QiaoYin(SZ:002973)2022-11-11 00:22Company Overview - Qiaoyin Co., established in 2001, is the first A-share listed urban public utility service enterprise in China, focusing on integrated urban management and environmental solutions, covering over 80 cities across 26 provinces [4]. Financial Performance - In H1 2022, Qiaoyin Co. achieved revenue of CNY 1.914 billion, a year-on-year increase of 22.87% [5]. - The net profit attributable to shareholders was CNY 156 million, up 3.88% year-on-year [5]. - The comprehensive gross profit margin stood at 24.78%, reflecting a 0.59% increase from the previous year [9]. - Cash received from sales and services reached CNY 1.716 billion, a 34.51% increase year-on-year, with a cash collection ratio of 90% [8]. Cost Management - The company's expense ratio for H1 2022 was 14.22%, down 0.47% from the previous year, with both management and sales expense ratios decreasing by 0.37% and 0.70%, respectively [10]. - Cost control measures included enhanced budget management and a focus on reducing travel and business entertainment expenses [10]. Order Expansion - In H1 2022, Qiaoyin Co. secured new contracts totaling CNY 5.06 billion, with an annualized amount of CNY 620 million, maintaining a leading position in the industry [6]. - The company signed 32 new sanitation service projects, including 9 projects worth over CNY 100 million and 2 projects exceeding CNY 1 billion [6]. - As of August 25, 2022, the total amount of orders on hand was approximately CNY 55 billion, with an annualized amount of CNY 5 billion [7]. Industry Trends - The sanitation industry saw a record high in project contract amounts, reaching CNY 109.6 billion in H1 2022, with a year-on-year growth of 8.60% [6]. - The number of "billion-level" projects (annualized amount over CNY 100 million) increased by 85% compared to the previous year, indicating a strong market trend towards the "Urban Steward" model [6]. Future Outlook - Qiaoyin Co. aims to leverage opportunities in urban governance and modernization, targeting a market with a potential value in the trillions, which is essential for public welfare [12].