Financial Performance - Basic earnings per share for the first half of 2022 was CNY 0.1681, an increase of 10.52% compared to CNY 0.1521 in the same period last year[20] - Diluted earnings per share for the first half of 2022 was CNY 0.1685, reflecting a 12.33% increase from CNY 0.1500 year-on-year[20] - The weighted average return on net assets was 3.84%, up from 3.72% in the previous year, indicating an increase of 0.12 percentage points[20] - The basic earnings per share after deducting non-recurring gains and losses was CNY 0.1592, which is an 8.97% increase from CNY 0.1461 in the same period last year[20] - The weighted average return on net assets after deducting non-recurring gains and losses was 3.64%, an increase of 0.07 percentage points from 3.57%[20] - The company's operating revenue for the first half of the year reached ¥510,813,349.70, representing a 26.59% increase compared to ¥403,523,506.56 in the same period last year[22] - Net profit attributable to shareholders was ¥75,643,269.60, up 10.48% from ¥68,468,756.49 year-on-year[22] - The net profit after deducting non-recurring gains and losses was ¥71,645,580.22, reflecting an 8.97% increase from ¥65,747,319.98 in the previous year[22] Cash Flow and Liquidity - The net cash flow from operating activities decreased significantly by 57.78%, amounting to ¥61,585,924.93 compared to ¥145,867,385.17 in the same period last year[22] - Cash and cash equivalents at the end of the period reached CNY 761,998,984.66, a 145.82% increase from CNY 309,985,260.32, mainly due to funds raised from a non-public offering[44] - The company reported a cash flow from operating activities of CNY 61,585,924.93 for the first half of 2022, down from CNY 145,867,385.17 in the same period of 2021, reflecting a decrease of approximately 57.8%[153] - The ending cash and cash equivalents balance was ¥60,677,225.38, down from ¥106,611,967.98, highlighting a decrease in liquidity[157] Assets and Liabilities - The company's net assets attributable to shareholders increased by 28.33% to ¥2,485,940,449.05 from ¥1,937,151,540.50 at the end of the previous year[22] - Total assets grew by 12.80% to ¥5,572,884,586.43 from ¥4,940,687,049.96 at the end of the previous year[22] - Total liabilities at the end of the reporting period amounted to ¥285,496.95 million, reflecting a growth of 3.15% from the beginning of the period, while the debt-to-asset ratio decreased by 4.79% to 51.23%[133] - The total liabilities at the end of the reporting period are CNY 2,717,915,084.28, reflecting an increase from CNY 2,485,940,449.05 in the previous period, which is an increase of approximately 9.3%[168] Industry and Market Position - The company operates in the wastewater treatment industry, focusing on investment, operation, management, and maintenance of wastewater treatment facilities[25] - Government policies are increasingly supportive of the wastewater treatment sector, with plans to enhance treatment capacity and resource utilization by 2025[28] - The company is positioned to benefit from the growing market demand driven by regulatory requirements and increased environmental investment[28] Research and Development - R&D expenses increased by 36.61% to CNY 10,723,574.15, up from CNY 7,849,891.40, indicating a significant rise in investment in new technologies[40] - The company has invested in two construction waste disposal projects, focusing on recycling and resource utilization of solid waste[31] - The company holds 5 invention patents and 67 utility model patents, reflecting its commitment to innovation and technology development[35] Environmental Compliance - Total phosphorus emissions for the first half of 2022 were reported at 4.80 tons, with a compliance standard of ≤16.425 tons/year[64] - Chemical oxygen demand (COD) emissions reached 140.91 tons, against a limit of ≤1095 tons/year[64] - The company is focused on maintaining compliance with environmental discharge standards across all facilities[64] - The company has implemented emergency response plans for sudden environmental incidents, ensuring rapid and effective responses[71] Shareholder and Corporate Governance - The company committed to not reducing its holdings in Haixia Environmental shares for 12 months following the IPO, with a maximum reduction of 50% allowed in the subsequent 6 months[84] - The company will ensure timely and accurate information disclosure in compliance with stock exchange rules[86] - The company has committed to strictly adhere to the disclosure commitments made in the prospectus for its initial public offering[90] - The company has established measures to avoid competition with its controlling shareholders to ensure long-term stability and development[91] Financial Management and Strategy - The company plans to strengthen asset-liability management and liquidity management to ensure timely payment of interest and principal for its debts[133] - The company plans to explore diversified financing methods to meet funding needs and improve capital efficiency[55] - The company is actively exploring the PPP business model in environmental protection, but faces uncertainties due to the nascent stage of this model in China[57] Risks and Challenges - The company has detailed the potential risks in the report, which investors should review[6] - The company has identified risks related to industry regulation and policy, which may impact operational costs and revenue adjustments[52] - The company is facing significant liquidity and debt repayment risks due to its capital-intensive nature, with a potential increase in debt scale impacting operations[55]

Financial Performance - The company reported a total distributable profit of RMB 590,991,573.60 as of December 31, 2021[6]. - A cash dividend of RMB 0.66 per share (including tax) is proposed, amounting to a total of RMB 29,711,060.21 to be distributed to shareholders[6]. - The cash dividend payout ratio for the year is 20.29%[6]. - The company achieved operating revenue of CNY 889,578,798.24 in 2021, representing a year-on-year increase of 21.39%[24]. - Net profit attributable to shareholders reached CNY 146,458,509.74, up 12.62% compared to the previous year[24]. - The company's total assets increased to CNY 4,940,687,049.96, reflecting a growth of 9.62% year-on-year[25]. - The total profit reached 166.93 million RMB, reflecting an 8.40% growth compared to the previous year[49]. - The company reported a basic earnings per share of CNY 0.3254, which is a 12.60% increase from the previous year[26]. - The weighted average return on equity rose to 7.81%, an increase of 1.00 percentage points year-on-year[26]. - The net profit after deducting non-recurring gains and losses was CNY 140,165,383.45, up 9.80% from the previous year[24]. Operational Efficiency - The cash flow from operating activities was CNY 241,560,689.06, a decrease of 23.64% from the previous year[24]. - The company processed 39,741.25 million tons of wastewater, an increase of 16.31% year-on-year[32]. - The actual settlement volume of wastewater reached 40,786.89 million tons, growing by 9.79% compared to the previous year[32]. - The company operates 30 wastewater treatment facilities with a designed treatment capacity of 1,867,900 tons per day, of which 1,270,400 tons per day are currently operational[42]. - The company is focusing on enhancing operational efficiency and cost management to drive high-quality development[34]. - The company is actively pursuing strategic investments in wastewater and solid waste treatment sectors to capitalize on market opportunities[33]. Innovation and Development - The company was recognized as a high-tech enterprise and has obtained 2 invention patents and 33 utility model patents, showcasing its commitment to innovation[35]. - Research and development expenses increased by 22.89% to 21.24 million RMB, indicating a focus on innovation[50]. - The company is investing 50 million RMB in R&D for new technologies aimed at improving operational efficiency[113]. - The company is committed to original innovation and collaborative research, aiming to accelerate the transformation and application of research results in energy-saving and efficiency-enhancing technologies[89]. Environmental Compliance - The company operates under the GB18918-2002 pollution discharge standards, ensuring compliance with national regulations[147]. - The company has implemented pollution prevention facilities that comply with national and local environmental protection laws, achieving standard emissions without any administrative penalties[151]. - The company has been recognized as a "provincial-level water-saving unit" in 2021, contributing to the creation of a water-saving city in Fuzhou[157]. - The company has adopted low-energy and low-carbon wastewater treatment processes for new projects, focusing on eco-friendly design[158]. Strategic Planning and Governance - The company has established fair and transparent performance evaluation standards and procedures for directors, supervisors, and managers, continuously promoting performance evaluation and incentive mechanisms in line with business development strategies[102]. - The company strictly adheres to legal requirements for information disclosure, ensuring that all shareholders have equal access to company information and further standardizing insider information management to prevent insider trading[102]. - The company is focused on optimizing its asset structure and enhancing capital operations to improve overall efficiency and support its growth strategy[88]. - The company has a diverse management team with extensive experience in various sectors, including water management and environmental protection[109]. Market Expansion and Future Outlook - The company provided a future outlook, projecting a revenue growth of 10-12% for the next fiscal year[113]. - Market expansion plans include entering two new provinces, which are projected to increase market share by 5%[112]. - The company aims to achieve a sewage treatment capacity increase of 20 million tons per day by 2025, as part of the national plan to enhance urban sewage treatment infrastructure[84]. - The company is actively pursuing mergers and acquisitions to strengthen its position in the environmental services market and enhance its service offerings[88]. Risk Management - The company faces regulatory and policy risks due to its reliance on environmental protection policies, which may impact its operational speed and scale[92]. - The company is addressing the risk of delayed price adjustments in wastewater treatment services, which could affect profitability due to rising operational costs[93]. - The company is exploring diverse financing methods to address liquidity and debt repayment risks inherent in the capital-intensive wastewater treatment industry[96]. - The company will closely monitor national policy changes and carefully identify project risks to select high-quality, low-risk investment projects due to increased operational risks leading to lower-than-expected economic benefits[98].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 209,583,591.14, representing a year-on-year increase of 4.94%[5] - The net profit attributable to shareholders for the same period was CNY 33,147,898.96, reflecting a growth of 6.10% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was CNY 32,270,677.86, which is an increase of 8.48% year-on-year[5] - Total operating revenue for the first three quarters of 2021 reached RMB 613,107,097.70, compared to RMB 524,403,360.82 in the same period of 2020, representing an increase of approximately 16.9%[20] - Net profit for Q3 2021 was ¥94,836,930.50, slightly down from ¥96,019,869.06 in Q3 2020, indicating a decrease of about 1.2%[22] - The company reported a total profit of ¥119,470,940.15, up from ¥116,302,303.67, reflecting an increase of approximately 2.0% year-over-year[22] Earnings Per Share - The basic earnings per share for Q3 2021 was CNY 0.0737, an increase of 6.20% year-on-year[6] - The diluted earnings per share for the same period was CNY 0.0729, reflecting a growth of 3.99% compared to the previous year[6] - Basic earnings per share increased to ¥0.2258 from ¥0.2187, showing a growth of approximately 5.0%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 4,688,905,012.30, up 4.04% from the end of the previous year[6] - As of September 30, 2021, total assets amounted to RMB 4,688,905,012.30, up from RMB 4,507,013,052.87 at the end of 2020, indicating a growth of about 4.02%[18] - The total liabilities as of September 30, 2021, were RMB 2,560,546,641.63, compared to RMB 2,449,980,086.90 at the end of 2020, representing an increase of about 4.5%[18] - The company's equity attributable to shareholders increased to RMB 1,892,309,686.20 from RMB 1,815,674,556.55, reflecting a growth of approximately 4.2%[18] - The total liabilities of the company were CNY 2,449,980,086.90, with current liabilities totaling CNY 1,141,023,179.21[29] - The company's total equity reached CNY 2,057,032,965.97, with equity attributable to shareholders amounting to CNY 1,815,674,556.55[29] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 188,979,074.15, showing a decline of 30.39%[6] - Cash flow from operating activities generated ¥188,979,074.15, down from ¥271,497,232.61, a decrease of about 30.4%[25] - The company incurred a net cash outflow from investing activities of ¥226,379,499.36, compared to a net outflow of ¥263,739,369.56 in the previous year[25] - The company’s financing activities resulted in a net cash outflow of ¥6,833,008.30, an improvement from a net outflow of ¥32,786,186.98 in the same period last year[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,702[11] - The largest shareholder, Fuzhou Water Investment Development Co., Ltd., held 258,970,588 shares, accounting for 57.53% of the total shares[12] Operating Costs and Expenses - Total operating costs increased to ¥492,050,023.20 from ¥415,263,718.40, representing a growth of approximately 18.4% year-over-year[21] - Research and development expenses rose to ¥14,260,060.89 from ¥10,397,052.96, marking an increase of about 37.5%[21] Current Assets and Inventory - Current assets totaled RMB 1,210,291,477.02 as of September 30, 2021, compared to RMB 1,087,963,828.70 at the end of 2020, reflecting an increase of approximately 11.2%[15] - The company's cash and cash equivalents decreased to RMB 308,271,557.32 from RMB 352,280,924.16, a decline of about 12.5%[15] - Accounts receivable rose to RMB 443,470,950.73 from RMB 392,097,976.90, marking an increase of approximately 13.1%[15] - The company reported a decrease in inventory from RMB 34,900,526.31 to RMB 29,250,081.31, a reduction of about 16.3%[15] Long-term Borrowings - Long-term borrowings increased to RMB 695,838,649.15 from RMB 657,242,239.72, an increase of approximately 5.9%[18] - The company’s long-term borrowings stood at CNY 657,242,239.72, while the total non-current liabilities were CNY 1,308,956,907.69[29] New Developments - The company has not disclosed any significant new product developments or market expansion strategies in the current report[14]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 403,523,506.56, representing a 24.28% increase compared to CNY 324,678,788.88 in the same period last year [20] - The net profit attributable to shareholders of the listed company was CNY 68,468,756.49, a slight increase of 1.91% from CNY 67,188,638.24 year-on-year [20] - The net profit after deducting non-recurring gains and losses was CNY 65,747,319.98, which is a decrease of 3.48% compared to CNY 68,119,200.52 in the previous year [20] - The total profit reached CNY 80.61 million, reflecting a year-on-year growth of 5.72% [37] - The company reported a net profit of 11,824.26 million RMB from Liyang Environmental Co., Ltd., with a registered capital of 4,750 million RMB [55] - The company reported a total of 17.97 million CNY in expected daily related transactions for 2021, with actual transactions amounting to 5.51 million CNY by the end of the reporting period [97] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 145,867,385.17, down 46.41% from CNY 272,182,803.28 in the same period last year [20] - The company reported a significant decrease in cash flow from financing activities, down 312.54% to CNY -87,090,957.11 from CNY 40,976,454.59 in the previous year [45] - The ending balance of cash and cash equivalents was 110,336,176.12 RMB, down 33.3% from 165,500,202.03 RMB at the end of the previous period [158] - The cash and cash equivalents at the end of the first half of 2021 were ¥263.32 million, down from ¥419.21 million at the end of the first half of 2020, a decline of 37.2% [155] Assets and Liabilities - Total assets rose by 1.05% to CNY 4,554,558,444.91 year-on-year [21] - The company's total liabilities at the end of the reporting period amounted to 245,610.48 million RMB, reflecting a growth of 0.25% compared to the beginning of the period [133] - The asset-liability ratio was reported at 53.93%, a slight decrease of 0.43% from the previous year [122] - The total number of shares after the recent changes is 450,167,317 [108] Research and Development - Research and development expenses increased by 29.53% to CNY 7,849,891.40 from CNY 6,060,115.22 in the previous year [45] - Research and development expenses for the first half of 2021 were ¥7,849,891.40, compared to ¥6,060,115.22 in the same period of 2020, marking a 29.5% increase [147] Market and Industry Insights - The company operates in the wastewater treatment sector, which is characterized by stable demand and low sensitivity to economic cycles [26] - The industry is subject to significant regional monopolies due to government authorization and capital intensity, creating high entry barriers for new competitors [27] - The company is focused on developing new technologies and processes to meet market demands, driven by increasing regulatory requirements for wastewater quality [26] Environmental Compliance - The company has been listed as a key pollutant discharge unit in Fujian and Jiangsu provinces, indicating regulatory scrutiny and environmental responsibilities [69] - The company maintained compliance with environmental regulations, with no pollution incidents reported during the reporting period [72] - The company has developed emergency response plans for sudden environmental incidents, including risk assessments and regular training [74] Shareholder and Corporate Governance - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period [65] - The company has committed to ensuring that any unavoidable related transactions are conducted under fair and reasonable principles [94] - The company has established a compensation mechanism for investors in case of losses due to non-fulfillment of commitments [90] Future Outlook - The company plans to continue focusing on expanding its market presence and enhancing product development in the upcoming quarters [167] - Future guidance indicates a cautious optimism regarding revenue growth, with expectations of maintaining or improving current performance metrics [167]

Financial Performance - Operating revenue for the period was CNY 191,045,948.19, representing a growth of 30.95% year-on-year[5] - Net profit attributable to shareholders of the listed company was CNY 32,917,717.14, a decrease of 3.18% compared to the same period last year[5] - Basic earnings per share were CNY 0.0731, a decline of 3.31% compared to the previous year[5] - The company’s diluted earnings per share were CNY 0.0729, a decrease of 2.54% from the previous year[5] - Net profit for Q1 2021 was CNY 39,595,061.64, slightly up from CNY 39,495,198.01 in Q1 2020, indicating a stable profit margin[25] - The company's operating profit for Q1 2021 was CNY 36,013,438.65, an increase from CNY 34,759,512.70 in Q1 2020, reflecting a growth of 3.6%[29] - The total comprehensive income for Q1 2021 was CNY 30,598,266.72, compared to CNY 29,752,439.06 in Q1 2020, indicating an increase of 2.8%[30] Cash Flow - The net cash flow from operating activities was CNY 118,402,371.35, down 53.52% from the previous year[5] - Net cash flow from operating activities decreased by 53.52% to ¥118,402,371.35 in Q1 2021 from ¥254,745,585.16 in Q1 2020, primarily due to reduced cash received from sales and services[13] - Cash inflow from operating activities in Q1 2021 was CNY 237,997,005.16, down from CNY 336,479,063.98 in Q1 2020, a decrease of 29.1%[32] - The company's net cash flow from operating activities for Q1 2021 was 14,718,728.07 RMB, a decrease of 93.24% compared to 217,249,985.07 RMB in Q1 2020[34] - The total cash outflow from operating activities was 122,194,341.57 RMB, compared to 112,985,482.35 RMB in Q1 2020, reflecting an increase of 8.00%[34] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 4,508,549,478.90, a slight increase of 0.03% compared to the end of the previous year[5] - The company's total assets as of March 31, 2021, were ¥4,508,549,478.90, slightly up from ¥4,507,013,052.87 as of December 31, 2020[17] - The company’s total liabilities decreased to ¥1,074,037,706.24 as of March 31, 2021, from ¥1,141,023,179.21 at the end of 2020, indicating improved financial stability[18] - Total liabilities decreased to CNY 1,373,009,982.64 in Q1 2021 from CNY 1,395,230,043.58 in Q4 2020, showing a reduction of 1.6%[23] - Total liabilities reached ¥2,449,980,086.90, with current liabilities at ¥1,141,023,179.21 and non-current liabilities at ¥1,308,956,907.69[39] Shareholder Information - The total number of shareholders at the end of the reporting period was 34,368[8] - The largest shareholder, Fuzhou Water Investment Development Co., Ltd., held 258,970,588 shares, accounting for 57.55% of the total shares[8] Research and Development - R&D expenses rose by 65.96% to ¥2,586,537.93 in Q1 2021 from ¥1,558,518.11 in Q1 2020, reflecting increased investment in research and development[12] - The company reported a research and development expense of CNY 2,586,537.93 in Q1 2021, which is an increase from CNY 1,558,518.11 in Q1 2020, indicating a focus on innovation[25] Government Subsidies - The company received government subsidies amounting to CNY 1,794,021.93, which are included in the current period's profit[7] Financial Stability - The company’s retained earnings increased to CNY 631,500,872.17 in Q1 2021 from CNY 598,583,155.03 in Q4 2020, reflecting a growth of 5.1%[23] - The total equity attributable to shareholders rose to CNY 1,848,594,077.98 in Q1 2021 from CNY 1,815,674,556.55 in Q4 2020, an increase of 1.8%[23] - Total equity amounted to $1,713,926,932.85, reflecting the company's financial strength[44] - Unallocated profits reached $496,835,531.33, indicating retained earnings available for future investments[44] - Surplus reserve was recorded at $65,353,484.74, contributing to the company's financial stability[44] Other Financial Metrics - The weighted average return on equity decreased by 0.17 percentage points to 1.80%[5] - The company reported a significant decrease in other income, down 62.10% to ¥2,006,303.51 in Q1 2021 from ¥5,294,373.83 in Q1 2020, due to reduced tax refund income[12] - The company reported a decrease in investment income, with a loss of CNY 712,259.81 in Q1 2021, compared to a loss of CNY 164,724.05 in Q1 2020[29]

Financial Performance - Net profit attributable to shareholders rose by 5.02% to CNY 98,431,911.09 for the reporting period[8] - Operating revenue for the first nine months increased by 12.81% to CNY 524,403,360.82 compared to the same period last year[7] - Basic earnings per share increased by 4.99% to CNY 0.2187[8] - Total operating revenue for Q3 2020 reached ¥199,724,571.94, an increase of 23.4% compared to ¥161,811,206.60 in Q3 2019[28] - Net profit attributable to shareholders for the first three quarters of 2020 was ¥577,588,616.80, compared to ¥505,252,536.99 in the same period of 2019, reflecting a growth of 14.3%[23] - The net profit for Q3 2020 was CNY 31,630,542.58, slightly up from CNY 31,075,701.15 in the same quarter last year, indicating a growth of 1.8%[30] - The total profit for Q3 2020 was CNY 40,046,722.96, up from CNY 38,951,015.97 in Q3 2019, representing a growth of 2.8%[30] - The net profit for the first three quarters of 2020 was CNY 74,967,258.95, an increase from CNY 71,276,753.70 in the same period of 2019, representing a growth of approximately 3.8%[41] Assets and Liabilities - Total assets increased by 8.62% to CNY 4,310,983,140.57 compared to the end of the previous year[7] - Total liabilities increased to ¥2,285,579,997.84 from ¥2,112,575,154.31 year-over-year, representing a rise of 8.2%[22] - Current liabilities totaled ¥937,134,380.07, compared to ¥898,122,149.65 in the previous year, indicating a growth of 4.5%[22] - Non-current liabilities amounted to ¥1,348,445,617.77, up from ¥1,214,453,004.66, marking an increase of 11.0%[22] - The company's cash and cash equivalents decreased to ¥91,626,928.00 from ¥109,974,384.98, a decline of 16.0%[24] - The total assets amounted to 3,968,985,573.78 RMB, with total liabilities at 2,112,575,154.31 RMB, leading to total equity of 1,856,410,419.47 RMB[52] - The company reported a total of 876,492,581.88 RMB in current assets, with cash and cash equivalents at 109,674,384.98 RMB at the beginning of the period[50] Cash Flow - Net cash flow from operating activities for the first nine months was CNY 271,497,232.61, a 2.31% increase year-on-year[7] - Cash flow from operating activities for the first three quarters of 2020 was CNY 566,300,266.62, up from CNY 534,558,206.95 in the same period of 2019, reflecting a growth of approximately 5.9%[41] - The net cash flow from operating activities for Q3 2020 was CNY 271,497,232.61, compared to CNY 265,365,589.80 in Q3 2019, showing a slight increase of about 1.5%[43] - Investment activities resulted in a net cash outflow of CNY 263,739,369.56 for the first three quarters of 2020, compared to a net outflow of CNY 569,840,423.30 in the same period of 2019, indicating a reduction in cash outflow by approximately 53.8%[43] - The net cash flow from investment activities was -139,013,108.78 RMB, compared to -284,869,635.99 RMB in the previous period, indicating a significant reduction in cash outflow[47] Shareholder Information - The total number of shareholders reached 30,986 by the end of the reporting period[12] - The largest shareholder, Fuzhou Water Investment Development Co., Ltd., holds 57.55% of the shares[12] Expenses and Income - Research and development expenses increased by 34.09% to ¥10.40 million, reflecting higher investment in R&D activities[15] - Other income surged by 100.84% to ¥19.31 million, mainly from VAT refunds and new tax compensation received[15] - The company reported a government subsidy of CNY 1,579,094.30 for the first nine months[9] - The company incurred 386,760,124.00 RMB in debt repayment during the financing activities, alongside 51,377,668.53 RMB in dividend distributions[47] Inventory and Receivables - Accounts receivable increased by 32.95% to ¥609.23 million due to the increase in sewage treatment fees receivable[14] - Prepayments rose significantly by 231.10% to ¥9.56 million, primarily due to increased advance payments for materials[14] - Other receivables decreased by 63.29% to ¥11.61 million, mainly due to the conversion of a previously paid equity transaction deposit into equity transfer payment after acquiring 51% of Fujian Liyang Environmental Protection Co., Ltd.[14] - Inventory increased by 77.99% to ¥29.03 million, attributed to the rise in raw materials and finished goods stock for brick production[14] Financial Standards and Changes - The company has implemented new revenue and leasing standards starting from 2020, affecting the financial statements[48]