Financial Performance - The company's operating revenue for Q3 2021 was ¥92,904,111.39, representing a 28.99% increase compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2021 reached ¥43,893,335.89, marking an impressive 89.01% year-over-year growth[5]. - The basic earnings per share for the period was ¥0.30, reflecting a 57.89% increase compared to the previous year[6]. - Operating revenue for the first three quarters of 2021 was CNY 276,568,759.01, up 33.3% from CNY 207,518,370.32 in the same period of 2020[22]. - Net profit for the first three quarters of 2021 was CNY 127,256,484.87, which is an increase of 98.5% compared to CNY 63,901,381.42 in the first three quarters of 2020[22]. - The company's cash and cash equivalents increased to CNY 336,938,122.58 as of September 30, 2021, compared to CNY 47,490,929.00 at the end of 2020, marking a growth of 608.5%[21]. - The net cash flow from operating activities for the first three quarters of 2021 was CNY 114,181,053.14, an increase of 78.5% compared to CNY 64,039,517.88 in the same period of 2020[26]. - Total cash inflow from operating activities reached CNY 303,668,006.96, up from CNY 243,625,194.76, representing a growth of 24.7% year-over-year[25]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,095,147,110.01, which is a 103.80% increase from the beginning of the year[10]. - The company's total assets as of September 30, 2021, reached CNY 1,095,147,110.01, a significant increase from CNY 537,355,239.23 on December 31, 2020, representing a growth of approximately 103.5%[21]. - The company's total liabilities as of September 30, 2021, were CNY 110,028,045.76, compared to CNY 101,942,659.85 at the end of 2020, reflecting a rise of 7.4%[21]. - The total liabilities amounted to CNY 101,942,659.85, indicating stable financial leverage[30]. Shareholder Information - The equity attributable to shareholders increased by 126.25% to ¥985,119,064.25, driven by the issuance of 40 million new shares and profit growth[10]. - The total number of ordinary shareholders at the end of the reporting period was 19,412[11]. - The company has a significant shareholder structure, with six individuals collectively controlling 75% of the shares, indicating a concentrated ownership[15]. - The top ten shareholders include individuals and investment funds, with the largest individual shareholder holding 623,248 shares[14]. - The company plans to distribute a cash dividend of RMB 5.00 per 10 shares (including tax), totaling RMB 80 million in profit distribution[18]. Investment and Development - The company completed its initial public offering, raising a total of RMB 567.2 million, with a net amount of RMB 502.45 million after deducting issuance costs[16]. - The registered capital increased from RMB 120 million to RMB 160 million following the IPO[17]. - The company is expanding its waste-to-energy capacity with a project to process 500 tons of waste per day, which has received approval from the local development and reform bureau[19]. - The company is actively involved in the development of new projects to meet increasing waste management demands, promoting resource recycling[19]. Cash Flow and Expenses - The net cash outflow from investing activities was CNY 260,011,739.75, compared to CNY 20,239,448.92 in the previous year, indicating a significant increase in investment expenditures[26]. - Cash inflow from financing activities surged to CNY 527,710,800.00, a substantial rise from CNY 49,100,000.00 in 2020, reflecting strong capital raising efforts[26]. - The net increase in cash and cash equivalents for the period was CNY 289,401,478.15, compared to CNY 21,369,669.25 in the same period last year, showing a robust liquidity position[26]. - Employee compensation payments increased to CNY 17,673,987.28 from CNY 13,732,160.81, reflecting a rise in workforce costs[25]. Research and Development - Research and development expenses for the first three quarters of 2021 amounted to CNY 8,610,833.55, an increase of 36.2% from CNY 6,319,709.39 in the same period of 2020[22]. Return on Investment - The weighted average return on net assets decreased by 18.67% to 5.01% for the current period[6].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥183,664,647.62, representing a 35.55% increase compared to ¥135,493,046.47 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was ¥83,363,148.98, a significant increase of 101.90% from ¥41,289,813.07 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥81,508,243.54, up 102.21% from ¥40,309,574.28 in the same period last year[19]. - The net cash flow from operating activities for the first half of 2021 was ¥85,481,194.47, an increase of 122.76% compared to ¥38,373,883.64 in the previous year[19]. - Basic earnings per share increased by 102.94% to CNY 0.69 compared to CNY 0.34 in the same period last year[20]. - Weighted average return on equity rose by 5.14 percentage points to 17.47% from 12.33% year-on-year[20]. - The company's revenue and net profit saw significant growth due to recovery in downstream demand and an increase in steam prices driven by rising coal prices[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥626,483,984.03, reflecting a 16.59% increase from ¥537,355,239.23 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were ¥518,775,728.36, which is a 19.15% increase from ¥435,412,579.38 at the end of the previous year[19]. - The total liabilities rose to CNY 107,708,255.67, compared to CNY 101,942,659.85 in the previous year, showing an increase of 5.5%[138]. - The company's total equity increased to CNY 518,775,728.36 from CNY 435,412,579.38, marking a growth of 19.1% year-over-year[138]. Cash Flow and Investments - Cash and cash equivalents increased significantly by 154.64% to ¥120,932,384.65, compared to ¥47,490,929.00 in the previous year, indicating improved cash flow management[54]. - Operating cash inflow totaled CNY 196,432,201.87, an increase of 41.5% compared to CNY 138,991,033.75 in the previous period[144]. - Operating cash outflow amounted to CNY 110,951,007.40, up from CNY 100,617,150.11, reflecting a 13.2% increase[144]. - The company’s cash flow from investment activities was negative at CNY -1,020,940.75, indicating a decrease in investment cash flow compared to CNY -19,593,144.44 in the previous period[144]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of ¥5.00 per 10 shares, totaling ¥80,000,000, based on 160,000,000 shares[4]. - The proposed profit distribution plan for the first half of 2021 is to distribute a cash dividend of 5.00 yuan per 10 shares, totaling 80 million yuan, without any stock bonus or capital increase[75]. Operational Efficiency and Growth - The company has maintained stable procurement of raw materials, primarily coal and municipal waste, ensuring consistent production capacity[26]. - The company processed a total of 289,128.74 tons of municipal solid waste and generated 5,629.63 million kWh of electricity during the reporting period[43]. - The steam production reached 789,242 tons, indicating stable growth in steam sales volume and revenue[43]. - The company benefits from a unique market position as the only waste incineration center in the Yuyao region, which provides a sustainable competitive advantage[36]. Research and Development - Research and development expenses rose by 34.98% to ¥5,675,122.58, reflecting the company's commitment to enhancing its R&D efforts[51]. - The company has a strong technological edge with 39 patents related to waste treatment and coal-fired cogeneration technologies, enhancing operational efficiency[42]. Environmental and Regulatory Compliance - The company has implemented various pollution control technologies, including SNCR denitrification and bag dust collection for coal-fired boilers, ensuring all pollution control facilities are operating normally[79]. - The company operates under strict environmental regulations, and any future changes in environmental policies could increase operational costs[63]. - The company has established a self-monitoring plan for emissions, including key indicators such as COD, ammonia nitrogen, and total mercury, to be conducted by a third party[82]. Risks and Challenges - The company’s business is concentrated in the economically developed Yuyao area, which may pose risks if local economic conditions decline[66]. - The company faces management risks associated with rapid expansion following its public listing, which may complicate decision-making and risk control[68]. - The projected economic benefits of the investment project are subject to uncertainties in future industrial policies and market demand, posing a risk of not achieving expected returns[69]. Shareholder Commitments and Governance - The actual controllers of the company, including Li Lifeng and Zheng Jianhong, committed to not transferring or entrusting the management of their shares for 36 months post-listing[95]. - The company guarantees that the prospectus does not contain false records or misleading statements, and it will repurchase shares if any such issues are identified[96]. - The company will ensure compliance with relevant laws and regulations regarding share reductions and commitments[104].