Financial Performance - The company's revenue for Q3 2021 was ¥187,549,034.05, a decrease of 67.49% compared to the same period last year[3] - The net profit attributable to shareholders was -¥19,841,846.63, representing a decline of 223.78% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥20,177,536.38, down 296.02% from the previous year[3] - The basic earnings per share for Q3 2021 was -¥0.0516, a decrease of 222.57% year-on-year[3] - The company's net loss for the period was CNY 14,683,015.97, compared to a profit of CNY 28,593,148.95 in the previous year[17] - The net loss for the third quarter was CNY 28.03 million, compared to a net profit of CNY 24.34 million in the previous year, indicating a significant decline in profitability[22] - The total comprehensive income for the quarter was a loss of CNY 27.95 million, contrasting with a comprehensive income of CNY 24.26 million in the same period last year[22] Cash Flow and Liquidity - The operating cash flow for the year-to-date was -¥84,538,842.45, an increase of 52.43% compared to the same period last year[3] - Cash received from sales and services decreased by 45.89% to CNY 833.93 million, influenced by the previous year's trading business collections[8] - The cash flow from operating activities showed a net outflow of CNY 84.54 million, an improvement from a net outflow of CNY 177.71 million in the same period last year[23] - The company incurred a 59.87% decrease in cash received from borrowings, totaling CNY 238.98 million, due to the absence of trading business-related borrowings[8] - The financing activities resulted in a net cash outflow of CNY 64.77 million, compared to a net inflow of CNY 15.25 million in the same period last year[23] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥1,551,310,766.64, a decrease of 4.23% from the end of the previous year[3] - Total assets decreased to CNY 1,551,310,766.64 from CNY 1,619,800,774.75, a decline of 4.2%[16] - Total liabilities included a 140.07% increase in estimated liabilities to CNY 29.34 million, primarily due to provisions for compensation related to a securities liability dispute[8] - Total liabilities increased to CNY 511,385,867.96 from CNY 488,895,169.46, an increase of 4.3%[16] - The company's equity totaled CNY 1,130,905,605.29, with a significant portion being capital reserves of CNY 944,363,391.70[28] - The company reported a negative retained earnings of CNY -351,052,611.99, indicating accumulated losses[28] Operational Highlights - The company's operating revenue for the first nine months of 2021 was CNY 735.67 million, a decrease of 42.45% compared to CNY 1,278.38 million in the same period of 2020, primarily due to the divestiture of the trading business[8] - The operating income, excluding the impact of the trading business, increased by 30.0% year-on-year[8] - The company's operating costs decreased by 46.63% to CNY 623.97 million from CNY 1,169.04 million in the previous year, reflecting the same divestiture impact[8] - Management expenses rose by 44.39% to CNY 61.33 million, attributed to the growth in core business and related expenses, including employee stock ownership plan costs[8] - The company reported a significant increase in other income, which rose by 8391.90% to CNY 8.88 million, mainly due to the write-off of long-term overdue accounts[8] Changes in Financial Position - The company's cash and cash equivalents decreased by 53.75% to ¥114,461,683.64 due to cash purchases of minority equity interests[7] - The company's prepayments increased by 159.61% to ¥99,848,191.21, primarily due to increased advance payments for raw materials[7] - The company's construction in progress increased by 596.77% to ¥22,939,101.31, attributed to increased fixed asset investments during the reporting period[7] - Cash and cash equivalents decreased to CNY 114,461,683.64 from CNY 247,462,399.24 at the end of 2020, representing a decline of 53.8%[14] - Accounts receivable decreased to CNY 190,999,638.96 from CNY 232,487,686.58, a reduction of 17.8%[14] - Inventory increased to CNY 390,975,027.94 from CNY 315,731,267.76, reflecting a rise of 23.8%[15] Corporate Governance - The company completed the election of the fifth board of directors and supervisory board on July 19, 2021[12] - The implementation of new leasing standards has been noted, affecting financial reporting from 2021[29] - The third-quarter report was not audited, which may impact the reliability of the financial data presented[29]

Organizational Structure and Management - The company plans to enhance internal organizational structure and improve management systems to address risks associated with rapid growth and external market changes [7]. - The company aims to integrate subsidiaries effectively while maintaining control and leveraging competitive advantages through a strategy of "technology cooperation and channel sharing" [9]. - The company aims to enhance its internal governance and improve its internal control system to achieve overall objectives [38]. - The company plans to enhance its internal management and control systems to address risks associated with rapid growth and expansion, ensuring sustainable development [79]. - A new employee stock ownership plan has been approved, aimed at aligning employee interests with the company's long-term strategic goals, with a lock-up period of 12 months [89]. Financial Performance - The company's operating revenue for the reporting period was ¥548,120,827.85, a decrease of 21.87% compared to ¥701,546,403.60 in the same period last year [31]. - The net profit attributable to shareholders was -¥18,751,236.47, representing a decline of 568.46% from ¥4,002,762.86 in the previous year [31]. - The net cash flow from operating activities improved to -¥71,592,973.82, a 57.79% increase compared to -¥169,608,023.78 in the same period last year [31]. - The total assets at the end of the reporting period were ¥1,550,511,734.09, down 4.28% from ¥1,619,800,774.75 at the end of the previous year [31]. - The net assets attributable to shareholders decreased by 4.79% to ¥924,378,634.13 from ¥970,836,728.10 at the end of the previous year [31]. - The company reported a basic earnings per share of -¥0.0489, a decrease of 565.71% from ¥0.0105 in the same period last year [31]. - The weighted average return on net assets was -1.97%, a decline of 2.39% compared to 0.42% in the previous year [31]. - The company reported a substantial increase in investment activity cash flow, with a net inflow of ¥22,841,001.35, a 717.34% increase compared to the previous year [51]. - The company reported a net loss of CNY 369.80 million in retained earnings as of June 30, 2021, compared to a loss of CNY 351.05 million at the end of 2020 [162]. Research and Development - The company has increased R&D investment to build a strong technical team and prevent core technology leakage, implementing measures such as confidentiality agreements and employee stock ownership plans [10]. - The company has a strong focus on R&D, with 139 valid patents and 8 software copyrights, which enhances its market competitiveness [45]. - The company has established partnerships with universities and research institutions, fostering innovation and improving its technological capabilities [45]. - The company's R&D investment increased slightly by 1.81% to ¥13,357,895.46, indicating ongoing commitment to technology development [51]. - The company is focusing on research and development of new products to drive future growth and innovation [190]. Market Position and Strategy - The company operates in three main business segments: non-ferrous metal materials, filtration materials, and environmental governance [38]. - The company's revenue growth was driven by rising non-ferrous metal prices, with zinc metal materials becoming the largest revenue contributor in the first half of 2021 [39]. - The company expanded its market share in filter materials, achieving significant breakthroughs in the steel and cement industries, while also diversifying applications into air purification and wastewater treatment [39]. - The company is enhancing its competitiveness in environmental governance services, leveraging over 10 years of experience in flue gas treatment to rapidly grow its market presence [39]. - The hazardous waste disposal industry is experiencing increased demand due to stricter regulations, with the company positioned to benefit from its established capabilities and recent policy support [44]. - The company is actively pursuing mergers and acquisitions to strengthen its position in precious metal recovery and hazardous waste management [39]. - The company’s strategic focus includes potential mergers and acquisitions to enhance its market share and operational capabilities [199]. Environmental Compliance and Challenges - The subsidiary Jiangxi Xiangsheng faces operational risks due to environmental compliance issues, with a remediation plan expected to be completed by August 31, 2021 [13]. - The company received a rectification notice from the Ji'an Yongfeng Ecological Environment Bureau regarding environmental issues at its subsidiary, Jiangxi Xiangsheng Environmental Technology Co., Ltd., which may impact its performance [134]. - The company has established emergency response plans for environmental incidents, which are registered with local environmental authorities [96]. - The company has developed a self-monitoring plan for environmental compliance, with automatic monitoring equipment approved by environmental authorities [97]. - 江西祥盛环保科技有限公司因环保问题受到147万元罚款，并被责令整改，整改完成前不得投入生产 [98]. - 公司与湖南中南大学专家团队合作制定整改方案，预计于2021年8月31日前完成整改 [99]. Shareholder and Equity Information - The company has a total of 385,490,443 shares, with 100% being unrestricted shares [138]. - The company repurchased a total of 4,894,551 shares, accounting for 1.27% of the total share capital, with a total payment of approximately 29,991,230.88 yuan [140]. - The total number of ordinary shareholders at the end of the reporting period was 21,109 [145]. - The major shareholder, Shanghai Zhongchuang Lingxing Energy Technology Group, holds 19.96% of the shares, totaling 76,945,848 shares, which are pledged [146]. - The second-largest shareholder, Qiu Guoqiang, owns 9.97% of the shares, amounting to 38,451,221 shares, which are also pledged [146]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [149]. - The top ten shareholders did not engage in any repurchase transactions during the reporting period [147]. Financial Management and Investments - The company has engaged in financial investments with a total initial investment cost of ¥29,797,940.45, resulting in a fair value loss of ¥502,599.61 during the reporting period [69]. - The company has a total of ¥1,980.2 million in entrusted financial management, with no overdue amounts reported [72]. - The company has not utilized any raised funds during the reporting period [70]. - The company has a total approved guarantee limit of 100 million yuan, with actual guarantees amounting to 23.6 million yuan during the reporting period, representing 7.24% of the company's net assets [130]. - The company reported a total cash inflow from financing activities of 165,003,320.00 CNY, a decrease from 357,274,178.70 CNY in the previous year [178]. Social Responsibility and Compliance - 公司在社会责任履行方面与深圳证券交易所的相关要求仍存在差距，需加强社会责任管理 [105]. - 公司注重保护中小投资者的合法权益，保持与股东的有效沟通渠道 [101]. - 公司严格遵守劳动法律法规，为员工提供五险一金的福利保障 [102]. - 报告期内未发生重大诉讼仲裁事项，部分诉讼已结案且对公司无重大影响 [114]. - 公司控股股东及实际控制人诚信状况良好，未履行法院生效判决的情况 [116].

Financial Performance - The company's operating revenue for Q1 2021 was ¥293,196,316.74, representing a 3.03% increase compared to ¥284,583,957.75 in the same period last year[9]. - Net profit attributable to shareholders was ¥12,207,590.91, a significant increase of 553.83% from ¥1,867,097.86 in the previous year[9]. - The net profit after deducting non-recurring gains and losses reached ¥9,158,498.09, marking a dramatic increase of 23,830.26% compared to a loss of ¥38,594.18 in the same period last year[9]. - Basic earnings per share rose to ¥0.0320, up 553.06% from ¥0.0049 in the same period last year[9]. - The company reported a net profit for Q1 2021 of CNY 21,348,705.38, a significant increase from CNY 1,082,762.96 in the same period last year, representing a growth of approximately 1,874%[52]. - The total comprehensive income for the period was CNY 21,321,459.24, compared to CNY 1,140,174.21 in the same period last year, showing a growth of approximately 1,769%[52]. Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥52,677,735.48, a 70.16% improvement from -¥176,536,649.50 in the previous year[9]. - Cash and cash equivalents decreased by 44.71% to 136.83 million yuan due to cash payments for purchasing minority equity interests[19]. - The company's cash flow from operating activities showed a net outflow of CNY 52,677,735.48, an improvement from a net outflow of CNY 176,536,649.50 in the previous year[59]. - The company reported a total cash inflow from operating activities of 228,047,142.35 yuan, up from 94,000,425.73 yuan in the previous period, representing an increase of approximately 143%[61]. - The company reported a decrease in cash and cash equivalents to CNY 49,981,456.35 from CNY 72,434,871.32, a decline of about 30.9%[47]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,522,213,400.00, a decrease of 6.02% from ¥1,619,800,774.75 at the end of the previous year[9]. - The company's total assets amounted to CNY 1,586,078,689.35, up from CNY 1,513,411,313.04 at the end of 2020[48]. - Total liabilities decreased to CNY 443,753,443.56 from CNY 488,895,169.46, representing a decline of about 9.2%[44]. - The total liabilities as of March 31, 2021, were CNY 584,623,610.40, compared to CNY 535,337,091.38 at the end of 2020, indicating an increase of approximately 9.2%[48]. - The company's total liabilities increased from 520,000,618.15 yuan to 488,895,169.46 yuan, reflecting a decrease in financial leverage[67]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,663[13]. - The largest shareholder, Shanghai Zhongchuang Lingxing Energy Technology Group Co., Ltd., held 19.96% of the shares, totaling 76,945,848 shares[13]. - The company has initiated a second employee stock ownership plan, transferring over 5 million shares to a dedicated account for employee benefits[33]. - The company has repurchased a total of 4,811,051 shares, accounting for 1.25% of its total share capital, with a total expenditure of approximately ¥29.49 million[34]. Business Development and Strategy - The company expanded its business by acquiring Jiangxi Naihua Environmental Technology Co., enhancing its hazardous waste disposal segment[22]. - The company is actively expanding into hazardous waste disposal through the acquisition of Jiangxi Naihwa project, enhancing its capabilities in this new field[28]. - The company aims to improve its financing capabilities by engaging with financial institutions and utilizing various financing tools to support business development[28]. - The company emphasizes innovation by developing market-driven technologies and products, focusing on integrated solutions to create greater value for customers[28]. - The company is enhancing its market development efforts in mature businesses like filtration materials and flue gas treatment, while exploring new application scenarios[28]. Research and Development - Research and development efforts are focused on improving core competitiveness in flue gas treatment and expanding applications of filtration materials[22]. - The company has successfully completed the first generation of reusable air purification filter products and is now developing the second generation[24]. - The company has made significant progress in revising standards for coal-fired power plant filter materials to meet stricter environmental regulations[25]. - Research and development expenses were CNY 2,689,287.25, slightly decreased from CNY 3,021,601.42, indicating a focus on cost management in R&D[54]. Risk Management and Internal Control - The company is focused on optimizing its internal control system to mitigate risks associated with rapid expansion and management challenges[29]. - The company has identified management risks due to rapid growth and plans to improve internal structures and processes to enhance management efficiency[30]. - The company has eliminated reliance on a single supplier, with no supplier accounting for more than 30% of total procurement, reducing supply chain risks[25]. Government Support and Subsidies - The company received government subsidies amounting to ¥2,082,523.19 during the reporting period[10].

Financial Performance - The company's operating revenue for 2020 was ¥1,824,388,662.57, representing a 23.63% increase compared to ¥1,475,739,097.45 in 2019[20]. - The net profit attributable to shareholders in 2020 was ¥20,935,868.91, a significant turnaround from a loss of ¥20,125,698.37 in 2019, marking a 204.03% improvement[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥51,667,168.08, a decline of 1,528.79% from ¥3,616,157.97 in 2019[20]. - The company's cash flow from operating activities was -¥166,153,124.46 in 2020, a decrease of 184.89% compared to ¥195,725,307.73 in 2019[20]. - Basic earnings per share for 2020 were ¥0.0550, compared to a loss of ¥0.0524 per share in 2019, reflecting a 204.96% increase[20]. - The total assets at the end of 2020 were ¥1,619,800,774.75, a decrease of 14.89% from ¥1,903,215,590.03 at the end of 2019[20]. - The net assets attributable to shareholders increased by 2.37% to ¥970,836,728.10 at the end of 2020, compared to ¥948,330,383.80 at the end of 2019[20]. - The total operating revenue for the reporting period reached ¥1,824,388,662.57, representing a year-on-year increase of 23.63% compared to ¥1,475,739,097.45 in 2019[49]. - The hazardous waste disposal segment saw a significant revenue increase of 447.49%, amounting to ¥518,152,629.16, up from ¥94,641,086.14 in the previous year[49]. - Domestic revenue accounted for 99.32% of total revenue, amounting to ¥1,811,894,136.88, which is a 31.59% increase from ¥1,376,936,007.27 in 2019[49]. Cash Flow and Investments - The company reported a significant cash flow deficit in Q1 2020, with a net cash flow from operating activities of -¥176,536,649.50[22]. - The company's total assets at the end of 2020 included cash and cash equivalents of ¥247.46 million, representing 15.28% of total assets[76]. - The company reported an investment income of ¥5.17 million, contributing 11.00% to total profit, primarily from the disposal of long-term equity investments[73]. - The company experienced a significant increase in non-operating income, with a total of ¥56.15 million, mainly from confirming uncompleted performance obligations[74]. - The company has made a significant equity investment of RMB 6.94949 million, acquiring a 13.19% stake in a subsidiary[85]. - The total initial investment in financial assets is RMB 49.8 million, with a fair value change of RMB 1.65 million during the reporting period[88]. Strategic Initiatives and Market Position - The company plans to enhance internal market development and financial management coordination to strengthen accounts receivable collection mechanisms[6]. - The company aims to improve internal organizational structure and risk management to address challenges from rapid growth[7]. - The company is focused on integrating subsidiaries to ensure control and leverage competitive advantages[7]. - The company is actively pursuing strategic alliances with key raw material suppliers to share risks and benefits[8]. - The company has established long-term cooperative relationships with major suppliers to mitigate raw material supply and price fluctuation risks[8]. - The company has expanded its filter material application range, transitioning from industrial smoke governance to air purification and wastewater treatment, enhancing its market presence[30]. - The company has established a comprehensive environmental service model, covering multiple areas including hazardous waste disposal and air quality management, enhancing its service capabilities[39]. - The company aims to expand its filter material products into air purification and water treatment, leveraging its technological advantages in the filter material field[38]. - The company is committed to optimizing its supply chain to enhance cost control capabilities[8]. Research and Development - The company is developing 11 projects and products, holding a total of 135 valid patents and 8 software copyrights, enhancing its market competitiveness[37]. - The company is focusing on enhancing the performance of its filter materials to meet the evolving environmental standards and improve its market competitiveness[62]. - The company's R&D investment in 2020 was approximately ¥30.92 million, accounting for 1.69% of total revenue, a decrease from 2.23% in 2019 and 5.95% in 2018[67]. - The number of R&D personnel increased to 182 in 2020, representing 12.26% of the total workforce, a slight decrease from 12.43% in 2019[67]. - The company aims to reduce the operational resistance of its filter materials by over 20% while maintaining high filtration efficiency[61]. - The company has completed the drafting of several industry standards, including the standard for filter material pore size measurement and the standard for filter material wear resistance, both published in April 2020[63]. Governance and Compliance - The company has established a complete corporate governance structure, ensuring operational independence from controlling entities[118]. - The company has committed to minimizing and regulating related party transactions, ensuring they are conducted at fair market prices[123]. - The company has established a lock-up period of 36 months for shares issued in a private placement, preventing any transfer or trading during this time[166]. - The company has highlighted its strong fundamentals and management confidence, encouraging employees to actively purchase its stock[170]. - The company has received regulatory warnings and criticism for significant accounting errors and discrepancies in financial disclosures, leading to improvements in governance and internal controls[187]. - The company has implemented measures to enhance information disclosure quality and compliance with regulations following the issuance of regulatory letters[188]. Risks and Challenges - The company acknowledges the risks associated with rapid business expansion and management challenges[6]. - The company faces potential risks related to rapid growth, including management challenges and the integration of subsidiaries, which could impact long-term development[100]. - The COVID-19 pandemic significantly impacted the company's operations, with production resuming gradually after initial restrictions, affecting overall performance[31]. - The company reported a significant decline in hazardous waste transfer and disposal volumes, contributing to lower-than-expected performance[177]. Shareholder Commitments and Dividends - The company will not distribute cash dividends, issue bonus shares, or increase share capital from reserves[9]. - The company did not propose any cash dividend distribution plan for the reporting period despite having a positive profit available for distribution to ordinary shareholders[106]. - The cash dividend amount for 2019 was negative 20,125,698.37 CNY, reflecting a 146.53% decrease compared to the net profit attributable to ordinary shareholders[106]. - The company has a history of cash dividend distribution, but no dividends were distributed in the last three years[106]. - The company has ongoing commitments from major shareholders and related parties, which are being fulfilled normally[107].

Financial Performance - Net profit attributable to shareholders was CNY 16,029,886, representing a decline of 75.70% year-on-year[9]. - Operating revenue for the reporting period was CNY 576,832,529.81, down 2.09% from the same period last year[9]. - Basic earnings per share decreased by 75.39% to CNY 0.0421[9]. - The weighted average return on equity was 1.67%, down 5.96% year-on-year[9]. - The company reported a net loss for the period of CNY 351,955,831.27, an improvement compared to a loss of CNY 371,988,480.90 in the previous period[52]. - The net profit for the third quarter was CNY 21,891,233.31, compared to CNY 65,083,741.46 in the same period last year, reflecting a decline of approximately 66.4%[60]. - The total profit for the quarter was CNY 26,372,625.88, an increase of 8.6% from CNY 24,293,395.34 in the previous year[68]. - The company reported a total comprehensive income of CNY 21,755,550.33 for the third quarter, significantly lower than CNY 67,046,382.75 in the prior year[60]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,733,829,111.10, a decrease of 8.90% compared to the previous year[9]. - Total liabilities decreased to CNY 620,119,414.25 from CNY 820,328,259.76 in the previous period[52]. - Current liabilities totaled CNY 571,060,211.44, down from CNY 751,444,597.58[52]. - Long-term borrowings were CNY 30,968,395.66, reduced from CNY 45,082,409.49[52]. - The company's equity attributable to shareholders increased to CNY 968,719,306.06 from CNY 948,330,383.80[52]. - Total assets as of September 30, 2020, amounted to CNY 1,413,817,875.99, compared to CNY 1,382,902,187.52 at the end of 2019[54]. - Total equity amounted to ¥946,037,865.48, while total liabilities and equity reached ¥1,382,902,187.52[88]. Cash Flow - The net cash flow from operating activities was negative CNY 8,097,194, an improvement of 91.49% compared to the previous year[9]. - Cash and cash equivalents decreased by 61.34% to ¥124,319,159.23 due to increased procurement payments and external investment activities[26]. - Cash received from the sale of goods and services decreased by 36.30% to ¥1,541,244,243.43, mainly due to reduced cash flow from trade sales[29]. - The net cash flow from operating activities for Q3 2020 was -177,705,218.61 CNY, compared to -20,999,654.86 CNY in Q3 2019, indicating a significant decline in operational cash flow[75]. - Total cash inflow from operating activities was 1,568,657,223.55 CNY, while cash outflow was 1,746,362,442.16 CNY, resulting in a net cash outflow of 177,705,218.61 CNY[75]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,872[14]. - The largest shareholder, Shanghai Zhongchuang Lingxing Energy Technology Group Co., Ltd., held 19.89% of the shares[14]. - The shareholding structure indicates that Qiu Guoqiang holds 38,232,628 shares, accounting for 9.69% of the total share capital[16]. - The company has not conducted any repurchase transactions among its top 10 shareholders during the reporting period[16]. - The company has a total of 11,973,935 shares held by Jiuzhou Securities - China Merchants Bank - Jiuzhou Lianzheng, indicating a diversified shareholder base[15]. Accounting and Policy Changes - The company has made adjustments to its accounting policies, impacting revenue recognition methods[9]. - The company adjusted its accounting for prepayments to contract liabilities as per new revenue standards effective January 1, 2020[84]. - The new revenue recognition and leasing standards were implemented starting January 1, 2020, affecting the accounting of contract liabilities[88]. Research and Development - The company reported a significant increase in research and development expenses to CNY 7,138,483.53 from CNY 6,716,267.48[58]. - The company plans to continue focusing on research and development to enhance its product offerings and market presence[70]. Investment Activities - Cash paid for investments surged by 17,866.33% to ¥26,949,490.00, primarily due to the purchase of securities investment funds[29]. - The company completed the transfer of 60% equity in its subsidiary to another entity, impacting its consolidation scope[30]. - The company will no longer consolidate the financials of its subsidiary after the completion of the equity transfer[30]. Compliance and Governance - The company is committed to avoiding any illegal occupation of funds or assets and will ensure that any unavoidable related transactions are conducted fairly and transparently[38]. - The company has implemented measures to prevent competition from its major shareholders and related parties, ensuring they do not engage in similar business activities without consent[37]. - The company is actively monitoring the compliance of its major shareholders with their commitments, with some commitments still pending fulfillment[32].

Financial Performance - The company's operating revenue for the reporting period was ¥701,546,403.60, a decrease of 78.00% compared to the previous year[25]. - The net profit attributable to shareholders was ¥4,002,762.86, marking an increase of 110.52% from a loss of ¥142,036,780.24 in the same period last year[25]. - The net cash flow from operating activities was -¥169,608,023.78, a decline of 328.75% compared to the previous year[25]. - The basic earnings per share were ¥0.0105, a significant improvement from -¥0.37 in the previous year[25]. - Total assets at the end of the reporting period were ¥1,790,184,213.46, down 5.94% from the previous year[25]. - The company's net loss was CNY 367,985,718.04, an improvement compared to a loss of CNY 371,988,480.90 in the previous period[181]. - The company's cash and cash equivalents decreased significantly to CNY 114,422,537.37 from CNY 321,538,799.90, representing a decline of about 64.4%[178]. Accounts Receivable and Cash Management - The accounts receivable balance as of the end of the reporting period is CNY 270.06 million, accounting for 15.09% of total assets[6]. - The company plans to enhance internal market development and financial management to improve accounts receivable collection efficiency[6]. - The company has established long-term cooperative relationships with major suppliers to mitigate risks related to raw material supply and price fluctuations[74]. - The company closely monitors market price trends of raw materials to scientifically arrange production and sales cycles, improving inventory turnover rates[74]. Subsidiary Performance and Support - The company will increase support for its subsidiary Jiangxi Xiangsheng to help it recover from performance setbacks caused by the COVID-19 pandemic[7]. - The subsidiary Jiangxi Xiangsheng reported a net profit of approximately 6,806,732.47 yuan on revenues of 91,340,218.9 yuan[68]. - The subsidiary Xiamen Baifufu reported a net loss of approximately 517,368.27 yuan on revenues of 18,377,687.2 yuan[68]. - The company is focused on integrating subsidiaries effectively to leverage competitive advantages and ensure operational control[7]. Research and Development - The company has established a comprehensive technical management system to prevent core technology leakage and ensure the stability of its R&D team[8]. - The company emphasizes the importance of maintaining a stable R&D team to sustain its technological advantages in the market[8]. - The company's research and development expenditure was ¥13,119,858.04, a decrease of 10.66% from ¥14,685,439.11 in the previous year[52]. - The company aims to strengthen its technical research institute to enhance innovation and market orientation[31]. Market Expansion and Strategy - The company continues to adopt an "internal and external" development strategy, focusing on integrated environmental business models[31]. - The company is expanding into emerging markets such as indoor air purification and wastewater treatment[31]. - The company is leveraging new demands and policies in hazardous waste disposal to grow its business[31]. - The company is actively pursuing opportunities in hazardous waste treatment and urban sanitation integration, leveraging policy advantages for business expansion[48]. Cost Management - The cost of raw materials significantly impacts the company's profitability, prompting the establishment of long-term partnerships with key suppliers[9]. - The company is committed to enhancing its cost control capabilities in response to raw material price fluctuations[9]. - The company has optimized its governance structure, with a stable management team established as of April 20, 2020[49]. Shareholder and Governance Matters - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[11]. - The company held two temporary shareholder meetings and one annual shareholder meeting during the reporting period, with investor participation rates of 44.46%, 46.80%, and 25.00% respectively[78]. - The company has commitments from its actual controllers and shareholders, some of which have not been fulfilled as of the reporting period[80]. - The company has established a voting rights entrustment agreement between major shareholders, indicating a coordinated control structure[160]. Environmental Compliance - The company has established an emergency response plan for environmental incidents, which has been registered with local environmental protection departments[135]. - The company has implemented a self-monitoring plan for environmental compliance, with automatic monitoring equipment approved by environmental authorities[136]. - The company and its subsidiaries are classified as key pollutant discharge units by environmental protection authorities[132]. - The company has reported no exceedances of emission standards for the pollutants listed[132]. Legal and Litigation Matters - The company reported a significant litigation case involving a share transfer dispute with a total amount of 1,223,000 yuan, which has been resolved in favor of the company[110]. - The company has no major litigation or arbitration matters that would significantly impact its financial status, with total litigation amounts not reaching significant thresholds[112]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[109]. Share Capital and Ownership - The company has a total of 69,905,905 restricted shares, with 58,324,427 still under restriction[156]. - The top ten shareholders include entities with significant pledged shares, indicating potential liquidity risks[159]. - The overall shareholder structure reflects a concentration of ownership among a few key individuals and entities, which may impact decision-making processes[159]. - The company completed the transfer of 38,549,044 shares (10% of total shares) from 罗红花 to 上海中创 on December 21, 2019[160].

Financial Performance - Total operating revenue for Q1 2020 was ¥284,583,957.75, representing a 30.57% increase compared to ¥217,961,309.93 in the same period last year[8]. - Net profit attributable to shareholders was ¥1,867,097.86, a significant turnaround from a net loss of ¥21,098,649.31 in the previous year, marking an increase of 108.85%[8]. - Basic earnings per share improved to ¥0.0049 from a loss of ¥0.0547, reflecting an increase of 108.96%[8]. - The company reported a total profit for the first quarter of 2020 was CNY 5,781,565.63, an increase of 57.5% compared to CNY 3,672,381.37 in the same period last year[69]. - The net profit for the first quarter was CNY 5,781,565.63, up from CNY 3,121,524.16, reflecting a year-over-year growth of 84.5%[70]. - Operating profit for the quarter was CNY 5,777,324.76, compared to CNY 3,638,411.37 in the previous year, marking a 58.8% increase[69]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥176,536,649.50, a decline of 716.72% compared to a positive cash flow of ¥28,624,964.94 in the same period last year[8]. - Cash and cash equivalents decreased by 38.40% to CNY 198,083,055.91, mainly due to increased procurement payments[22]. - Cash inflow from operating activities totaled CNY 386,698,350.27, slightly up from CNY 382,488,317.41 in the prior year[72]. - Cash outflow from operating activities was CNY 563,234,999.77, compared to CNY 353,863,352.47 in the same period last year, indicating a significant increase in expenses[73]. - The company reported a cash inflow from financing activities of CNY 57,364,173.54, compared to a cash outflow of CNY -73,992,892.00 in the same period last year[74]. - The company reported a significant reduction in cash and cash equivalents, with a net decrease of 80,017,436.56 CNY during the quarter[77]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,875,839,952.12, a decrease of 1.44% from ¥1,903,215,590.03 at the end of the previous year[8]. - The total liabilities of the company decreased to CNY 791,446,059.48 from CNY 820,328,259.76, a reduction of about 3.5%[57]. - The company's equity attributable to shareholders rose slightly to CNY 950,621,281.07 from CNY 948,330,383.80, an increase of approximately 0.3%[58]. - The company's total assets increased to CNY 1,429,970,625.63 from CNY 1,382,902,187.52 year-over-year[61]. - Total liabilities rose to CNY 477,756,674.85, compared to CNY 436,864,322.04 in the previous period[61]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,007[13]. - The largest shareholder, Luo Honghua, holds 15.01% of the shares, with significant portions pledged and frozen[13]. - The company reported a total of 57,854,328 shares held by shareholder Luo Honghua, accounting for 15.01% of the total share capital[14]. - The top ten unrestricted shareholders include Zhoukou City Investment with 38,412,742 shares and Qiu Guoqiang with 37,371,198 shares[14]. - Luo Honghua has signed a voting rights entrustment agreement, delegating her voting rights for 57,854,328 shares to Zhoukou City Investment[14]. Operational Adjustments and Innovations - The company has made adjustments to its accounting policies, correcting previous errors related to revenue recognition[8]. - The company is developing 9 projects in various fields, emphasizing technological innovation and industry upgrades[23]. - The company has completed the development of multiple series of energy-saving ultra-clean filter materials, with performance evaluations showing good results, and plans to enter mass production[26]. - The company is actively enhancing its market development efforts, focusing on key customers and exploring new application scenarios in air purification and wastewater treatment[29]. - The company aims to enhance its innovation capabilities by developing technologies and products that meet market demands, focusing on integrated hardware and software solutions[30]. Risk Management and Compliance - The COVID-19 pandemic has impacted the company's production and operations, and the company will continue to monitor its effects on financial status and operational results[30]. - The company faces management risks due to rapid growth, necessitating improvements in internal structures and risk management to ensure sustainable development[31]. - The company has strengthened its internal control system to better manage operational risks and minimize potential losses[30]. - The company is actively coordinating to ensure the performance compensation and counter-guarantee obligations are fulfilled in relation to the asset swap agreement[48]. Acquisitions and Asset Management - The company completed the first phase of an asset swap, exchanging 100% equity in Xiamen Potin for a 51% stake in Jiangxi Xiangsheng by the end of 2019[34]. - The second phase of the asset swap remains incomplete due to judicial freezes on shares held by major shareholders, which has hindered progress[35]. - The company announced the acquisition of 51% equity in Jiangxi Xiangsheng Environmental Technology Co., Ltd[39]. - The company is undergoing a second asset replacement process as part of its strategic adjustments[39]. Compensation and Legal Matters - The company has made commitments regarding performance guarantees related to its acquisitions, with specific performance targets set for the years 2014 to 2016[42]. - The company reported a total compensation of 20,382,630 shares due to the failure to meet performance commitments by Beijing Luoka Environmental Technology Co., Ltd[45]. - The court ruled that certain original shareholders must transfer shares to other shareholders, excluding specific individuals, as part of the compensation plan[46]. - The compensation plan execution is contingent upon approval from the board of directors and relevant regulatory authorities[44].

Financial Performance - Operating revenue for the reporting period reached CNY 589,145,135.14, a significant increase of 255.67% year-on-year[12] - Net profit attributable to shareholders surged by 1,166.71% to CNY 65,955,200.17 for the reporting period[12] - Basic earnings per share rose by 1,169.38% to CNY 0.1711[12] - The company reported a net profit of CNY 27,918,419.93 for the year-to-date, reflecting a year-on-year increase of 171.20%[12] - The company reported a significant increase in prepayments, rising by 463.33% to ¥494.18 million, reflecting the expansion of business scale[28] - The company’s accounts receivable decreased by 60.17% to ¥54.06 million, mainly due to increased payments made with received notes[28] - The company reported a total comprehensive income of ¥67,046,382.75 for Q3 2019, compared to a loss of ¥3,823,916.59 in the same quarter last year[114] - The company reported a significant increase in cash inflow from other operating activities, totaling 75,937,634.92 CNY compared to 44,451,783.71 CNY previously[132] Assets and Liabilities - Total assets increased by 18.30% to CNY 3,116,042,689.34 compared to the end of the previous year[12] - Total liabilities rose to ¥2,136,069,481.52 from ¥1,658,213,280.91, an increase of approximately 28.9%[104] - Total current assets increased to ¥2,272,594,588.39 from ¥1,721,752,072.90, representing a growth of approximately 32.1% year-over-year[103] - The company's total assets were reported at 2,633,991,579.48 CNY, with total liabilities of 1,658,213,280.91 CNY[138] - The total equity of the company as of Q3 2019 was ¥1,136,143,038.87, down from ¥1,187,184,845.20 in the previous year, a decline of about 4.3%[110] Cash Flow - The net cash flow from operating activities showed a decline of 134.28%, amounting to -CNY 20,999,654.86 for the year-to-date[12] - The cash flow from operating activities showed a significant increase in cash outflows, rising to 414,693,469.54 CNY from 263,137,073.12 CNY in the previous year[132] - The total cash inflow from operating activities was ¥2,459,834,130.04, compared to ¥1,047,413,455.70 in the previous period, marking an increase of 134%[128] - The total cash and cash equivalents at the end of the period were ¥123,785,447.20, down from ¥179,414,505.66, reflecting a decrease of 30.9%[129] Shareholder Information - The total number of shareholders at the end of the reporting period was 15,289[16] - The top shareholder, Luo Honghua, holds 15.01% of the shares, with a total of 57,854,328 shares, which are currently frozen[16] - The total number of shares held by the top 10 shareholders is 75,062,776 shares, with no shares released from restrictions during the reporting period[20] Government and Regulatory Matters - The company received government subsidies amounting to CNY 7,433,897.05 during the reporting period[13] - The company received an administrative penalty from the Xiamen Securities Regulatory Bureau, which restricts shareholders holding more than 5% from reducing their holdings for six months[24] Strategic Plans and Commitments - The company announced a three-year strategic development plan aimed at becoming a leading comprehensive environmental protection group in China[33] - The company plans to issue non-public corporate bonds not exceeding ¥500 million to optimize debt structure and supplement working capital[31] - The company has committed to minimizing related party transactions with controlling shareholders[51] Compensation and Performance Commitments - The company has a total of 20,382,630 shares to be compensated due to the failure to meet performance commitments by certain original shareholders of Beijing Luoka Environmental Technology Co., Ltd.[43] - The actual net profit of Xiangsheng Environmental Protection for 2020 must exceed RMB 80 million, for 2021 must exceed RMB 96 million, and for 2022 must exceed RMB 104 million, or compensation will be required from Chen Rong, Zhang Bingguo, and Liao Yuhua[61] - The performance commitment period for the transaction is set for 2015, 2016, and 2017, with specific profit commitments of no less than 72 million yuan for 2015, 97.2 million yuan for 2016, and 131.22 million yuan for 2017 from Xiamen Perting[81] Market Expansion and Partnerships - The company is actively pursuing market expansion and strategic partnerships, as evidenced by the signing of a business support agreement with Zhoukou City Investment on August 19, 2019[36] - The company aims to expand its market presence and enhance product development in the upcoming quarters, focusing on sustainable growth strategies[116]

Financial Performance - Total revenue for Q1 2019 reached ¥217,961,309.93, representing a 96.36% increase compared to ¥111,000,474.22 in the same period last year[8] - Net profit attributable to shareholders was a loss of ¥21,098,649.31, an improvement of 45.57% from a loss of ¥38,765,661.54 in the previous year[8] - Basic and diluted earnings per share improved to -¥0.0547, a 45.63% increase from -¥0.1006 in the previous year[8] - The company reported a net loss for Q1 2019 of CNY 23,284,833.22, compared to a net loss of CNY 42,070,191.81 in Q1 2018, showing an improvement of approximately 44.5%[101] - The company reported a total comprehensive income of ¥3,121,524.16, contrasting with a loss of ¥1,701,154.74 in the same period last year[106] Cash Flow and Liquidity - Net cash flow from operating activities decreased by 73.07% to ¥28,624,964.94, down from ¥106,288,765.70 in the same period last year[8] - The company's cash and cash equivalents decreased by 47.23% to CNY 121,787,688.59 from CNY 230,782,251.53 at the end of 2018, primarily due to repayment of due loans[24] - Cash flow from operating activities generated a net amount of ¥28,624,964.94, down from ¥106,288,765.70 in the previous year[109] - The company's cash flow from financing activities showed a net outflow of -73,992,892.00 RMB, compared to -127,558,522.18 RMB in the previous year[110] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,476,821,983.04, a decrease of 5.97% from ¥2,633,991,579.48 at the end of the previous year[8] - Total liabilities decreased to CNY 1,519,905,919.95 from CNY 1,658,213,280.91, a decline of about 8.38%[92] - The company's total assets as of March 31, 2019, were CNY 1,696,464,329.87, slightly down from CNY 1,699,824,195.32 at the end of 2018[96] - The equity attributable to shareholders of the parent company was CNY 954,618,593.40, a decrease from CNY 971,294,644.97[96] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,180[12] - The top shareholder, Luo Honghua, holds 15.01% of the shares, amounting to 57,854,328 shares, with a significant portion pledged[12] - The company did not engage in any repurchase transactions among the top shareholders during the reporting period[13] Operational Highlights - Operating costs for the same period rose to CNY 186,018,580.56, reflecting a 106.90% increase due to higher sales volume[24] - The company is focusing on expanding its filter material business into new markets, including air purification and water treatment[27] - Major contracts include a $48.62 million project for prefabrication and installation at an LDPE plant, with 73% progress[29] Research and Development - The company is currently developing eight key R&D projects, including advancements in filter material technology[30] - The company has completed the design and production of the first-generation functional filter material, which is currently in the functional testing phase[32] - The company is actively developing high-performance fiber filter products for air purification, particularly for large public spaces[31] Legal and Compliance - The company is actively cooperating with the China Securities Regulatory Commission regarding an ongoing investigation, with no significant changes in its production and operation status[48] - The company is involved in multiple legal proceedings regarding compensation obligations related to performance commitments, with cases filed against several individuals including Liu Minghui and Peng Na[55] Risk Management - The company is facing risks related to currency fluctuations, particularly as a significant portion of overseas revenue is settled in USD, which may impact financial performance[41] - The company is committed to optimizing its supply chain to mitigate risks associated with raw material supply and price fluctuations, maintaining strong relationships with key suppliers[42] Future Plans - The company plans to continue expanding its market presence and is focused on new product development and technological advancements[17] - The company plans to apply for a comprehensive credit limit of up to RMB 1.5 billion from banks, with authorization valid until the next annual shareholders' meeting[43]

Financial Performance - The company's operating revenue for 2019 was ¥1,475,739,097.45, representing an increase of 87.64% compared to ¥786,491,641.85 in 2018[24]. - The net profit attributable to shareholders was -¥20,125,698.37, a 95.31% improvement from -¥429,359,100.51 in the previous year[24]. - The net cash flow from operating activities reached ¥195,725,307.73, showing a significant increase of 805.77% from ¥21,608,653.73 in 2018[24]. - The total assets at the end of 2019 were ¥1,903,215,590.03, a decrease of 27.74% from ¥2,633,991,579.48 at the end of 2018[24]. - The net assets attributable to shareholders decreased by 2.36% to ¥948,330,383.80 from ¥971,294,644.97 in 2018[24]. - The basic earnings per share improved to -¥0.0524 from -¥1.11 in 2018, marking a 95.28% increase[24]. - The company reported a quarterly operating revenue of ¥589,145,135.14 in Q3 2019, which was the highest among the four quarters[26]. - The net profit attributable to shareholders in Q3 2019 was ¥65,955,200.17, indicating a recovery compared to losses in the other quarters[26]. - The total operating revenue for the reporting period was approximately CNY 1.48 billion, representing a 87.64% increase compared to the previous year[56]. - The revenue from the trade segment reached CNY 680.36 million, accounting for 46.10% of total revenue, with a year-on-year growth of 196.95%[56]. - Domestic revenue accounted for 93.30% of total revenue, with a year-on-year increase of 85.76%[56]. Strategic Initiatives - The company plans to enhance internal market development and financial management coordination to strengthen accounts receivable collection mechanisms[6]. - The company is focused on expanding its business scope and scale as it transitions from a high-temperature filter material supplier to a comprehensive environmental service provider[6]. - The company plans to continue focusing on improving operational efficiency and exploring new market opportunities in the environmental technology sector[24]. - The company is actively expanding its service capabilities in various sectors, including waste disposal and urban sanitation services[46]. - The company is focusing on integrating traditional technologies to enhance its wastewater treatment capabilities, aiming for comprehensive environmental solutions[36]. - The company is actively pursuing market expansion through the development of new products and technologies, aiming to enhance its competitive edge in the environmental protection sector[67]. Risk Management - The company faces risks related to rapid growth, including management challenges and the need for improved internal controls[8]. - The company has established long-term cooperative relationships with major suppliers to mitigate raw material supply and price fluctuation risks[9]. - The company is at risk of losing core technical personnel, which could adversely affect its development; measures are in place to retain talent and protect intellectual property[99]. - Raw material supply and price fluctuation risks are significant, with the company focusing on optimizing its supply chain and establishing strategic alliances with suppliers[100]. Research and Development - The company has developed high-performance wastewater treatment equipment, applicable in various sectors, and has achieved results in vegetable washing wastewater treatment and rural sewage treatment[36]. - The company has developed 9 ongoing projects and products, enhancing its technological marketability[51]. - The company has nine ongoing projects in research and development, focusing on key core technologies in the industry[66]. - The company has developed an automatic integrated wastewater treatment device based on its filter cloth technology, completing 4 standard prototypes and submitting 6 patent applications, including 3 invention patents[67]. - The company has achieved a reduction in filter material operating resistance by over 20% while maintaining high filtration efficiency, addressing the increasing demand for ultra-clean emissions (≤10mg/Nm3) in air pollution control[67]. - The company has designed a series of hard filter materials for new applications in industries such as papermaking and high-temperature gas turbines, expanding its sales reach and enhancing profitability[67]. Governance and Compliance - The company has established a stable governance structure with recent appointments to key management positions, promoting healthy development[51]. - The company has committed to avoiding related party transactions and ensuring independence in operations, with commitments made in May 2018 and August 2019 being fulfilled normally[110]. - The company has established a complete decision-making process for its cash dividend policy, ensuring clarity and compliance with regulations[105]. - The company has committed to maintaining the independence of its operations, ensuring that personnel, assets, finances, and business operations remain separate from its controlling shareholders and other enterprises[116]. - The company guarantees that its senior management will work exclusively for the listed company and will not hold concurrent positions in other controlled enterprises[117]. Shareholder Relations - The company will not distribute cash dividends, issue bonus shares, or increase capital from reserves[11]. - The company plans not to distribute cash dividends for the fiscal year 2019 due to a negative profit, aligning with the independent directors' opinions and board discussions[106]. - Over the past three years, the company has not issued cash dividends or bonus shares, with the proposed plans for 2017, 2018, and 2019 all indicating no distributions[107]. - The company’s profit distribution plan for 2019 is consistent with its articles of association and dividend management measures, ensuring the protection of minority shareholders' rights[106]. Financial Position - The company’s total liabilities included short-term borrowings of CNY 281.56 million, which accounted for 14.79% of total assets[79]. - The company’s net increase in cash and cash equivalents was CNY 146.88 million, a 220.45% increase compared to the previous year[75]. - The company reported a net loss from investment activities of CNY 69.35 million, a significant increase of 132.32% compared to the previous year, primarily due to cash outflows from the disposal of subsidiaries[75]. - The company’s investment income was reported as a loss of CNY 53.72 million, primarily due to the disposal of equity in a subsidiary[78]. Market Expansion - The company entered the hazardous waste treatment industry by acquiring a 51% stake in Jiangxi Xiangsheng, marking a strategic expansion[37]. - The hazardous waste treatment market is projected to grow at an annual rate of 10-20%, with the industry market size exceeding 100 billion in 2018[41]. - The company signed two sanitation service contracts in 2019 and is actively pursuing multiple sanitation service projects across several provinces[37]. Legal and Regulatory Matters - The company faced administrative penalties from the China Securities Regulatory Commission for information disclosure violations, but has complied with the penalties and maintained normal operations[181]. - The company is currently involved in several lawsuits, with a total of 1.14 million yuan in claims that are not expected to have a major impact on its financial position[180]. - The company reported a litigation case involving a total amount of RMB 12.23 million related to a share transfer dispute[177].