Financial Performance - The company's operating revenue for Q3 2021 was ¥248,935,030.49, a decrease of 34.80% compared to the same period last year[3] - The net profit attributable to shareholders was -¥22,486,891.80, down 88.66% year-on-year[3] - The net profit excluding non-recurring gains and losses was -¥22,068,523.54, a decline of 88.87% compared to the previous year[3] - The company's operating revenue for Q3 2021 was CNY 723,635,913.54, a decrease of 41.12% compared to CNY 1,229,025,921.63 in the same period last year[8] - The net loss for the third quarter was CNY 63,636,342.38, compared to a net loss of CNY 232,143,033.35 in the same period last year, representing a 72.6% improvement[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥137,089,479.73, a decrease of 127.48% year-on-year[3] - The net cash flow from operating activities was CNY 137,089,479.73, a decline of 127.48% compared to a negative cash flow of CNY 498,781,885.60 in the previous year[9] - The cash inflow from operating activities for the current period was ¥578,403,046.65, a decrease of approximately 57.8% compared to ¥1,372,861,668.05 in the previous period[20] - The net cash flow from operating activities was ¥137,089,479.73, a significant improvement from a net outflow of ¥498,781,885.60 in the same period last year[20] - The net cash flow from financing activities was -¥814,191,820.29, a decline from a positive net cash flow of ¥67,127,196.95 in the previous year[21] - The company experienced a cash outflow of ¥1,375,511,211.96 from financing activities, primarily due to debt repayments and dividend distributions[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,517,209,641.03, down 39.57% from the end of the previous year[3] - The company's total liabilities decreased significantly due to the disposal of subsidiaries, impacting various financial metrics[8] - The total current liabilities were CNY 1.25 billion, a decrease from CNY 2.43 billion at the end of 2020, reflecting a decline of approximately 48.7%[15] - The total liabilities decreased to CNY 2.46 billion from CNY 4.45 billion, indicating a reduction of approximately 44.7%[15] - The company's total liabilities decreased to CNY 1,645,316,604.79 from CNY 3,936,829,613.55, a reduction of 58.2%[18] Equity and Investments - The equity attributable to shareholders increased by 1.49% to ¥1,739,066,979.04 compared to the end of the previous year[3] - Long-term equity investments increased to CNY 31.53 million from CNY 24.79 million, showing an increase of approximately 27.2%[15] - The total equity attributable to shareholders of the parent company was CNY 1,739,066,979.04, slightly up from CNY 1,713,494,594.18, indicating a 1.5% increase[18] Operational Changes - The company reported a significant reduction in accounts receivable, down 38.33% to ¥1,371,652,746.97 due to changes in accounting methods[7] - The company has disposed of its subsidiary, resulting in a significant decrease in various asset categories, including contract assets down 94.99%[7] - The company has initiated new construction projects, with construction in progress increasing by 5967.80% to ¥19,416,969.45[7] - The company reported a significant decrease in cash received from sales of goods and services, totaling ¥785,711,933.40, down 31.6% from ¥1,147,101,228.45 in the previous year[20] Research and Development - The company’s R&D expenses were CNY 37,844,008.32, down 39.85% from CNY 62,914,084.10 year-on-year[8] - Research and development expenses for the quarter were CNY 37,844,008.32, down 39.9% from CNY 62,914,084.10 year-on-year[18] Financial Adjustments - The company did not adjust the beginning balance of the balance sheet due to the new leasing standards, as the lease terms did not exceed 12 months[22] - The third quarter report was not audited, indicating that the figures may be subject to change upon final review[24]

Financial Performance - The company's operating revenue for Q1 2021 was ¥221,749,354.14, a decrease of 47.77% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥37,264,721.63, representing a decline of 1,111.79% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥74,633,923.85, a decrease of 4,424.01% compared to the previous year[3]. - The company reported a net loss of ¥138,460,571.90, an increase in loss of 35.46% compared to a loss of ¥102,213,466.64 in the previous period[14]. - The company reported a net profit attributable to shareholders of the parent company of -50.43 million yuan, reflecting a significant change due to the adjustment in accounting treatment for the subsidiary Qiyuan Darong[17]. - The total operating cost for Q1 2021 was approximately CNY 410.07 million, a significant increase from CNY 246.76 million in the same period last year, representing a growth of 66.1%[42]. - The total comprehensive income for the first quarter was -28,916,378.05 CNY, compared to -20,911,956.07 CNY in the previous year, indicating a decline[47]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥181,262,106.49, a significant improvement from -¥440,561,512.06 in the same period last year[3]. - Cash inflow from operating activities totaled 788,852,660.66 CNY, significantly up from 335,060,690.89 CNY in the previous year, reflecting a strong operational performance[48]. - Cash outflow from operating activities was 607,590,554.17 CNY, down from 775,622,202.95 CNY, leading to a net cash flow from operating activities of 181,262,106.49 CNY, a recovery from -440,561,512.06 CNY last year[49]. - The ending cash and cash equivalents balance was 823,746,486.22 CNY, up from 439,241,562.37 CNY year-over-year, showing improved liquidity[50]. - The company reported a significant increase in cash received from other operating activities, totaling 442,576,257.50 CNY, compared to 15,612,621.24 CNY in the previous year[48]. - The company disposed of subsidiaries and other business units, resulting in cash inflow of 633,033,500.00 CNY, contributing to the strong cash flow from investing activities[52]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,858,421,629.22, down 33.71% from the end of the previous year[3]. - The total liabilities amounted to CNY 1,961,335,174.11, down from CNY 3,936,829,613.55 year-over-year[37]. - Short-term borrowings were reported at CNY 820.81 million, down from CNY 1.19 billion, indicating a reduction of 30.9%[35]. - The total current liabilities were CNY 1,508,964,912.67, a decrease from CNY 3,249,218,286.90 in the previous year[36]. - The total current assets amounted to CNY 2.83 billion, down from CNY 4.44 billion, representing a decline of 36.2%[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,177[6]. - The largest shareholder, China Energy Conservation and Environmental Protection Group, held 22.97% of the shares[6]. - The net assets attributable to shareholders increased by 3.13% to ¥1,767,099,633.73 compared to the end of the previous year[3]. Investments and Subsidiaries - The company plans to transfer 100% equity of its wholly-owned subsidiary Beijing Fusion Environmental Protection Co., Ltd. for a price of RMB 633.0335 million and related debts for RMB 429.89523054 million[22]. - The company recognized an investment income of 35.46 million yuan from the transfer of the subsidiary Fusion Environmental's equity and related debts, positively impacting the quarterly performance[16]. - Long-term equity investments increased by 35.35% to ¥33,548,268.68 from ¥24,786,412.37, reflecting changes in accounting treatment for the subsidiary Qiyuan Darong[12]. Operational Strategy - The company plans to continue focusing on strategic disposals and restructuring to enhance operational efficiency and financial performance[12]. - The company’s main business has shifted to focus on energy-saving environmental equipment and electrical equipment, following the transfer of Fusion Environmental and its subsidiaries[17]. - The company aims to enhance business quality and expand market share through mergers and acquisitions in the energy-saving equipment sector, while focusing on "smart manufacturing" in the electrical equipment sector[21]. Research and Development - Research and development expenses decreased to CNY 16.23 million in Q1 2021 from CNY 20.90 million in Q1 2020, a reduction of 22.5%[42]. Compliance and Governance - The company has resolved previous violations regarding guarantees, with a total repayment of RMB 168 million made to Zhejiang Zhongda Yuantong Financing Leasing Co., Ltd. on January 29, 2021[22]. - The company has no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[23]. - The company has no outstanding issues regarding the use of raised funds or any non-operating fund occupation by major shareholders during the reporting period[31]. - The company has no violations related to external guarantees during the reporting period[31].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥474.7 million, a decrease of 43.97% compared to the same period last year[13]. - The net profit attributable to shareholders was approximately -¥41.1 million, representing a decline of 51.43% year-on-year[13]. - The net cash flow from operating activities improved significantly to approximately ¥183.3 million, an increase of 148.02% compared to the previous year[13]. - Total assets decreased by 38.58% to approximately ¥3.58 billion compared to the end of the previous year[13]. - The net profit attributable to shareholders was -¥41,090,613.41, representing a decline of 51.43% year-on-year[24]. - The company achieved operating revenue of ¥474,700,883.05, a decrease of 43.97% compared to the previous year’s ¥847,217,193.43[24]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the first half of 2021, representing a year-on-year growth of 25%[74]. - The company reported a total revenue of 1,157.92 million for the first half of 2021, maintaining a stable performance compared to the previous year[109]. - The company reported a total of ¥1,899,428.67 in cash received from investments, which is lower than ¥2,710,768.09 in the previous period[147]. Asset Management - Total assets decreased by 38.58% to approximately ¥3.58 billion compared to the end of the previous year[13]. - The company's total assets at the end of the reporting period amounted to 2,374,777,462.31 CNY[154]. - The company's current assets totaled CNY 2,534,051,600.52, down from CNY 4,444,916,057.55 at the end of 2020, indicating a decrease of about 43.1%[133]. - Accounts receivable decreased significantly to CNY 1,313,375,749.51 from CNY 2,224,171,082.44, reflecting a reduction of around 41.0%[132]. - The company's total liabilities were CNY 1,680,912,446.01, down from CNY 3,936,829,613.55, marking a decrease of approximately 57.4%[135]. Strategic Initiatives - The company plans to optimize its accounts receivable structure, aiming to reduce the overall scale of accounts receivable effectively[2]. - The company is focusing on enhancing its comprehensive management level to mitigate management risks associated with its subsidiaries[3]. - The company is committed to integrating strategic, market, financing, and corporate management to align with its development speed and business scale[4]. - The company aims to become a comprehensive service provider integrating system design, equipment manufacturing, engineering construction, and operation management, leveraging smart technologies[20]. - The company is actively expanding into new markets, including clean heating and medical waste treatment projects in various provinces and international markets[21]. Research and Development - The company has applied for 7 new patents and received 11 new patent grants during the reporting period, including 2 invention patents[22]. - Research and development expenses decreased by 33.12% to 26,923,992.73 from 40,255,327.45 in the previous year[25]. - The company has invested 100 million RMB in R&D for new technologies aimed at improving energy efficiency in its products[74]. - Investment in R&D has increased by 25%, focusing on innovative technologies and sustainable solutions[110]. Market Expansion - The company is actively pursuing market expansion, with plans to enter three new provinces by the end of 2021, aiming for a 10% market share in these regions[74]. - The company is expanding its market presence, targeting new regions in Southeast Asia, with plans to establish three new offices by the end of the year[76]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2023[111]. Compliance and Governance - The company has established a robust internal control system to protect the rights of shareholders and creditors, ensuring accurate and timely information disclosure[65]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[64]. - The company emphasizes compliance with environmental laws and has implemented measures to manage waste and reduce energy consumption[64]. - The company has committed to ensuring that all funds are legally sourced and that there are no structured financing or illegal pooling of funds[89]. Financial Health - The company reported a net loss of CNY 142,286,463.68 for the period, compared to a loss of CNY 102,213,466.64 in the previous period, indicating a worsening of approximately 39.2%[135]. - The company’s financial performance indicates a need for strategic adjustments to improve profitability and shareholder value moving forward[160]. - The company has not disclosed any recent mergers or acquisitions in the current reporting period, suggesting a focus on internal growth strategies[160]. Shareholder Information - The largest shareholder, China Energy Conservation and Environmental Protection Group Co., Ltd., holds 22.97% of the shares, totaling 98,133,708[122]. - The total number of shareholders at the end of the reporting period was 23,955[122]. - The company has established an employee stock ownership platform to incentivize key personnel and business backbones[89]. Environmental Commitment - The company is committed to green technology innovation, aiming for energy conservation and emission reduction in its product goals[66]. - The company aims to achieve carbon neutrality by 2025, aligning with global sustainability trends[111]. - The company has committed to improving operational efficiency, aiming for a 5% reduction in costs through process optimization by the end of 2021[82].

Financial Performance - The company's operating revenue for Q1 2021 was ¥241,369,323.35, a decrease of 43.15% compared to ¥424,544,227.12 in the same period last year[3] - Net profit attributable to shareholders was ¥5,372,609.82, an increase of 45.87% from ¥3,683,044.49 year-on-year[3] - The net profit after deducting non-recurring gains and losses was -¥33,736,615.21, a significant decline of 2,054.57% compared to ¥1,726,034.59 in the previous year[3] - The total operating cost was CNY 270,029,261.47, down 34.15% year-on-year, also attributed to the disposal of the subsidiary[12] - The company reported a net loss of CNY 96,840,856.82, compared to a loss of CNY 102,213,466.64 in the previous period, showing an improvement of about 5.3%[33] - The company reported a gross profit margin of approximately 10.0% for Q1 2021, compared to 24.0% in the same period last year[39] - The company achieved a cash inflow from investment activities of CNY 633,083,500.00, a notable increase compared to a cash outflow of CNY -16,740,426.95 in the previous year[45] Cash Flow - The net cash flow from operating activities was ¥178,016,155.21, improving from -¥440,561,512.06 in the same period last year[3] - Cash flow from operating activities generated a net inflow of CNY 178,016,155.21, a turnaround from a net outflow of CNY -440,561,512.06 in the prior year[45] - The cash outflow for operating activities was CNY 614,253,826.64, down from CNY 775,622,202.95 in the same quarter last year[45] - The total cash inflow from financing activities amounted to 736,228.00 CNY, while the cash outflow was 606,686,851.99 CNY, resulting in a net cash flow of -605,950,623.99 CNY[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,008,613,585.36, down 31.13% from ¥5,820,709,536.96 at the end of the previous year[3] - Current liabilities decreased from CNY 3,249,218,286.90 to CNY 1,595,379,070.18, a reduction of approximately 50.8%[32] - Total liabilities decreased from CNY 3,936,829,613.55 to CNY 2,048,949,331.62, reflecting a decline of around 47.8%[32] - Owner's equity increased from CNY 1,883,879,923.41 to CNY 1,959,664,253.74, showing an increase of about 4%[33] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,177[6] - The largest shareholder, China Energy Conservation and Environmental Protection Group, held 22.97% of the shares[6] Investments and Projects - The company has invested ¥7,336.4 million in the dedicated electrical equipment project, achieving 91.71% of the planned investment[21] - The company has invested 10,681.49 million in the expansion of the plate radiator production capacity project and the construction of the Xi'an International Energy-saving and Environmental Protection Equipment Demonstration Park[25] - The company has completed the transfer of 100% equity of its wholly-owned subsidiary, Beijing Fusion Environmental Protection Co., Ltd., for a total price of ¥63,303.35 million, which will no longer be included in the consolidated financial statements[18] Strategic Focus - The company’s strategic focus has shifted to energy-saving and environmental protection equipment, as well as electrical equipment, following the disposal of the subsidiary[13] - The company aims to enhance the quality of its energy-saving and environmental protection equipment business while expanding its market share through acquisitions of leading companies in the industry[17] Fundraising and Financial Management - The total amount of raised funds is ¥98,224.4 million, with no changes in usage reported during the period[21] - The company has no unused raised funds as of the report date, with a balance of CNY 0.42 million in the special account for raised funds[26] - The company plans to use CNY 3 million of surplus raised funds for permanent working capital, which is related to its main business operations[27] Miscellaneous - The first quarter report was not audited, indicating that the financial data has not undergone external verification[50] - The company has not conducted any research, communication, or interview activities during the reporting period[28]

Financial Performance - Operating revenue for the reporting period was CNY 381,808,728.20, a decline of 32.24% year-on-year[3] - Net profit attributable to shareholders of the listed company was a loss of CNY 198,363,844.18, representing a decrease of 2,314.14% compared to the same period last year[3] - The net cash flow from operating activities was a negative CNY 117,026,927.81, a decrease of 20.19% year-on-year[3] - Basic earnings per share were -CNY 0.4643, a decline of 2,310.95% compared to the same period last year[3] - The net loss for Q3 2020 was CNY 202,454,720.03, compared to a net profit of CNY 15,217,839.93 in Q3 2019, indicating a significant decline in profitability[26] - The company's total operating revenue for the current period is CNY 1,229,025,921.63, a decrease of 24.8% compared to CNY 1,634,581,968.66 in the previous period[31] - The net profit for the current period is a loss of CNY 232,143,033.35, compared to a profit of CNY 80,738,669.52 in the previous period, indicating a significant decline[32] - The total comprehensive income for the current period is a loss of CNY 104,943,503.49, compared to a loss of CNY 32,484,770.20 in the previous period[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,996,853,611.66, a decrease of 7.00% compared to the end of the previous year[3] - Current assets totaled CNY 4,461,754,630.09, down from CNY 4,962,175,928.27, indicating a decrease of about 10.08% year-over-year[18] - Total liabilities decreased to CNY 3,822,629,057.21 from CNY 4,044,511,777.82, a reduction of about 5.48%[19] - The company's equity attributable to shareholders decreased to CNY 1,977,329,782.99 from CNY 2,204,592,293.34, a decline of about 10.27%[20] - Long-term borrowings increased to CNY 561,008,200.00 from CNY 323,008,200.00, showing an increase of approximately 74.00%[19] Cash Flow - The cash flow from financing activities decreased by 94.49% to CNY 67,127,196.95, primarily due to the use of loans for the project[13] - The company's cash and cash equivalents decreased by 59.09% to CNY 343,563,163.89 due to operational expenditures[12] - The cash inflow from investment activities includes ¥433,889,788.77 from the disposal of subsidiaries and other business units[39] - The net cash flow from operating activities shows a net outflow of CNY -498,781,885.60, compared to CNY -413,556,709.87 in the same period last year[37] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,218[6] - The largest shareholder, China Energy Conservation and Environmental Protection Group Co., Ltd., held 22.97% of the shares[6] Expenses - Financial expenses increased by 45.21% to CNY 87,963,899.57, mainly due to increased loans from financial institutions[12] - Research and development expenses for the current period are CNY 62,914,084.10, an increase from CNY 54,402,634.91 in the previous period, showing a growth of 15.5%[31] - The company reported a significant increase in financial expenses, totaling CNY 35,138,598.56, compared to CNY 22,579,610.30 in the previous year, an increase of 55.5%[25] Other Financial Metrics - The weighted average return on net assets was -9.55%, compared to -9.94% in the previous year[3] - The company reported a significant drop in undistributed profits, which fell to CNY 161,273,243.43 from CNY 387,771,441.28, a decrease of approximately 58.49%[20] - The company incurred a credit impairment loss of CNY 96,070,392.40, compared to CNY 8,923,665.58 in the previous period, indicating a significant increase in credit risk[32]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥847,217,193.43, representing a decrease of 20.90% compared to ¥1,071,105,397.14 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was -¥27,134,353.67, a decline of 139.95% from ¥67,919,404.73 in the previous year[12]. - The net cash flow from operating activities was -¥381,754,957.79, which is a 43.02% increase in cash outflow compared to -¥266,918,830.62 in the same period last year[12]. - The total assets at the end of the reporting period were ¥6,307,282,301.52, down 2.19% from ¥6,448,293,958.84 at the end of the previous year[12]. - The net assets attributable to shareholders of the listed company decreased by 1.32% to ¥2,175,588,967.41 from ¥2,204,592,293.34 at the end of the previous year[12]. - The basic earnings per share were -¥0.0635, a decrease of 138.35% compared to ¥0.1656 in the same period last year[12]. - The company reported a total of 30,579.2 million RMB in raised funds, with 8,800 million RMB allocated for working capital[44]. - The company reported a total of 4,000 contracts in litigation, with various outcomes pending, including a case against Tangshan Zhonghou Plate Material Co., Ltd. awaiting a second hearing[85]. Investment and R&D - Research and development investment increased by 28.73% to ¥40,255,327.45 from ¥31,270,272.14, driven by increased R&D efforts from the subsidiary Tangshan Equipment[29]. - The company is investing 200 million RMB in R&D for innovative environmental solutions, aiming to introduce at least three new technologies by the end of 2021[74]. - A total of 478 patents were effectively authorized in the first half of 2020, with 24 new patent applications filed[27]. - The company has committed to strengthening financial personnel management to prevent similar issues in the future[76]. Business Strategy and Operations - The company plans to enhance resource investment in talent reserves, system innovation, and operational management to mitigate management risks associated with business expansion[4]. - The company focuses on three core business areas: monitoring and analysis, water treatment, and solid waste management, aiming to enhance its core technological capabilities[17]. - The company is actively expanding its intelligent equipment business, transitioning from equipment sales to integrated engineering solutions[18]. - The company aims to become a comprehensive service provider integrating system design, equipment manufacturing, engineering construction, debugging maintenance, and operational management[21]. - The company is committed to utilizing internet, big data, and intelligent technologies to achieve smart integration of environmental protection equipment[21]. Market and Industry Trends - The environmental protection equipment industry is projected to reach a market value of 1 trillion yuan by 2020, with an annual increase of approximately 100 billion yuan from 2017 to 2020[20]. - The air pollution prevention and control sector is facing a decline due to market saturation, but new policies are expected to create additional market capacity, targeting a retrofit capacity of 150 million kilowatts by 2020[22]. - The VOCs (Volatile Organic Compounds) market is emerging as a key area for competition among environmental companies, with monitoring and treatment becoming a focus[22]. - The company is focusing on solid waste treatment and water treatment equipment, with significant advancements in small-scale solid waste processing equipment and partnerships for technology development[20]. Compliance and Governance - The company has committed to a comprehensive rectification plan to address compliance issues and improve internal controls, with a deadline for submission to regulatory authorities[72]. - The company has ensured confidentiality regarding transaction-related information and will not disclose it without consent[77]. - The company has a robust governance structure in place to ensure that its operations are conducted independently from other entities[64]. - The company has committed to maintaining compliance and ethical standards in its operations[76]. Financial Management - The company reported a significant decrease in cash and cash equivalents, with a net decrease of -¥186,604,448.96 compared to an increase of ¥581,253,733.38 in the previous year, reflecting cash flow challenges[29]. - The company's financial expenses rose by 39.03% to ¥52,825,301.01 from ¥37,996,926.86, mainly due to an increase in interest-bearing liabilities[29]. - The company has no discrepancies in net profit and net assets when comparing international accounting standards with Chinese accounting standards[13]. - The company has not reported any issues regarding the use and disclosure of raised funds[46]. Legal and Contractual Matters - The company is involved in a contract dispute with Jiangsu Jing'an Industrial Equipment Installation Co., Ltd., with a claim amount of 522.64 million CNY, currently under negotiation[84]. - The company has a pending intellectual property dispute with the National Intellectual Property Administration, currently awaiting a court hearing[84]. - The company has a total of 41.1 million CNY involved in a contract dispute with Dafen City Tengfei Shot Blasting Equipment Co., Ltd., with judicial identification currently in process[84]. - The company has successfully resolved a contract dispute with Baise Baikang Power Co., Ltd., resulting in a payment of 5 million yuan from the opposing party[85]. Shareholder Information - The total number of shareholders at the end of the reporting period was 22,209[117]. - The largest shareholder, China Energy Conservation and Environmental Protection Group Co., Ltd., holds 60,397,858 shares, accounting for 22.97% of total shares[119]. - The company has no changes in controlling shareholders or actual controllers during the reporting period[120]. - The company does not have any preferred shares or convertible bonds during the reporting period[121][122].

Financial Performance - Total revenue for Q1 2020 was ¥424,544,227.12, representing a 3.42% increase compared to ¥410,492,205.05 in the same period last year[3] - Net profit attributable to shareholders decreased by 68.19% to ¥3,683,044.49 from ¥11,577,689.94 year-on-year[3] - Net profit after deducting non-recurring gains and losses fell by 80.75% to ¥1,726,034.59 compared to ¥8,965,790.82 in the previous year[3] - Basic and diluted earnings per share decreased by 70.85% to ¥0.0086 from ¥0.0295 year-on-year[3] - The company reported a net fundraising amount of ¥574,144,000, with ¥236,940,000 allocated for project funding needs, resulting in excess funds of ¥337,204,000[23] - The company reported a significant increase in cash inflow from operating activities, totaling ¥335,060,690.89, down from ¥617,070,239.37 in the previous year[64] - The total comprehensive income for the first quarter was -¥20,911,956.07, compared to -¥18,058,340.87 in the previous year, reflecting a decline in overall financial performance[62] Cash Flow - Net cash flow from operating activities was negative at ¥440,561,512.06, a 527.26% increase in outflow compared to ¥-70,236,324.57 in the same period last year[3] - The cash flow from operating activities showed a total inflow of ¥148,402,510.44, compared to ¥79,847,570.55 in the previous year, reflecting a growth of about 85%[66] - The cash flow from operating activities showed a net outflow of -¥440,561,512.06, a significant increase in cash outflow compared to -¥70,236,324.57 in the same period last year[64] - Total cash inflow from financing activities reached ¥1,028,585,925.18, while cash outflow was ¥794,729,004.39, resulting in a net cash flow of ¥233,856,920.79[65] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,440,345,639.04, a slight decrease of 0.12% from ¥6,448,293,958.84 at the end of the previous year[3] - The total liabilities decreased to CNY 4,031,604,183.05 from CNY 4,044,511,777.82, showing a reduction of about 0.32%[52] - The company's total assets as of March 31, 2020, were CNY 6,440,345,639.04, down from CNY 6,448,293,958.84, a decrease of approximately 0.12%[53] - The long-term borrowings rose significantly to CNY 621,008,200.00 from CNY 323,008,200.00, indicating an increase of approximately 92.5%[52] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,984[6] - The largest shareholder, China Energy Conservation and Environmental Protection Group, held 22.97% of the shares, totaling 98,133,708 shares[6] - Net assets attributable to shareholders increased by 0.19% to ¥2,208,693,843.09 from ¥2,204,592,293.34 at the end of the previous year[3] Research and Development - Research and development expenses increased by 44.45% year-on-year, reaching ¥20,904,655.64, driven by new projects[11] - Research and development expenses for the quarter were CNY 20,904,655.64, compared to CNY 14,472,286.17 in the previous year, indicating an increase of approximately 44.8%[57] Operational Challenges - The company faced challenges in executing its waterless toilet business due to the pandemic and funding issues, resulting in unmet performance expectations[13] - The expansion project for electrical equipment production is facing delays due to a downturn in market demand and reduced power investment[20] - The expected benefits from the production of industrial specialty gases at Qiyuan (Shaanxi) Leading Electronic Materials Co., Ltd. have not been realized due to lengthy administrative approval processes[21] Financial Management - The company's financial expenses increased by 40.56% year-on-year, totaling ¥26,156,011.08, due to new loans from financial institutions[11] - The company has no unused raised funds as of the reporting period, with a balance of 0.42 million RMB in the over-raised funds account[43] - The company has not undergone an audit for the first quarter report[69]

Financial Performance - The company's operating revenue for 2019 was ¥2,524,734,694.48, representing a 38.29% increase from ¥1,825,714,128.67 in 2018[12]. - The net profit attributable to shareholders was -¥33,770,499.56, a decrease of 213.10% compared to ¥29,859,133.75 in the previous year[12]. - The net cash flow from operating activities was -¥400,730,859.44, which is a 238.24% increase in cash outflow compared to -¥118,476,276.45 in 2018[12]. - Total assets at the end of 2019 amounted to ¥6,448,293,958.84, reflecting a 15.04% increase from ¥5,605,109,353.07 at the end of 2018[12]. - The company reported a basic earnings per share of -¥0.0807, down 193.29% from ¥0.0865 in 2018[12]. - The company’s net assets attributable to shareholders increased by 20.30% to ¥2,204,592,293.34 from ¥1,832,545,124.95 in 2018[12]. - The total profit was -¥9,469,566.47, a decline of 116.78% compared to the previous year[35]. - The company achieved operating revenue of ¥2,524,734,694.48, representing a year-on-year growth of 38.29%[35]. - The company reported a total of 13,704.49 million CNY in new orders during the reporting period, with 11,820.17 million CNY confirmed revenue[51]. - The company has 58,756.91 million CNY in unconfirmed revenue at the end of the period, indicating a strong backlog of orders[51]. Investment and R&D - The company invested CNY 116.13 million in R&D, accounting for 4.4% of its revenue[39]. - The company has successfully completed numerous R&D projects in graphene technology, which are now entering the commercialization phase, indicating a potential boom in the graphene industry[23]. - The company is actively developing new products and expanding its market presence, resulting in increased sales expenses[36]. - Research and development expenses surged by 106.36% to 115,705,194.87 CNY, reflecting increased investment in new product development[60]. - The company has established multiple research institutes to enhance its technological innovation capabilities, focusing on smart environmental protection and new material research[63]. Market Position and Strategy - The company is focusing on the development of core technologies in water treatment and solid waste management, aiming to enhance its competitive edge in these markets[22]. - The company aims to integrate strategic, market, investment, and corporate management to align with its growth and scale[3]. - The company plans to concentrate its core business on three areas: monitoring and analysis, water treatment, and solid waste management, with a focus on intelligent monitoring and data analysis[22]. - The company is actively expanding its market share in the environmental monitoring sector through technological advantages and strategic partnerships[26]. - The company is positioned to benefit from the "Belt and Road" initiative, which presents new opportunities for investment in power grid construction and upgrades in overseas markets[108]. Risk Management - The company reported an increase in accounts receivable due to a higher proportion of long-cycle EPC and BOT projects, which may impact cash flow efficiency if recoverability decreases[2]. - The company plans to enhance credit management policies to reduce the risk of bad debts, focusing on pre-audit, in-process control, and post-supervision of accounts receivable[2]. - The company emphasizes the importance of improving internal controls and management systems to mitigate risks associated with rapid growth[3]. - The company is facing management risks due to its expanding scale and diverse business models, necessitating increased investment in talent and operational management[3]. - The company is committed to enhancing its operational efficiency and reducing the likelihood of bad debts through a comprehensive management approach[3]. Environmental Focus - The company has transitioned from a pollution source monitoring company to a comprehensive smart environmental service provider, focusing on top-level design and government management services[22]. - The environmental monitoring industry is projected to grow rapidly due to national policies promoting enhanced environmental monitoring and control[25]. - The company is actively pursuing a transformation into a smart environmental service provider, enhancing its service offerings beyond traditional R&D[103]. - The company aims to become a comprehensive service provider integrating system design, equipment manufacturing, engineering construction, and operation management in the high-end environmental equipment sector[28]. - The company has established an "A+2N" development strategy focusing on smart environments and organic waste treatment, with plans to expand into international markets for air pollution control[111]. Shareholder Returns and Dividends - The company will not distribute cash dividends or issue bonus shares, opting to reinvest profits for growth[3]. - The company’s cash dividend history shows a significant decline in profitability over the past three years, with no dividends declared in 2018 and 2019[116]. - The company has not implemented any cash dividends or capital reserve transfers for the last three years, reflecting ongoing financial challenges[116]. - The total cash dividends distributed in 2019 were 0.00 CNY, with a net profit attributable to ordinary shareholders of -33,770,499.56 CNY, resulting in a cash dividend ratio of 0.00%[117]. - The company’s commitment to shareholder returns has been impacted by consecutive years of negative net profits, leading to a focus on sustainable development rather than immediate cash distributions[118]. Legal and Compliance - The company is actively preparing for potential litigation that may affect its financial status and performance in 2019 and 2020[3]. - The company has confirmed that there are no violations of its commitments as of the end of the reporting period[123]. - The company has committed to ensuring independence in personnel, finance, assets, and operations, with specific measures to maintain this independence[123]. - The company has established a long-term commitment to avoid any competitive business activities with its subsidiaries[127]. - The company has committed to notifying the listed company of any competitive business opportunities that arise from third parties[127]. Social Responsibility - The company engaged in poverty alleviation activities, purchasing CNY 7,490 worth of agricultural products from designated poverty alleviation counties[169]. - The company donated 400 graphene electric heaters to assist impoverished areas, specifically targeting minority regions[169]. - A total of CNY 15 million was invested in improving educational resources in impoverished areas[170]. - The company has committed to social responsibility through targeted poverty alleviation programs in 2020[171].