天津膜天膜科技股份有限公司 2021 年第三季度报告 证券代码：300334 证券简称：津膜科技 公告编号：2021-087 天津膜天膜科技股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中 财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 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 | 本报告期比上年同期增 | 年初至报告期末 | 年初至报告期末比上年 | | --- | --- | --- | --- | --- | | | | 减 | | 同期增减 | | 营业收入（元） | 107,497,912.90 | -22.24% | 315,695,885.10 | 5.1 ...

Financial Performance - The company's operating revenue for the current period is ¥208,197,972.20, representing a 28.49% increase compared to ¥162,031,901.93 in the same period last year [24]. - The net profit attributable to shareholders for the current period is ¥9,831,374.05, a significant turnaround from a loss of ¥41,625,121.71 in the previous year, marking a 123.62% improvement [24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is ¥3,860,176.07, compared to a loss of ¥49,584,375.53 last year, reflecting a 107.79% increase [24]. - The basic earnings per share for the current period is ¥0.033, compared to a loss of ¥0.138 per share in the same period last year, indicating a 123.91% improvement [24]. - The total assets at the end of the current period amount to ¥1,753,269,804.05, a decrease of 4.85% from ¥1,842,721,294.08 at the end of the previous year [24]. - The net assets attributable to shareholders at the end of the current period are ¥752,022,529.45, showing a slight increase of 1.32% from ¥742,191,155.40 at the end of the previous year [24]. - The company reported a net profit of 8,203,398.59 CNY for the period, with a revenue of 46,325,243.6 CNY, indicating a significant performance in water treatment services [73]. - The company reported a significant increase in revenue, achieving a total of 300 million yuan in the first half of 2021, representing a year-on-year growth of 25% [112]. - The company reported a total revenue of 1.5 billion RMB for the first half of 2021, representing a year-on-year growth of 20% [105]. Market Position and Strategy - The company reported a significant increase in membrane product sales, aiming to enhance its competitive edge in a challenging market environment [5]. - The company is focusing on expanding its membrane product sales and application service offerings to maintain its industry-leading position [5]. - The company is actively pursuing strategic opportunities in the water treatment industry, driven by national policies supporting water resource protection [40]. - The company is focusing on expanding its market share in ultrafiltration and other membrane products through a new development strategy [41]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2022 [105]. - The company aims to enhance operational efficiency, targeting a reduction in production costs by 8% through process optimization [114]. - The company is focused on providing high-quality membrane products and solutions, aiming for sustainable value growth for shareholders, employees, and society [95]. Research and Development - The company holds hundreds of patents and proprietary technologies, achieving domestic leadership and international advanced levels in ultrafiltration and microfiltration membrane products [7]. - The company's R&D investment decreased by 30.36% to CNY 14,535,149.07, primarily due to reduced material costs [48]. - Research and development expenses decreased to CNY 14.54 million from CNY 20.87 million, indicating a focus on cost management [187]. - The company has committed to investing 50 million yuan in R&D for new technologies over the next two years [112]. - The company has established partnerships with three major universities for collaborative research, aiming to enhance technological advancements [118]. Talent Management - The company plans to enhance its talent acquisition and retention strategies, including improving compensation for core personnel and fostering a collaborative work environment [6]. - The company is actively working to attract and retain high-quality talent to mitigate human resource risks, including offering competitive compensation and internal training programs [76]. - The company has a robust talent pool combining research, application, and engineering capabilities to accelerate innovation [44]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with a total chemical oxygen demand (COD) discharge of 2178.79 kg, which is within the regulatory limits [89]. - The company has completed the construction of pollution prevention facilities, which are currently operating stably and meeting discharge standards [90]. - The company conducts regular monitoring of wastewater and air pollutants, ensuring compliance with environmental standards [92]. - The company has reported no significant environmental violations during the reporting period [89]. - The company is focused on maintaining compliance with environmental regulations while expanding its operational capacity [90]. Financial Management - The company has reduced the number of engineering projects, leading to a decrease in accounts receivable, but faces risks from aging receivables requiring increased bad debt provisions [5]. - The company is actively cleaning up old accounts receivable and inventory to recover funds [5]. - The company reported a net cash flow from operating activities of CNY 45,130,776.94, a decrease of 24.52% compared to the previous year [48]. - The company experienced a significant reduction in credit impairment losses, down to CNY 3.36 million from CNY 30.60 million [189]. - The company reported investment activity cash outflow of CNY 24,422,601.05, which increased from CNY 9,053,313.81 in the same period last year, indicating a rise in investment activities [197]. Corporate Governance - The company emphasizes a strong commitment to corporate governance and compliance with relevant laws and regulations, ensuring timely and accurate information disclosure [95]. - The company held its annual general meeting with a participation rate of 33.29%, reflecting shareholder engagement in corporate governance [82]. - The company has committed to maintaining the independence of its operations and governance structure post-restructuring, ensuring no harm to its legitimate interests [97]. - The company actively engages with investors through various communication channels to protect the rights of minority shareholders [95]. Legal Matters - The company has initiated litigation against Jiangsu Mountain Spring Membrane Environmental Engineering Co., Ltd. for a loan dispute and has won the case [127]. - The company plans to apply for bankruptcy liquidation against Jiangsu Mountain Spring due to the lack of executable assets [127]. - The company is pursuing legal action against Xinjiang Hongda for the return of the performance guarantee and compensation for losses incurred due to breach of contract [129].

Financial Performance - In 2020, the company reported a net loss of RMB 84,211,433.37, primarily due to the continued decline in operations of the acquired Gansu Jinqiao Water Technology Group Co., Ltd., leading to a goodwill impairment of RMB 35,789,500[6]. - The company's operating revenue for 2020 was RMB 502,520,000, a decrease of 2.68% compared to the previous year, while the net profit attributable to shareholders was a loss of RMB 87,470,000, an increase of 89.5% in losses year-on-year[6]. - The company reported a net profit attributable to ordinary shareholders of 87,472,161.51 CNY for 2020, a significant improvement compared to a loss of 833,095,593.05 CNY in 2019[100]. - The company reported a net loss of ¥87,472,161.51 for the year 2020, with no cash dividends distributed, resulting in a cash dividend ratio of 0.00%[96]. - The total profit for 2020 was -82.83 million yuan, an increase of 89.94% year-on-year, indicating a significant reduction in losses[41]. - The net cash flow from operating activities increased by 27.20% to ¥158,270,237.94 from ¥124,423,838.09 in 2019[23]. - The company reported a weighted average return on equity of -11.13%, an improvement of 54.84% from -65.97% in 2019[23]. - The company generated a total operating revenue of ¥202,249,868.69 in Q4 2020, the highest quarterly revenue for the year[25]. Revenue and Sales - The company's operating revenue for 2020 was ¥502,523,635.86, a decrease of 2.68% compared to ¥516,341,745.16 in 2019[23]. - Revenue from membrane engineering was CNY 202,998,011.55, accounting for 40.40% of total revenue, down 7.43% year-on-year[46]. - Revenue from membrane products increased by 4.08% to CNY 168,263,960.60, representing 33.48% of total revenue[46]. - The total sales amount from the top five customers was CNY 176,992,792.37, accounting for 35.23% of total annual sales[55]. - Domestic revenue accounted for 99.68% of total revenue, while overseas revenue dropped significantly by 83.94% to CNY 1,620,869.18[46]. Research and Development - The company is focused on the research, development, and sales of ultrafiltration and microfiltration membranes, providing comprehensive solutions for water resource management[32]. - The company has developed hundreds of patents and non-patent technologies, achieving domestic leadership and international advanced levels in its main products, including ultrafiltration and microfiltration membranes[9]. - The company's R&D investment in 2020 amounted to approximately CNY 40.28 million, accounting for 8.02% of its operating revenue, a decrease from 12.63% in 2019[63]. - The company has applied for 59 patents, including 27 invention patents, to protect its core technologies and enhance its competitive edge in the market[61]. - The company plans to strengthen R&D investments through market-oriented collaborations, continuously launching new products and processes to maintain its competitive edge[92]. Operational Strategies - The company plans to enhance its core technology advantages and improve product quality in 2021, aiming for significant growth in sales channels for its main products[7]. - The company faces risks from increased competition in the membrane products market, necessitating adjustments in operational strategies to maintain its competitive edge[8]. - The company has initiated a special effort to recover previously formed accounts receivable and project inventory, employing measures such as sending letters, on-site collections, and legal actions[7]. - The company intends to optimize its asset structure by focusing on advantageous product series and gradually increasing investments in operational fixed assets[92]. - The company aims to enhance its marketing system and increase membrane product sales, focusing on "excellent products + ecological cooperation system" as its development strategy[92]. Legal and Compliance Issues - The company is involved in ongoing litigation related to a contract dispute with Ordos City Urban Water Co., Ltd.[143]. - The company has initiated legal proceedings against Jiangsu Mountain Spring Membrane Environmental Engineering Co., Ltd. due to a loan dispute and has won the case[144]. - The company is actively pursuing the execution of a court ruling regarding debts owed by Jiangsu Mountain Spring Membrane[144]. - The company has reserved the right to appeal a recent court decision that was unfavorable to its interests[143]. - The company has not faced any significant legal or regulatory violations since its establishment, maintaining compliance with relevant laws[122]. Environmental Compliance - The company conducts quarterly monitoring of air pollutants and monthly testing of various water quality indicators, ensuring compliance with environmental regulations[175]. - The company has received multiple environmental impact assessment approvals, indicating compliance with environmental regulations[173]. - The company has established an emergency response plan for environmental incidents, which was filed with the local environmental supervision authority[173]. - The company has reported no exceedances in pollutant discharge limits, demonstrating effective pollution control measures[171]. - The company’s wastewater treatment facilities are currently operating stably and meeting discharge standards[172]. Corporate Governance - The company has established a sound corporate governance structure in compliance with relevant laws and regulations prior to the restructuring[102]. - The actual controller and shareholders have fulfilled their commitments during the reporting period, ensuring the independence of the company in business, assets, finance, personnel, and organization[101]. - The company has committed to avoiding any business activities that may compete with its main operations, ensuring no conflicts of interest arise[121]. - The company has pledged to transfer any relevant intellectual property or technology developed during research projects to its subsidiaries for commercialization[106]. - The company guarantees that it will not engage in related party transactions that could harm the interests of its subsidiaries or shareholders[107].

Financial Performance - The company's revenue for Q1 2021 was ¥63,040,375.95, representing a 27.20% increase compared to ¥49,559,598.84 in the same period last year[9] - Net profit attributable to shareholders was ¥2,028,750.86, a significant turnaround from a loss of ¥45,891,064.40, marking a 104.42% improvement[9] - Basic and diluted earnings per share improved to ¥0.0067 from a loss of ¥0.15, reflecting a 104.47% increase[9] - The company achieved operating revenue of 63.04 million yuan, an increase of 27.2% compared to the same period last year[29] - Net profit attributable to ordinary shareholders reached 2.0288 million yuan, representing a year-on-year increase of 104.42%[29] - The company reported a profit margin of approximately 4.7% for the current period, compared to a negative margin in the previous year[56] - The net profit for the first quarter of 2021 was CNY 787,674.24, a significant improvement compared to a net loss of CNY 24,066,318.94 in the same period last year[60] - Operating profit for the first quarter was CNY 789,458.20, compared to an operating loss of CNY 27,143,949.42 in the previous year[60] Cash Flow and Assets - The net cash flow from operating activities decreased by 93.66% to ¥3,556,122.82 from ¥56,060,159.43 in the previous year[9] - The net cash flow from financing activities improved by 92.93% to -30.76 million, primarily due to reduced cash outflows for debt repayment[21] - Cash flow from operating activities generated a net cash inflow of CNY 3,556,122.82, down from CNY 56,060,159.43 in the prior year[64] - Total cash and cash equivalents at the end of the period were CNY 52,566,861.08, a decrease from CNY 100,738,903.00 at the end of the previous year[65] - The company reported a decrease in cash inflow from financing activities, which was CNY 50,600,000.00, down from CNY 146,768,884.00 in the previous year[65] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,879,526,071.49, up 2.00% from ¥1,842,721,294.08 at the end of the previous year[9] - The company's current assets totaled CNY 794,802,073.57, up from CNY 752,965,806.61 at the end of 2020, indicating an increase of about 5.5%[47][50] - The total liabilities of the company were CNY 1,054,800,599.45, compared to CNY 1,020,964,196.02 at the end of 2020, marking an increase of about 3.3%[49][50] - The company's equity increased slightly to CNY 729,121,797.15 from CNY 728,334,122.91[52] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,361[12] - The largest shareholder, Tianjin Membrane Engineering Technology Co., Ltd., held 21.19% of the shares, amounting to 64,004,465 shares[12] - A major shareholder, Gaoxin Investment Development Co., Ltd., holding 36,540,000 shares (12.10% of total shares), plans to reduce its holdings by up to 15,103,300 shares (5% of total shares) within six months[35] - The company released 7,668,415 restricted shares, accounting for 2.54% of total shares, which will be tradable starting February 1, 2021[36] Operational Highlights - Management expenses decreased by 30.82% to 87.11 million, primarily due to reduced employee compensation and strict cost control measures[17] - Credit impairment losses decreased by 105.23% to -16.27 million, attributed to increased collection efforts on overdue payments[18] - Other income increased by 105.09% to 39.03 million, mainly due to government subsidies reclassified from non-operating income[18] - Inventory increased by 53.65% to 2.18 billion, driven by increased material requisition for engineering projects[20] - Contract liabilities rose by 36.23% to 1.59 billion, reflecting an increase in advance payments for engineering projects[20] Research and Development - The company has completed the development of a new high-efficiency oil-water separation material, which is currently undergoing acceptance testing[23] - The company is focusing on the development of intelligent integrated MBR rural wastewater treatment equipment to enhance efficiency and reduce operational costs[26] - The company is developing a new type of gravity-driven submerged ultrafiltration membrane system to lower energy consumption and land use[26] - The company has completed the development of core products related to hollow fiber nanofiltration and reverse osmosis membranes, preparing for acceptance[25] Market and Competition - The company faces intensified industry competition and is adjusting its strategy to enhance product sales and maintain a competitive edge[30] - The company is exploring micro-porous aeration membranes for water body oxygenation, which can significantly improve gas transfer rates[27] Corporate Governance - The company amended its articles of association to include party building work and other necessary revisions[34] - The company elected Fan Ning as the new chairman, with unchanged compensation, effective from the board meeting date[37]

Financial Performance - Operating revenue for the reporting period was CNY 138,241,865.24, an increase of 10.23% year-on-year[7] - Net profit attributable to shareholders was CNY 15,906,791.02, representing a significant increase of 118.25% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 13,897,696.62, up 116.03% year-on-year[7] - Basic earnings per share for the reporting period were CNY 0.05, an increase of 117.24% year-on-year[7] - The net profit for Q3 2020 was CNY 17,888,473.22, a significant recovery from a net loss of CNY 85,920,734.20 in the same period last year[63] - The company reported a total comprehensive income of -¥23,919,843.02 for the period, compared to -¥102,777,965.46 in the previous period[71] - The net profit for the third quarter was a loss of ¥10,000,950.56, compared to a loss of ¥108,640,179.55 in the previous year, showing an improvement[75] Cash Flow - The net cash flow from operating activities was CNY 19,824,859.48, an increase of 148.69% compared to the same period last year[7] - Net cash flow from operating activities increased by 10,411,400 RMB, up 106.78% year-on-year, mainly due to reduced material procurement payments and tax payments[29] - Net cash flow from investing activities increased by 99,787,000 RMB, up 121.98% year-on-year, primarily due to decreased cash payments for external investments[30] - Net cash flow from financing activities decreased by 103,851,995.13 RMB, down 542.19% year-on-year, mainly due to repayment of due bank loans[30] - The cash flow from operating activities was ¥79,616,110.90, an increase from ¥38,502,068.00 in the same quarter last year[78] - The net cash flow from operating activities for the current period is ¥58,376,741.41, an increase of 46.5% compared to ¥39,833,951.49 in the previous period[80] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,974,830,146.85, a decrease of 2.26% compared to the end of the previous year[7] - The company's total liabilities were CNY 1,090,011,926.68, down from CNY 1,111,780,507.78, showing a reduction of about 1.9%[55] - The total equity attributable to shareholders decreased to CNY 806,714,517.98 from CNY 832,482,436.67, a decline of about 3.1%[56] - The company's cash and cash equivalents decreased to CNY 86,818,009.31 from CNY 94,495,879.63, reflecting a decline of approximately 8.0%[53] - The total current liabilities are ¥1,000,469,452.29, remaining stable compared to the previous period[86] Shareholder Information - The company reported a total of 18,723 common shareholders at the end of the reporting period[11] - The largest shareholder, Tianjin Membrane Engineering Technology Co., Ltd., held 21.19% of the shares[11] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12] Operational Changes - The company has initiated bankruptcy proceedings against Jiangsu Mountain Spring Jinmo Environmental Engineering Technology Co., Ltd. due to unresolved debt issues[38] - The company is in the process of changing its actual controller and plans to introduce strategic investors to acquire at least 51% of the controlling shareholder's equity[33] - The company has completed the transfer of 52.25% equity in its subsidiary Yichun Jinhua Environmental Technology Co., Ltd.[33] - The company has appointed a new non-independent director, Mr. Zhai Jun, to its board following the resignation of Mr. Liu Qing due to work adjustments[42] Legal Matters - The company has been involved in multiple legal disputes, including a lawsuit against Jiangsu Mountain Spring Membrane Environmental Engineering Technology Co., Ltd. regarding a loan dispute, which resulted in a victory for the company[42] - The company has initiated legal proceedings against Jiangsu Mountain Spring Membrane for the recovery of a loan amounting to CNY 19.2 million, which remains unpaid[47] - The company plans to apply for bankruptcy liquidation against Jiangsu Mountain Spring Membrane due to the lack of executable assets[47] Cost Management - Sales expenses decreased by 11.14 million yuan, down 37.65% compared to the same period last year[20] - Management expenses decreased by 32.56 million yuan, down 49.90% year-on-year[20] - Financial expenses decreased to ¥27,095,091.86 from ¥34,769,390.74 in the previous period, reflecting cost control measures[70] Inventory and Assets Management - The company's inventory decreased by 216.92 million yuan, down 63.62% year-on-year[24] - Contract assets increased by 283.38 million yuan, up 100.00% year-on-year, due to the implementation of new revenue standards[24] - The company's inventory was valued at CNY 282,233,661.69, showing an increase from the previous period[89]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥162,031,901.93, a decrease of 33.51% compared to ¥243,695,274.54 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥41,625,121.71, representing a decline of 146.36% from -¥16,896,337.13 in the previous year[18]. - The total profit for the period was -¥41,286,450.81, representing a decline of 169.07% compared to the previous year[34]. - The net loss for the first half of 2020 was ¥41,808,316.24, compared to a net loss of ¥16,857,231.26 in the first half of 2019, representing a significant increase in losses[156]. - The total comprehensive loss for the first half of 2020 was ¥41,808,316.24, compared to a loss of ¥16,857,231.26 in the same period of 2019[157]. - The company reported a net loss of CNY 617,598,971.67 in retained earnings, compared to a loss of CNY 574,474,456.65 previously, indicating a worsening financial position[149]. Cash Flow - The net cash flow from operating activities was ¥59,791,251.42, down 24.52% from ¥79,215,539.45 in the same period last year[18]. - The net cash flow from operating activities for the first half of 2020 was CNY 59,791,251.42, a decrease from CNY 79,215,539.45 in the same period of 2019, representing a decline of approximately 24.5%[163]. - The net cash flow from investing activities increased by 110.47% to CNY 15,525,708.19, primarily due to equity transfer and reduced cash outflows for fixed asset purchases[37]. - Cash inflow from financing activities was CNY 257,068,884.00, while cash outflow was CNY 341,350,862.57, leading to a net cash outflow of CNY -84,281,978.57[164]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,947,635,429.87, a decrease of 3.61% from ¥2,020,568,158.97 at the end of the previous year[18]. - The total liabilities at the end of the first half of 2020 were reported at 865.43 million yuan, reflecting the company's financial obligations[170]. - Current liabilities decreased from CNY 1,000,469,452.29 to CNY 892,333,719.65, a reduction of about 10.8%[148]. - Non-current liabilities increased from CNY 111,311,055.49 to CNY 189,871,356.58, an increase of approximately 70.4%[148]. Shareholder Information - The company’s total share capital is 302,065,356 shares, with 96.61% being unrestricted shares[122]. - The largest shareholder, Tianjin Membrane Technology Co., Ltd., holds 21.19% of shares, totaling 64,004,465 shares[128]. - The total number of common shareholders at the end of the reporting period is 18,677[128]. Research and Development - Research and development projects included technologies for high-standard urban wastewater treatment and comprehensive governance of black and odorous water bodies[34]. - The company continues to enhance its research and development capabilities, leveraging national-level research platforms to drive innovation[30]. - Research and development investment decreased by 21.97% to CNY 20,871,637.75 compared to the same period last year[37]. Operational Risks and Challenges - The company faces operational risks, which are discussed in detail in the report[4]. - The company has faced risks related to industry competition, accounts receivable, human resources, core technology loss, and management, and has taken steps to mitigate these risks[63][64]. - The company has implemented measures to improve its financial situation, including increasing efforts to collect historical receivables and selling subsidiary equity[66]. Legal Matters - The company is involved in a lawsuit related to a construction contract dispute, with a claim amount of 135.103 million yuan, which has been fully executed[78]. - Another lawsuit involves a contract dispute with a claim amount of 25.142 million yuan, and the company plans to appeal the court's decision[78]. - The company has initiated legal proceedings to recover a loan amounting to RMB 19,200,000 along with corresponding interest[79]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[170]. - Future guidance suggests a cautious outlook, with expectations of gradual recovery in revenue and profitability[170]. - The company aims to improve its operational efficiency and reduce costs in response to the current market challenges[170].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥162,031,901.93, a decrease of 33.51% compared to ¥243,695,274.54 in the same period last year[18]. - The net profit attributable to shareholders was a loss of ¥41,625,121.71, representing a decline of 146.36% from a loss of ¥16,896,337.13 in the previous year[18]. - The total profit for the period was -¥41,286,450.81, representing a decline of 169.07% compared to the previous year[34]. - The net profit attributable to the parent company was -¥41,625,121.71, down 146.36% year-on-year[34]. - The net loss for the first half of 2020 was ¥41,808,316.24, compared to a net loss of ¥16,857,231.26 in the same period of 2019, indicating a significant increase in losses[159]. - The company's operating profit (loss) for the first half of 2020 was -¥45,316,226.45, worsening from -¥16,852,080.12 in the previous year[159]. - The total comprehensive loss for the first half of 2020 was -¥41,808,316.24, compared to -¥16,857,231.26 in the previous year[160]. - The company reported a net loss of CNY 18,603,314 for the first half of 2020, compared to a profit in the same period of the previous year[183]. Cash Flow - The net cash flow from operating activities was ¥59,791,251.42, down 24.52% from ¥79,215,539.45 in the same period last year[18]. - The net cash flow from operating activities for the first half of 2020 was CNY 59,791,251.42, a decrease from CNY 79,215,539.45 in the same period of 2019, reflecting a decline of approximately 24.5%[166]. - Total cash inflow from operating activities was CNY 297,604,102.89, while cash outflow was CNY 237,812,851.47, resulting in a net cash inflow of CNY 59,791,251.42[166]. - The company reported a total cash inflow from financing activities of CNY 257,068,884.00, while cash outflow was CNY 341,350,862.57, leading to a net cash outflow of CNY 84,281,978.57[167]. - The ending balance of cash and cash equivalents decreased to CNY 60,643,081.15 from CNY 131,422,176.51 year-over-year, indicating a decline of approximately 53.8%[167]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,947,635,429.87, a decrease of 3.61% from ¥2,020,568,158.97 at the end of the previous year[18]. - The total liabilities decreased from CNY 1,111,780,507.78 to CNY 1,082,205,076.23, a decline of approximately 2.6%[151]. - The company's total equity decreased from CNY 908,787,651.19 to CNY 865,430,353.64, a decline of about 4.8%[152]. - The company's total equity at the end of the reporting period was 1,748.6 million yuan, with a capital reserve of 1,075 million yuan[176]. Research and Development - Research and development projects included the development of complete equipment for seawater utilization and advanced technologies for urban sewage treatment[34]. - The company has established a strong research and development capability, supported by national-level laboratories and engineering design qualifications[30]. - The company aims to enhance its core competitiveness through continuous technological innovation and integration of resources[30]. - Research and development investment decreased by 21.97% to CNY 20,871,637.75 compared to the previous year[37]. - The company is committed to research and development of new technologies in water treatment and membrane separation[188]. Operational Risks and Management - The company faces operational risks, which are discussed in detail in the report[4]. - The company focused on strict cost control and risk management to enhance operational efficiency during the reporting period[34]. - The company has implemented strict management of accounts receivable, including setting up a dedicated collection team for large or aged receivables[62]. - The company emphasizes talent retention and development, facing risks related to the potential loss of key technical and management personnel[63]. Shareholder and Equity Information - The company’s total share capital is 302,065,356 shares, with 96.61% being unrestricted shares[123]. - The company’s limited shares decreased from 10,241,289 to 9,386,332, a reduction of 854,957 shares, representing a decline of approximately 8.35%[123]. - The largest shareholder, Tianjin Membrane Technology Co., Ltd., holds 21.19% of shares, totaling 64,004,465 shares[131]. - The company did not distribute cash dividends or issue new shares from capital reserves during the reporting period[70]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[100]. - The company has reported a total COD discharge of 527 tons, with no instances of exceeding discharge standards[100]. - Environmental self-monitoring measures include 24-hour online monitoring of various pollutants, with monthly and quarterly third-party testing conducted[106][107]. - The company has completed environmental impact assessments and obtained necessary permits for its projects[104]. Legal and Regulatory Matters - The company has not experienced any major litigation or arbitration matters during the reporting period[75]. - The company reported a loan dispute with Jiangsu Mountain Spring Membrane Environmental Engineering Co., with a claim for repayment of RMB 19.2 million and corresponding interest[77]. - The company has ongoing litigation regarding unpaid project funds amounting to RMB 19.3 million from Tianjin Huashui Company[77]. Accounting Policies and Standards - The financial report is prepared in accordance with the accounting standards issued by the Ministry of Finance of China[190]. - The company has specific accounting policies for accounts receivable, fixed asset depreciation, intangible asset amortization, and revenue recognition[192]. - The accounting period follows the calendar year, from January 1 to December 31[194].

Financial Performance - Total revenue for Q1 2020 was ¥49,559,598.84, a decrease of 47.04% compared to ¥93,573,459.78 in the same period last year[7]. - Net profit attributable to shareholders was -¥45,891,064.40, representing a decline of 107.78% from -¥22,085,893.54 year-on-year[7]. - Basic and diluted earnings per share were both -¥0.15, a decrease of 114.29% from -¥0.07 in the same period last year[7]. - The company reported a net loss attributable to shareholders of approximately ¥45,891,100.00 for the first quarter[28]. - The net loss for Q1 2020 was ¥46,902,980.02, compared to a net loss of ¥21,192,250.10 in Q1 2019, representing a 121% increase in losses[65]. - The company's gross profit margin decreased significantly, with a gross profit of -¥21,251,978.59 for Q1 2020 compared to a gross profit of ¥32,781,763.21 in Q1 2019[65]. - The total comprehensive loss for Q1 2020 was ¥46,902,980.02, compared to a comprehensive loss of ¥21,192,250.10 in Q1 2019[66]. Cash Flow - Net cash flow from operating activities increased by 304.23% to ¥56,060,159.43, compared to -¥27,450,073.22 in the previous year[7]. - Cash flow from operating activities was ¥95,722,132.99 in Q1 2020, a decrease from ¥198,988,413.25 in the previous year[72]. - The total cash inflow from operating activities was ¥129,492,771.25, while cash outflow was ¥73,432,611.82, resulting in a net cash inflow[73]. - The company reported a net cash outflow from investing activities of ¥5,022,268.95, compared to a net outflow of ¥61,459,382.10 in the previous year[74]. - Cash inflow from financing activities was ¥146,768,884.00, while cash outflow was ¥190,302,944.30, leading to a net cash outflow of ¥43,534,060.30[74]. - The ending balance of cash and cash equivalents was ¥100,738,903.00, an increase from the beginning balance of ¥93,238,396.29[74]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,992,124,955.25, down 1.41% from ¥2,020,568,158.97 at the end of the previous year[7]. - Long-term borrowings increased by 100.67% to ¥150,845,000.00, primarily due to new bank loans received by subsidiaries[25]. - Total liabilities increased from CNY 1,111,780,507.78 to CNY 1,130,240,284.08, an increase of about 1.5%[58]. - Owner's equity decreased from CNY 908,787,651.19 to CNY 861,884,671.17, a decline of approximately 5.2%[59]. - The total amount from the top five suppliers decreased from CNY 19.97 million to CNY 10.16 million[33]. - The total amount from the top five customers decreased from CNY 69.81 million to CNY 34.17 million[33]. Operational Performance - Operating revenue decreased by 47.04% to ¥49,559,598.84 compared to the same period last year, primarily due to the impact of COVID-19 on main business operations and a significant reduction in sales orders for membrane products[16]. - Operating costs decreased by 44.97% to ¥33,456,271.85, attributed to a reduction in orders and corresponding decrease in procurement[17]. - Sales expenses decreased by 57.11% to ¥4,998,251.92, mainly due to reductions in salaries for sales personnel and transportation costs[17]. - Research and development expenses for Q1 2020 were ¥10,742,406.12, a decrease of 27% from ¥14,756,982.05 in the previous year[63]. - The company is focusing on developing new products and optimizing market structure to recover from the impact of the pandemic[33]. Government Support and Subsidies - The company received government subsidies amounting to ¥1,903,134.63 during the reporting period[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,100[11]. - The largest shareholder, Tianjin Membrane Engineering Technology Co., Ltd., held 21.19% of the shares, totaling 64,004,465 shares[11]. - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[12]. Research and Development - The company completed the development of high-efficiency oil-water separation materials and components, which are expected to enhance its membrane technology applications[31]. - The company has developed two types of membrane materials for seawater desalination, aiming for low-cost, high-efficiency, and long-lifespan products[31]. - The company is conducting research on energy-saving integrated pressure membrane filtration equipment, enhancing the performance of its SMF and CMF products[31]. - The company has completed the development of a high-efficiency MBR integrated device for urban black and odorous water treatment, expanding its application market[31]. - The company is preparing for the acceptance of a project focused on near-zero discharge of coal conversion wastewater, enhancing its market competitiveness in this area[31]. - The company is expanding its market presence through the development of new technologies and products in the environmental protection sector[31]. Strategic Changes - The company is in the process of changing its actual controller, planning to introduce a strategic investor to acquire at least 51% of the controlling shareholder's equity[46]. - The company is planning to transfer 52.25% of its stake in the subsidiary Yichun Jinhua to optimize its asset structure and reduce operational risks[42]. - The company has undertaken a guarantee for Gansu Jinqiao Water Technology Group's loan of RMB 54.68 million with a term of 10 to 15 years at an interest rate of 5.15% to 5.44%[40].

Financial Performance - The company's operating revenue for 2019 was ¥516,341,745.16, a decrease of 24.77% compared to ¥686,359,697.96 in 2018[23]. - The net profit attributable to shareholders was -¥833,095,593.05, representing a decline of 7,125.95% from a profit of ¥11,857,416.70 in the previous year[23]. - The total assets at the end of 2019 were ¥2,020,568,158.97, down 31.84% from ¥2,964,451,122.08 in 2018[23]. - The net assets attributable to shareholders decreased by 50.43% to ¥832,482,436.67 from ¥1,679,446,069.17 in 2018[23]. - The company reported a basic and diluted earnings per share of -¥2.750, a decrease of 6,975.00% from ¥0.040 in 2018[23]. - The total profit for 2019 was CNY -823,210,081.12, representing a decline of 4,726.24% compared to the previous year[43]. - The company reported a net profit margin of 12%, which is an improvement from 10% in the previous year[106]. Accounts Receivable and Management - The company reported a significant increase in accounts receivable due to the long implementation cycle of membrane engineering projects, leading to a growing trend in absolute value[7]. - The company has established a strict accounts receivable management system and has made adequate provisions for bad debts in accordance with relevant accounting standards[7]. - The company faced liquidity issues due to a high volume of accounts receivable and slow project progress, prompting efforts to recover outstanding payments[48]. - Accounts receivable increased to ¥317,831,260.31, representing 15.73% of total assets, up from 14.48% at the beginning of the year, an increase of 1.25%[73]. Research and Development - The company has achieved a leading position in domestic membrane technology, with its ultrafiltration and microfiltration membranes reaching international advanced levels[9]. - The company has developed hundreds of patents and non-patent technologies, breaking the long-standing technological monopoly of developed countries[9]. - The company completed five research projects in 2019, including two national-level projects and three provincial-level projects[47]. - The company applied for 47 new patents in 2019, including 23 invention patents[47]. - Research and development expenses increased by 3.82% from ¥62,809,725.60 in 2018 to ¥65,207,624.59 in 2019[63]. - The company is developing large-scale equipment for seawater desalination and comprehensive utilization of water resources[65]. - The company has completed the development of high-efficiency oil-water separation materials and equipment for emergency response to thin oil films and hazardous materials[64]. Revenue and Sales - Revenue from water treatment engineering dropped by 43.05% to ¥246,996,519.23, down from ¥433,672,874.89 in the previous year[52]. - Sales of membrane products increased by 19.43% to ¥151,813,492.44, compared to ¥127,111,552.38 in 2018[52]. - Domestic revenue accounted for 98.04% of total revenue, totaling ¥506,247,162.38, which is a 25.35% decrease from the previous year[52]. - The company reported a significant increase in non-operating income from government subsidies amounting to ¥11,251,853.91 in 2019[29]. Corporate Governance and Restructuring - The company has established a complete corporate governance structure in compliance with the Company Law and Securities Law, ensuring no adverse effects from the restructuring[98]. - The actual controller, Tianjin University, commits to avoiding any direct or indirect competition with Tianjin Membrane Technology's main business post-restructuring[98]. - The restructuring is expected to strengthen the company's governance and operational independence, benefiting its overall strategic direction[98]. - The company has committed to maintaining independence in business, assets, finance, personnel, and institutions from Tianjin University and its affiliates[98]. Financial Instruments and Standards - The company has implemented new financial instrument standards effective from January 1, 2019, which require a shift to an expected credit loss model for impairment[113]. - The new financial instrument standards classify financial assets into three categories based on their cash flow characteristics and management business model[113]. - The impairment provision for accounts receivable increased from CNY 74,270,153.52 to CNY 75,179,677.04 due to remeasurement adjustments[119]. Environmental and Social Responsibility - The company has completed the construction of pollution prevention facilities, which are operating normally, and has reported the temporary suspension of wastewater treatment facilities to the ecological environment bureau[152][153]. - The company has established an emergency response plan for environmental incidents, which was filed with the Tianjin Economic and Technological Development Zone Environmental Supervision Team on May 29, 2019[155]. - The company conducts regular monitoring of wastewater discharge parameters through a third-party testing service[156]. Future Outlook and Strategy - The company aims to enhance its market competitiveness by increasing marketing efforts and expanding external collaborations to drive significant growth in membrane product sales in 2020[87]. - The strategic focus for 2020 includes concentrating on membrane system integration projects, particularly in municipal water supply and wastewater reuse sectors[88]. - The overall industry outlook is positive, driven by increasing government support and policies aimed at water resource protection and pollution control, creating a favorable environment for growth[86].

Financial Performance - The company's operating revenue for 2019 was ¥516,341,745.16, a decrease of 24.77% compared to ¥686,359,697.96 in 2018[22]. - The net profit attributable to shareholders was -¥833,095,593.05, representing a decline of 7,125.95% from a profit of ¥11,857,416.70 in the previous year[22]. - The total profit for 2019 was CNY -823,210,081.12, representing a decline of 4,726.24% compared to the previous year[42]. - The company's equity assets increased by CNY 36,794,800, a year-on-year growth of 54.80% due to profit growth from joint ventures[35]. - The company reported a basic and diluted earnings per share of -¥2.750, a decrease of 6,975.00% from ¥0.040 in 2018[22]. - The weighted average return on net assets was -65.97%, down 66.69% from 0.72% in the previous year[22]. - The company reported a net profit of -833,095,593.05 CNY for 2019, representing a significant decline compared to a profit of 11,857,416.70 CNY in 2018[96]. Revenue and Sales - Revenue from water treatment engineering dropped by 43.05% to ¥246,996,519.23, down from ¥433,672,874.89 in the previous year[51]. - Sales of membrane products increased by 19.43% to ¥151,813,492.44, compared to ¥127,111,552.38 in 2018[51]. - Domestic revenue accounted for 98.04% of total revenue, totaling ¥506,247,162.38, a decrease of 25.35% from the previous year[51]. - The company aims to enhance its market competitiveness by increasing marketing efforts and expanding external collaborations to boost membrane product sales significantly in 2020[86]. - The company plans to focus on membrane system integration projects, particularly in municipal water supply and wastewater reuse, to maintain contract growth and stable operational scale[87]. Research and Development - The company has developed hundreds of patents and non-patent technologies, achieving domestic leading and internationally advanced levels in ultrafiltration and microfiltration membrane products[8]. - Research and development expenses increased by CNY 1,702,600, a growth of 80.93% year-on-year, driven by internal development expenditures for seawater utilization projects[36]. - The company's R&D investment in 2019 amounted to approximately ¥65.21 million, representing 12.63% of total revenue, an increase from 9.15% in 2018[66]. - The company is developing two types of membrane materials for seawater desalination and comprehensive utilization, aiming to enhance domestic membrane product industrialization[64]. - The company has completed the development of high-efficiency oil-water separation materials and equipment for emergency response to oil spills[63]. Competition and Market Environment - The company faces intensified competition from international firms entering the Chinese market, prompting increased R&D investment and market expansion efforts[5]. - The water treatment industry is expected to experience rapid growth due to increasing government support and policies aimed at addressing water resource shortages and pollution[85]. - The company is committed to maintaining its competitive edge in the membrane technology sector through continuous innovation and strategic initiatives[5]. Asset Management and Financial Health - The total assets at the end of 2019 were ¥2,020,568,158.97, down 31.84% from ¥2,964,451,122.08 in 2018[22]. - The net assets attributable to shareholders decreased by 50.43% to ¥832,482,436.67 from ¥1,679,446,069.17 in 2018[22]. - The company has implemented strict accounts receivable management policies and established a dedicated team to address large or overdue receivables[6]. - The company is focusing on improving financial and capital management to enhance asset liquidity and quality amid challenging external economic conditions[47]. - The company has reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the year, representing a growth of 15% compared to the previous year[104]. Shareholder and Governance Issues - The board approved a profit distribution plan, proposing no cash dividends or bonus shares for shareholders, with a base of 302,065,356 shares[9]. - The company has not distributed any cash dividends or stock bonuses in the past three years, including the current reporting period[93]. - The company has commitments related to performance guarantees, with net profit commitments for the target company set at no less than 25 million CNY, 32.5 million CNY, and 42.25 million CNY for the years 2016, 2017, and 2018 respectively[96]. - The restructuring will enhance the governance mechanism of Tianjin Membrane Technology Co., Ltd., increasing its independence and aligning with the interests of all shareholders[97]. - The company has committed to maintaining independence in business, assets, finance, personnel, and institutions post-restructuring[97]. Legal and Compliance Matters - The company has ongoing litigation involving a construction contract dispute with Wangneng Environment Co., Ltd., with an involved amount of RMB 17.30 million[131]. - Another litigation regarding a loan dispute with Jiangsu Mountain Spring Membrane Environmental Engineering Technology Co., Ltd. has an involved amount of RMB 24.43 million, which is currently awaiting trial[132]. - The company has not faced any situations that could lead to suspension or termination of listing[130]. - There are no significant penalties or rectification measures applicable to the company during the reporting period[133]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[104]. - New product development includes the launch of a next-generation membrane technology, expected to enhance efficiency by 25%[105]. - The company is investing 100 million RMB in R&D for innovative membrane solutions over the next three years[104]. - The company is considering strategic acquisitions to bolster its technology portfolio, with a budget of $100 million allocated for potential deals[199]. - Future outlook remains positive, with a focus on innovation and market leadership in the industry[200].