RHI(002483)2023-04-03 16:00Capital and Share Transactions - The company raised a total of RMB 646.20 million through a private stock issuance, with net proceeds of RMB 627.24 million after deducting issuance costs of RMB 18.96 million[1] - The company repurchased and canceled 23,458,100 restricted shares at RMB 5.93 per share, reducing total shares from 443,737,950 to 420,279,850[2] - A capital reserve transfer of 6 shares for every 10 shares held increased total shares from 420,279,850 to 672,447,760[3] - The company issued 269,840,975 new shares at RMB 1 par value to acquire assets, increasing registered capital to RMB 942,288,735[4][5] - Guangzhou Industrial Investment Holding Group acquired 188,457,747 shares (20% stake) and became the controlling shareholder, with actual control transferred to Guangzhou Municipal Government[6] - As of December 31, 2022, the company's paid-in capital (share capital) was RMB 942,288,735[7] Business Operations and Industry Focus - The company operates in heavy equipment manufacturing and environmental protection industries, with main products including material handling equipment, marine engineering equipment, and waste treatment services[10] - The company had 41 consolidated subsidiaries in 2022, an increase of 1 from the previous year[11] - The company operates in the general equipment manufacturing and environmental protection industries, with a focus on green and intelligent development in high-end equipment manufacturing[51][52] - The environmental protection industry is experiencing strong growth due to favorable policies and increasing market demand, with significant investment expected in the future[53] - The company's material handling equipment business is a leader in the industry, with strong technological and brand advantages, and has expanded internationally through acquisitions[54] - The company's environmental protection business focuses on hazardous and medical waste treatment, with subsidiaries holding significant stakes in related companies[55] - The company's core competitiveness in high-end equipment includes technological and brand advantages, with recognized trademarks and certifications[56] Financial Performance - Revenue for 2022 reached RMB 5,174,196,678.65, a 34.51% increase compared to 2021[39] - Net profit attributable to shareholders in 2022 was RMB 53,152,918.44, a significant decrease of 84.79% from 2021[39] - Operating cash flow surged by 455.10% to RMB 1,817,147,923.91 in 2022[39] - Basic earnings per share dropped by 83.78% to RMB 0.06 in 2022[39] - Total assets grew by 27.96% to RMB 10,364,541,615.14 at the end of 2022[39] - Shareholders' equity decreased by 6.30% to RMB 3,981,681,717.35 at the end of 2022[39] - Revenue for Q1, Q2, Q3, and Q4 were 898.34 million, 782.07 million, 1.24 billion, and 2.26 billion respectively[44] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 were 49.18 million, 73.33 million, 46.12 million, and -115.47 million respectively[44] - Net cash flow from operating activities for Q1, Q2, Q3, and Q4 were 229.19 million, 1.59 billion, -49.03 million, and 50.89 million respectively[44] - Non-recurring gains and losses for 2022 amounted to 233.99 million, with significant contributions from government subsidies (12.93 million) and other non-operating income (314.53 million)[46][47] Subsidiaries and Investments - The company's subsidiary, Zhongyou Environmental, has a hazardous waste and medical waste disposal capacity of over 330,000 tons/year, including 180,485 tons/year for hazardous waste incineration, 107,500 tons/year for comprehensive disposal, and 43,375 tons/year for medical waste disposal[60] - Lvwei Environmental has a sludge disposal capacity of approximately 1.2 million tons/year (at 80% moisture content) and a sludge co-firing steam supply capacity of approximately 1.4 million tons/year[60] - The company completed the acquisition of Kalmar's port container crane business, enhancing its competitiveness in the global port machinery market[63] - Runbao Heavy Machinery secured an additional 6.6 billion yuan contract for bulk material handling equipment from a UAE customer[65] - Runbao Marine successfully won its first overseas offshore wind power project order, marking a significant step in the company's offshore wind power equipment business expansion[65] - Lvwei Environmental won multiple sludge disposal service projects, including the Zhuhai Fushan Water Purification Plant sludge transportation and disposal service procurement project[65] - Zhongyou Environmental can dispose of 26 out of 46 categories of hazardous waste listed in the National Hazardous Waste Directory[58] - The company has established sales and after-sales service networks in Southeast Asia, South America, India, South Africa, and Germany, supporting its internationalization strategy[57] Financial Assistance and Guarantees - Zhongyou Environmental provided financial assistance of 15.4012 million RMB to Ande Environmental, a subsidiary in which it holds a 30% stake[18] - The outstanding financial assistance from Zhongyou Environmental to Ande Environmental at the end of the reporting period was 6.8834 million RMB[18] - Nantong Runbang Heavy Machinery provided a guarantee of 3 million RMB from March 24, 2022, to March 23, 2023[19] - Nantong Runbang Heavy Machinery provided a guarantee of 4.5 million RMB from January 20, 2022, to December 28, 2022[19] - Nantong Runbang Heavy Machinery provided a guarantee of 1 million RMB from August 5, 2022, to April 29, 2023[19] - Nantong Runbang Heavy Machinery provided a guarantee of 14 million RMB from September 13, 2022, to September 12, 2024[19] - Jiangsu Lvwei Environmental Technology provided a guarantee of 1 million RMB from September 3, 2021, to September 3, 2024[19] - Jiangsu Lvwei Environmental Technology provided a guarantee of 1.2 million RMB from January 5, 2022, to January 4, 2023[19] - Jiangsu Lvwei Environmental Technology provided a guarantee of 3.3 million RMB from August 1, 2021, to May 31, 2023[19] - Jiangsu Lvwei Environmental Technology provided a guarantee of 2 million RMB from July 21, 2021, to June 30, 2022[19] - The company's total approved guarantee amount for subsidiaries is 1,987,000 million yuan, with 70% allocated to the company and 30% to subsidiaries[23] - The company approved a guarantee limit of 60,000 million yuan for customer financing lease repurchase guarantees in 2021[23] - A guarantee limit of 9,000 million yuan was approved for Jiangmen Shuangshui Lüwei Environmental Technology Co., Ltd. in 2022[23] - Nantong Runbang Marine Engineering Equipment Co., Ltd. received a guarantee of 100,000 million yuan in 2021[21] - Shijiazhuang Zhongyou Youyi Environmental Technology Co., Ltd. received a guarantee of 10,000 million yuan in 2022[21] - Huaian Zhongyou Youyi Environmental Service Co., Ltd. received a guarantee of 1,000 million yuan in 2022[21] - Anshun Zhongyou Youyi Environmental Service Co., Ltd. received a guarantee of 3,000 million yuan in 2022[21] - Heze Wanqingyuan Environmental Technology Co., Ltd. received a guarantee of 20,000 million yuan in 2022[21] - Suqian Zhongyou Youyi Environmental Service Co., Ltd. received a guarantee of 5,000 million yuan in 2021[22] - Hubei Zhongyou Youyi Environmental Technology Group Co., Ltd. received a guarantee of 3,600 million yuan in 2019[22] Research and Development - R&D expenses surged by 32.50% to 212,106,656.89 in 2022, driven by the development of new products, processes, and technologies[68] - The company is developing a 3000t fully revolving marine engineering crane to enhance competitiveness in the offshore wind equipment market[69] - Research on large offshore wind crane base construction has been completed, aiming to meet market demand and become a new revenue and profit growth point[70] - The deep-water modular multi-purpose pile stabilization platform is in the testing phase, designed to enhance the company's competitiveness in the offshore wind equipment sector[70] - The intelligent remote control research project for gantry cranes has been completed, aiming to improve operational efficiency and market competitiveness[70] - The company has completed the development of sludge independent incineration technology, targeting domestic market sales and new revenue streams[70] - The river silt resource utilization project is under development, aiming to create new income and profit growth points by recycling river silt[70] - R&D personnel increased to 407 in 2022, up 7.11% from 380 in 2021[71] - R&D investment reached RMB 212.11 million in 2022, a 32.50% increase from RMB 160.08 million in 2021[71] - R&D investment accounted for 4.10% of revenue in 2022, slightly down from 4.16% in 2021[71] - The number of R&D personnel with a bachelor's degree increased by 10.14% to 239 in 2022[71] - The number of R&D personnel aged 40 and above increased by 20.48% to 100 in 2022[71] Environmental Compliance and Sustainability - The company and its subsidiaries have obtained pollution discharge permits and passed environmental impact assessments for all construction projects[152-157] - Sulfur dioxide emissions from the hazardous waste incineration workshop at Zhanhua Greenway Bioenergy Co., Ltd. were 6.43 tons, with an annual emission of 17.28 tons[159] - Nitrogen oxide emissions from the hazardous waste incineration workshop at Zhanhua Greenway Bioenergy Co., Ltd. were 40.7 tons, with an annual emission of 49.54 tons[159] - Particulate matter emissions from the hazardous waste incineration workshop at Zhanhua Greenway Bioenergy Co., Ltd. were 1.14 tons, with an annual emission of 24.7 tons[159] - Sulfur dioxide emissions from the medical waste incineration workshop at Zhanhua Greenway Bioenergy Co., Ltd. were 5.64 tons, with an annual emission of 164.7 tons[159] - Nitrogen oxide emissions from the medical waste incineration workshop at Zhanhua Greenway Bioenergy Co., Ltd. were 25.4 tons, with an annual emission of 98.8 tons[159] - Sulfur dioxide emissions from the hazardous waste incineration workshop at Heze Wanyuan Environmental Technology Co., Ltd. were 0.117 tons, with an annual emission of 24.3 tons[159] - Nitrogen oxide emissions from the hazardous waste incineration workshop at Heze Wanyuan Environmental Technology Co., Ltd. were 1.42 tons, with an annual emission of 30.4 tons[159] - Sulfur dioxide emissions from the hazardous waste incineration workshop at Nantong Runqi Environmental Service Co., Ltd. were 0.257 tons, with an annual emission of 31.2 tons[159] - Nitrogen oxide emissions from the hazardous waste incineration workshop at Nantong Runqi Environmental Service Co., Ltd. were 28.553 tons, with an annual emission of 70.2 tons[159] - Particulate matter emissions from the hazardous waste incineration workshop at Nantong Runqi Environmental Service Co., Ltd. were 2.078 tons, with an annual emission of 8.58 tons[159] - The company's hazardous waste incineration workshop has a sulfur dioxide emission of 0.52t and nitrogen oxide emission of 36.1t/a[160] - The hazardous waste incineration workshop's emission control standards meet GB18484-2020, with sulfur dioxide emission at 3mg/m³ and nitrogen oxide emission at 72mg/m³[160] - The wastewater treatment station has a chemical oxygen demand (COD) of 67.2mg/L and ammonia nitrogen concentration of 5.84mg/L[161] - The boiler flue gas treatment at Zhanhua Greenway Bioenergy Co., Ltd. achieves a denitrification rate of 50% using low-nitrogen combustion + SNCR denitrification[162] - The boiler flue gas treatment at Zhanhua Greenway Bioenergy Co., Ltd. achieves a dust removal rate of 99% using bag filter + wet electrostatic precipitator[162] - The boiler flue gas treatment at Zhanhua Greenway Bioenergy Co., Ltd. achieves a desulfurization efficiency of 85% using dual-alkali desulfurization[162] - Heze Wanqingyuan Environmental Technology Co., Ltd. uses a comprehensive purification process for incinerator flue gas, including SNCR denitrification and multi-stage purification[163] - The hazardous waste storage warehouse at Heze Wanqingyuan Environmental Technology Co., Ltd. uses a negative pressure gas collection system with alkali washing and activated carbon adsorption[163] - The wastewater treatment station has a design capacity of 500m³/d and uses a multi-stage treatment process including coagulation, Fenton oxidation, hydrolysis, A/O biological treatment, and MBR[164] - The wastewater treatment station partially recycles treated water and discharges the rest to the industrial park's wastewater treatment plant after meeting GB/T31962-2019 standards[164] - The company invested a total of 43.96 million yuan in environmental governance and protection in 2022[176] - The company paid a total of 591,800 yuan in environmental protection taxes in 2022[176] - The company's waste incineration flue gas treatment process meets the emission standards of the "Pollution Control Standards for Hazardous Waste Incineration"[166] - The company's wastewater treatment station has a design capacity of 150 cubic meters per day[166] - The company has installed online monitoring facilities for flue gas and uploaded data to the Binzhou Environmental Monitoring Station platform[167] - The company has developed and filed emergency environmental event response plans with local environmental protection bureaus[170][171][172][173][174][175] - The company did not receive any environmental penalties during the reporting period[178] - The company actively implements measures to reduce carbon emissions and pollution in compliance with environmental laws[177] - The company emphasizes environmental responsibility and promotes harmonious development between the environment and business operations[182] Corporate Governance and Leadership - The company's audit was conducted by Grant Thornton LLP (Special General Partnership)[39] - The company has established a comprehensive performance evaluation and incentive mechanism for directors, supervisors, and senior management, ensuring transparent and compliant appointments[105] - The company has a dedicated internal audit department that regularly inspects and supervises financial status, major investments, and related transactions, assisting the board's audit committee[107] - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, organization, and finance, ensuring autonomous operational capabilities[110] - The company has a complete business operation system and independent market development capabilities, with no reliance on its controlling shareholders or their affiliated enterprises[111] - The company's senior management, including the Chairman, President, Vice Presidents, CFO, and Board Secretary, are all full-time employees who receive salaries exclusively from the company and do not hold any positions or receive compensation from controlling shareholders or their affiliated entities[112] - The company possesses a complete set of assets, including production systems, auxiliary production systems, infrastructure, land use rights, property rights, and intellectual property, all of which are clearly defined and not controlled or occupied by controlling shareholders[113] - The company's organizational structure, including the Board of Shareholders, Board of Directors, Supervisory Board, and management, operates independently from controlling shareholders, with no shared offices or management interference[114] - The company maintains an independent financial department with a dedicated team, an independent accounting system, and separate bank accounts, ensuring no financial mixing with controlling shareholders[115] - The 2021 Annual General Meeting had a 20.45% investor participation rate, with resolutions published on May 21, 2022[116] - The 2022 First Extraordinary General Meeting had a 20.32% investor participation rate, with resolutions published on April 29, 2022[116] - The 2022 Second Extraordinary General Meeting had a 20.12% investor participation rate, with resolutions published on November 12, 2022[116] - Chairman Long Yong, born in December 1974, has extensive experience in various leadership roles, including at Guangzhou Industrial Investment Holding Group, and currently serves as the Chairman of the company's fifth Board of Directors[119] - Mr. Shi Xiaoyue, a Chinese national, serves as the Chief Engineer and Director of Jiangsu Run Heavy Industries Co., Ltd., and holds multiple executive positions in affiliated companies[123] - Mr. Lu Zhenhua, a Chinese national, is the Vice President of the Guangdong Port Association and an independent director of the company[120] - Mr. Xu Yonghua, a Chinese national, holds the position of General Manager Assistant and Director of the President's Office at Nantong Run Heavy Machinery Co., Ltd., a subsidiary of the company[121] - Ms. Dai Yiming, a Chinese national, serves as the Director of the company's Office and a representative supervisor on the board[121] - Mr. Liu Liang holds multiple directorial roles in various companies, including Chairman of Jinjun Enterprise (Group) Co., Ltd. and Director of Guangzhou Industrial Control Service Management Co., Ltd.[122] - Mr. Zhang Jinxiang serves as a Director and General Manager in several companies, including Guangzhou Guangzhong Enterprise Group Co., Ltd. and Guangzhou Guangzhong Separation Machinery Co., Ltd.[122] - Mr. Ao Jian holds executive positions in multiple subsidiaries, including Executive Director and General Manager of Nantong Run Heavy Machinery Co., Ltd. and Jiangsu Run Industrial Equipment Co., Ltd.[122] - Mr. Shi Xiaoyue is also the Executive Director of Jiangsu Lanchao Offshore Wind Power Engineering Construction Co., Ltd. and Nantong Run Ocean Engineering Equipment Co., Ltd.[123] - Mr. Lu Zhenhua is a member of the Guangdong Port Association and holds a leadership role as Vice President[120] - Mr. Zuo Liang serves as Chairman of Guangzhou Industrial Control Capital Management Co., Ltd. and Guangzhou Wanbao Chang