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].

Financial Performance - Net profit attributable to shareholders reached ¥29,880,926.06, up 62.08% year-over-year[9] - Operating revenue for the period was ¥213,099,524.73, reflecting a significant increase of 92.01% compared to the same period last year[9] - Basic earnings per share rose to ¥0.19, an increase of 58.33% year-over-year[9] - The weighted average return on net assets was 3.46%, up from 0.91% in the previous year[9] - The net profit after deducting non-recurring gains and losses was ¥29,097,313.44, an increase of 60.54% year-over-year[9] - Total revenue for the third quarter reached ¥213,099,524.73, a 91.9% increase from ¥110,984,415.27 in the same period last year[40] - Operating profit for the quarter was ¥34,732,477.57, compared to ¥23,976,975.38 in the previous year, reflecting a growth of 45.2%[41] - Net profit for the quarter was ¥30,874,626.20, up 60.2% from ¥19,221,666.65 year-over-year[41] - The total comprehensive income attributable to the parent company was CNY 29,880,926.06, compared to CNY 18,436,243.79 in the previous year, reflecting a growth of about 62.1%[42] - The total comprehensive income for the period was CNY 30,874,626.20, compared to CNY 19,221,666.65 in the previous year, reflecting an increase of approximately 60.5%[42] Assets and Liabilities - Total assets increased to ¥2,363,342,601.11, a growth of 35.55% compared to the previous year[9] - The company's total liabilities reached CNY 1,430,375,263.16, compared to CNY 913,357,066.43 at the end of 2018, marking an increase of approximately 56.7%[32] - The company's current assets totaled CNY 561,298,043.62, up from CNY 374,042,538.53 at the end of 2018, indicating a growth of about 50.1%[31] - Total liabilities rose to ¥855,978,033.93, compared to ¥597,656,091.90 at the end of the previous year, marking a 43.2% increase[37] - The total liabilities of the company were 1,743,476,066.59 CNY, reflecting the overall financial obligations[64] - Total equity reached CNY 830,119,000.16, including CNY 160,005,000.00 in share capital and CNY 221,911,118.87 in undistributed profits[66] - The company's total assets were reported at CNY 1,743,476,066.59, with current assets totaling CNY 397,103,810.38 and non-current assets at CNY 796,059,159.82[70] Cash Flow - Cash flow from operating activities showed a net outflow of ¥128,955,350.98, a decrease of 58.66% compared to the previous year[9] - The company reported a net cash flow from operating activities of ¥101,537,873.25, a 437.14% increase attributed to higher collections[19] - The net cash flow from operating activities was negative at CNY -128,955,350.98, an improvement from CNY -311,915,668.99 in the same period last year[56] - The total cash inflow from operating activities was 296,026,543.93 CNY, compared to 156,430,269.71 CNY in the previous period, indicating a significant increase in operational revenue[59] - The cash flow from other financing activities was 286,400,000.00 CNY, up from 213,000,000.00 CNY, indicating enhanced financial maneuverability[60] Shareholder Information - The total number of shareholders at the end of the reporting period was 16,791[13] - The largest shareholder, Zhang Bozhong, holds 21.56% of the shares, totaling 34,500,000 shares[13] Operational Developments - The company won the bid for the integrated water supply and drainage PPP project in Tai'an, signing a contract with the management committee[20] - The company formed a joint venture with China Railway Fourth Engineering Group to undertake the construction and operation of the Quzhou sewage treatment plant[21] - The company completed the acquisition of 100% equity in Ningyang Ciyang Water Co., Ltd., and registered changes in relevant business licenses[22] - The company established a wholly-owned subsidiary, Anhui Yihong Construction Engineering Co., Ltd., in Hefei, further expanding its operational footprint[22] - The company has successfully participated in public bidding for infrastructure projects, enhancing its market presence[23] - The company has established a new subsidiary in Hefei, indicating strategic expansion efforts[24] Research and Development - R&D expenses grew by 59.39% to ¥13,445,316.13 due to increased investment in R&D projects[18] - Research and development expenses for the quarter were ¥6,291,183.81, significantly higher than ¥2,385,772.78 in the same quarter last year, reflecting a 63.5% increase[40] - Research and development expenses rose to CNY 10,602,502.23, a 84.5% increase compared to CNY 5,762,661.82 in the previous year[52] Financial Management - The company received government subsidies amounting to ¥2,636,278.25 during the reporting period[10] - There were no violations regarding external guarantees or non-operating fund occupation by major shareholders during the reporting period[25][26] - The company incurred a tax expense of CNY 1,211,753.34 for the quarter, up from CNY 734,126.26 in the previous year, which is an increase of about 64.8%[45] - The company repaid debts amounting to 101,000,000.00 CNY, compared to 26,450,000.00 CNY in the previous period, reflecting a focus on debt management[60] Accounting and Standards - The company implemented new financial accounting standards starting January 1, 2019, affecting the measurement of financial instruments[67] - The adjustment in accounting standards led to a reclassification of certain financial assets, impacting the reported figures[67]

Financial Performance - Total operating revenue for the first half of 2019 reached ¥216,530,770.02, representing a 52.50% increase compared to ¥141,985,747.09 in the same period last year[18]. - Net profit attributable to shareholders was ¥30,724,627.93, up 33.53% from ¥23,009,331.55 year-on-year[18]. - Net profit after deducting non-recurring gains and losses was ¥29,645,536.26, a 40.07% increase from ¥21,164,304.80 in the previous year[18]. - Basic earnings per share increased to ¥0.19, reflecting a 35.71% rise from ¥0.14[18]. - The company achieved operating revenue of ¥216,530,770.02, a year-on-year increase of 52.50%[40]. - Net profit attributable to shareholders reached ¥30,724,627.93, reflecting a growth of 33.53% compared to the previous year[40]. - Total assets increased to ¥2,226,799,563.66, marking a 27.72% year-on-year growth[40]. - The company reported a net profit for the first half of 2019 of CNY 32,166,118.57, an increase of 29.3% from CNY 24,850,440.32 in the same period of 2018[152]. - The total equity as of the end of the first half of 2019 was CNY 629,250,853.18, an increase from CNY 595,506,878.30 at the end of the first half of 2018[149]. Cash Flow and Financial Position - The net cash flow from operating activities improved significantly to -¥17,507,286.38, a 90.84% improvement from -¥191,208,571.06 in the same period last year[18]. - Significant improvement in cash flow from operating activities excluding cash paid for investment in special projects, which reached ¥91,533,700.24, a 288.35% increase from ¥23,569,927.31[18]. - The company reported a significant increase in financing cash flow net amount to ¥434,843,474.20, a rise of 321.75% due to increased external borrowings[48]. - The cash inflow from operating activities was CNY 265,845,172.55, compared to CNY 156,640,029.26 in the first half of 2018, marking an increase of 69.7%[158]. - The company reported a cash and cash equivalents balance of CNY 22,677,996.02 at the end of the reporting period, up from CNY 1,629,532.62 at the end of the previous year[163]. - The total liabilities amounted to CNY 1,325,166,851.91, compared to CNY 913,357,066.43 at the end of 2018, reflecting a growth of around 45.0%[145]. Investments and Acquisitions - The company successfully completed the issuance of convertible bonds, raising ¥290 million to enhance capital strength[44]. - The company acquired three companies, enhancing its qualifications and expanding its market presence[44]. - The company has allocated 57.7 million RMB for other equity instruments, indicating a strategic investment in financial instruments[168]. - The company acquired 85% of Anhui Fanhua Construction Engineering Co., Ltd. for RMB 85 million, making it a subsidiary[119]. - The company purchased 100% of Ningyang Ciyao Zhonghuan Water Co., Ltd. for RMB 31,427,189.19, establishing it as a wholly-owned subsidiary[120]. Research and Development - Research and development investment rose to ¥7,154,132.32, an increase of 18.26% from the previous year[48]. - The company has developed core technologies for industrial wastewater treatment, including "multi-dimensional electrocatalytic reactors" and "dye wastewater treatment technology," supported by multiple patents[37]. - The R&D expenditure for new products and technologies was reported at 90.7 million RMB, emphasizing the company's commitment to innovation[168]. Market and Business Operations - The company is primarily engaged in wastewater treatment and environmental engineering, with active expansion into solid waste treatment and waste-to-energy projects[25]. - The company’s investment and operation business model includes BOT, TOT, BOO, and PPP, allowing for effective management of wastewater treatment facilities[26]. - The company benefits from national policies promoting ecological civilization and environmental governance, which are expected to enhance market potential[28]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and expand its service offerings[172]. Environmental Compliance and Responsibility - The company has implemented measures to comply with GB18918 Class A standards for wastewater discharge[105]. - Continuous monitoring of pollutants is conducted at multiple wastewater treatment plants[105]. - The company has established a framework for ongoing assessment and improvement of its environmental impact[106]. - The company has developed emergency response plans for environmental incidents, outlining procedures and measures for effective management[111]. Shareholder and Equity Information - The company has not distributed cash dividends or issued bonus shares for the half-year period[80]. - The total number of ordinary shareholders at the end of the reporting period was 18,976[127]. - The largest shareholder, Zhang Bozhong, holds 21.56% of the shares, amounting to 34,500,000 shares[127]. - The company has not reported any changes in shareholding structure or significant shareholder actions during the reporting period[124]. Risks and Challenges - The company faces risks related to negative cash flow, particularly due to the nature of its BOT and TOT operations, which may lead to cash flow fluctuations[73]. - Investment projects are subject to risks from changes in national policies and market conditions, potentially delaying expected returns[75]. - The company has a significant amount of accounts receivable, with an average credit period of 3-4 months, which poses a recovery risk despite the credibility of its main clients[74]. Governance and Management - The company has appointed new senior management, including a new general manager and vice general managers, following the resignation of previous executives[116]. - The company has actively fulfilled its information disclosure obligations, ensuring timely and accurate communication of major decisions to investors[113]. - The company’s financial report for the first half of 2019 was not audited[141].

证券代码：300692 证券简称：中环环保 公告编号：2019-041 安徽中环环保科技股份有限公司 关于参加 2019 年安徽上市公司投资者集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，使广大投资者能更深入全面地了解公司 情况，本公司将参加由安徽上市公司协会与深圳市全景网络有限公司举办的 "2019 年安徽上市公司投资者集体接待日"活动。现将有关事项公告如下： 本次投资者集体接待日活动将通过深圳市全景网络有限公司提供的网上平 台采取网络远程的方式进行，投资者可以登录"全景·路演天下" （http://rs.p5w.net）参与本次投资者集体接待日活动，网上互动交流时间为 2019 年 6 月 3 日（星期一）14:00-17:30。届时公司财务总监兼董事会秘书胡新 权先生、证券事务代表侯琼玲女士将出席本次活动。 欢迎广大投资者积极参与。 特此公告。 安徽中环环保科技股份有限公司董事会 2019 年 5 月 29 日 ...

Financial Performance - Total revenue for Q1 2019 reached ¥88,123,093.92, representing a 75.88% increase compared to ¥50,104,613.22 in the same period last year[9] - Net profit attributable to shareholders was ¥10,128,249.90, up 25.20% from ¥8,089,472.57 year-on-year[9] - Net profit excluding non-recurring gains and losses was ¥9,489,160.21, reflecting a 31.75% increase from ¥7,202,573.73 in the previous year[9] - Basic earnings per share increased to ¥0.06, a 20.00% rise from ¥0.05 in the same quarter last year[9] - The company achieved operating revenue of CNY 88.12 million, a year-on-year increase of 75.88%, driven by growth in environmental engineering and sewage operation businesses[22] - Environmental engineering revenue reached CNY 41.84 million, up 103.69% year-on-year, while sewage operation revenue was CNY 44.99 million, an increase of 54.43%[22] - Total operating revenue for Q1 2019 was CNY 88,123,093.92, an increase of 75.8% compared to CNY 50,104,613.22 in the same period last year[55] - Net profit for Q1 2019 reached CNY 10,883,329.41, representing a 24.6% increase from CNY 8,739,161.60 in Q1 2018[57] Cash Flow and Liquidity - The net cash flow from operating activities improved to -¥33,676,631.92, a 35.10% reduction in losses compared to -¥51,890,784.22 last year[9] - The company reported a net cash flow from operating activities of CNY -33.68 million, an improvement of 35.10% compared to the previous period[20] - Total cash inflow from operating activities was CNY 143.37 million, a 43.29% increase due to higher procurement expenditures[20] - Cash flow from operating activities showed a net outflow of -33,676,631.92 yuan, an improvement from -51,890,784.22 yuan in the previous year[65] - Cash flow from financing activities generated a net inflow of 95,020,323.95 yuan, compared to a net outflow of -708,725.61 yuan in the same period last year[66] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,847,096,589.87, marking a 5.94% increase from ¥1,743,476,066.59 at the end of the previous year[9] - The company's consolidated asset-liability ratio as of March 31, 2019, was 53.85%, indicating a significant reliance on debt financing for growth[29] - The total liabilities as of March 31, 2019, were CNY 994,664,260.30, compared to CNY 913,357,066.43 at the end of 2018, representing an increase of approximately 8.91%[48] - The company's total current assets reached CNY 423,184,757.07, up from CNY 374,042,538.53 at the end of 2018, indicating an increase of about 13.14%[47] - The company's cash and cash equivalents decreased to CNY 73,276,388.47 from CNY 90,940,445.72, a decline of about 19.5%[46] Shareholder Information - The total number of shareholders at the end of the reporting period was 16,965[13] - Net assets attributable to shareholders rose to ¥762,708,998.27, a 1.35% increase from ¥752,580,748.37 at the end of last year[9] Government and Regulatory Matters - Government subsidies recognized in the current period amounted to ¥975,831.71[10] - The company is in the process of issuing convertible bonds, with approval from the China Securities Regulatory Commission received on March 29, 2019[38] - The company has applied for a credit limit of 30 million RMB from a bank, with guarantees provided by major shareholders[38] Risk Management - The company is facing liquidity risks due to high capital requirements for its wastewater treatment and environmental engineering businesses[29] - The company has implemented measures to manage risks associated with project investments and cash flow management to ensure stable operations[37] Changes in Accounting and Financial Standards - The company has adjusted its impairment provision method for receivables from "incurred loss model" to "expected credit loss model" starting January 1, 2019[75] - The company implemented new financial accounting standards starting January 1, 2019, affecting the recognition of financial assets and liabilities[79] - The method for provisioning for receivables was changed from "incurred loss model" to "expected credit loss model" as per the new standards[79]

Dividend Distribution - The company plans to distribute a cash dividend of 0.40 RMB per 10 shares to all shareholders, based on a total of 160,005,000 shares, with no bonus shares or capital reserve conversion[4]. - The company proposed a cash dividend of 0.40 CNY per 10 shares, totaling 6,400,200 CNY for the year 2018, which represents 100% of the distributable profit[146]. - The cash dividend for 2017 was 0.50 CNY per 10 shares, amounting to 5,333,500 CNY, which was 10.52% of the net profit attributable to shareholders[149]. - The company did not distribute any cash dividends in 2016, nor did it issue bonus shares or convert capital reserves into shares[147]. - The cash dividend policy requires a minimum of 20% of the profit distribution to be allocated as cash dividends if there are significant capital expenditure plans[146]. - The profit distribution plan for 2018 is subject to approval at the annual general meeting[146]. - The company has maintained a consistent cash dividend policy, with the 2018 cash dividend being the highest in the last three years[149]. - The cash dividend amount for 2018 represents 10.59% of the consolidated net profit attributable to the company's ordinary shareholders[149]. - The company has a structured decision-making process for profit distribution, involving independent directors and shareholder consultations[143]. - The company’s cash dividend policy aligns with its articles of association and has been deemed compliant with relevant regulations[145]. Financial Performance - The company's operating revenue for 2018 was CNY 390,137,019.60, representing a 67.78% increase compared to CNY 232,532,881.95 in 2017[17]. - The net profit attributable to shareholders for 2018 was CNY 60,444,722.16, a 19.25% increase from CNY 50,688,840.99 in 2017[17]. - The total assets at the end of 2018 amounted to CNY 1,743,476,066.59, a 62.77% increase from CNY 1,071,138,166.91 at the end of 2017[17]. - The basic earnings per share for 2018 was CNY 0.38, up 5.56% from CNY 0.36 in 2017[17]. - The company achieved operating revenue of CNY 390.14 million in 2018, a year-on-year increase of 68%[62]. - Net profit attributable to shareholders reached CNY 60.44 million, representing a 19% increase compared to the previous year[62]. - Total assets grew to CNY 1.74 billion, up 63% year-on-year, while net assets attributable to shareholders increased by 8% to CNY 752.58 million[62]. Operational Expansion - The company is actively expanding into solid waste treatment and waste-to-energy sectors in addition to its existing wastewater treatment and environmental engineering services[27]. - The company has established multiple subsidiaries to expand its operational capabilities in water treatment and environmental services[9]. - The company has achieved significant results in treating medical wastewater and high-concentration organic wastewater, indicating advancements in its environmental engineering capabilities[32]. - The company has provided drinking water and sewage treatment services to 14 million people in key investment areas including Beijing, Shanghai, and Chongqing[53]. - The company has established a complete industry chain covering research and development, design consulting, core equipment manufacturing, and investment operation management in the sewage treatment sector[53]. - The company has developed core technologies such as "multi-dimensional electrocatalytic reactors" and "dye wastewater treatment technology," which have been patented[59]. - The company has maintained long-term stable cooperation with clients while expanding into new markets, including upgrades and expansions of existing sewage treatment plants[53]. Market and Industry Trends - The wastewater treatment industry in China is experiencing new development opportunities due to government policies aimed at enhancing ecological environment protection and pollution prevention[46]. - The market concentration in China's wastewater treatment industry is low, with the top 10 companies holding only 16.47% market share as of the end of 2016, and the leading company, Veolia, having a market share of just 3.08%[49]. - The industry is characterized by a mix of international water giants, large state-owned enterprises, and emerging private companies, creating a competitive landscape[49]. - The government aims to increase urban wastewater treatment rates from 91.90% in 2015 to 95% by 2020, necessitating the construction of new facilities[43]. - The company is positioned to benefit from the PPP model, which enhances public service supply and activates environmental demand[34]. - The company is focused on expanding its wastewater treatment capabilities to meet the increasing demand, as many towns still lack adequate treatment facilities[113]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and performance forecasts, indicating potential risks in management operations[4]. - The company faces management risks due to its expanding scale and diverse operations, necessitating timely adjustments in management practices[130]. - The company emphasizes the importance of internal control and risk management to mitigate potential risks associated with rapid growth[132]. - The company’s investment projects are subject to risks from changes in national policies and market conditions, which could delay expected returns[127]. Research and Development - Research and development expenses increased by 58.34% to CNY 12,832,773.93, reflecting a focus on enhancing technological capabilities[80]. - The number of R&D personnel rose to 66, representing 15.28% of the workforce, with R&D investment accounting for 3.29% of operating revenue[82]. - The company applied for 10 patents during the reporting period, including 9 invention patents, indicating a commitment to innovation[81]. - The company is engaged in strategic collaborations with research institutions, including a project with the Chinese Academy of Sciences focused on removing micro-pollutants from wastewater[81]. Environmental Compliance - The company has established a sound project management structure and operational procedures for its wastewater treatment facilities[192]. - The environmental impact assessment reports for all key pollutant discharge units have been completed and approved[193]. - The company operates multiple wastewater treatment plants, including those in Tai'an and Ningyang, with specific discharge standards met[190]. - The company has implemented continuous monitoring of pollutant discharge to ensure compliance with environmental regulations[192]. - All key pollutant discharge units have achieved compliance with national standards for wastewater discharge, demonstrating stable operation[192]. Governance and Compliance - The company guarantees that the electronic and written documents for the IPO application are consistent and free from false records or misleading statements[155]. - The commitments made by the company and its controlling shareholders will remain binding even after changes in positions or resignations[155]. - The company has established a commitment to protect the legitimate rights and interests of minority investors[154]. - The company will ensure that any related party transactions are conducted in a fair and transparent manner[152]. - The company has maintained a continuous relationship with Huapu Tianjian Accounting Firm for 7 years, with an audit fee of 500,000 RMB[160].

Financial Performance - Operating revenue for the reporting period reached CNY 110,984,415.27, a 106.69% increase year-on-year[7] - Net profit attributable to shareholders was CNY 18,436,243.79, reflecting a growth of 17.72% compared to the same period last year[7] - The net profit after deducting non-recurring gains and losses was CNY 18,125,149.53, up by 15.95% year-on-year[7] - Basic earnings per share decreased by 33.33% to CNY 0.12 compared to the same period last year[7] - The weighted average return on equity was 2.55%, down by 12.07% year-on-year[7] - The company reported a net cash flow from operating activities of -CNY 311,915,668.99, a significant decline of 1,331.56%[7] - Total operating revenue for the current period reached ¥110,984,415.27, a significant increase from ¥53,697,020.59 in the previous period, representing a growth of approximately 106.7%[37] - Net profit for the current period was ¥19,221,666.65, up from ¥16,918,616.22 in the previous period, reflecting a growth of approximately 13.6%[39] - The total comprehensive income for the current period was ¥19,221,666.65, compared to ¥16,918,616.22 in the previous period, showing an increase of about 13.6%[40] Assets and Liabilities - Total assets increased by 62.85% to CNY 1,744,317,053.59 compared to the end of the previous year[7] - The total amount of short-term loans surged to ¥91,000,000.00, an increase of 814.57% from ¥9,950,000.00, reflecting higher borrowing[19] - The company’s total liabilities increased to ¥1,000,000,000.00, reflecting a substantial rise in financial obligations due to acquisitions and loans[19] - Total current assets increased to ¥499,709,567.42 from ¥318,168,060.18, representing a growth of approximately 57%[30] - Total non-current assets grew to ¥1,244,607,486.17 from ¥752,970,106.73, marking an increase of around 65%[31] - Total liabilities increased to ¥924,894,601.84 from ¥310,064,767.52, showing a growth of about 198%[32] - Owner's equity rose to ¥819,422,451.75 from ¥761,073,399.39, an increase of approximately 8%[32] Cash Flow - The company reported a significant increase in cash inflow from operating activities, totaling ¥271,244,072.31, a 69.51% rise from ¥160,019,527.43[20] - The cash flow from operating activities was CNY 271,244,072.31, significantly higher than CNY 160,019,527.43 in the previous period[52] - The company reported a significant increase in cash outflows for operating activities, totaling CNY 583,159,741.30, compared to CNY 181,807,989.98 in the previous period[52] - The net cash flow from operating activities was -58,813,192.06 CNY, compared to 1,073,935.40 CNY in the previous period, indicating a significant decline[57] - Cash inflow from investment activities totaled 183,573,498.03 CNY, while cash outflow was 240,078,138.13 CNY, resulting in a net cash flow of -56,504,640.10 CNY[58] - The total cash and cash equivalents at the end of the period amounted to 86,421,694.91 CNY, down from 173,298,331.10 CNY in the previous period[58] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,585[11] - The largest shareholder, Zhang Bozhong, holds 21.56% of the shares, totaling 34,500,000 shares[11] Research and Development - Research and development expenses increased by 119.22% to ¥8,435,442.30, up from ¥3,847,879.38, indicating a focus on innovation[20] - Research and development expenses for the third quarter amounted to CNY 5,762,661.82, up from CNY 3,393,553.14 in the previous period, indicating a growth of about 69.5%[50] Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to drive future growth[31] - The company plans to continue its market expansion and invest in new technologies to enhance its competitive position in the industry[39] Profitability Metrics - The company reported a gross profit margin of approximately 19% for the current period, compared to 30% in the previous period, indicating a decline in profitability[37] - The basic and diluted earnings per share for the current period were both ¥0.12, down from ¥0.18 in the previous period, indicating a decrease of approximately 33.3%[39] Investment Income - Investment income surged by 809.58% to ¥1,042,591.93, compared to ¥114,623.52, primarily due to increased bank wealth management products[20] - The company recognized investment income of CNY 160,795.79 during the current period[51] Acquisition Activity - The company completed the acquisition of a 90% stake in Lankao Ronghua Water Industry Co., Ltd. on September 11, 2018, enhancing its market position[21] - The company’s goodwill reached ¥33,403,364.83, attributed to the recent acquisition, indicating growth through strategic investments[19]

Revenue and Profitability - Total operating revenue for the reporting period was ¥141,985,747.09, an increase of 85.92% compared to the same period last year[25]. - Net profit attributable to shareholders was ¥23,009,331.55, representing a growth of 22.56% year-on-year[25]. - The company achieved operating revenue of 141.99 million yuan, representing a year-on-year growth of 85.92%[51]. - The net profit attributable to shareholders reached 23.01 million yuan, with a year-on-year increase of 22.56%[51]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21.16 million yuan, reflecting a year-on-year growth of 15.38%[51]. - Revenue from the wastewater treatment business accounted for 43.39% of total revenue, while environmental engineering business revenue made up 54.34%[51]. - The environmental engineering business saw significant growth, achieving revenue of 77.15 million yuan, a year-on-year increase of 313.18%[51]. - The company reported a total of 23,000,000 shares held by Chairman Zhang Bozhong, with an increase of 11,500,000 shares during the reporting period, resulting in a total of 34,500,000 shares held at the end of the period[152]. Financial Position - Total assets at the end of the reporting period reached ¥1,284,606,273.85, up 19.93% from the end of the previous year[26]. - The company reported a total of CNY 20,006.83 million raised from the public offering, with CNY 19,766.43 million already utilized by June 30, 2018[75]. - The company has significant restricted assets totaling CNY 64.74 million, primarily due to loans and pledges[66]. - The company’s total assets at the end of the current period are 341,132,914.56, reflecting growth in asset base[197]. - The total liabilities at the beginning of the year were 2,384,122.11 yuan, indicating the company's financial obligations[190]. Cash Flow and Investment - Net cash flow from operating activities was -¥191,208,571.06, a significant decrease of 14,047.73% compared to the previous year[25]. - The cash flow from investment activities saw a significant increase of 399.80%, amounting to ¥70,303,655.82 compared to ¥14,066,300.21 in the previous year, mainly due to bank wealth management product redemptions[56]. - The company received 405,350,000.00 CNY from investment recoveries, a significant increase from 16,400,000.00 CNY in the previous period[179]. - The company reported a net cash outflow from investment activities of -82,662,323.67 CNY, compared to -5,978,836.75 CNY in the previous period, highlighting increased investment expenditures[183]. Risk Management - The company plans to enhance its internal risk management system for PPP projects to mitigate investment risks associated with policy and market changes[7]. - The company acknowledges the risk of exceeding water quality standards due to new national emission regulations, which may lead to penalties[8]. - The company emphasizes the importance of financial management and internal controls to support its growth strategy[10]. - The company plans to invest more resources in accounts receivable and cash flow management, cost management, and internal controls to mitigate risks associated with rapid growth[91]. Business Strategy and Expansion - The company aims to become a national comprehensive environmental governance service provider, focusing on wastewater treatment and environmental engineering[34]. - The company is actively exploring new business models in the environmental protection sector, particularly through PPP initiatives[7]. - The company is expanding its business into water ecological restoration and related services, enhancing its competitive edge in the market[34]. - The company plans to expand its market presence through new projects and potential acquisitions in the environmental protection sector[67]. - The company is focused on expanding its market presence through strategic partnerships and technological advancements in waste management[70]. Shareholder and Capital Structure - The company’s total share capital increased to 160,005,000 shares after a capital reserve conversion, with a cash dividend of ¥0.5 per 10 shares distributed to shareholders[24]. - The company distributed a cash dividend of RMB 0.5 per share and increased its share capital by 50% based on the total share capital of 10,667 million shares as of December 31, 2017[135]. - The company plans to release 40,000,000 shares from lock-up, increasing the total number of shares to 120,000,000[140]. - The company has a total of 80,000,000 restricted shares before the current period, with no shares released during this period[140]. Environmental Compliance and Performance - The company is classified as a key pollutant discharge unit by environmental protection authorities, indicating its significant role in environmental management[122]. - The company has ongoing projects that include the transfer of water supply assets, with an asset valuation of 18,932 million yuan[121]. - The company is actively involved in environmental compliance, with no reported cases of exceeding discharge limits for key pollutants[122]. - The company has established emergency response plans for environmental incidents in accordance with regulatory requirements[126]. Management and Operational Efficiency - The company is focusing on improving management capabilities to adapt to the complexities arising from business expansion[10]. - The company is focusing on enhancing project management to ensure timely and quality delivery of key projects, which is expected to support continued growth in its environmental engineering and wastewater treatment businesses[52]. - The company has developed core technologies for urban wastewater treatment and industrial wastewater management, enhancing its competitive edge[42]. - The company has not experienced any major litigation or arbitration matters during the reporting period[100].