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]

Acquisitions and Investments - The company successfully acquired 51% of Nanjing Zhuoyue, which has increased financial pressure and requires enhanced financial management and risk control[8]. - The company is in the process of acquiring 72% of Shanghai Changying Environmental Services, with the transaction still in the planning stage and subject to further verification and approval[9]. - The company has expanded its hazardous waste disposal business, acquiring 51% of Nanjing Zhuoyue Environmental Technology Co., Ltd. and obtaining necessary operating licenses[33]. - The company plans to acquire 72% of the shares held by certain shareholders of Shanghai Changying, expanding its hazardous waste disposal business[38]. - The company successfully introduced strategic investors, transferring 43,030,512 shares to New Su Environmental, which will support future growth[52]. - The company invested CNY 108 million as a limited partner in the establishment of the Nanjing Xuelang Jinying Environmental Industry Investment Partnership[92]. - The company applied for a merger loan of RMB 220 million to acquire 51% equity in Nanjing Zhuoyue, using the acquired equity as collateral[179]. Financial Performance - The company's operating revenue for 2019 was CNY 1,242,529,677.61, representing a 29.47% increase compared to CNY 959,725,568.12 in 2018[22]. - Net profit attributable to shareholders reached CNY 89,840,477.57, a significant increase of 107.39% from CNY 43,320,357.14 in the previous year[22]. - The total assets of the company increased by 25.62% to CNY 3,322,725,939.11 at the end of 2019, up from CNY 2,645,084,020.71 in 2018[22]. - The company reported a basic earnings per share of CNY 0.4315, which is a 107.35% increase from CNY 0.2081 in 2018[22]. - The weighted average return on equity increased to 7.63% in 2019, up from 3.87% in 2018[22]. - The company reported a net profit of CNY 89.84 million for the year 2019, with distributable profits amounting to CNY 436.76 million[103]. - The company 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[112]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2019, representing a year-over-year growth of 20%[124]. Cash Dividends and Share Capital - The company plans to distribute cash dividends of 1 RMB per 10 shares and increase capital reserves by 6 shares for every 10 shares held, based on a total share capital of 208,216,208 shares as of December 31, 2019[10]. - The company proposed a cash dividend of CNY 1.00 per 10 shares, totaling CNY 20.82 million, based on a total share capital of 208,216,208 shares[103]. - In 2019, the company distributed a cash dividend of 1.00 RMB per 10 shares, totaling 20,821,620.80 RMB, which represents 23.18% of the net profit attributable to ordinary shareholders[107]. - The total share capital increased from 130,135,130 shares in 2018 to 208,216,208 shares in 2019 due to a capital reserve conversion[104]. - The cash dividends for the last three years have shown a consistent increase in both amount and percentage of net profit distributed[107]. Accounts Receivable and Financial Management - The company acknowledges the risk of increased accounts receivable due to business expansion, emphasizing the importance of effective management to mitigate potential impacts on long-term stability[7]. - The company reported a significant increase in accounts receivable, which, while manageable, poses a risk if not collected timely[7]. - The company emphasizes the importance of aligning accounts receivable management with performance assessments to accelerate cash recovery[7]. - The company’s accounts receivable rose by 40.47% year-on-year, reflecting an increase in completed projects[39]. Technological Innovation and R&D - The company is committed to continuous technological innovation and enhancing brand advantages to maintain and expand its core competitiveness in a competitive market[6]. - The company has optimized its resource allocation by transferring its 51% stake in Jiangsu Huifeng, reducing management costs[34]. - The company acquired 12 new patents and 2 software copyright registrations during the reporting period, enhancing its technological capabilities[41]. - The company is focusing on technological innovation and has initiated several research projects related to waste treatment technologies[41]. - The company’s R&D investment in 2019 amounted to ¥48,569,117.84, representing 3.91% of its operating revenue, an increase from 3.57% in 2018[71]. - The company is investing 200 million RMB in research and development for innovative environmental solutions over the next three years[112]. Market Trends and Strategic Outlook - The company recognizes the potential impact of macroeconomic fluctuations on the environmental industry and is adapting its strategies to seek diversified development opportunities[4]. - The company is actively analyzing market trends to navigate opportunities and challenges in the evolving environmental sector[4]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[112]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[112]. - The management emphasized the importance of sustainability in future strategies, aligning with global environmental standards[118]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain[112]. - The company aims to reduce operational costs by 10% through efficiency improvements in the supply chain[121]. - The company aims to reduce operational costs by 15% through process optimization initiatives[116]. - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management[112]. Corporate Governance and Compliance - The company has ensured that its IPO prospectus is accurate and complete, with no misleading statements or omissions[109]. - The company has a commitment to repurchase shares if found in violation of regulations, with a repurchase price not lower than the IPO price plus interest[109]. - The company will take necessary actions to ensure compliance with regulatory requirements from the China Securities Regulatory Commission[115]. - The company has established a framework to link the performance of its compensation measures to the remuneration system for directors and senior management[115]. Environmental Responsibility and Sustainability - The company has committed to sustainable development and environmental protection while improving product quality and technology[162]. - The company has implemented strict environmental management practices and employee training to enhance environmental awareness[162]. - The company has a proactive approach to environmental emergencies, having established an emergency response plan[166]. - The company emphasizes customer rights protection by understanding customer needs before contract signing and striving to reduce costs while ensuring quality[161].

Financial Performance - Operating revenue for the period reached ¥326,452,743.78, representing a 31.34% year-on-year growth[7] - Net profit attributable to shareholders was ¥13,893,524.00, up 15.03% from the same period last year[7] - Basic earnings per share decreased by 28.13% to ¥0.0667[7] - Total operating revenue for Q3 2019 was CNY 326,452,743.78, an increase of 31.3% compared to CNY 248,559,775.83 in the same period last year[50] - Net profit for Q3 2019 reached CNY 14,573,183.04, a 43.5% increase from CNY 10,186,135.41 in Q3 2018[52] - The total comprehensive income for the period was ¥78,614,118.71, compared to ¥47,881,311.47 in the same quarter last year[62] Assets and Liabilities - Total assets increased to ¥3,150,911,587.84, a 19.12% increase compared to the end of the previous year[7] - Total liabilities reached CNY 1,800,459,964.18, a rise of 28.7% from CNY 1,399,051,800.84 in the previous year[42] - The company's total equity increased to CNY 1,350,451,623.66, up from CNY 1,246,032,219.87, marking a growth of approximately 8.4%[42] - Total liabilities amounted to approximately ¥1,102.43 million, with current liabilities at ¥1,051.18 million[85] - Owner's equity totaled approximately ¥1,152.45 million, including retained earnings of ¥376.66 million[86] Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of ¥111,803,603.84, a decrease of 1,770.32% compared to the previous year[7] - The net cash flow from operating activities was negative at CNY -111,803,603.84, compared to a positive CNY 6,693,536.33 in the same period last year[70] - The net cash flow from financing activities improved to ¥1,349,986.64, a 107.33% increase, attributed to an increase in loans during the period[24] - Cash inflow from financing activities was CNY 560,000,000.00, up from CNY 478,837,132.71 in the previous year, indicating an increase of approximately 17.0%[70] Investment and Expenses - Research and development expenses surged by 83.81% to ¥37,085,608.79, up from ¥20,176,581.10, reflecting increased investment in R&D projects[22] - The company reported a significant increase in financial expenses, which rose by 219.99% to ¥36,710,528.94 from ¥11,472,424.34, driven by increased borrowing[22] - Investment income increased to ¥32,532,222.37, a growth of 574.80% due to the inclusion of Nanjing Zhuoyue in the consolidation scope and increased returns from Shanghai Changying Investment[24] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,407[10] - Major shareholder Yang Jianping holds 39.10% of the shares, with 61,064,249 shares pledged[11] - The company does not have any plans for share repurchase transactions during the reporting period[13] Market Expansion and Future Plans - The company plans to transfer a total of 43,030,512 shares, representing 20.67% of the total share capital, to a strategic investor, New Su Environmental, pending regulatory approvals[26] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[49] Government Support - The company received government subsidies in September 2019, contributing positively to its financial position[29] Dividend Policy - The company maintained its cash dividend policy, distributing ¥9,109,459.10 in cash dividends for the 2018 fiscal year, equivalent to ¥0.7 per share[32]

Financial Performance - Total operating revenue for the first half of 2019 reached ¥545,367,324.25, an increase of 37.94% compared to ¥395,353,250.24 in the same period last year[18]. - Net profit attributable to shareholders was ¥68,696,393.42, representing an 84.60% increase from ¥37,212,931.42 in the previous year[18]. - Basic earnings per share increased by 15.35% to ¥0.3299 from ¥0.2860 in the same period last year[19]. - The company reported a significant increase in investment income, which rose by 607.47% to ¥28,270,950.50, primarily due to the consolidation of Nanjing Zhuoyue[41]. - The total profit for the first half of 2019 was CNY 74,298,583.96, up from CNY 40,689,972.17, indicating an increase of 82.5%[170]. - The company reported a net profit for the first half of 2019 was CNY 64,476,335.61, representing an increase of 91.3% compared to CNY 33,752,882.86 in the same period of 2018[170]. Cash Flow and Investments - The net cash flow from operating activities was negative at -¥67,591,311.02, a decline of 825.40% compared to -¥7,304,025.33 in the previous year[18]. - The cash flow from operating activities showed a significant negative change, with a net outflow of RMB 67,591,311.02, attributed to higher payments for goods[40]. - The company reported a net cash outflow from operating activities of CNY -67,591,311.02, worsening from CNY -7,304,025.33 in the same period last year[175]. - Investment activities resulted in a net cash outflow of CNY -7,427,631.98, a significant decrease from a net inflow of CNY 143,770,341.33 in the first half of 2018[175]. - The net cash flow from investment activities was -212,368,102.28 CNY, compared to a positive cash flow of 136,692,509.39 CNY in the previous period[179]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,110,619,085.73, up 17.60% from ¥2,645,084,020.71 at the end of the previous year[19]. - The company's total liabilities reached CNY 1,774,740,645.11, up from CNY 1,399,051,800.84, indicating an increase of about 27%[157]. - Current assets totaled CNY 1,645,821,977.98, a decrease from CNY 1,745,421,667.30, reflecting a decline of approximately 5.7%[154]. - The company's equity attributable to shareholders was CNY 1,198,162,072.78, up from CNY 1,138,575,138.46, reflecting a growth of approximately 5.2%[157]. - The company reported a significant increase in long-term borrowings, which rose to CNY 198,000,000.00 from CNY 18,500,000.00, representing a substantial increase of over 970%[156]. Operational Highlights - The company acquired 51% equity in Nanjing Zhuoyue Environmental Technology Co., Ltd., which began operations in January and April 2019, contributing to increased investment income[28]. - The company’s hazardous waste disposal business has expanded, with operations commencing at Shanghai Changying Environmental Services Co., Ltd. and Nanjing Zhuoyue Environmental Technology Co., Ltd.[27]. - The company successfully participated in major projects, including being the first candidate for the procurement of the flue gas purification system for the Guangzhou Sixth Resource Thermal Power Plant Phase II[32]. - The company aims to become a leading international environmental engineering system integrator and overall solution provider for environmental governance[27]. - The company has committed 108 million RMB to establish an environmental industry merger fund, indicating a strategic move towards investment in the sector[69]. Research and Development - Research and development investment increased by 16.52% to RMB 17,619,639.43, with 9 new utility model patents and 2 software copyright certificates obtained during the reporting period[38]. - The company obtained 9 new utility model patents and 2 software copyright certificates during the reporting period, enhancing its technology innovation capabilities[32]. - The company focuses on the research, design, and manufacturing of waste treatment equipment, which is critical for its market expansion strategy[198]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,186[133]. - Yang Jianping holds 39.10% of the shares, totaling 38,165,155 shares, with 12,721,719 shares pledged[133]. - The total number of shares held by the top 10 unrestricted shareholders is 29,000,000 shares[135]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[137]. - The total number of shares decreased from 130,135,130 to 130,135,130 due to various shareholding changes, with limited shares now totaling 56,696,133 and unrestricted shares totaling 73,438,997[125][126]. Regulatory and Compliance - The company has established a comprehensive environmental emergency response plan, filed with local environmental protection authorities[112]. - The company has received hazardous waste management licenses from relevant authorities in January and April 2019[111]. - The company has ongoing litigation involving amounts of 20.7 million yuan, 60.2 million yuan, and 18.15 million yuan, all currently in trial[84]. - The company has not experienced any penalties or rectification situations during the reporting period[87]. - The company has not undergone any bankruptcy restructuring during the reporting period[83].