Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2021, representing a year-on-year growth of 20%[19]. - The company's operating revenue for the reporting period was CNY 1,172,553,873.87, a decrease of 3.43% compared to the same period last year[25]. - The net profit attributable to shareholders was CNY 78,302,190.21, down 46.51% year-on-year[25]. - The net profit after deducting non-recurring gains and losses was CNY 73,358,074.62, a decline of 49.80% compared to the previous year[25]. - The basic earnings per share for the reporting period was CNY 0.1055, a decrease of 46.53% from CNY 0.1973 in the same period last year[25]. - Total comprehensive income for the period was CNY 85,196,620.52, compared to CNY 147,796,247.15 in the previous period, reflecting a decrease of approximately 42.3%[182]. - The company reported a total profit for the period of CNY 276,676,048.38, compared to CNY 267,532,265.91 in the previous year, indicating a growth of approximately 3.6%[185]. - The company’s financial expenses rose by 30.28% to ¥73,211,477.75, primarily due to increased convertible bond interest expenses[44]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 31,465,560.54, an increase of 175.78% year-on-year[25]. - The company’s cash and cash equivalents decreased by ¥133,851,472.08, a decline of 174.85% compared to an increase of ¥178,819,823.06 in the previous year[44]. - The cash inflow from loans decreased to 701,195,444.44 in the first half of 2021 from 1,338,679,245.28 in the first half of 2020, indicating a reduction in borrowing activities[193]. - The total cash and cash equivalents at the end of the first half of 2021 stood at 177,031,785.26, compared to 139,097,616.89 at the end of the first half of 2020, indicating a positive cash position[193]. Market Expansion and Strategy - The company plans to expand its market presence by entering two new provinces, aiming for a 10% market share in these regions within the next year[19]. - A strategic acquisition of a local competitor is in progress, which is projected to enhance the company's operational capacity by 30%[19]. - The company aims to enhance its core competitiveness through refined management practices and the expansion of its biomass power generation capacity[40]. - The company is actively pursuing new biomass power generation projects, reflecting its commitment to renewable energy development[132]. Research and Development - The company has allocated 100 million RMB for research and development in new technologies for sustainable energy solutions[19]. - Research and development expenses were CNY 2,025,561.42, significantly lower than CNY 9,293,557.58 in the first half of 2020, indicating a reduction in R&D investment[179]. Environmental Compliance and Emissions - The company is classified as a key pollutant discharge unit by the environmental protection department[86]. - Total emissions of particulate matter from Changqing Environmental Protection reached 35.2152 tons, with a concentration of 6.4297 mg/m³, exceeding the standard by 3.412 tons[86]. - The company achieved a nitrogen oxides emission level of 28.31 mg/m³ at one facility, significantly lower than the 100 mg/m³ limit[89]. - The company is actively monitoring and managing emissions across multiple facilities, ensuring compliance with environmental regulations[89]. - The company has implemented emergency response plans for environmental incidents at all operational power plants, with the latest revisions completed in June 2021[93]. Risks and Challenges - The company faces potential risks related to regulatory changes and market competition, which are detailed in the risk management section of the report[4]. - The company faced challenges such as delayed subsidy payments, rising fuel costs, and increased environmental treatment costs during the reporting period[35]. - The company faces risks related to biomass fuel supply and price fluctuations, which may affect operational costs and project viability[72]. - The fluctuation in coal prices poses a risk to the company's centralized heating projects, with significant increases in coal prices impacting operational performance[74]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,352[147]. - The largest shareholder, He Qiqiang, holds 25.77% of the shares, totaling 191,213,800 shares, with 47,803,450 shares pledged[147]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[150]. Corporate Governance - The board of directors has confirmed that all members attended the meeting to discuss the report, ensuring comprehensive oversight[3]. - The company has established internal control systems to regulate derivative trading activities and mitigate investment risks[63].

Financial Performance - The company's operating revenue for Q1 2021 was ¥627,844,089.67, representing a 25.42% increase compared to ¥500,607,928.99 in the same period last year[7] - The net profit attributable to shareholders decreased by 7.63% to ¥48,680,943.61 from ¥52,703,433.35 year-on-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 13.73% to ¥44,411,023.49 compared to ¥51,481,675.37 in the previous year[7] - The company reported a total comprehensive income of CNY 53,984,455.42, compared to CNY 52,187,962.95 in the previous period[56] - The net profit for the first quarter reached CNY 30,176,092.91, a significant recovery from a net loss of CNY 2,564,751.06 in the previous year[58] - The company reported a total comprehensive income of CNY 30,176,092.91, recovering from a loss of CNY 2,564,751.06 in the same period last year[59] Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥8,471,056.55, a 107.98% increase from a negative cash flow of ¥106,149,624.32 in the same period last year[7] - Cash inflows from operating activities totaled CNY 623,926,759.92, an increase from CNY 487,884,234.55 in the prior year[62] - The net cash flow from operating activities was CNY 8,471,056.55, recovering from a negative cash flow of CNY -106,149,624.32 in the same quarter last year[62] - Cash outflows for investing activities amounted to CNY 469,841,136.39, compared to CNY 423,509,529.72 in the previous year[62] - The net cash flow from investing activities was CNY -459,334,683.07, worsening from CNY -423,504,127.70 in the prior year[62] - Cash inflows from financing activities were CNY 444,659,122.49, down from CNY 1,356,537,397.90 in the previous year[63] - The net cash flow from financing activities was CNY 287,694,985.21, a decrease from CNY 634,559,626.24 in the same quarter last year[63] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,052,794,850.51, down 2.95% from ¥9,328,133,393.72 at the end of the previous year[7] - The total liabilities decreased to ¥6,245,896,159.39 from ¥6,575,225,935.96, indicating a reduction of about 5%[47] - The company's total assets amounted to ¥9,052,794,850.51, a decrease from ¥9,328,133,393.72 at the end of 2020[45][48] - The company's cash and cash equivalents decreased to ¥318,431,209.04 from ¥479,949,850.35 at the end of 2020, representing a decline of approximately 33.6%[45] - The company's inventory decreased to ¥163,048,141.19 from ¥382,000,539.68, a decline of approximately 57.3%[45] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 21,460, with the top ten shareholders holding significant stakes[10] - The company did not engage in any repurchase transactions during the reporting period[11] - The company reported a total of ¥2,802,184,186.76 in equity attributable to shareholders as of March 31, 2021, compared to ¥2,748,183,074.13 at the end of 2020, reflecting an increase of approximately 2%[48] Investments and Financing - The company issued convertible bonds totaling 800 million yuan, with a net amount of 786.89 million yuan after deducting issuance costs[33] - The company completed the transfer of 100% equity of five subsidiaries related to gas appliance manufacturing for a total transaction price of 277.75 million yuan[26] - The company invested ¥9,224,033.82 in fundraising projects during the first quarter of 2021[36] Operational Changes - Operating costs increased by 36.69% compared to the previous period, mainly due to rising raw material (fuel) prices[18] - Research and development expenses decreased by 47.01% compared to the previous period, primarily due to the reduction in subsidiaries after asset sales[18] - The company reported a 300.35% increase in credit impairment losses compared to the previous period, due to increased provisions for bad debts[20] Accounting and Standards - The company did not undergo an audit for the first quarter report[68] - The company has not applied the new leasing standards for the first quarter of 2021[67]

Business Strategy and Focus - The company has shifted its main business focus from gas appliance manufacturing to a single focus on environmental thermal energy business[22]. - The company is undergoing a strategic adjustment by selling its gas appliance manufacturing business to concentrate resources on developing environmental thermal energy[114]. - The company plans to focus solely on its environmental thermal energy business after divesting its gas appliance manufacturing business, which accounted for 32.07% of total revenue in 2020, down from 61.96% in 2017[109]. - The company is committed to improving its internal incentive mechanisms and governance structures to attract talent and enhance operational management[111]. - The company plans to continue expanding its market presence and developing new technologies in the biomass energy sector[103]. Financial Performance - The company's operating revenue for 2020 was CNY 3,022,380,872.43, representing a 20.98% increase compared to CNY 2,498,156,448.97 in 2019[22]. - The net profit attributable to shareholders for 2020 was CNY 350,381,888.04, an increase of 18.69% from CNY 295,218,365.69 in 2019[22]. - The net cash flow from operating activities decreased by 53.52% to CNY 246,128,727.06 from CNY 529,589,425.97 in 2019[22]. - The total assets at the end of 2020 were CNY 9,328,133,393.72, a 34.32% increase from CNY 6,944,656,558.86 at the end of 2019[24]. - The basic earnings per share for 2020 were CNY 0.4723, reflecting an 18.70% increase from CNY 0.3979 in 2019[22]. Project Development and Operations - The company has successfully operated multiple biomass power generation projects, accumulating experience for future project replication[7]. - The company’s biomass cogeneration projects are expected to expand, with new projects in Tieling and Yongcheng having been put into operation, and several others entering trial operation, projected to be operational in 2021[34]. - The company is transitioning from simple power generation to biomass cogeneration, establishing a solid foundation for future growth[41]. - The company is actively pursuing new technology development in the biomass energy sector, enhancing its operational capabilities[165]. - The company has established over 1,100 biomass clean heating projects, covering more than 480 million square meters, with a heating capacity exceeding 20 billion gigajoules annually[105]. Environmental Compliance and Sustainability - The company is committed to environmental sustainability through the development of biomass energy projects and compliance with environmental regulations[194]. - The company has implemented pollution control facilities including SNCR technology for nitrogen oxide reduction, which is currently operating normally[189]. - The company is actively monitoring and managing its emissions to ensure compliance with environmental regulations[189]. - The company has received environmental impact assessment approvals for its projects, including the Lixian Combined Heat and Power Project[190]. - The company’s emissions of smoke dust were recorded at 10.54 mg/m³, which is below the regulatory limit of 30 mg/m³, with a total emission of 11.2 tons[188]. Risk Management - The company acknowledges risks related to the economic conditions of downstream customers in its centralized heating and biomass CHP projects, which could adversely affect operational performance[10]. - New regulations linking environmental violations to subsidy payments pose a risk to the company's biomass power generation projects[8]. - The company faces risks from rising labor costs and is actively implementing technological upgrades and automation in production processes[10]. - The company plans to mitigate risks associated with biomass fuel supply and price fluctuations by selecting regions with more reliable fuel supply before new projects are constructed[7]. - The company has established a pricing adjustment mechanism in supply agreements to counteract potential cost pressures from coal price fluctuations in its industrial park heating projects[8]. Shareholder and Dividend Information - The profit distribution plan approved by the board is to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) to all shareholders, based on a total share capital of 741,895,452 shares[10]. - The cash dividend distribution for 2020 was set at 2.00 RMB per 10 shares, totaling 148,379,090.40 RMB, which represents 42.35% of the net profit attributable to ordinary shareholders[124][127]. - The company has committed to a minimum cash dividend of 20% of the distributable profit in the absence of significant investment plans or major cash expenditures[132]. - The total distributable profit as of December 31, 2020, is 457,419,783.16 yuan, after accounting for a net profit of 350,381,888.04 yuan attributable to the parent company[128]. - The company will submit the profit distribution proposal to the shareholders' meeting for approval[129]. Social Responsibility and Community Engagement - The company invested CNY 247.92 million in charitable activities, including educational support and environmental initiatives, enhancing its public image and social responsibility[175]. - The company has invested a total of 68.16 million yuan in poverty alleviation efforts during the reporting period[178]. - A total of 33 registered impoverished individuals were helped to escape poverty through various initiatives[178]. - The company aims to assist local farmers in improving their living conditions through technical training and employment opportunities[183]. - The company has established a dedicated poverty alleviation team to oversee procurement of agricultural products from local impoverished households[177]. Legal and Regulatory Matters - The company has no significant litigation or arbitration matters during the reporting period[144]. - The company faced a fine of 100,000 yuan for exceeding the nitrogen oxide emission limits, with no significant impact on operations[197]. - The company reported a total of 12 environmental penalties, including a 210,000 yuan fine for wastewater discharge violations, which have been rectified[197]. - The company has implemented measures to enhance monitoring and management of environmental compliance, including regular inspections and staff training[197]. - The company has signed contracts with third parties for environmental monitoring, ensuring adherence to regulatory requirements[196].

Financial Performance - Net profit attributable to shareholders increased by 19.16% to CNY 116,533,305.09 for the reporting period[7] - Operating revenue for the reporting period was CNY 891,724,675.56, reflecting an increase of 11.89% year-on-year[7] - Basic earnings per share rose by 19.20% to CNY 0.1571 for the reporting period[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 114,714,283.21, up by 19.44% year-on-year[7] - The company reported a significant increase in financial expenses, totaling CNY 34,491,972.47, compared to CNY 15,645,793.88 in the previous period[47] - Net profit for the period was CNY 117,041,117.69, compared to CNY 99,919,956.72 in the same period last year, reflecting a growth of approximately 17.1%[48] - The company achieved a total comprehensive income of ¥265,152,986.73, up from ¥192,795,659.79, reflecting a growth of 37.5%[57] Assets and Liabilities - Total assets increased by 24.32% to CNY 8,633,534,377.17 compared to the end of the previous year[7] - The total net assets attributable to shareholders increased by 10.18% to CNY 2,653,965,484.42 compared to the end of the previous year[7] - Total liabilities increased to CNY 5,974,678,097.40, up from CNY 4,517,099,630.82, indicating a rise of around 32.4%[40] - Long-term borrowings surged to CNY 3,861,196,261.30 from CNY 1,757,707,974.98, representing an increase of approximately 119.9%[40] - The company's equity attributable to shareholders rose to CNY 2,653,965,484.42, compared to CNY 2,408,647,746.44 at the end of 2019, an increase of about 10.2%[41] Cash Flow - The net cash flow from operating activities was CNY 183,078,129.53, up by 3.45% compared to the same period last year[7] - The company's cash flow from operating activities decreased by 63.67 million RMB, primarily due to the pending settlement of subsidy payments for biomass power plants[21] - The net cash flow from investing activities decreased by 478.78 million RMB, mainly due to increased investments in environmental protection projects[21] - The net cash flow from financing activities increased by 757.10 million RMB, primarily due to the issuance of convertible bonds[21] - The company's cash and cash equivalents increased by 214.65 million RMB, mainly due to the increase in net cash flow from financing activities[21] Investments and Projects - The company acquired a 49% stake in Baoding Zhuopu New Energy Technology Co., Ltd. for 20 million RMB, making Changqing Heating a wholly-owned subsidiary[18] - The company has utilized CNY 767,341,750.43 from the proceeds of its convertible bond issuance, with CNY 463,796,671.32 used to replace self-funded investments and CNY 303,545,079.11 invested in new projects during the reporting period[27] - The company has completed the main construction of the Lixian cogeneration project and is currently in the commissioning phase[28] - The company reported that new biomass projects and increased scale of centralized heating projects have contributed positively to its performance[29] Market and Future Outlook - The company expects a cumulative net profit for the year to be between CNY 33,950.12 million and CNY 41,330.58 million, representing a growth of 15.00% to 40.00% compared to the previous year[29] - Basic earnings per share are projected to be between CNY 0.4576 and CNY 0.5571, reflecting an increase of 15.00% to 40.00% year-over-year[29] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[48] Risk Management - The company has established a risk control system for foreign exchange forward contracts to mitigate the impact of exchange rate fluctuations on its profits[26] - The company’s revenue from external sales is primarily settled in USD and EUR, indicating a focus on international markets[26] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[32]

Corporate Governance - The company reported a plan not to distribute cash dividends, issue bonus shares, or increase capital from reserves[5] - All board members attended the meeting to review the report, ensuring accountability for its content[3] - The company has not made any changes to its information disclosure practices during the reporting period[18] - The company’s legal representative is He Qiqiang[15] - The company held its first extraordinary shareholders' meeting on January 3, 2020, with an investor participation rate of 62.70%[95] - The annual shareholders' meeting for 2019 took place on May 19, 2020, with a participation rate of 62.68%[95] - There were no commitments from actual controllers, shareholders, or related parties that were not fulfilled during the reporting period[97] - The semi-annual financial report was not audited[98] - There were no major litigation or arbitration matters reported during the period[101] - The company did not experience any penalties or rectification situations during the reporting period[103] - There were no stock incentive plans or employee stock ownership plans implemented during the reporting period[104] - The company did not engage in any significant related party transactions during the reporting period[105] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[161] - The company has not conducted any repurchase transactions among its top 10 shareholders during the reporting period[160] Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,214,138,707.79, representing a 22.39% increase compared to CNY 992,015,397.00 in the same period last year[19] - Net profit attributable to shareholders was CNY 146,389,922.92, a 53.07% increase from CNY 95,632,843.95 year-on-year[19] - The net profit after deducting non-recurring gains and losses was CNY 146,138,933.67, up 61.51% from CNY 90,481,114.32 in the previous year[19] - The company's total assets increased by 16.13% to CNY 8,065,066,844.96 from CNY 6,944,656,558.86 at the end of the previous year[19] - The basic earnings per share increased to CNY 0.1973, a rise of 53.06% compared to CNY 0.1289 in the same period last year[19] - The weighted average return on net assets increased by 1.49 percentage points to 5.91% from 4.42% year-on-year[19] - The net cash flow from operating activities was negative at CNY -41,524,164.02, a decline of 246.98% compared to CNY 28,251,626.98 in the previous year[19] - Operating profit increased by 45.88% to 19,347.99 million CNY, while total profit rose by 44.23% to 19,131.42 million CNY[47] - Net profit attributable to shareholders reached 14,638.99 million CNY, marking a 53.07% increase compared to the previous year[47] - Total assets at the end of the reporting period amounted to 806,506.68 million CNY, up 16.13% from the beginning of the period[48] - The company's equity attributable to shareholders increased by 5.60% to 254,343.29 million CNY[48] Operational Highlights - The company continues to focus on the environmental thermal energy business, including waste-to-energy and biomass power generation, which are in a growth stage with no significant seasonality[27][28][30] - The number of signed, constructed, and operational environmental thermal energy projects reached 34, with 10 projects currently operational and 11 in trial operation or under construction[30] - The company achieved the highest power generation efficiency in the biomass power generation sector for four consecutive years from 2016 to 2019, according to the China Biomass Power Generation Industry Development Report[30] - The environmental industry reported revenue of 920.80 million yuan, a year-on-year increase of 53.70%, primarily due to the launch of new biomass projects and the expansion of centralized heating projects[49] - The manufacturing sector experienced a revenue decline of 25.34%, with total revenue of 293.33 million yuan, impacted by the COVID-19 pandemic and trade tensions[51] - The company is actively developing new products and technologies, leveraging e-commerce platforms to mitigate the impact of the pandemic on sales[52] - The company aims to complete all ongoing construction projects by the end of 2020, which are expected to create new performance growth points[49] Investment and Financing - The company successfully issued 800 million yuan in convertible bonds during the reporting period, providing strong financial support for project construction[49] - The cash flow from financing activities increased by 206.02%, reaching 1,064.37 million yuan, mainly due to the issuance of convertible bonds[54] - The total amount of funds raised through convertible bonds was ¥800,000,000, with a net amount of ¥786,887,472.03 after deducting issuance costs[72] - The company has invested ¥15,010,000 in new equity investments during the reporting period, with a total expected return of ¥5,000,000[65] - The company has pledged cash and fixed assets totaling ¥303,031,597.21 and ¥172,146,237.46 respectively for financing purposes[60] Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities, with specific emissions data reported[130] - The company reported a total particulate matter emission concentration of 4.50 mg/m³, which is below the standard limit of 20 mg/m³[130] - The company’s sulfur dioxide emissions were recorded at 18.15 mg/m³, exceeding the standard limit of 80 mg/m³[130] - The company has a nitrogen oxide emission concentration of 171.16 mg/m³, which is below the standard limit of 250 mg/m³[130] - The company is actively involved in environmental responsibility, addressing major pollution issues as a priority[130] - The company has implemented advanced pollution control technologies, including SNCR and bag filter systems, which are currently operating normally across various subsidiaries[134] - The company is committed to continuous improvement in environmental performance and is exploring further market expansion opportunities in the renewable energy sector[134] Community Engagement - The company has invested a total of 43.02 million yuan in poverty alleviation efforts, including 5.38 million yuan specifically for disabled individuals[142] - The company has established long-term cooperative relationships with impoverished households for the collection of straw, ensuring priority purchase of qualifying straw to increase farmers' income[143] - The company plans to continue providing holiday gifts to local impoverished individuals, including the elderly and disabled, as part of its community support initiatives[144] - The company has committed to quarterly inspections of its environmental monitoring plans, ensuring compliance with local regulations[140] - The company has reported ongoing efforts to enhance the awareness of straw economy among local farmers through professional guidance in storage and transportation[141] Shareholder Information - The total number of shares remained unchanged at 741,883,144, with limited sale condition shares increasing from 282,476,100 to 286,056,100[151] - The proportion of limited sale condition shares increased from 38.08% to 38.56% following the change in share conditions due to the resignation of a senior executive[151] - Major shareholders include He Qiqiang with 25.77% and Mai Zhenghui with 23.06% of shares, both of whom have pledged portions of their holdings[158] - The company’s stock structure includes 38.56% of shares under limited sale conditions and 61.44% under unrestricted conditions as of the latest report[151] - The credit rating for the company's convertible bonds remains at "AA" with a stable outlook, unchanged from the previous year[171]

Financial Performance - The company's operating revenue for Q1 2020 was CNY 500,607,928.99, representing a 2.69% increase compared to CNY 487,484,465.37 in the same period last year[7]. - The net profit attributable to shareholders for Q1 2020 was CNY 52,703,433.35, up 9.72% from CNY 48,036,661.99 in the previous year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 51,481,675.37, an increase of 8.21% from CNY 47,573,577.97 year-on-year[7]. - Net profit for Q1 2020 reached CNY 53.83 million, an increase of 12.5% from CNY 48.04 million in Q1 2019[40]. - Basic and diluted earnings per share for Q1 2020 were both CNY 0.0710, up from CNY 0.0647 in the same period last year[41]. - The company reported a total comprehensive income of CNY 52.19 million for Q1 2020, compared to CNY 49.42 million in Q1 2019[41]. Cash Flow - The net cash flow from operating activities was negative CNY 106,149,624.32, a decline of 111.47% compared to negative CNY 50,195,032.62 in the same period last year[7]. - The net cash flow from operating activities decreased by CNY 55.95 million, mainly due to delays in biomass subsidy electricity payments[15]. - Cash inflows from operating activities totaled CNY 487.88 million in Q1 2020, an increase from CNY 418.77 million in Q1 2019[47]. - The net cash flow from operating activities was -106,149,624.32 CNY, compared to -50,195,032.62 CNY in the previous period, indicating a decline in operational cash generation[48]. - The company reported a significant increase in cash received from operating activities, totaling 1,300,583,885.45 CNY, compared to 339,124,068.53 CNY in the previous period[51]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 7,375,022,111.18, reflecting a 6.20% increase from CNY 6,944,656,558.86 at the end of the previous year[7]. - Total liabilities rose to CNY 4,895,277,220.19, compared to CNY 4,517,099,630.82, indicating an increase of about 8.4%[32]. - The company's total equity reached CNY 2,479,744,890.99, up from CNY 2,427,556,928.04, reflecting a growth of approximately 2.2%[33]. - Long-term borrowings increased by 50.21% compared to the beginning of the period, primarily for project investments[15]. - Short-term borrowings decreased to CNY 717,279,914.22 from CNY 947,580,982.79, a reduction of approximately 24.3%[32]. Investment Activities - The net cash flow from investing activities decreased by CNY 311.41 million, primarily due to increased payments for projects and equipment[15]. - The cash outflow for investment activities was 423,509,529.72 CNY, compared to 112,274,513.97 CNY in the previous period, showing a substantial increase in investment expenditures[48]. - The company incurred a net cash outflow from investment activities of -423,504,127.70 CNY, compared to -112,098,017.69 CNY previously, reflecting a higher investment burden[48]. Financing Activities - The net cash flow from financing activities increased by CNY 624.68 million, mainly due to new borrowings during the period[15]. - The cash flow from financing activities included a significant borrowing of 1,356,537,397.90 CNY, compared to 283,382,177.99 CNY in the previous period, indicating increased leverage[49]. - The company paid 683,413,956.94 CNY in debt repayments, which was significantly higher than 250,919,002.65 CNY in the previous period, reflecting a focus on debt management[49]. Operational Highlights - The company completed a 72+24 hour trial operation of the Tieling biomass cogeneration project, which is expected to meet long-term stable operation conditions[14]. - Accounts receivable decreased by 45.51% compared to the beginning of the period, mainly due to a reduction in commercial acceptance bill settlements[15]. - Accounts payable increased by 56.54% compared to the beginning of the period, primarily due to an increase in bill settlement activities[15]. - Prepayments increased by 109.82% compared to the beginning of the period, attributed to an increase in operational prepayments[15]. - The company did not report any new product launches or technological advancements during this period, focusing instead on financial restructuring and cash flow management[54].

Financial Performance - In 2019, the company achieved its highest sales revenue and net profit since its listing, with annualized utilization hours of over 8000 for operational projects[2]. - The company's operating revenue for 2019 was CNY 2,498,156,448.97, representing a 24.46% increase compared to CNY 2,007,166,379.24 in 2018[28]. - The net profit attributable to shareholders for 2019 was CNY 295,218,365.69, a significant increase of 76.98% from CNY 166,812,740.54 in 2018[28]. - The net profit after deducting non-recurring gains and losses was CNY 282,671,016.94, which is a 104.10% increase compared to CNY 138,495,829.28 in 2018[28]. - The company's total assets at the end of 2019 reached CNY 6,944,656,558.86, marking a 38.67% increase from CNY 5,008,191,026.53 at the end of 2018[28]. - The basic earnings per share for 2019 was CNY 0.3979, up 76.92% from CNY 0.2249 in 2018[28]. - The net cash flow from operating activities for 2019 was CNY 529,589,425.97, a decrease of 24.34% from CNY 699,991,829.27 in 2018[28]. - The company reported a total operating revenue of CNY 249,815.64 million in 2019, representing a year-on-year growth of 24.46%[57]. - The net profit attributable to shareholders reached CNY 29,521.84 million, an increase of 76.98% compared to the previous year[57]. - The environmental business segment generated revenue of CNY 149,512.61 million, up 61.47% year-on-year, primarily due to increased performance in the centralized heating sector and new project launches[58]. - The manufacturing segment's revenue was CNY 100,303.04 million, a decrease of 7.23% from the previous year, impacted by trade barriers and geopolitical tensions[60]. Project Development and Operations - The company expects to see new growth points in 2020 as five delayed projects are set to commence operations soon[3]. - The company plans to complete the construction and commissioning of multiple biomass power projects this year, enhancing its competitive position in the industry[4]. - The company has invested in multiple biomass power generation projects, accumulating replication experience, but risks remain if the commissioning process exceeds expectations or fails to reach production targets[14]. - The company plans to mitigate risks related to biomass fuel supply by conducting market research and selecting regions with more reliable fuel supply before new projects are established[14]. - The company is currently executing agreements for multiple biomass power generation projects, with capacities ranging from 23,000 to 55,000 units[158][159][160]. - The biomass power generation project in Hebei Province has a capacity of 53,000 units and is in the construction phase[158]. - The biomass power generation project in Hunan Province has a capacity of 26,000 units and is in the preparation stage[158]. - The biomass power generation project in Jiangsu Province has a capacity of 27,000 units and is currently under construction[158]. - The biomass power generation project in Shandong Province has a capacity of 27,000 units and is in the execution phase[158]. - The biomass power generation project in Liaoning Province has a capacity of 51,000 units and is in the construction phase[159]. - The biomass power generation project in Henan Province has a capacity of 50,000 units and is currently under construction[159]. - The company has several projects in various stages, including construction and preparation, indicating ongoing market expansion efforts[158][159]. - The company is focused on biomass energy projects, reflecting a strategic shift towards renewable energy sources[158][159]. Financial Strategies and Investments - The company issued 800 million yuan in convertible bonds, strengthening its financial position and supporting future growth[6]. - The company has established a product testing center recognized by CSA in both China and North America, enhancing its international market competitiveness[52]. - The company has invested in a gas appliance production base in Vietnam to mitigate international trade risks and expand its global market presence[60]. - The company plans to optimize its business mechanisms and continue to enhance its competitive strength in the environmental industry in 2020[61]. - The company plans to increase the proportion of non-subsidy income in biomass power generation projects by attracting heat-using enterprises to settle nearby[106]. - The company has a total distributable profit of 268,448,564.53 yuan as of December 31, 2019[118]. - The company aims to improve its information management through the establishment of a real-time and precise data analysis platform[109]. - The company will focus on training and developing young talents to strengthen its human resources strategy[109]. Environmental and Social Responsibility - The company has actively participated in social responsibility initiatives, donating a total of 4.3818 million yuan to educational and environmental causes during the reporting period[175]. - The company has implemented a targeted poverty alleviation plan, focusing on providing stable income sources for impoverished households through the collection and utilization of agricultural waste[176]. - The company has established a long-term cooperative relationship with impoverished households for the collection of straw, ensuring priority purchase of quality fuel materials from them[182]. - The company has committed to a profit distribution plan ensuring that at least 20% of the distributable profits will be allocated for cash dividends to shareholders from 2017 to 2021[172]. - The company is classified as a key pollutant discharge unit by the environmental protection department[183]. - The total emissions of particulate matter from Changqing Environmental Protection reached 35.648 tons per year, with a discharge concentration of 5.88 mg/Nm3, below the standard of 20 mg/Nm3[183]. - The company has implemented pollution control measures to ensure compliance with environmental standards[183]. - The company is committed to improving its environmental performance and reducing emissions in line with regulatory requirements[183]. Risk Management and Compliance - The company has successfully avoided financial risks associated with subsidy delays by controlling the pace of biomass power project construction[3]. - The company faces risks from delayed subsidy payments for renewable energy projects due to an increasing funding gap in the national renewable energy development fund[15]. - The company acknowledges that the economic conditions of downstream clients in centralized heating and biomass power generation projects can significantly impact operational performance[16]. - The company is aware of potential risks from slow progress in project approvals and regional restrictions on coal usage that could affect project performance[16]. - The company has implemented strict measures to ensure that no unfair benefits are transferred to other entities or individuals, protecting shareholder interests[125]. - The company has a commitment to ensure that all public disclosures are free from false statements or significant omissions, maintaining investor trust[123]. - The company has established self-monitoring schemes for environmental compliance, with the latest versions of these schemes being executed from December 1, 2019[189]. Corporate Governance - The company has not conducted any investor communications or interviews during the reporting period[111]. - The company will not conduct capital reserve transfers or stock dividends in the current period[119]. - The company’s board of directors can propose mid-term cash dividends based on the company's profitability and funding needs, subject to shareholder approval[125]. - The company has established a share transfer limit for its directors and senior management, restricting annual transfers to no more than 25% of their total shareholdings during their tenure[121]. - The company has committed to not using its assets for unrelated investments or consumption activities, ensuring responsible management of resources[125]. - The company has made changes to its accounting policies and estimates, which were approved and did not significantly affect the financial statements[128]. - The domestic accounting firm engaged for auditing services is Zhonghua CPA, with a fee of 1.3 million yuan and 12 years of continuous service[134].

Financial Performance - Operating revenue for the reporting period reached CNY 796,944,637.34, a year-on-year increase of 26.31%[7] - Net profit attributable to shareholders increased by 47.85% to CNY 97,799,339.60 for the reporting period[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 45.54% to CNY 96,042,713.33[7] - Basic earnings per share increased by 47.76% to CNY 0.1318[7] - The company reported a net profit of CNY 288,823,512.98 for the period, compared to CNY 116,737,520.74 in the previous year, showing a substantial increase[37] - Net profit for the current period was ¥99,919,956.72, compared to ¥64,964,000.08 in the previous period, reflecting an increase of approximately 54%[40] - The company reported a total profit of ¥133,889,462.78, which is an increase from ¥87,221,807.41 in the previous period, representing a growth of about 53.5%[40] - Net profit for the period was ¥195,537,871.42, representing a significant increase of 106.67% from ¥94,940,896.26 in the same period last year[48] - The total profit for the period was ¥266,533,582.86, which is a 118.00% increase from ¥122,280,202.22 in the previous period[48] Assets and Liabilities - Total assets increased by 23.06% to CNY 6,163,013,887.85 compared to the end of the previous year[7] - Non-current assets totaled CNY 4,880,710,522.87, an increase of 27% compared to CNY 3,848,179,775.65 from the previous year[30] - Current liabilities rose to CNY 1,984,581,265.99, compared to CNY 1,737,405,608.89, reflecting an increase of about 14.2%[31] - Long-term borrowings increased significantly to CNY 1,793,520,015.00 from CNY 1,037,602,850.15, marking a growth of approximately 72.9%[31] - The total liabilities amounted to CNY 3,845,435,064.32, up from CNY 2,893,207,862.79, reflecting a growth of approximately 33%[31] - Owner's equity reached CNY 2,317,578,823.53, up from CNY 2,114,983,163.74, indicating an increase of about 9.6%[32] Cash Flow - Cash flow from operating activities decreased by 69.78% to CNY 176,970,494.16[7] - The company reported a total cash flow from operating activities of ¥1,674,892,929.89, compared to ¥1,791,177,725.83 in the previous period[55] - Operating cash inflow for Q3 2019 was CNY 1,787,301,369.05, a decrease from CNY 1,909,089,188.68 in Q3 2018, reflecting a decline of approximately 6.4%[56] - Net cash outflow from operating activities was CNY 205,222,121.14, significantly lower than CNY 490,501,206.19 in the previous year, indicating a decrease of about 58%[56] - Financing activities generated a net cash inflow of CNY 693,158,826.56, up from CNY 510,234,988.49 in the same period last year, representing an increase of about 36%[57] Shareholder Information - The total number of shareholders at the end of the reporting period was 25,508[11] - The top shareholder, He Qiqiang, holds 25.77% of the shares, amounting to 191,213,800 shares[11] Research and Development - Research and development expenses increased by 36.12% compared to the previous period, primarily due to increased investment in R&D[15] - Research and development expenses rose to ¥4,941,871.87 from ¥3,732,698.98, an increase of approximately 32.4%[39] - Research and development expenses increased to ¥14,229,894.49, up from ¥10,453,901.57, marking a rise of 36.00%[46] Non-Recurring Gains and Losses - The company reported a total of CNY 6,908,355.90 in non-recurring gains and losses for the year-to-date[8] - The company incurred interest expenses of ¥20,267,647.27, which increased from ¥15,123,532.93 in the previous period, representing a rise of about 34.5%[39] - Other comprehensive income after tax for the current period was -¥2,512,868.73, compared to -¥1,994,675.66 in the previous period[41] - The company reported a total comprehensive income of ¥97,407,087.99, up from ¥62,969,324.42 in the previous period, reflecting an increase of approximately 54.7%[41]

Financial Performance - The company's operating revenue for the reporting period was CNY 992,015,397, representing a 17.13% increase compared to CNY 846,959,556.94 in the same period last year[18]. - The net profit attributable to shareholders of the listed company reached CNY 95,632,843.95, a significant increase of 208.25% from CNY 31,024,083.35 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 90,481,114.32, up 391.43% from CNY 18,411,837.52 in the same period last year[18]. - Basic earnings per share increased to CNY 0.1289, up 208.37% from CNY 0.0418 in the same period last year[18]. - Operating profit increased by 248.59% to CNY 132.63 million, while total profit rose by 278.35% to CNY 132.64 million[47]. - The company's net profit for the first half of 2019 was not explicitly stated, but the increase in retained earnings was CNY 289,594,078.71, compared to CNY 116,737,520.74 in the previous year[158]. - The net profit for the first half of 2019 was CNY 95,617,914.70, a significant increase of 219.4% compared to CNY 29,976,896.18 in the same period of 2018[161]. - The total comprehensive income for the first half of 2019 was CNY 95,388,571.80, compared to CNY 29,300,420.63 in the previous year, indicating a growth of 225.5%[162]. Cash Flow and Assets - The net cash flow from operating activities was CNY 28,251,626.98, a recovery from a negative cash flow of CNY -95,177,814.37 in the previous year[18]. - Cash and cash equivalents decreased to CNY 207.91 million, accounting for 3.78% of total assets, down from 5.30%[59]. - Accounts receivable decreased to CNY 405.42 million, representing 7.36% of total assets, down from 11.85%[59]. - Fixed assets decreased to CNY 1.71 billion, making up 31.06% of total assets, down from 37.08%[59]. - The total assets at the end of the reporting period were CNY 5,504,920,074.90, reflecting a 9.92% increase from CNY 5,008,191,026.53 at the end of the previous year[18]. - Current assets totaled RMB 1,301,667,935.97, up from RMB 1,160,011,250.88 at the end of 2018, indicating a growth of approximately 12.2%[150]. - Cash and cash equivalents at the end of the period decreased to CNY 168,034,777.24 from CNY 213,010,862.02 at the end of the previous year[169]. Investments and Projects - The company operates 43 environmental thermal energy projects across the country, with 6 in operation, 14 in trial operation or under construction, and 23 signed for future construction[30]. - The company has ongoing investments in multiple biomass power generation projects, with varying completion percentages[70]. - The company has initiated several new biomass cogeneration projects in 2019, including locations such as Xinye and Yanjin, which are expected to contribute significantly to future revenue[48]. - The company is actively pursuing new biomass energy projects, with approvals obtained for projects in various counties, including Nanyang and Zhoukou[108]. - The company is currently in the construction phase for multiple biomass cogeneration projects, with agreement pricing for the Henan Province Fangcheng County project set at CNY 32 million[109]. Market and Sales - Domestic sales accounted for 71.50% of total revenue, increasing by 50.19% year-on-year, while international sales decreased by 24.55% to 28.50% of total revenue[55]. - The company exports gas appliances to over 30 countries, with a comprehensive product line including gas water heaters, stoves, and heaters[39]. - Revenue from outdoor and heating products reached CNY 248.20 million, a year-on-year increase of 23.86%[57]. - Revenue from kitchen appliances and valve products was CNY 144.71 million, reflecting a 27.50% increase year-on-year[57]. Research and Development - The company holds 174 patents as of June 2019, reflecting its strong commitment to research and development[44]. - The company’s R&D investment was RMB 13.94 million, a slight increase of 1.62% compared to the previous year, indicating a focus on innovation[53]. - Research and development expenses increased to CNY 9,288,022.62, up from CNY 6,721,202.59, reflecting a growth of 38.5%[160]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, with specific emissions data reported[113]. - The company reported a total emission of 3.291 tons of particulate matter, which is below the regulatory limit of 35.648 tons[113]. - The company’s sulfur dioxide emissions were recorded at 14.961 tons, which is compliant with the regulatory limit of 90.03 tons[113]. - The nitrogen oxides emissions were reported at 103.864 tons, exceeding the regulatory limit of 467.84 tons, indicating a need for further compliance measures[113]. - The company has implemented environmental self-monitoring plans for all operational power plants since January 1, 2019, ensuring compliance with regulatory standards[120]. Risks and Challenges - The company faces risks related to international market uncertainties, exchange rate fluctuations, and raw material price volatility[76]. - The company is addressing the challenges of biomass fuel supply and pricing volatility due to increased competition from similar projects in the vicinity[77]. - The company faces risks related to the delayed settlement of subsidy electricity prices for biomass projects, which typically take two years post-production to be included in the subsidy directory[78]. - The performance of cogeneration projects is directly influenced by the economic conditions of user industries, which may lead to reduced steam supply and longer payment cycles[79]. Corporate Governance and Shareholder Relations - The company has committed to fulfilling its promises to shareholders, including share restrictions and equity incentives, which have been executed as planned[85]. - The company has not distributed cash dividends or bonus shares for the half-year period, indicating a focus on reinvestment[83]. - The company did not implement any stock incentive plans or employee shareholding plans during the reporting period[94]. - The company has a total of 10,000 million yuan in guarantees related to Ning'an Environmental Protection, with actual amounts of 2,236 million yuan and 2,250 million yuan respectively[97].

Financial Performance - The company's operating revenue for Q1 2019 was ¥487,484,465.37, representing a 17.33% increase compared to ¥415,471,929.59 in the same period last year[7]. - Net profit attributable to shareholders increased by 138.19% to ¥48,036,661.99 from ¥20,167,187.28 year-on-year[7]. - The net profit after deducting non-recurring gains and losses surged by 287.23% to ¥47,573,577.97, compared to ¥12,285,552.57 in the previous year[7]. - The basic earnings per share rose by 118.58% to ¥0.0647 from ¥0.0296 in the same period last year[7]. - Operating profit and net profit increased by 159.94% and 138.19% respectively compared to the previous period, driven by improved performance in the centralized heating sector and reduced bad debt provisions for biomass electricity subsidies[14]. - Total comprehensive income for the current period was ¥49,424,493.34, compared to ¥21,976,589.33 in the previous period, an increase of 125.5%[39]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,982,709,971.71, a slight decrease of 0.51% from ¥5,008,191,026.53 at the end of the previous year[7]. - Current liabilities decreased to CNY 1,623,092,402.89 from CNY 1,737,405,608.89, representing a reduction of about 6.58%[29]. - Non-current liabilities increased to CNY 1,190,209,911.74 from CNY 1,155,802,253.90, an increase of approximately 2.97%[29]. - Total liabilities decreased to CNY 2,813,302,314.63 from CNY 2,893,207,862.79, a decline of about 2.77%[29]. - Owner's equity increased to CNY 2,169,407,657.08 from CNY 2,114,983,163.74, reflecting a growth of approximately 2.57%[30]. Cash Flow - The net cash flow from operating activities improved by 32.83%, reaching -¥50,195,032.62 compared to -¥74,732,678.40 in the same period last year[7]. - The net cash flow from operating activities was -50,195,032.62 CNY, an improvement from -74,732,678.40 CNY in the previous period, indicating a reduction in cash outflow[46]. - The net cash flow from investing activities increased by 93.18 million yuan compared to the previous period, primarily due to reduced payments for projects and equipment[14]. - The net cash flow from financing activities decreased by 519.79 million yuan compared to the previous period, mainly due to a reduction in new borrowings[14]. - The ending balance of cash and cash equivalents was 139,377,881.22 CNY, down from 343,375,382.00 CNY in the previous period[47]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 27,086[10]. - The top shareholder, He Qiqiang, holds 25.77% of the shares, with 191,213,800 shares, of which 143,410,350 are pledged[10]. - The company completed the lifting of restrictions on 23,536,000 shares from its 2016 private placement, representing 3.1725% of the total share capital[17]. Research and Development - Research and development expenses increased by 43.65% compared to the previous period, attributed to higher R&D investments[14]. - Research and development expenses increased to ¥4,347,044.02 from ¥3,026,144.51, marking a rise of 43.5%[36]. Future Outlook - The company expects net profit for the first half of 2019 to increase by over 50% year-on-year, with an estimated range of 93.07 million to 108.58 million yuan[20]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[38].