Financial Performance - The company's operating revenue for the first half of 2022 was ¥796,745,928.82, a decrease of 6.49% compared to ¥852,035,029.97 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was -¥29,609,249.61, representing a decline of 157.87% from ¥51,166,563.96 in the previous year[21]. - The net cash flow from operating activities was -¥182,334,705.89, a significant decrease of 1,306.38% compared to -¥12,964,846.19 in the same period last year[21]. - The basic earnings per share were -¥0.0889, down 157.88% from ¥0.1536 in the previous year[21]. - Total assets at the end of the reporting period were ¥3,302,694,592.50, a decrease of 8.88% from ¥3,624,510,946.93 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were ¥953,911,204.08, down 3.00% from ¥983,447,997.56 at the end of the previous year[21]. - The company reported a net loss of CNY 46,539,843.81 for the first half of 2022, compared to a net loss of CNY 13,116,927.53 in the same period last year[174]. - The company's operating profit for the first half of 2022 was a loss of CNY 24,979,933.73, contrasting with an operating profit of CNY 64,630,569.04 in the same period of the previous year[177]. - The total profit for the first half of 2022 was a loss of CNY 29,705,389.58, compared to a profit of CNY 64,521,064.08 in the same period of 2021[177]. Revenue and Costs - The company's operating costs increased by 5.06% to approximately ¥688.27 million, leading to a decline in gross profit margin due to intensified market competition and rising raw material prices[51]. - The total operating costs increased to CNY 808,416,060.30, up from CNY 790,434,280.70 in the same period last year[176]. - The gross profit margin for the first half of 2022 was reported at 38%, showing an improvement from the previous year[190]. Investment and R&D - Research and development investment decreased by 22.53% to approximately ¥23.51 million, reflecting a strategic shift in resource allocation[51]. - Research and development expenses decreased to CNY 23,510,173.52 in the first half of 2022 from CNY 30,346,358.71 in the first half of 2021, a reduction of approximately 22.5%[177]. - The company has obtained 20 new patents during the reporting period, enhancing its intellectual property protection system[49]. Market and Business Strategy - The company is focusing on traditional business areas such as flue gas purification and ash treatment, primarily serving the waste incineration and steel metallurgy industries[1]. - The company is expanding its resource recovery business, having mastered technologies for industrial sludge and ash melting, municipal sludge incineration, and organic waste resource recovery[32]. - The company is committed to technological innovation, focusing on equipment design and industrial waste gas treatment to strengthen its core competitiveness[34]. - The company plans to expand its market presence by investing in new technologies and products, aiming for a 15% increase in market share by the end of 2023[193]. - The company is exploring potential mergers and acquisitions to enhance its competitive edge in the environmental technology sector[193]. Risks and Challenges - The company is facing intensified competition due to rising raw material prices and subsidy reductions in the waste incineration and steel metallurgy sectors[29]. - The company faced risks from macroeconomic fluctuations due to the ongoing COVID-19 pandemic, which could impact its business operations[77]. - The company is exposed to risks from policy changes in the environmental industry, which could affect its market position and strategic planning[79]. - The company is monitoring raw material price trends, particularly steel, to mitigate risks associated with rising costs[81]. Environmental Compliance and Initiatives - The company has implemented measures to ensure compliance with environmental standards, with emissions reported to be within regulatory limits[93]. - The company is committed to reducing carbon emissions by promoting energy management and advocating for green practices among employees[104]. - The company has established a hazardous waste management plan, ensuring proper disposal of hazardous waste generated during production[96]. - The company actively engaged in medical waste disposal during the COVID-19 pandemic, forming a dedicated team to support local government efforts[112]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The investor participation rate in the annual general meeting was 55.65%[88]. - The company has not initiated any employee stock ownership plans or other incentive measures during the reporting period[91]. - The company maintains a commitment to transparency and investor communication through various channels[107]. Future Outlook - Future guidance estimates a revenue growth of 12% for the second half of 2022, driven by new product launches[192]. - The management provided a positive outlook for the next quarter, expecting a growth rate of approximately 10% in revenue compared to the previous period[198].

Financial Performance - The company's revenue for Q1 2022 was ¥438,928,153.27, representing a 2.06% increase compared to ¥430,055,934.40 in the same period last year[4]. - Net profit attributable to shareholders decreased by 90.35% to ¥2,242,355.93 from ¥23,233,304.97 year-on-year[4]. - The net cash flow from operating activities was negative at -¥139,827,636.61, showing a slight improvement of 1.16% compared to -¥141,475,178.70 in the previous year[4]. - The net profit for Q1 2022 was CNY 2,572,688.01, a significant decrease from CNY 29,184,100.78 in Q1 2021, representing a decline of approximately 91.2%[21]. - The total revenue from operating activities was CNY 295,375,771.48, down from CNY 323,962,229.40 in the previous year, indicating a decrease of about 8.9%[25]. - The total operating expenses for Q1 2022 were CNY 56,000,000.00, up from CNY 47,000,000.00 in Q1 2021, reflecting an increase of about 19.1%[21]. - The company reported a basic earnings per share of CNY 0.0067, down from CNY 0.0697 in the previous year, reflecting a decline of approximately 90.4%[22]. - The total comprehensive income for Q1 2022 was CNY 2,572,688.01, significantly lower than CNY 29,184,100.78 in Q1 2021, marking a decrease of about 91.2%[22]. Assets and Liabilities - Total assets decreased by 5.89% to ¥3,410,996,966.66 from ¥3,624,510,946.93 at the end of the previous year[5]. - The total assets of the company as of March 31, 2022, were RMB 3,410,996,966.66, down from RMB 3,624,510,946.93 at the beginning of the year, a decrease of about 5.9%[18]. - The total liabilities decreased to RMB 2,267,432,275.68 from RMB 2,483,518,943.96, indicating a reduction of approximately 8.7%[18]. - The company's equity attributable to shareholders increased slightly to RMB 985,690,353.49 from RMB 983,447,997.56, a growth of about 0.2%[18]. Cash Flow - The cash flow from financing activities increased significantly by 430.45% to ¥152,449,868.07 compared to ¥28,739,802.87 in the same period last year[9]. - The company's cash and cash equivalents decreased to RMB 227,855,754.83 from RMB 269,789,472.75 at the beginning of the year, a decline of approximately 15.6%[15]. - The cash and cash equivalents at the end of the period were CNY 165,963,934.74, compared to CNY 148,972,726.76 at the end of Q1 2021, showing an increase of about 11.4%[26]. - The net cash flow from operating activities was -CNY 139,827,636.61, slightly improved from -CNY 141,475,178.70 in the same period last year[25]. - Investment activities resulted in a net cash outflow of -CNY 34,453,820.50, compared to a net inflow of CNY 72,881,715.27 in Q1 2021[26]. Research and Development - The company's R&D expenses dropped by 58.99% to ¥6,072,349.08 from ¥14,807,160.97 year-on-year[9]. - The company incurred research and development expenses of CNY 6,072,349.08, a decrease from CNY 14,807,160.97 in the previous year, representing a decline of approximately 59.0%[21]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,375[10]. - The largest shareholder, Xinsu Environmental Industry Group Co., Ltd., holds 29.86% of the shares, totaling 99,481,250 shares[10]. Contracts and Agreements - The company signed contracts worth RMB 7,980,000 for resource utilization projects with related parties during the reporting period[14]. - The company entered into a project amendment agreement with Wuxi Jiangfeng Resource Recycling Co., Ltd., further expanding its operational scope[14]. Borrowings - The company reported a significant increase in long-term borrowings by 56.29% to ¥463,787,440.00 from ¥296,757,040.00[9]. - The company raised CNY 292,030,400.00 through borrowings, an increase from CNY 102,000,000.00 in the previous year, indicating a growth of approximately 186.0%[26].

Financial Performance - The company reported a significant increase in revenue, with total revenue reaching 1.2 billion RMB, representing a year-on-year growth of 15%[21]. - The company's operating revenue for 2021 was ¥1,812,493,846.22, representing a 21.81% increase compared to ¥1,487,949,564.13 in 2020[28]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year[150]. - The total operating revenue for 2021 reached ¥1,812,493,846.22, representing a year-on-year increase of 21.81% compared to ¥1,487,949,564.13 in 2020[66]. - The company achieved a quarterly revenue of ¥521,332,891.50 in Q4 2021, the highest among the four quarters[30]. - Revenue from waste incineration power generation accounted for 73.62% of total revenue, amounting to ¥1,334,278,216.62, with a year-on-year growth of 23.37%[66]. - The company achieved operating revenue of approximately 277 million yuan in waste treatment business, an increase of 28.63% compared to the same period last year[47]. - The company reported a net profit attributable to shareholders of ¥121,845,646.35, a significant turnaround from a loss of ¥335,643,313.67 in 2020, marking a 136.30% increase[28]. - The net profit attributable to shareholders in Q4 2021 was ¥65,662,358.37, showing strong performance in the last quarter[30]. - The company reported total operating revenue of 1.81 billion yuan, a year-on-year increase of 21.81%, and a net profit attributable to shareholders of 121.84 million yuan, up 136.30%[57]. User Growth and Market Expansion - The number of active users increased to 500,000, marking a 20% increase compared to the previous year[21]. - User data showed an increase in active users by 15%, reaching a total of 2 million users by the end of the fiscal year[150]. - The company plans to expand its market presence by entering three new provinces in 2022, aiming for a 10% increase in market share[21]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[150]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's market share by 5%[150]. Research and Development - The company has invested 100 million RMB in R&D for new technologies, focusing on waste treatment solutions, which is expected to enhance operational efficiency by 25%[21]. - The company allocated 200 million RMB for research and development in the upcoming year to further enhance its technological capabilities[150]. - The company obtained 16 new patents related to its main technologies, with over half already applied to its products[49]. - The number of R&D personnel increased by 11.83% to 208 in 2021 from 186 in 2020, with R&D personnel now accounting for 26.53% of the total workforce[83]. - The company successfully developed new technologies, including high-efficiency SCR technology and a new type of fly ash treatment, enhancing product competitiveness[82]. Financial Management and Risk - The company emphasizes the importance of managing accounts receivable, which has increased by 18% to 300 million RMB, to maintain liquidity and reduce financial risk[11]. - The company is closely monitoring raw material prices, particularly steel, which constitutes a significant portion of production costs, to mitigate potential cost increases[9]. - The company acknowledges the risks associated with macroeconomic fluctuations and is committed to enhancing its risk management strategies to navigate potential challenges[5]. - The company has established a structured governance framework in compliance with relevant laws and regulations to enhance its governance level[121]. - The internal control system has been continuously improved, enhancing risk prevention capabilities and decision-making processes[181]. Operational Efficiency - The gross profit margin improved to 30%, up from 28% in the previous year, due to better cost management and operational efficiencies[21]. - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management and pricing strategies[150]. - The company aims to reduce operational costs by 15% through the implementation of new automation technologies[150]. - The company emphasizes refined management and implemented a comprehensive budget management system to enhance operational efficiency[52]. - The company will implement refined management and digital transformation to achieve cost reduction and efficiency improvement in 2022[113]. Corporate Governance - The company has a modern corporate governance structure, including a shareholders' meeting, board of directors, supervisory board, and management team[135]. - The company maintains independence from its controlling shareholder in terms of assets, personnel, finance, organization, and business operations[131]. - The company has established an independent financial management center, ensuring separate financial operations from the controlling shareholder[134]. - The company has a governance structure that does not include differential voting rights arrangements[141]. - The company has not faced any penalties from securities regulatory authorities in the past three years[157]. Environmental Responsibility - The company is committed to contributing to national carbon peak and carbon neutrality goals through its comprehensive environmental protection initiatives[109]. - The company implemented online monitoring for hazardous waste emissions, ensuring compliance with environmental standards[193]. - The company reported a total of 4.42 tons of hazardous waste emissions, which were within the regulatory limits[193]. - Both companies have established emergency response plans for environmental incidents, with Nanjing Zhuoyue's plan updated in April 2020 and Shanghai Changying's in September 2021[199][200]. - The hazardous waste operating license for Nanjing Zhuoyue was renewed in May 2021, valid for three years[197]. Employee Management - The total number of employees at the end of the reporting period is 784, including 488 at the parent company and 296 at major subsidiaries[173]. - The professional composition includes 385 production personnel, 51 sales personnel, 208 technical personnel, 21 financial personnel, and 119 administrative personnel[174]. - The educational background of employees shows 1 with a doctorate, 16 with a master's degree, 182 with a bachelor's degree, 183 with a college diploma, and 402 with high school or below[174]. - The company’s training programs have been enhanced to improve employee skills and strengthen its competitive advantage[176]. Strategic Initiatives - The company plans to enhance its market development efforts by focusing on customer-centric service and exploring customer needs in 2022[111]. - The company aims to strengthen its core competitiveness through continuous technological innovation and collaboration with academic institutions in 2022[112]. - The company intends to optimize its personnel structure and enhance its talent strategy to build its soft power in 2022[114]. - The company will continue to promote corporate culture construction to strengthen employee cohesion in 2022[115].

Financial Performance - The company's revenue for Q3 2021 was ¥439,125,924.75, representing a 6.88% increase compared to the same period last year, and a total revenue of ¥1,291,160,954.72 for the year-to-date, which is a 41.90% increase year-on-year [4]. - The net profit attributable to shareholders for Q3 2021 was ¥5,016,724.02, a significant decrease of 94.78% compared to the same period last year, with a year-to-date net profit of ¥56,183,287.98, down 42.17% year-on-year [4]. - The basic earnings per share for Q3 2021 was ¥0.0151, down 94.76% from the previous year, while the diluted earnings per share also stood at ¥0.0151, reflecting the same decline [5]. - Total operating revenue increased to ¥1,291,160,954.72, up from ¥909,899,633.70, representing a growth of approximately 42% [24]. - Net profit for the period was ¥78,277,660.42, down from ¥103,521,222.33, reflecting a decrease of approximately 24% [26]. - Earnings per share decreased to ¥0.1686 from ¥0.2916, a decline of about 42% [26]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was -¥102,716,042.40, a decrease of 78.06% compared to the previous year [5]. - Cash flow from operating activities showed a net outflow of ¥102,716,042.40, worsening from a net outflow of ¥57,684,607.17 in the previous period [29]. - The company received cash from operating activities totaling ¥1,009,633,006.07, down from ¥1,039,250,674.73, a decrease of approximately 3% [29]. - The net cash flow from investing activities was $38.72 million, compared to a net outflow of $155.32 million in the previous period [30]. - Cash inflows from financing activities totaled $433.89 million, down from $607.54 million year-over-year [30]. - The net cash flow from financing activities was -$45.93 million, a significant decrease from a positive $149.88 million in the prior period [30]. - The ending balance of cash and cash equivalents decreased to $78.90 million from $149.18 million at the end of the previous period [32]. - The cash and cash equivalents net increase was -$109.15 million, compared to -$63.13 million in the prior period [30]. Assets and Liabilities - Total assets as of September 30, 2021, were ¥3,656,059,469.78, a decrease of 4.73% from the end of the previous year [5]. - The company’s total assets decreased to RMB 3.66 billion from RMB 3.84 billion, reflecting a decline of about 4% [19]. - Total liabilities decreased to ¥2,575,339,946.22 from ¥2,835,187,440.83, a reduction of approximately 9% [21]. - The company's total liabilities decreased by 46.25% in accounts payable, amounting to ¥163,941,937.44, due to reduced bill settlements [10]. - Total current assets decreased to RMB 2.31 billion from RMB 2.46 billion at the end of 2020, reflecting a decline of approximately 6% [18]. - Total liabilities decreased to RMB 2.05 billion from RMB 2.13 billion, reflecting a decline of approximately 3% [20]. - The company’s non-current assets totaled RMB 1.34 billion, down from RMB 1.37 billion, a decrease of approximately 2% [19]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,239, with the largest shareholder holding 29.86% of the shares [13]. - The company received government subsidies amounting to ¥3,367,953.71 during the reporting period, contributing to its non-operating income [7]. Investment and Expenses - The company plans to invest approximately RMB 30 million in a solid waste resource utilization project, aiming to process 120,000 tons of solid waste annually, including 80,000 tons of hazardous waste [16]. - Research and development expenses rose to ¥46,289,211.89 from ¥38,369,195.17, an increase of approximately 21% [24]. - The company reported a decrease in sales expenses to ¥52,553,473.85 from ¥29,506,546.38, reflecting an increase of about 78% [24]. - The company reported a 99.81% decrease in investment income, totaling ¥150,024.59, primarily due to reduced earnings from joint ventures [11].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥852 million, representing a 70.73% increase compared to ¥499 million in the same period last year[21]. - The net profit attributable to shareholders was approximately ¥51 million, a significant increase of 4,407.07% from ¥1.14 million in the previous year[21]. - The net profit after deducting non-recurring gains and losses was approximately ¥47 million, compared to a loss of ¥9.57 million in the same period last year, marking a 595.24% improvement[21]. - The basic earnings per share increased to ¥0.1536, up 4,417.65% from ¥0.0034 in the previous year[21]. - The weighted average return on net assets was 5.77%, an increase of 5.68 percentage points from 0.09% in the previous year[21]. - The company reported a total of 1,510 million yuan in revenue for the first half of 2021[125]. - The company reported a total operating revenue of approximately 852 million yuan, representing a year-on-year increase of 70.73%[35]. - Operating profit for the first half of 2021 was CNY 64,630,569.04, compared to CNY 184,676.09 in the first half of 2020, indicating a substantial improvement[181]. - Net profit for the first half of 2021 was CNY 65,410,037.07, a dramatic increase from CNY 1,172,576.09 in the same period of 2020[182]. - The company reported a significant improvement in cash flow from operating activities, with a net cash flow of -¥12,964,846.19, a 78.47% increase compared to -¥60,216,419.55 in the previous year[49]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥3.71 billion, a decrease of 3.31% from ¥3.84 billion at the end of the previous year[21]. - The total amount of financial assets measured at fair value at the end of the reporting period was ¥87,093,000.00[66]. - The company's total liabilities decreased from CNY 2,835,187,440.83 to CNY 2,642,761,531.01, a reduction of about 6.8%[172]. - The total equity increased from CNY 1,002,441,863.14 to CNY 1,067,851,900.21, reflecting an increase of approximately 6.5%[172]. - Cash and cash equivalents at the end of the reporting period amounted to ¥252,053,807.29, representing 6.79% of total assets, a slight decrease from 6.80% at the end of the previous year[57]. - The company's total current assets decreased from CNY 2,464,155,811.12 to CNY 2,357,210,885.46, a decline of approximately 4.3%[170]. Revenue Segments - The flue gas purification and ash treatment business generated approximately 620 million yuan in revenue, marking a 55.31% increase year-on-year[28]. - The hazardous waste disposal segment reported an operating revenue of 135 million yuan, up 14.78% from the previous year[30]. - The gross profit margin for the waste treatment segment was 59.55%, with revenue increasing by 203.80% to ¥133,256,744.12[52]. Research and Development - Research and development expenses rose by 9.61% to ¥30,346,358.71, reflecting the company's commitment to innovation[49]. - The company has been actively involved in technology research and development, with projects including high-efficiency SCR technology and waste incineration treatment methods, leading to the acquisition of a new patent[44]. - Research and development expenses for the first half of 2021 amounted to 140 million yuan, accounting for 10.8% of total revenue[200]. Strategic Initiatives - The company is actively expanding its resource recovery business, with a focus on projects like the 100,000 tons/year copper waste recycling project, which supports national carbon neutrality goals[31]. - The company is investing in technology innovation, with ongoing projects including high-efficiency SCR technology and waste incineration ash treatment techniques[32]. - The company aims to launch two new product lines by Q4 2021, targeting a revenue contribution of 300 million yuan in the next fiscal year[198]. - The company plans to expand its market presence by investing in new technologies and products, aiming for a 20% growth in market share by the end of 2022[198]. Risk Management - The company has outlined various risk factors and corresponding measures in the report, emphasizing the importance of risk awareness for investors[4]. - The company plans to enhance financial management and risk control due to increased financial pressure from acquisitions of Nanjing Zhuoyue and Shanghai Changying[82]. - The company will closely monitor raw material prices, particularly steel, to mitigate cost increase risks[83]. Environmental Compliance - Nanjing Zhuoyue's nitrogen oxide emissions were measured at 56.33 mg/m3, with a total discharge of 24 tons per year, complying with the pollution discharge standards[96]. - Nanjing Zhuoyue's sulfur dioxide emissions were measured at 11.00 mg/m3, with a total discharge of 4 tons per year, complying with the pollution discharge standards[96]. - Shanghai Changying's nitrogen oxide emissions were measured at 111.86 mg/m3, with a total discharge of 4 tons per year, complying with the pollution discharge standards[95]. - Shanghai Changying's sulfur dioxide emissions were measured at 3.3 mg/m3, with a total discharge of 0.78 tons per year, complying with the pollution discharge standards[95]. Shareholder and Employee Relations - The company emphasizes the protection of shareholder rights by ensuring accurate and timely information disclosure, allowing all investors, especially minority shareholders, to participate in meetings through both in-person and online voting[105]. - The company is committed to enhancing employee rights by improving work environments and career advancement mechanisms, while adhering to labor laws and fostering employee engagement through training and team-building activities[106]. - The company has not implemented any employee stock ownership plans or incentive measures during the reporting period[91]. Legal and Regulatory Compliance - There are no significant litigation or arbitration matters reported during the reporting period, indicating a stable legal standing[119]. - The company has not faced any penalties or corrective actions during the reporting period, reflecting compliance with regulations[122]. - The half-year financial report has not been audited, which may impact the assessment of financial performance[117].

Financial Performance - The company's operating revenue for Q1 2021 was ¥430,055,934.40, representing a 204.82% increase compared to ¥141,083,569.63 in the same period last year[8]. - The net profit attributable to shareholders was ¥23,233,304.97, a significant turnaround from a loss of ¥26,191,503.37 in the previous year, marking an increase of 188.71%[8]. - The net profit after deducting non-recurring gains and losses was ¥20,020,002.96, compared to a loss of ¥27,099,282.41 last year, reflecting a 173.88% improvement[8]. - The basic earnings per share increased to ¥0.0697 from a loss of ¥0.1258, showing a growth of 155.41%[8]. - The weighted average return on equity improved to 2.66%, up by 4.83% from -2.17% in the previous year[8]. - The company reported a total comprehensive income of CNY 29,184,100.78 for Q1 2021, reversing from a comprehensive loss of CNY 28,493,969.23 in Q1 2020[49]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,656,438,934.85, a decrease of 4.72% from ¥3,837,629,303.97 at the end of the previous year[8]. - The total amount of accounts receivable decreased by 65.89% to CNY 8,304,701.20, mainly due to the settlement of notes[17]. - Current assets decreased from CNY 2,464,155,811.12 to CNY 2,292,505,819.17, a decline of approximately 7%[39]. - Total liabilities decreased from CNY 2,835,187,440.83 to CNY 2,624,812,970.93, a reduction of approximately 7.4%[41]. - The company's retained earnings increased from CNY 79,054,760.98 to CNY 102,288,065.95, an increase of about 29.3%[41]. Cash Flow - The company reported a net cash flow from operating activities of -¥141,475,178.70, which is a 10.70% decline compared to -¥127,804,180.44 in the same period last year[8]. - The net cash flow from operating activities was -158,787,852.98 CNY, compared to -120,373,828.54 CNY in the previous period, indicating a decline of approximately 31.8%[56]. - Cash inflow from investment activities totaled 91,230,878.36 CNY, an increase from -15,110,608.56 CNY in the previous period, showing a significant turnaround[56]. - The total cash and cash equivalents at the end of the period were 97,221,574.96 CNY, compared to 94,842,750.95 CNY in the previous period, marking a slight increase of 2.9%[56]. Research and Development - Research and development expenses increased by 103.88% to CNY 14,807,160.97, driven by higher investment in R&D projects[17]. - The company is focusing on several key R&D projects, including high-efficiency SCR technology and new waste treatment methods, to enhance its competitive edge[19]. - The company established a new industrial development center to actively explore resource utilization-related businesses[23]. - The company obtained 1 new patent and initiated several R&D projects during the reporting period, while also passing the re-certification as a high-tech enterprise[23]. Market and Competition - The company faces risks from macroeconomic fluctuations, industry policy changes, intensified market competition, rising raw material prices, accounts receivable management, and financial risks from acquisitions[24][25][26][28][29][30]. - The company plans to enhance refined management and cost reduction efforts to adapt to market changes and improve core competitiveness[24][25]. - The company aims to strengthen its control and integration of acquired subsidiaries to achieve synergies and mutual benefits[30]. Shareholder Information - The total number of shareholders at the end of the reporting period was 17,468, with the largest shareholder, New Su Environmental Industry Group, holding 29.86% of the shares[11].

Financial Performance - The company reported a significant loss due to a goodwill impairment of ¥519,365,862.86 related to the acquisition of Nanjing Excellence[4]. - The company's operating revenue for 2020 was ¥1,487,949,564.13, representing a 19.75% increase compared to ¥1,242,529,677.61 in 2019[26]. - The net profit attributable to shareholders was -¥335,643,313.67, a decrease of 473.60% from ¥89,840,477.57 in 2019[26]. - The total assets at the end of 2020 were ¥3,837,629,303.97, reflecting a 15.50% increase from ¥3,322,725,939.11 at the end of 2019[26]. - The company reported a basic earnings per share of -¥1.0075 for 2020, compared to ¥0.2697 in 2019, indicating a significant decline[26]. - The cash flow from operating activities was ¥106,742,864.80, down 5.89% from ¥113,419,342.44 in 2019[26]. - The total net assets attributable to shareholders decreased by 29.34% to ¥861,602,351.21 at the end of 2020 from ¥1,219,306,156.93 at the end of 2019[26]. - The company reported a quarterly operating revenue of ¥578,049,930.43 in Q4 2020, the highest among the four quarters[29]. - The company reported a net profit attributable to shareholders of -335,643,313.67 yuan, a decrease of 473.60% compared to the same period last year, primarily due to intensified competition and a decline in gross profit margins[41]. - The company achieved operating revenue of ¥1,487,949,564.13, representing a year-on-year growth of 19.75%[57]. - The company reported a net loss of ¥335,643,313.67 for the year due to increased competition and goodwill impairment related to its subsidiary[57]. - The company reported a significant impairment loss of approximately ¥528.62 million due to goodwill impairment[95]. - The company reported a total revenue of 384.60 million yuan for the year 2020, with a net profit margin of 57.1%[106]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year 2020, representing a growth of 20% compared to the previous year[145]. - The company reported a net profit of 50 million RMB for the year 2020, representing a 10% increase compared to the previous year[157]. - The total revenue for 2020 reached 500 million RMB, which is a 15% growth year-over-year[158]. Strategic Initiatives - The company plans to enhance its refined management level to reduce costs and improve efficiency in response to the intensified competition in the environmental protection industry[6]. - The company will closely monitor changes in industry policies to strategically expand and diversify its operations, thereby increasing its core competitiveness[7]. - The company aims to strengthen its independent research and development capabilities to maintain its technological advantages and improve brand strength[8]. - The company aims to become a leading provider of comprehensive environmental governance solutions, focusing on flue gas purification and hazardous waste disposal systems[37]. - The company is focusing on the non-electric industry for ultra-low emission transformations, seizing new development opportunities in sectors like steel metallurgy[45]. - The company plans to explore new disposal technologies and move towards resource recovery, aiming to become a leading provider of comprehensive environmental governance solutions[47]. - The company aims to leverage its brand and technological advantages while actively monitoring policy changes in the waste disposal sector[44]. - The company is focusing on technology innovation and has made significant progress in various research projects related to waste treatment technologies[50]. - The company aims to strengthen enterprise management and culture, emphasizing cost reduction and efficiency improvement as key priorities for 2021[120]. - The company plans to enhance its technology innovation mechanisms to improve innovation efficiency and explore cutting-edge technologies[123]. - The company has committed to achieving carbon neutrality by 2025, aligning with national environmental policies and enhancing its market competitiveness[158]. Acquisitions and Investments - The company has completed acquisitions of Nanjing Excellence and Shanghai Changying, which have expanded its business but also increased financial pressure[12]. - The acquisition of Shanghai Changying was completed in July 2020, expanding the company's hazardous waste disposal market into Shanghai and providing a new growth point for performance[39]. - The company completed the acquisition of 52% of Shanghai Changying Environmental Services, increasing its stake to 72% and enhancing its position in the environmental industry[59]. - The company has established two new subsidiaries: Wuxi Xuelang Environmental Engineering Technology Co., Ltd. and Wuxi Xuelang Environmental Equipment Technology Co., Ltd.[80]. - The company has invested 10.8 million yuan in establishing an environmental industry merger fund, indicating a strategic move towards expansion[114]. - The company completed a major asset restructuring by acquiring 52% of Shanghai Changying Environmental Services Co., Ltd., increasing its total ownership to 72%[80]. - The company signed a contract with Shanghai Environmental Engineering Design Research Institute for the purchase of flue gas purification system equipment, with a total contract amount of RMB 16.9 million[185]. - A contract was signed with Wuxi Jiangfeng Resource Recycling Co., Ltd. for an environmental safety improvement project, totaling RMB 57.2 million[185]. Market and Revenue Growth - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2023[145]. - The company provided a positive outlook for 2021, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[145]. - The company plans to expand its market presence by entering three new provinces in 2021, aiming for a 25% increase in market share[158]. - The company has set a performance guidance of 1.8 billion RMB in revenue for the next year, indicating a strong growth trajectory[147]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the year, representing a growth of 20% compared to the previous year[151]. - The company introduced two new products in the environmental technology sector, which are anticipated to contribute an additional 200 million RMB in revenue[162]. - The company aims to reduce operational costs by 15% through efficiency improvements and automation initiatives[162]. Compliance and Governance - The company has maintained compliance with national laws and regulations since January 1, 2017[138]. - The company has not faced any public reprimands from the stock exchange in the last twelve months[138]. - The company has committed to protecting investors' legal rights and ensuring effective compensation for any losses[156]. - The company guarantees the authenticity, accuracy, and completeness of the information provided during the restructuring, with accountability for any misleading statements or omissions that may cause investor losses[150]. - The company has pledged to ensure that all documents related to the restructuring are consistent and accurately signed by authorized personnel[149]. - The company has not experienced any major litigation or arbitration matters during the reporting period[177]. - The company has maintained a clean integrity status with no significant debts or court judgments unfulfilled during the reporting period[179]. - The company has not faced any delisting situations following the annual report disclosure[176]. Research and Development - The company’s R&D investment for 2020 was approximately ¥50.86 million, representing 3.42% of total revenue[90]. - The company has committed to increasing R&D investment by 15% in 2021 to foster innovation and technology advancement[159]. - Investment in new technologies and product development increased by 30%, totaling 300 million RMB in 2020, focusing on sustainable environmental solutions[146]. - The R&D budget has been increased to 200 million RMB, emphasizing innovation in environmental technology[152]. Risk Management - The company faces risks from rising raw material prices, particularly steel, which could impact production costs[9]. - The company is implementing strict management of accounts receivable to ensure timely collection and minimize financial risks[11]. - The company has not disclosed any major contracts affecting revenue recognition during the reporting period[195]. - The company has entrusted 16,500 million CNY in bank wealth management products, with no overdue amounts reported[200]. - There are no significant risks associated with the entrusted wealth management, as there are no expected losses on principal or other impairment risks[200].

Financial Performance - Operating revenue for the period was CNY 410,850,269.06, a 25.85% increase compared to the same period last year[7] - Net profit attributable to shareholders increased by 591.09% to CNY 96,016,550.32[7] - Basic earnings per share rose by 332.08% to CNY 0.2882[7] - The company reported a significant increase in net profit excluding non-recurring items, which rose by 292.90% to CNY 43,074,088.60[7] - Operating profit for Q3 2020 was ¥109,649,885.62, significantly up from ¥13,567,593.77 in the same period last year, marking a growth of 708.3%[44] - Net profit attributable to the parent company for Q3 2020 was ¥96,016,550.32, compared to ¥13,893,524.00 in Q3 2019, representing an increase of 690.5%[45] - The company reported a total profit of CNY 106.43 million, compared to CNY 89.55 million in the same period last year, an increase of 18.9%[53] - The total comprehensive income for the quarter was CNY 103.52 million, compared to CNY 78.61 million in the previous year, reflecting a growth of 31.7%[54] Assets and Liabilities - Total assets increased by 30.47% year-on-year, reaching CNY 4,335,100,671.44[7] - The company's total current assets reached CNY 2,427,361,314.19, up from CNY 1,889,431,036.03, indicating an increase of about 28.5%[32] - The total liabilities increased to CNY 2,863,764,543.11 from CNY 1,987,518,403.00, marking an increase of around 44%[34] - The company's total assets increased to ¥3,720,331,686.44 in Q3 2020, up from ¥2,862,922,758.75 in Q3 2019, reflecting a growth of 29.9%[41] - Total liabilities rose to ¥2,522,899,880.63 in Q3 2020, compared to ¥1,653,156,903.49 in Q3 2019, indicating an increase of 52.5%[40] - The company's total equity attributable to shareholders reached CNY 1,294,882,518.65, up from CNY 1,219,306,156.93, indicating an increase of about 6.2%[35] - The company's total equity was reported at CNY 1,335,207,536.11, with retained earnings of CNY 436,758,566.70[72] Cash Flow - Cash flow from operating activities improved by 105.73%, totaling CNY 2,531,812.38[7] - Cash inflow from operating activities was CNY 1,039,250,674.73, compared to CNY 899,218,786.37 in the previous year, indicating an increase of approximately 15.6%[60] - Cash outflow from operating activities totaled CNY 1,096,935,281.90, up from CNY 1,011,022,390.21 in the previous year, marking an increase of about 8.5%[61] - The net cash flow from operating activities was negative at CNY -57,684,607.17, an improvement from CNY -111,803,603.84 in the same period last year[61] - Cash inflow from financing activities was CNY 607,537,389.09, compared to CNY 560,000,000.00 in the previous year, an increase of approximately 8.5%[62] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 15,778[11] - Major shareholder Yang Jianping holds 29.33% of the shares, with 73,277,099 shares pledged[12] - The company did not engage in any repurchase transactions during the reporting period[13] Investment and Acquisitions - The company reported a 144.62% increase in investment income to ¥79,579,681.31, attributed to the inclusion of Shanghai Changying in the consolidation[19] - The company’s goodwill rose by 63.14% to ¥1,016,693,231.15, primarily due to the acquisition of Shanghai Changying[17] - The company has received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for the acquisition of control over Shanghai Changying[21] Research and Development - Research and development expenses decreased to ¥10,683,179.38 in Q3 2020 from ¥19,465,969.36 in Q3 2019, a reduction of 45.2%[44] - Research and development expenses were CNY 38.37 million, slightly up from CNY 37.09 million, reflecting a year-on-year increase of 3.5%[52]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥499,049,364.64, a decrease of 8.49% compared to ¥545,367,324.25 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was ¥1,135,252.22, down 98.35% from ¥68,696,393.42 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was -¥9,565,532.17, a decline of 123.75% compared to ¥40,271,153.08 in the same period last year[20]. - The net cash flow from operating activities was -¥60,216,419.55, an improvement of 10.91% from -¥67,591,311.02 in the previous year[20]. - The total assets at the end of the reporting period were ¥3,725,561,297.30, an increase of 12.12% from ¥3,322,725,939.11 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were ¥1,198,643,843.10, a decrease of 1.69% from ¥1,219,306,156.93 at the end of the previous year[20]. - The basic earnings per share were ¥0.0034, down 98.35% from ¥0.2062 in the previous year[20]. - The diluted earnings per share were also ¥0.0034, reflecting the same decline of 98.35% compared to ¥0.2062 in the previous year[20]. - The weighted average return on net assets was 0.09%, a decrease of 5.77% from 5.86% in the previous year[20]. Business Operations and Strategy - The company completed the acquisition of 72% equity in Shanghai Changying Environmental Services Co., which is expected to expand its hazardous waste disposal business and provide new growth points for performance[30]. - The company aims to enhance its competitive strength by improving technology and product quality while providing refined after-sales services[35]. - The company is actively developing several technologies, including high-speed rotary spray drying desulfurization technology and zero discharge wastewater treatment technology, to enhance its product offerings[39]. - The company has established a systematic technical standard and production model for waste gas treatment and ash handling systems, improving its operational efficiency[45]. - The introduction of state-owned capital through New Su Environmental has positioned the company for greater development opportunities and strategic collaborations[49]. - The company has focused on building a diverse talent pool to support its key manufacturing processes and technological advancements[40]. - The company has maintained a strong customer base and established partnerships with major enterprises, enhancing its brand reputation in the industry[38]. - The company is committed to technological innovation as a driving force for high-quality development, increasing its core competitiveness[48]. - The company has successfully navigated challenges posed by the COVID-19 pandemic while continuing to execute signed contracts and expand its market presence[45]. Market and Competition - The hazardous waste disposal industry is expected to see sustained demand due to stricter enforcement of regulations, although competition is intensifying[36]. - The company is facing risks related to macroeconomic fluctuations, which may lead to reduced orders and slower payment collection[77]. - The company plans to actively explore new markets while maintaining customer relationships to mitigate risks associated with economic downturns[78]. - The company faces increasing market competition risks due to the development of competitors and new entrants, which may lead to a decline in gross margins if product costs are not effectively managed[79]. Financial Management and Risks - The company has increased financial pressure due to acquisitions, necessitating stronger financial management and risk control to maintain a reasonable asset-liability structure[84]. - There is a risk of goodwill impairment from the acquisitions; if the performance of Nanjing Excellence or Shanghai Changying does not meet expectations, it could significantly impact the company's financial results[82]. - Accounts receivable may increase with the expansion of the company's business, posing liquidity risks; the company plans to enhance internal controls to monitor and manage accounts receivable effectively[80]. Legal and Compliance - The company reported a significant lawsuit involving Xi'an Sanrui Industrial Co., Ltd. with a claim amount of 2.6996 million yuan, resulting in a loss for the company[97]. - The company is currently involved in a retrial regarding a contract dispute with Dafeng Port and Shun Technology Co., Ltd., with a claim amount of 43.1711 million yuan, which has been executed[97]. - The company won a second-instance judgment against Jiangsu Jinma Engineering Co., Ltd. in a sales contract dispute, with a claim amount of 470,600 yuan, and the case is currently in execution[97]. - The company is facing a second-instance trial in a construction contract dispute with Tianjin Rende Technology Co., Ltd., with a claim amount of 602,000 yuan[97]. - There are no significant litigation or arbitration matters reported during the reporting period[97]. - The company has not undergone any bankruptcy reorganization during the reporting period[96]. - The company has not received any administrative penalties or undergone any rectification during the reporting period[99]. - The company has not engaged in any related party transactions during the reporting period[102]. Shareholder and Capital Structure - The company completed the acquisition of 72% equity in Shanghai Changying from its original shareholders, with the transaction approved at the second extraordinary general meeting of shareholders in July 2020[106]. - The total amount of guarantees approved by the company during the reporting period was CNY 1,500 million, with an actual guarantee amount of CNY 2,500 million[114]. - The actual total amount of guarantees accounted for 1.25% of the company's net assets[114]. - The company reported no significant related party transactions during the reporting period[105]. - The company has no significant contracts or leasing arrangements in place during the reporting period[109][110][111]. - The company has no violations regarding external guarantees during the reporting period[115]. - The company has not disclosed any additional content required by regulatory authorities[141]. - The report includes detailed information on the reasons for share changes and the impact on financial metrics[141]. - The total number of common shareholders at the end of the reporting period is 12,480[147]. - The company’s total share capital is 208,216,208 shares, with 32.45% being restricted shares[139]. Environmental Compliance - Nanjing卓越 reported no exceedance in pollutant emissions, with self-monitoring plans filed with local environmental authorities[122]. - Shanghai长盈 also reported no exceedance in pollutant emissions, with self-monitoring plans in accordance with pollution discharge permits[123]. - Nanjing卓越's hazardous waste management plan includes proper disposal of incineration residues and fly ash, with operational records maintained[122]. - Shanghai长盈 has established a hazardous waste management plan, ensuring proper disposal of hazardous waste generated during production[124]. - Both Nanjing卓越 and Shanghai长盈 have implemented emergency response plans for environmental incidents, filed with local environmental authorities[126]. Future Outlook - The company plans to expand its market presence by launching new products in the second half of 2020, targeting a 10% increase in market share[200]. - Future guidance suggests a revenue target of 1.5 billion yuan for the next half-year, with an expected growth rate of 15%[200]. - The overall market outlook remains positive, with anticipated growth driven by increasing demand for environmental technology solutions[200].

Financial Performance - Total revenue for Q1 2020 was ¥141,083,569.63, a decrease of 37.12% compared to ¥224,355,458.53 in the same period last year[7] - Net profit attributable to shareholders was -¥26,191,503.37, representing a decline of 220.97% from a profit of ¥21,650,973.25 in the previous year[7] - Basic and diluted earnings per share were both -¥0.1258, down 175.60% from ¥0.1664 in the previous year[7] - The net profit for Q1 2020 was a loss of ¥28,493,969.23, compared to a profit of ¥19,615,131.80 in Q1 2019, indicating a significant decline in profitability[47] - The operating profit for Q1 2020 was a loss of ¥30,922,530.49, contrasting with an operating profit of ¥21,971,169.82 in the previous year[46] - The total comprehensive income for the period was -¥14.59 million, contrasting with a positive comprehensive income of ¥27.04 million in the previous year[54] Cash Flow - The net cash flow from operating activities was -¥127,804,180.44, a decrease of 7.27% compared to -¥119,140,795.20 in the same period last year[7] - The cash inflow from investment activities was ¥96.92 million, a significant decrease from ¥929.26 million in the previous year[54] - The net cash flow from financing activities was ¥57.51 million, compared to ¥56.79 million in the same period last year, indicating stable financing operations[55] - The company reported a net cash decrease of ¥93.67 million during the quarter, compared to a decrease of ¥23.34 million in the same period last year[55] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,345,506,890.71, an increase of 0.69% from ¥3,322,725,939.11 at the end of the previous year[7] - Total liabilities increased from CNY 1,987,518,403.00 to CNY 2,038,793,323.83, an increase of approximately 2.6%[39] - The company's equity attributable to shareholders decreased from CNY 1,219,306,156.93 to CNY 1,193,114,653.56, a decline of about 2.1%[40] - Current assets totaled CNY 1,918,732,852.19 as of March 31, 2020, compared to CNY 1,889,431,036.03 as of December 31, 2019, reflecting an increase of approximately 1.8%[37] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,493[10] - The largest shareholder, Yang Jianping, holds 29.33% of the shares, amounting to 61,064,249 shares, with 45,798,187 shares pledged[10] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[11] Government Support and Subsidies - The company received government subsidies amounting to ¥756,288.29 during the reporting period[8] Research and Development - The company has initiated four new R&D projects during the reporting period, alongside the authorization of one new patent, to enhance technological innovation[20] - Research and development expenses for Q1 2020 were ¥7,262,843.90, down from ¥9,300,509.35, a decrease of 21.9%[46] - The company has received a patent certificate as of March 30, 2020, indicating advancements in its research and development efforts[30] Investment Activities - The company is actively pursuing the acquisition of 72% equity in Shanghai Changying Environmental Services Co., with the matter currently in progress[20] - The company is conducting due diligence with relevant intermediaries for the acquisition of Shanghai Changying, with ongoing progress reported[28] - The company completed the acquisition of 24.5% of Jiangsu Aike's equity through a share transfer, with the registration of the change completed[30] Financial Management - The company’s financial expenses increased by 48.28% to 13.88 million CNY, primarily due to a rise in loan interest[15] - The company’s investment income rose by 81.95% to 2.72 million CNY, driven by increased investment returns from joint ventures[15] - The company has implemented measures to link accounts receivable management with performance assessments to accelerate the collection of receivables[25] - Accounts receivable accounted for a significant proportion of total assets, indicating potential risks if not collected in a timely manner, despite the overall reasonable level of accounts receivable[25] Market Adaptation - The company is actively pursuing diversification strategies to adapt to market changes and mitigate risks associated with the macroeconomic downturn caused by the COVID-19 pandemic[22] - The company has emphasized the importance of maintaining and expanding its competitive advantages to avoid risks of declining gross margins amid increasing industry competition[24] - The company is committed to strengthening its technical innovation capabilities and prioritizing customer needs to enhance brand advantages and core competitiveness[24]