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

玉禾田环境发展集团股份有限公司 2021 年第三季度报告 证券代码：300815 证券简称：玉禾田 公告编号：2021-070 玉禾田环境发展集团股份有限公司 2021 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 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 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|-------------------- ...

玉禾田环境发展集团股份有限公司 2021 年半年度报告全文 证券代码：300815 证券简称：玉禾田 公告编号：2021-058 玉禾田环境发展集团股份有限公司 2021 年半年度报告 2021 年 08 月 1 玉禾田环境发展集团股份有限公司 2021 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 ...

玉禾田环境发展集团股份有限公司 2021 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：2021-035 玉禾田环境发展集团股份有限公司 2021 年第一季度报告 2021 年 04 月 1 玉禾田环境发展集团股份有限公司 2021 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人周平、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：保证季度报告中财务报表的真实、准确、完整。 2 玉禾田环境发展集团股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 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 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|----------- ...

[Yuhua Tian-Macrolink Environment Development Group Co., Ltd. 2020 Annual Report](index=1&type=section&id=Yuhua%20Tian-Macrolink%20Environment%20Development%20Group%20Co.%2C%20Ltd.%202020%20Annual%20Report) [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 contains important notices, a directory, and definitions, affirming the report's integrity and detailing the proposed profit distribution plan - The Board of Directors, Board of Supervisors, and all directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the annual report's content[5](index=5&type=chunk) - The company's 2020 profit distribution plan proposes a cash dividend of **RMB 11.20 (tax included) for every 10 shares** and a transfer of **10 shares for every 10 shares** from capital reserves, based on a total of 138,400,000 shares[5](index=5&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides company information and key financial data, highlighting strong 2020 performance with significant growth in revenue and net profit Key Financial Data | Indicator | 2020 | 2019 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 4,315,219,469.31 | 3,594,582,012.69 | 20.05% | | **Net Profit Attributable to Shareholders (Yuan)** | 631,042,009.37 | 312,790,640.31 | 101.75% | | **Net Profit Attributable to Shareholders (Non-recurring Items Excluded) (Yuan)** | 627,974,190.81 | 301,771,150.03 | 108.10% | | **Net Cash Flow from Operating Activities (Yuan)** | 521,753,417.33 | 565,008,824.77 | -7.66% | | **Basic Earnings Per Share (Yuan/Share)** | 4.66 | 3.01 | 54.82% | | **Weighted Average Return on Equity** | 28.98% | 37.30% | -8.32% | | **Total Assets (Yuan)** | 4,547,848,286.89 | 2,655,693,851.23 | 71.25% | | **Net Assets Attributable to Shareholders (Yuan)** | 2,558,655,860.90 | 995,018,621.59 | 157.15% | Quarterly Financial Data | Quarter | Operating Revenue (Yuan) | Net Profit Attributable to Shareholders (Yuan) | | :--- | :--- | :--- | | **First Quarter** | 983,331,451.33 | 145,158,975.05 | | **Second Quarter** | 1,073,282,624.73 | 202,657,129.03 | | **Third Quarter** | 1,093,422,993.30 | 179,998,147.70 | | **Fourth Quarter** | 1,165,182,399.95 | 103,227,757.59 | - During the reporting period, non-recurring gains and losses totaled **RMB 3.07 million**, primarily from government subsidies, investment income, and external donation expenses[33](index=33&type=chunk)[36](index=36&type=chunk) [Business Overview](index=10&type=section&id=Section%203%20Business%20Overview) The company specializes in environmental sanitation, with core operations in municipal sanitation and property cleaning across 89 cities nationwide [Principal Activities](index=10&type=section&id=I.%20Principal%20Activities%20During%20the%20Reporting%20Period) The company's main businesses are municipal sanitation, its primary revenue driver, and property cleaning, a traditional area of strength - **Municipal sanitation** is the company's core business, providing one-stop, customized urban and rural environmental management services across 22 provincial-level regions through various models like PPP and government concessions[41](index=41&type=chunk)[43](index=43&type=chunk) - **Property cleaning** is the company's traditional strength, serving over 1,200 brand clients including Guangzhou Metro, Vanke Property, and landmark projects like the Tencent Binhai Towers[39](index=39&type=chunk)[50](index=50&type=chunk) - Performance growth is driven by national environmental strategies, industry policies like market-oriented reforms, and the company's own competitive advantages in market leadership, scale, and operational experience[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&typechunk)[60](index=60&type=chunk) [Significant Changes in Major Assets](index=14&type=section&id=II.%20Significant%20Changes%20in%20Major%20Assets) The company's major assets changed significantly, driven by a substantial increase in equity assets from a mixed-ownership reform investment | Major Asset | Description of Significant Change | | :--- | :--- | | **Equity Assets** | Increased by **1,162.08%** year-over-year, mainly due to a **RMB 290 million** investment in the mixed-ownership reform of Shandong Hi-Speed (Shenzhen) Investment Co., Ltd. | | **Cash and Cash Equivalents** | Increased significantly due to proceeds from the initial public offering | | **Fixed Assets** | Increased by **26.21%** year-over-year, mainly from property acquisitions and purchasing new vehicles and equipment for new projects | | **Other Receivables** | Increased mainly due to a **RMB 60 million** rise in project deposits and a **RMB 21.72 million** rise in bid bonds | | **Contract Assets** | Increased due to the adoption of the new revenue standard, which requires recognizing rights to consideration as contract assets | | **Other Non-current Assets** | Increased mainly due to a **RMB 78.33 million** rise in project asset acquisition payments and a **RMB 46.22 million** rise in contract acquisition costs for concession projects | [Core Competitiveness Analysis](index=14&type=section&id=III.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in its market leadership, standardized management, operational experience, integrated industry chain, and brand reputation - With 24 years of industry experience, the company serves nearly 200 government clients and over 1,200 brand clients, demonstrating significant **first-mover and scale advantages**[66](index=66&type=chunk) - The company has established standardized service processes and a replicable management system, supported by the "Yuhua Tian-Macrolink University" to cultivate professional talent, ensuring service quality and scalability[67](index=67&type=chunk)[68](index=68&type=chunk) - The company has developed a **"one-stop" integrated industry chain** from road sweeping to waste sorting and is enhancing operational efficiency through its "Smart Sanitation System"[70](index=70&type=chunk)[75](index=75&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Section%204%20Management%20Discussion%20and%20Analysis) In 2020, the company achieved significant growth in revenue and net profit, driven by municipal sanitation business expansion and improved margins [Business Review](index=17&type=section&id=I.%20Overview) The company achieved total revenue of RMB 4.32 billion and net profit of RMB 631 million, with strong growth driven by the municipal sanitation segment | Indicator | 2020 | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | RMB 4.315 billion | 20.05% | | **Net Profit Attributable to Parent** | RMB 631 million | 101.75% | | **Total Assets** | RMB 4.548 billion | 71.25% | | **Equity Attributable to Parent** | RMB 2.559 billion | 157.15% | | Business Segment | Operating Revenue (RMB 10,000) | YoY Growth | Gross Margin | Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | | **Municipal Sanitation** | 337,074.28 | 23.61% | 34.75% | +10.17 pct | | **Property Cleaning** | 93,110.84 | 7.80% | 11.59% | -0.36 pct | - In 2020, newly signed contracts totaled **RMB 10.37 billion**; by year-end, total contracts on hand for municipal sanitation reached **RMB 33.63 billion**, with **RMB 25.80 billion** yet to be executed[80](index=80&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) - The company participated in the equity transfer of Shandong Hi-Speed (Shenzhen) Investment Co., Ltd. and formed a joint venture with Shandong Hi-Speed Co., Ltd. to integrate resources and enhance core competitiveness[93](index=93&type=chunk) - The company independently developed the "Urban Environmental Operation Cloud System" to improve management efficiency and reduce costs through IoT, cloud computing, AI, and big data technologies[94](index=94&type=chunk) [Analysis of Main Business Operations](index=19&type=section&id=II.%20Analysis%20of%20Main%20Business%20Operations) The municipal sanitation segment's revenue share grew to 78.11%, driving overall performance with a high gross margin of 34.75% | Category | Operating Revenue (Yuan) | % of Total | YoY Change | Operating Cost (Yuan) | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Municipal Sanitation** | 3,370,742,777.08 | 78.11% | 23.61% | 2,199,388,740.87 | 34.75% | +10.17% | | **Property Cleaning** | 931,108,446.11 | 21.58% | 7.80% | 823,174,245.18 | 11.59% | -0.36% | | Region | Operating Revenue (Yuan) | % of Total | | :--- | :--- | :--- | | **East China** | 1,501,776,599.67 | 34.80% | | **South China** | 1,496,379,631.54 | 34.68% | | **Northeast China** | 581,175,584.95 | 13.47% | | Expense Item | 2020 Amount (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | | **Selling Expenses** | 45,762,844.15 | 114.51% | Increased incentives for sales personnel | | **Administrative Expenses** | 300,382,647.27 | 17.68% | Increased due to the establishment of new subsidiaries | | **Financial Expenses** | 47,898,847.24 | -21.02% | Increased bank interest income from IPO proceeds | | **R&D Expenses** | 4,489,047.98 | - | A new independent R&D department was established in April 2020 | | Cash Flow Item | 2020 Net Amount (Yuan) | 2019 Net Amount (Yuan) | YoY Change | Main Reason | | :--- | :--- | :--- | :--- | :--- | | **Operating Activities** | 521,753,417.33 | 565,008,824.77 | -7.66% | - | | **Investing Activities** | -742,077,032.08 | -411,922,077.34 | 80.15% | Purchase of wealth management products and investment in Shandong Hi-Speed mixed-ownership reform | | **Financing Activities** | 991,640,993.15 | 13,123,227.99 | 7,456.38% | Proceeds from initial public offering | [Analysis of Assets and Liabilities](index=25&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets grew to RMB 4.55 billion, with a debt-to-asset ratio of 40.54%, while restricted assets totaled RMB 282 million | Item | Year-end 2020 Amount (Yuan) | % of Total Assets | Change from Beginning of Year | | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 1,320,716,030.60 | 29.04% | +6.92% | | **Accounts Receivable** | 1,021,162,366.29 | 22.45% | -4.67% | | **Long-term Equity Investments** | 318,385,443.02 | 7.00% | +6.06% | | **Fixed Assets** | 730,014,196.79 | 16.05% | -5.73% | | **Short-term Borrowings** | 617,460,445.55 | 13.58% | -7.76% | - As of the end of the reporting period, **RMB 282 million** in assets were restricted, including RMB 28.34 million in cash for guarantee deposits, RMB 165 million in pledged accounts receivable, and RMB 88.24 million in fixed assets under finance leases[127](index=127&type=chunk) [Analysis of Investment](index=26&type=section&id=V.%20Analysis%20of%20Investment) Total investment reached RMB 410 million, highlighted by a major equity acquisition and the use of RMB 436 million in IPO proceeds - Total investment for the reporting period was **RMB 410 million**, a significant increase of **353.68%** from RMB 90 million in the previous year[128](index=128&type=chunk) | Investee Company Name | Investment Method | Investment Amount (Yuan) | Shareholding Ratio | Partner | | :--- | :--- | :--- | :--- | :--- | | **Shandong Hi-Speed (Shenzhen) Investment Co., Ltd.** | Acquisition | 290,313,900.00 | 45.00% | Shandong Hi-Speed Investment Development Co., Ltd. | | **Taihu Yuhua Tian-Macrolink Environment Development Co., Ltd.** | New Establishment | 38,000,000.00 | 95.00% | Taihu County Fuqiang Urban Management Service Co., Ltd. | | **Zibo Linzi Yuhua Tian-Macrolink Environmental Engineering Co., Ltd.** | New Establishment | 22,500,000.00 | 75.00% | Zibo Qide Urban Construction Investment Co., Ltd. | | **Daqing Qingherun Technology Development Co., Ltd.** | New Establishment | 20,000,000.00 | 100.00% | None | | Use of IPO Proceeds | Committed Investment (RMB 10,000) | Cumulative Investment at Period-End (RMB 10,000) | Investment Progress | | :--- | :--- | :--- | :--- | | **Sanitation Service Operation Center Project** | 67,858.39 | 23,209.00 | 34.20% | | **Smart Sanitation Platform Construction** | 8,182.31 | 414.88 | 5.07% | | **Supplement Working Capital** | 20,000.00 | 20,005.70 | 100.00% | | **Total** | **96,040.70** | **43,629.58** | **-** | [Future Outlook](index=34&type=section&id=IX.%20Company's%20Future%20Outlook) The company anticipates industry growth from policy support and technology, focusing on its core business and managing key operational risks - **Industry Trends**: The sanitation service market is expected to become more intelligent, integrated, and mechanized, with the marketization rate projected to increase from 47.3% in 2019 to **74.9% in 2024**[159](index=159&type=chunk)[162](index=162&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) - **Company Strategy**: The company will focus on its core business, advance its national layout, and leverage modern technology to strengthen its market position and core competitiveness[171](index=171&type=chunk) - **2021 Business Plan**: Key initiatives include strengthening the talent pool, optimizing management systems, enhancing brand and market share, and advancing mechanization and smart technology[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - **Key Risks and Countermeasures**: The company faces risks from market competition, management challenges, rising labor costs, and contract renewals, which it plans to mitigate through refined management and technological upgrades[180](index=180&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) [Significant Events](index=42&type=section&id=Section%205%20Significant%20Events) This section details major events, including a generous dividend plan, adoption of new revenue standards, and strategic investments and divestments [Profit Distribution and Capitalization of Capital Reserves](index=42&type=section&id=I.%20Profit%20Distribution%20of%20Common%20Shares%20and%20Capitalization%20of%20Capital%20Reserves) The company proposed a dividend of RMB 11.20 and a 10-for-10 stock split from capital reserves for every 10 shares held | Distribution Item | Per 10 Shares | | :--- | :--- | | **Cash Dividend (Yuan) (Tax Incl.)** | 11.20 | | **Bonus Shares (from Capital Reserve)** | 10 | | **Bonus Shares (from Retained Earnings)** | 0 | | Dividend Year | Cash Dividend Amount (Yuan) | As a % of Net Profit Attributable to Parent | | :--- | :--- | :--- | | **2020** | 155,008,000.00 | 24.56% | | **2019** | 31,416,800.00 | 10.04% | | **2018** | 0.00 | 0.00% | [Material Contracts and Their Performance](index=58&type=section&id=XVI.%20Material%20Contracts%20and%20Their%20Performance) The company had no major custody or lease contracts but provided guarantees totaling RMB 706 million to subsidiaries for business development | Guarantee Status | Amount (RMB 10,000) | | :--- | :--- | | **Total approved guarantee limit for subsidiaries during the period** | 128,320 | | **Total actual guarantees provided to subsidiaries during the period** | 100,850 | | **Total approved guarantee limit for subsidiaries at period-end** | 234,625.75 | | **Outstanding guarantee balance for subsidiaries at period-end** | 59,105.41 | - During the reporting period, the company invested **RMB 700 million** of its IPO proceeds in bank wealth management products, all of which have been fully redeemed with no outstanding balance[272](index=272&type=chunk) [Social Responsibility](index=64&type=section&id=XVII.%20Social%20Responsibility) The company actively fulfilled its social responsibilities, donating RMB 25.97 million for COVID-19 relief and creating numerous employment opportunities - The company strictly adheres to labor laws, protects employee rights, and provides comprehensive training and development platforms, ensuring no employee infections during the pandemic[278](index=278&type=chunk) - In response to the COVID-19 pandemic, the company and its subsidiaries donated a total of **RMB 25.97 million** and created numerous job opportunities for disadvantaged groups[282](index=282&type=chunk) [Changes in Share Capital and Shareholders](index=67&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) This section details changes in the company's share structure following its IPO, increasing total shares to 138.4 million [Changes in Share Capital](index=67&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total share capital increased from 103.8 million to 138.4 million shares due to the issuance of 34.6 million new shares in its IPO | Share Class | Shares Before Change (Shares) | Change (+/-) (Shares) | Shares After Change (Shares) | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | | **I. Restricted Shares** | 103,800,000 | +400 | 103,800,400 | 75.00% | | **II. Unrestricted Shares** | 0 | +34,599,600 | 34,599,600 | 25.00% | | **III. Total Shares** | **103,800,000** | **+34,600,000** | **138,400,000** | **100.00%** | - The change in share capital was primarily due to the company's **initial public offering of 34.6 million new shares** on January 23, 2020[297](index=297&type=chunk) [Shareholders and Ultimate Controllers](index=70&type=section&id=III.%20Shareholders%20and%20Ultimate%20Controllers) The company's controlling shareholder is Tibet Tianzhirun Investment, with ultimate control held by Mr. Zhou Ping and Mr. Zhou Mengchen | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held at Period-End (Shares) | | :--- | :--- | :--- | :--- | | **Tibet Tianzhirun Investment Management Co., Ltd.** | Domestic Non-State-owned Legal Entity | 47.92% | 66,314,792 | | **Shenzhen Xinzhuotai Investment Management Co., Ltd.** | Domestic Non-State-owned Legal Entity | 14.45% | 20,000,000 | | **Shenzhen Xinhongtai Investment Management Co., Ltd.** | Domestic Non-State-owned Legal Entity | 6.36% | 8,800,000 | | **Wang Dongyan** | Domestic Natural Person | 2.89% | 4,000,000 | | **Tianjin Hailifangzhou Investment Management Co., Ltd.** | Domestic Non-State-owned Legal Entity | 1.33% | 1,842,604 | - The company's controlling shareholder is Tibet Tianzhirun Investment Management Co., Ltd., and the ultimate controllers are **Mr. Zhou Ping and Mr. Zhou Mengchen**, who are father and son[312](index=312&type=chunk)[322](index=322&type=chunk)[324](index=324&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=77&type=section&id=Section%209%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This section outlines the holdings, remuneration, and structure of the company's management and its 66,855 employees [Changes in Shareholdings and Remuneration of Directors, Supervisors, and Senior Management](index=77&type=section&id=I.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management remained stable, with total pre-tax remuneration amounting to RMB 5.23 million | Name | Position | Shares at Start of Period (Shares) | Shares at End of Period (Shares) | | :--- | :--- | :--- | :--- | | **Wang Dongyan** | Director, CFO, Board Secretary | 4,000,000 | 4,000,000 | | **Zhou Ming** | Director | 500,000 | 500,000 | | **Zhou Cong** | Director | 500,000 | 500,000 | | **Wang Qi** | Supervisor | 0 | 400 | - In 2020, the total pre-tax remuneration paid to 15 directors, supervisors, and senior management members was **RMB 5.23 million**[359](index=359&type=chunk)[360](index=360&type=chunk) [Employee Information](index=82&type=section&id=V.%20Employee%20Information) The company employed 66,855 staff, with production personnel comprising 97.7% of the workforce, supported by a comprehensive training system | By Function | Number of Employees | By Education Level | Number of Employees | | :--- | :--- | :--- | :--- | | **Production Staff** | 65,335 | **Postgraduate & Above** | 58 | | **Sales Staff** | 92 | **Bachelor's Degree** | 618 | | **Technical Staff** | 30 | **Associate Degree** | 1,042 | | **Finance Staff** | 178 | **High School** | 3,492 | | **Administrative Staff** | 1,220 | **Junior High & Below** | 61,645 | | **Total** | **66,855** | **Total** | **66,855** | - The company has established the "Yuhua Tian-Macrolink University" and a three-tier training system to provide comprehensive training for employees at all levels[367](index=367&type=chunk) [Corporate Governance](index=84&type=section&id=Section%2010%20Corporate%20Governance) The company maintained a sound corporate governance structure in compliance with regulatory requirements, ensuring operational independence - The company's actual corporate governance practices are in material compliance with the relevant regulatory requirements for listed companies issued by the CSRC[376](index=376&type=chunk) - The company is independent from its controlling shareholder and ultimate controllers in terms of business, personnel, assets, organization, and finance, possessing the ability to operate autonomously[379](index=379&type=chunk)[380](index=380&type=chunk) - The four specialized committees of the Board of Directors—Audit, Remuneration and Appraisal, Strategy, and Nomination—all convened meetings and effectively fulfilled their duties during the reporting period[391](index=391&type=chunk)[392](index=392&type=chunk) - According to the internal control self-assessment report and the auditor's assurance report, the company maintained effective internal controls related to financial reporting in all material aspects as of December 31, 2020, with no material weaknesses identified[397](index=397&type=chunk)[400](index=400&type=chunk) [Information on Preferred Shares](index=75&type=section&id=Section%207%20Information%20on%20Preferred%20Shares) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[332](index=332&type=chunk) [Information on Convertible Corporate Bonds](index=76&type=section&id=Section%208%20Information%20on%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[336](index=336&type=chunk) [Information on Corporate Bonds](index=90&type=section&id=Section%2011%20Information%20on%20Corporate%20Bonds) The company had no publicly issued corporate bonds that were outstanding or not fully redeemed at the date of this report's approval - The company has no publicly issued corporate bonds listed on a stock exchange that were outstanding or not fully redeemed at the date of this annual report's approval[404](index=404&type=chunk) [Financial Report](index=91&type=section&id=Section%2012%20Financial%20Report) This section presents the audited financial statements for 2020, which received a standard unqualified opinion from the auditor [Auditor's Report](index=91&type=section&id=I.%20Auditor's%20Report) Lixin Certified Public Accountants issued a standard unqualified opinion, highlighting revenue recognition and PPP project accounting as key audit matters - The auditor was **Lixin Certified Public Accountants (Special General Partnership)**, who issued a **standard unqualified audit opinion**[406](index=406&type=chunk)[407](index=407&type=chunk) - Key audit matters included: - Whether operating revenue was recognized in the appropriate accounting period - The completeness of operating costs - The reasonableness of estimated asset renewal and renovation expenditures for PPP projects during the concession period[409](index=409&type=chunk) [Key Financial Statements](index=93&type=section&id=II.%20Financial%20Statements) The financial statements show total assets of RMB 4.55 billion, total liabilities of RMB 1.84 billion, and net profit of RMB 689 million for 2020 | Key Items from Consolidated Balance Sheet (Yuan) | 2020-12-31 | 2019-12-31 | | :--- | :--- | :--- | | **Total Current Assets** | 2,864,874,869.91 | 1,569,129,288.33 | | **Total Non-current Assets** | 1,682,973,416.98 | 1,086,564,562.90 | | **Total Assets** | **4,547,848,286.89** | **2,655,693,851.23** | | **Total Current Liabilities** | 1,491,791,603.42 | 1,261,251,649.82 | | **Total Non-current Liabilities** | 352,010,306.62 | 314,894,221.52 | | **Total Liabilities** | **1,843,801,910.04** | **1,576,145,871.34** | | **Total Equity Attributable to Parent** | 2,558,655,860.90 | 995,018,621.59 | | **Total Equity** | **2,704,046,376.85** | **1,079,547,979.89** | | Key Items from Consolidated Income Statement (Yuan) | 2020 | 2019 | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **4,315,219,469.31** | **3,594,582,012.69** | | Less: Total Operating Costs | 3,441,171,375.00 | 3,173,402,653.30 | | **III. Operating Profit** | **896,850,960.67** | **426,175,206.29** | | **IV. Total Profit** | 865,717,172.80 | 420,011,807.24 | | **V. Net Profit** | **689,082,673.21** | **341,303,110.76** | | Net Profit Attributable to Parent | 631,042,009.37 | 312,790,640.31 | | Key Items from Consolidated Cash Flow Statement (Yuan) | 2020 | 2019 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **521,753,417.33** | **565,008,824.77** | | **Net Cash Flow from Investing Activities** | **-742,077,032.08** | **-411,922,077.34** | | **Net Cash Flow from Financing Activities** | **991,640,993.15** | **13,123,227.99** | | **Net Increase in Cash and Cash Equivalents** | **771,317,378.40** | **166,209,975.42** | | **Cash and Cash Equivalents at End of Period** | **1,292,379,077.37** | **521,061,698.97** | [Notes to the Financial Statements (Excerpts)](index=147&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) The notes detail account balances and changes, with municipal sanitation contributing RMB 3.37 billion in revenue and non-recurring items at RMB 3.07 million | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | **Main Business** | 4,301,851,223.19 | 3,022,562,986.05 | | Of which: Property Cleaning | 931,108,446.11 | - | | Of which: Municipal Sanitation | 3,370,742,777.08 | - | | **Other Business** | 13,368,246.12 | 10,051,269.80 | | **Total** | **4,315,219,469.31** | **3,032,614,255.85** | - The company engaged in a related-party property lease transaction with ultimate controller Mr. Zhou Ping, with a recognized lease expense of **RMB 3.56 million** in 2020; the ultimate controller and related parties also provided several loan guarantees for the company[901](index=901&type=chunk)[902](index=902&type=chunk)[906](index=906&type=chunk) | Details of Non-recurring Gains and Losses | Amount (Yuan) | Description | | :--- | :--- | :--- | | **Gains/Losses on Disposal of Non-current Assets** | -6,775,135.40 | Primarily loss on disposal of fixed assets | | **Government Subsidies Included in Current Profit/Loss** | 34,889,379.60 | Primarily government rewards | | **Gains/Losses from Entrusted Investments** | 8,461,139.04 | Primarily income from wealth management products | | **Other Non-operating Income and Expenses** | -32,026,109.52 | Primarily external donation expenses | | **Less: Income Tax Impact** | 887,384.70 | - | | **Less: Minority Interest Impact** | 594,070.46 | - | | **Total** | **3,067,818.56** | - | [List of Documents for Inspection](index=219&type=section&id=Section%2013%20List%20of%20Documents%20for%20Inspection) This section lists the reference documents available for investor review, including the signed annual report, financial statements, and auditor's report

玉禾田环境发展集团股份有限公司 2020 年第三季度报告全文 玉禾田环境发展集团股份有限公司 2020 年第三季度报告 公告编号：2020-089 2020 年 10 月 1 玉禾田环境发展集团股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人周平、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：保证季度报告中财务报表的真实、准确、完整。 2 玉禾田环境发展集团股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 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 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------|-------------------- ...

玉禾田环境发展集团股份有限公司 2020 年半年度报告全文 玉禾田环境发展集团股份有限公司 2020 年半年度报告 2020 年 08 月 1 玉禾田环境发展集团股份有限公司 2020 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。 公司负责人周平、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 ...

® 玉禾田环境发展集团股份有限公司 EIT ENVIRONMENTAL DEVELOPMENT GROUP CO.,LTD. 2019年度报告 股票简称：玉禾田 股票代码：300815 cninf = cninfo.com.cn 玉禾田环境发展集团股份有限公司 2019 年年度报告全文 转增股本。 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、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人周平、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 ...

玉禾田环境发展集团股份有限公司 2020 年第一季度报告全文 玉禾田环境发展集团股份有限公司 2020 年第一季度报告 2020 年 04 月 1 玉禾田环境发展集团股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人周平、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：保证季度报告中财务报表的真实、准确、完整。 2 玉禾田环境发展集团股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 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 ...