNY 29,000,726,628.63, reflecting a slight decrease of 1.07% from 2021[100]. - The asset-liability ratio was 58.50%, a slight decrease from 59.43% in the previous year, indicating stable financial leverage[43]. - Total liabilities decreased from CNY 17.42 billion in 2021 to CNY 16.97 billion in 2022, a reduction of approximately 2.6%[123]. - Current liabilities totaled CNY 6.79 billion in 2022, down from CNY 8.33 billion in 2021, representing a decrease of about 18.5%[123]. Investments and Projects - The company has ongoing construction projects, including the Fengxian Renewable Energy Comprehensive Utilization Center, which passed trial operation in January 2022[110]. - The company has invested approximately CNY 523 million in a new sewage treatment project in Gaoping District, which includes three sub-projects[111]. - The company has initiated a new project for the Shaowu City waste incineration power plant with a daily processing capacity of 500 tons and a total investment of approximately RMB 314 million[156]. - The company has launched a new project for the Lanzhou County agricultural and livestock solid waste harmless treatment center with a total investment of approximately RMB 79.91 million, aiming to process 110,000 tons of agricultural and livestock solid waste annually[157]. Environmental and Technological Initiatives - The company is advancing the research on hazardous waste intelligent control systems, aiming to establish a comprehensive management system for hazardous waste from collection to disposal[163]. - The company has developed a new generation of modular off-site leaching equipment and comprehensive heavy metal contaminated soil leaching solutions, providing stronger competitiveness in the heavy metal soil remediation market with lower leaching costs and higher efficiency[166]. - The company aims to establish a unified and standardized carbon emission statistical accounting system by 2023, with further improvements expected by 2025, providing comprehensive and reliable data support for carbon peak and carbon neutrality efforts[168]. Future Plans and Goals - The company plans to enhance its green manufacturing capabilities significantly by 2025, focusing on reducing energy consumption, water usage, and carbon emissions in traditional manufacturing[185]. - The company aims to achieve a sludge harmless disposal rate of over 90% nationwide by 2025, with a target of 95% for cities at the prefecture level and above[186]. - The company is focused on promoting the high-quality development of waste incineration power plants through the establishment of low-carbon and systematic evaluation standards, aiming for a coordinated reduction of pollution and carbon emissions[171].

Financial Performance - The company's operating revenue for Q3 2022 was ¥1,576,787,035.66, representing a year-on-year increase of 6.26%[7] - The net profit attributable to shareholders for Q3 2022 was ¥176,444,779.35, a decrease of 16.87% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥160,207,754.06, down 23.49% year-on-year[7] - The basic earnings per share for Q3 2022 was ¥0.15728, reflecting a decrease of 16.87% compared to the previous year[9] - Operating revenue for the first three quarters of 2022 was ¥4.06 billion, down 23.7% from ¥5.32 billion in the same period of 2021[24] - The net profit attributable to shareholders increased to approximately ¥4.67 billion, up from ¥4.30 billion, representing a growth of 8.5%[24] - The company's operating profit for the first three quarters of 2022 was approximately ¥668.36 million, a decrease of 24% compared to ¥879.12 million in the same period of 2021[26] - Net profit attributable to shareholders for the first three quarters of 2022 was approximately ¥454.18 million, down 27.5% from ¥626.86 million in the same period of 2021[26] Assets and Liabilities - The total assets as of the end of Q3 2022 amounted to ¥29,418,436,720.68, an increase of 0.48% from the end of the previous year[9] - The total liabilities stood at ¥17.46 billion, slightly up from ¥17.41 billion, reflecting a marginal increase of 0.3%[22] - The total assets as of the end of the reporting period were CNY 13,151,990,815.72, an increase from CNY 12,932,197,538.86 year-over-year[38] - The total liabilities amounted to CNY 5,237,080,637.46, compared to CNY 5,077,657,075.04 in the previous year, representing an increase of 3.1%[38] - The company's total liabilities at the end of the reporting period were approximately ¥5.53 billion, reflecting a significant increase compared to the previous year[32] - The company's total debt was approximately ¥5.08 billion, with a focus on managing financial leverage[58] Cash Flow - The company reported a net cash flow from operating activities of ¥701,115,349.55 for the year-to-date, showing a year-on-year increase of 3.03%[9] - The net cash flow from operating activities for the first three quarters of 2022 was approximately ¥701.12 million, slightly up from ¥680.49 million in the same period of 2021[30] - The company reported a net cash outflow from investing activities of approximately ¥371.46 million, an improvement from a net outflow of ¥1.99 billion in the same period of 2021[30] - The net cash flow from financing activities for the first three quarters of 2022 was approximately -¥424.67 million, compared to a positive cash flow of ¥1.29 billion in the same period of 2021[32] - The net cash flow from investment activities was $76.61 million, a significant recovery from a negative cash flow of -$719.98 million previously[44] - The total cash outflow from investment activities was $917.12 million, a decrease of 53% from $1.96 billion in the previous period[44] Shareholder Information - The equity attributable to shareholders was ¥10,203,926,944.75, which increased by 3.67% compared to the end of the previous year[9] - The company has a total of 76,965 common shareholders as of the end of the reporting period[13] - Total equity attributable to shareholders was approximately ¥9.84 billion, with retained earnings of ¥4.30 billion[54] - The total equity of the company as of the end of the reporting period was CNY 7,914,910,178.26, an increase from CNY 7,854,540,463.82 year-over-year[38] Expenses - The decrease in net profit was primarily attributed to increased pandemic-related expenses and insufficient capacity release from newly launched projects[12] - Research and development expenses for the third quarter were ¥54.10 million, down from ¥61.36 million, a decrease of about 11.0%[24] - The company reported a financial expense of ¥301.09 million, which increased from ¥222.47 million, marking a rise of approximately 35.3%[24] - Research and development expenses for the third quarter of 2022 were CNY 281,700.00, indicating ongoing investment in innovation[40] - The company paid $43.56 million in employee compensation, an increase of 7.5% from $40.49 million in the previous period[44]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 2,479,001,864.58, a decrease of 35.35% compared to CNY 3,834,413,285.27 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 277,737,362.16, down 33.01% from CNY 414,619,703.67 in the previous year[25]. - The net cash flow from operating activities was CNY 281,868,343.68, representing a decline of 34.43% compared to CNY 429,846,053.52 in the same period last year[25]. - Basic earnings per share for the first half of 2022 were CNY 0.24757, a decrease of 33.01% from CNY 0.36958 in the same period last year[25]. - The weighted average return on net assets was 2.78%, down 1.60 percentage points from 4.38% in the previous year[25]. - The company reported a decrease of 33.96% in net profit after deducting non-recurring gains and losses, amounting to CNY 270,048,323.91 compared to CNY 408,887,646.83 in the same period last year[25]. - The diluted earnings per share were also CNY 0.24757, reflecting a 33.01% decline from the previous year[25]. - The company reported a revenue of approximately ¥2.48 billion, a decrease of 35.35% compared to the previous year, primarily due to a decline in PPP project construction revenue by about ¥1.2 billion[73]. - Operating costs decreased by 42.22% year-on-year to approximately ¥1.69 billion, attributed to lower construction costs for PPP projects and increased pandemic-related expenses[73]. - The company reported a net cash flow from operating activities of approximately ¥281.87 million, a decrease of 34.43% year-on-year[73]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 29,536,752,233.16, an increase of 0.89% from CNY 29,277,095,652.78 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company increased to CNY 10,027,482,165.40, up 1.88% from CNY 9,842,898,450.03 at the end of the previous year[25]. - Total current assets amounted to approximately ¥5.89 billion, an increase from ¥5.72 billion at the beginning of the period[180]. - Long-term receivables rose to approximately ¥11.53 billion, up from ¥10.91 billion at the end of the previous year[180]. - Non-current assets totaled approximately ¥23.65 billion, slightly up from ¥23.59 billion year-over-year[180]. - Total liabilities increased to ¥17,624,605,224.17 from ¥17,420,633,616.66, representing a growth of about 1.17%[182]. - Current liabilities decreased to ¥8,072,694,365.83 from ¥8,329,972,873.37, a reduction of about 3.09%[182]. - Long-term borrowings rose to ¥7,366,953,929.73 from ¥6,994,199,620.08, indicating an increase of approximately 5.34%[182]. Operational Highlights - Shanghai Environment Group operates 28 waste incineration power generation projects across various cities, including Shanghai and Chengdu[32]. - The company operated 27 waste incineration projects, processing a total of 6.9301 million tons of waste, a year-on-year increase of 23.61%[60]. - The electricity generated from waste incineration reached 24,119.6 million kWh, representing a year-on-year growth of 32.96%[60]. - The company processed 21,939.38 million tons of wastewater across 4 treatment plants, with an average daily processing capacity of 1.2121 million tons, showing no significant change from the previous year[60]. - The company has established a strong market presence, holding approximately 80% of the waste disposal market share in Shanghai[58]. - The company is actively expanding its projects nationwide, with successful implementations in cities such as Chengdu, Qingdao, and Nanjing[58]. Research and Development - Research and development expenses decreased by 24.76% year-on-year to approximately ¥30.19 million, mainly due to reduced spending on subsidiary projects[73]. - The company established a 200t/d domestic membrane demonstration line, which can reduce procurement costs by at least 20% compared to imported membranes[67]. - The company is advancing the research on hazardous waste intelligent control systems, aiming for comprehensive tracking management from collection to disposal[68]. - The company launched the first domestic standard for the disposal of cabin dismantling materials, addressing urgent technical guidance needs during the recovery process[72]. Environmental Commitment - The company is committed to environmental sustainability, aiming to provide comprehensive environmental solutions and promote a low-carbon economy[59]. - The company is working on a carbon reduction project for municipal solid waste treatment, addressing key data and management challenges in the industry[124]. - The company has implemented pollution control facilities that comply with the "three simultaneous" requirements, ensuring emissions meet national and local standards[114]. - The company has developed a digital platform called "Solid Waste Carbon Steward" to disclose carbon footprint information throughout the waste treatment lifecycle[126]. Risks and Challenges - The company faces risks related to policy changes that could impact its market environment and operational strategies[87]. - The company is exposed to operational risks associated with BOT project approvals and the potential inability to renew operating rights upon expiration[89]. - The company continues to face potential increases in operational costs due to stricter environmental regulations and rising material costs, impacting profitability[93]. - Safety and quality risks may arise from accidents during production, potentially leading to project damage, personnel injuries, and economic losses, which could also harm the company's brand reputation[95]. Shareholder and Governance - The company has a commitment from its largest shareholder, Shanghai Urban Investment, to ensure the independence of the company in terms of personnel, assets, finance, and operations, which is effective until March 31, 2023[138]. - The company has reported no significant litigation or arbitration matters during the reporting period[144]. - The company has not experienced any non-compliance issues or penalties involving its directors, supervisors, or senior management during the reporting period[144]. - The total number of ordinary shareholders as of the end of the reporting period was 78,604[159]. - The largest shareholder, Shanghai Urban Investment Group Co., Ltd., held 521,630,979 shares, representing 46.50% of the total shares[159].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,236,199,893.31, representing a year-on-year increase of 16.22%[6] - The net profit attributable to shareholders of the listed company was ¥149,595,419.63, showing a decrease of 26.13% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥146,748,320.98, down by 26.62% year-on-year[6] - Basic and diluted earnings per share were both ¥0.13335, reflecting a decrease of 26.13%[8] - The weighted average return on equity was 1.51%, a decrease of 0.66 percentage points compared to the previous year[8] - Operating profit for Q1 2022 decreased to RMB 210,797,465.22 from RMB 307,770,287.40 in Q1 2021, a decline of approximately 31.5%[27] - Net profit for Q1 2022 was RMB 214,144,419.16, down from RMB 309,062,510.09 in Q1 2021, reflecting a decrease of around 30.7%[27] - The company's net profit for Q1 2022 was CNY 38,619,229.88, compared to CNY 18,448,047.23 in Q1 2021, indicating a year-over-year increase of about 109.5%[42] Cash Flow - The net cash flow from operating activities was ¥92,453,794.30, with no applicable year-on-year comparison[6] - Operating cash flow for the current period is 92,453,794.30, a significant improvement from a net cash outflow of -65,398,634.60 in the previous period[33] - The total cash inflow from operating activities in Q1 2022 was 4,413,034.12, a significant increase from 886,515.51 in Q1 2021[46] - Cash and cash equivalents as of March 31, 2022, were RMB 985,140,693.32, compared to RMB 1,053,693,362.06 at the end of 2021, a decrease of about 6.5%[22] - Cash inflow from loans in Q1 2022 was 1,439,403,234.73, compared to 956,005,975.83 in Q1 2021, showing a substantial increase[46] - The net increase in cash and cash equivalents for Q1 2022 was 86,228,958.48, a recovery from a decrease of -235,104,860.72 in Q1 2021[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥29,321,079,188.71, an increase of 0.15% from the end of the previous year[8] - Total assets as of March 31, 2022, amounted to RMB 29,321,079,188.71, a slight increase from RMB 29,277,095,652.78 at the end of 2021[27] - Total liabilities as of March 31, 2022, were RMB 17,274,168,939.53, down from RMB 17,410,936,437.36 at the end of 2021, a decrease of about 0.8%[27] - The total liabilities rose to CNY 5,256,945,878.66 from CNY 5,077,657,075.04, marking an increase of about 3.53%[40] Shareholder Equity - Shareholders' equity attributable to shareholders of the listed company was ¥9,992,493,869.66, up by 1.52% from the end of the previous year[8] - The company's equity attributable to shareholders increased to RMB 9,992,493,869.66 as of March 31, 2022, from RMB 9,842,898,450.03 at the end of 2021, reflecting a growth of about 1.5%[27] - The total equity increased to CNY 7,893,159,693.70 from CNY 7,854,540,463.82, showing a growth of about 0.49%[40] Non-Recurring Items - The company reported non-recurring gains and losses totaling ¥2,847,098.65 for the period[10] - The company reported a decrease in management expenses to CNY 17,198,740.12 from CNY 13,263,153.71, reflecting an increase of approximately 29.1%[40] Investment Activities - Cash outflow for investing activities is -370,805,652.77, an improvement from -848,644,766.15 in the previous period[33] - Total cash inflow from investment activities in Q1 2022 was 381,770,583.70, compared to 220,082,769.36 in Q1 2021, indicating a significant increase[46] - The total cash outflow from investment activities in Q1 2022 was 425,904,378.73, compared to 608,131,294.66 in Q1 2021, indicating reduced investment spending[46]

Financial Performance - The company's operating revenue for 2021 was ¥7,101,902,323.19, representing a 57.41% increase compared to ¥4,511,754,404.15 in the previous year[26]. - The net profit attributable to shareholders of the listed company was ¥686,511,397.32, an increase of 9.77% from ¥625,409,940.40 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥674,597,528.32, up 9.07% from ¥618,471,591.00 in the previous year[26]. - The net cash flow from operating activities was ¥572,753,938.72, a decrease of 45.15% compared to ¥1,044,188,557.44 in the previous year[26]. - The total assets at the end of 2021 were ¥29,277,095,652.78, an increase of 8.20% from ¥27,057,450,816.75 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company were ¥9,842,898,450.03, reflecting a 6.39% increase from ¥9,251,908,656.08 at the end of the previous year[26]. - The basic earnings per share decreased by 4.96% to CNY 0.61194 compared to the previous year[28]. - The weighted average return on equity decreased by 1 percentage point to 7.20%[28]. - The company's cash flow from operating activities decreased by 45.15% to 572.75 million RMB, primarily due to changes in accounting standards affecting cash outflows[102]. Operational Highlights - The company operated 26 waste incineration projects, processing 12.66 million tons of waste, a year-on-year increase of 31.14%[41]. - The electricity generated from waste incineration increased by 31.57% to 4,160.20 million kWh[41]. - The company has 10 ongoing waste incineration projects that passed trial operations in 2021[42]. - The company operated 4 sewage treatment plants, processing a total of 444.05 million tons of wastewater, with an average daily processing capacity of 1.22 million tons[41]. - The company has established a waste incineration power generation project with a configuration of 4 × 500 tons/day and 2 × 20MW turbine generator sets[133]. - The company has a total of 7 operational qualifications and certifications, including engineering design and environmental service certifications, with validity extending to 2025[135]. - The company has a comprehensive waste management process, including waste collection, incineration, and recycling of by-products like fly ash and slag[139]. Investment and Development - The company has invested approximately CNY 665 million in the first phase of the hazardous waste and medical waste disposal center project in central Hubei, which includes a 50,000 tons/year industrial hazardous waste collection platform and a 15,000 tons/year medical waste co-incineration disposal project[44]. - The total investment for the Shanghai Tianma Waste Incineration Power Plant (Phase I) is ¥2.107 billion, with a designed capacity of 2,000 tons/day and a utilization rate of 112.8%[129]. - The total investment for the Shanghai Tianma Waste Incineration Power Plant (Phase II) is ¥1.06 billion, with a designed capacity of 1,500 tons/day and a utilization rate of 115.4%[130]. - The company has completed multiple benchmark projects across various cities, expanding its operational footprint nationwide[99]. Research and Development - Research and development expenses increased by 62.01% to 113.81 million RMB, indicating a focus on innovation and technology[102]. - The company holds 242 patents, including 46 invention patents, showcasing its commitment to technological advancement[95]. - The number of R&D personnel is 418, accounting for 14.03% of the total workforce[120]. - The R&D personnel include 16 PhD holders, 165 Master's degree holders, and 193 Bachelor's degree holders[120]. Market Position and Strategy - The company has a market share of approximately 80% in Shanghai's municipal solid waste disposal market, demonstrating its leading position in the industry[99]. - The company aims to enhance its hazardous waste management capabilities through the development of an intelligent control system for hazardous waste tracking and management[50]. - The company is focusing on the development of small-scale incineration and pyrolysis technologies, aiming to improve incineration power generation efficiency[158]. - The company is committed to achieving a significant improvement in rural living environment by 2025, including effective treatment of rural sewage and solid waste[71]. Environmental and Regulatory Compliance - The company has received a standard unqualified audit report from Ernst & Young Hua Ming[6]. - The company follows strict pollution control standards for waste incineration, including GB18485-2014 and EU emission standards[140]. - The company has implemented pollution control measures to meet environmental standards, but operational risks remain due to potential equipment failures[189]. - The company maintains a robust governance structure, ensuring compliance with legal requirements and protecting shareholder rights[193]. Future Outlook and Challenges - The company faces policy risks related to changes in industry regulations that could impact its operational environment and profitability, particularly in waste-to-energy projects[178]. - Tax policy changes could affect the company's current tax benefits, significantly impacting its profitability[181]. - The company is exposed to operational risks due to rising costs from stricter environmental regulations and increased material expenses[185]. - The company anticipates that the demand for wastewater treatment will continue to grow with urbanization and economic development[74].

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,483,843,205.93, representing a year-on-year increase of 59.63%[7] - The net profit attributable to shareholders for Q3 2021 was ¥212,240,626.90, with a year-on-year increase of 2.51%[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥209,387,803.89, reflecting a year-on-year increase of 1.91%[7] - Total revenue for the first three quarters of 2021 reached ¥5,318,256,491.20, a significant increase from ¥2,841,956,735.31 in the same period of 2020, representing an increase of approximately 87%[25] - The company's net profit for the first three quarters of 2021 was approximately ¥776.20 million, an increase of 22.1% compared to ¥635.57 million in the same period of 2020[27] - Operating profit for the first three quarters of 2021 reached ¥879.12 million, up from ¥745.15 million in the previous year, reflecting a growth of 18.0%[27] - The company’s total profit for the first three quarters of 2021 was approximately ¥881.85 million, compared to ¥746.42 million in the same period of 2020, marking an increase of 18.1%[27] Assets and Liabilities - The total assets as of the end of Q3 2021 amounted to ¥29,741,444,210.19, an increase of 9.92% compared to the end of the previous year[9] - Total assets amounted to $27.06 billion, with non-current assets at $22.09 billion[34] - Total liabilities reached $17,952,027,802.15 as of September 30, 2021, up from ¥15,952,179,148.81 at the end of 2020, indicating an increase of approximately 13%[23] - Total liabilities reached $15.95 billion, with current liabilities at $9.24 billion[34] - The total non-current liabilities amounted to $6.71 billion, indicating a significant long-term financial commitment[34] Equity and Shareholder Information - The total equity attributable to shareholders at the end of Q3 2021 was ¥9,783,247,383.28, an increase of 5.74% compared to the end of the previous year[9] - Shareholders' equity totaled $11.11 billion, including $9.25 billion attributable to the parent company[36] - The capital reserve stood at $4.10 billion, while retained earnings were $3.74 billion[36] Cash Flow and Financing Activities - The cash flow from operating activities for the year-to-date period was ¥680,493,708.19, showing a year-on-year increase of 13.43%[9] - Cash flow from operating activities for the first three quarters of 2021 was ¥680.49 million, compared to ¥599.76 million in the same period of 2020, indicating an increase of 13.4%[29] - The company reported a net cash outflow from investing activities of approximately ¥1.99 billion for the first three quarters of 2021, an improvement from a net outflow of ¥2.86 billion in the same period of 2020[29] - The company’s cash inflow from financing activities for the first three quarters of 2021 was approximately ¥10.03 billion, compared to ¥7.16 billion in the same period of 2020, reflecting a growth of 40.5%[29] - The company’s cash outflow for financing activities was approximately ¥8.73 billion in the first three quarters of 2021, compared to ¥5.46 billion in the same period of 2020, indicating an increase of 59.5%[31] Operational Metrics - The weighted average return on equity for Q3 2021 was 2.28%, a decrease of 0.64 percentage points year-on-year[9] - The company reported a basic earnings per share of ¥0.18919 for Q3 2021, down 15.83% year-on-year[9] - The company’s diluted earnings per share for the first three quarters of 2021 was ¥0.55877, slightly down from ¥0.58297 in the same period of 2020[27] Research and Development - Research and development expenses for the first three quarters of 2021 were ¥61,363,307.58, up from ¥37,191,182.98 in the same period of 2020, indicating a growth of approximately 65%[25] Government Subsidies - The company received government subsidies amounting to ¥2,727,779.17 during the reporting period[9] Accounts Receivable and Current Assets - Accounts receivable increased to ¥2,466,078,287.14 as of September 30, 2021, up from ¥1,455,282,565.18 at the end of 2020, reflecting a growth of approximately 69%[20] - Current assets totaled ¥5,896,813,855.23 as of September 30, 2021, compared to ¥4,968,377,256.58 at the end of 2020, marking an increase of about 19%[20] Borrowings - Long-term borrowings rose to ¥6,627,927,134.57 in Q3 2021, compared to ¥5,034,132,950.39 in Q4 2020, reflecting an increase of about 32%[23] - Long-term borrowings were recorded at $5.03 billion, contributing to the overall debt structure[34] Intangible Assets - The company reported intangible assets of approximately $8.28 billion and goodwill of $39.53 million[34]

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥3,834,413,285.27, representing a 100.50% increase compared to ¥1,912,414,129.07 in the same period last year[19]. - Net profit attributable to shareholders of the listed company was ¥414,619,703.67, an increase of 25.66% from ¥329,964,284.83 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was ¥408,887,646.83, up 25.23% from ¥326,502,214.49 year-on-year[19]. - The net cash flow from operating activities was ¥429,846,053.52, reflecting a 26.46% increase compared to ¥339,910,155.12 in the same period last year[19]. - Basic earnings per share for the reporting period (January to June) increased to 0.36958 CNY, up 2.31% from 0.36124 CNY in the same period last year[20]. - Diluted earnings per share rose to 0.36958 CNY, reflecting a 14.82% increase from 0.32187 CNY year-over-year[20]. - The company's operating profit for the first half of 2021 was RMB 604,680,846.08, compared to RMB 455,737,646.62 in the same period of 2020, indicating a growth of approximately 32.6%[173]. - The total profit for the first half of 2021 was RMB 607,052,447.62, compared to RMB 456,715,721.90 in the previous year, reflecting an increase of approximately 32.8%[173]. - The company's total comprehensive income for the first half of 2021 was RMB 530,405,419.40, compared to RMB 395,540,995.36 in the same period of 2020, an increase of about 34%[176]. Assets and Liabilities - Total assets amounted to ¥28,950,114,197.41, which is a 6.99% increase from ¥27,057,450,816.75 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company at the end of the reporting period were ¥9,571,170,383.59, a 3.45% increase from ¥9,251,908,656.08 at the end of the previous year[19]. - The total current assets as of June 30, 2021, amounted to RMB 5,498,719,129.20, an increase from RMB 4,968,377,256.58 at the end of 2020, reflecting a growth of approximately 10.6%[160]. - The non-current assets totaled RMB 23,451,395,068.21 as of June 30, 2021, compared to RMB 22,089,073,560.17 at the end of 2020, indicating an increase of about 6.2%[160]. - The total liabilities reached ¥17,400,805,086.23, compared to ¥15,952,179,148.81, marking an increase of around 9%[163]. - Current liabilities rose to ¥9,884,095,940.39, up from ¥9,240,011,159.35, indicating an increase of about 7%[163]. - Long-term borrowings increased to ¥5,753,491,625.78 from ¥5,034,132,950.39, reflecting a growth of approximately 14%[163]. Operational Highlights - The company operates 27 waste incineration power generation projects across various cities, enhancing its capacity for waste management[28]. - The company has invested in 4 municipal wastewater treatment projects, further expanding its environmental service offerings[29]. - The company operates 22 waste incineration projects, processing 4.3293 million tons of waste, a year-on-year increase of 27.70%[57]. - The electricity generated from waste incineration reached 1,349.9948 million kWh, a year-on-year increase of 30.89%[57]. - The company operated 4 sewage treatment plants, processing a total of 204.6181 million tons of sewage, with an average daily processing capacity of 1.1305 million tons, remaining stable compared to the previous year[57]. Research and Development - Research and development expenses increased by 64.94% to approximately ¥40.12 million, driven by increased spending on projects by subsidiaries[66]. - The company is advancing 20 research projects in hazardous waste management, including significant national projects aimed at resource recovery[66]. - The company has been awarded multiple accolades, including the Shanghai Excellent Survey Achievement Award, highlighting its commitment to innovation and excellence in environmental services[63]. Environmental Responsibility - The company emphasizes environmental protection as a key component of its sustainable development strategy[115]. - The company actively responds to national "carbon peak" and "carbon neutrality" strategies, outlining future work plans for carbon reduction projects[117]. - The company has established effective pollution control facilities that operate in compliance with environmental regulations[109]. - The company has developed emergency response plans for environmental incidents[111]. - The company has implemented self-monitoring schemes for pollution sources to ensure compliance with discharge standards[114]. Risks and Challenges - The company is subject to industry policy risks, which may impact its market environment and development space if national policies change[82]. - Rising operational costs due to stricter environmental regulations and increased material and labor costs may impact profitability[88]. - The company faces operational risks due to regional concentration, which may affect performance if local policies fluctuate[87]. - The company must adapt to potential changes in subsidy policies for waste-to-energy projects, which could adversely affect cash flow and profitability[82]. Shareholder Information - The total number of shares post-capital reserve transfer is expected to increase to a minimum of 1,405,087,768 shares, with a minimum of 702,543,884 shares being distributed to shareholders[126]. - The largest shareholder, Shanghai Urban Investment (Group) Co., Ltd., held 46.50% of the shares, totaling 521,630,979 shares[143]. - The total equity attributable to the parent company increased to CNY 9,571,170,383.59, up from CNY 9,251,908,656.08, reflecting a growth of approximately 3.5%[196].

Financial Performance - Operating revenue for the first quarter reached CNY 1,063,690,446.20, representing a 19.55% increase year-on-year[12]. - Net profit attributable to shareholders increased by 43.48% to CNY 202,511,653.17 compared to the same period last year[12]. - Basic earnings per share rose by 16.81% to CNY 0.18051[12]. - Operating profit for Q1 2021 was RMB 307,770,287.40, compared to RMB 202,489,860.67 in Q1 2020, reflecting a 52.0% increase[47]. - Net profit for Q1 2021 was RMB 262,081,565.30, up 53.1% from RMB 171,268,965.98 in Q1 2020[47]. - Research and development expenses increased significantly to RMB 20,890,567.18 in Q1 2021, compared to RMB 8,619,705.40 in Q1 2020, marking a 142.3% rise[45]. - The company reported a total cost of operations of RMB 768,484,862.34 in Q1 2021, which is a 8.8% increase from RMB 705,903,139.80 in Q1 2020[45]. - Earnings per share (EPS) for Q1 2021 was RMB 0.18051, compared to RMB 0.15453 in Q1 2020, indicating a 16.8% increase[47]. Cash Flow - Net cash flow from operating activities decreased significantly by 144.14% to -CNY 65,398,634.60 compared to the previous year[12]. - In Q1 2021, the company's cash inflow from operating activities was CNY 977,723,368.07, a decrease of 11.6% compared to CNY 1,105,957,645.86 in Q1 2020[55]. - The net cash flow from operating activities in Q1 2021 was negative CNY 65,398,634.60, compared to a positive CNY 148,178,294.35 in Q1 2020[55]. - The total cash inflow from investing activities in Q1 2021 was CNY 9,742,629.32, significantly higher than CNY 2,583,503.24 in Q1 2020[55]. - The net cash flow from investing activities was negative CNY 848,644,766.15 in Q1 2021, an improvement from negative CNY 1,039,497,292.66 in Q1 2020[55]. - The cash inflow from financing activities in Q1 2021 was CNY 4,653,223,258.74, a substantial increase from CNY 600,044,850.00 in Q1 2020[56]. - The net cash flow from financing activities was CNY 541,533,036.25 in Q1 2021, compared to CNY 491,068,862.44 in Q1 2020, indicating a positive trend[56]. Assets and Liabilities - Total assets increased by 3.67% to CNY 28,049,550,622.53 compared to the end of the previous year[12]. - Total liabilities rose to ¥16,682,197,389.29, compared to ¥15,952,179,148.81, reflecting an increase of about 4.58%[34]. - Shareholders' equity totaled ¥11,367,353,233.24, up from ¥11,105,271,667.94, indicating a growth of approximately 2.36%[36]. - Current liabilities increased to ¥9,620,865,152.63 from ¥9,240,011,159.35, marking a rise of about 4.13%[34]. - Non-current assets totaled ¥10,014,821,997.46, compared to ¥9,485,110,868.24, showing an increase of approximately 5.59%[42]. - Long-term borrowings rose to ¥5,344,054,023.09 from ¥5,034,132,950.39, reflecting an increase of approximately 6.16%[34]. - The company’s cash and cash equivalents decreased to ¥210,596,534.19 from ¥445,701,394.91, a decline of approximately 52.8%[38]. - The company has a total of approximately $1.05 billion in deferred income[68]. Shareholder Information - The number of shareholders at the end of the reporting period was 91,493[14]. - The company reported an increase in undistributed profits to ¥3,944,919,350.29 from ¥3,742,407,697.12, which is an increase of about 5.42%[36]. Research and Development - Research and development expenses increased by 122.71% year-on-year, amounting to 208.91 million RMB, primarily due to increased R&D project expenditures by subsidiaries[22]. - Management highlighted the importance of ongoing research and development efforts to enhance product offerings and maintain competitive advantage[46]. Investment Income - Investment income improved significantly, with a year-on-year increase of 785.46 million RMB, primarily due to changes in investment income from joint ventures[22]. - The company achieved an investment income of RMB 427,358.47 in Q1 2021, a recovery from a loss of RMB 7,418,619.90 in Q1 2020[45].

Financial Performance - The company's operating revenue for 2020 was CNY 4,511,754,404.15, representing a 23.72% increase compared to the previous year[21]. - The net profit attributable to shareholders for 2020 was CNY 625,409,940.40, which is a 1.48% increase year-on-year[21]. - The net profit after deducting non-recurring gains and losses was CNY 618,471,591.00, reflecting a 23.61% increase from the previous year[21]. - The net cash flow from operating activities was CNY 1,044,188,557.44, down 36.55% compared to 2019[21]. - The total assets at the end of 2020 amounted to CNY 27,057,450,816.75, a 29.55% increase from the end of 2019[21]. - The company's net assets attributable to shareholders reached CNY 9,251,908,656.08, marking a 35.45% increase year-on-year[21]. - The basic earnings per share for 2020 was CNY 0.64386, a decrease of 4.58% compared to 2019[21]. - The diluted earnings per share for 2020 was CNY 0.64386, showing a 1.05% increase from the previous year[21]. - The company achieved operating revenue of CNY 4.51 billion, an increase of 23.72% year-on-year[91]. - Net profit attributable to shareholders was CNY 625 million, up 1.48% compared to the previous year[91]. - Total assets reached CNY 27.06 billion, with net assets of CNY 9.25 billion and a debt-to-asset ratio of 58.96%[91]. Dividend Policy - The company plans to distribute a cash dividend of 0.85 RMB per 10 shares based on a total share capital of 1,121,858,543 shares as of the end of 2020[6]. - In 2020, the company proposed a cash dividend of 0.85 RMB per 10 shares, totaling 95,357,976.16 RMB, which represents 15.25% of the net profit attributable to shareholders[185]. - The cash dividend for 2019 was also 0.85 RMB per 10 shares, amounting to 78,173,048.62 RMB, accounting for 12.69% of the net profit[185]. - In 2018, the company distributed a cash dividend of 0.85 RMB per 10 shares and issued 3 bonus shares per 10 shares, with a total cash dividend of 59,716,230.14 RMB, which was 10.33% of the net profit[185]. - The company’s profit distribution policy can be adjusted if it no longer meets external operating conditions or internal business status, subject to board and shareholder approval[181]. - The board must obtain a majority approval from all directors to adjust the profit distribution policy, and a two-thirds majority from shareholders at the general meeting is required for such changes[184]. Audit and Compliance - The company received a standard unqualified audit report from Ernst & Young Hua Ming[5]. - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by its management[4]. - The company has not violated any decision-making procedures regarding external guarantees[8]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[8]. - The independent directors are required to provide clear opinions on the profit distribution proposals and any adjustments made[184]. - Shanghai Environment committed to inform the company in writing about any intention to reduce shareholdings and the number of shares to be reduced, with a 3 trading day notice period before any reduction can occur[195]. Operational Strategy - The company is focused on expanding its business in hazardous waste, medical waste, soil remediation, municipal sludge, and solid waste resource utilization[14]. - The company emphasizes the importance of its "2+4" business model, which includes two main business areas: municipal solid waste and municipal sewage, along with four emerging business areas[14]. - The company has established a comprehensive environmental, health, and safety management system (EHS) to enhance operational efficiency[14]. - The company operates 27 waste incineration power generation projects across various cities, including Shanghai and Chengdu[32]. - The company has established a standardized project development model, focusing on BOT, PPP, and TOT operational modes[34]. - The company has established strong long-term partnerships with engineering design institutes, equipment suppliers, and construction service providers, enhancing project construction efficiency and speed[38]. - The company is focusing on expanding its market presence in waste-to-energy, hazardous waste treatment, and kitchen waste processing sectors, driven by increasing urbanization and environmental policies[49]. - The company anticipates continuous growth in downstream demand for waste treatment services, particularly incineration, as urbanization progresses[52]. - The company is committed to improving its project management and operational capabilities in response to stricter environmental regulations and subsidy policy changes[48]. - The company recognizes the importance of public and community oversight in the operation of waste treatment facilities[48]. - The company is adapting to regional differences in waste treatment methods, with incineration becoming the primary method in economically developed eastern regions[51]. - The company is aligning its projects with national and local environmental policies to ensure compliance and secure funding[53]. - The company is focusing on enhancing its competitive edge through technological advancements and strategic partnerships in the waste management sector[48]. Research and Development - The company holds 159 patents, including 36 invention patents, and has received numerous national and provincial awards for its technological advancements[68]. - The company has 110 ongoing research projects, including 5 national-level projects and 9 provincial-level projects, with 32 patents granted[85]. - The total research and development expenses amounted to ¥70,252,833.08, representing 1.56% of the operating revenue[104]. - Research and development expenses increased by 41.60% to CNY 70.25 million, reflecting a focus on innovation[91]. - The number of R&D personnel accounted for 14% of the total workforce, totaling 407 employees[107]. - The company is establishing a "1+N+N" technology research and development system to strengthen the application and transformation of scientific achievements, focusing on automation and transparency in production processes[163]. Environmental Compliance and Initiatives - The company is required to install automatic monitoring equipment at waste incineration plants to ensure compliance with environmental standards, as mandated by the Ministry of Ecology and Environment[45]. - The company must adhere to the updated Solid Waste Pollution Prevention and Control Law, which emphasizes the responsibility of enterprises in solid waste management[45]. - The company is actively involved in the development of urban waste classification and treatment facilities to improve ecological environment and waste management capabilities[45]. - The company has implemented pollution prevention technologies to meet environmental standards, but operational risks remain due to potential equipment failures[174]. - The company is committed to adhering to national and local environmental standards for waste management and incineration processes[124][125]. Market and Industry Trends - The hazardous waste treatment industry in China is experiencing rapid growth, driven by increasing industrial and medical waste generation, as well as stricter regulations since 2020 due to COVID-19, which has heightened the demand for medical waste disposal[148]. - The soil remediation industry is becoming increasingly competitive, with over 3,000 companies involved, but no single company has emerged as a clear leader in technology[150]. - The sludge treatment sector is seeing stricter regulations, with the company holding significant technical and talent reserves in sludge co-incineration projects, but its market share requires further growth[155]. - The construction waste resource utilization rate in China is currently below 10%, indicating significant potential for growth in the industry[157]. - The sewage treatment industry is projected to see stable investment growth due to increasing government support and the rising demand for sewage treatment in urban areas[61]. Future Outlook and Strategic Focus - The company aims to strengthen its market position and enhance operational efficiency in municipal sewage and sludge projects, targeting opportunities in the Yangtze River Economic Belt[58]. - The company aims to enhance its capabilities in urban environmental solutions, capital operations, and market governance to become a leading urban environmental service provider[161]. - The strategic focus is on expanding core businesses in municipal waste and hazardous waste while developing new areas such as municipal sludge and solid waste resource recovery[162]. - The company plans to develop high-quality market-oriented businesses, particularly in the Shanghai area and the Yangtze River Delta city cluster[163]. - The company faces policy risks related to changes in national industrial policies that could impact market environment and development space, particularly in the waste incineration power generation sector[164]. - The company currently benefits from various tax incentives, and any changes in tax policies could significantly affect profitability[167].