Financial Performance - The company's operating revenue for Q1 2021 was ¥159,528,161.30, representing a 146.63% increase compared to ¥64,683,371.92 in the same period last year[7] - The net profit attributable to shareholders was ¥11,218,715.90, a 2.69% increase from ¥10,924,960.66 year-over-year[7] - The company reported a revenue of 159.53 million CNY for Q1 2021, an increase of 146.63% year-on-year[19] - The net profit attributable to shareholders was 11.22 million CNY, reflecting a growth of 2.69% compared to the previous year[19] - The total operating revenue for Q1 2021 was CNY 159,528,161.30, a significant increase from CNY 64,683,371.92 in the same period last year, representing a growth of approximately 146.3%[44] - The total operating costs amounted to CNY 148.49 million, with the operating costs alone at CNY 128.53 million, reflecting a year-on-year increase of 226%[46] - The net profit for Q1 2021 reached CNY 11.09 million, compared to CNY 10.86 million in the previous year, indicating a growth of about 2.1%[46] - The total profit for the quarter was CNY 12.90 million, compared to CNY 12.43 million in the previous year, marking an increase of approximately 3.8%[46] Cash Flow - The net cash flow from operating activities was -¥120,308,088.37, a significant decline of 736.77% compared to -¥14,377,678.35 in the previous year[7] - Cash flow from operating activities showed a net outflow of 120.31 million CNY, a decrease of 736.77% due to significant payments for franchise projects[18] - The cash flow from operating activities was CNY 104.50 million, a decrease from CNY 168.18 million in the previous year, representing a decline of approximately 37.9%[53] - Operating cash inflow totaled 108,025,703.76 CNY, while cash outflow from operating activities was 228,333,792.13 CNY, leading to a negative cash flow from operations[54] - The company reported a total cash and cash equivalents balance of 326,843,526.95 CNY at the end of the period, up from 85,221,342.37 CNY in the previous period[56] - The company’s cash and cash equivalents increased by 211,849,787.87 CNY during the period, contrasting with a decrease of 4,647,726.56 CNY in the previous period[55] - The company’s cash and cash equivalents increased by 172.43% to 334.91 million CNY due to funds raised from new share issuance[17] - The company recorded a credit impairment loss of CNY 2.14 million during the quarter[50] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,687,814,329.34, marking a 21.76% increase from ¥1,386,136,647.83 at the end of the previous year[7] - The total assets as of March 31, 2021, included accounts receivable of 228.02 million CNY, accounting for 13.51% of total assets[21] - The company’s inventory and contract assets totaled 443.38 million CNY, representing 26.27% of total assets[21] - Long-term receivables increased to CNY 364,470,497.46 from CNY 313,099,469.89, showing a growth of about 16.4%[37] - Total liabilities increased to CNY 914,603,532.10 from CNY 861,318,433.62, reflecting a growth of about 6.2%[38] - Owner's equity totaled CNY 773,210,797.24, up from CNY 524,818,214.21, indicating a growth of approximately 47.4%[39] - The total current assets increased from CNY 866,319,192.70 at the end of 2020 to CNY 1,119,820,024.35[36] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,471[11] - The largest shareholder, Ma'anshan An Gong Da Asset Management Co., Ltd., held 14.10% of the shares, totaling 11,645,205 shares[11] - The total number of shares held by the top 10 shareholders is 61,933,098, with 1,730,300 shares released from restrictions during the reporting period[15] - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[12] - The total number of restricted shares at the end of the period is 62,921,719, with 2,718,921 shares newly restricted[15] Investment and Projects - The company has committed to invest CNY 35,000 million in various projects, with a current investment progress of 73.90%[28] - The company plans to change the implementation location of the "Intelligent Sewage Treatment Equipment Industrialization Project" to a new site in the Ma'anshan Economic and Technological Development Zone[28] - The company approved the use of CNY 65.60 million of raised funds to replace self-raised funds already invested in projects[28] - The cumulative amount of raised funds utilized is CNY 9,126.22 million, representing 0.00% of the total planned investment[27] Research and Development - Research and development expenses increased to 3.58 million CNY, a rise of 177.40% compared to the previous period[19] - Research and development expenses totaled CNY 3.58 million, which is an increase from CNY 1.29 million in the previous year, showing a growth of approximately 178%[46] Risks and Compliance - The company faces risks related to receivables collection and potential bad debts, with measures in place to monitor and manage these risks[21] - The company reported no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[29][30]

Financial Performance - The company's operating revenue for 2020 was CNY 587,458,169.13, representing a 6.20% increase compared to CNY 553,178,409.47 in 2019[11]. - The net profit attributable to shareholders for 2020 was CNY 72,559,227.80, a 2.17% increase from CNY 71,018,748.10 in 2019[11]. - The net profit after deducting non-recurring gains and losses was CNY 69,631,418.06, up 4.87% from CNY 66,399,497.59 in the previous year[11]. - The total assets at the end of 2020 amounted to CNY 1,386,136,647.83, reflecting a 14.72% increase from CNY 1,208,246,649.86 at the end of 2019[11]. - The net assets attributable to shareholders increased by 16.67% to CNY 518,687,578.82 at the end of 2020, compared to CNY 444,578,718.85 at the end of 2019[11]. - The basic earnings per share for 2020 were CNY 1.170, a 1.74% increase from CNY 1.150 in 2019[11]. - The weighted average return on equity for 2020 was 15.04%, down from 17.36% in 2019, indicating a decrease of 2.32%[11]. - The net cash flow from operating activities was negative at CNY -47,375,547.25, a significant decline of 148.01% compared to CNY 98,669,710.34 in 2019[11]. Revenue Breakdown - The company achieved a total revenue of 587 million yuan in 2020, with water environment governance engineering contributing 437 million yuan, water treatment product sales generating 78 million yuan, and sewage treatment investment operations accounting for 69 million yuan[34]. - The company reported a total of approximately $3.62 million in government subsidies related to business operations for 2020[24]. - The company’s water environment governance engineering accounted for 74.41% of total revenue, with a 24.80% increase from the previous year[57]. - The company’s revenue from the East China region was CNY 507.56 million, accounting for 86.40% of total revenue, with a growth of 15.06%[58]. - The wastewater treatment investment and operation business generated revenue of CNY 69.30 million, a significant increase of 63.43% year-on-year[52]. Market Position and Strategy - The company specializes in water environment governance, focusing on urban water environment management, black and odorous water treatment, and rural water environment governance[28]. - The company has developed the "Rapid-Move" system for black and odorous water treatment, which utilizes magnetic loading clarification separation technology and proprietary BAF technology[29]. - The company has established a comprehensive solution for rural water environment governance, integrating planning, design, investment, construction, and operation[29]. - The company focuses on the improvement of sewage treatment quality, black and odorous water treatment, and rural sewage treatment, aiming to enhance its core competitiveness through technological innovation[33]. - The company is committed to aligning its operations with national ecological civilization goals, focusing on enhancing its market competitiveness in the water environment governance sector[37]. Research and Development - The company has a stable and experienced R&D team, supported by partnerships with renowned universities and research institutions, ensuring ongoing technological leadership[41]. - The company has established a strong position in the BAF technology field, with multiple research centers and has participated in numerous national and provincial projects, achieving significant technological advancements[36]. - R&D expenses increased by 22.23% in 2020, amounting to ¥20,761,949.59, representing 3.53% of operating revenue[73]. - The number of R&D personnel decreased to 41, accounting for 8.13% of total employees, down from 9.19% in 2019[73]. Cash Dividends and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.2 per 10 shares to all shareholders, based on a total share capital of 82,583,098 shares[5]. - The company’s profit distribution policy prioritizes cash dividends, aiming for at least 15% of distributable profits to be distributed in cash annually[102]. - The cash dividend for the year 2020 is 9,909,971.76 CNY, which accounts for 13.66% of the net profit attributable to ordinary shareholders[111]. - The total distributable profit for the company is 248,466,773.63 CNY, with the cash dividend amount representing 100% of the profit distribution[107]. - The company has maintained a consistent cash dividend policy over the past three years, with no dividends distributed in 2018 and 2019[111]. Risks and Challenges - The company has faced risks in its operational management, which are discussed in detail in the report, particularly regarding future development prospects[5]. - The company faces risks related to the potential default of government contracts for wastewater treatment projects, which could affect operations if local economic conditions worsen[95]. - Future growth is influenced by macroeconomic conditions, market competition, and technological innovation in wastewater treatment[97]. Shareholder Structure and Governance - The actual controller holds 14.10% of the company's shares, and a dispersed shareholding structure may lead to control instability[97]. - Eight shareholders have signed voting rights entrustment agreements to stabilize the control structure[98]. - The company has a registered capital of 29.715 million yuan[194]. - The controlling shareholder is a local state-owned entity, Ma'anshan An Gong Da Asset Management Co., Ltd., established in 2008[192]. - The company has committed to maintaining a stable shareholder voting rights delegation relationship[120]. Compliance and Legal Matters - The company has not faced any penalties or corrective actions during the reporting period, indicating compliance with regulatory requirements[157]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[156]. - The company has committed to compensating investors for any losses caused by false statements or omissions in its public offerings, demonstrating accountability[149]. Social Responsibility and Environmental Impact - The company emphasizes social responsibility, integrating it into its development strategy and corporate culture[175]. - The company has obtained environmental impact assessment reports and pollution discharge permits for its projects[179].