Financial Performance - The company's operating revenue for 2021 was CNY 1,165,594,971.51, representing a 22.67% increase compared to CNY 950,156,837.06 in 2020[19] - The net profit attributable to shareholders for 2021 was CNY 201,895,933.12, up 27.99% from CNY 157,737,702.72 in the previous year[19] - The net profit excluding non-recurring gains and losses was CNY 195,390,511.78, reflecting a 28.93% increase from CNY 151,543,363.12 in 2020[19] - The net cash flow from operating activities was CNY 119,436,262.73, a significant improvement of 168.49% compared to a negative cash flow of CNY -174,377,868.43 in 2020[19] - Basic earnings per share for 2021 were CNY 0.4765, showing a slight increase of 0.06% from CNY 0.4762 in 2020[19] - The weighted average return on equity decreased to 10.61% in 2021 from 13.84% in 2020, a decline of 3.23%[19] - Total assets increased by 41.79% to CNY 5,393,449,614.61 at the end of 2021 compared to CNY 3,803,944,465.48 at the end of 2020[20] - Net assets attributable to shareholders rose by 9.99% to CNY 1,994,431,967.22 at the end of 2021 from CNY 1,813,245,871.92 at the end of 2020[20] - The company reported a total of CNY 6,505,421.34 in non-recurring gains and losses for 2021, compared to CNY 6,194,339.60 in 2020[25] Revenue Breakdown - Quarterly revenue for Q4 2021 reached CNY 385,703,371.40, marking a significant increase from CNY 179,890,867.24 in Q1 2021[21] - The water treatment sector generated ¥300,998,851.47, accounting for 25.82% of total revenue, with a year-on-year growth of 32.00%[67] - The solid waste treatment industry saw a significant increase in revenue to ¥193,412,343.83, up 304.44% from ¥47,822,292.22 in 2020[67] - Investment operation services revenue surged by 79.23% to ¥494,411,195.30, making up 42.42% of total revenue[67] - Revenue from the Shandong region increased by 46.65% to ¥425,148,365.60, while revenue from the Anhui region decreased by 21.84% to ¥366,614,893.07[67] Strategic Focus and Development - The company is focusing on expanding its environmental protection services and enhancing its technological capabilities[5] - Future development strategies include addressing operational risks and exploring new market opportunities[5] - The company has committed to continuous improvement in financial reporting and transparency to stakeholders[4] - The company has established a technology innovation system supported by provincial R&D platforms and partnerships with top universities, focusing on industrial wastewater, rural sewage, and sludge resource utilization[44] - The company aims to achieve intelligent and integrated sludge fermentation equipment, which is expected to reduce energy consumption and disposal costs[79] Market Opportunities and Trends - The urban sewage treatment rate reached 97.53%, with a projected investment of CNY 431.89 billion for upgrades during the 13th Five-Year Plan[29] - As of 2020, only 34.87% of towns had implemented sewage treatment, indicating a significant market opportunity for rural sewage treatment[30] - The total investment for the ecological restoration of major lakes during the 13th Five-Year Plan was CNY 1,176.87 billion, with ongoing efforts expected[31] - The urban population in China increased from 456 million in 2000 to 914 million in 2021, highlighting the growing demand for waste-to-energy projects[32] - The capacity of waste incineration plants in China reached 580,000 tons per day during the 13th Five-Year Plan, with an incineration treatment rate of approximately 45%[34] Government Policies and Support - The government has introduced multiple policies to support the development of waste incineration power generation, reflecting a strong commitment to the industry's long-term growth[40] - The market for solid waste treatment and resource utilization is expected to expand significantly, driven by the push for a green, low-carbon economy during the 14th Five-Year Plan[35] - The national goal for recycled water utilization is set to exceed 25% by 2025, with specific targets for urban areas and sensitive water regions[36] - The government aims to achieve a 90% harmless disposal rate for urban sludge by 2025, enhancing the overall waste management framework[36] Research and Development - The company has applied for a total of 106 patents and software copyrights, with 59 authorized, forming a technology system with independent intellectual property rights[43] - The company aims to establish a demonstration project for the efficient biological denitrification of low-carbon source wastewater with a daily treatment capacity of no less than 1,000 tons[82] - The company has increased its R&D personnel from 82 in 2020 to 93 in 2021, representing a growth of 13.41%[84] - R&D investment in 2021 amounted to approximately 27.21 million yuan, accounting for 2.33% of operating revenue[84] Corporate Governance - The company has established a complete and independent business system, ensuring independence in operations, personnel, assets, and finance[129] - The board of directors consists of 9 members, including 3 independent directors, and operates in accordance with relevant laws and regulations[130] - The company has a supervisory board with 3 supervisors, including 1 employee supervisor, ensuring compliance and oversight of major company matters[131] - The company has implemented a transparent performance evaluation and incentive mechanism for senior management, aligning with legal requirements[132] Employee and Management Structure - The total number of employees at the end of the reporting period is 1,019, with 214 in the parent company and 805 in major subsidiaries[174] - The professional composition includes 494 production personnel, 24 sales personnel, 374 technical personnel, 59 financial personnel, and 68 administrative personnel[174] - The educational background of employees shows 3 with a doctorate, 51 with a master's degree, 253 with a bachelor's degree, 346 with an associate degree, and 366 below associate degree[175] Financial Management and Reporting - The company has established a comprehensive internal control system, including a governance structure with a board of directors, supervisory board, and management team to ensure effective operation and risk management[191] - The audit committee oversees the implementation of internal controls and conducts internal audits to assess the company's operational and financial status[192] - The company has enhanced its financial management through the implementation of an information system to improve the effectiveness of internal controls[200] Shareholder Engagement and Returns - The company implemented a cash dividend policy, distributing 0.5 CNY per 10 shares, totaling 21,187,521.95 CNY (including tax) for the year[189] - The total distributable profit for the year was 606,949,870.98 CNY, with the cash dividend amounting to 100% of the total profit distribution[189] - The company has a profit distribution policy that requires a minimum of 10% of the distributable profit to be distributed as cash dividends annually[182]

Financial Performance - The company's operating revenue for 2021 was CNY 1,165,594,971.51, representing a 22.67% increase compared to CNY 950,156,837.06 in 2020[20] - The net profit attributable to shareholders for 2021 was CNY 201,895,933.12, an increase of 27.99% from CNY 157,737,702.72 in the previous year[20] - The net profit after deducting non-recurring gains and losses was CNY 195,390,511.78, reflecting a growth of 28.93% compared to CNY 151,543,363.12 in 2020[20] - The net cash flow from operating activities was CNY 119,436,262.73, a significant improvement of 168.49% from a negative cash flow of CNY -174,377,868.43 in 2020[20] - The basic earnings per share for 2021 was CNY 0.4765, showing a slight increase of 0.06% compared to CNY 0.4762 in 2020[20] - The diluted earnings per share for 2021 was also CNY 0.4765, consistent with the basic earnings per share[20] - Total assets increased to CNY 5,393,449,614.61, a growth of 41.79% compared to the end of 2020[21] - Net assets attributable to shareholders reached CNY 1,994,431,967.22, reflecting a 9.99% increase from the previous year[21] - Quarterly revenue for Q4 2021 was CNY 385,703,371.40, with a total annual revenue of CNY 1,165,594,971.51[22] - Net profit attributable to shareholders for Q4 2021 was CNY 64,272,386.78, marking a significant increase compared to previous quarters[22] Investment and Growth - The company plans to distribute a cash dividend of CNY 0.50 per 10 shares to all shareholders, based on a total of 423,750,439 shares[6] - The company successfully raised 864 million yuan through the issuance of convertible bonds, aimed at enhancing capital strength and supporting project implementation[63] - The company has established multiple partnerships with renowned universities and research institutions, enhancing its technology innovation capabilities[54] - The company has a sewage treatment capacity of 1 million tons per day and a waste treatment capacity of 3,000 tons per day, establishing a strategic and comprehensive industrial chain in water environment governance and solid waste resource utilization[43] - The company is focusing on the development of high-performance polymer denitrification agents to match or exceed market standards[82] Market Trends and Projections - The market for urban sewage treatment is projected to see an investment increase of CNY 431.89 billion during the "14th Five-Year Plan" period, a 215.25% increase from the previous plan[30] - The urbanization rate in China increased from 36.09% in 2000 to 64.72% in 2021, driving demand for waste-to-energy projects[33] - By 2025, the urban sewage treatment rate is expected to reach over 70%, with county-level treatment rates at 95%[37] - The government aims for a national wastewater reuse rate of over 25% by 2025, with specific targets for different regions, such as 35% in the Beijing-Tianjin-Hebei area[37] - The waste incineration power generation industry is expected to benefit significantly from national policies promoting carbon neutrality and waste management[41] Research and Development - The company has applied for a total of 106 patents and software copyrights, with 59 authorized, forming a technology system with independent intellectual property rights[44] - The company aims to achieve intelligent and integrated sludge fermentation equipment through its research project on high-temperature aerobic turning of sludge, which is expected to reduce energy consumption and disposal costs[80] - The company plans to apply for 2 invention patents and publish 6 academic papers related to low-carbon source wastewater efficient biological denitrification technology[83] - The company is collaborating with Hefei University of Technology to develop an integrated reactor for efficient ozone catalytic oxidation[83] - The company aims to explore key technical parameters for the treatment of municipal wastewater with low carbon-to-nitrogen ratios[81] Operational Efficiency and Management - The company has established a budget management system to ensure stable cash flow from franchise projects, which typically recover cash inflows over a 20-30 year period[125] - The company emphasizes the importance of internal risk control management for PPP projects to mitigate potential operational risks[121] - The company has a governance structure that ensures equal rights for all shareholders, particularly minority shareholders, in decision-making processes[131] - The company maintains independent operations in business, personnel, assets, institutions, and finance, ensuring complete separation from controlling shareholders[139] - The company has established a comprehensive financial accounting system and independent financial decision-making capabilities, with no shared bank accounts with controlling shareholders[142] Corporate Governance and Shareholder Engagement - The company held its annual shareholders' meeting with a participation rate of 42.78% on April 12, 2021, approving multiple key reports and proposals[145] - The company has a structured training program aimed at enhancing employee skills and capabilities, including various training initiatives for different career stages[181] - The company has established a multi-channel training system combining internal and external resources to improve employee competencies[181] - The company has a total of 1,231 employees receiving salaries during the reporting period[178] - The total remuneration paid to directors, supervisors, and senior management in 2021 amounted to 4.3859 million yuan[166] Sustainability and Social Responsibility - The company is committed to zero emissions in its leachate treatment process, utilizing advanced treatment technologies[48] - The company actively fulfills its social responsibilities, integrating them into its operational activities, particularly in wastewater treatment and waste-to-energy projects[199] - The company is committed to developing effective solutions for water environment engineering challenges through systematic research[81] - The company emphasizes corporate culture, promoting values such as "people-oriented" and "customer-first" to enhance team cohesion and operational effectiveness[200] - The company aims to enhance its sustainability practices, with a target of achieving a 30% reduction in carbon emissions by 2025[165]

Revenue and Profit - Revenue for Q3 2021 was CNY 299,003,730.06, a decrease of 3.60% compared to the same period last year, while year-to-date revenue increased by 20.03% to CNY 779,891,600.11[3] - Net profit attributable to shareholders for Q3 2021 was CNY 54,984,761.56, an increase of 25.78% year-on-year, and year-to-date net profit rose by 43.06% to CNY 137,623,546.34[3] - Total operating revenue for Q3 2021 reached ¥779,891,600.11, an increase of 20% compared to ¥649,723,431.83 in the same period last year[20] - Operating profit for the period was ¥162,566,556.56, up from ¥121,593,588.76, reflecting a growth of approximately 33.8%[21] - Net profit attributable to the parent company was ¥137,623,546.34, compared to ¥96,198,353.60 in the previous year, marking an increase of 43.2%[22] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 103,176,771.46, representing a significant increase of 212.37%[3] - The company's cash inflow from operating activities for the year-to-date period was CNY 906,725,007.69, a 100.01% increase year-on-year[9] - Cash flow from operating activities amounted to ¥906,725,007.69, significantly higher than ¥453,348,296.68 in the previous year, indicating a growth of 99.7%[22] - The net cash flow from operating activities was 103,176,771.46 CNY, a significant improvement compared to -91,816,328.23 CNY in the previous period[23] - The cash flow from operating activities excluding cash paid for investment in operating rights was 188,014,593.74 CNY, compared to 49,138,653.84 CNY in the previous period[23] Assets and Liabilities - Total assets at the end of Q3 2021 reached CNY 5,053,462,393.34, a 32.85% increase from the end of the previous year[3] - As of September 30, 2021, total assets reached CNY 5,053,462,393.34, an increase from CNY 3,803,944,465.48 at the end of 2020, representing a growth of approximately 32.8%[15] - The total liabilities increased to ¥2,876,035,965.55 from ¥1,795,929,182.78, representing a growth of 60%[18] - The company's non-current assets totaled CNY 3,995,185,643.09, an increase from CNY 2,766,798,360.54, marking a growth of around 44.4%[16] Shareholder Information - The company has a total of 32,653 ordinary shareholders as of the report date[12] - The top shareholder, Zhang Bozhong, holds 15.47% of the shares, amounting to 65,565,434 shares[12] Inventory and Receivables - The company reported a significant increase in inventory, which rose by 269.54% to CNY 11,054,209.75, primarily due to an increase in raw material stock[8] - Accounts receivable decreased to CNY 262,369,439.37 from CNY 277,024,836.38, reflecting a decline of approximately 5.3%[16] Financing Activities - The company experienced a 896.95% increase in long-term payables, reaching CNY 550,719,652.35, mainly due to new financing lease obligations[9] - The cash inflow from financing activities totaled 1,528,316,432.61 CNY, up from 649,251,628.66 CNY in the previous period[24] - The company paid 612,247,832.83 CNY in debt repayments, compared to 334,006,428.64 CNY in the previous period[24] - The company reported a total cash outflow from financing activities of 1,069,778,490.78 CNY, compared to 467,098,611.25 CNY in the previous period[24] Research and Development - Research and development expenses for the quarter were ¥15,876,498.26, compared to ¥13,383,108.73, reflecting an increase of 18.6%[20] Future Plans - The company has ongoing plans for market expansion and new product development, although specific details were not disclosed in the report[13] - The company plans to issue convertible bonds to unspecified investors, with the application accepted by the Shenzhen Stock Exchange on August 11, 2021[13] Financial Performance Metrics - The company's basic earnings per share for Q3 2021 was CNY 0.13, an increase of 8.33% compared to the same period last year[3] - The weighted average return on equity for the year-to-date period was 7.31%, down by 2.50% from the previous year[3] - The company's basic earnings per share was ¥0.32, compared to ¥0.26 in the same quarter last year, representing a growth of 23.1%[22] - The total equity attributable to shareholders reached ¥1,933,302,015.10, up from ¥1,813,245,871.92, an increase of 6.6%[18] - The company's financial expenses rose to ¥70,793,634.06 from ¥47,550,210.33, an increase of 48.8%[20] Audit Information - The company did not undergo an audit for the third quarter report[25]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 480,887,870.05, representing a 41.63% increase compared to CNY 339,545,116.55 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 82,638,784.78, a 57.46% increase from CNY 52,482,323.81 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 80,181,540.76, up 56.37% from CNY 51,277,764.77 in the same period last year[20]. - Basic and diluted earnings per share increased to CNY 0.20, reflecting a 42.86% rise from CNY 0.14 in the same period last year[20]. - The company's revenue for the reporting period reached ¥480,887,870.05, representing a year-on-year increase of 41.63% due to growth in engineering contracting and investment operations[46]. - Operating costs increased to ¥309,376,920.76, a rise of 40.57%, primarily driven by the growth in business scale[46]. - The company reported a net income from financial products of ¥274.59 million from the raised funds[62]. - The total comprehensive income for the first half of 2021 was 84.7 million yuan, showing a significant increase compared to the previous period[185]. Cash Flow and Investments - The net cash flow from operating activities improved significantly to -CNY 12,318,027.41, a 82.95% increase compared to -CNY 72,234,183.11 in the previous year[20]. - The company reported a significant improvement in cash flow from operating activities, with a net cash flow of -¥12,318,027.41, an 82.95% improvement from the previous period[46]. - The company reported a net cash outflow from investment activities of ¥365,722,237.46, a significant increase of 409.75% compared to the previous period[47]. - Cash generated from financing activities increased to ¥358,448,448.28, reflecting an 822.32% growth due to expanded financing scale[47]. - The total investment amount during the reporting period reached ¥804,626,650.75, representing a significant increase of 298.48% compared to the previous year[56]. - The cash outflow for purchasing goods and services was 336,675,792.77 CNY, which is an increase from 295,863,117.98 CNY, showing a rise of about 13.8%[177]. - The cash inflow from financing activities totaled 724,916,311.96 CNY, compared to 400,349,030.25 CNY in the previous period, marking an increase of approximately 81%[178]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 4,923,101,495.17, a 29.42% increase from CNY 3,803,944,465.48 at the end of the previous year[20]. - The total liabilities reached CNY 2,801,430,855.20, up from CNY 1,795,929,182.78, indicating an increase of around 56.1%[161]. - Long-term borrowings rose to ¥771,360,680.57, representing 15.67% of total liabilities, an increase from 15.06%[54]. - The company's consolidated asset-liability ratio was 56.9% as of June 30, 2021, indicating a significant reliance on debt financing for its operations[73]. - The total amount of raised funds was ¥54,355.66 million, with ¥9,094.21 million invested during the reporting period and a cumulative investment of ¥47,241.91 million[61]. Business Operations and Strategy - The company operates in water environment governance, including municipal and industrial wastewater treatment, with a focus on providing comprehensive solutions[28]. - The company has multiple business models, including BOT, TOT, and PPP, to deliver investment, construction, and operational services[30]. - The company is positioned to benefit from increasing government support and stringent environmental regulations, which are expected to drive demand in the environmental protection industry[31]. - The company aims to enhance its service capabilities across the entire environmental protection industry chain, including consulting, engineering, and technology products[34]. - The company is actively involved in waste-to-energy projects, with a goal to increase the proportion of waste incineration in urban waste treatment to over 50% by 2020[33]. - The company is focused on expanding its market presence in ecological restoration and urban water body remediation[32]. - The company has formed strategic partnerships with institutions like the Chinese Academy of Sciences and Tongji University to advance research in wastewater treatment and resource utilization[39]. Environmental Compliance and Management - The company is classified as a key pollutant discharge unit by the environmental protection department, highlighting its commitment to environmental management[95]. - The company reported a total COD discharge of 518 tons for the first half of the year, with a concentration of 23.9 mg/l, exceeding the standard limit[95]. - The ammonia nitrogen discharge was recorded at 21.7 tons for the first half of the year, with a concentration of 1.00 mg/l, also exceeding the regulatory standards[95]. - The company operates under the GB18918-2002 standard for urban wastewater treatment, ensuring adherence to environmental regulations[95]. - The company has implemented continuous monitoring at its wastewater treatment facilities to ensure compliance with environmental standards[95]. - The company has received environmental approval for multiple wastewater treatment projects, ensuring compliance with local regulations[101]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company has experienced significant changes in its board of directors, with several members leaving and new members being elected during the annual shareholders' meeting[89]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[92]. - The company’s major shareholder holds 37.97% of the total shares, indicating strong confidence in the company's long-term value[107]. - The company has committed to not reducing shareholdings for a specified period, ensuring stability in shareholder structure[106]. Research and Development - Research and development investment rose to ¥10,985,498.57, marking a 24.62% increase compared to the previous year[46]. - The company aims to increase its R&D budget by 20% in the upcoming fiscal year to support innovation and product development[186]. - The company has initiated research and development for new products aimed at increasing market competitiveness[190]. - The company is exploring new technologies and strategies to expand its market presence and improve operational efficiency[98]. Risks and Challenges - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts[5]. - The company faces liquidity risks due to the high capital requirements of its investment and operation businesses, which may lead to cash flow challenges during the construction phase[73]. - The company acknowledges potential risks from management challenges due to its expanding scale and operational complexity[82]. - The company is subject to risks related to environmental compliance, especially with increasing national discharge standards[81].

Financial Performance - The company's operating revenue for Q1 2021 was ¥179,890,867.24, representing a 76.27% increase compared to ¥102,056,734.12 in the same period last year[9] - Net profit attributable to shareholders for Q1 2021 was ¥32,102,743.27, a significant increase of 134.65% from ¥13,680,866.24 in the previous year[9] - The basic earnings per share for Q1 2021 was ¥0.14, up 75.00% from ¥0.08 in the same period last year[9] - The company achieved operating revenue of CNY 179.89 million in Q1 2021, a year-on-year increase of 76.27% driven by growth in engineering business and new projects in wastewater treatment and waste-to-energy operations[20] - The net profit attributable to shareholders reached CNY 32.10 million, representing a year-on-year growth of 134.65%[24] - Operating profit for Q1 2021 was CNY 38,130,287.40, representing a 113.5% increase from CNY 17,850,416.31 in the previous year[55] - Total operating revenue for Q1 2021 was CNY 53,894,696.07, an increase of 58.7% compared to CNY 33,957,953.59 in the same period last year[58] - Net profit for Q1 2021 reached CNY 33,826,556.21, up 134.5% from CNY 14,460,226.32 in Q1 2020[55] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,469,967,222.01, reflecting a 17.51% increase from ¥3,803,944,465.48 at the end of the previous year[9] - The total liabilities reached CNY 2,389,551,039.99, compared to CNY 1,795,929,182.78, which is an increase of about 33%[47] - Non-current assets totaled CNY 3,342,191,193.03, up from CNY 2,766,798,360.54, representing an increase of about 20.8%[48] - Current liabilities rose to CNY 1,017,553,101.23 from CNY 998,820,369.26, showing a slight increase of 0.7%[47] - Long-term borrowings increased significantly to CNY 794,844,870.63 from CNY 572,701,118.83, marking an increase of approximately 38.8%[47] - The equity attributable to shareholders of the parent company increased to CNY 1,845,348,615.21 from CNY 1,813,245,871.92, reflecting a growth of approximately 1.8%[48] Cash Flow - The net cash flow from operating activities improved to -¥32,686,600.70, a 62.36% improvement from -¥86,831,677.72 in the same period last year[9] - Total cash inflow from operating activities reached 247,363,280.93 CNY, while cash outflow was 280,049,881.63 CNY, resulting in a net cash flow deficit[63] - Cash flow from investment activities showed a net outflow of -258,933,139.44 CNY, significantly higher than -18,810,493.64 CNY in the previous period[64] - The net cash flow from financing activities was 250,714,920.09 CNY, a substantial increase from -7,194,846.08 CNY in the previous period[64] - The ending balance of cash and cash equivalents was 58,083,717.26 CNY, down from 66,429,522.98 CNY in the previous period[65] Shareholder Information - The top shareholder, Zhang Bozhong, holds 15.47% of the shares, totaling 34,508,123 shares[13] - The company has a total of 24,037 common shareholders at the end of the reporting period[13] Investment and R&D - Research and development expenses increased by 68.58% to CNY 5.03 million, reflecting higher investment in R&D initiatives[18] - The company has signed new energy-saving and environmental protection contracts worth CNY 107.16 million during the reporting period[21] - The company reported a significant increase in investment activity, with cash outflows for investment activities rising by 2361.73% to CNY 469.52 million[19] - The company made investments totaling 218,700,010.00 CNY, indicating a focus on growth and expansion despite cash flow challenges[64] Risk Management - The company is currently in a rapid expansion phase, which may lead to liquidity risks if not managed properly[25] - The average credit period for operational revenue is 3-4 months, with a risk of delayed collections despite a majority of clients being government entities[26] - The company emphasizes the importance of budget management and financial planning to ensure stable operating cash flow amidst project investments[29] - The company is committed to enhancing its management practices to mitigate risks associated with rapid growth and maintain steady development[30] - The company has not reported any environmental discharge exceedances during the reporting period, but risks remain due to external factors such as natural disasters[28] Fund Management - The total amount of raised funds is 54,355.66 million, with 3,912.14 million invested in the current quarter[36] - Cumulative investment from raised funds amounts to 42,059.84 million, with a utilization rate of 77.29%[36] - The company has not changed the use of raised funds, with no funds being redirected[36] - As of March 31, 2021, the company has unused raised funds totaling 12,445.15 million, with 12,371.42 million allocated for financial investments[37] - There are no significant changes in project feasibility or any major issues with the use of raised funds[36] Other Financial Metrics - The company's consolidated asset-liability ratio as of March 31, 2021, was 53.46%, indicating a significant reliance on debt financing for its operations[25] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[39] - The company reported a credit impairment loss of CNY -1,992,702.90 for Q1 2021, compared to CNY -1,894,173.44 in Q1 2020[54] - Financial expenses for Q1 2021 were CNY 17,512,421.94, slightly up from CNY 16,742,950.25 in the previous year[54] - Tax expenses for Q1 2021 amounted to CNY 4,372,891.04, an increase from CNY 3,390,189.86 in Q1 2020[55] - Other income for Q1 2021 was CNY 1,766,559.73, down from CNY 2,679,627.30 in the same period last year[54]

Financial Performance - The company's operating revenue for 2020 was ¥950,156,837.06, representing a 45.32% increase compared to ¥653,829,899.37 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥157,737,702.72, a 62.43% increase from ¥97,112,077.23 in the previous year[16] - The basic earnings per share for 2020 was ¥0.90, up 47.54% from ¥0.61 in 2019[16] - The total assets at the end of 2020 reached ¥3,803,944,465.48, a 42.45% increase from ¥2,670,419,923.16 at the end of 2019[16] - The net assets attributable to shareholders increased by 94.44% to ¥1,813,245,871.92 from ¥932,560,143.72 in 2019[16] - The weighted average return on equity for 2020 was 13.84%, an increase from 12.19% in 2019[16] - The company reported a net profit of ¥151,543,363.12 after deducting non-recurring gains and losses, which is a 63.26% increase from ¥92,825,026.51 in 2019[16] Cash Flow and Dividends - The net cash flow from operating activities (excluding cash paid for investment in concession projects) was ¥110,446,800.12, a decrease of 29.12% from ¥155,830,088.71 in 2019[16] - The company plans to distribute a cash dividend of ¥0.8 per 10 shares, with a capital reserve conversion of 9 shares for every 10 shares held[5] - The cash dividend for 2020 represents 11.31% of the net profit attributable to the parent company, which is 157,737,702.72 CNY[123] - The total distributable profit for 2020 was 431,069,285.31 CNY, indicating a strong capacity for dividend distribution[117] - The company has consistently maintained a cash dividend policy, with the 2020 cash dividend being 100% of the distributable profit[117] Revenue Breakdown - The company's total revenue for Q1, Q2, Q3, and Q4 was approximately 102.06 million, 237.49 million, 310.18 million, and 300.43 million respectively, showing a strong growth trajectory throughout the year[18] - The engineering construction sector generated CNY 674.24 million, accounting for 70.96% of total revenue, with a growth of 45.03%[56] - The solid waste treatment sector reported revenue of CNY 47.82 million, marking its first contribution to overall revenue[56] - The water treatment industry generated revenue of ¥228,028,854.33 with a gross margin of 59.33%, reflecting a year-on-year increase of 20.80% in revenue and 4.54% in gross margin[57] Market and Growth Strategy - The company operates in water environment governance, providing comprehensive solutions for municipal and industrial wastewater treatment, which is a key growth area[26] - Future growth is expected to be driven by national policies supporting ecological civilization and environmental protection, which are anticipated to expand market capacity[30] - The company is focused on expanding its garbage incineration power generation and solid waste resource recovery business, which is crucial for sustainable development[27] - The company aims to enhance its service capabilities across environmental consulting, comprehensive environmental governance, and environmental engineering through both organic and external growth strategies[32] Research and Development - The company has multiple patents in various segments of environmental governance, positioning itself as a leader in the industry[26] - The company filed for 16 patents during the reporting period, including 10 invention patents, enhancing its technological capabilities[50] - Research and development expenses amounted to ¥24,307,806.76, which is 2.56% of the operating revenue[68] - The number of R&D personnel increased to 82, accounting for 9.94% of the total workforce[68] Environmental Compliance and Initiatives - The company has maintained compliance with environmental discharge standards, with no reported exceedances during the reporting period[101] - The company is classified as a key pollutant discharge unit by environmental protection authorities[177] - The company reported a total annual pollutant discharge of 65.55 tons for TN and 3.4 tons for TP, adhering to Class A discharge standards[178] - The company has established emergency response plans for environmental incidents in compliance with regulations, ensuring preparedness for potential environmental emergencies[184] Risks and Management - The company has acknowledged potential risks in its future development and has outlined countermeasures in its report[5] - The company faces management risks due to its expanding scale and diverse business operations, necessitating timely adjustments in management practices[102] - The company is facing various risks, including changes in tax policies and accounts receivable recovery, which may impact business development[132] Shareholder and Governance - The company has a profit distribution policy that mandates a minimum cash dividend of 10% of the distributable profit for the year[111] - The profit distribution proposal requires the approval of more than 2/3 of independent directors and must be submitted to the shareholders' meeting for review[127] - The company emphasizes the importance of listening to the opinions of independent directors and minority shareholders regarding profit distribution[127] - The company has committed to not engaging in unfair benefit transfers or activities unrelated to their responsibilities[134] Financing and Investments - The company raised CNY 550 million through a private placement to support various projects and improve liquidity[51] - The company has committed investment projects totaling CNY 54,355.66 million, with a cumulative investment of CNY 38,147.7 million, achieving 70.1% of the planned investment[88] - The company has utilized CNY 8,000 million for working capital, achieving 100% of the planned investment[88] Strategic Partnerships and Acquisitions - The company plans to acquire a stake in Shanghai Longdie New Energy Technology Co., Ltd., indicating a strategy for market expansion and diversification[187] - The company is exploring potential mergers and acquisitions to enhance its service offerings and expand its operational footprint[179] Share Structure and Changes - The total number of shares increased from 164,644,791 to 223,026,547 due to the conversion of convertible bonds and the non-public issuance of shares[196] - The convertible bonds "Zhonghuan Convertible Bonds" were fully redeemed by December 15, 2020, and were delisted on December 23, 2020[192] - The company’s major shareholders complied with the commitments made during the IPO regarding the release of shares[193]

Financial Performance - Net profit attributable to shareholders reached CNY 43,716,029.79, a 46.30% increase year-over-year[8] - Operating revenue for the period was CNY 310,178,315.28, reflecting a growth of 45.56% compared to the same period last year[8] - Basic earnings per share increased to CNY 0.27, up 42.11% from the previous year[8] - Diluted earnings per share rose to CNY 0.25, a 47.06% increase year-over-year[8] - The weighted average return on equity was 4.38%, an increase of 0.92% compared to the previous year[8] - The total operating revenue for the third quarter of 2020 was CNY 310,178,315.28, compared to CNY 213,099,524.73 in the same period last year[41] - The net profit for Q3 2020 reached CNY 45,703,993.41, representing a 48% increase from CNY 30,874,626.20 in Q3 2019[44] - The total profit for Q3 2020 was CNY 56,125,148.64, compared to CNY 34,712,477.57 in Q3 2019, marking a 62% increase[44] - The company's total comprehensive income for Q3 2020 was CNY 45,703,993.41, compared to CNY 30,874,626.20 in the same quarter last year, reflecting a growth of 48%[44] - The company reported a total profit of CNY 121,621,425.59 for the year-to-date period, compared to CNY 71,596,619.16 in the previous year, indicating a growth of 70%[50] - The net profit for the year-to-date period was CNY 100,345,682.67, an increase of 59% from CNY 63,040,744.77 in the same period last year[50] Assets and Liabilities - Total assets increased to CNY 3,155,741,347.96, up 18.17% from the previous year[8] - The total assets of the company as of September 30, 2020, amounted to ¥3,155,741,347.96, an increase from ¥2,670,419,923.16 at the end of 2019[34] - The company's current assets totaled ¥1,027,087,212.33, up from ¥652,301,273.39 at the end of 2019[33] - The total liabilities increased to CNY 1,204,096,547.05 from CNY 903,605,444.50 year-on-year[39] - Total liabilities amounted to CNY 1,640,919,022.16, with current liabilities at CNY 852,712,901.96 and non-current liabilities at CNY 788,206,120.20[68] - The company's long-term borrowings increased to CNY 514,768,393.74 from CNY 441,617,304.07[36] Cash Flow - The net cash flow from operating activities was negative CNY 19,582,145.12, worsening by 82.43% year-over-year[8] - The cash flow from investment activities decreased by 74.13% to ¥24,914,390.39, mainly due to a significant redemption of financial products in the same period last year[19] - The net cash flow from financing activities increased by 157.48% to ¥467,098,611.25, primarily due to the repayment of external borrowings[20] - The cash inflow from operating activities totaled CNY 453,348,296.68, compared to CNY 442,245,061.50 in the same period last year, showing a slight increase[57] - The net cash flow from operating activities for Q3 2020 was negative CNY 91,816,328.23, an improvement from negative CNY 128,955,350.98 in the same period last year[58] - The total cash inflow from financing activities was 649,251,628.66 yuan, compared to 620,465,000.00 yuan in the previous period, resulting in a net cash flow of 182,153,017.41 yuan[63] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,947[12] - The largest shareholder, Zhang Bozhong, holds 20.20% of the shares, totaling 34,508,123 shares[12] - The controlling shareholder, Mr. Zhang Bozhong, committed not to reduce his shareholding for six months, reflecting confidence in the company's future development[22] Government Support and Qualifications - The company received government subsidies amounting to CNY 4,611,391.40 during the reporting period[10] - The company obtained a first-class qualification certificate for environmental engineering contracting, enhancing its market expansion capabilities and overall competitiveness[21] Operational Metrics - Operating costs increased by 47.09% to ¥443,616,564.17, corresponding to the growth in business scale[19] - The company's intangible assets surged by 1442.53% to ¥331,056,174.27, mainly due to the completion of a waste-to-energy project[19] - The company's short-term borrowings rose by 146.31% to ¥407,038,338.66, reflecting new bank loans taken during the period[19] - The company's total operating costs for Q3 2020 were CNY 168,288,663.07, up from CNY 132,492,546.44 in the previous year, indicating a rise of 27%[46] Research and Development - The research and development expenses for Q3 2020 were CNY 3,998,278.51, a decrease from CNY 5,271,204.94 in Q3 2019, reflecting a reduction of 24%[46] - Research and development expenses for Q3 2020 were CNY 10,744,751.38, slightly up from CNY 10,602,502.23 in Q3 2019[53]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥339,545,116.55, representing a 56.81% increase compared to ¥216,530,770.02 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥52,482,323.81, a 70.82% increase from ¥30,724,627.93 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥51,277,764.77, up 72.97% from ¥29,645,536.26 in the same period last year[17]. - The basic earnings per share increased to ¥0.32, a rise of 68.42% compared to ¥0.19 in the previous year[17]. - The total assets at the end of the reporting period were ¥2,880,712,405.10, reflecting a 7.87% increase from ¥2,670,419,923.16 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥976,140,493.05, which is a 4.67% increase from ¥932,560,143.72 at the end of the previous year[17]. - The net cash flow from operating activities was negative at -¥72,234,183.11, a decline of 312.59% compared to -¥17,507,286.38 in the previous year[17]. - The weighted average return on net assets was 5.47%, an increase of 1.47% from 4.00% in the previous year[17]. - The company reported a significant increase in income tax expenses by 130.07% to ¥10,854,587.69, attributed to the rise in total profit[49]. Operational Highlights - The company operates in the environmental protection and governance industry, focusing on water treatment and waste management, with no significant changes in its main business model during the reporting period[24]. - The company has established over 30 subsidiaries across various provinces, including Anhui, Shandong, and Zhejiang, enhancing its regional and industry-wide presence[30]. - The company utilizes multiple operational models such as BOT, TOT, and PPP to provide comprehensive services in wastewater treatment and solid waste management[26]. - The company has maintained a low asset-liability ratio while achieving rapid growth in the water environment governance and solid waste resource recovery sectors[30]. - The company is positioned to capitalize on the shift from point-source treatment to comprehensive regional governance in the environmental sector[30]. - The company has ongoing projects such as the Huimin County waste incineration power generation project and the Tai'an Daiyue New Industrial Park water supply and drainage PPP project, which are progressing as planned[53]. Investment and Financing - The company successfully raised ¥550 million through a non-public stock issuance approved by the China Securities Regulatory Commission, aimed at funding various projects and improving liquidity[47]. - The company reported a significant reliance on debt financing to support its rapid expansion in wastewater treatment and environmental engineering businesses, indicating potential liquidity risks[81]. - The company has a total guarantee amount of RMB 70 million approved for its subsidiaries during the reporting period, with an actual occurrence of RMB 65.2 million[119]. - The company approved a credit application of RMB 30 million from Anhui Xin'an Bank with a 12-month term, with an interest rate 20% above the benchmark rate set by the People's Bank of China[108]. - The company agreed to borrow up to RMB 500 million from its shareholder Anhui Zhongchen Investment Holding Co., Ltd. for a term not exceeding 15 months, with an interest rate 20% above the benchmark rate[109]. Research and Development - The company's R&D investment increased by 23.22% to ¥8,815,039.67, reflecting a commitment to enhancing technological innovation capabilities[49]. - Research and development expenses for the first half of 2020 were CNY 8,815,039.67, an increase from CNY 7,154,132.32 in the first half of 2019, indicating a focus on innovation[199]. Environmental Compliance - The company is focused on environmental responsibility and adheres to strict emission standards[132]. - The total COD emissions reported were 448 tons, with a concentration of 21.5 mg/l, compliant with the GB18918-2 standard[131]. - The company has completed the construction of wastewater treatment facilities for key pollutant discharge units, which are now operational and effectively reducing pollutant emissions[135]. - The company processed 135.17 tons of TN and 5.88 tons of TP in the first half of the year, indicating effective treatment capacity[134]. - The company’s facilities achieved a maximum ammonia nitrogen discharge of 0.11 tons per half year, aligning with the first-class A discharge standard[133]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,725[150]. - The largest shareholder, Zhang Bozhong, holds 20.95% of the shares, totaling 34,508,123 shares[151]. - The total amount of convertible bonds issued is 2,900,000, with a total issuance amount of 290 million yuan[162]. - The cumulative conversion of convertible bonds reached 4,711,863 shares, accounting for 20.00% of the total shares issued[162]. Risk Management - The average credit period for accounts receivable is 3-4 months, with a large scale of receivables posing some recovery risks despite the majority of clients being government entities[82]. - The company plans to strengthen its management of funds and costs, as well as improve internal controls and cash flow management to mitigate risks associated with rapid growth[87]. - The company has implemented emergency plans for wastewater discharge quality, with no reported incidents of exceeding discharge standards during the reporting period[85].

Financial Performance - Total revenue for Q1 2020 was ¥102,056,734.12, representing a 15.81% increase compared to ¥88,123,093.92 in the same period last year[9] - Net profit attributable to shareholders was ¥13,680,866.24, up 35.08% from ¥10,128,249.90 year-on-year[9] - Net profit excluding non-recurring gains and losses reached ¥13,076,614.09, a 37.81% increase from ¥9,489,160.21 in the previous year[9] - Basic earnings per share increased to ¥0.08, reflecting a 33.33% rise from ¥0.06 in the same quarter last year[9] - Diluted earnings per share rose to ¥0.09, marking a 50.00% increase compared to ¥0.06 in the previous year[9] - The company achieved operating revenue of RMB 102.06 million in Q1 2020, representing a year-on-year increase of 15.81% due to the growth in sewage treatment projects and the commissioning of the Dejiang waste-to-energy project[20] - Net profit for the quarter was ¥14,460,226.32, compared to ¥10,883,329.41 in the same period last year, representing a growth of approximately 32.5%[66] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,674,910,039.86, a slight increase of 0.17% from ¥2,670,419,923.16 at the end of the previous year[9] - The company's total assets decreased to ¥1,693,452,101.56 from ¥1,721,541,870.93, showing a decline of about 1.65%[62] - The total liabilities of the company were CNY 1,611,393,873.81, down from CNY 1,640,919,022.16 at the end of 2019, indicating a reduction of approximately 1.9%[59] - The company's long-term borrowings increased to CNY 466,402,939.80 from CNY 441,617,304.07, representing an increase of about 5.6%[59] - As of March 31, 2020, the company's asset-liability ratio was 60.24%, indicating a significant reliance on debt financing for its operations[31] Cash Flow - The net cash flow from operating activities was -¥86,831,677.72, a decline of 157.84% compared to -¥33,676,631.92 in the same period last year[9] - Cash and cash equivalents decreased by 53.28% to RMB 84.97 million as of March 31, 2020, primarily due to payments for goods and loan repayments[18] - The company reported a total cash inflow from financing activities of ¥259,925,214.47, compared to ¥121,000,000.00 in the previous period, an increase of approximately 114.5%[74] - The net cash flow from operating activities for Q1 2020 was -9,278,656.78 CNY, compared to 10,303,777.56 CNY in Q1 2019[77] Investments and Projects - The company secured new orders worth RMB 188.50 million in the energy-saving and environmental protection engineering sector during the reporting period[22] - The company has ongoing projects with a total investment amount exceeding RMB 500 million, including the Tongcheng rural sewage project with an order amount of RMB 287.69 million[25] - The company has ongoing projects including the Huimin County waste incineration power generation project with an investment of 20.00 million yuan and the Taian Daiyue new industry park sewage treatment plant with an investment of 1.90 million yuan[26] - The project in Tongcheng City for rural sewage treatment has a total investment of 19,430 million CNY, with 3,870 million CNY already invested, achieving 100.36% of the planned progress[50] Shareholder and Financing Activities - The company signed a loan agreement for 200 million yuan with the Bank of China, indicating ongoing financial activities to support its projects[38] - Major shareholders announced share reduction plans, with progress disclosed in recent announcements[41] - The company’s non-public stock issuance application was accepted by the China Securities Regulatory Commission, with adjustments made to the plan approved by the board and shareholders[40] - The total amount of raised funds from the initial public offering was 200.0683 million yuan, with no funds redirected during the reporting period[46] Compliance and Risk Management - The company reported no incidents of exceeding water quality discharge standards during the reporting period, maintaining operational compliance[35] - The company plans to enhance its internal controls and cash flow management to mitigate risks associated with rapid growth[37] - The company is actively exploring PPP business models, which carry inherent risks due to policy uncertainties and large investment amounts[34] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[53] Research and Development - Research and development expenses for the quarter were ¥2,986,224.86, compared to ¥2,622,151.81, indicating an increase in investment in innovation[66] - The company reported a basic earnings per share of ¥0.08, up from ¥0.06 in the previous year[67]

Financial Performance - The company's operating revenue for 2019 was approximately CNY 653.83 million, representing a 67.59% increase compared to CNY 390.14 million in 2018[14]. - The net profit attributable to shareholders for 2019 was CNY 97.11 million, a 60.66% increase from CNY 60.44 million in 2018[14]. - The net profit after deducting non-recurring gains and losses was CNY 92.83 million, up 65.06% from CNY 56.24 million in the previous year[14]. - The total assets at the end of 2019 reached CNY 2.67 billion, a 53.17% increase from CNY 1.74 billion at the end of 2018[14]. - The company's basic earnings per share for 2019 was CNY 0.61, reflecting a 60.53% increase from CNY 0.38 in 2018[14]. - The weighted average return on net assets was 12.19%, up from 8.35% in the previous year[14]. - The total equity attributable to shareholders at the end of 2019 was CNY 932.56 million, a 23.91% increase from CNY 752.58 million at the end of 2018[14]. - Total revenue for the year reached 654,829,899.37 CNY, with a significant increase in Q4 revenue to 224,199,604.62 CNY, up from 88,123,093.92 CNY in Q1[16]. - Net profit attributable to shareholders for the year was 97,111,077.23 CNY, with Q4 net profit reaching 36,506,523.24 CNY, compared to 10,128,249.90 CNY in Q1[16]. Cash Flow and Investments - The net cash flow from operating activities was negative CNY 146.27 million, an improvement of 34.70% compared to negative CNY 224.00 million in 2018[14]. - The company reported a significant increase in cash flow from operating activities, excluding cash payments for investment in franchise rights, which was CNY 155.83 million, a 92.44% increase from CNY 80.97 million in 2018[14]. - The company successfully raised ¥2.9 million through convertible bonds in June 2019 for rural sewage treatment projects[46]. - In October 2019, the company initiated a private placement to raise ¥5.5 million for waste incineration power generation projects[46]. - The company reported a significant increase in R&D expenses, totaling ¥21,466,888.30, which is a 67.28% increase compared to the previous year, primarily due to increased investment in R&D projects[64]. - The company reported a total investment of 284.31 million CNY in projects, an increase from 242.88 million CNY in the previous year, representing a growth of approximately 16.5%[94]. Market Expansion and Operations - The company operates in the environmental protection and governance industry, focusing on water treatment and waste management, with a comprehensive service model[24][26]. - The company has achieved significant market expansion, driven by supportive national policies and a growing demand for environmental services[27][28]. - The company expanded its market presence into Zhejiang and Liaoning, further broadening its operational footprint[43]. - The company has established over 30 subsidiaries across various provinces, enhancing its strategic and comprehensive industrial chain in environmental governance[33]. - The company has developed core patented technologies through independent research and partnerships with academic institutions, positioning itself as a leading provider of environmental governance solutions[34]. Environmental Compliance and Performance - The company is classified as a key pollutant discharge unit by environmental protection authorities[192]. - The company reported a total COD (Chemical Oxygen Demand) discharge of 73.94 tons/year and ammonia nitrogen discharge of 29.2 tons/year, adhering to the GB18918-2 standard[195]. - The company achieved a total TN (Total Nitrogen) discharge of 20.57 tons/year and TP (Total Phosphorus) discharge of 3.65 tons/year, meeting the Class B standard[195]. - The company’s wastewater treatment facilities demonstrated compliance with the first-class A standard, with TN discharge of 131.39 tons/year and TP discharge of 3.08 tons/year[195]. - The company is committed to maintaining compliance with environmental regulations, with all facilities operating under the required discharge standards[195]. Shareholder and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.6 per 10 shares, based on a total share capital of 164,644,791 shares as of December 31, 2019[5]. - The total distributable profit for the year was 289,674,672.01 yuan, with the cash dividend accounting for 100% of the profit distribution[135]. - The company has a policy to distribute at least 10% of the annual distributable profit as cash dividends, depending on profitability and cash flow[128]. - The company’s profit distribution policy emphasizes stable returns to investors while ensuring sustainable development[126]. - The company has maintained a consistent cash dividend policy over the past three years, with increasing amounts distributed each year[139]. Risk Management and Governance - The company has established strict guidelines to prevent related party transactions that could harm shareholder interests, ensuring fair pricing in such transactions[143]. - The company will not directly or indirectly borrow or occupy its funds, with strict adherence to legal and regulatory requirements[143]. - The company has committed to avoiding any business activities that may compete with its operations, ensuring no direct or indirect competition from its controlling shareholder[143]. - The company has established measures to protect the interests of minority shareholders and ensure stable profit distribution policies[147]. - The company emphasizes the importance of internal control systems to safeguard production and operational efficiency[147]. Future Plans and Strategic Direction - The company aims to achieve a healthy and stable development in 2020, focusing on long-term strategic planning to enhance competitive advantages amid economic downturns and intensified competition in the environmental protection industry[104]. - The company plans to deepen its engagement in the water environment and solid waste treatment markets, enhancing resource investment and improving national network layout[105]. - The company will increase R&D investment to expand its core technological advantages, collaborating with universities and research institutions[106]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and expand its operational footprint in the environmental sector[195].