Financial Performance - The company's operating revenue for Q1 2021 was ¥852,583,589.51, representing a 12.06% increase compared to ¥760,841,601.40 in the same period last year[8]. - Net profit attributable to shareholders was ¥119,064,303.48, a significant increase of 390.80% from ¥24,258,999.53 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥20,981,253.18, up 12.71% from ¥18,614,715.17 in the previous year[8]. - Basic earnings per share were ¥0.1376, reflecting a 404.03% increase from ¥0.0273 in the previous year[8]. - The net profit attributable to shareholders for the first half of 2021 is expected to be between 21,357.61 million yuan and 23,730.68 million yuan, representing a growth of 80.00% to 100.00% compared to the same period last year[26]. - Basic earnings per share are projected to be between 0.2469 yuan and 0.2743 yuan, indicating an increase of 84.94% to 105.47% year-on-year[26]. - The increase in net profit is primarily due to non-recurring gains of approximately 93.82 million yuan from compensation and rewards received during the first quarter[26]. Cash Flow - The net cash flow from operating activities reached ¥197,490,916.92, an increase of 23.80% compared to ¥159,529,913.37 in the same period last year[8]. - Net cash flow from investment activities increased by 184.12% to ¥530,622,290, primarily from demolition compensation received[17]. - The cash flow from investing activities showed a net inflow of CNY 530.62 million, a significant improvement compared to a net outflow of CNY 630.79 million in the previous period[54]. - The net cash flow from investment activities was 476,140,431.91 CNY, a significant improvement compared to -569,432,007.23 CNY in the previous period[58]. - The cash flow from operating activities generated a net amount of CNY 197.49 million, up from CNY 159.53 million in the previous year, reflecting a growth of about 23.7%[54]. Assets and Liabilities - Total assets at the end of the reporting period were ¥11,320,110,916.10, a 1.78% increase from ¥11,121,958,591.41 at the end of the previous year[8]. - Total liabilities as of Q1 2021 were CNY 3,292,010,844.87, compared to CNY 3,034,817,088.77 in the previous year, reflecting an increase of 8.49%[45]. - Total non-current assets decreased to CNY 6,700,586,170.52 from CNY 7,648,750,604.72, a decline of approximately 12.4%[36]. - Liabilities held for sale increased by 986.31% to ¥3,249,347,952, primarily from transfers of assets from the parent company and Qingyuan Ecology[16]. - Short-term borrowings decreased significantly to CNY 401,827,739.99 from CNY 2,981,273,350.68, a reduction of approximately 86.5%[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 42,137, indicating a stable shareholder base[12]. - The company is committed to maintaining independence from its controlling shareholder, ensuring no harm to the interests of the listed company and its shareholders[23]. Research and Development - Research and development expenses increased by 42.92% to ¥27,720,543, mainly due to the consolidation of Suichang Huijin[16]. - Research and development expenses for Q1 2021 amounted to CNY 27,720,543.61, up from CNY 19,396,057.74, indicating a year-over-year increase of 43.06%[45]. Other Financial Metrics - The weighted average return on equity was 3.08%, up from 0.75% in the previous year, indicating improved profitability[8]. - The company reported non-recurring gains of ¥98,083,050.30 after accounting for tax effects and minority interests[9]. - The company reported a decrease in accounts payable from CNY 1,087,690,034.72 to CNY 570,584,065.25, a decline of about 47.5%[37]. - The company received cash from sales of goods and services amounting to CNY 846.29 million, down from CNY 1,104.40 million in the previous period, reflecting a decrease of approximately 23.4%[53]. Compliance and Governance - The company has no securities or derivative investments during the reporting period[24][25]. - There are no violations regarding external guarantees during the reporting period[29]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[30]. - The company has not conducted any research, communication, or interview activities during the reporting period[31]. - The report for the first quarter was not audited[61]. - The company did not apply the new leasing standards for the current period[59]. - The first quarter report was released on April 27, 2021[61].

Financial Performance - The company's operating revenue for 2020 was CNY 4,656,298,656, representing a 13.14% increase compared to CNY 4,115,696,395 in 2019[18]. - The net profit attributable to shareholders of the listed company was CNY 298,294,223.48, a decrease of 0.70% from CNY 300,410,198.61 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 280,475,347.44, an increase of 4.62% compared to CNY 268,081,272.99 in 2019[18]. - The company's net cash flow from operating activities for 2020 was approximately ¥369.37 million, representing a 17.00% increase compared to ¥315.70 million in 2019[19]. - Basic and diluted earnings per share for 2020 remained at ¥0.34, unchanged from the previous year[19]. - The weighted average return on equity was 7.69%, slightly down from 7.86% in 2019[19]. - Total assets increased by 22.18% to approximately ¥11.12 billion at the end of 2020, up from ¥9.10 billion at the end of 2019[19]. - The net profit attributable to shareholders of the listed company showed a slight decrease of 0.05% to approximately ¥3.80 billion compared to ¥3.80 billion in 2019[19]. - The company achieved operating revenue of CNY 465,629.87 million, a year-on-year increase of 13.14%[45]. - The total profit reached CNY 44,940.92 million, reflecting a growth of 0.99% compared to the previous year[45]. - Net profit attributable to shareholders was CNY 29,829.42 million, a decrease of 0.70% year-on-year[45]. Shareholder and Ownership Changes - The company underwent a change in controlling shareholder, transferring 177,242,920 shares to Nanchang Shuitian Investment Group Co., Ltd. on November 5, 2020[17]. - The company’s controlling shareholder changed to Water Sky Group, holding 177,242,920 shares, accounting for 20.49% of the total share capital[152]. - The company’s total share capital after the repurchase is 865,000,000 shares, with 99.10% being unrestricted shares[159]. - The actual controller of the company is the Nanchang State-owned Assets Supervision and Administration Commission, which also controls other listed companies[175]. - The company’s major shareholders include Nanchang Water Sky Investment Group Co., Ltd. with a 20.49% stake and Zhejiang Fuchunjiang Communication Group Co., Ltd. with a 14.50% stake[170]. - The total number of shareholders at the end of the reporting period was 44,853[170]. Strategic Initiatives and Business Expansion - The company is focusing on expanding its hazardous waste utilization sector through acquisitions and integration of mature enterprises[27]. - The company aims to promote a business model integrating solid and hazardous waste disposal, energy-saving services, and environmental monitoring[30]. - The company is actively expanding its environmental protection business in response to favorable government policies and market demand[30]. - The company entered the hazardous waste disposal sector through the acquisition of Suichang Huijin, marking a strategic expansion[45]. - The company is preparing to capitalize on the market for dioxin online monitoring and technology services, aiming to dominate the industry[88]. - The company plans to develop multiple energy supply technologies and expand the application range of steam, transitioning from single product supply to multiple product offerings[90]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[192]. Environmental and Regulatory Compliance - The company is focused on compliance with environmental regulations and will increase investments in environmental protection to meet stricter standards[93]. - The company has established an environmental self-monitoring plan, with online monitoring systems for waste gas and wastewater in place[148]. - The company has committed to maintaining ultra-low emissions standards for its coal-fired boilers[143]. - The company’s environmental monitoring data is subject to quarterly inspections by local environmental protection agencies[148]. - The company has implemented effective pollution control technologies, including wet desulfurization and low-nitrogen combustion, ensuring all emission indicators meet regulatory requirements[144]. Research and Development - Research and development expenses increased by 38.53% to CNY 11,028.24 million, driven by higher investments from Suichang Huijin and Jiangsu Thermal Power[51]. - The company acquired 8 invention patents and 66 utility model patents during the reporting period, enhancing its intellectual property portfolio[69]. - New product development initiatives are underway, with an investment of 50 million RMB allocated for R&D in renewable energy technologies[199]. - The company has established partnerships with three major universities for collaborative research projects, aiming to innovate in energy efficiency[199]. Risk Management and Financial Health - The company faces risks from raw material price fluctuations, particularly in coal, which is closely tied to national economic growth, and will implement cost control measures to mitigate these risks[91]. - The company has established measures to avoid potential conflicts of interest with its controlling shareholder, ensuring independence in operations and decision-making[106]. - The company has not reported any significant accounting errors requiring restatement during the reporting period[111]. - The company has not faced any delisting risks or bankruptcy restructuring matters during the reporting period[115]. Corporate Governance and Management - The company is committed to enhancing internal management and promoting efficiency through a group management model and cost control initiatives[90]. - The company is dedicated to maintaining compliance with regulatory standards and improving corporate governance practices[194]. - The company experienced a significant turnover in its board, with all listed directors and supervisors resigning on December 4, 2020[188]. - The company is led by a new chairman, Wan Jiao, who has extensive experience in human resources and management[190]. - The company has maintained a consistent management structure with no new appointments or departures reported[185][186].

Financial Performance - Operating revenue for the quarter reached ¥1,336,263,791.18, representing a 31.40% increase year-over-year[9] - Net profit attributable to shareholders was ¥96,862,526.48, a 12.75% increase compared to the same period last year[9] - Basic earnings per share increased by 30.59% to ¥0.1255[9] - The company experienced a decrease in net profit after deducting non-recurring gains and losses, which was down 9.49% year-over-year[11] - Net profit for the period was ¥111,517,424.04, compared to ¥100,536,761.98 in the same period last year, reflecting a growth of approximately 10.3%[50] - The company reported a significant increase in research and development expenses, which reached ¥31,065,561.71, up from ¥18,983,263.86[49] - The company reported a comprehensive income total of CNY 258,569,920.74, an increase of 8.7% from CNY 237,845,598.73 in the same quarter last year[59] - The net profit for the third quarter was ¥279,663,990.66, representing an increase of 67.1% from ¥167,260,032.67 in the previous year[62] Assets and Liabilities - Total assets increased to ¥10,662,117,230.37, a 17.13% increase compared to the previous year[9] - The company's total liabilities rose to CNY 6.11 billion from CNY 4.47 billion, an increase of about 36.6%[41] - Current assets totaled CNY 3.14 billion, up from CNY 2.48 billion at the end of 2019, indicating a growth of about 26.5%[39] - Non-current assets reached CNY 7.53 billion, compared to CNY 6.62 billion at the end of 2019, marking an increase of approximately 13.8%[40] - Total liabilities increased to ¥2,999,828,794.46 from ¥2,018,940,844.01, representing a significant rise of approximately 48.5%[46] Cash Flow - The net cash flow from operating activities was -¥9,539,470.53, a decrease of 105.77% compared to the previous year[9] - Cash flow from operating activities decreased by 30.02% to RMB 210 million, primarily due to the non-inclusion of a subsidiary in the previous year[19] - The company reported a net cash flow from operating activities of ¥210,699,285.54, down 30.0% from ¥301,089,993.28 in the previous year[65] - Cash inflow from financing activities was CNY 2,390,530,782.36, an increase of 66.1% compared to CNY 1,441,709,268.00 in the previous period[69] Shareholder Information - The company reported a total of 43,024 shareholders at the end of the reporting period[13] - Zhejiang Fuchunjiang Communication Group Co., Ltd. held 34.05% of the shares, making it the largest shareholder[13] - The company plans to transfer 177,242,920 shares, representing 19.94% of its total share capital, to Nanchang Water Sky Investment Group, making it the largest shareholder[21] Research and Development - Research and development expenses increased by 38.83% to RMB 73 million, primarily due to the inclusion of a new subsidiary[19] - Research and development expenses increased to CNY 73,527,292.33 from CNY 52,963,470.62, marking a rise of 38.9% year-over-year[57] Government and Legal Matters - The company received government subsidies amounting to ¥6,931,905.23 during the reporting period[11] - Ongoing litigation involves a claim of 12,028.14 million yuan related to a share transfer agreement, but it is not expected to significantly impact the company's operations[24] Other Financial Activities - The company has repurchased a total of 9,068,400 shares, accounting for 1.0202% of its total share capital, with a total payment of approximately 65.37 million yuan[27] - The company has not engaged in any securities or derivative investments during the reporting period[29][30] - There are no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[28]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,955,427,621.20, representing a 15.71% increase compared to the same period last year[18]. - The net profit attributable to shareholders of the listed company decreased by 3.39% to CNY 118,653,369.26 compared to the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 9.46% to CNY 106,726,856.61[18]. - The net cash flow from operating activities increased by 64.08% to CNY 220,238,756.07[18]. - Total assets at the end of the reporting period reached CNY 10,125,992,614.28, an increase of 11.24% from the end of the previous year[18]. - The basic earnings per share for the period was CNY 0.1335, down 2.84% from the previous year[18]. - The diluted earnings per share also stood at CNY 0.1335, reflecting the same percentage decrease[18]. - The weighted average return on net assets was 3.07%, a decrease of 0.16% compared to the previous year[18]. - The total profit for the period was CNY 192.36 million, reflecting a growth of 5.22% year-on-year[44]. - Operating costs rose to CNY 1,662.79 million, marking a 19.67% increase year-on-year, primarily due to the consolidation of Platinum Energy and Suichang Huijin[45]. - Financial expenses surged to CNY 66.64 million, a 100.28% increase year-on-year, attributed to increased financing scale[45]. - The company reported a significant increase in sales from coal trading, which rose by 132.18% year-on-year to CNY 170.56 million[50]. - The revenue from coal sales increased by 132.18%, attributed to the subsidiary's increased coal trading activities[52]. - The revenue from solid waste disposal decreased by 31.48%, due to a decline in income from the subsidiary's solid waste disposal operations[53]. - The total revenue from the main business in Zhejiang Province was 1,429,633,895.02, representing a year-on-year growth of 13.51%[52]. - The revenue from the resource utilization unit was 258,266,821.43, showing a year-on-year increase of 26.01%[52]. - The revenue from clean electricity reached 276,140,318.84, with a year-on-year growth of 24.15%[52]. Business Strategy and Market Position - The company is actively expanding its business in hazardous waste comprehensive utilization through acquisitions, enhancing its profitability in this sector[25]. - The company aims to leverage government policies to promote its "solid waste disposal + energy-saving environmental protection" circular economy model, positioning itself as a leader in the environmental protection industry[28]. - The company is focusing on the integration of waste resource recovery, with 14 provinces having already published long-term plans for waste incineration power generation, indicating a significant market opportunity[29]. - The company is positioned to benefit from the increasing marketization of waste treatment fees, which will enhance the overall efficiency and economic benefits of waste incineration enterprises[29]. - The company is committed to advancing sludge harmless treatment and resource utilization, aligning with national regulations and policies aimed at improving sludge management capabilities[30]. - The company is focusing on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[62]. - The company is in the process of asset evaluation and clearance for its subsidiary Zhejiang Qingyuan Ecological Thermal Power Co., Ltd. as part of a relocation requirement[124]. - The company plans to focus on expanding its market presence and developing new technologies in the upcoming quarters[182]. - The company aims to enhance its operational efficiency through strategic investments and potential acquisitions[182]. Environmental Compliance and Initiatives - The environmental protection industry in China is projected to grow significantly, with expected revenue reaching between 1.8 trillion to 2.4 trillion yuan in 2020, reflecting a year-on-year growth rate of 6.1% to 22.5%[27]. - The government has emphasized the importance of expanding the environmental protection industry in its work reports, highlighting its commitment to ecological civilization[26]. - The environmental protection industry is expected to reach a total output value of 12 trillion yuan by 2025, driven by policy support and capital investment[27]. - The environmental monitoring market in China is projected to reach a scale of 878 billion yuan in 2020, with the overall testing industry market size expected to reach 4,145 billion yuan[37]. - The company has established a provincial-level environmental research institute in collaboration with Zhejiang University, focusing on clean energy utilization and pollutant reduction technologies[39]. - The company is a co-builder of the only national engineering laboratory for waste incineration technology and equipment, addressing issues like low stability and secondary pollution in waste incineration[39]. - The company has implemented continuous emission monitoring for its main pollutants, including SO2, NOX, and particulate matter, across its facilities[109]. - The company is actively engaged in environmental compliance, adhering to national standards for pollutant emissions, including SO2 and NOX limits[109]. - The company has established emergency response plans for environmental incidents and conducts regular drills[114]. - The company has installed online monitoring systems for waste gas and wastewater, ensuring compliance with environmental regulations[116]. Financial Position and Assets - The company's prepayments increased by 74.46% compared to the beginning of the period, mainly due to increased advance payments for new materials by subsidiaries[38]. - Other receivables rose by 41.51% compared to the beginning of the period, primarily due to increased other receivables from the subsidiary Qingyuan Ecological[38]. - Inventory increased by 200.44% compared to the beginning of the period, mainly due to the new subsidiary Suichang Huijin being consolidated[38]. - Goodwill increased by 54.23% compared to the beginning of the period, primarily due to the consolidation of the new subsidiary Suichang Huijin[38]. - Other non-current assets increased by 61.48% compared to the beginning of the period, mainly due to increased advance payments for engineering by the subsidiary Jiangsu Thermal Power[38]. - The total assets amounted to 10,116,000,000.00, with cash and cash equivalents at 1,016,151,091.54, accounting for 10.04% of total assets[58]. - The short-term borrowings increased to 3,219,837,061.75, representing 31.80% of total liabilities, up from 25.60% in the previous year[58]. - The long-term equity investments increased to 425,495,253.94, representing 4.20% of total assets, up from 2.02% in the previous year[58]. - The total assets at the end of the current period were reported at 4,095.5 million yuan[182]. - The total owner's equity at the end of the reporting period was 3,594,355.7 million yuan, demonstrating strong equity growth[188]. Shareholder Information and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for this period[7]. - The company did not distribute cash dividends or issue new shares from capital reserves for the half-year period[80]. - The company has repurchased a total of 2,673,400 shares, accounting for approximately 0.3008% of the total share capital before the repurchase plan, with a total transaction amount of 21,796,870.00 yuan[129]. - The largest shareholder, Zhejiang Fuchunjiang Communication Group Co., Ltd., holds 34.05% of the shares, totaling 302,635,358 shares[131]. - The second-largest shareholder, Hangzhou Ruixi Jinlin Equity Investment Partnership, holds 3.88% of the shares, totaling 34,500,000 shares[131]. - The total number of ordinary shareholders at the end of the reporting period was 49,130[130]. - The total number of shares after the recent changes is 888,888,000, maintaining a 100% ratio of total shares[128]. - The company has no foreign capital holdings, with all shares held by domestic entities[128]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[134]. - The total number of shares held by directors, supervisors, and senior management is 8,991,700, with no changes during the reporting period[143]. Legal and Regulatory Matters - There were no significant lawsuits or arbitration matters reported during the period[84]. - The company is involved in multiple legal cases, including a claim for 920.76 million yuan related to the New Dry Salt Chemical Industrial City project, which is currently pending judgment[86]. - The company has a total of 377.90 million yuan in outstanding payments related to the Jiangxi Gannan Jingtai Garden Landscape Engineering Co., Ltd. case, which is also awaiting a court decision[86]. - The company faces a claim of 253.94 million yuan from Jiangxi Construction Safety Decoration Co., Ltd. regarding the New Dry Salt Chemical Industrial City project, with a court hearing already held[86]. - The company has not reported any significant contracts or expected losses related to entrusted financial products during the reporting period[108]. - The company has not encountered any environmental impact assessments or other environmental protection administrative licensing issues during the reporting period[113]. Risks and Challenges - The company faces risks from raw material price fluctuations, particularly in coal, which is closely tied to national economic growth; strategies include tracking coal prices and signing long-term agreements with suppliers[75]. - The company is exposed to policy risks related to environmental regulations, which could impact profitability; it plans to enhance communication with local governments to improve adaptability[75]. Accounting and Financial Reporting - The financial report for the first half of 2020 has not been audited[149]. - The company adheres to the accounting standards, ensuring that the financial statements accurately reflect its financial position, operating results, and cash flows[193]. - The accounting period for the company runs from January 1 to December 31 each year[194]. - The company uses Renminbi (RMB) as its functional currency for accounting purposes[195]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[196]. - The company includes all subsidiaries under its control in the consolidated financial statements, following the relevant accounting standards[197].

Financial Performance - The company's operating revenue for 2019 was CNY 4,115,696,395, representing a 36.37% increase compared to CNY 3,010,393,479 in 2018[17]. - The net profit attributable to shareholders of the listed company was CNY 300,410,198.61, a significant increase of 216.88% from CNY 125,341,369.33 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was CNY 268,081,272.99, up 289.70% from CNY 101,395,030.55 in 2018[17]. - The company's net profit attributable to shareholders for 2019 was CNY 315,702,340.60, representing a 209.09% increase compared to CNY 0.11 per share in 2018[18]. - The total assets of the company increased by 46.84% year-on-year, reaching CNY 9,103,113,139 at the end of 2019[18]. - The weighted average return on equity rose to 7.86% in 2019, up from 2.78% in 2018[18]. - The total profit reached CNY 445,001,000.00, reflecting a significant increase of 110.12% year-on-year, attributed to higher downstream demand[49]. - The net cash flow from operating activities was CNY 315,702,340.60, reflecting a decrease of 32.90% compared to the previous year[18]. - The company reported a total of CNY 32,328,925.62 in non-recurring gains and losses for 2019, compared to CNY 26,010,254.88 in 2018[24]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares to all shareholders, with no bonus shares issued[7]. - The cash dividend for 2019 was based on a total share capital of 888,888,000 shares, after deducting 2,673,400 shares repurchased, ensuring a distribution of CNY 1.5 per 10 shares[106][105]. - The company maintained a cash dividend payout ratio of 100% for the total profit distribution in 2019, indicating a strong commitment to returning value to shareholders[106]. - The cash dividend for 2018 was CNY 0.50 per 10 shares, down from CNY 1.00 per 10 shares in 2017, reflecting a strategic adjustment in profit distribution[104]. - The company has fulfilled all commitments made to shareholders regarding profit distribution and has maintained a clear and transparent decision-making process[107]. Business Operations and Strategy - The company operates in the environmental thermoelectric sector, focusing on sustainable energy solutions[12]. - The company has engaged Tianjian Accounting Firm for auditing services during the reporting period[17]. - The company completed the acquisition of 85% equity in Platinum Energy for 85 million RMB, expanding its main business scale[46]. - The company established a joint venture for a waste incineration project with a registered capital of 458.70 million RMB, with a 51% stake[46]. - The company is focusing on expanding its environmental engineering services, particularly in waste treatment and power generation[80]. - The company plans to enhance its technological capabilities in thermal power generation and environmental protection[80]. - The company is actively pursuing regulatory approvals for new projects to expand its operational capacity[80]. - The company aims to improve its financial performance by optimizing operational efficiency and reducing costs[80]. Market Trends and Growth Potential - The environmental protection industry in China is projected to grow to CNY 1.8 trillion to CNY 2.4 trillion by 2020, with an annual growth rate of 6.1% to 22.5%[27]. - The environmental protection industry is expected to see increased demand due to government stimulus and policies, particularly in sectors like waste treatment and environmental monitoring[30]. - The market for waste resource recovery is projected to grow as the government enhances the marketization of waste treatment fees, which will facilitate industry consolidation and market expansion[30]. - By 2030, the incineration capacity in 14 provinces is expected to increase from 220,000 tons per day in 2018 to 720,000 tons per day, indicating significant growth potential in the waste resource recovery market[32]. - The sludge disposal market is anticipated to grow rapidly, with sludge production expected to exceed 7 million tons in 2020 and 8 million tons in 2021, driven by national environmental policies[32]. Environmental Compliance and Initiatives - The company is classified as a key pollutant discharge unit by environmental protection authorities[145]. - The company has successfully implemented pollution control technologies including wet desulfurization and low nitrogen combustion, ensuring all emission indicators meet regulatory requirements[147]. - The company has adopted advanced technologies for SO2, NOx, and dust control, ensuring effective pollution management[147]. - The company has established an environmental self-monitoring plan, with online monitoring systems installed for waste gas and wastewater[150]. - The company has engaged third-party monitoring for wastewater and waste gas, ensuring compliance with environmental standards[152]. Research and Development - Research and development expenses increased by 24.25% to CNY 79,609,800.00, mainly due to increased R&D investments from subsidiaries[49]. - The number of R&D personnel increased by 15.94% to 240 from 207 in the previous year[69]. - The company plans to strengthen the research and development of advanced technologies, particularly in dioxin online monitoring, to capture market opportunities[96]. - The company is investing heavily in R&D, allocating 5% of its annual revenue to develop new technologies in environmental protection and energy efficiency[200]. Share Repurchase and Shareholding Structure - The company completed its first share repurchase plan, buying back 5,212,000 shares for a total of ¥31,543,229.50, and initiated a second repurchase plan, acquiring 2,673,400 shares for ¥21,796,870.00[94]. - The share repurchase was executed at a total cost of approximately ¥31.54 million, with the highest price per share at ¥6.66 and the lowest at ¥6.41[160]. - The company’s major shareholder, Zhejiang Fuchunjiang Communication Group Co., Ltd., holds 34.05% of the shares, totaling 302,635,358 shares[166]. - The company has a total of 60,970 shareholders as of the reporting period[166]. - The shareholding structure remains stable post-repurchase, with no significant changes in shareholder distribution[165]. Management and Governance - The company experienced a change in management, with Liu Renjun appointed as the new general manager on August 15, 2019, following the resignation of Zhang Zhongmei[183]. - The management team is composed of experienced professionals, with backgrounds in finance, management consulting, and engineering, contributing to the company's strategic direction[184]. - The board of directors and supervisors have remained stable, with no new appointments or resignations reported for the majority of members[183].

Financial Performance - The company's operating revenue for Q1 2020 was ¥760,841,601.40, representing a 1.53% increase compared to ¥749,362,031.01 in the same period last year[9] - Net profit attributable to shareholders decreased by 13.86% to ¥24,258,999.53 from ¥28,161,295.27 year-on-year[9] - The net profit after deducting non-recurring gains and losses fell by 35.72% to ¥18,614,715.17 compared to ¥28,957,579.64 in the previous year[9] - Total operating revenue for Q1 2020 was CNY 760,841,601.40, a slight increase of 1.96% compared to CNY 749,362,031.01 in the same period last year[42] - Net profit for Q1 2020 was CNY 37,613,216.78, representing a 11.36% increase from CNY 33,700,903.49 in the previous year[44] - The total comprehensive income for the period was CNY 37,613,216.78, compared to CNY 33,700,903.49 in the same period last year, indicating a growth of 11.36%[45] - The total comprehensive income for the first quarter was CNY 44,160,277.48, compared to CNY 83,547,174.88 in the previous period, indicating a decrease[48] Cash Flow - The net cash flow from operating activities increased significantly by 81.13% to ¥159,529,913.37 from ¥88,076,123.45 in the same period last year[9] - Cash inflow from operating activities amounted to CNY 1,132,611,587.94, up from CNY 677,393,031.91 in the previous period, representing an increase of approximately 67.4%[50] - The net cash flow from operating activities was CNY 159,529,913.37, compared to CNY 88,076,123.45 in the previous period, showing an increase of about 80.9%[51] - Cash outflow for purchasing goods and services was CNY 788,771,507.22, compared to CNY 474,837,208.90 in the previous period, reflecting a rise of approximately 66.3%[51] - The net cash flow from investing activities was -CNY 630,785,096.07, worsening from -CNY 282,703,938.54 in the previous period[52] - Cash inflow from financing activities was CNY 1,214,863,370.94, significantly higher than CNY 591,150,000.00 in the previous period, marking an increase of about 105.6%[52] - The net cash flow from financing activities was CNY 279,278,775.98, compared to CNY 231,730,079.86 in the previous period, indicating an increase of approximately 20.5%[52] - The ending balance of cash and cash equivalents was CNY 696,254,993.55, down from CNY 829,547,318.21 in the previous period, representing a decrease of about 16.0%[52] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,444,445,791.06, up 3.75% from ¥9,103,113,139.59 at the end of the previous year[9] - As of March 31, 2020, total current assets increased to CNY 2,915,507,090.10 from CNY 2,479,152,673.24 as of December 31, 2019, representing a growth of approximately 17.7%[33] - The company's total assets reached CNY 9,444,445,791.06, up from CNY 9,103,113,139.59, reflecting an increase of approximately 3.7%[36] - The total liabilities increased to CNY 4,858,758,031.38 from CNY 4,474,668,274.81, indicating an increase of about 8.6%[35] - The company's total liabilities increased to CNY 2,366,291,294.79, up from CNY 2,018,940,844.01, marking an increase of 17.25%[43] - Short-term borrowings rose significantly to CNY 3,005,285,386.25 from CNY 2,523,362,090.18, an increase of approximately 19.0%[34] - The company reported a decrease in accounts payable from CNY 950,847,148.66 to CNY 731,777,993.68, a decline of about 23.0%[35] - Long-term investments increased to CNY 434,880,205.66 from CNY 376,411,706.16, representing a growth of approximately 15.5%[34] Shareholder Information - The company reported a total of 54,998 common shareholders at the end of the reporting period[13] - Zhejiang Fuchunjiang Communication Group Co., Ltd. held the largest share with 34.05%, amounting to 302,635,358 shares[13] Research and Development - R&D expenses increased by 50.68% to ¥19.40 million, primarily due to increased R&D investment by Jiangsu Thermal Power and the consolidation of Platinum Rui Energy[17] - Research and development expenses rose to CNY 19,396,057.74, an increase of 50.67% compared to CNY 12,872,493.79 in the previous year[43] Non-Recurring Items - Non-recurring gains and losses included a loss from the disposal of non-current assets amounting to ¥654,599.24[10] - Investment income increased by 749.31% to ¥70.61 million, mainly due to the consolidation of Platinum Rui Energy[17] - The company reported investment income of CNY 70,613,102.57, significantly up from CNY 8,314,181.82 year-on-year[43] Other Information - The company did not engage in any repurchase transactions during the reporting period[14] - The company received recognition for its dioxin online monitoring system as a key product in the equipment manufacturing sector, marking a significant technological advancement[19] - The first quarter report was not audited, indicating that the figures may be subject to change upon final review[56]

Financial Performance - Operating revenue for the period reached CNY 945,858,552.17, a year-on-year increase of 29.93%[9] - Net profit attributable to shareholders increased by 78.78% to CNY 97,206,839.03 for the quarter[9] - Basic earnings per share increased by 83.33% to CNY 0.11[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 93,665,315.14, a 76.70% increase[9] - Total operating revenue for the third quarter reached CNY 945,858,552.17, an increase from CNY 727,994,061.96 in the previous period[40] - Net profit for the period was CNY 111,833,045.88, compared to CNY 67,077,264.28 in the same quarter last year, representing a growth of approximately 66.8%[41] - Total operating revenue for the period reached ¥2,535,226,969.59, an increase from ¥2,111,054,331.01 in the previous period[49] - Net profit for the period was ¥259,928,163.18, compared to ¥208,032,987.83 in the same period last year, reflecting a growth of approximately 24.8%[50] Assets and Liabilities - Total assets increased by 29.39% to CNY 7,563,401,707.18 compared to the end of the previous year[9] - Total assets reached CNY 7,563,401,707.18, compared to CNY 5,845,388,479.10 at the end of 2018, marking an increase of around 29.3%[33] - Total liabilities increased to CNY 3,401,436,170.76 from CNY 1,834,952,580.20, which is an increase of approximately 85.5%[32] - The total liabilities increased to CNY 2,170,218,188.56 from CNY 734,246,598.70, indicating significant growth in financial obligations[38] - Total current assets increased to CNY 2,513,886,149.34 from CNY 1,720,439,764.60, representing a growth of approximately 46% year-over-year[31] - Cash and cash equivalents decreased by 22.81% to ¥390,479,658.69 due to cash payments for fixed asset purchases[17] Shareholder Information - The company reported a total of 46,281 common shareholders at the end of the reporting period[13] - The largest shareholder, Zhejiang Fuchunjiang Communication Group Co., Ltd., holds 33.85% of the shares[13] - The company did not engage in any repurchase transactions during the reporting period[14] - The company has repurchased a total of 5,212,000 shares, accounting for 0.5829% of total share capital, with a total payment of ¥31,543,229.50[19] Cash Flow - Net cash flow from operating activities rose by 70.97% to CNY 174,470,405.51[9] - Operating cash flow increased by 90.78% to ¥318,461,805.56, mainly due to increased cash received from sales[17] - The company reported a net cash flow from operating activities of CNY 318,461,805.56, compared to CNY 166,927,570.03 in the previous year, indicating a significant improvement[58] - Cash inflow from financing activities was CNY 1,441,709,268.00, compared to CNY 1,151,328,366.04 in the previous period, an increase of 25.2%[62] Investments and Expenses - Long-term equity investments rose by 390.31% to ¥1,083,649,317.45, mainly due to increased external investments by the parent company[17] - The company has invested a total of ¥134,500 million in entrusted financial products, with no overdue amounts reported[26] - Research and development expenses for the quarter were CNY 18,983,263.86, slightly up from CNY 17,108,267.42 year-on-year[40] - The company reported an investment income of CNY 19,478,981.23, a significant increase from CNY 978,605.27 in the previous period[40] - Financial expenses increased by 52.79% to ¥54,142,946.35, primarily due to new borrowings by the parent and subsidiary companies[17] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[41] - The company is in the process of acquiring 85% of Platinum Energy Environmental Engineering Co., Ltd., with 70% of the shares already registered[18]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥1,589,368,417.42, representing a 14.92% increase compared to ¥1,383,060,269.05 in the same period last year[19]. - The net profit attributable to shareholders was ¥133,609,316.99, up 10.20% from ¥121,244,774.10 year-on-year[19]. - The net cash flow from operating activities increased significantly by 121.94%, reaching ¥143,991,400.05 compared to ¥64,877,356.09 in the previous year[19]. - Total assets at the end of the reporting period were ¥6,841,754,526.94, a 17.05% increase from ¥5,845,388,479.10 at the end of the previous year[19]. - The net assets attributable to shareholders increased by 2.41%, amounting to ¥3,787,428,954.99 compared to ¥3,698,461,597.06 at the end of the previous year[19]. - Basic earnings per share rose to ¥0.1494, a 2.12% increase from ¥0.1463 in the same period last year[19]. - The weighted average return on net assets decreased to 3.55%, down 0.55% from 4.10% in the previous year[19]. - The total profit for the same period was 19,359.21 million yuan, reflecting a growth of 10.98% year-on-year, primarily due to a decrease in raw material costs[47]. - The company's cash flow from operating activities reached 14,399.14 million yuan, a significant increase of 121.94% year-on-year, attributed to reduced bill settlement by the subsidiary Donggang Thermal Power[47]. Investment and Capital Management - The company plans not to distribute cash dividends or issue bonus shares during this reporting period[7]. - The total amount of raised funds is CNY 782 million, with a net amount of CNY 767.49 million after deducting issuance costs[65]. - As of June 30, 2019, the cumulative investment of raised funds reached CNY 667.03 million, representing 85.3% of the total raised funds[67]. - The remaining balance of raised funds in the special account is CNY 104.64 million, which includes interest income and net returns from financial products[65]. - The company plans to permanently supplement working capital with surplus raised funds and interest income amounting to CNY 46.95 million[68]. - The investment progress of the new port thermal power expansion project is 81.49%, with a cumulative investment of CNY 220.01 million out of the planned CNY 300 million[67]. - The company has not changed the use of raised funds, adhering strictly to the management regulations[65]. - The company did not make any investments during the reporting period, marking a 100% decrease from CNY 48,960,000.00 in the previous year[59]. Environmental and Regulatory Compliance - The company emphasizes the importance of risk awareness among investors regarding future plans and market conditions[6]. - The company aims to promote a circular economy model of "solid waste disposal + energy conservation and environmental protection" to become a leader in the environmental protection industry[31]. - The company is positioned to benefit from the increasing focus on environmental protection and the tightening of regulations in the industry[27]. - The company has maintained compliance with environmental regulations and is focused on enhancing its compliance framework[78]. - The company has implemented effective pollution control measures including wet desulfurization, low nitrogen combustion, and bag dust collection, ensuring compliance with emission requirements[106]. - The company has established an environmental self-monitoring plan, with online monitoring systems for waste gas and wastewater in place[108]. - The company has engaged third-party monitoring services for wastewater and emissions to ensure compliance with environmental standards[108]. Research and Development - Research and development expenses increased by 22.06% to 3,398.02 million yuan, driven by additional R&D investments from the subsidiary Chang'an Energy[47]. - The company has established a national engineering laboratory for waste incineration technology, focusing on improving waste treatment stability and energy utilization efficiency[42]. - The company has invested 20,000,000 in technology research and development, although it faced a loss of 1,035,135.5 in this segment[75]. Shareholder Information - As of June 30, 2019, the total number of common shareholders at the end of the reporting period is 45,725[122]. - Zhejiang Fuchunjiang Communication Group Co., Ltd. holds 33.85% of the shares, totaling 302,635,358 common shares[123]. - The second-largest shareholder, Hangzhou Ruixi Jinlin Equity Investment Partnership, holds 3.86% with 34,500,000 common shares[123]. - The company has a diverse shareholder base, including both state-owned and private entities[123]. - The total number of shares held by the top ten unrestricted common shareholders amounts to 502,000,000 shares[123]. Financial Position and Assets - The company's current assets reached CNY 2,807,152,148.62, up from CNY 1,720,439,764.60 at the end of 2018, indicating a significant increase of about 63.12%[139]. - The cash and cash equivalents increased to CNY 1,385,262,328.72 from CNY 845,714,486.76, reflecting a growth of approximately 63.73%[139]. - The total liabilities increased to CNY 1,603,177,322.47 in the first half of 2019, compared to CNY 734,246,598.70 in the same period of 2018, reflecting a significant rise of 118.5%[147]. - The total owner's equity at the end of the reporting period is 3,594,355,000 CNY, showing an increase from the previous period's 3,507,961,000 CNY, representing a growth of approximately 2.46%[171]. Operational Challenges - The company is exposed to raw material price fluctuation risks, particularly in coal prices, which can significantly impact profitability[76]. - The company reported a net cash flow from operating activities of -¥46,851,486.53 for the parent company, a decline from ¥165,305,534.99 in the previous year, indicating operational challenges[160]. Miscellaneous - There were no significant legal disputes or penalties reported during the reporting period[87][88]. - The company has not implemented any employee stock ownership plans or incentive measures during the reporting period[89]. - The financial report for the first half of 2019 was not audited[137]. - The company has included 10 subsidiaries in its consolidated financial statements for this period[178].

Financial Performance - In 2018, the company's operating revenue was CNY 3,010,393,479.02, a decrease of 9.42% compared to CNY 3,323,594,636.40 in 2017[19] - The net profit attributable to shareholders was CNY 125,341,369.33, down 63.61% from CNY 344,441,772.16 in the previous year[19] - The net profit after deducting non-recurring gains and losses was CNY 101,395,030.55, a decline of 69.40% compared to CNY 331,402,635.92 in 2017[19] - The basic earnings per share decreased by 65.12% to CNY 0.15 from CNY 0.43 in 2017[19] - The total profit amounted to CNY 24,231,290, a decline of 50.51% year-on-year, primarily due to reduced demand from downstream enterprises[47] - Net profit attributable to shareholders was CNY 12,534,140, reflecting a 63.61% decrease compared to the same period last year[47] Assets and Liabilities - The total assets at the end of 2018 were CNY 5,845,388,479.10, an increase of 14.61% from CNY 5,100,389,666.97 at the end of 2017[20] - The net assets attributable to shareholders increased by 27.56% to CNY 3,698,461,597.06 from CNY 2,899,339,400.43 in 2017[20] - The company's fixed assets decreased by 8.38% to ¥2,897,342,113.00, indicating a shift in asset allocation[69] - The company's asset-liability ratio is expected to decrease following the completion of the private placement, which will increase total assets and net assets[147] Cash Flow - The net cash flow from operating activities was CNY 456,952,627.97, a decrease of 6.10% compared to CNY 486,650,874.96 in 2017[19] - Operating cash flow decreased by 6.10% to CNY 45,695,260 due to an increase in bill settlements[47] - The net cash flow from investing activities improved significantly, with inflows increasing by 608.41% to ¥21,466,496.75, while outflows decreased by 25.85%[67] - The net cash flow from financing activities surged by 516.64% to ¥592,130,229.19, primarily due to funds raised from a private placement of shares[68] - The total cash and cash equivalents increased by 236.57% to ¥526,811,991.22, reversing a previous decline[67] Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares to all shareholders[7] - The company reported a net profit attributable to ordinary shareholders of 125,341,369.33 RMB for 2018, with a cash dividend payout ratio of 35.62%[94] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares (before tax), totaling 44,647,615 yuan, which represents 100% of the profit distribution amount[95] - The total distributable profit for the period is 544,781,140.01 yuan, with the cash dividend accounting for the minimum required 20% of the profit distribution[95] Research and Development - Research and development expenses increased by 43.90% to CNY 6,407,410, driven by higher R&D costs at Donggang Thermal Power[47] - The number of R&D personnel increased by 66.94% to 207, representing 18.38% of the total workforce[66] - The proportion of R&D investment to operating income rose to 2.13%, up from 1.34% in the previous year[66] - The company aims to commercialize research and development outcomes by fostering innovation and collaborating with academic institutions to shorten R&D cycles[85] Environmental Initiatives - The company has established a daily waste processing capacity of 1,000 tons and a sludge disposal capacity of 7,000 tons, leading the domestic market in solid waste disposal[29] - The company is actively promoting a circular economy model combining solid waste disposal and energy conservation, aiming to become a leading enterprise in the environmental protection industry[32] - The implementation of the new Water Pollution Prevention Law is expected to boost the municipal sludge disposal market, with a target of 90% harmless treatment and disposal rate for sludge in cities by 2020[34] - The company emphasizes environmental protection and compliance with national regulations, implementing various pollution control measures to meet environmental standards[87] Market and Industry Outlook - The Chinese environmental protection industry is expected to see annual investments increase to around 2 trillion yuan during the 13th Five-Year Plan period, with total social investment in environmental protection projected to exceed 17 trillion yuan[30] - The market for waste resource recovery is expected to grow significantly due to the nationwide implementation of waste classification systems starting in 2019[32] - The government plans to reduce major pollutant emissions by 3% and improve ecological environment quality, which will further stimulate demand in the environmental protection sector[31] Corporate Governance - The company has established investor relations management systems to enhance communication with investors[126] - The board of directors consists of nine members, including three independent directors, complying with legal requirements[184] - The company has implemented a training plan to enhance employee skills across various operational aspects[180] - The company has established a comprehensive performance evaluation system for directors, supervisors, and senior management, ensuring transparency and compliance with relevant laws and regulations[185] Shareholder Information - The company completed a private placement of 97,750,000 shares at a price of RMB 8.00 per share, increasing total shares from 796,350,000 to 894,100,000[146] - Zhejiang Fuchunjiang Communication Group Co., Ltd. holds 33.85% of the shares, totaling 302,635,358 shares[150] - The top ten shareholders include new entrants such as Hangzhou Ruixi Jinlin Equity Investment Partnership with 3.86% (34,500,000 shares) and Hangzhou Jiaxi Investment Management Partnership with 3.22% (28,750,000 shares)[150] Risk Management - The company faces risks related to raw material price fluctuations, particularly in the coal industry, which could impact profitability; it plans to mitigate this through strategic purchasing and long-term supplier agreements[86] - The company is exposed to policy risks due to potential changes in environmental regulations, which could affect profit margins; it will closely monitor macroeconomic policies and enhance communication with local governments[86] Compliance and Internal Control - The audit committee reviewed the company's internal control systems and confirmed compliance with legal requirements, ensuring the adequacy of financial management practices[194] - The company reported zero significant internal control deficiencies in both financial and non-financial reporting during the evaluation period[199] - The internal control evaluation report was fully disclosed on April 29, 2019[199]

Revenue and Profit - The company's revenue for Q1 2019 was ¥713,894,794.35, representing an increase of 8.70% compared to ¥656,749,738.39 in the same period last year[9]. - Net profit attributable to shareholders decreased by 18.27% to ¥38,244,982.47 from ¥46,795,178.71 year-on-year[9]. - Basic and diluted earnings per share both fell by 33.33% to ¥0.04 from ¥0.06 in the same period last year[9]. - The company reported a net profit of CNY 632,205,143.71, up from CNY 544,781,140.01, reflecting an increase of about 16.0%[36]. - Net profit for the current period was ¥43,784,590.69, a decrease of approximately 18.19% from ¥53,482,015.72 in the previous period[39]. - The total comprehensive income for the current period was ¥43,784,590.69, down from ¥53,482,015.72, a decrease of approximately 18.19%[40]. Cash Flow - The net cash flow from operating activities surged by 338.92% to ¥87,685,915.20, compared to ¥19,977,669.65 in the previous year[9]. - The cash flow from operating activities was reported at ¥616,671,782.48, a decrease from ¥1,042,585,594.92 in the previous period[46]. - The net cash flow from operating activities for the first quarter was ¥39,310,106.32, an increase of 24% compared to ¥31,655,282.79 in the previous year[51]. - Total cash inflow from operating activities was ¥522,866,511.43, significantly higher than ¥231,810,191.81 in the same period last year[51]. - Cash outflow from operating activities totaled ¥483,556,405.11, compared to ¥200,154,909.02 in the previous year, indicating a substantial increase in operational expenses[51]. - The net cash flow from investing activities decreased by 193.60% to -282,703,938.54, primarily due to increased purchases of financial products by the parent company[17]. - The net cash flow from investing activities was -¥186,379,005.29, a decrease from -¥21,164,724.19 year-over-year, reflecting increased investment outflows[51]. - Cash inflow from financing activities was ¥200,000,000.00, up from ¥180,000,000.00 in the previous year, indicating a growth in financing efforts[52]. - The net cash flow from financing activities increased by 386.97% to 230,580,079.86, mainly due to an increase in cash flow from financing activities by the parent company[17]. - The net cash flow from financing activities was ¥13,002,992.36, down from ¥43,657,458.26 in the previous year, suggesting reduced net financing gains[52]. Assets and Liabilities - Total assets increased by 4.87% to ¥6,129,900,534.35 from ¥5,845,388,479.10 at the end of the previous year[9]. - Current liabilities rose to CNY 2,035,847,489.60, compared to CNY 1,761,180,107.40, marking an increase of about 15.5%[30]. - The total liabilities increased to CNY 2,103,394,205.74 from CNY 1,834,952,580.20, an increase of approximately 14.6%[30]. - The company's equity attributable to shareholders reached CNY 3,750,384,942.82, up from CNY 3,698,461,597.06, indicating an increase of about 1.4%[31]. - Total assets increased to CNY 6,129,900,534.35, up from CNY 5,845,388,479.10, representing a growth of approximately 4.86% year-over-year[29]. - Non-current assets totaled CNY 4,094,596,880.40, a slight decrease from CNY 4,124,948,714.50, reflecting a decline of approximately 0.73%[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,217[13]. - The largest shareholder, Zhejiang Fuchunjiang Communication Group Co., Ltd., holds 33.85% of the shares, totaling 302,635,358 shares[13]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[14]. - The company did not conduct any share buybacks during the reporting period[20]. Operating Costs and Expenses - Total operating costs amounted to ¥664,077,045.05, up from ¥593,998,796.18, reflecting a growth of about 11.76%[37]. - The company's operating profit decreased to ¥59,429,461.65 from ¥65,037,948.86, representing a decline of about 8.73%[39]. - Research and development expenses were reported at ¥12,872,493.79, slightly down from ¥13,864,859.19, indicating a decrease of about 7.15%[37]. - Financial expenses increased by 30.84% to 16,016,969.95, primarily due to an increase in the parent company's financial expenses[17]. - Operating tax and additional fees decreased by 39.46% to 2,609,858.82 compared to the same period last year, mainly due to a reduction in the parent company's operating tax[17]. Investment Income - Investment income surged by 680.83% to 8,314,181.82, mainly due to increased financial product returns from the parent company[17]. - Investment income significantly increased to ¥8,314,181.82 from ¥1,064,792.47, marking a growth of approximately 680.73%[37]. Other Financial Information - The company reported non-operating income and expenses totaling -¥780,584.37, primarily due to government subsidies and other income[10]. - Prepayments increased by 383.99% from the beginning of the period to 135,330,619.06, mainly due to the subsidiary's increased advance payments for raw materials[17]. - Other current assets rose by 61.87% to 557,701,338.93, primarily due to the parent company's purchase of trust financial products[17]. - Accounts payable and notes payable increased by 86.18% to 505,739,506.11, mainly due to the increase in notes payable by the parent company[17]. - Cash and cash equivalents decreased to CNY 404,519,084.54 from CNY 538,583,982.04, a decline of approximately 25%[33]. - Accounts receivable stood at CNY 79,291,749.97, compared to CNY 75,523,523.87, showing an increase of about 4.5%[33]. - Inventory increased to CNY 43,732,620.67 from CNY 31,636,061.71, representing a growth of approximately 38.2%[33]. - The company received ¥220,000,000.00 related to other investment activities, indicating ongoing investment strategies[48]. - The total cash inflow from investment activities was ¥50,375,486.93, with no cash recovered from investments in the previous year[51]. - The company did not conduct an audit for the first quarter report[53].