Business Growth and Development - The company reported significant growth in business scale, asset scale, and personnel, indicating rapid development[5]. - The company plans to enhance internal organizational structure and improve management systems to address management risks associated with rapid expansion[5]. - The company emphasizes the importance of effectively integrating subsidiaries to maintain control while leveraging competitive advantages[6]. - The company is focusing on three main business segments: non-ferrous metal materials, filtration materials, and environmental governance, while also pushing towards new energy development[39]. - The company has established several new subsidiaries to expand its business, including Suzhou Zhongxin New Materials Technology Co., Ltd. and Zhongchuang (Beijing) New Energy Co., Ltd.[79]. Financial Performance - The company's operating revenue for the first half of 2022 was ¥579,542,720.19, representing a 4.10% increase compared to ¥556,742,782.77 in the same period last year[31]. - The net profit attributable to shareholders was ¥1,274,471.13, a significant turnaround from a loss of ¥23,535,395.95, marking a 105.42% improvement[31]. - The net cash flow from operating activities increased by 143.01%, reaching ¥19,152,610.42, compared to a negative cash flow of ¥44,529,671.50 in the previous year[31]. - Total assets at the end of the reporting period were ¥1,413,586,816.56, up 9.08% from ¥1,295,929,861.14 at the end of the previous year[31]. - The company reported a net profit of 132 million, with a profit margin of approximately 17.6%[192]. Research and Development - The company has increased R&D investment to build a strong technical team, aiming to prevent core technology leakage and retain talent[8]. - The company has established a research and development center to enhance its capabilities in hazardous waste resource recovery and non-ferrous metal recycling[40]. - The company has accumulated 187 valid patents and 8 software copyrights, enhancing its market competitiveness[49]. - Research and development expenses accounted for 8.2% of total revenue, reflecting the company's commitment to innovation[191]. - The company has established a series of incentive measures to stabilize its R&D team and ensure the retention of core technical personnel[83]. Environmental and Regulatory Compliance - The company has implemented a flue gas treatment system with a dust removal efficiency of 99.9% for rotary kilns, and added a desulfurization unit that achieves over 70% sulfur dioxide removal rate[96]. - The company has complied with the Environmental Impact Assessment Law of the People's Republic of China, ensuring environmental protection measures are integrated into project operations[100]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[95]. - The company has reported no exceedances in pollutant discharge standards for various emissions, including sulfur dioxide and nitrogen oxides[96]. - Emergency response plans for environmental incidents have been developed and registered with local environmental protection authorities[101]. Strategic Initiatives and Future Plans - The company is actively transitioning to the new energy sector, acquiring Suzhou Zhongmai New Energy Technology Co., Ltd. to expand into lithium battery materials[47]. - The company plans to continue focusing on market expansion and new product development to drive future growth[179]. - Future guidance suggests a revenue target of 1.5 billion yuan for the full year, indicating a growth expectation of approximately 10%[188]. - The company aims to achieve a revenue growth target of 20% for the next fiscal year, driven by new technology initiatives[197]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the environmental technology sector[197]. Shareholder and Governance Matters - The company will not distribute cash dividends, issue bonus shares, or increase capital through reserves[10]. - The employee stock ownership plan includes 44 employees holding a total of 5,094,440 shares, representing 1.32% of the company's total equity[92]. - The board of directors and senior management maintained their shareholdings during the reporting period, with the chairman holding 695,000 shares (0.18%)[92]. - The company emphasizes the protection of shareholder and creditor rights, ensuring compliance with legal regulations and maintaining good communication with stakeholders[104]. - The company has established a scientific organizational structure and governance framework, adhering to relevant laws and regulations to ensure stable and healthy development[105].

Financial Performance - The net profit attributable to shareholders for 2021 was -428.91 million yuan, a decrease of 3,363.32% year-on-year, primarily due to operational losses from subsidiary Jiangxi Xiangsheng and a full impairment of goodwill amounting to 276.77 million yuan[7]. - The company recognized a total of 357.55 million yuan in credit and asset impairments during the reporting period, impacting overall financial performance[7]. - The company's operating revenue for 2021 was ¥1,142,038,158.07, a decrease of 37.95% compared to ¥1,840,476,095.44 in 2020[33]. - The net profit attributable to shareholders was -¥428,913,320.04 in 2021, representing a decline of 3,363.32% from a profit of ¥20,935,868.91 in 2020[33]. - The net cash flow from operating activities improved to ¥51,239,679.33 in 2021, a 125.41% increase from -¥166,153,124.46 in 2020[33]. - The total assets at the end of 2021 were ¥1,295,929,861.14, a decrease of 25.10% from ¥1,619,800,774.75 at the end of 2020[33]. - The net assets attributable to shareholders decreased by 49.27% to ¥497,639,717.39 at the end of 2021 from ¥970,836,728.10 at the end of 2020[33]. - The company reported a basic earnings per share of -¥1.12 in 2021, compared to ¥0.0550 in 2020, marking a decline of 3,346.38%[33]. - The weighted average return on equity was -57.89% in 2021, down from 2.18% in 2020, indicating significant financial distress[33]. - The company has faced uncertainty regarding its ability to continue as a going concern due to negative net profits over the past three years[33]. Business Segments and Growth - The company’s main business segments, including non-ferrous metal materials, filtration materials, and environmental governance, did not experience significant adverse changes despite the profit decline[9]. - The environmental industry is expected to grow significantly due to national policies on carbon neutrality and peak carbon emissions, presenting a broad market space for the company[10]. - The company achieved a net profit of RMB 150 million, which is a 10% increase compared to the previous year[29]. - The company has set a revenue target of RMB 1.5 billion for the next fiscal year, indicating an ambitious growth forecast of 25%[29]. - The revenue from non-ferrous metal materials increased by 25.96% year-on-year in 2021, driven by the rising prices of non-ferrous metals[49]. - The environmental engineering segment saw a significant revenue increase of 40.48% year-on-year in 2021, highlighting the company's strong performance in flue gas governance[49]. - The integrated urban sanitation service business experienced a remarkable growth of 158.34% year-on-year in 2021, with an annual service fee amounting to 67.78 million yuan[50]. - The company is actively expanding its hazardous waste disposal projects across Jiangsu, Jiangxi, and Shaanxi, enhancing overall profitability in this sector[50]. - The company is focusing on hazardous waste resource utilization and recycling of non-ferrous metals, aligning with national development strategies[44]. Research and Development - Research and development expenses increased by 18%, reflecting the company's commitment to innovation and sustainability[29]. - The company has established a research center to enhance its competitive edge in non-ferrous metal materials, particularly in precious metal recovery[49]. - The company is actively developing new products, including high-temperature fiber filter materials and air purification technologies, aimed at expanding applications in public spaces[70]. - The development of high-efficiency air purification filter elements has been completed, with mass production underway, targeting indoor air quality improvement[71]. - In 2021, the company's R&D investment amounted to ¥25,902,013.32, representing 2.27% of operating revenue, an increase from 1.71% in 2020[72]. - The number of R&D personnel increased by 25% from 84 in 2020 to 105 in 2021, with a notable rise in the number of bachelor's and master's degree holders[72]. Management and Governance - The company plans to enhance its management structure and internal controls to address risks associated with rapid growth and market competition[13]. - The company has a stable core management team with extensive industry experience, contributing to its strategic direction and long-term development[53]. - The company emphasizes transparency in information disclosure, with the chairman as the primary responsible person for disclosures[106]. - The company has implemented a performance evaluation and incentive mechanism for senior management, ensuring transparency in appointments[107]. - The company has established a complete independent operational system, ensuring no competition with controlling shareholders[108]. - The company maintains independent financial management, with separate bank accounts and a dedicated finance department[109]. - The company has a dedicated internal audit department to oversee compliance and financial integrity[109]. - The company has not faced any significant discrepancies in governance practices compared to regulatory requirements[107]. Environmental Compliance and Challenges - Jiangxi Xiangsheng faced operational challenges due to environmental compliance issues, resulting in a loss and uncertainty regarding future production capacity[18]. - The company faced a fine of 1.47 million yuan due to environmental violations, which significantly impacted its 2021 performance, leading to a full impairment of goodwill valued at 276.77 million yuan[157]. - The company has established an emergency response plan for environmental incidents, which has been registered with local environmental authorities[156]. - The company has implemented a rotary kiln pollution control system with a dust removal efficiency of 99.9% and added a desulfurization unit that achieves over 70% sulfur dioxide removal rate[154]. - The company has engaged experts to develop a rectification plan in response to environmental issues, demonstrating a proactive approach to compliance[157]. Strategic Partnerships and Acquisitions - The company is exploring strategic acquisitions to enhance its technology portfolio, with a budget of RMB 300 million allocated for potential mergers and acquisitions[28]. - The company has completed the acquisition of a local competitor for 300 million RMB to enhance its service capabilities[127]. - The company plans to acquire a 25% stake in Jiangxi Xiangsheng Environmental Technology Co., Ltd., which constitutes a related party transaction[131]. - The company has established partnerships with three leading universities to advance its research capabilities in environmental technology[29]. Investor Relations and Shareholder Engagement - The company held multiple investor meetings throughout 2021, discussing annual performance and future business planning[102]. - The company reported a 50.93% investor participation rate in the 2020 annual general meeting held on March 22, 2021[110]. - The company emphasizes the protection of shareholder and creditor rights, ensuring compliance with legal regulations and maintaining a transparent governance structure[158]. - The company actively engages in investor relations through various communication channels, enhancing information transparency[106]. Employee Management and Welfare - The total number of employees at the end of the reporting period was 1,701, with 304 in the parent company and 1,397 in major subsidiaries[139]. - The company has a competitive salary system based on market principles, including fixed salary, performance bonuses, and benefits[140]. - The company has established its own business school to enhance talent development and training programs[141]. - The company has implemented a welfare system that includes social insurance, housing fund, and special benefits for female employees[140]. Social Responsibility and Community Engagement - In 2021, the company identified gaps in fulfilling social responsibilities and aims to enhance its management and communication with stakeholders[161]. - The company actively participated in social welfare by donating mobile air disinfection machines to aid COVID-19 prevention efforts in Manzhouli[161]. - The company has not engaged in poverty alleviation or rural revitalization activities during the reporting period[162].

Financial Performance - The company's revenue for Q1 2022 was CNY 305,184,578.36, representing a 2.27% increase compared to CNY 298,406,258.35 in the same period last year[3] - Net profit attributable to shareholders decreased by 57.84% to CNY 4,210,288.92 from CNY 9,986,451.25 year-on-year[3] - Total operating revenue for Q1 2022 was CNY 305,184,578.36, an increase of 2.6% compared to CNY 298,406,258.35 in Q1 2021[17] - Net profit for Q1 2022 was CNY 6,660,869.94, a decrease of 64.1% from CNY 18,433,417.60 in Q1 2021[18] - The company reported a net loss attributable to the parent company of CNY 4,210,288.92, down from CNY 9,986,451.25 in the same period last year[18] - The company reported a comprehensive income of CNY 6,340,305.87, compared to CNY 18,406,171.46 in the previous year[19] - Basic and diluted earnings per share for Q1 2022 were CNY 0.0109, down from CNY 0.0262 in Q1 2021[19] Cash Flow - The net cash flow from operating activities improved by 242.49%, reaching CNY 36,740,856.70, compared to a negative cash flow of CNY 25,785,325.86 in the previous year[3] - Cash flow from operating activities totaled CNY 270,950,183.83, compared to CNY 339,611,617.43 in the previous year[20] - The net cash flow from operating activities was 36,740,856.70 CNY, a significant improvement compared to -25,785,325.86 CNY in the same period last year[22] - Total cash outflow from operating activities amounted to 234,209,327.13 CNY, down from 365,396,943.29 CNY year-over-year[22] - The net cash flow from investment activities was -16,026,830.69 CNY, an improvement from -84,061,560.23 CNY year-over-year[22] - Cash inflow from financing activities totaled 94,073,456.08 CNY, slightly lower than 103,263,320.00 CNY in the previous year[22] - The net cash flow from financing activities was -17,190,949.77 CNY, compared to -1,884,963.87 CNY in the same period last year[22] - The ending cash and cash equivalents balance was 97,453,626.61 CNY, down from 127,901,594.45 CNY year-over-year[22] - The company reported a total cash outflow of 111,264,405.85 CNY from financing activities, which is an increase from 105,148,283.87 CNY in the previous year[22] - The cash and cash equivalents increased by 3,522,071.34 CNY during the quarter, contrasting with a decrease of 111,702,116.98 CNY in the same period last year[22] Assets and Liabilities - The company's total assets decreased by 1.96% to CNY 1,270,515,097.95 from CNY 1,295,929,861.14 at the end of the previous year[3] - The total assets of the company at the end of the reporting period are ¥1,270,515,097.95, down from ¥1,295,929,861.14 at the beginning of the year, a decrease of about 2.0%[14] - The total liabilities include short-term borrowings of ¥256,364,412.36, slightly down from ¥265,742,805.94 at the beginning of the year[14] - The company's total liabilities decreased to CNY 628,728,782.43 from CNY 664,668,172.34 year-over-year[16] Shareholder Information - The total equity attributable to shareholders increased by 2.56% to CNY 510,355,832.32 from CNY 497,639,717.39 at the end of the previous year[3] - Total equity attributable to shareholders increased to CNY 510,355,832.32 from CNY 497,639,717.39 in the previous year[16] - The total number of common shareholders at the end of the reporting period is 18,566[9] - The largest shareholder, Shanghai Zhongchuang Lingxing Energy Technology Group Co., Ltd., holds 19.96% of shares, totaling 76,945,848 shares[9] Operational Highlights - The company established a project company for the PVDF project in February 2022, which is currently progressing steadily[11] - The company has signed a cooperation framework agreement for NMP recycling and PVDF projects with Suzhou Zhongmai New Energy Technology Co., Ltd.[11] Investment and Expenses - The company reported a significant decrease in investment income, with a loss of CNY 1,762,103.08 compared to a profit of CNY 2,061,230.74 in the previous year, marking a 185.49% decline[6] - Research and development expenses for Q1 2022 were CNY 5,922,412.76, slightly down from CNY 6,656,829.79 in Q1 2021[17] - Cash outflows from investing activities decreased by 84.29% to CNY 16,092,255.02 from CNY 102,402,441.15 in the previous year[7] - The company experienced a 64.97% reduction in receivables financing, decreasing to CNY 7,773,325.17 from CNY 22,188,380.12[6] - The company has a long-term equity investment of ¥133,315,387.37, which increased from ¥127,577,490.45 at the beginning of the year, showing an increase of approximately 4.3%[14]

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].