中科环保(301175) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the first half of 2024 reached 811.84 million yuan, a year-on-year increase of 10.08%[13] - Net profit attributable to shareholders of the listed company was 163.79 million yuan, up 17.97% compared to the same period last year[13] - Operating cash flow surged to 239.09 million yuan, a significant increase of 67.45% year-on-year[13] - Basic earnings per share (EPS) stood at 0.1113 yuan, an 18.03% increase from the previous year[13] - Total assets as of the end of the reporting period were 7.19 billion yuan, a slight increase of 0.50% compared to the end of the previous year[13] - The weighted average return on equity (ROE) was 4.73%, up 0.49 percentage points from the same period last year[13] - Revenue for the first half of 2024 reached 811.84 million yuan, a year-on-year increase of 10.08%[19] - Net profit attributable to shareholders of the listed company was 163.79 million yuan, a year-on-year increase of 17.97%[19] - Revenue for the reporting period increased by 10.08% to 811,841,748.40 yuan compared to the same period last year[51] - Operating costs rose by 6.60% to 492,267,827.69 yuan year-over-year[51] - Sales expenses surged by 54.69% to 4,294,233.52 yuan due to increased sales orders[51] - R&D investment grew significantly by 55.22% to 18,292,727.21 yuan as the company increased its focus on innovation[51] - Net cash flow from operating activities increased by 67.45% to 239,092,933.39 yuan, driven by higher sales collections[51] - Total operating revenue for the first half of 2024 reached 811,841,748.40 RMB, a 10.1% increase compared to 737,516,313.25 RMB in the same period of 2023[131] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 163,792,147.43 RMB, up 18.0% from 138,842,998.51 RMB in the same period of 2023[132] - R&D expenses increased by 65.5% to 17,308,548.68 RMB in the first half of 2024, compared to 10,459,929.58 RMB in the same period of 2023[132] - Accounts receivable decreased by 35.8% to 87,196,842.70 RMB in the first half of 2024, compared to 55,978,700.85 RMB in the same period of 2023[129] - Inventory decreased significantly by 82.1% to 17,022,360.52 RMB in the first half of 2024, compared to 95,276,845.42 RMB in the same period of 2023[129] - Total assets decreased by 6.1% to 2,986,526,562.17 RMB in the first half of 2024, compared to 3,180,125,942.73 RMB in the same period of 2023[129][130] - Total liabilities decreased by 34.8% to 156,465,673.24 RMB in the first half of 2024, compared to 239,850,875.59 RMB in the same period of 2023[130] - Operating costs increased by 8.8% to 606,123,198.65 RMB in the first half of 2024, compared to 557,084,047.21 RMB in the same period of 2023[132] - Sales expenses increased by 54.7% to 4,294,233.52 RMB in the first half of 2024, compared to 2,775,946.84 RMB in the same period of 2023[132] - Credit impairment losses increased by 59.5% to -11,693,420.83 RMB in the first half of 2024, compared to -7,332,363.11 RMB in the same period of 2023[132] - Comprehensive income for the first half of 2024 reached RMB 184,629,590.05, an increase from RMB 160,247,687.61 in the same period last year[133] - Net income attributable to the parent company for the first half of 2024 was RMB 163,792,147.43, up from RMB 138,842,998.51 in the previous year[133] - Basic earnings per share for the first half of 2024 were RMB 0.1113, compared to RMB 0.0943 in the same period last year[133] - Operating income for the parent company in the first half of 2024 was RMB 123,818,973.74, a significant increase from RMB 20,010,488.42 in the previous year[134] - R&D expenses for the parent company increased to RMB 6,798,097.33 in the first half of 2024, up from RMB 3,289,836.50 in the same period last year[134] - Net cash flow from operating activities for the first half of 2024 was RMB 623,200,435.17, compared to RMB 488,277,918.75 in the previous year[136] - Tax refunds received in the first half of 2024 amounted to RMB 29,409,050.46, up from RMB 16,947,717.27 in the same period last year[136] - Operating cash inflow increased to 669.62 million yuan from 555.23 million yuan, reflecting a 20.6% growth[137] - Net cash flow from operating activities rose to 239.09 million yuan, up 67.4% from 142.78 million yuan[137] - Cash outflow for investment activities decreased to 259.62 million yuan from 1.23 billion yuan, a 78.9% reduction[137] - Net cash flow from investment activities improved to -259.38 million yuan from -386.98 million yuan[137] - Cash inflow from financing activities increased to 689.63 million yuan from 311.02 million yuan, a 121.7% rise[137] - Net cash flow from financing activities worsened to -112.91 million yuan from -65.28 million yuan[137] - Parent company's net cash flow from operating activities improved to -51.10 million yuan from -60.86 million yuan[138] - Parent company's net cash flow from investment activities turned positive at 93.82 million yuan, compared to -247.11 million yuan[138] - Total owner's equity increased by 31.82 million yuan, with minority interests growing by 13.14 million yuan[140] - Total comprehensive income for the first half of 2024 reached RMB 163,792,147.43, with an additional RMB 20,837,442.62, totaling RMB 184,629,590.05[141] - Owner's capital contributions amounted to RMB 145,785.47, with an additional RMB 2,000,000.00, totaling RMB 2,145,785.47[141] - Profit distribution for the period was RMB -147,188,000.00, with an additional RMB -9,882,500.00, totaling RMB -157,070,500.00[142] - Special reserves increased by RMB 1,931,055.15, with an additional RMB 187,877.12, totaling RMB 2,118,932.27[143] - The company extracted RMB 5,096,701.32 in special reserves, with an additional RMB 488,589.20, totaling RMB 5,585,290.52[144] - The company used RMB -3,165,646.17 in special reserves, with an additional RMB -300,712.08, totaling RMB -3,466,358.25[144] - The ending balance for the period was RMB 1,471,880,000.00, with total owner's equity reaching RMB 3,729,931,452.85[144] - Comprehensive income for the period increased by RMB 138,842,998.51, with an additional RMB 21,404,689.10, totaling RMB 160,247,687.61[146] - Owner's capital contributions increased by RMB 995,792.29, with an additional RMB 25,436,278.37, totaling RMB 26,432,070.66[146] - Profit distribution for the period was RMB -80,953,400.00, with an additional RMB -20,382,500.00, totaling RMB -101,335,900.00[147] - The company's total owner's equity at the beginning of the period was RMB 2,940,275,067.14, and it decreased by RMB 110,214,178.21 to RMB 2,830,060,888.93 by the end of the period[151][152] - The company's comprehensive income for the period was RMB 36,828,036.32, while the profit distribution to owners (or shareholders) was RMB -147,188,000.00[151] - The company's total owner's equity for the same period last year was RMB 2,783,539,088.72, and it decreased by RMB 17,430,968.84 to RMB 2,766,108,119.88 by the end of the period[153][154] Business Operations and Projects - The company is involved in various waste-to-energy projects, including the Cixi Municipal Solid Waste Incineration Power Generation Project and the Ningbo Zhenhai District Municipal Solid Waste Incineration Project[6] - The company operates multiple subsidiaries, such as Cixi Zhongke, Ningbo Zhongke, and Mianyang Zhongke, which are involved in environmental services and green energy[6] - The company's projects include the Mianyang Medical Waste Centralized Disposal Center Project and the Shijiazhuang Zhao County Municipal Solid Waste Incineration Power Generation Project[6] - The company is involved in the construction of the Mianyang Municipal Solid Waste Incineration Power Generation Project under a public-private partnership model[6] - The company's projects also include the Jiangyou Municipal Solid Waste Incineration Power Generation Project and the Hengyang Changning Municipal Solid Waste Incineration Power Generation Project[6] - The company's core business includes waste-to-energy projects, circular economy industrial parks, and cogeneration of heat and power[7] - Garbage processed by operational projects reached 2.17 million tons, a year-on-year increase of 24.68%[19] - Electricity generated reached 497.04 million kWh, a year-on-year increase of 7.89%[19] - Heat supply reached 783,400 tons, a year-on-year increase of 59.71%[19] - Core equipment sales contracts signed amounted to approximately 180 million yuan, a significant increase compared to the same period last year[19] - The company acquired the Shijiazhuang project at the end of 2023, achieving significant profit growth within three months of acquisition[20] - Signed 11 heat supply intention agreements, expected to add over 750,000 tons of annual heat supply upon full implementation[20] - Contracted core equipment supply services for projects in Uzbekistan, Indonesia, Thailand, and other countries, with a total contract value of approximately 180 million yuan in the first half of the year[20] - The company has established a service system that meets the highest level of requirements for the operation of domestic waste incineration plants, and has been rated as one of the "Top 20 Comprehensive Strength in China's Domestic Waste Incineration Industry" by the China Urban Environmental Sanitation Association[25] - The company's national AAA-level domestic waste incineration plants account for a leading proportion in the industry, with projects in Cixi, Mianyang, Santai, and Jincheng receiving the highest level of certification (Level 1) for domestic waste incineration plant operation services[25] - The company has achieved a leading position in the industry for the proportion of its heating business, with its two plants in Ningbo forming the largest comprehensive green thermal energy center in China, significantly improving overall plant thermal energy utilization efficiency[25] - The company has successfully developed a circular economy industrial park model, which integrates the treatment of various urban wastes such as domestic waste, kitchen waste, urban sludge, medical waste, and biogas, achieving energy cascade utilization and efficient disposal of secondary pollutants[25] - The company is one of the few in the industry that possesses both domestic waste incineration power generation operation capabilities and advanced technology equipment design and supply capabilities, with its self-developed Automatic Combustion Control System (ACC) being recognized as "domestically leading" and some key equipment reaching "internationally advanced" levels[26] - The company has joined the International Solid Waste Association (ISWA) in the first half of 2024, further solidifying its leading position in the industry[26] - The company's Cixi project has obtained one of the first four "Zero Carbon Energy Certification" certificates in China, highlighting its achievements in green thermal energy utilization[25] - The company's Mianyang project is recognized as one of the first "National Resource Recycling Bases" and "Low Carbon (Zero Carbon) Environmental Industry Park Pilot Units" in China's environmental sanitation industry[26] - The company's main business remains unchanged, focusing on waste-to-energy projects, hazardous waste treatment, and environmental equipment sales and technical services[29] - The company operates waste-to-energy projects under BOT and BOO models, generating revenue from waste treatment, electricity sales, and steam supply[30] - The company has established a circular economy industrial park model, integrating waste treatment processes and generating additional revenue from by-products like biogas and bio-natural gas[30] - The company provides hazardous waste treatment services, including medical waste, and charges fees to hospitals and local governments[29] - The company offers environmental equipment sales, including incinerators and biogas purification systems, as well as technical services for waste treatment projects[29] - The company is involved in project construction, recognizing construction revenue based on project progress[29] - The company operates waste transfer stations, providing waste transportation services and charging related fees[30] - The company's waste-to-energy projects utilize a combined heat and power (CHP) model, supplying heat to nearby industrial enterprises[30] - The company's medical waste treatment project in Mianyang achieves synergistic processing with waste incineration power generation projects, charging hospitals for medical waste treatment fees within the Mianyang region[31] - The company operates under BOT and BOO models for waste incineration power generation projects, with a mature operational and production model covering project acquisition, preparation, construction, and operation[32] - The company's procurement model includes public bidding, self-conducted bidding, and direct purchasing, with procurement plans based on project progress and budget[33] - The company has a robust R&D system, with the R&D Management Department overseeing projects and a committee responsible for reviewing and decision-making[34] - The company focuses on green technology innovation, investing in R&D and equipment upgrades, particularly in areas like heat energy utilization, multi-effect flue gas purification, and fly ash treatment[36] - The company is advancing key R&D projects, including a 2t/d pilot platform for fly ash oxygen-enriched melting, which has passed expert review and is set for long-term testing[37] - The company's flue gas purification technology, developed with the Chinese Academy of Sciences, has completed pilot tests and is expected to address a market size of 15 billion yuan[37] - The company has completed system debugging for fly ash electric furnace melting technology and is conducting thermal system debugging, targeting advanced regions for application[38] - In H1 2024, the company secured 13 core equipment supply contracts worth approximately 180 million yuan, including high-end "thousand-ton" grate supply contracts[38] - The company has obtained 13 patents in H1 2024, including 10 invention patents, and is involved in drafting 10 national/industry/group standards, with 6 already released[38] - The company's heating supply reached 783,400 tons in the first half of 2024, a year-on-year increase of 59.71%[40] - The company signed 11 heating supply intention agreements, which are expected to add an annual heating supply of over 750,000 tons upon full implementation[40] - The company upgraded its automatic combustion control system (ACC), achieving a 1% increase in electricity generation per ton of waste and reducing environmental consumables[41] - The company implemented energy-saving retrofits, achieving energy savings of no less than 20% for air compressors, 15% for water pumps, and 20% for Roots blowers[42] - The company successfully acquired the Shijiazhuang project, achieving significant profit growth within three months of acquisition[45] - The company's Ningbo project saw substantial revenue and profit growth due to heating supply expansion[45] - The company's Cixi project obtained one of the first "Zero Carbon Energy Certification" certificates in China[45] - The company's Mianyang project is recognized as one of the first "National Resource Recycling Base" and "Low Carbon (Zero Carbon) Environmental Industrial Park Pilot Unit" in China[45] - Revenue from domestic waste treatment business increased by 15.17% year-on-year to RMB 584.34 million, with a gross margin of 49.86%[53] - Revenue from environmental equipment sales and technical services surged by 278.55% year-on-year to RMB 105.44 million, but the gross margin decreased by 7.79% to 7.98%[53] - Project construction business revenue declined by 48.59% year-on-year to RMB 92.85 million, with a slight increase in gross margin to 2.21%[53] - Total investment in BOT and BOO projects reached RMB 1.26 billion, with RMB 544.79 million completed during the reporting period[54] - The Cixi domestic waste incineration power generation project generated revenue of RMB 213.19 million and operating profit of RMB 56.15 million[54] - The Mianyang domestic waste incineration power generation project generated revenue of RMB 110.45 million and operating profit of RMB 43.52 million[54] - The company's monetary funds decreased by 1.78% to RMB 869.45 million, accounting for 12.10% of total assets[55] - Fixed assets increased by 2.71% to RMB 1.12 billion, accounting for 15.61% of total assets[55] - Long-term loans increased by 1.43% to RMB 2.01 billion, accounting for 27.90% of total