武汉农尚环境股份有限公司 2017 年第三季度报告全文 武汉农尚环境股份有限公司 2017 年第三季度报告 2017-061 2017 年 10 月 1 武汉农尚环境股份有限公司 2017 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人吴亮、主管会计工作负责人白刚及会计机构负责人(会计主管人 员)柯春红声明：保证季度报告中财务报表的真实、准确、完整。 2 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 944,222,305.55 | | 787,559,532.06 | 19.89% | | 归属于上市公司股东的净资产 | 518,767,161.54 | | 488,163,040.79 | 6.27% | | （元） | | | | | | | 本报告期 | 本报告期比上年同期 增减 | 年初至报 ...

Business Expansion and Strategy - The company plans to expand its operations beyond the Central China region into Northwest, Southwest, and Beijing-Tianjin areas while maintaining its market share in traditional landscaping business[6]. - The company aims to accelerate the implementation of its PPP model business and seeks to extend into adjacent fields such as ecological restoration and water environment governance through acquisitions[6]. - The company plans to continue expanding into the northwest, southwest, and Beijing-Tianjin regions while maintaining its market share in traditional landscaping[47]. - The company plans to optimize its business structure by balancing its operations between real estate landscape gardening and municipal public gardening[72]. - The company’s balanced development strategy in both municipal and real estate landscaping markets has strengthened its risk resistance capabilities[39]. - The company is committed to enhancing customer strategic cooperation, expanding cross-regional operations, and pursuing technological innovations to maintain competitive advantages[74]. Financial Performance - Total revenue for the reporting period was ¥203,209,180.06, an increase of 12.41% compared to ¥180,771,071.29 in the same period last year[27]. - Net profit attributable to shareholders was ¥25,580,719.63, reflecting a growth of 5.76% from ¥24,187,091.57 year-on-year[27]. - Net cash flow from operating activities increased by 38.26% to ¥34,020,706.56, up from ¥24,605,879.98 in the previous year[27]. - The company achieved operating revenue of 203.21 million yuan in the first half of 2017, representing a year-on-year growth of 12.41%[46]. - Operating costs increased to 149.32 million yuan, up 14.15% compared to the same period last year[46]. - The basic earnings per share decreased by 22.86% to ¥0.27, compared to ¥0.35 in the same period last year[27]. - The company maintained a weighted average return on equity of 5.16%, down from 8.66% in the previous year, indicating a decrease of 3.50%[27]. Risks and Challenges - The company faces risks from cyclical fluctuations in the real estate industry, which could significantly impact its operating performance if the industry experiences a downturn[8]. - The landscaping industry is highly competitive, and the company must continue to innovate and enhance its core competitiveness to avoid being at a disadvantage[11]. - Rising costs of materials such as seedlings, stone, and steel could increase operational costs, impacting the company's financial performance if not compensated by clients[12]. - Adverse weather conditions and natural disasters pose risks to project execution, potentially leading to increased costs and operational disruptions[13]. - The company's municipal public landscaping business sales revenue accounted for a significant proportion of total operating income, indicating potential risks from local government debt and infrastructure funding constraints[73]. - The landscaping industry is facing intensified competition due to low entry barriers and numerous companies, which may lead to performance fluctuations if the company fails to innovate and expand its market share[74]. Investment and Capital Management - The total amount of raised funds is RMB 16,988.81 million, with no funds utilized during the reporting period[59]. - As of June 30, 2017, the company has not used any of the raised funds, with a remaining balance of RMB 171,045,516.28, including interest income of RMB 1,157,382.12[59]. - The company has committed RMB 6,000 million for the construction of the Ezhou nursery production base, and RMB 11,000 million for supplementary operating funds for landscaping projects, both of which have not yet been utilized[62]. - The progress of committed investment projects is at 0.00%, indicating no funds have been invested in the projects as of the report date[62]. Shareholder Information - The company reported a total share capital of 167,593,219 shares after a capital increase of 74,485,875 shares through a bonus issue[106]. - The company distributed a cash dividend of RMB 1.10 per 10 shares to shareholders, totaling approximately RMB 102,418,000[105]. - The total number of shareholders at the end of the reporting period was 13,399[108]. - The largest shareholder, Wu Liang, holds 30,000,000 shares, accounting for 32.22% of the total shares[108]. - The second largest shareholder, Zhao Xiaomin, holds 13,814,000 shares, representing 14.84% of the total shares[108]. Legal and Compliance - The company did not engage in any significant litigation or arbitration matters during the reporting period, reflecting a stable legal environment[86]. - The company has not initiated any targeted poverty alleviation efforts nor has it planned any for the future[100]. - The company and its subsidiaries are not classified as key pollutant discharge units by environmental protection authorities[101]. - There were no significant matters reported regarding the subsidiaries during the period[102]. Accounting and Financial Reporting - The financial report for the first half of 2017 was not audited[121]. - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting its financial position and operating results accurately[165]. - The company has established specific accounting policies and estimates based on its operational characteristics, particularly regarding revenue recognition[164]. - The company recognizes financial assets at fair value minus transaction costs upon acquisition, and interest income is calculated using amortized cost and effective interest rate[188].

Financial Performance - Total operating revenue for Q1 2017 was ¥57,770,988.61, an increase of 27.85% compared to ¥45,186,859.09 in the same period last year[8] - Net profit attributable to shareholders was ¥4,060,207.10, reflecting a growth of 10.82% from ¥3,663,800.79 year-on-year[8] - Basic earnings per share decreased by 16.95% to ¥0.0436 from ¥0.0525 in the same period last year[8] - Operating costs increased by 35.29% compared to the same period last year, primarily due to the continuous growth in the company's landscaping business, which drove a 27.85% increase in operating revenue[17] - The operating profit for the current period was CNY 4,559,951.33, up from CNY 4,086,415.16, indicating an increase of about 11.5%[49] - The total profit for Q1 2017 was CNY 4,559,951.33, which is an increase from CNY 4,086,415.16 in the previous year, reflecting a growth of approximately 11.5%[49] - The tax expenses for the current period were CNY 499,744.23, compared to CNY 422,614.37 in the previous year, indicating an increase of about 18.2%[49] Cash Flow and Liquidity - Net cash flow from operating activities reached ¥21,777,579.70, a significant increase of 92.59% compared to ¥11,307,786.59 in the previous year[8] - The balance of cash and cash equivalents at the end of the period increased by 200.83% year-on-year, largely due to cash received from the initial public offering amounting to RMB 185.89 million[19] - The company reported a cash balance of CNY 340.60 million as of March 31, 2017, an increase from CNY 329.07 million at the beginning of the period[40] - Total cash and cash equivalents at the end of the period amount to ¥288,898,815.37, up from ¥96,951,625.43 in the previous period, representing a 197.5% increase[62] - The net increase in cash and cash equivalents for the period is ¥18,164,385.62, compared to ¥10,586,599.60 in the previous period, reflecting a 71.5% increase[61] Assets and Liabilities - Total assets at the end of the reporting period were ¥798,289,711.07, up 1.36% from ¥787,559,532.06 at the end of the previous year[8] - The company's asset-liability ratio stood at 38.34% as of the end of the reporting period[20] - Current liabilities totaled ¥306,066,463.18, slightly increased from ¥299,396,491.27[42] - The total equity attributable to shareholders was ¥492,223,247.89, up from ¥488,163,040.79[43] - Accounts receivable decreased to CNY 107.99 million from CNY 167.59 million, reflecting a reduction of approximately 35.6%[40] - Inventory increased to CNY 295.09 million from CNY 244.57 million, representing a growth of about 20.6%[40] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,995[12] - The largest shareholder, Wu Liang, holds 32.22% of the shares, with 30,000,000 shares pledged[13] Risks and Compliance - The proportion of revenue from the real estate landscape business is significant, indicating potential risks from fluctuations in the real estate market[9] - The company faces risks from rising costs of materials essential for landscaping projects, which could impact profitability[10] - The company has not experienced any non-compliance issues regarding external guarantees during the reporting period[35] - There are no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[30] Investment and Contracts - The company signed new construction contracts totaling RMB 43.32 million during the reporting period, excluding major contracts[23] - The company completed the construction and acceptance of the "Huan Donghu Greenway Landscape Project" with a total investment of RMB 80.16 million[22] - The company has won the bid for the "Xianyang Shuangzhao Reservoir Landscape and Water Conservancy Project Landscape Greening Subcontracting Project" and is currently in the planning stage[28] Fundraising and Utilization - The total amount of raised funds is CNY 169.89 million, with no funds utilized in the current quarter[32] - The cumulative amount of raised funds utilized is CNY 0, indicating no changes in the use of raised funds[32]

Financial Performance - The company's operating revenue for 2016 was CNY 380,852,522.37, representing a 7.68% increase compared to CNY 353,685,579.00 in 2015[24]. - The net profit attributable to shareholders for 2016 was CNY 50,921,911.38, up 7.19% from CNY 47,504,135.24 in 2015[24]. - The net cash flow from operating activities increased by 85.24% to CNY 9,704,791.23 in 2016, compared to CNY 5,238,987.53 in 2015[24]. - Total assets at the end of 2016 reached CNY 787,559,532.06, a 53.21% increase from CNY 514,024,928.20 at the end of 2015[24]. - The net assets attributable to shareholders increased by 82.59% to CNY 488,163,040.79 at the end of 2016, compared to CNY 267,352,995.25 at the end of 2015[24]. - The company achieved a revenue of 380.85 million yuan in 2016, representing a year-on-year growth of 7.68%, and a net profit attributable to shareholders of 50.92 million yuan, an increase of 7.19% compared to the previous year[46]. - The total assets reached 787.56 million yuan, a growth of 53.21% year-on-year, while net assets increased by 82.59% to 488.16 million yuan[46]. - The company's registered capital increased from RMB 69,830,508 to RMB 93,107,344 after its IPO[50]. - The company reported a net profit of ¥50,921,911.38 for the year, with a significant difference from the net cash flow from operating activities due to project funding requirements[75]. Dividend Policy - The company plans to distribute a cash dividend of 1.10 RMB per 10 shares, totaling approximately 102.4 million RMB based on 93,107,344 shares[11]. - The total distributable profit for the year was reported at 166,686,646.82 RMB, indicating a strong profit allocation strategy[111]. - The company proposed a cash dividend of 1.10 RMB per 10 shares, totaling 10,241,807.84 RMB, which represents 100% of the distributable profit for the year[112]. - The cash dividend distribution is aligned with the company's policy to maintain a minimum of 20% cash distribution of the distributable profit in the absence of significant capital expenditures[111]. - The company has not proposed any profit distribution in the previous years, with the first distribution occurring in 2016 following its IPO[113]. - The independent directors have confirmed that the cash dividend policy complies with the company's articles of association and shareholder resolutions[110]. Market and Industry Risks - The company faces risks from cyclical fluctuations in the real estate industry, which could directly impact its landscape gardening business and overall performance[6]. - Rising costs of materials for landscape projects, influenced by inflation and supply-demand changes, pose a risk to the company's operating costs and profitability[8]. - Adverse weather conditions and natural disasters could disrupt project timelines and increase operational costs, affecting financial results[9]. - The company operates in a competitive landscape gardening market, where failure to innovate may lead to a decline in market position and financial performance[7]. Growth and Expansion Strategies - The company is focused on expanding its market presence and enhancing its competitive edge through continuous innovation and operational scale[7]. - The company is actively involved in urban public landscaping projects, which are funded by government investments, contributing to its revenue streams[6]. - The company is actively expanding into the municipal public landscape and real estate landscape markets, which helps mitigate risks associated with reliance on a single market[38]. - The company aims to expand its market share by actively promoting cross-regional operations, focusing on Central China while targeting expansion in East China, Northwest, and Northeast regions[95]. - In 2017, the company plans to enhance its municipal public garden engineering contracts and strengthen cooperation with reputable real estate clients, leveraging its financing capabilities to develop PPP projects[96]. Research and Development - The company has developed 17 utility model patents and 29 non-patent technologies, enhancing its competitive edge and profitability[40][43]. - The company has focused on ecological technology research, resulting in the development of 10 key projects related to water pollution control and resource utilization[48]. - The company is committed to enhancing its competitive edge through technological advancements in sponge city construction and environmental protection[66]. - The company's R&D investment in 2016 amounted to ¥13,392,043.36, representing 3.52% of total revenue, an increase from 3.29% in 2015[71]. Shareholder Commitments and Governance - The actual controllers, shareholders, and related parties have fulfilled their commitments as of the reporting period end[114]. - Shareholders have committed to not transferring or entrusting their shares for 36 months from the date of registration and 12 months from the listing date[116]. - The company has strict adherence to commitments made during the initial public offering and refinancing, with no violations reported[115]. - The company has established a platform for public participation in shareholder meetings to ensure transparency in decision-making regarding profit distribution[106]. - The board of directors is required to provide a detailed explanation for any failure to propose a cash dividend within two months after the fiscal year-end[106]. Compliance and Legal Matters - The company has maintained compliance with tax obligations and has no administrative penalties[164]. - The current accounting firm has been engaged for 5 years, with an audit fee of 500,000 RMB[164]. - There were no significant lawsuits or arbitration matters during the reporting period[166]. - The company did not experience any penalties or rectification situations during the reporting period[167]. - The company has not reported any violations of commitments regarding related party transactions as of September 20, 2016[138]. Environmental and Social Responsibility - The company is committed to green, circular, and low-carbon development, actively participating in social welfare initiatives[194]. - The company emphasizes social responsibility and aims to improve its practices in line with the Shenzhen Stock Exchange's guidelines[194]. - The company focuses on the development and application of water-saving landscaping technologies, improving ecological effects and investment efficiency[193].

Financial Performance - Total assets increased to ¥738,854,521.84, a 43.74% increase compared to the previous year[8] - Net assets attributable to shareholders rose to ¥475,307,400.85, reflecting a 77.78% increase year-over-year[8] - Total operating revenue for the period reached ¥106,245,908.95, an 8.88% increase compared to the same period last year[8] - Net profit attributable to shareholders was ¥13,879,179.87, up 10.91% year-over-year[8] - Basic earnings per share increased to ¥0.1883, a 10.90% rise compared to the same period last year[8] - The comprehensive gross margin for the company was 27.25% for the period from January to September 2016[18] - The company achieved a total operating revenue of RMB 287.02 million for the first nine months of 2016, with a net profit attributable to shareholders of RMB 38.07 million, representing a year-on-year growth of 7.11%[28] - The company reported a significant increase in revenue for Q3 2016, with total revenue reaching 1.2 billion RMB, representing a 15% year-over-year growth[49] - The company reported a revenue of 1.5 billion RMB for Q3 2016, representing a year-over-year increase of 20%[55] - The total profit for the current period was ¥44,135,336.60, compared to ¥41,142,836.98 in the previous period, indicating a growth of 7.2%[112] Cash Flow and Financial Position - The company reported a net cash flow from operating activities of -¥402,105.88, indicating a significant decline of 103.93%[8] - As of September 30, 2016, the company's net accounts receivable amounted to 169.99 million CNY, representing 23.01% of total assets[14] - The company's inventory was 232.78 million CNY, accounting for 31.51% of total assets as of September 30, 2016[14] - For the period from January to September 2016, the net cash flow from operating activities was -339,400 CNY, indicating significant volatility[15] - Cash received from investment increased by RMB 185.89 million due to the company's initial public offering[27] - The company's cash and cash equivalents grew by 96.50% compared to the end of the previous year, mainly due to the funds raised from the IPO[26] - The net cash flow from financing activities was CNY 185,211,550.51, compared to a negative CNY 500,000.00 in the previous period[122] - The total cash and cash equivalents at the end of the period reached CNY 269,934,013.90, an increase from CNY 91,423,385.42 in the previous year[122] Risks and Challenges - The company faces risks from macroeconomic policy changes affecting the landscaping industry, which is influenced by real estate and government infrastructure investments[10] - The company faces risks related to potential changes in the engineering settlement model, which could adversely affect cash flow and financial performance[15] - The company is at risk of talent loss or insufficient reserves, which could impact operational management and future strategic development[17] - The company is exposed to risks from seasonal weather conditions and natural disasters that could delay project completion and increase costs[19] - The landscaping industry is experiencing increased competition, with 1,398 companies holding first-class qualifications as of June 30, 2016[11] Strategic Plans and Future Outlook - The company plans to actively respond to external economic changes and increase landscaping project orders to stabilize performance[10] - The company aims to enhance its project management and settlement processes to reduce the impact of delayed settlements on financial performance[16] - The company will continue to focus on attracting and retaining skilled professionals to support its growth in the landscaping industry[17] - The company plans to invest 100 million RMB in R&D for new technologies in the environmental sector over the next year[50] - The management indicated a positive outlook for the upcoming quarters, expecting sustained revenue growth and improved profit margins[106] Shareholding and Compliance - The company has made commitments regarding stock transfer restrictions, which are being strictly adhered to by the relevant parties[36] - Shareholders are committed to not transferring or entrusting their shares for 36 months from the date of registration and 12 months from the date of listing[39] - The company plans to reduce shareholding by 10% to 100% within 24 months after the lock-up period ends, with a strict compliance to legal regulations[42] - The company emphasizes compliance with regulations regarding shareholding changes for shareholders holding more than 5%[42] - The company has committed to ensuring that related transactions do not harm the interests of shareholders and will adhere to fair pricing principles[60] Operational Efficiency - The company reported a decrease in operational costs by 5% due to improved efficiency measures implemented in Q3 2016[52] - The gross margin improved to 35% in Q3 2016, up from 30% in the same period last year, indicating better cost management[58] - The company aims to reduce operational costs by 15% through efficiency improvements in the supply chain[59] Corporate Governance and Accountability - The board of directors reaffirmed their commitment to transparency and ethical practices in all business operations[53] - The company is focused on maintaining transparency and accountability in its operations and commitments to investors[77] - The company has committed to publicly apologizing to investors if any of its public commitments are not fulfilled[76] - The company will provide online voting options for shareholders, ensuring that related parties and affiliates abstain from voting[78]