Financial Performance - The company reported a significant increase in revenue for the first half of 2021, achieving a total of RMB 500 million, representing a growth of 25% year-over-year[1]. - The company's operating revenue for the first half of 2021 was ¥458,398,866.80, representing an increase of 81.67% compared to ¥252,321,127.09 in the same period last year[18]. - The net profit attributable to shareholders decreased by 16.95% to ¥47,194,040.74 from ¥56,823,380.14 year-on-year[18]. - The net profit after deducting non-recurring gains and losses increased by 75.82% to ¥39,015,889.95 from ¥22,190,683.46 in the previous year[18]. - The total assets at the end of the reporting period were ¥1,871,100,167.13, a 5.17% increase from ¥1,779,108,995.76 at the end of the previous year[18]. - The net assets attributable to shareholders increased by 4.20% to ¥1,171,304,496.77 from ¥1,124,110,456.03 at the end of the previous year[18]. - Basic earnings per share decreased by 20.00% to ¥0.56 from ¥0.70 year-on-year[19]. - The company reported a significant increase in short-term borrowings by 593.52% to 67.46 million yuan, indicating a rise in working capital loans[92]. - The company achieved a revenue of 458.40 million yuan, representing an increase of 81.67% compared to the same period last year[69]. - Net profit attributable to shareholders decreased by 16.95% to 47.19 million yuan, primarily due to a reduction in non-recurring gains and losses[69]. User Growth and Market Expansion - User data indicated an increase in active users by 15%, reaching a total of 1.2 million users by the end of June 2021[1]. - The company is expanding its market presence, targeting three new provinces for service expansion by the end of 2021[1]. - The company provided a positive outlook for the second half of 2021, projecting a revenue growth of 30% compared to the first half[1]. - Market expansion plans include entering two new regions, which are expected to generate an additional $G million in revenue over the next fiscal year[113]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified that could add $H million in annual revenue[113]. Research and Development - The R&D investment as a percentage of operating revenue was 3.75%, down from 5.40% in the previous year, a decrease of 1.65 percentage points[19]. - Total R&D expenses increased by 26.22% to ¥17,211,672.24 compared to the previous period[52]. - The company has developed advanced core technologies, including high anti-pollution MBR systems and intelligent DTRO membrane treatment technology, enhancing operational efficiency[46]. - The company has established multiple R&D platforms, including the "JITRI-Wandesi Environmental Joint Innovation Center," to foster collaboration and innovation[64]. - The company is developing key technologies for landfill pollution control, with a total investment of ¥500.21 million in the ecological restoration technology research project[55]. - The company is applying for multiple patents related to its ongoing projects, indicating a strong focus on intellectual property development[55]. Operational Efficiency and Cost Management - The company has implemented new strategies to improve operational efficiency, aiming for a 5% reduction in operational costs by the end of the year[1]. - Operating costs rose by 100.45% to 329.03 million yuan, primarily due to the execution of orders that were delayed by the COVID-19 pandemic in the previous period[86]. - The company has achieved a significant reduction in operational costs by J%, enhancing overall profitability for the first half of the year[113]. Environmental Focus and Industry Position - The company focuses on advanced environmental technology equipment and integrated solutions, primarily in the organic waste and industrial wastewater sectors, with no significant changes in its main business operations during the reporting period[26]. - The environmental protection industry is experiencing significant growth, with total investment in environmental pollution reaching 953.9 billion in 2017, reflecting a compound annual growth rate of 12.68% from 2006 to 2017[28]. - The company aims to achieve significant improvements in ecological environment and resource utilization, aligning with national goals for ecological civilization and environmental protection[28]. - The company is positioned within the "energy-saving and environmental protection" sector, which is a key focus area for the Science and Technology Innovation Board[27]. - The company has a leading market share in leachate treatment within the organic waste sector and is recognized as a benchmark enterprise in the solid waste industry[42]. Risk Management and Compliance - The management highlighted the importance of addressing potential risks, including regulatory changes and market competition, as detailed in the risk factors section of the report[1]. - The company is facing risks related to core competitiveness, operational management, and industry competition, and is taking measures to enhance its management structure and training[79][80]. - The company is committed to building a robust internal control system to enhance risk management and compliance, aiming for high-quality development[76]. Shareholder and Governance Matters - The company has no plans for profit distribution or capital increase through reserves during this reporting period[1]. - The company is committed to avoiding any related party transactions that could harm its interests and will ensure fair pricing in unavoidable transactions[120]. - The company will strictly adhere to regulations regarding corporate governance and avoid any non-business-related fund transactions with its subsidiaries[120]. - The company’s board must make a decision on share repurchase within 15 trading days after the triggering conditions are met[118]. - The company’s major shareholders are primarily domestic non-state legal entities and natural persons, reflecting a concentrated ownership model[151].

Financial Performance - Operating revenue increased by 76.64% to CNY 120,158,985.82 compared to the same period last year[7] - Net profit attributable to shareholders increased by 12.77% to CNY 9,663,181.57 year-on-year[7] - Net profit excluding non-recurring gains and losses surged by 1,961.11% to CNY 9,081,907.32 compared to the same period last year[7] - The company's operating revenue for Q1 2021 was CNY 120,158,985.82, representing a 76.64% increase compared to CNY 68,026,000.71 in Q1 2020[19] - Net profit for Q1 2021 reached RMB 9,440,698.54, up 10.2% from RMB 8,568,810.25 in Q1 2020[36] - Operating profit for Q1 2021 was RMB 12,144,146.71, compared to RMB 4,429,351.13 in Q1 2020, reflecting a significant growth[35] - The total profit for Q1 2021 was RMB 11,140,072.67, compared to RMB 10,948,451.13 in Q1 2020[36] - The company’s total comprehensive income for Q1 2021 was RMB 9,440,698.54, up from RMB 8,568,810.25 in Q1 2020[36] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -102,657,565.67, compared to CNY -46,340,317.73 in the previous year[7] - Cash flow from operating activities in Q1 2021 was RMB 141,803,030.57, significantly higher than RMB 73,520,782.53 in Q1 2020[41] - Operating cash inflow for Q1 2021 was CNY 159,268,494.50, up from CNY 77,445,541.72 in Q1 2020, representing a 105.5% increase[45] - Operating cash outflow for Q1 2021 totaled CNY 263,177,374.48, compared to CNY 125,472,736.18 in Q1 2020, indicating a 109.5% increase[45] - Net cash flow from operating activities was -CNY 103,908,879.98 in Q1 2021, worsening from -CNY 48,027,194.46 in Q1 2020[46] - Cash inflow from investment activities was CNY 359,042,356.24 in Q1 2021, significantly higher than CNY 163,503,352.98 in Q1 2020, marking a 119.5% increase[46] - Cash outflow from investment activities was CNY 343,219,334.77 in Q1 2021, compared to CNY 712,977,164.76 in Q1 2020, showing a decrease of 52.1%[46] - Net cash flow from investment activities was CNY 15,823,021.47 in Q1 2021, a recovery from -CNY 549,473,811.78 in Q1 2020[46] - The ending cash and cash equivalents balance was CNY 227,898,476.20 in Q1 2021, down from CNY 74,489,186.23 in Q1 2020[46] - The company reported a net decrease in cash and cash equivalents of -CNY 97,954,736.72 in Q1 2021, compared to -CNY 127,329,534.08 in Q1 2020[46] Assets and Liabilities - Total assets decreased by 4.79% to CNY 1,693,845,889.43 compared to the end of the previous year[7] - Total liabilities decreased from CNY 718,568,690.93 to CNY 623,670,054.81, a reduction of about 13.2%[32] - Current liabilities decreased from CNY 621,237,023.40 to CNY 534,628,811.19, a reduction of about 13.9%[27] - Cash and cash equivalents decreased from CNY 379,195,970.00 to CNY 263,803,830.92, a drop of approximately 30.5%[30] - Accounts receivable decreased from CNY 283,702,374.99 to CNY 277,983,439.86, a decline of about 2.5%[31] - Inventory increased from CNY 50,773,704.81 to CNY 79,501,607.82, an increase of approximately 56.8%[31] - Shareholders' equity increased from CNY 1,106,857,035.47 to CNY 1,115,977,848.09, an increase of approximately 0.9%[32] - Non-current assets increased from CNY 235,064,984.51 to CNY 250,247,934.21, an increase of about 6.4%[31] Research and Development - R&D investment as a percentage of operating revenue rose by 0.89 percentage points to 6.53%[7] - Research and development expenses increased by 104.44% to CNY 7,850,029.28, reflecting a significant rise in R&D investment[19] - The company has not disclosed any new product or technology developments in this report[7] Shareholder Information - The total number of shareholders reached 5,625 at the end of the reporting period[11] - The largest shareholder, Nanjing Wandes Investment Co., Ltd., holds 28.92% of the shares[11] Borrowings and Financing - The company reduced short-term borrowings by 62.19% to CNY 3,678,000.00, mainly due to a decrease in discounted commercial acceptance bills[17] - The company reported a decrease in short-term borrowings from CNY 9,727,000.00 to CNY 3,678,000.00, a decline of approximately 62.2%[32] - Cash inflow from financing activities was CNY 335,000.00 in Q1 2021, down from CNY 498,002,368.00 in Q1 2020[43] - Cash outflow from financing activities totaled CNY 9,868,878.21 in Q1 2021, compared to CNY 27,830,895.84 in Q1 2020, indicating a decrease of 64.6%[46]

Financial Performance - The company's operating revenue for 2020 was approximately ¥797.61 million, representing a year-on-year increase of 3.08% compared to ¥773.77 million in 2019[22]. - The net profit attributable to shareholders for 2020 was approximately ¥126.39 million, a slight increase of 1.50% from ¥124.53 million in 2019[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 28.31% to approximately ¥81.10 million from ¥113.12 million in 2019[22]. - The net cash flow from operating activities for 2020 was negative at approximately -¥104.76 million, a significant decrease compared to ¥31.86 million in 2019[22]. - The total assets of the company increased by 79.25% to approximately ¥1.78 billion at the end of 2020, up from ¥992.51 million at the end of 2019[22]. - The net assets attributable to shareholders increased by 101.51% to approximately ¥1.12 billion at the end of 2020, compared to ¥557.85 million at the end of 2019[22]. - The basic earnings per share for 2020 was ¥1.52, down 22.05% from ¥1.95 in 2019[23]. - The total import and export volume for the year reached 32 trillion yuan, driven by the acceptance of overseas orders, indicating a robust industrialization process[58]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongtianyun Accounting Firm[5]. - The board of directors has confirmed the accuracy and completeness of the annual report, with no significant omissions or misleading statements[4]. - The company confirmed compliance with the listing conditions of the Sci-Tech Innovation Board, ensuring the accuracy and completeness of disclosed information[161]. - The company has maintained a good integrity status during the reporting period, with no significant litigation or arbitration matters reported[175]. - The company has not faced any situations that would lead to delisting or bankruptcy restructuring[175]. Research and Development - The total R&D investment for the year was approximately ¥32.21 million, representing a 4.99% increase from the previous year's ¥30.68 million[68]. - R&D investment accounted for 4.04% of total revenue, an increase of 0.07 percentage points compared to 3.97% in the previous year[68]. - The company obtained a total of 26 new patents in 2020, including 2 invention patents and 24 utility model patents, bringing the total number of patents to 87 by the end of the reporting period[60]. - The company has developed advanced core technologies, including a high-efficiency anti-fouling MBR system and an intelligent two-stage DTRO membrane processing technology, enhancing operational efficiency and reducing membrane fouling[59]. - The company has achieved significant advancements in wastewater treatment technologies, including a low-energy evaporation technology that improves energy utilization efficiency through the application of high-efficiency compressors[59]. Operational Strategy - The company has outlined various operational risks and corresponding countermeasures in the report[4]. - The company aims to achieve resource recovery and energy utilization from organic waste, creating a comprehensive solution for waste management[37]. - The company has shifted its focus to industrial wastewater treatment, particularly in the coal industry, which includes mining water, coal slurry, and domestic sewage, indicating a strategic pivot towards high-demand sectors[39]. - The company is focusing on the integration of water and solid waste management strategies to enhance its service offerings and market position[55]. - The company plans to enhance its core competitiveness by continuously tracking the latest technological developments in the environmental governance field[98]. Market and Industry Trends - The environmental protection industry in China is experiencing significant growth, with increasing government investment and a projected expansion in market size due to enhanced regulatory frameworks[54]. - The company is positioned in the "ecological protection and environmental governance" industry, which is classified as a technology-intensive sector with a focus on "energy conservation and environmental protection"[53]. - The introduction of policies promoting wastewater resource utilization is expected to accelerate market opportunities in the environmental sector[57]. - The company aims to leverage new market opportunities arising from national policies supporting environmental protection and sustainable development[94]. Corporate Governance - The company plans not to distribute profits for the year 2020 and will not conduct capital reserve transfers or other forms of distribution[5]. - The company has not disclosed any special arrangements for corporate governance[6]. - The company has established a commitment to ensure that any share reduction prices will not be lower than the issue price[150]. - The company will not transfer or entrust others to manage its shares within twelve months from the date of its initial public offering[151]. - The company will ensure compliance with all legal and regulatory requirements regarding share transfers and reductions[152]. Employee and Talent Development - In 2020, the company added 108 new employees and implemented various internal training programs to enhance talent development[140]. - The number of R&D personnel increased to 81, representing 10.91% of the total workforce, with total R&D compensation reaching 17.06 million RMB[78]. - The average salary of R&D personnel rose to 21.06 thousand RMB, up from 19.07 thousand RMB in the previous period[78]. - The company has established multiple R&D platforms, including the Jiangsu Provincial Graduate Workstation and the Jiangsu Provincial Environmental Pollution Prevention and Ecological Restoration Engineering Technology Research Center[83]. Financial Management - The company has committed a total of CNY 49,800.24 million in raised funds, with CNY 26,181.87 million utilized in the current year[186]. - The company has invested CNY 1,773,000,000 in bank wealth management products from its own funds, with an outstanding balance of CNY 173,000,000[184]. - The company has also invested CNY 1,030,000,000 in bank wealth management products from raised funds, with no outstanding balance[184]. - The company has achieved a 52.27% progress rate in utilizing the raised funds as of the reporting period[186]. - The company emphasizes the protection of shareholder rights, particularly for minority shareholders, and has established multiple communication channels[189].

Financial Performance - Operating revenue decreased by 9.41% year-on-year, amounting to CNY 522,876,967.03[7] - Net profit attributable to shareholders increased by 12.54% year-on-year, reaching CNY 105,855,635.71[7] - Basic earnings per share decreased by 13.51% year-on-year, standing at CNY 1.28[8] - The company’s total revenue for the first three quarters of 2020 was ¥516,463,205.50, a decrease of 9.6% from ¥571,247,793.45 in the same period of 2019[34] - Total operating revenue for Q3 2020 was CNY 270,555,839.94, an increase from CNY 218,828,987.72 in Q3 2019, representing a growth of approximately 23.6%[30] - Net profit for Q3 2020 was ¥49,032,255.57, up 26.0% from ¥38,882,684.59 in Q3 2019[32] - The company reported a total profit of ¥57,501,489.65 in Q3 2020, an increase of 24.0% from ¥46,320,227.29 in Q3 2019[31] Assets and Liabilities - Total assets increased by 68.13% year-on-year, reaching CNY 1,668,743,045.57[7] - Total assets as of September 30, 2020, reached CNY 1,715,744,194.93, compared to CNY 1,029,390,798.65 at the end of 2019, reflecting an increase of approximately 66.7%[28] - Total liabilities as of September 30, 2020, amounted to CNY 623,857,050.86, up from CNY 486,122,107.43 at the end of 2019, representing a growth of about 28.3%[28] - The total assets of the company reached CNY 992,508,835.28, showcasing a solid asset base[44] - Total liabilities reached $486,122,107.43, with current liabilities totaling $445,543,584.93[47] Shareholder Information - Net assets attributable to shareholders increased by 98.56% year-on-year, totaling CNY 1,107,700,185.30[7] - The total number of shareholders reached 6,168 by the end of the reporting period[11] - The top shareholder, Nanjing Wandesi Investment Co., Ltd., holds 28.92% of shares[11] - Shareholders' equity as of September 30, 2020, was CNY 1,091,887,144.07, compared to CNY 543,268,691.22 at the end of 2019, indicating an increase of approximately 101%[28] Cash Flow - Net cash flow from operating activities decreased by 477.99% year-on-year, resulting in a negative CNY 97,396,400.66[7] - The company reported a net cash flow from operating activities of -CNY 97,396,400.66, a decline of 478.00% compared to the same period in 2019, mainly due to delayed sales collections from the COVID-19 pandemic[19] - Cash inflow from operating activities for the first three quarters of 2020 was CNY 371.79 million, down from CNY 485.54 million in the same period of 2019, representing a decrease of 23.4%[37] - The net cash flow from operating activities for the first three quarters of 2020 was negative CNY 93.32 million, compared to a positive CNY 28.69 million in the same period of 2019[40] - Cash inflow from financing activities for the first three quarters of 2020 was CNY 498.00 million, compared to CNY 119.15 million in the same period of 2019[41] Research and Development - R&D expenditure as a percentage of operating revenue increased by 0.73 percentage points to 4.29%[8] - Research and development expenses for Q3 2020 were CNY 8,783,842.97, slightly up from CNY 8,495,493.33 in Q3 2019, indicating a focus on innovation[30] - R&D expenses for Q3 2020 were ¥8,783,842.97, slightly up from ¥8,495,493.33 in Q3 2019[34] Investment Activities - Investment activities resulted in a net cash outflow of -CNY 362,397,934.38, attributed to increased purchases of structured deposits[19] - The company reported an investment income of CNY 35,877,580.06, a staggering increase of 2627.80% compared to the previous year, driven by returns from cash management products[20] - The company reported a significant increase in cash received from investment recoveries, totaling CNY 1.72 billion in 2020, compared to CNY 220 million in 2019[40] Changes in Financial Reporting - The implementation of the new revenue recognition standard began on January 1, 2020, affecting financial reporting[45] - The company implemented new revenue recognition standards starting January 1, 2020, affecting financial statement adjustments[49] - The financial report noted that comparative data for prior periods were not adjusted under the new revenue standards[50]

Financial Performance - The company reported a total revenue of RMB 100 million for the first half of 2020, reflecting a year-on-year increase of 15%[1]. - The company's operating revenue for the first half of 2020 was ¥252,321,127.09, a decrease of 29.59% compared to ¥358,356,091.14 in the same period last year[20]. - The net profit attributable to shareholders of the listed company increased by 2.98% to ¥56,823,380.14 from ¥55,179,733.83 year-on-year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 58.55% to ¥22,190,683.46 from ¥53,537,790.63 in the previous year[20]. - The company achieved operating revenue of CNY 252.32 million, a decrease of 29.59% compared to the same period last year[55]. - The net profit attributable to shareholders was CNY 56.82 million, an increase of 2.98% year-on-year[55]. - Total operating revenue for the first half of 2020 was CNY 252,321,127.09, a decrease of 29.5% compared to CNY 358,356,091.14 in the same period of 2019[139]. - Total operating costs for the first half of 2020 were CNY 218,925,943.83, down 25.6% from CNY 293,967,212.47 in the first half of 2019[139]. - Net profit for the first half of 2020 was CNY 56,823,380.14, representing a slight increase of 3.0% from CNY 55,179,733.83 in the same period of 2019[140]. Research and Development - The board has approved a plan to reinvest 50% of profits into research and development for sustainable technologies[1]. - The R&D investment as a percentage of operating revenue increased by 2.05 percentage points to 5.40% from 3.36% year-on-year[21]. - The company achieved a total R&D investment of ¥13,636,762.30, which represents 5.40% of its operating revenue[39]. - The company has 87 R&D personnel, accounting for 13.26% of the total workforce[47]. - The company has 15 ongoing R&D projects, which are expected to enhance its technological capabilities upon commercialization[51]. - The company is actively enhancing its research team and increasing R&D investment to maintain its competitive edge in the technology-intensive environmental sector[34]. - The company has developed a high-efficiency anti-fouling "MBR system + nanofiltration + reverse osmosis" technology to improve membrane system performance[35]. - The company has developed a series of automated systems for the treatment of leachate, enhancing operational efficiency[38]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share within the next three years[1]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's service capabilities by 40%[1]. - The marketing strategy involves public bidding, invited bidding, and competitive negotiations to secure project contracts[31]. - The company is positioned in a growth phase within the environmental protection industry, with significant potential for market expansion driven by policy incentives[34]. Financial Position and Assets - The company has maintained a strong cash position with cash reserves of RMB 80 million, ensuring liquidity for future investments[1]. - The company's total assets increased by 49.38% to ¥1,482,597,399.54 from ¥992,508,835.28 at the end of the previous year[20]. - The net assets attributable to shareholders increased by 89.78% to ¥1,058,667,929.73 from ¥557,853,518.91 at the end of the previous year[20]. - The company reported a total current assets of RMB 1,280,559,157.49 as of June 30, 2020, compared to RMB 802,745,521.73 as of December 31, 2019, indicating a growth of approximately 59.4%[132]. - The total liabilities of the company were not specified in the provided content, but the significant changes in assets indicate a potential shift in financial strategy[132]. Cash Flow and Investments - The company experienced a negative cash flow from operating activities of ¥79,712,768.08, an improvement from a negative cash flow of ¥99,705,303.31 in the previous year[20]. - Cash flow from investment activities showed a significant outflow of ¥485,811,622.80, compared to a smaller outflow of ¥9,376,551.65 in H1 2019[149]. - Cash inflow from financing activities increased to ¥498,002,368.00, up from ¥75,406,411.66 in H1 2019, marking a substantial increase[150]. - The company received CNY 858,000,000.00 from the recovery of investments, a significant increase from CNY 150,000,000.00 in the previous year[146]. Risks and Challenges - The company has identified potential risks related to regulatory changes, which could impact future operations[1]. - The decrease in operating revenue was primarily due to the impact of the COVID-19 pandemic, which affected the progress of some ongoing projects[21]. - The company faced operational challenges due to the COVID-19 pandemic but managed to resume production effectively after initial control measures[55]. Shareholder and Governance Policies - The company has committed to not transferring or entrusting its shares for 36 months post-IPO, with specific conditions on share transfers during and after the tenure of key personnel[84]. - The company will ensure compliance with relevant laws and regulations regarding share transfer methods[85]. - The company plans to prioritize cash dividends when conditions allow, with a focus on maintaining a stable and sustainable profit distribution policy[96]. - The company commits to compensating investors for losses due to false statements in the prospectus, with a focus on protecting small investors[99]. - The company will ensure that any necessary related party transactions are conducted at fair market prices and comply with legal requirements[92]. Environmental Commitment - The main business focuses on advanced environmental technology equipment development, system integration, and overall environmental solutions, particularly in waste pollution reduction and high-difficulty wastewater treatment[26]. - The company has implemented comprehensive environmental protection measures, ensuring that all pollutants meet discharge standards without any penalties for violations[112]. - The company operates in the ecological protection and environmental governance industry, focusing on the research, design, manufacturing, and sales of environmental protection equipment and materials[164].

Financial Performance - Operating revenue decreased by 6.70% to CNY 68,026,000.71 compared to the same period last year[6] - Net profit attributable to shareholders was CNY 8,568,810.25, a significant recovery from a loss of CNY 6,478,201.40 in the same period last year[6] - Basic and diluted earnings per share improved to CNY 0.11 from a loss of CNY 0.10 in the same period last year[6] - Total operating revenue for Q1 2020 was CNY 68,026,000.71, a decrease of 6.0% compared to CNY 72,910,809.41 in Q1 2019[31] - The company reported a net profit of CNY 10,948,451.13 for Q1 2020, compared to a net loss of CNY 5,954,079.09 in Q1 2019[31] - Net profit for Q1 2020 reached CNY 8,312,277.59, compared to a net loss of CNY 5,893,566.80 in the same period last year[35] - The total comprehensive income for Q1 2020 was CNY 8,312,277.59, compared to a loss of CNY 5,893,566.80 in Q1 2019[37] Assets and Liabilities - Total assets increased by 42.94% to CNY 1,418,645,388.12 compared to the end of the previous year[6] - Total assets as of March 31, 2020, amounted to CNY 1,455,035,100.35, an increase from CNY 1,029,390,798.65 at the end of 2019[29] - Total liabilities as of March 31, 2020, were CNY 422,064,049.50, down from CNY 486,122,107.43 at the end of 2019[29] - Current liabilities reached ¥390,156,022.54, with accounts payable at ¥204,878,835.40[47] - Long-term borrowings were reported at ¥28,592,633.23, contributing to total liabilities of ¥434,655,316.37[47] Shareholder Information - Net assets attributable to shareholders increased by 87.83% to CNY 1,047,812,411.20 compared to the end of the previous year[6] - The total number of shareholders reached 7,357 by the end of the reporting period[10] - The top ten shareholders held a combined 60.17% of the company's shares, with the largest shareholder owning 28.92%[10] - Shareholders' equity increased to CNY 1,032,971,050.85 as of March 31, 2020, compared to CNY 543,268,691.22 at the end of 2019[29] Cash Flow and Investments - Cash and cash equivalents decreased by 54.77% to ¥108,316,863.56 compared to ¥239,460,067.71 in the previous year[15] - Operating cash flow net amount improved to -¥46,340,317.73 from -¥68,637,140.82, due to increased government subsidies and reduced procurement payments[18] - Cash flow from operating activities totaled CNY 80,446,740.07, an increase from CNY 76,779,121.49 in Q1 2019[39] - The net cash flow from financing activities was 470,171,472.16 RMB, a substantial improvement from -42,486,205.29 RMB in Q1 2019[44] - The total cash inflow from investment activities was 163,503,352.98 RMB, significantly higher than 20,070,383.56 RMB in the same period last year, marking an increase of about 715.5%[43] Research and Development - Research and development expenses accounted for 5.64% of operating revenue, an increase of 0.55 percentage points compared to the previous year[6] - Research and development expenses for Q1 2020 were CNY 3,839,851.22, slightly up from CNY 3,709,820.57 in Q1 2019[35] Government Subsidies - The company received government subsidies amounting to CNY 6,510,600.00 related to normal business operations[8] - The company reported a significant increase in government subsidies, contributing to a 985.39% rise in other income to ¥6,519,100.00[17] Inventory and Receivables - Inventory decreased by 81.76% to ¥35,872,856.68 from ¥196,663,352.33, attributed to the reclassification of inventory under new revenue standards[15] - Accounts receivable increased to CNY 343,809,672.35 from CNY 305,082,065.36 in the previous period[28] Financial Management - Financial expenses decreased to CNY 562,132.09 in Q1 2020 from CNY 903,819.48 in Q1 2019, reflecting improved cost management[35] - The company reported a credit impairment loss of CNY -2,472,890.64 in Q1 2020, compared to a gain of CNY 1,190,296.37 in Q1 2019[35] Changes in Accounting Standards - The company implemented new revenue recognition standards effective January 1, 2020, impacting financial reporting[48] - The company has not made adjustments to comparable period data due to the implementation of the new revenue standard[54]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 4.40 per 10 shares, totaling approximately RMB 37.4 million, which represents 30.03% of the net profit attributable to shareholders for 2019[6]. - The report is subject to approval by the company's annual general meeting before the implementation of the profit distribution plan[6]. - The company has established a shareholder dividend return plan, committing to distribute at least 30% of the average distributable profit over the last three years as cash dividends[129]. - For the fiscal year 2019, the company plans to distribute a cash dividend of 4.40 RMB per 10 shares, totaling approximately 37.4 million RMB, which represents 30.03% of the net profit attributable to shareholders[130]. - No dividends were distributed for the fiscal year 2018, with a net profit of approximately 77.8 million RMB[130]. - The company has not proposed any cash profit distribution plan for the fiscal year despite having positive distributable profits[131]. - The company commits to a stable cash dividend plan, distributing no less than 30% of the average distributable profit over the last three years in cash over the next three years[149]. Financial Performance - In 2019, the company's operating revenue reached ¥773,768,428.39, representing a year-on-year increase of 57.09%[23]. - The net profit attributable to shareholders was ¥124,527,677.15, reflecting a year-on-year growth of 59.99%[23]. - The net cash flow from operating activities significantly increased to ¥31,863,789.08, up 476.34% compared to the previous year[23]. - By the end of 2019, the net assets attributable to shareholders rose to ¥557,853,518.91, a 28.74% increase from the end of 2018[23]. - Total assets at the end of 2019 amounted to ¥992,508,835.28, marking a 12.04% increase from the previous year[23]. - Basic earnings per share for 2019 were ¥1.95, up 43.38% from ¥1.36 in 2018[24]. - The company's R&D expenditure accounted for 3.97% of operating revenue, slightly down from 4.03% in 2018[24]. - The weighted average return on equity was 25.13%, a decrease of 3.23 percentage points compared to the previous year[24]. Operational Highlights - The report includes a detailed discussion and analysis of the company's operational performance[4]. - The increase in revenue was primarily driven by the growth in environmental solutions and entrusted operation business[25]. - The company benefited from structural deposit income and increased government subsidies related to daily operations[25]. - The company operates two main production models: unit technology equipment and mobile disposal equipment, ensuring quality control at key production nodes[42]. - The company provides comprehensive environmental solutions, including personalized system design, equipment manufacturing, and ongoing operational services[45]. Research and Development - The company achieved a total of 15 new authorized patents in 2019, including 3 invention patents and 12 utility model patents, bringing the total number of patents to 61 by the end of the reporting period[53]. - The total R&D expenditure for the period was CNY 30,681,431.78, representing 3.97% of the company's operating revenue[56]. - The company has 66 R&D personnel, accounting for 10.41% of the total workforce[56]. - The company has developed several core technologies, including high-efficiency anti-fouling membranes and intelligent DTRO systems, enhancing operational efficiency and treatment capabilities[51]. - The company is committed to continuous innovation and improving management structures to enhance operational efficiency and prepare for future market opportunities[75]. Market Position and Strategy - The company is a major player in the waste and water pollution treatment sectors, with a fragmented market and increasing regulatory pressure driving growth[49]. - The environmental industry is characterized by high technical barriers, requiring targeted pollution treatment technologies and equipment[48]. - The company has a strong market position and brand reputation in providing advanced environmental technology solutions, contributing to its growth in the industry[71]. - The management team possesses extensive experience in the environmental sector, enabling the company to adapt to industry trends and enhance overall operational capabilities[72]. Compliance and Governance - The company has received a standard unqualified audit report from Zhongtianyun Accounting Firm[5]. - The company has maintained a good integrity status during the reporting period, with no significant debts or court judgments unfulfilled[162]. - The company confirms compliance with the listing conditions of the Sci-Tech Innovation Board, ensuring that all disclosed information is true, accurate, and complete[147]. - The company will ensure that any profits from unauthorized share sales will be returned to the company[136]. Shareholder Structure and Management - The largest shareholder, Nanjing Wonders Investment Co., Ltd., holds 38.56% of the shares, followed by Liu Jun with 13.10%[188]. - The company has a total of 15 ordinary shareholders at the end of the reporting period, an increase from 7,357 at the end of the previous month[185]. - The actual controller of the company is Liu Jun, who has no foreign residency rights and has not controlled any other listed companies in the past ten years[196]. - The company has established a clear ownership and control relationship with its actual controller, as illustrated in the provided diagrams[197].