证券代码： 300815 证券简称：玉禾田 玉禾田环境发展集团股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|---------------| | 投资者关系活动 | □特定对象调研 | | 类别 | | | | □ 媒体采访 | □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 参与公司 2022 年度网络业绩说明会的投资者 人员姓名 时间 2023 年 5 月 9 日（周二）下午 15:00~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 1、董事长周平 员姓名 2、董事会秘书郭瑾 3、独立董事甘毅 4、财务总监华晓锋 5、保荐代表人龚景宜 6、证券事务代表邓娜 公司于 2023 年 5 月 9 日（星期二）15:00——17:00 在全景 投资者关系活动 网"投资者关系互动平台"（网址：http://ir.p5w.net）举行 主要内容介绍 了公司 2022 年度网络业绩说明会，本次业绩说明会采用网络远 程文 ...

Financial Performance - The company's revenue for Q1 2023 was ¥1,417,440,466.98, representing an increase of 11.21% compared to ¥1,274,592,334.12 in the same period last year[5] - Net profit attributable to shareholders was ¥139,861,867.65, up 8.54% from ¥128,860,756.10 year-on-year[5] - Basic and diluted earnings per share increased to ¥0.4211, reflecting an 8.56% growth from ¥0.3879 in the same quarter last year[5] - The company reported a net profit margin improvement, with net profit figures to be detailed in subsequent reports[23] - Total revenue from sales of goods and services reached $1.42 billion, compared to $1.14 billion in the same period last year, reflecting a growth of approximately 25.5%[31] - The company reported a net profit of $157.49 million, up from $147.28 million, indicating a year-over-year increase of about 6.5%[30] - The company’s total operating profit was $204.04 million, slightly up from $197.08 million, indicating a growth of about 3.9%[30] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to ¥41,360,454.32, a 164.40% increase from a negative cash flow of ¥64,226,091.75 in the previous year[5] - The cash and cash equivalents at the end of Q1 2023 amounted to CNY 865,085,020.60, down from CNY 1,017,795,060.81 at the beginning of the year, a decrease of 15%[17] - The cash and cash equivalents at the end of the period stood at $859.46 million, down from $1.08 billion, reflecting a decrease of approximately 20.2%[25] - The total cash outflow from investing activities was $313.89 million, down from $394.20 million, showing a reduction of about 20.4%[25] - The company’s financing activities generated a net cash outflow of $77.64 million, contrasting with a net inflow of $77.47 million in the previous period[25] - The company received cash from financing activities totaling $438.43 million, an increase from $393 million in the previous period, reflecting a growth of approximately 11.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,095,715,694.82, a slight decrease of 0.38% from ¥6,118,702,807.96 at the end of the previous year[5] - The total liabilities decreased to CNY 2,295,800,429.01 from CNY 2,478,246,133.29, a reduction of approximately 7.4%[21] - The equity attributable to shareholders of the parent company increased to CNY 3,449,221,877.53 from CNY 3,307,824,810.94, reflecting a growth of 4.3%[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,424, with the largest shareholder holding 47.92%[9] - Shareholders' equity attributable to the parent company rose to ¥3,449,221,877.53, marking a 4.27% increase from ¥3,307,824,810.94[5] Operational Metrics - The total operating costs for Q1 2023 were CNY 1,215,986,734.52, up from CNY 1,080,898,602.55 in the same period last year, reflecting a year-over-year increase of 12.5%[21] - Accounts receivable increased to CNY 2,360,698,987.45 from CNY 2,270,608,012.88, representing a growth of 4%[17] - The inventory at the end of Q1 2023 was CNY 50,554,708.32, compared to CNY 43,865,237.38 at the beginning of the year, an increase of 15.2%[20] Research and Development - Research and development expenses increased to $5.47 million, compared to $2.45 million in the previous year, representing a growth of approximately 123%[30] Company Plans and Reports - The company plans to expand its market presence and invest in new technologies, although specific figures and timelines were not disclosed[23] - The first quarter report of Yuhua Tian Environmental Development Group Co., Ltd. is unaudited[33] - The report was released on April 25, 2023, by the legal representative, Bao Jiangyong[34]

Financial Performance - The company's operating revenue for 2022 was ¥5,393,502,532.73, representing an increase of 11.58% compared to ¥4,833,627,585.37 in 2021[4] - The net profit attributable to shareholders for 2022 was ¥494,321,616.37, a 4.61% increase from ¥472,528,405.37 in 2021[4] - The weighted average return on equity for 2022 was 15.98%, down from 17.38% in 2021[4] - In 2022, the company achieved operating revenue of 539.35 million yuan, an increase of 11.58% year-on-year, and a net profit attributable to shareholders of 49.43 million yuan, up 4.61% year-on-year[29] - The total operating revenue for 2022 was approximately ¥5.39 billion, representing an increase of 11.58% compared to ¥4.83 billion in 2021[70] Cash Flow and Assets - The net cash flow from operating activities decreased by 39.98% to ¥371,960,905.64 from ¥619,773,596.89 in 2021[4] - The company's cash and cash equivalents decreased to approximately ¥1.02 billion, representing 16.63% of total assets, down from 22.18% at the beginning of the year[100] - Accounts receivable increased to approximately ¥2.27 billion, accounting for 37.11% of total assets, up from 28.73% at the beginning of the year[100] - The total amount of major procurement contracts signed was CNY 1,000,000,000, with CNY 300,000,000 fulfilled in the reporting period[78] - The company confirmed normal repayment status for all major contracts, indicating stable cash flow management[79] Business Expansion and Strategy - The company has expanded its property cleaning business to over 60 cities across China, establishing long-term strategic partnerships with major property firms[12] - The company aims to enhance its brand influence and service range by extending its offerings to B-end merchants and C-end customers, reducing reliance on government payments[10] - The company is actively pursuing mergers and acquisitions to integrate industry resources and expand its service capabilities[10] - The company has signed service agreements with major clients in various sectors, including transportation and finance, enhancing its reputation in the industry[12] - The company has established a comprehensive management system covering project management, operation management, and satisfaction management, enhancing operational efficiency[64] Industry Position and Market Trends - The sanitation service market in China has entered a phase of rapid growth since 2013, transitioning from small-scale enterprises to larger-scale operations, marking a golden development period for the industry[115] - The sanitation industry is characterized by essential demand, sustainability, weak cyclicality, and regionality, with increasing service quality expectations as economic levels rise[116] - The market demand for sanitation services is expanding from developed to underdeveloped regions, with increasing government investment in sanitation initiatives[117] - The number of companies participating in the sanitation market has doubled from 5,000 to 10,000 in the past three years, indicating a significant increase in competition[123] - The market share of the top ten companies in the sanitation industry remains around 20%, reflecting a fragmented market with many new entrants[123] Operational Efficiency and Management - The company has developed a comprehensive smart management system for waste classification, enhancing operational efficiency and community engagement[43] - The company has established a risk management system to address potential challenges in project contract renewals and ensure continued service delivery[191] - The company has implemented a long-term warning mechanism for accounts receivable collection, with project leaders and financial managers responsible for monitoring and reporting collection progress[192] - The overall accounts receivable collection period is at a reasonable level, with major clients being government departments and large property companies[192] - The company has maintained a zero growth in human resource costs as a percentage of revenue compared to the previous year, optimizing personnel efficiency[43] Research and Development - Research and development expenses increased by 102.42% to ¥18,326,438.56 compared to the previous year[90] - The number of R&D personnel increased by 70.73% from 41 to 70[94] - R&D investment amounted to ¥18,326,438.56, representing 0.34% of operating revenue[95] - The company completed one invention patent related to automated control systems for waste incineration[91] - The R&D personnel structure has changed significantly, with a notable increase in the number of bachelor's degree holders from 20 to 53[94] Awards and Recognition - The company has received multiple awards, including recognition as one of the "Top Ten Influential Sanitation Enterprises" in 2022, reflecting its industry leadership[45] - The company has been recognized with multiple awards, including "Top 500 Enterprises in Guangdong" and "Top 100 Service Industry in Guangdong," reflecting its brand value and reputation[66] - The company has been recognized multiple times as a leading enterprise in the sanitation industry, receiving various awards and honors[139] Future Plans and Goals - The company aims to achieve a leading position in urban management services by integrating urban and rural management and exploring scientific, refined, and intelligent management practices[56] - The company plans to expand its market presence through the establishment of joint ventures and acquisitions, including Shenzhen Hecheng Zhixing Technology Co., Ltd.[84] - The company is focusing on digital transformation through the "@Smart City Manager" strategy, leveraging technologies like IoT and big data for urban governance[64] - The company aims to enhance operational management through digitalization and smart city strategies, aligning with government policies on urban management and environmental services[173] - The company is committed to improving the living environment and promoting rural revitalization as part of its long-term goals[173]

（问题征集专题页面二维码） 如有不明事宜，敬请联系公司，联系方式如下： 电话：0755-82734788 传真：0755-82734952 证券代码：300815 证券简称：玉禾田 公告编号：2023-030 玉禾田环境发展集团股份有限公司 关于举行公司2022年度网络业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 玉禾田环境发展集团股份有限公司（以下简称"公司"或"玉禾田"）定于 2023年5月9日（星期二）15:00-17:00在全景网举办公司2022年度业绩说明会，本 次年度业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关 系互动平台"（http://rs.p5w.net/c/300815.shtml）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长周平先生、董事会秘书郭瑾女士、财 务总监华晓锋先生、独立董事甘毅先生、证券事务代表邓娜女士、保荐代表人龚 景宜先生。 为充分尊重投资者、提升交流的针对性，公司现就2022年度业绩和经营情况 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2023 ...

玉禾田环境发展集团股份有限公司 2022 年第三季度报告 证券代码：300815 证券简称：玉禾田 公告编号：2022-058 玉禾田环境发展集团股份有限公司 2022 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 / 11 玉禾田环境发展集团股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------|--------------------------------- ...

证券代码：300815 证券简称：玉禾田 公告编号：2022-050 玉禾田环境发展集团股份有限公司 的公告 关于参加安徽辖区上市公司 2022 年投资者网上集体接待日活动 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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，玉禾田环境发展集团股份有限公司（以 下简称"公司"）将参加由安徽证监局指导、安徽上市公司协会与深圳市全景网 络有限公司联合举办的"2022 年安徽辖区上市公司投资者集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（ht tp://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2022 年 9 月 7 日（周三）16：00-17：30。届时公司高 管将在线就公司 2022 年半年度报告中的公司业绩、公司治理、发展战略、经营 状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟 通与交流，欢迎广大投资者踊跃参与！ 如有不明事宜，敬请联系公司，联系方式如下： 电话：0755-827 ...

玉禾田环境发展集团股份有限公司 2022 年半年度报告全文 证券代码：300815 证券简称：玉禾田 公告编号：2022-038 玉禾田环境发展集团股份有限公司 2022 年半年度报告 二〇二二年八月二十六日 1 / 181 玉禾田环境发展集团股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人鲍江勇、主管会计工作负责人王东焱及会计机构负责人(会计 主管人员)林克展声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的发展战略及未来计划等前瞻性陈述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并请理 解计划、展望规划与承诺之间的差异。敬请广大投资者理性投资，注意投资 风险。 本公司请投资者认真阅读本报告全文，公司在本报告第三节"管理层讨 | --- | --- | |----------------------------------- ...

玉禾田环境发展集团股份有限公司 2022 年半年度报告全文 证券代码：300815 证券简称：玉禾田 公告编号：2022-038 玉禾田环境发展集团股份有限公司 2022 年半年度报告 二〇二二年八月二十六日 1 / 181 玉禾田环境发展集团股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人鲍江勇、主管会计工作负责人王东焱及会计机构负责人(会计 主管人员)林克展声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中所涉及的发展战略及未来计划等前瞻性陈述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并请理 解计划、展望规划与承诺之间的差异。敬请广大投资者理性投资，注意投资 风险。 本公司请投资者认真阅读本报告全文，公司在本报告第三节"管理层讨 | --- | |----------------------------------------- ...

玉禾田环境发展集团股份有限公司 2022 年第一季度报告全文 证券代码：300815 证券简称：玉禾田 公告编号：2022-023 玉禾田环境发展集团股份有限公司 2022 年第一季度报告 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。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的 真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------|------------------|------------------- ...

[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, a detailed table of contents, and definitions of key terms used throughout the report, ensuring clarity and ease of navigation [Important Notes](index=2&type=section&id=Important%20Notes) This section includes the company's board, supervisory board, and senior management's assurance of the annual report's content, alerts investors to forward-looking statement risks, and discloses the 2021 profit distribution plan - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report, with no false records, misleading statements, or major omissions[7](index=7&type=chunk) - The company's profit distribution plan is to distribute a cash dividend of **CNY 2.56 (tax inclusive)** per 10 shares to all shareholders, based on **276,800,000 shares**, and to convert **2 shares** from capital reserves per 10 shares[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the overall structure of the annual report and the page ranges for each chapter, facilitating reader access [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms used in the report, including company abbreviations, key related parties, business models (e.g., PPP, BOT, TOT), and financial timeframes, ensuring accurate information understanding - The reporting period refers to January 1, 2021, to December 31, 2021[20](index=20&type=chunk) - The PPP model is defined as a partnership between government and social capital, a project operation model in public infrastructure[17](index=17&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information, including registration details, contact methods, and key consolidated financial data and indicators for 2021, reflecting its overall performance [I. Company Information](index=7&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, such as stock abbreviation, code, legal representative, and registered and office addresses Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Yuhetian | | Stock Code | 300815 | | Company Chinese Name | Yuhetian Environmental Development Group Co., Ltd. | | Legal Representative | Bao Jiangyong | | Registered Address | Building 5, E-commerce Industrial Park, Zhumeng Town, Tianxin Avenue, Yuexi County, Anqing City, Anhui Province | | Office Address | 18th Floor, Block A, Haisong Building, Tairan 9th Road, Chegongmiao, Futian District, Shenzhen | [II. Contacts and Contact Information](index=7&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section lists the names, contact addresses, phone numbers, faxes, and email addresses of the company's board secretary and securities affairs representatives, facilitating investor communication - The Board Secretary is Wang Dongyan, and the Securities Affairs Representatives are Deng Na and Guan Xiaofen[25](index=25&type=chunk) [III. Information Disclosure and Location for Inspection](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Location%20for%20Inspection) This section specifies the platforms for annual report disclosure and locations for inspection, ensuring information transparency - The company's designated securities exchange website for annual report disclosure is the Shenzhen Stock Exchange (http://www.szse.cn), and designated media include "China Securities Journal," "Shanghai Securities News," "Securities Times," "Securities Daily," and Juchao Information Network (http://www.cninfo.com.cn)[26](index=26&type=chunk) [IV. Other Relevant Information](index=8&type=section&id=IV.%20Other%20Relevant%20Information) This section discloses information about the accounting firm and sponsor institution engaged by the company - The accounting firm engaged by the company is Lixin Certified Public Accountants (Special General Partnership), with signing accountants Li Jianjun and Huang Zao[29](index=29&type=chunk) - The sponsor institution engaged by the company is Ping An Securities Co., Ltd., with sponsor representatives Qin Jianhua and Wang Zhi[29](index=29&type=chunk) [V. Key Accounting Data and Financial Indicators](index=8&type=section&id=V.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key consolidated accounting data and financial indicators for 2021 and the preceding two years, reflecting its overall operating performance and financial condition Key Accounting Data and Financial Indicators for 2021 | Indicator | 2021 (CNY) | 2020 (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,833,627,585.37 | 4,315,219,469.31 | 12.01% | | Net Profit Attributable to Shareholders of Listed Company | 472,528,405.37 | 631,042,009.37 | -25.12% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 460,175,350.03 | 627,974,190.81 | -26.72% | | Net Cash Flow from Operating Activities | 619,773,596.89 | 521,753,417.33 | 18.79% | | Basic Earnings Per Share (CNY/share) | 1.71 | 2.33 | -26.61% | | Weighted Average Return on Net Assets | 17.38% | 28.98% | -11.60% | | Total Assets (Year-end) | 5,222,277,044.53 | 4,547,848,286.89 | 14.83% | | Net Assets Attributable to Shareholders of Listed Company (Year-end) | 2,880,588,726.04 | 2,558,655,860.90 | 12.58% | [VI. Key Quarterly Financial Indicators](index=9&type=section&id=VI.%20Key%20Quarterly%20Financial%20Indicators) This section provides the company's key financial indicators for each quarter of 2021, including operating revenue, net profit attributable to shareholders, net profit excluding non-recurring gains and losses, and net cash flow from operating activities 2021 Key Quarterly Financial Indicators (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,183,018,673.12 | 1,215,276,126.02 | 1,170,386,099.32 | 1,264,946,686.91 | | Net Profit Attributable to Shareholders of Listed Company | 150,408,502.20 | 164,358,805.28 | 108,357,494.15 | 49,403,603.74 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | 148,114,604.21 | 159,178,695.24 | 103,610,438.02 | 49,271,612.56 | | Net Cash Flow from Operating Activities | 31,463,188.86 | 147,558,767.32 | 192,846,504.44 | 247,905,136.27 | [VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=9&type=section&id=VII.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section states that there were no differences in net profit and net assets between financial reports disclosed under International or overseas accounting standards and Chinese Accounting Standards during the reporting period - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[34](index=34&type=chunk) - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[35](index=35&type=chunk) [VIII. Non-recurring Gains and Losses and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the company's non-recurring gains and losses and their amounts for 2021 and the preceding two years, along with explanations for each item Non-recurring Gains and Losses for 2021 (Unit: CNY) | Item | 2021 Amount | 2020 Amount | 2019 Amount | Explanation | | :--- | :--- | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 926,667.92 | -6,775,135.40 | -4,132,101.29 | Primarily gains from disposal of fixed assets | | Government Subsidies Included in Current Profit and Loss | 18,993,576.66 | 34,889,379.60 | 23,701,310.40 | Primarily government subsidies | | Gains and Losses from Entrusted Investment or Asset Management | 7,847,704.35 | 8,461,139.04 | - | Primarily income from investment in wealth management products | | Other Non-operating Income and Expenses Apart from the Above | -9,736,100.14 | -32,026,109.52 | -4,132,976.08 | Primarily external donations, work-related injury compensation, and litigation expenses | | Less: Income Tax Impact | 4,849,162.23 | 887,384.70 | 3,355,133.59 | - | | Impact on Minority Interests (After Tax) | 829,631.22 | 594,070.46 | 1,185,857.00 | - | | Total | 12,353,055.34 | 3,067,818.56 | 11,019,490.28 | -- | [Section 3 Management Discussion and Analysis](index=11&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, core competencies, and future development outlook, along with a review of significant awards and risks [I. Industry Overview During the Reporting Period](index=11&type=section&id=I.%20Industry%20Overview%20During%20the%20Reporting%20Period) This section analyzes the environmental sanitation service industry, including the development stages, characteristics, competitive landscape, and the company's position in municipal sanitation and property cleaning, along with key performance drivers - The company focuses on environmental sanitation services, with core businesses in municipal sanitation and property cleaning, becoming a comprehensive urban and rural environmental integrated operation service provider with significant scale and influence in the industry[45](index=45&type=chunk) - The market-oriented reform of municipal sanitation has entered a large-scale promotion phase, ushering in a golden period for the industry, with operating models primarily including government procurement of services, concession, and PPP[50](index=50&type=chunk) - The property cleaning industry has a large market space but low market concentration, with few nationwide enterprises, and high-end services showing greater development potential[56](index=56&type=chunk) - National strategies (such as the "14th Five-Year Plan," 2035 long-term goals, and "Dual Carbon Strategy") and industrial policies (such as "Waste-Free City" construction and household waste classification) are the main drivers of the company's performance growth[59](index=59&type=chunk)[60](index=60&type=chunk) [1. Municipal Sanitation Business](index=11&type=section&id=1.%20Municipal%20Sanitation%20Business) Municipal sanitation business covers integrated management of sweeping, cleaning, waste collection and transfer, and public toilet maintenance, where the company has achieved significant development, covering 26 provinces, municipalities, and autonomous regions nationwide, forming a smart, efficient, low-carbon, and green closed-loop industrial chain - Municipal sanitation services include sweeping and cleaning, waste collection and transfer, public toilet management, waste transfer station operation management, waste classification, and sanitation support for major events[46](index=46&type=chunk) - The company's municipal sanitation services cover **26 provinces, municipalities, and autonomous regions** nationwide, providing one-stop, customized urban and rural environmental comprehensive management services[46](index=46&type=chunk) - China's municipal sanitation service market has entered a phase of comprehensive marketization, characterized by essential, continuous, weak cyclical, and regional demand[50](index=50&type=chunk)[51](index=51&type=chunk) [2. Property Cleaning Business](index=12&type=section&id=2.%20Property%20Cleaning%20Business) Property cleaning is a traditional advantageous business for the company, cultivated for over 20 years, establishing a standardized service system and expanding into landscaping, pest control, and other areas; the industry has a large market but low concentration, with the company holding a competitive edge in the high-end market - Property cleaning services include daily cleaning, initial cleaning, and specialized cleaning services (such as stone treatment, carpet cleaning, landscaping, indoor air quality management, pest control, epidemic disinfection, and exterior wall cleaning)[53](index=53&type=chunk) - The company's property cleaning business covers over **60 cities** nationwide, establishing long-term cooperative relationships with many well-known property enterprises, rail transit, and airports[57](index=57&type=chunk) [3. Key Performance Drivers](index=13&type=section&id=3.%20Key%20Performance%20Drivers) The company's performance growth is primarily driven by national strategies (e.g., "14th Five-Year Plan," "Dual Carbon Strategy"), industrial policies (e.g., "Waste-Free City" construction, waste classification), and the company's own competitive advantages (e.g., market pioneering, scale, management experience, brand) - The national "14th Five-Year Plan" and "Dual Carbon Strategy" promote household waste classification, resource utilization, and the application of new energy sanitation equipment, expanding the sanitation market[59](index=59&type=chunk) - A series of industrial policies, such as the "Guiding Opinions on Government Procurement of Services from Social Forces" and the "Implementation Plan for Household Waste Classification System," provide important support for the development of the sanitation industry[60](index=60&type=chunk)[63](index=63&type=chunk)[66](index=66&type=chunk) - The company's own competitive advantages include market pioneering advantage, scale and financial strength, comprehensive cost control capabilities, project operation and management experience, market expansion capabilities, and brand recognition[67](index=67&type=chunk) [II. Main Businesses Engaged in by the Company During the Reporting Period](index=15&type=section&id=II.%20Main%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) This section outlines the company's overall operating performance in 2021, detailing the performance, market expansion, and key work progress of its two core business segments, municipal sanitation and property cleaning, including corporate governance, talent development, waste classification, and carbon sink initiatives 2021 Overview of Company's Operating Performance | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | CNY 4,833.6276 million | | Year-on-Year Growth | 12.01% | | Net Profit Attributable to Shareholders of Listed Company | CNY 472.5284 million | | Year-on-Year Decrease | 25.12% | | Total Assets (Period-end) | CNY 5,222.2770 million | | Growth from Beginning of Year | 14.83% | | Owners' Equity Attributable to Shareholders of Listed Company (Period-end) | CNY 2,880.5887 million | | Growth from Beginning of Year | 12.58% | | Gross Profit Margin | 22.66% | | Net Profit Margin | 10.80% | - The municipal sanitation segment achieved operating revenue of **CNY 3,759.1338 million**, a year-on-year increase of **11.52%**, accounting for **77.77%** of total operating revenue; new contracts signed during the reporting period totaled approximately **CNY 3.68 billion**, with total outstanding contracts amounting to **CNY 36.725 billion** as of the end of 2021[69](index=69&type=chunk) - The property cleaning segment achieved operating revenue of **CNY 1,070.5964 million**, a year-on-year increase of **14.98%**, accounting for **22.15%** of total operating revenue; new contracts signed during the reporting period totaled approximately **CNY 1.344 billion**, with total outstanding contracts amounting to **CNY 1.679 billion** as of the end of 2021[73](index=73&type=chunk) - The company strengthened corporate governance and compliance, improved its risk control system, revised policies such as the "Articles of Association," and conducted compliance training[74](index=74&type=chunk) - The company established a "Waste Classification Center" and acquired Shenzhen Baotaixin, promoting the integration of "waste classification" and "resource recycling" networks; it also established a carbon asset management and investment division to strategically position itself in "forestry carbon sinks"[78](index=78&type=chunk) - The company established a "National Market Development Center" with 15 regional provincial market development centers and launched a city partner recruitment program to optimize its market layout[79](index=79&type=chunk) - Continuous investment in "informatization + intelligentization" for integrated platform construction, with "@Digital City Housekeeper" as the top-level design, gradually completing a multi-dimensional, open industrial informatization product matrix[80](index=80&type=chunk) [(I) Overview of Operating Performance](index=15&type=section&id=%28I%29%20Overview%20of%20Operating%20Performance) In 2021, amidst a complex market environment, the company adhered to a strategy of "industry and capital synergy, scale and efficiency balance," focusing on technological, management, and mechanism innovation, achieving steady growth in operating revenue, but net profit declined due to the cancellation of COVID-19 policy benefits - In 2021, the company achieved operating revenue of **CNY 4,833.6276 million**, a year-on-year increase of **12.01%**[68](index=68&type=chunk) - Net profit attributable to shareholders of the listed company was **CNY 472.5284 million**, a year-on-year decrease of **25.12%**[68](index=68&type=chunk) - The gross profit margin for 2021 was **22.66%**, and the net profit margin was **10.80%**, a decrease from 2020 (gross profit margin 29.72%, net profit margin 15.97%), primarily due to the full cancellation of COVID-19 policy benefits[68](index=68&type=chunk) [1. Municipal Sanitation Business](index=15&type=section&id=1.%20Municipal%20Sanitation%20Business) Municipal sanitation business is the company's main revenue source and growth driver, achieving **CNY 3.759 billion** in revenue in 2021, a year-on-year increase of **11.52%**; the company further consolidated its market position through new contracts, regional expansion, and acquisitions of waste classification-related companies - The municipal sanitation segment achieved operating revenue of **CNY 3,759.1338 million**, a year-on-year increase of **11.52%**, accounting for **77.77%** of total operating revenue[69](index=69&type=chunk) - During the reporting period, new municipal sanitation contracts totaled approximately **CNY 3.68 billion**, with total outstanding contracts amounting to **CNY 36.725 billion** as of the end of 2021[69](index=69&type=chunk) - The company acquired Shenzhen Baotaixin, which primarily focuses on waste classification, extending its business to multiple cities including Jiujiang, Ganzhou, and Hanzhong, enhancing its competitive advantage in the segmented industry[72](index=72&type=chunk) [2. Property Cleaning Business](index=16&type=section&id=2.%20Property%20Cleaning%20Business) Property cleaning business achieved steady growth, with revenue of **CNY 1.071 billion** in 2021, a year-on-year increase of **14.98%**; the company maintained long-term cooperative relationships with high-end clients and established a premium brand image through value-added services and market transformation - The property cleaning segment achieved operating revenue of **CNY 1,070.5964 million**, a year-on-year increase of **14.98%**, accounting for **22.15%** of total operating revenue[73](index=73&type=chunk) - During the reporting period, new property cleaning contracts totaled approximately **CNY 1.344 billion**, with total outstanding contracts amounting to **CNY 1.679 billion** as of the end of 2021[73](index=73&type=chunk) - The company shifted its market focus to urban spaces such as rail transit, airports, urban parks, hospitals, schools, high-end office buildings, and large commercial districts, and provided multiple value-added services like "COVID-19 isolation hotel disinfection and sterilization, and residential community waste classification"[73](index=73&type=chunk) [(II) Key Tasks Completed During the Reporting Period](index=16&type=section&id=%28II%29%20Key%20Tasks%20Completed%20During%20the%20Reporting%20Period) The company completed several key tasks during the reporting period, including strengthening corporate governance and risk control, optimizing talent development and incentive mechanisms, promoting waste classification and carbon sink initiatives, adjusting market layout, and advancing informatization and smart platform construction - The company revised policies such as the "Articles of Association" and "Measures for the Management of External Investments," and conducted compliance training for directors, supervisors, senior management, and controlling shareholders to enhance governance and risk prevention capabilities[74](index=74&type=chunk) - The company implemented an equity incentive plan, granting **2.768 million restricted shares** of the second category to **90 incentive recipients** to establish a long-term incentive mechanism[75](index=75&type=chunk)[77](index=77&type=chunk) - The company established a "Waste Classification Center" and acquired Shenzhen Baotaixin, strategically positioning itself in "forestry carbon sinks" by establishing a carbon asset management and investment division, in response to national dual carbon goals[78](index=78&type=chunk) - The company established a "National Market Development Center," set up regional management centers in Jiangxi, Hunan, Shandong, and other regions, and launched a city partner recruitment program to optimize its market layout[79](index=79&type=chunk) - Continuous investment in informatization and intelligentization construction, with "@Digital City Housekeeper" as the top-level design, gradually completing a multi-dimensional, open industrial informatization product matrix[80](index=80&type=chunk) [III. Awards and Honors Received by the Company and Employees in 2021](index=17&type=section&id=III.%20Awards%20and%20Honors%20Received%20by%20the%20Company%20and%20Employees%20in%202021) This section lists the honors and awards received by the company and its employees in 2021, covering industry influence, integrity in operations, high-quality development, contributions to epidemic prevention, and individual recognition, demonstrating the company's comprehensive strength and social recognition - The company was recognized as one of the "Top 50 Chinese Environmental Enterprises," "2021 High-Quality Development Listed Companies," "Top 100 GEM Listed Companies in 2021," and "2021 China's Most Growing Listed Companies"[82](index=82&type=chunk) - The company received honors such as "AAA-level Demonstration Enterprise for Integrity in Operations," "2021 Advanced Unit in Fighting COVID-19," and "Beautiful Shenzhen Public Welfare Foundation 2021 Caring Enterprise"[82](index=82&type=chunk) - Several employees received individual honors, such as "Heping Youth May Fourth Medal," "Most Beautiful Sanitation Worker," "Most Beautiful Shenyang Resident," and "Tianjin May Day Labor Medal"[86](index=86&type=chunk) [IV. Analysis of Core Competencies](index=19&type=section&id=IV.%20Analysis%20of%20Core%20Competencies) This section deeply analyzes the company's core competitive advantages, including enterprise scale and first-mover advantage, mature management system, rich project operation experience, one-stop environmental sanitation integrated management service industrial chain, strong brand influence, talent and corporate culture advantages, and intelligent and informatization advantages - The company has over **70,000 employees**, serving over **1,200 brand clients** and nearly **200 government clients**, accumulating extensive experience and a large number of high-quality clients in urban integrated management services, possessing industry leadership and first-mover advantage[89](index=89&type=chunk) - With **25 years of industry management experience**, the company has formed a complete set of standardized management processes and service systems, promoting advanced operating methods and management systems through "Yuhetian University" to achieve replicable management[90](index=90&type=chunk)[93](index=93&type=chunk) - The company has been deeply involved in the industry for **25 years**, operating hundreds of sanitation projects across **89 counties and cities in 26 provinces**, accumulating rich project operation and management experience, and implementing a business partner system[94](index=94&type=chunk) - The company has formed a complete closed-loop from road sweeping to waste classification management, providing one-stop professional urban and rural environmental integrated management services covering various urban and rural areas[95](index=95&type=chunk) - The company has received numerous national and provincial honors, established a good brand reputation, and actively fulfilled its social responsibilities, contributing to poverty alleviation and public welfare activities[96](index=96&type=chunk)[97](index=97&type=chunk) - Leveraging IoT, big data, and AI technologies, the company has established smart sanitation command centers in over ten subsidiaries nationwide, building a leading "smart brain"[99](index=99&type=chunk) [V. Analysis of Main Business](index=21&type=section&id=V.%20Analysis%20of%20Main%20Business) This section details the company's main business revenue and cost structure, expense changes, R&D investment, and cash flow, revealing the performance and financial results of each business segment, and disclosing key customer and supplier information 2021 Operating Revenue Composition (Unit: CNY) | Category | 2021 Amount | 2021 Share | 2020 Amount | 2020 Share | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,833,627,585.37 | 100% | 4,315,219,469.31 | 100% | 12.01% | | Property Cleaning | 1,070,596,372.25 | 22.15% | 931,108,446.11 | 21.58% | 14.98% | | Municipal Sanitation | 3,759,133,806.91 | 77.77% | 3,370,742,777.08 | 78.11% | 11.52% | | Other Businesses | 3,897,406.21 | 0.08% | 13,368,246.12 | 0.31% | -70.85% | 2021 Operating Cost Composition (Unit: CNY) | Product Category | Item | 2021 Amount | Share of Operating Cost | 2020 Amount | Share of Operating Cost | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Property Cleaning | Labor Cost | 864,423,271.63 | 89.98% | 743,153,243.45 | 90.28% | 16.32% | | Municipal Sanitation | Labor Cost | 1,808,235,029.00 | 65.16% | 1,443,312,601.90 | 65.62% | 25.28% | | Municipal Sanitation | Vehicle Expenses | 347,784,719.53 | 12.53% | 266,014,741.44 | 12.09% | 30.74% | 2021 Expense Changes (Unit: CNY) | Item | 2021 | 2020 | Year-on-Year Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 44,398,668.92 | 45,762,844.15 | -2.98% | - | | Administrative Expenses | 333,560,186.91 | 300,382,647.27 | 11.05% | Increase due to the addition of several new subsidiaries during the reporting period | | Financial Expenses | 49,506,154.66 | 47,898,847.24 | 3.36% | - | | R&D Expenses | 9,053,594.61 | 4,489,047.98 | 101.68% | Increase due to company acquisitions during the reporting period | Company R&D Investment Over the Past Three Years (Unit: CNY) | Indicator | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | R&D Investment Amount | 9,053,594.61 | 4,489,047.98 | 0.00 | | R&D Investment as % of Operating Revenue | 0.19% | 0.10% | 0.00% | | Capitalized R&D Expenditure | 0.00 | 0.00 | 0.00 | | Number of R&D Personnel (persons) | 41 | 30 | - | - The number of R&D personnel increased to **41** at the end of 2021, a year-on-year increase of **36.67%**, primarily due to the acquisition of Shenzhen Baotaixin Environmental Protection Technology Co., Ltd[131](index=131&type=chunk) 2021 Key Cash Flow Changes (Unit: CNY) | Item | 2021 | 2020 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 619,773,596.89 | 521,753,417.33 | 18.79% | | Cash Inflow from Investing Activities (Subtotal) | 2,191,243,366.07 | 752,835,460.65 | 191.07% | | Cash Outflow from Investing Activities (Subtotal) | 2,700,067,857.13 | 1,494,912,492.73 | 80.62% | | Cash Inflow from Financing Activities (Subtotal) | 756,400,000.00 | 1,903,751,334.61 | -60.27% | | Net Increase in Cash and Cash Equivalents | -146,443,931.81 | 771,317,378.40 | -118.99% | - Cash inflow from investing activities increased by **191.07%** year-on-year, primarily due to the redemption of wealth management products totaling **CNY 2.15 billion** during the reporting period[132](index=132&type=chunk) - Cash inflow from financing activities decreased by **60.27%** year-on-year, primarily due to the net proceeds of **CNY 960.407 million** from new share issuance in 2020 and **CNY 100 million** received from related party current accounts[135](index=135&type=chunk) - Sales to the top five customers accounted for **19.97%** of total annual sales, and purchases from the top five suppliers accounted for **29.11%** of total annual purchases[119](index=119&type=chunk)[123](index=123&type=chunk) [1. Overview](index=21&type=section&id=1.%20Overview) This section provides an overview of the company's overall operating performance in 2021, consistent with the "II. Overview" content in "Management Discussion and Analysis" - Refer to the relevant content in "II. Overview" under "Management Discussion and Analysis"[102](index=102&type=chunk) [2. Revenue and Cost](index=21&type=section&id=2.%20Revenue%20and%20Cost) This section details the company's 2021 operating revenue and cost composition, categorized by industry, product, region, and sales model, and discloses the performance of significant sales contracts - The company's significant sales contracts, such as the Haikou Xiuying District Environmental Sanitation Integration PPP Project and Chengmai County Chengbei Five Towns Environmental Sanitation Public Service Improvement PPP Project, are all being performed normally[109](index=109&type=chunk)[111](index=111&type=chunk) [3. Expenses](index=27&type=section&id=3.%20Expenses) This section lists the company's selling, administrative, financial, and R&D expenses for 2021 and their year-on-year changes, explaining the reasons for significant variations [4. R&D Investment](index=27&type=section&id=4.%20R%26D%20Investment) This section discloses the company's R&D investment amount, its proportion to operating revenue, and the composition of R&D personnel over the past three years, along with an introduction to key R&D projects, their objectives, and progress - Key R&D projects include the Urban Environmental Operation Cloud (Electronic Attendance) Project, Digital City Housekeeper Platform, Urban Environmental Sanitation Refined Data Management System Project, Environmental Cleaning Integrated Management System Project, and Research and Development Project for Household Waste Incineration and Exhaust Gas Treatment Equipment[128](index=128&type=chunk) [5. Cash Flow](index=29&type=section&id=5.%20Cash%20Flow) This section lists the company's cash flow for 2021 and 2020, explaining the main factors influencing significant year-on-year changes in each cash flow item [VI. Non-Main Business Operations](index=30&type=section&id=VI.%20Non-Main%20Business%20Operations) This section discloses the company's non-main business income and expenses, including investment income, asset impairment, non-operating income and expenses, explaining their causes and sustainability 2021 Non-Main Business Operations (Unit: CNY) | Item | Amount | % of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 19,919,634.26 | 3.01% | Primarily investment income from associate companies and wealth management products | Yes | | Asset Impairment | -22,226,138.25 | -3.36% | Primarily impairment provisions for contract assets and credit impairment losses | No | | Non-operating Income | 3,840,456.63 | 0.58% | Primarily government subsidies for awards and insurance claims income | No | | Non-operating Expenses | 15,251,699.91 | 2.31% | Primarily external donations, net losses from disposal of fixed assets, and insurance claim expenses | No | [VII. Analysis of Assets and Liabilities](index=30&type=section&id=VII.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the company's asset and liability composition and significant changes at the end of 2021, and discloses information on restricted assets Significant Changes in Asset Composition at Year-end 2021 (Unit: CNY) | Item | Year-end 2021 Amount | % of Total Assets | Year-end 2020 Amount | % of Total Assets at Year-start | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,158,260,333.89 | 22.18% | 1,320,716,030.60 | - | -6.18% | | Accounts Receivable | 1,500,330,074.68 | 28.73% | 1,021,162,366.29 | - | 6.80% | | Total Assets | 5,222,277,044.53 | - | 4,547,848,286.89 | - | 14.83% | | Short-term Borrowings | 514,500,000.00 | 9.85% | 617,460,445.55 | - | -3.41% | | Long-term Borrowings | 240,500,000.00 | 4.61% | 90,000,000.00 | 1.93% | 2.68% | | Total Liabilities | 2,129,567,346.89 | - | 1,843,801,910.04 | - | 15.50% | Asset Restrictions at Year-end 2021 (Unit: CNY) | Item | Book Value at Period-end | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 12,325,188.33 | Letter of Guarantee Deposit | | Accounts Receivable | 134,094,813.48 | Pledged as Collateral | | Fixed Assets - Operating Vehicles and Equipment | 93,483,189.15 | Finance Lease Assets | | Fixed Assets - Transportation Equipment | 998,725.46 | Finance Lease Assets | | Total | 240,901,916.42 | - | [VIII. Analysis of Investment Status](index=31&type=section&id=VIII.%20Analysis%20of%20Investment%20Status) This section analyzes the company's overall investment situation in 2021, including significant equity investments, the use of raised funds and the progress of committed projects, and their impact on the company's future development - The company's investment amount during the reporting period was **CNY 127.4409 million**, a year-on-year decrease of **68.89%**[140](index=140&type=chunk) Significant Equity Investments in 2021 (Unit: CNY) | Investee Company Name | Main Business | Investment Amount | Shareholding Ratio | Profit/Loss for the Period | | :--- | :--- | :--- | :--- | :--- | | Liaoning Yuhetian City Appearance Environmental Management Co., Ltd. | Municipal Services | 30,000,000.00 | 100.00% | -934,517.00 | | Shenzhen Xiaorun Technology Co., Ltd. | Software Development | 5,500,000.00 | 100.00% | -895,725.49 | | Shenzhen Baotaixin Environmental Protection Technology Co., Ltd. | Waste Classification | 51,500,000.00 | 51.00% | 13,742,454.00 | | Binzhou Yuhetian City Services Co., Ltd. | Municipal Services | 37,500,000.00 | 75.00% | -4,069,150.29 | Overall Use of Raised Funds in 2021 (Unit: CNY 10,000) | Fundraising Year | Fundraising Method | Total Raised Funds | Amount Used in Current Period | Total Amount Used Cumulatively | Unused Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Public Offering of Shares | 96,040.70 | 20,693.07 | 64,322.65 | 33,886.35 | - The "Smart Environmental Sanitation Project" has a low investment progress, primarily due to the impact of the COVID-19 pandemic, leading the company to appropriately adjust the investment schedule based on changes in service demand for environmental sanitation projects[164](index=164&type=chunk) - The company temporarily supplemented working capital with part of its idle raised funds, returning **CNY 253.3735 million** on July 1, 2021, and prepaying **CNY 50 million** on November 25, 2021[157](index=157&type=chunk)[158](index=158&type=chunk) [IX. Significant Asset and Equity Sales](index=38&type=section&id=IX.%20Significant%20Asset%20and%20Equity%20Sales) This section states that the company did not have any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[371](index=371&type=chunk) - The company did not sell significant equity during the reporting period[372](index=372&type=chunk) [X. Analysis of Major Holding and Associate Companies](index=38&type=section&id=X.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the operating performance of the company's major holding and associate companies, including their registered capital, total assets, net assets, operating revenue, operating profit, and net profit, and explains the methods of acquiring and disposing of subsidiaries during the reporting period and their impact on the company's operations and performance Financial Performance of Major Subsidiaries in 2021 (Unit: CNY) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Yuhetian Smart City Operations Group Co., Ltd. | Subsidiary | 110,000,000.00 | 1,253,494,816.42 | 464,077,404.71 | 873,311,069.72 | 115,949,973.73 | 101,503,869.88 | | Haikou Yuhetian Environmental Services Co., Ltd. | Subsidiary | 911,655,163.33 | 391,657,012.98 | 226,094,449.88 | 348,678,363.60 | 111,847,939.81 | 100,364,660.16 | - During the reporting period, the company increased its competitive advantage, market expansion, and service capabilities by establishing **31 new subsidiaries and joint ventures**, including Tianjin Free Trade Yuhetian City Environmental Services Co., Ltd. and Liaoning Yuhetian City Environmental Engineering Co., Ltd[375](index=375&type=chunk)[376](index=376&type=chunk) - The company deregistered Liuyang Yuhetian Environmental Business Development Co., Ltd. and Mudanjiang Yuhetian Environmental Business Development Co., Ltd., which had no significant impact on the company's overall operating performance[176](index=176&type=chunk) [XI. Information on Structured Entities Controlled by the Company](index=40&type=section&id=XI.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[177](index=177&type=chunk) [XII. Outlook on the Company's Future Development](index=41&type=section&id=XII.%20Outlook%20on%20the%20Company's%20Future%20Development) This section outlines the company's development strategy and 2022 business development plan, aiming to become a leading international comprehensive environmental industry operation service provider, identifies potential risks such as market competition, management, rising costs, contract renewal, and accounts receivable collection, and proposes corresponding countermeasures - Company development strategy: Continuously improve the ecological environment, promote green and low-carbon development, and build a moat in business areas such as municipal sanitation, integrated property management, household waste classification and management, landscaping maintenance, smart street light management, smart environmental sanitation construction, public toilet operation management, and carbon sink investment and development[180](index=180&type=chunk) - The company will build a five-in-one integrated service network centered around "carbon neutrality + rural revitalization + urban housekeeper + renewable resource recycling + full waste treatment industrial chain"[180](index=180&type=chunk) - The 2022 business development plan includes strengthening corporate culture, enhancing human resource management, optimizing enterprise upgrading (management, innovation, industry, market), improving brand, focusing on core business, achieving long-term development through capital, and fulfilling information disclosure obligations[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - The company may face risks such as market competition, corporate management, rising labor costs, non-renewal of project contracts upon expiration, and inability to timely recover accounts receivable[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) [XIII. Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=43&type=section&id=XIII.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) This section records the company's investor research, communication, and interview activities in 2021, including reception time, location, method, type of audience, and main topics discussed, reflecting the company's emphasis on investor relations management - The company participated in the 2020 Annual Online Performance Briefing and the 2021 Investor Collective Reception Day for Anhui-listed companies through the Panorama Network "Investor Relations Interactive Platform"[198](index=198&type=chunk) - The company engaged in phone communication with institutional investors such as Industrial Securities, GF Fund, and China Merchants Fund, primarily discussing the 2021 semi-annual report, the environmental sanitation industry outlook, the company's future development plans, and order status[198](index=198&type=chunk)[201](index=201&type=chunk) [Section 4 Corporate Governance](index=45&type=section&id=Section%204%20Corporate%20Governance) This section details the company's corporate governance structure, independence from controlling shareholders, board and supervisory board operations, employee information, and internal control systems [I. Basic Status of Corporate Governance](index=45&type=section&id=I.%20Basic%20Status%20of%20Corporate%20Governance) This section outlines the company's corporate governance status in 2021, emphasizing strict adherence to relevant laws and regulations, continuous improvement of governance structure, ensuring legal exercise of powers by shareholders, directors, supervisors, and senior management, and safeguarding the interests of all parties - The actual status of corporate governance complies with the "Guidelines for Corporate Governance of Listed Companies" and "Self-Regulatory Guidelines for Listed Companies on the ChiNext Board No. 2 - Standardized Operation of Listed Companies"[204](index=204&type=chunk)[213](index=213&type=chunk) - The company strictly convenes general meetings of shareholders as required, ensuring all shareholders fully exercise their rights; the controlling shareholder has not interfered with the company's decision-making and operating activities[205](index=205&type=chunk)[206](index=206&type=chunk) - The company's board of directors consists of **8 directors** (including **3 independent directors**), and the supervisory board consists of **3 supervisors** (including **1 employee representative supervisor**), both complying with legal and regulatory requirements[207](index=207&type=chunk)[208](index=208&type=chunk) [II. Company's Independence from Controlling Shareholder and Actual Controller in Terms of Assets, Personnel, Finance, Organization, and Business](index=46&type=section&id=II.%20Company's%20Independence%20from%20Controlling%20Shareholder%20and%20Actual%20Controller%20in%20Terms%20of%20Assets%2C%20Personnel%2C%20Finance%2C%20Organization%2C%20and%20Business) This section details the company's independence from its controlling shareholder, actual controller, and other controlled entities in terms of assets, personnel, finance, organization, and business, demonstrating its autonomous operating capability - The company's assets are independent and complete, with clear ownership, and there are no instances of assets being occupied by the controlling shareholder to the detriment of the company's interests[215](index=215&type=chunk) - The company's senior management does not hold positions other than director or supervisor in the controlling shareholder, actual controller, or other entities controlled by them, and financial personnel do not hold concurrent positions[216](index=216&type=chunk) - The company has established an independent financial department and accounting system, capable of making independent financial decisions, and does not share bank accounts with the controlling shareholder[217](index=217&type=chunk) - The company has established an independent, complete, and development-appropriate organizational structure, with each department independently exercising its operational and management powers[218](index=218&type=chunk) - The company's main business is independent of the controlling shareholder, actual controller, and other entities controlled by them, with no substantive horizontal competition or obviously unfair related-party transactions[219](index=219&type=chunk) [III. Horizontal Competition](index=46&type=section&id=III.%20Horizontal%20Competition) This section states that there was no horizontal competition involving the company during the reporting period - The company had no horizontal competition during the reporting period[220](index=220&type=chunk) [IV. Information on Annual and Extraordinary General Meetings of Shareholders Held During the Reporting Period](index=47&type=section&id=IV.%20Information%20on%20Annual%20and%20Extraordinary%20General%20Meetings%20of%20Shareholders%20Held%20During%20the%20Reporting%20Period) This section lists the sessions, types, investor participation rates, dates of convening, disclosure dates, and resolutions of the annual and extraordinary general meetings of shareholders held by the company in 2021 2021 General Meeting of Shareholders | Session | Meeting Type | Investor Participation Rate | Date of Convening | Disclosure Date | | :--- | :--- | :--- | :--- | :--- | | 2020 Annual General Meeting | Annual General Meeting | 57.88% | April 20, 2021 | April 21, 2021 | | 2021 First Extraordinary General Meeting | Extraordinary General Meeting | 74.39% | July 22, 2021 | July 23, 2021 | | 2021 Second Extraordinary General Meeting | Extraordinary General Meeting | 72.47% | August 27, 2021 | August 28, 2021 | [V. Company with Differential Voting Rights Arrangement](index=47&type=section&id=V.%20Company%20with%20Differential%20Voting%20Rights%20Arrangement) This section states that the company does not have differential voting rights arrangements - The company does not have differential voting rights arrangements[223](index=223&type=chunk) [VI. Corporate Governance of Red-Chip Structured Company](index=47&type=section&id=VI.%20Corporate%20Governance%20of%20Red-Chip%20Structured%20Company) This section states that the company is not a red-chip structured company - The company is not a red-chip structured company[223](index=223&type=chunk) [VII. Information on Directors, Supervisors, and Senior Management](index=47&type=section&id=VII.%20Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section details the basic information, employment status, shareholding changes, professional background, main work experience, positions in other entities, and remuneration of the company's directors, supervisors, and senior management Shareholding of Directors, Supervisors, and Senior Management at Year-end 2021 (Unit: Shares) | Name | Position | Employment Status | Shares Held at Beginning of Period | Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | | Zhou Ping | Chairman | Current | - | - | | Wang Dongyan | Director, CFO, Board Secretary | Current | 4,000,000 | 8,000,000 | | Zhou Ming | Director | Current | 500,000 | 1,000,000 | | Zhou Cong | Director | Current | 500,000 | 1,000,000 | | Wang Qi | Supervisor | Current | 400 | 800 | | Total | -- | -- | 5,000,400 | 10,000,800 | - During the reporting period, Mr. Zhou Ping, the company's chairman, resigned from the position of general manager due to work changes, and Mr. Bao Jiangyong assumed the role of general manager[230](index=230&type=chunk)[238](index=238&type=chunk) - The company's board of directors consists of **8 members** (including **3 independent directors**), the supervisory board consists of **3 members** (including **1 employee representative supervisor**), and there are **3 senior management personnel**[231](index=231&type=chunk) - The total remuneration paid to the company's **15 directors, supervisors, and senior management personnel** in 2021 was **CNY 6.7305 million**[247](index=247&type=chunk)[250](index=250&type=chunk) [VIII. Performance of Duties by Directors During the Reporting Period](index=53&type=section&id=VIII.%20Performance%20of%20Duties%20by%20Directors%20During%20the%20Reporting%20Period) This section discloses the convening of board meetings and the attendance of directors at board and general meetings, and explains how directors' objections and suggestions on company matters were addressed - During the reporting period, the company's board of directors held **8 meetings**, with all directors attending in person or by proxy, and no instances of continuous absence from two consecutive board meetings[251](index=251&type=chunk)[254](index=254&type=chunk) - During the reporting period, directors did not raise any objections to company matters, and all suggestions made by directors were adopted[255](index=255&type=chunk)[256](index=256&type=chunk) [IX. Status of Board's Special Committees During the Reporting Period](index=54&type=section&id=IX.%20Status%20of%20Board's%20Special%2