证券代码：300266 证券简称：兴源环境 公告编号：2019-138 兴源环境科技股份有限公司 关于参加浙江辖区上市公司投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的沟通交流，兴源环境科技股份有限公司（以下简称 "公司"）将参加由中国证券监督管理委员会浙江监管局指导、浙江上市公司协 会与深圳市全景网络有限公司共同举办的"沟通促发展 理性共成长"辖区上市 公司投资者网上集体接待日主题活动，现将有关事项公告如下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网 上平台举行，投资者可以登录"全景·路演天下"网站（http://rs.p5w.net）参 与公司本次投资者网上接待日活动。网上互动交流时间为 2019 年 11 月 5 日（星 期二）下午 15:30-17:00。 届时公司董事长李建雄先生、总经理颜学升先生、财务总监伏俊敏女士、董 事会秘书刘慧女士将采用网络远程方式，与投资者就公司治理、经营发展状况等 投资者所关心的问题进行沟通与交流。 欢迎广大投资者积极参与。 特此公告。 兴源环 ...

Financial Performance - Total revenue for the first half of 2019 was CNY 805,485,518.86, a decrease of 48.47% compared to CNY 1,563,215,927.16 in the same period last year[17]. - Net profit attributable to shareholders was CNY 25,782,832.57, down 79.72% from CNY 127,163,335.95 year-on-year[17]. - Net profit after deducting non-recurring gains and losses was CNY 7,247,513.72, a decline of 94.04% compared to CNY 121,599,803.79 in the previous year[17]. - Operating cash flow net amount was CNY 64,698,920.19, which is a 30.00% decrease from CNY 92,429,507.25 in the same period last year[17]. - Basic earnings per share decreased by 75.00% to CNY 0.02 from CNY 0.08 in the previous year[17]. - The company achieved operating revenue of ¥805,485,518.86, a decrease of 48.47% compared to the same period last year[45]. - The net profit attributable to shareholders was ¥25,782,832.57, down 79.72% year-on-year[45]. - The company's operating revenue for the reporting period was approximately RMB 805.49 million, a decrease of 48.47% compared to RMB 1.56 billion in the same period last year, primarily due to a decline in revenue from PPP project landscaping engineering[51]. - Operating costs also decreased by 48.92% to approximately RMB 626.62 million, reflecting the reduction in operating revenue[51]. - The net profit for the first half of 2019 was a loss of CNY 41,778,276.66, a significant decline from a profit of CNY 88,962,665.56 in the first half of 2018[154]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,360,304,718.51, a slight increase of 0.11% from CNY 9,349,715,362.72 at the end of the previous year[17]. - Total liabilities as of June 30, 2019, were CNY 6,568,021,222.86, a decrease of 0.2% from CNY 6,577,724,378.29 at the end of 2018[145]. - The company's total equity increased to CNY 2,792,283,495.65 as of June 30, 2019, compared to CNY 2,771,990,984.43 at the end of 2018[145]. - The total equity attributable to the parent company at the end of the reporting period is CNY 2,495,683,491.56, showing an increase from CNY 2,470,534,870.77 at the beginning of the period[161]. - The total amount of restricted cash at the end of the reporting period was ¥449,643,517.56, primarily due to bank guarantees and pledges[60]. - The total current assets decreased slightly from CNY 6.96 billion at the end of 2018 to CNY 6.88 billion by June 30, 2019, a decrease of about 1%[144]. Cash Flow and Financing - The company reported a significant increase in financial expenses, with interest expenses rising to CNY 41,877,894.93 in the first half of 2019 from CNY 38,451,615.26 in the same period of 2018[153]. - The cash flow from operating activities for the first half of 2019 was CNY 64,698,920.19, down from CNY 92,429,507.25 in the same period of 2018, indicating a decrease of approximately 30%[155]. - The total cash inflow from financing activities in the first half of 2019 was CNY 2,010,509,370.86, an increase from CNY 1,732,060,152.10 in the first half of 2018[157]. - The company plans to borrow RMB 100 million from its controlling shareholder, with an annual interest rate of 11%[101]. - The company intends to renew a loan of RMB 86.5 million from its controlling shareholder, also at an annual interest rate of 11%[101]. - The company has borrowed RMB 180 million from New Hope Investment Group at an annual interest rate of 4.35%[103]. Business Operations and Strategy - The company operates in the environmental protection service industry, focusing on areas such as environmental equipment manufacturing, river and lake dredging, municipal and industrial wastewater treatment, and ecological environment construction[25]. - The company has a strong focus on ecological environment construction, with projects primarily in municipal and landscape construction, adapting to PPP regulatory policies[29]. - The company’s wastewater treatment solutions aim to help industrial enterprises reduce discharge and improve standards, contributing to both environmental and economic benefits[27]. - The company has developed a comprehensive industrial chain layout for environmental governance, enhancing its competitive advantage in market expansion and project execution[36]. - The company plans to continue its market expansion in the environmental protection and ecological restoration sectors, aiming for steady growth in revenue and profit[49]. - The company has established a new investment development department to explore new profit growth points in ecological environment governance, including solid waste recycling and treatment[49]. Shareholder and Governance - The company has established a new governance mechanism with a new board of directors and management team following the acquisition by New Hope Investment Group[45]. - New Hope Investment Group and its controlling shareholders committed to avoiding competition with the listed company and ensuring the independence of the listed company post-acquisition[84]. - The listed company will maintain an independent financial accounting department and establish a separate financial management system[84]. - The listed company guarantees to independently open bank accounts and will not share accounts with other companies controlled by the controlling shareholders[84]. - The controlling shareholders committed to not using their influence to gain preferential treatment for their own companies in transactions with the listed company[84]. Research and Development - Research and development investment was approximately RMB 30.98 million, down 40.52% from RMB 52.08 million in the previous year, indicating a reduction in R&D projects[51]. - The company has over 80 valid invention patents and has undertaken multiple national science and technology projects[37]. - The company has a comprehensive technical system for environmental governance, including advanced technologies such as FENTON oxidation and EGSB anaerobic treatment[37]. Market and Competitive Position - The company has a strong market reputation and brand influence, with projects spanning over 20 provinces and Southeast Asia[40]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[87]. - A strategic acquisition of a local competitor is expected to enhance the company's service offerings and increase market competitiveness[87]. Compliance and Legal Matters - The company has not engaged in any major litigation or arbitration matters during the reporting period[93]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[96]. - The company has not experienced any penalties or rectification situations during the reporting period[94]. - The company has not conducted any related party transactions in daily operations during the reporting period[97]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 25% based on new product launches and market expansion strategies[87]. - The company has set a performance guidance of 1.8 billion RMB for the next half of the year, indicating a continued growth trajectory[87].

Financial Performance - The company's operating revenue for 2018 was ¥2,316,193,015.10, a decrease of 23.60% compared to ¥3,031,815,602.68 in 2017[22]. - The net profit attributable to shareholders for 2018 was -¥1,268,399,416.73, representing a decline of 450.76% from ¥361,615,726.22 in 2017[22]. - The net cash flow from operating activities improved by 79.20%, reaching -¥188,201,269.03 in 2018 compared to -¥904,756,613.67 in 2017[22]. - The total assets at the end of 2018 were ¥9,349,715,362.72, a decrease of 1.35% from ¥9,477,937,436.92 at the end of 2017[22]. - The net assets attributable to shareholders decreased by 34.49%, amounting to ¥2,470,534,870.77 at the end of 2018 compared to ¥3,771,103,914.95 at the end of 2017[22]. - The basic earnings per share for 2018 was -¥0.81, a decline of 452.17% from ¥0.23 in 2017[22]. - The weighted average return on equity for 2018 was -40.68%, down from 11.49% in 2017[22]. - In Q4 2018, the company reported a net profit attributable to shareholders of -¥1,398,020,292.76, significantly impacting the annual results[24]. - The company reported non-operating income of 27,117,017.71 in 2018, a significant decrease from 90,607,651.39 in 2017, indicating a decline of approximately 70% year-over-year[28]. - The company’s gross profit margin for environmental engineering and others was 17.07%, reflecting a decrease of 7.06% compared to the previous year[69]. Cash Flow Management - The company plans to enhance its cash flow management by prioritizing projects with guaranteed payments and improving internal controls to ensure efficient fund utilization[8]. - The company has a significant accounts receivable balance, which affects its operational efficiency; it is implementing targeted collection strategies to reduce bad debt risks[9]. - The company implemented strict financial management strategies, focusing on receivables collection and risk prevention, which resulted in improved cash flow management[58]. - The total cash outflow from operating activities decreased by 28.79% to CNY 1.95 billion in 2018, compared to CNY 2.74 billion in 2017[82]. - The net cash flow from financing activities decreased by 26.27% in 2018, mainly due to increased payments for maturing bank loans and debt interest[84]. Business Strategy and Operations - The company acknowledges the risks associated with the management of an expanding business and is committed to strengthening its internal systems and training for management personnel to improve operational efficiency[9]. - The company aims to select high-quality projects with strong payment capabilities to minimize construction and operational risks[7]. - The company has shifted its business model from equipment sales to comprehensive process design and operational management, enhancing revenue generation capabilities[32]. - The company aims to enhance its market share by optimizing project structures and increasing the revenue proportion from EPC, construction, equipment sales, and operation maintenance[129]. - The company intends to expand financing channels and innovate financing methods to ensure sufficient funding for business operations and reduce financial costs[129]. Government and Regulatory Environment - The company emphasizes the importance of adhering to national policies and regulations to mitigate risks associated with the ecological and environmental protection industry, which is expected to thrive under new laws and regulations[5]. - The government continues to support PPP projects, which the company will leverage to attract private capital for infrastructure development[6]. - The company is closely monitoring local government financial capabilities to mitigate risks related to project funding and payment delays[6]. - The company recognizes the potential impact of policy changes on its operations and is prepared to adjust its strategies accordingly to ensure steady performance[5]. Research and Development - The company has over 80 valid invention patents and has undertaken multiple national science and technology projects[43]. - The total R&D investment for 2018 was CNY 112.21 million, representing 4.84% of operating revenue, an increase from 4.52% in 2017[80]. - The company achieved significant R&D outcomes, including 1 invention patent and 6 utility model patents in filter press technology, indicating strong innovation capabilities[57]. - The company has developed a water quality monitoring IoT platform, which is a core part of its smart water management strategy, generating revenue through project completion and ongoing maintenance services[37]. Subsidiaries and Investments - The company has engaged in multiple PPP projects, with investments totaling 6,000,000 yuan in Zhangzhou Xingyuan Water Affairs Co., representing a 100% stake[94]. - Major subsidiaries include Zhejiang Dredging with a net profit of 15,263,813.8 CNY, and Xinyuan Equipment with a net profit of 22,794,233.4 CNY[101]. - The company established multiple new subsidiaries during the reporting period, including Zhangzhou Xinyuan Water Co., Ltd. and Aohan Xinao Environmental Development Co., Ltd., with no significant impact on overall operations[101]. - The company has engaged in multiple capital increases for its subsidiaries, indicating a strategy of expansion and investment in infrastructure projects[101]. Corporate Governance and Compliance - The company has committed to avoiding any business activities that would compete with its core operations, as per the commitments made by its major shareholders[145]. - The company’s major shareholders have fulfilled their commitments regarding non-competition during the reporting period[145]. - The company aims to minimize and avoid related party transactions, ensuring fair market practices and compliance with relevant regulations[147]. - The company has established a framework to manage and disclose any related party transactions in accordance with legal and regulatory requirements[147]. Social Responsibility and Community Engagement - The company actively participates in social responsibility initiatives, including community support and employee welfare programs[182]. - The company completed the construction of 1,191 relocation houses in Shibing County, providing housing for 2,223 people as part of its poverty alleviation efforts in 2018[185]. - The company is actively promoting the rural drinking water safety project in Qianxi County, which aims to improve water safety for over 600,000 people across 23 impoverished towns[186].

Financial Performance - The company's operating revenue for 2018 was ¥2,316,193,015.10, a decrease of 23.60% compared to ¥3,031,815,602.68 in 2017[22]. - The net profit attributable to shareholders was -¥1,268,399,416.73, representing a decline of 450.76% from ¥361,615,726.22 in the previous year[22]. - The net cash flow from operating activities improved by 79.20%, reaching -¥188,201,269.03, compared to -¥904,756,613.67 in 2017[22]. - The total assets at the end of 2018 amounted to ¥9,349,715,362.72, a decrease of 1.35% from ¥9,477,937,436.92 in 2017[22]. - The net assets attributable to shareholders decreased by 34.49%, totaling ¥2,470,534,870.77 compared to ¥3,771,103,914.95 in 2017[22]. - The basic earnings per share for 2018 was -¥0.81, a decline of 452.17% from ¥0.23 in 2017[22]. - The weighted average return on net assets was -40.68%, down by 52.17% from 11.49% in the previous year[22]. - In Q4 2018, the company reported a net profit attributable to shareholders of -¥1,398,020,292.76, significantly impacting the annual results[24]. - The company reported non-operating income of CNY 27,117,017.71 in 2018, a significant decrease from CNY 90,607,651.39 in 2017, reflecting a decline of approximately 70%[28]. - Government subsidies recognized in the current period amounted to CNY 17,419,714.62, up from CNY 14,006,015.01 in 2017, indicating a growth of about 17%[28]. Operational Challenges - In 2018, the company faced challenges due to a tightening financing environment, leading to cash flow issues and delays in project progress, particularly in PPP projects[7]. - The company acknowledges the risks associated with the long repayment cycles of PPP projects and is taking steps to ensure timely financing and project execution[6]. - The company faced challenges in financing due to a tightening credit environment, impacting the progress of some PPP projects and leading to a decline in operational performance[40]. - The company reported a significant reduction in goodwill due to impairment losses recognized in subsidiaries, indicating potential risks in asset valuation[41]. - Water Beautiful Environmental Protection's net profit decreased significantly in 2018 due to high project costs and raw material price increases affecting profit margins[54]. Strategic Focus - The company plans to enhance its cash flow management by prioritizing projects with guaranteed payments and improving internal controls to mitigate operational risks[8]. - The company is committed to strengthening its internal management systems to cope with the increasing complexity of its operations and to enhance overall efficiency[9]. - The company aims to select high-quality projects with strong payment capabilities to minimize construction and operational risks[7]. - The company is focused on expanding its management team and enhancing training to improve operational capabilities in response to its growing business scale[9]. - The company is actively involved in ecological environment construction projects, utilizing various models including EPC and PPP to drive profitability[36]. Innovation and Development - The company has over 80 valid invention patents and has undertaken multiple national science and technology projects[43]. - The company developed new technologies in wastewater treatment, including a step aeration wastewater treatment system and activated carbon regeneration technology[80]. - The company has developed a smart water management and environmental IoT control platform, which has been implemented in multiple regions[47]. - The company achieved significant R&D outcomes, including 1 invention patent and 6 utility model patents in filter press technology, indicating strengthened innovation capabilities[57]. - The company has shifted its business model from equipment sales to integrated process design and operation management, enhancing revenue generation capabilities[32]. Market Position and Growth - The company is a leading manufacturer of filter presses, ranking first in Zhejiang Province and second nationally, with a focus on expanding its environmental service offerings[32]. - The company is well-positioned in the dredging and water body governance market, benefiting from national policies and its competitive advantages[119]. - The environmental monitoring market is projected to have an annual market space of 41.5 billion RMB from 2018 to 2020, with water quality monitoring accounting for 10.3 billion RMB annually[124]. - The company’s subsidiary has established a strong market presence in water quality monitoring technology and services, leveraging its innovative capabilities[125]. - The company aims to expand its business in rural sewage treatment and improve rural water environment as part of national policy implementation[120]. Financial Management - The company will not distribute cash dividends or issue bonus shares, focusing instead on reinvesting profits for growth[10]. - The company implemented strict financial management strategies, focusing on receivables collection and risk prevention, which resulted in improved cash flow management[58]. - The company plans to strengthen its internal control and improve operational efficiency by establishing a comprehensive system to manage high-risk areas[132]. - The company intends to increase its investment in technology research and development to enhance competitiveness in the growing environmental protection industry[131]. - The company will actively seek low-cost financing options to ensure sufficient funding for business operations and reduce financial expenses[129]. Corporate Governance and Compliance - The company has committed to avoiding any business activities that would compete with its subsidiaries, ensuring compliance with competitive commitments[145]. - The company is focused on maintaining operational integrity and compliance with regulatory commitments to avoid conflicts of interest[146]. - The management team has committed to not engage in similar business activities with competitors for a specified period[147]. - The company has implemented measures to avoid conflicts of interest and regulate related transactions[147]. - The company has established a 60-month commitment for certain management members to avoid competition after asset transfer[147]. Social Responsibility - The company has actively engaged in social responsibility initiatives, including community support and employee welfare programs[183]. - The company completed the construction of 1,191 relocation houses in Shibing County, providing housing for 2,223 people as part of its poverty alleviation efforts in 2018[186]. - The company is actively promoting the rural drinking water safety improvement project in Qianxi County, which aims to address the drinking water safety issues for over 600,000 people across 23 impoverished towns[186]. - The company established a leadership group for poverty alleviation actions in Shibing and Qianxi counties to ensure effective implementation of its initiatives[186]. - The company has committed to various poverty alleviation methods, including industrial development, employment transfer, and ecological protection[185].

Financial Performance - Total revenue for Q1 2019 was ¥218,620,923.67, a decrease of 62.17% compared to ¥577,853,654.67 in the same period last year[8] - Net profit attributable to shareholders was -¥42,882,391.05, representing a decline of 236.86% from ¥31,333,223.78 year-on-year[8] - Basic and diluted earnings per share were both -¥0.03, a decrease of 200.00% from ¥0.03 in the same period last year[8] - The operating profit was -¥39,683,060.78, reflecting a decrease of 181.53% year-on-year[55] - The net profit for the period was -¥42,875,362.00, representing a decline of 216.68% compared to the previous year[55] - The company reported a net loss of -556,090,565.63 in retained earnings, compared to -520,087,315.19 previously, indicating a worsening of approximately 6.92%[77] - The net loss for the current period is ¥42,649,992.60, compared to a net profit of ¥36,746,520.70 in the previous period, indicating a significant decline in profitability[88] - The company reported a gross profit margin of -16.4% for the current period, compared to a gross profit margin of 8.4% in the previous period[86] Cash Flow - Net cash flow from operating activities improved to ¥81,415,974.17, a significant increase of 162.64% compared to -¥129,977,291.59 in the previous year[8] - The net cash flow from operating activities for Q1 2019 was ¥81,415,974.17, a significant improvement compared to a net outflow of ¥129,977,291.59 in the same period last year[98] - Total cash inflow from operating activities was ¥888,845,490.32, while cash outflow was ¥807,429,516.15, resulting in a positive net cash flow[98] - The company reported a net cash flow from investment activities of -¥315,840,600.20, indicating increased investment expenditures compared to -¥258,091,804.23 in the previous year[99] - Cash inflow from financing activities totaled ¥1,524,461,089.07, with a net cash flow of ¥5,520,166.10 after outflows[99] - Cash paid for purchasing goods and services was ¥215,603,532.20, down from ¥677,835,127.41 in the previous year, indicating improved cost management[98] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,957,150,747.05, down 4.20% from ¥9,349,715,362.72 at the end of the previous year[8] - Total liabilities decreased from 6,577,724,378.29 to 6,232,560,407.84, a decrease of about 5.24%[75] - Current liabilities decreased from 5,105,475,204.64 to 4,741,872,702.80, a reduction of about 7.13%[75] - Short-term borrowings increased from 1,393,810,000.00 to 1,690,810,000.00, an increase of approximately 21.38%[73] - The total liabilities to equity ratio is approximately 2.37, indicating a high level of leverage[111] - The total current liabilities represent approximately 54.5% of total assets, indicating a significant reliance on short-term financing[111] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,778[12] - The largest shareholder, Xingyuan Holdings Group, held 33.70% of the shares, amounting to 527,210,841 shares, with 420,499,241 shares pledged[12] - New Hope Investment Group has become the largest shareholder, holding 23.60% of shares, which may lead to strategic changes in resource allocation and business structure[62][63] Operational Challenges - The company's performance declined compared to the same period last year, primarily due to ongoing financing pressures affecting project progress and revenue[56] - Net profit decreased due to rising financing costs, impacting overall financial performance[56] - The company is actively enhancing internal controls and improving operational efficiency to address financial challenges[57] - The company is focusing on strengthening accounts receivable collection to accelerate cash flow and alleviate financial strain[57] - The company has undertaken numerous PPP projects, which require significant upfront investment and have long repayment cycles, posing operational risks[59] - The company plans to prioritize high-quality projects with guaranteed repayment capabilities to mitigate operational funding risks[60] Investment and Development - The company plans to continue focusing on investment in fixed assets and technology development to drive future growth[100] - Research and development expenses for the current period are ¥12,674,694.23, slightly down from ¥13,063,811.91 in the previous period[86] Other Financial Metrics - Financial expenses increased to ¥29,343,899.05 in the current period, compared to ¥27,631,433.07 in the previous period[86] - The company recorded an investment loss of ¥4,097,317.66 in the current period, compared to a loss of ¥198,011.03 in the previous period[86] - Other income for the current period is ¥339,387.50, down from ¥487,587.50 in the previous period[86]

Financial Performance - Operating revenue decreased by 44.81% to CNY 558,477,980.10 for the current period, and decreased by 17.89% to CNY 2,121,693,907.26 year-to-date[9] - Net profit attributable to shareholders decreased by 98.68% to CNY 2,457,540.08 for the current period, and decreased by 70.90% to CNY 129,620,876.02 year-to-date[9] - Basic earnings per share dropped by 99.11% to CNY 0.0016 for the current period, and decreased by 77.27% to CNY 0.10 year-to-date[9] - Total operating revenue for Q3 2018 was CNY 558,477,980.10, a decrease of 44.7% compared to CNY 1,011,947,445.60 in the same period last year[50] - Net profit for Q3 2018 was CNY 3,543,136.92, a significant decline of 98.3% compared to CNY 214,526,429.92 in Q3 2017[51] - The company's total profit for the first nine months of 2018 decreased by 67.74% year-on-year, mainly due to a reduction in operating profit[24] - The total comprehensive income for the current period was ¥141,443,982.17, down 70.3% from ¥475,427,655.84 in the previous period[60] Cash Flow - The net cash flow from operating activities increased by 119.53% to CNY 155,874,559.88 year-to-date[9] - The company reported a significant increase in cash inflow from other financing activities, totaling 577,687,077.98 CNY, compared to 564,623,337.16 CNY in the previous period[68] - The net cash flow from operating activities was 155,874,559.88 CNY, a significant improvement compared to -805,706,145.45 CNY in the previous period[67] - The company reported a decrease in cash outflow for operating activities, totaling 2,513,274,694.90 CNY, compared to 2,679,473,738.91 CNY in the previous period[67] - The total cash inflow from investment activities was 572,196,023.72 CNY, while cash outflow was 1,714,668,124.13 CNY, resulting in a net cash flow of -1,142,472,100.41 CNY[68] Assets and Liabilities - Total assets increased by 16.58% to CNY 11,049,069,209.50 compared to the end of the previous year[9] - Total liabilities increased by 98.91% compared to the beginning of the year, primarily due to increased project engineering[18] - Current assets totaled RMB 8,133,072,943.38, up from RMB 6,628,801,345.57 at the beginning of the period, indicating a growth of approximately 22.7%[42] - Total liabilities reached RMB 6,881,688,814.63, compared to RMB 5,555,544,137.79 at the beginning of the period, representing an increase of about 23.8%[44] - The company's equity attributable to shareholders was RMB 3,865,431,834.49, up from RMB 3,771,103,914.95, indicating a growth of approximately 2.5%[44] Shareholder Information - The total number of shareholders at the end of the reporting period was 42,046[13] - The largest shareholder, Xingyuan Holdings Group, holds 33.70% of the shares, with 429,729,141 shares pledged[13] - The company did not engage in any repurchase transactions during the reporting period[14] Expenses - Financial expenses for Q3 2018 increased by 324.04% year-on-year, mainly due to interest accrued from private placement debt instruments[21] - For the first nine months of 2018, the company's financial expenses increased by 127.07% year-on-year, mainly due to interest from the issuance of private debt financing tools and increased bank financing[24] - Research and development expenses for Q3 2018 were CNY 30,917,404.21, down 26.0% from CNY 41,802,764.23 in the same period last year[50] - Research and development expenses were ¥79,887,820.24, a decrease of 11.5% compared to ¥90,330,375.71 in the previous period[58] Other Financial Metrics - Non-recurring gains and losses totaled CNY 8,268,481.03, primarily from government subsidies and other income[10] - The company experienced a 215.32% increase in non-operating expenses for the first nine months of 2018, primarily due to compensation payments[24] - Investment income for the first nine months of 2018 decreased by 100.98% year-on-year, as there were no gains from subsidiary transfers compared to the previous year[24] - The company reported an investment loss of ¥1,013,048.00, contrasting with an investment gain of ¥103,646,274.63 in the previous period[59]

Financial Performance - Total revenue for the first half of 2018 was CNY 1,563,215,927.16, a decrease of 0.55% compared to CNY 1,571,866,568.38 in the same period last year[17]. - Net profit attributable to shareholders was CNY 127,163,335.95, down 51.05% from CNY 259,772,175.78 year-on-year[17]. - Net profit after deducting non-recurring gains and losses was CNY 121,599,803.79, a decrease of 34.85% compared to CNY 186,657,509.61 in the previous year[17]. - Basic earnings per share decreased to CNY 0.12, down 53.85% from CNY 0.26 in the previous year[17]. - Operating profit was CNY 166,871,953.23, down 47.70% year-on-year[43]. - The company reported a net profit for the first half of 2018 of CNY 137,900,845.26, a decrease of 47% compared to CNY 260,901,225.92 in the previous year[161]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to CNY 92,429,507.25, compared to a negative cash flow of CNY 299,343,723.51 in the same period last year, representing a 130.88% increase[17]. - Cash flow from operating activities was CNY 1,336,089,163.49, compared to CNY 904,173,970.21 in the previous period, indicating improved cash generation[166]. - The company reported a significant increase in inventory, which reached 5,312,495,112.85, representing 48.69% of total assets, up 13.41% from the previous year due to ongoing PPP investments[63]. - Total assets increased by 15.12% to CNY 10,910,540,066.03 from CNY 9,477,937,436.92 at the end of the previous year[17]. - The total liabilities increased to CNY 6,783,994,967.16 from CNY 5,555,544,137.79, representing a growth of approximately 22.1%[152]. Business Operations and Strategy - The company aims to become a leading domestic and internationally recognized comprehensive environmental governance service provider[24]. - The main business includes environmental equipment manufacturing, river and lake dredging, municipal and industrial wastewater treatment, and ecological environment construction[24]. - The company is focusing on expanding its market presence and accelerating project implementation to drive steady growth in performance[32]. - The company has established a comprehensive governance technology system that integrates pollution control, ecological improvement, and environmental value enhancement[31]. - The company is benefiting from supportive environmental policies, which provide significant market opportunities for water environment governance and ecological construction[30]. Risks and Challenges - The company has outlined potential risks and countermeasures in its report, which investors should pay attention to[5]. - The company is facing risks related to policy changes, particularly in the ecological and environmental sectors, which could impact future growth[81]. - The company is actively monitoring the financial health of local governments involved in PPP projects to mitigate operational risks[83]. Shareholder and Management Commitments - The company plans not to distribute cash dividends or issue bonus shares[6]. - The core shareholders of Xingyuan Environment committed not to engage in any business that competes directly or indirectly with the company and its subsidiaries during the reporting period[93]. - The management team is obligated to provide compensation to the company if they violate the commitments regarding competition and related transactions[94]. - The commitments made by shareholders and management are aimed at maintaining the integrity and competitive position of Xingyuan Environment in the industry[94]. Investments and Acquisitions - The company plans to acquire 100% of Green Agriculture Environment to expand into the construction waste management sector, which is currently under due diligence and requires further board and shareholder approvals[48]. - The company is in the process of acquiring 100% equity of Green Agricultural Environment, which constitutes a related party transaction[109]. Financial Reporting and Compliance - The half-year financial report for 2018 has not been audited[98]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements accurately reflect its financial position and operating results[190]. - The company’s financial statements are prepared based on the assumption of going concern, with no significant doubts about its ability to continue operations[188].

Financial Performance - Total revenue for Q1 2018 was CNY 577,853,654.67, representing a 59.22% increase compared to CNY 362,929,261.21 in the same period last year[8] - Net profit attributable to shareholders decreased by 68.88% to CNY 31,333,223.78 from CNY 100,695,767.41 year-on-year[8] - Basic earnings per share fell by 85.71% to CNY 0.03 from CNY 0.21 in the previous year[8] - For the first quarter of 2018, operating profit decreased by 88.96% compared to the same period last year, mainly due to a decrease in investment income[41] - For the first quarter of 2018, net profit decreased by 88.08% compared to the same period last year, primarily due to a decrease in investment income[44] - For the first quarter of 2018, total profit decreased by 89.13% compared to the same period last year, primarily due to a decrease in investment income[42] - Operating profit decreased by 63.29% year-on-year to ¥48,671,584.54, mainly due to a reduction in investment income[61] - Net profit for Q1 2018 decreased by 63.85% year-on-year to ¥36,746,520.70, attributed to decreased investment income[54] - The company reported a 100.22% decrease in investment income, primarily due to reduced equity transfer gains[50] Cash Flow - The net cash flow from operating activities improved by 29.41%, reaching -CNY 129,977,291.59 compared to -CNY 184,134,840.15 in the same period last year[8] - Cash flow from operating activities increased by 55.51% year-on-year, driven by a higher number of environmental engineering projects requiring upfront funding[60] - Operating cash inflow totaled CNY 985,324,024.46, up from CNY 499,544,889.65 in the previous period, representing a 97.1% increase[92] - Operating cash outflow amounted to CNY 1,115,301,316.05, compared to CNY 683,679,729.80 in the prior period, reflecting a 63.3% increase[92] - Cash inflow from financing activities reached CNY 1,058,773,981.43, up from CNY 537,354,095.32, marking a 96.9% increase[93] - Net cash flow from financing activities was CNY 381,780,081.38, compared to CNY 231,148,662.21 in the prior period, showing a 65.2% increase[93] - The company reported a net increase in cash and cash equivalents of negative CNY 6,440,859.92, an improvement from negative CNY 451,224,079.70 year-over-year[93] Assets and Liabilities - Total assets increased by 7.84% to CNY 10,220,755,124.96 from CNY 9,477,937,436.92 at the end of the previous year[8] - Total current assets increased to ¥7,408,111,085.86 from ¥6,628,801,345.57, representing a growth of approximately 11.7%[75] - Total liabilities increased to ¥6,248,453,041.82 from ¥5,555,544,137.79, marking an increase of about 12.5%[77] - The company's total liabilities were CNY 1,466,918,116.22, up from CNY 1,226,326,780.60, showing an increase of about 19.6%[84] - At the end of the reporting period, short-term borrowings decreased by 30.56% compared to the beginning of the year, mainly due to the repayment of short-term financing loans[25] - At the end of the reporting period, other current liabilities increased by 180.85% compared to the beginning of the year, mainly due to the issuance of non-public debt financing instruments by Ningbo Bank[27] Government Support and Risks - The company received government subsidies amounting to CNY 487,587.50 during the reporting period[9] - The company is facing risks related to the PPP model, including policy changes and project implementation challenges[10] - The company plans to enhance its market expansion capabilities and improve project management to mitigate risks associated with environmental changes[11] - The company aims to improve cash flow efficiency and explore financing options to address operational funding shortages[12] Operational Changes - Management expenses rose by 33.72% year-on-year, mainly due to increased personnel costs[47] - The company signed three significant PPP contracts during the reporting period, enhancing its core competitiveness in ecological environment construction and municipal sewage treatment[64] - The company issued a non-public debt financing tool totaling ¥320 million, providing strong financial support for business expansion in 2018[65]

Financial Performance - The company's operating revenue for 2017 was ¥3,031,815,602.68, representing a 44.18% increase compared to ¥2,102,752,601.82 in 2016[25]. - The net profit attributable to shareholders for 2017 was ¥361,615,726.22, a significant increase of 94.65% from ¥185,781,672.68 in 2016[25]. - Basic earnings per share for 2017 were ¥0.350, an increase of 84.21% from ¥0.190 in 2016[25]. - Total assets at the end of 2017 reached ¥9,477,937,436.92, a 57.21% increase from ¥6,028,814,464.47 at the end of 2016[25]. - The net assets attributable to shareholders increased by 30.61% to ¥3,771,103,914.95 from ¥2,887,217,109.74 in 2016[25]. - The net profit attributable to shareholders for Q4 was negative at -¥83,866,088.16, contrasting with positive profits in the earlier quarters[28]. - The company recognized non-recurring gains of ¥90,607,651.39 in 2017, compared to ¥6,175,338.78 in 2016[31]. - The weighted average return on equity for 2017 was 11.49%, up from 8.53% in 2016[25]. - The company reported a significant increase in operating costs, totaling ¥2,348,119,389.64, up from ¥1,591,647,577.76 in 2016[83]. - The total distributable profit available for shareholders at the end of 2017 was RMB 313,953,365.44, with a year-end capital reserve balance of RMB 1,933,821,340.58[153]. Dividend Distribution - The company reported a profit distribution plan to distribute a cash dividend of 0.30 CNY per 10 shares (including tax) and to increase capital by 5 shares for every 10 shares held[12]. - In 2017, the cash dividend amounted to RMB 31,288,621.14, which is 8.65% of the net profit attributable to ordinary shareholders of RMB 361,615,726.22[155]. - The cash dividend for 2016 was RMB 25,428,008.00, representing 13.69% of the net profit attributable to ordinary shareholders of RMB 185,781,672.68[155]. - The cash dividend for 2015 was RMB 9,246,548.38, which accounted for 9.08% of the net profit attributable to ordinary shareholders of RMB 101,864,963.46[155]. - The company plans to increase its total share capital from 1,042,954,038 shares to 1,564,431,057 shares by issuing 521,477,019 additional shares at a ratio of 5 shares for every 10 shares held[153]. Business Expansion and Strategy - The company has transformed from an environmental equipment provider to a well-known comprehensive environmental governance service provider in China, focusing on various services including environmental equipment manufacturing and wastewater treatment[35]. - The company aims to strengthen its talent acquisition and training programs to meet the demands of its rapidly growing operations and to enhance its human resource capabilities[10]. - The company is focusing on innovative management and business models, including undertaking ecological tourism projects that integrate environmental, cultural, and economic benefits[53]. - The company plans to expand its market presence through new projects, including ecological construction and environmental management services[113]. - The company is actively pursuing new technology development and product offerings in the environmental sector[113]. - The company has established a long-term strategy for market expansion and acquisitions to enhance its competitive position[113]. - The company is committed to brand promotion, developing a forward-looking brand strategy to enhance its recognition as a comprehensive environmental governance service provider[144]. Risk Management - The company is facing risks related to insufficient working capital due to the increasing scale of PPP projects, which require significant funding and have longer repayment periods[7]. - The company will closely monitor changes in PPP policies and local government financial capabilities to manage project implementation risks effectively[6]. - The company plans to enhance its management capabilities to mitigate risks associated with the expansion of its business and acquisitions, ensuring effective internal communication and management[9]. - The company is strengthening financial and asset management to reduce costs and mitigate risks, including enhancing centralized fund management and expanding financing channels[139]. Research and Development - The company's research and development (R&D) investment reached ¥136,997,468.18, accounting for 4.52% of operating revenue, an increase from 3.59% in 2016[90]. - The company is increasing its research and development investments and collaborating with academic institutions to stay at the forefront of industry design concepts[138]. - The company has developed a smart water quality monitoring IoT platform, enhancing its capabilities in real-time monitoring and data analysis, contributing to profit growth after acquiring 100% of Yuanta Environmental[40]. - The company has developed a hybrid oil-electric dredging equipment that significantly reduces energy consumption and lowers construction costs, enhancing reliability and work efficiency[68]. Market Trends and Opportunities - The company acknowledges the competitive pressure in the environmental protection industry, despite having a solid foundation and first-mover advantage in integrated environmental governance[11]. - The company recognizes the potential for market expansion in the environmental protection sector, supported by favorable national policies[11]. - The environmental monitoring industry is projected to exceed CNY 90 billion by 2020, driven by the establishment of a nationwide real-time online environmental monitoring system[131]. - The sewage treatment industry has a low concentration, with the largest company holding less than 6% market share, indicating significant opportunities for growth and competition[128]. - The total investment for the "Water Ten Measures" initiative is estimated to be approximately CNY 4.6 trillion, with CNY 564.4 billion allocated for urban sewage treatment and recycling facilities during the 13th Five-Year Plan, averaging CNY 112.9 billion annually[128]. Corporate Governance and Compliance - The company has established a strict compliance framework for management to prevent conflicts of interest and competition with related entities[158]. - The company has committed to a net profit guarantee of 57 million yuan for the year, with compensation mechanisms in place if this target is not met[159]. - The company has outlined specific penalties for management breaches of the non-compete agreements[158]. - The company is focused on maintaining shareholder rights and ensuring that related party transactions do not harm the interests of other shareholders[159]. Social Responsibility - The company emphasizes environmental protection and sustainable development, focusing on ecological improvement for over 20 years[191]. - The company actively participates in poverty alleviation initiatives, particularly in Guizhou Province, to support local economic development[192]. - The company completed the construction of 1,191 relocation housing units and associated infrastructure, benefiting 2,223 individuals through poverty alleviation efforts[197]. - Over 1,000 local migrant workers were employed during peak construction periods, with an estimated annual income of 70,000 to 80,000 RMB per person, contributing to local economic growth[199].

兴源环境科技股份有限公司 2017 年第三季度报告全文 兴源环境科技股份有限公司 2017 年第三季度报告 2017-108 兴源环境科技股份有限公司 2017 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 2017 年 10 月 1 兴源环境科技股份有限公司 2017 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人周立武、主管会计工作负责人石创基及会计机构负责人(会计主 管人员)李小飞声明：保证季度报告中财务报表的真实、准确、完整。 2 对公司根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义界定的非经常性损益项目，以及把《公 开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益的项目，应 说明原因 □ 适用 √ 不适用 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 ...