Financial Performance - Total assets increased to ¥2,879,895,505.15, a 44.90% increase compared to the previous year[7] - Net assets attributable to shareholders rose to ¥1,554,157,250.14, reflecting a 75.06% increase year-over-year[7] - Operating revenue for the period reached ¥113,202,894.70, up 66.49% from the same period last year[7] - Net profit attributable to shareholders was ¥38,888,322.27, representing a 76.62% increase year-over-year[7] - Net profit excluding non-recurring items was ¥38,688,322.27, a 76.47% increase compared to the previous year[7] - Cash flow from operating activities for the year-to-date was ¥188,621,922.46, an increase of 81.44%[7] - Basic earnings per share decreased by 22.22% to ¥0.07, while diluted earnings per share also decreased by 22.22% to ¥0.07[7] - Weighted average return on equity was 3.99%, up 54.78% year-over-year[7] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,134[11] - The largest shareholder, Nantong Qianchuang Investment Co., Ltd., held 21.29% of the shares, totaling 131,854,689 shares[11] Revenue and Costs - Total revenue for Q3 2014 reached ¥285,316,031.18, an increase of 58.78% compared to ¥179,693,855.00 in Q3 2013, driven by increased revenue from environmental projects and steady growth in waste volume[18] - Operating costs rose to ¥128,531,369.31, a significant increase of 101.29% from ¥63,854,400.21, primarily due to the expansion of environmental projects[18] Tax and Cash Flow - Cash received from tax refunds increased by 408.93% to ¥26,095,882.38, compared to ¥5,127,623.70 in the previous year, reflecting the recovery of overpaid corporate income tax[19] - The company reported a net profit tax expense of ¥11,657,962.18, a 226.29% increase from ¥3,572,928.73, attributed to the first year of reduced corporate income tax for a new project[18] - The company’s cash flow from operating activities saw a dramatic increase of 2534.50%, reaching ¥120,755,816.28, compared to ¥4,583,634.41 in the previous year[19] Borrowings and Inventory - The company’s long-term borrowings increased by 22.29% to ¥576,000,000.00, up from ¥471,000,000.00, due to new loans from the Bank of China for project financing[16] - Inventory levels rose by 42.63% to ¥83,664,598.97, compared to ¥58,658,412.08, reflecting increased stock for environmental equipment production[16] Fundraising and Financial Management - The company completed a private placement of 52,173,912 shares at ¥11.50 per share, raising a total of ¥599,999,988, with net proceeds of ¥551,186,105.75 after expenses[21] - The company plans to use part of the raised funds for capital increases in its subsidiaries to support ongoing projects, including ¥29,560,000.00 to Jiangsu Tianying Environmental Energy Co., Ltd.[22] - The company has signed a three-party supervision agreement for raised funds, enhancing financial management and oversight[25] - The company is actively engaging in cash management of temporarily idle raised funds to optimize financial resources[25] Future Projections and Commitments - The net profit forecast for 2014 is RMB 13,665.57 million, with projections of RMB 17,556.58 million for 2015 and RMB 22,583.81 million for 2016, indicating a structured performance improvement plan[27] - The company committed to a profit compensation mechanism ensuring that the actual net profit will not be less than RMB 17,050 million for the year of restructuring implementation[27] - The company plans to distribute cash dividends amounting to at least 80% of the profit in the absence of significant capital expenditure arrangements[27] - The company has established a performance compensation mechanism to address any shortfall in actual net profit compared to forecasts[27] Business Expansion and Governance - The company is focused on expanding its EPC project business, which is expected to create a regional demonstration effect and positively influence the 2014 annual performance[24] - The company has committed to not transferring newly issued shares for a period of 12 months post-IPO, ensuring stability in shareholder structure[28] - The company has made commitments to avoid competition and regulate related transactions, ensuring compliance and governance[26] Investor Relations - The company conducted multiple communications regarding its semi-annual performance in July 2014, including discussions with institutional investors such as SAIC Investment and CICC[29] - There were inquiries about the company's non-public issuance and fundraising conditions from individual investors throughout July and August 2014[29] - The company held in-person research meetings with various institutions, including Changjiang Securities and Guotai Junan, to discuss operational conditions during July 2014[29] - The company maintained a proactive approach in addressing investor concerns through various communication channels, including phone calls and in-person meetings[29] - Overall, the communications reflect the company's commitment to transparency and investor engagement during the reporting period[29]

Corporate Governance and Compliance - All board members attended the meeting to review the report, ensuring governance compliance[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[4]. - The company is committed to enhancing its corporate governance structure in compliance with relevant laws and regulations, ensuring effective management and operational transparency[52]. - The company is focusing on improving its internal control systems and governance practices to align with best practices in the industry[52]. - The company is committed to enhancing its governance structure by revising rules related to board meetings and shareholder meetings[71]. Financial Performance - The company achieved operating revenue of CNY 172,113,136.48, representing a 54.92% increase compared to the same period last year[25]. - The net profit attributable to shareholders reached CNY 60,421,536.07, marking a 67.51% year-on-year growth[25]. - The net cash flow from operating activities was CNY 78,056,305.51, up 35.47% from the previous year[25]. - The total assets at the end of the reporting period amounted to CNY 2,232,166,064.49, a 12.31% increase from the end of the previous year[25]. - The basic earnings per share increased to CNY 0.15, reflecting a 36.36% rise compared to the previous year[25]. - The company reported a net profit of ¥66,745,434.87 for the period, compared to ¥37,652,340.98 in the previous period, indicating a growth of about 77.4%[100]. - The net profit for the first half of 2014 was CNY 60,421,536.07, an increase of 67.5% compared to CNY 36,070,300.94 in the same period last year[102]. Asset Restructuring and Acquisitions - The company completed a major asset restructuring, changing its name from "China Kejian Co., Ltd." to "China Tianying Co., Ltd."[20]. - The company completed a major asset restructuring by issuing a total of 378,151,252 shares of common stock to acquire Tianying Environmental, significantly changing its main business and improving its profitability[46]. - The company completed a major asset restructuring, acquiring 100% equity of Tianying Environmental Protection, resulting in a significant increase in net profit of 61.8861 million RMB from the merged entity[55]. - The asset acquisition was valued at 180 million RMB, reflecting the company's strategic investment in expanding its environmental services business[53]. - The restructuring has restored the company's continuous operating capability, which had been a concern prior to the transaction[46]. Market Expansion and Business Strategy - The company has actively expanded its environmental equipment manufacturing business and secured multiple project bids during the reporting period[31]. - The company plans to broaden its upstream and downstream industrial chain in the waste incineration power generation sector[31]. - The company plans to continue exploring market expansion opportunities and potential mergers and acquisitions to enhance its competitive position[54]. - The company is focusing on expanding its market presence through new project approvals and restructuring initiatives[70]. Financial Reporting and Accounting Practices - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status and operating results[128]. - The company adopts Renminbi as its functional currency for accounting purposes[130]. - The company recognizes cash and cash equivalents based on criteria including short-term maturity (within three months), high liquidity, and minimal risk of value change[139]. - The company recognizes revenue from the sale of goods when the significant risks and rewards of ownership have been transferred to the buyer, and the amount of revenue can be reliably measured[187]. Shareholder Structure and Changes - The company’s registered capital increased from CNY 188,953,707 to CNY 567,104,959, reflecting a significant capital restructuring[20]. - The company’s stock is listed on the Shenzhen Stock Exchange under the code 000035[13]. - The shareholder structure changed, with the largest shareholder holding 66.68% of restricted shares post-issuance[78]. - The actual controller of the company changed to Yan Shengjun on June 19, 2014[85]. Investment and Cash Flow - Cash flow from financing activities surged by 227.52% to ¥87,857,190.35 from ¥26,824,859.65, attributed to increased loans for the Binzhou project[35]. - The company reported a cash balance of ¥270,088,966.27 at the end of the period, an increase from ¥265,000,603.32 at the beginning[93]. - The company has ongoing investments in long-term equity, totaling ¥1,800,000,000.00, which reflects its commitment to growth and expansion[99]. Government Support and Subsidies - The company received government subsidies totaling CNY 493,000, contributing to its non-operating income[27]. - The company confirms deferred income from government grants when it can receive the grants and meet the attached conditions[193]. Research and Development - Research and development investment rose by 25.92% to ¥2,971,933.10 from ¥2,360,134.37, indicating a commitment to innovation[35]. - The company has developed a comprehensive solution for waste incineration power generation, holding 3 invention patents and 72 utility model patents, enhancing its competitive edge[40].

Financial Performance - The company's operating revenue for Q1 2014 was 0.00 yuan, a decrease of 100% compared to 949,466.94 yuan in the same period last year[8]. - The net profit attributable to shareholders was -1,571,539.17 yuan, representing a decline of 381.87% from 557,532.87 yuan year-on-year[8]. - The basic and diluted earnings per share were both -0.01 yuan, a decrease of 433.33% compared to 0.003 yuan in the previous year[8]. - The total assets at the end of the reporting period were 8,884,867.84 yuan, down 14.91% from 10,441,933.09 yuan at the end of the previous year[8]. - The net assets attributable to shareholders decreased by 12.6% to 10,903,417.57 yuan from 12,474,956.74 yuan[8]. - The company reported a net cash flow from operating activities of -4,562,341.40 yuan, compared to -57,430.41 yuan in the previous year[8]. - Net profit decreased compared to the same period last year due to reduced operating revenue and costs, along with increased management and financial expenses[17]. - Cash received from sales of goods and services decreased compared to the same period last year, as the company had no operating income post-restructuring[17]. - Cash received from other operating activities decreased compared to the same period last year, due to funds received from the administrator in the previous period[17]. - Cash paid for other operating activities increased compared to the same period last year, due to prepayments for intermediary fees and management expenses[17]. Shareholder Information - The total number of shareholders at the end of the reporting period was 14,803[10]. - The top shareholder, China Cinda Asset Management Co., Ltd., held 6.66% of the shares, amounting to 12,584,996 shares[10]. Asset Restructuring - The company received unconditional approval from the China Securities Regulatory Commission for a major asset restructuring on April 2, 2014[15]. - The company is in the process of significant asset restructuring, with uncertainties regarding the timely completion of related registration and approval procedures[15]. - The company's operating revenue, operating costs, and operating taxes decreased compared to the same period last year due to the completion of restructuring, resulting in no operating income[17]. - Management expenses significantly increased compared to the same period last year, primarily due to higher rent, renovation costs, salaries, and audit fees[17]. - Financial expenses increased compared to the same period last year, attributed to higher interest income in the previous year[17]. Investor Communication - The company engaged in multiple communications regarding major asset restructuring and operational conditions with investors throughout the reporting period[18].

Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[6]. - The company did not propose any cash dividend distribution for 2013, as the undistributed profits were negative at CNY -979,716,412.08[67]. - The cash dividend policy for 2013 indicated a cash dividend amount of CNY 0.00, resulting in a cash dividend ratio of 0%[67]. - The company has not declared any dividends for the past three years due to negative retained earnings, with a cumulative deficit of ¥979,716,412.08 as of December 31, 2013[64]. Asset Restructuring - The company has signed agreements for a major asset restructuring with Tianying Environmental Protection, which was approved by the shareholders' meeting on December 19, 2013[14]. - The company reported a significant risk regarding the uncertainty of obtaining regulatory approval for the asset restructuring plan[14]. - The company has initiated a major asset restructuring plan, agreeing to acquire 100% of Tianying Environmental Protection for CNY 1,800 million through a share issuance[31]. - The restructuring plan has been submitted to the China Securities Regulatory Commission for approval, with the outcome still uncertain[58]. - The company’s restructuring plan was approved by the Shenzhen Intermediate People's Court, allowing for self-management under supervision[73]. - The company underwent a bankruptcy restructuring process initiated in April 2012, which concluded in May 2013[82]. - The restructuring aimed to address the company's financial difficulties and improve its operational stability[82]. - The company has no actual controller following the transfer of shares to creditors during the restructuring process[21]. Financial Performance - The company’s operating revenue for 2013 was CNY 40,922,834.90, a decrease of 57.33% compared to CNY 95,894,669.09 in 2012[24]. - The net profit attributable to shareholders was CNY 1,131,546,995.33, a significant recovery from a loss of CNY 636,052,363.94 in 2012[24]. - The company reported a basic earnings per share of CNY 5.99, compared to a loss of CNY 3.37 per share in the previous year[24]. - The weighted average return on equity was -87.57%, indicating a significant decline in profitability[24]. - The company reported zero revenue from its main business operations during the reporting period, with total income derived from property leasing and land transfer[32]. - The company’s financial performance in 2013 was significantly influenced by the completion of its bankruptcy reorganization[67]. - The company reported a significant increase in non-operating income, totaling CNY 1,136,127,327.97, compared to CNY 163,280.05 in the previous period[166]. Shareholder Changes - The company has undergone several changes in its controlling shareholders since its establishment, with significant transfers of shares occurring in 2003[20]. - The company’s major shareholder, Kejian Group, transferred 40% of its shares (13,445,600 shares) to creditors as part of the restructuring plan, reducing its ownership to 10.674%[80]. - The second largest shareholder, Zhixiong Electronics, also transferred 40% of its shares (31 million shares), resulting in a complete divestment from the company[81]. - As of December 31, 2013, China Cinda became the first largest shareholder after the share transfer, with no actual control over the company[94]. - The company does not have a controlling shareholder or actual controller[94]. Cash Flow and Assets - The company’s cash flow from operating activities was negative at CNY -106,677,214.39, an improvement from CNY -395,029,388.67 in 2012[24]. - The net cash flow from investment activities was CNY 106,133,985.46, a decrease of 73.17% compared to the previous year[44]. - The company’s total assets included cash and cash equivalents of CNY 10,277,880.12, representing 98.43% of total assets, primarily due to the donation received and the completion of debt restructuring[48]. - The total assets at the end of 2013 were CNY 10,441,933.09, a decline of 96.61% from CNY 307,902,946.69 in 2012[24]. - The cash and cash equivalents at the end of the period were CNY 10,277,880.12, compared to CNY 821,180.56 at the beginning of the year, showing a significant increase[161]. Governance and Compliance - The company strictly adheres to the Company Law and relevant regulations in its governance practices, ensuring transparency and accountability[120]. - The company has implemented a registration system for insider information handlers to ensure compliance with disclosure regulations and protect investor rights[121]. - The board of directors and all members guarantee the report's content is free from any false records or misleading statements, taking full responsibility for its accuracy and completeness[143]. - The company has established a comprehensive internal control system that complies with relevant laws and regulations, ensuring effective execution during the reporting period[142]. - The audit report issued by Zhonghuan Haihua Certified Public Accountants confirmed that the financial statements for the year 2013 accurately reflect the company's financial status and operating results[135]. Employment and Management - The company has 13 employees as of December 31, 2013, with 69.23% holding a college degree or above[114]. - The company has not had any core technical team or key technical personnel changes during the reporting period due to a halt in production and sales[113]. - The company has not implemented any stock incentive plans during the reporting period due to the suspension of its main business and ongoing major asset restructuring[75]. - The company has not granted any stock incentives to its directors, supervisors, or senior management during the reporting period[111]. Legal and Regulatory Matters - There were no significant litigation or arbitration matters reported during the period[71]. - The company did not face any media scrutiny during the reporting period[72]. - The company has not experienced any major accounting errors or omissions during the reporting period, ensuring the integrity of its financial disclosures[146].