China Tianying(SZ:000035)2024-04-29 11:06Technology and Innovation - The company has successfully completed the localization of new gravity energy storage technology equipment, holding full independent intellectual property rights and being the first in China to carry out large-scale commercial projects in this field[5]. - The company has accumulated a total of 658 authorized patents, including 98 invention patents, and has been recognized for its innovative technologies in both environmental protection and new energy sectors[9]. - The new gravity energy storage technology is designed to enhance power system reliability and is characterized by high safety, environmental friendliness, and low costs[5]. - The company aims to address the instability and intermittency of renewable energy through the development of new energy storage technologies, which are crucial for the transition from fossil fuels to renewable energy[18]. - The company is exploring a new integrated application model of "wind and solar power + gravity energy storage," which aims to enhance local renewable energy utilization[46]. - The slope-type gravity energy storage project has completed small-scale testing, aiming to establish a replicable and promotable industrial model for domestic gravity energy storage technology, enhancing the company's core competitiveness and creating a new growth pole[56]. - The high calorific value solid waste incineration water-cooled grate system has achieved key technology equipment's independent manufacturing, which will increase the lifespan of grate plates and enhance the company's international influence in equipment manufacturing[56]. - The self-built high-altitude gravity energy storage technology has mastered core design and manufacturing technologies, with ongoing efforts to establish an industrial demonstration project, promoting the domestic energy storage industry's scale and market development[56]. - The plasma fly ash resource treatment technology has achieved independent manufacturing of key equipment, aiming to break foreign technology monopolies and enhance the company's core competitiveness[56]. - The green hydrogen and ammonia intelligent control and scheduling system has developed a control algorithm for hydrogen production processes, improving operational efficiency through real-time monitoring and scheduling[56]. Financial Performance - The total revenue from the top five customers amounted to ¥927,698,301.88, accounting for 17.43% of the annual total sales[29]. - The total cost of urban sanitation services reached ¥801,382,915.66, representing 20.79% of the operating costs, an increase of 7.85% year-on-year[25]. - The total cost for power supply and waste disposal services was ¥1,175,396,926.81, which is 30.50% of the operating costs, reflecting a year-on-year increase of 12.72%[25]. - Total revenue for urban sanitation services reached ¥1,061,720,866.86, with a year-on-year increase of 18.25%[49]. - Total revenue for power supply and waste treatment services was ¥2,077,434,165.92, reflecting a year-on-year growth of 33.23%[49]. - The gross profit margin for power supply and waste treatment services improved to 43.42%, an increase of 4.92% compared to the previous year[49]. - Revenue from construction services decreased significantly by 60.79% year-on-year, totaling ¥1,091,847,440.66[49]. - The company reported a total revenue of ¥3,983,725,717.02 from China, which is a decrease of 20.90% year-on-year[49]. - Revenue from other regions in Asia reached ¥587,994,417.93, with a slight increase of 0.94% year-on-year[49]. - The gross profit margin for the Asian region was 48.11%, showing a significant improvement[49]. Project Development and Expansion - The company is focusing on the integration of wind, solar, hydrogen, ammonia, and alcohol in its new energy system, aiming to create a green energy production base and a zero-carbon industrial structure[21]. - The company is actively expanding its gravity energy storage applications, with multiple projects underway to capitalize on this emerging technology[19]. - The company has established a strong foundation for future project expansion through its experience in investment, construction, and operation of waste incineration power generation projects[4]. - The company is leveraging various financing channels, including bank loans and industrial funds, to effectively reduce construction costs for waste incineration and new energy projects[12]. - The company has committed a total investment of CNY 9,960 million in the 100MW h gravity energy storage project, achieving 100% investment progress[68]. - The company is advancing its environmental protection and renewable energy sectors, focusing on the commercialization of gravity energy storage technology and has successfully acquired multiple projects during the reporting period[72]. Human Resources and Employee Development - Research and development personnel increased to 361, a rise of 24.48% compared to 290 in the previous year, with R&D personnel accounting for 1.86% of the total workforce[32]. - The company has established a dual-track career development system for employees, linking salary and bonuses closely to performance contributions[58]. - The company has implemented a dual strategy of "Environmental Protection + New Energy," focusing on talent cultivation and empowerment to drive business transformation and upgrade[142]. - The company launched 177 new internal training courses through its "Tianying University" platform, enhancing employee skills in environmental protection and new energy sectors[143]. - The company has established a system for rewarding employees involved in technology innovation, patent development, and academic contributions, with hundreds of thousands of yuan allocated annually for these incentives[139]. - The company has developed an "Overseas Project Incentive Management Method" to reward employees who secure international market orders, promoting overseas project engagement[139]. Governance and Compliance - The company has established a robust governance structure and internal control system to ensure compliance with relevant laws and regulations, enhancing operational quality[83]. - The company emphasizes balancing the interests of stakeholders to achieve sustainable development and social value[86]. - The company has not sold any significant assets during the reporting period, maintaining its operational integrity[95]. - The company is committed to independent operations, ensuring that its business activities are not influenced by major shareholders or related parties[89]. - The company has established specialized committees within the board, including an audit committee and a remuneration and assessment committee[129]. - The supervisory board confirmed that all related party transactions in 2023 were conducted in the normal course of business, with fair pricing and compliance with legal regulations, protecting the interests of the company and its shareholders[184]. - The supervisory board reported no violations regarding external guarantees to controlling shareholders or related parties, nor any unauthorized fund occupation during the reporting period[184]. - The company maintained a robust insider information management system, preventing any insider trading incidents prior to the disclosure of sensitive information[187]. - The supervisory board conducted a thorough review of the company's governance practices, ensuring compliance with the Company Law and other regulatory guidelines[183]. Environmental Management - The company reported SO2 emissions of 50.7 mg/m³, significantly below the limit of 80 mg/m³, with a total of 53.24 tons emitted[192]. - NOx emissions were recorded at 202.32 mg/m³, also under the limit of 250 mg/m³, totaling 210.05 tons[192]. - The COD levels in wastewater were reported at 44.45 mg/L, well below the threshold of 500 mg/L[192]. - The ammonia nitrogen levels in wastewater were reported at 1.6 mg/L, significantly lower than the limit of 25 mg/L[192]. - The company has recorded a significant reduction in particulate matter emissions, with levels at 3.3 mg/m³ against a limit of 20 mg/m³[192]. - The company has not experienced any environmental incidents throughout 2023, indicating effective environmental management practices[195]. - The company is actively expanding its environmental emergency response plans, with recent approvals from local ecological environment authorities[194][195]. Strategic Development - The company plans to develop its wind, solar, hydrogen, ammonia, and gravity energy storage projects in phases, requiring careful financial planning to manage potential impacts on its asset-liability ratio and cash flow[80]. - The company is facing intensified competition in the waste-to-energy and environmental sanitation service industries, necessitating innovation and refined management to maintain its market position[77]. - The company is expanding its international market presence while carefully analyzing risks related to legal and political changes in host countries[78]. - The company aims to enhance its core technological capabilities through continuous R&D investment and collaboration, leading to advancements in smart manufacturing and digitalization[73]. - The company is focused on integrating strategic elements such as industry, technology, and capital into a dual circulation system to enhance its strategic depth and expand its market presence[98]. - The company aims to leverage its core technology and project management advantages in overseas markets, particularly through waste-to-energy BOT projects[98]. - The company is committed to sustainable development and enhancing its operational capabilities to achieve high-quality growth in both domestic and international markets[100]. Shareholder and Financial Returns - The company reported a cash dividend of 0.21 CNY per share (including tax), with a total cash dividend amounting to 50,148,688.15 CNY, representing 6.19% of the distributable profit for 2023[118]. - The total distributable profit for the parent company in 2023 was 810,458,094.48 CNY, with a net profit of 155,469,911.74 CNY after statutory surplus reserve deductions[118]. - The end-of-period market price per share was 4.94 yuan[122]. - The total number of stock options granted during the reporting period was 9,910,000[122]. - The employee stock ownership plan included 107 employees holding a total of 14,561,257 shares, representing 0.58% of the company's total equity[126]. - The chairman of the board, Yan Shengjun, increased his shareholding from 502,061.98 shares to 992,448.11 shares, representing 0.04% of the total equity[126].