天壕环境股份有限公司 2018 年年度报告全文 天壕环境股份有限公司 2018 年年度报告 2019 年 04 月 1 天壕环境股份有限公司 2018 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人陈作涛、主管会计工作负责人李江冰及会计机构负责人(会计主 管人员)刘彦山声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司需遵守《深圳证券交易所创业板行业信息披露指引第 4 号——上市公 司从事节能环保服务业务》的披露要求 （1） 天然气定价模式如出现调整带来的业绩波动风险 | --- | |----------------------------------------------------------------------| | | | 公司燃气板块主营业务包括城市燃气供应，即从上游采购天然气和煤层气 | | 销售给下游客户。目前我国天然气销售定价主要采用政府定价模式，煤层气主 | | 要采取市场化定 ...

天壕环境股份有限公司 2018 年第三季度报告全文 天壕环境股份有限公司 2018 年第三季度报告 2018 年 10 月 1 天壕环境股份有限公司 2018 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈作涛、主管会计工作负责人李江冰及会计机构负责人(会计主 管人员)刘彦山声明：保证季度报告中财务报表的真实、准确、完整。 2 天壕环境股份有限公司 2018 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 7,864,068,687.39 | 8,349,959,929.02 | | -5.82% | | 归属于上市公司股东的净资产（元） | 3,442,318,963.06 ...

天壕环境股份有限公司 2018 年半年度报告全文 天壕环境股份有限公司 2018 年半年度报告 2018 年 08 月 1 天壕环境股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 （3）余热发电合同能源管理业务依赖合作企业的风险 公司负责人陈作涛、主管会计工作负责人李江冰及会计机构负责人(会计主 管人员)刘彦山声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 （1）天然气定价模式如出现调整带来的业绩波动风险 燃气板块业务区域内持有天然气特许经营权，形成一定的自然垄断，面对 上下游合作企业具有一定议价能力，从而保证了公司的盈利能力。公司燃气板 块的气源为天然气和煤层气，目前我国天然气销售定价主要采用政府定价机制， 煤层气主要采取市场化定价模式。如果未来遇到政府部门对天然气的价格政策 做出调整，燃气管网企业在新的价格机制下不能完全将燃气采购价格的调整转 移给用气方时，公司天然气销售业务的业 ...

天壕环境股份有限公司 2018 年第一季度报告全文 天壕环境股份有限公司 2018 年第一季度报告 2018 年 04 月 1 天壕环境股份有限公司 2018 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈作涛、主管会计工作负责人李江冰及会计机构负责人(会计主 管人员)刘彦山声明：保证季度报告中财务报表的真实、准确、完整。 2 天壕环境股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 | 项目 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益（包括已计提资产减值准备的冲销部分） | -290,199.87 | | | 计入当期损益的政府补助（与企业业务密切相关，按照国家统 | 290,361.86 | 主要为工程实验室补助及稳岗 | | 一标准定额或定量享受的政府补助除外） | | 补贴 | | 除上述各项之外的其他营业外收入和支出 | - ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the fiscal year 2017, representing a year-on-year growth of 15%[19]. - The net profit attributable to shareholders was 200 million RMB, an increase of 10% compared to the previous year[19]. - The company's operating revenue for 2017 was CNY 1,983,877,478.76, representing a 17.51% increase compared to CNY 1,688,224,239.74 in 2016[27]. - The net profit attributable to shareholders for 2017 was CNY 90,172,263.66, a significant increase of 54.48% from CNY 58,372,612.02 in 2016[27]. - The net profit after deducting non-recurring gains and losses reached CNY 93,933,106.34, marking a 145.67% increase from CNY 38,235,252.68 in 2016[27]. - The gross margin for the year was reported at 35%, a slight increase from 33% in the previous year[19]. - The company reported a significant increase in government subsidies related to business operations, amounting to CNY 4,424,763.00 in 2017[33]. - The company reported a significant impact from government fines and penalties related to Scinor Water, which may affect its financial performance[143]. Business Segments and Operations - The company has a total of four main business segments, including natural gas supply and pipeline operation, and water treatment engineering services[37][38]. - The gas segment holds natural gas franchise rights in three counties, ensuring a certain level of pricing power and profitability[5]. - The company’s main customers in the gas supply segment are large aluminum enterprises, which have shown stable profitability despite industry fluctuations[10]. - The company’s water treatment services generate revenue through engineering services for wastewater treatment plants and the sale of membrane products, leveraging proprietary technology[42]. - The company operates over 30 projects in the waste heat power generation sector, with a total installed capacity exceeding 300 MW[63]. - The company has established a contract energy management model that allows partners to save energy costs significantly without any investment, leading to a win-win situation[39]. - The company is focused on integrating resources and expanding its capabilities in the gas sector through strategic acquisitions and partnerships[37]. Research and Development - The company is investing 50 million RMB in R&D for new technologies aimed at improving energy efficiency[19]. - The company has developed advanced membrane manufacturing technologies that improve production efficiency by nearly 5 times compared to traditional methods[61]. - Research and development projects include the development of high-performance PVDF hollow fiber ultrafiltration membranes aimed at reducing costs in seawater desalination, currently in the optimization phase[97]. - The company is enhancing its research and development in membrane technology to meet the growing demand in the water treatment industry[129]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2020[19]. - The company aims to leverage its advantages in water treatment and membrane product sales to expand market share and brand influence[129]. - The company plans to enter international markets, with a focus on Southeast Asia, aiming for a 15% contribution to total revenue by 2025[173]. - The company is actively exploring new business areas in energy conservation, environmental protection, and clean energy, while assessing investment risks[12]. Cash Dividends and Shareholder Returns - The company reported a cash dividend of 0.21 RMB per 10 shares, with a total base of 888,932,064 shares[12]. - The company plans to distribute a cash dividend of 0.21 CNY per 10 shares, totaling 18,667,573.34 CNY, which represents 20.70% of the net profit attributable to shareholders in 2017[138]. - The total distributable profit for the year is 446,075,682.81 CNY, with cash dividends accounting for 100% of the profit distribution[137]. - The company has maintained a consistent dividend payout strategy over the past three years[140]. Risks and Challenges - The company faces risks related to government pricing policy changes for natural gas, which could impact sales performance[5]. - The company relies on high-energy-consuming industries for its waste heat power generation contracts, which may be affected by macroeconomic conditions[8]. - The company has established strict standards for selecting cooperative enterprises in its waste heat power generation business to mitigate operational risks[8]. - The company’s financial performance may be affected by the seasonal nature of its water treatment projects, requiring effective management strategies[7]. Acquisitions and Investments - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance operational efficiency and increase market penetration[19]. - The company has completed 5 out of the only ten large-scale seawater desalination projects in China, leading the domestic market in terms of project quantity and water production scale[61]. - The cumulative investment in the acquisition of 100% equity of Sino Water was CNY 524.16 million[113]. - The company has expanded its business through acquisitions, including the purchase of Saino Water and Beijing Huasheng, enhancing its capabilities in water treatment and gas supply[73]. Environmental and Regulatory Compliance - The company is committed to developing a collaborative strategy in the gas sector, particularly in urban gas supply and pipeline transportation[126]. - The company has undertaken measures to ensure compliance with various legal and regulatory requirements regarding stock transfers and shareholding limits[146]. - The company has committed to avoiding any illegal occupation of Tianhao Energy's funds and assets, ensuring no financial support is provided to related parties[176]. - The company has established a commitment to disclose information related to related party transactions in accordance with legal requirements[162].

天壕环境股份有限公司 2017 年第三季度报告全文 天壕环境股份有限公司 2017 年第三季度报告 2017 年 10 月 1 天壕环境股份有限公司 2017 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈作涛、主管会计工作负责人李江冰及会计机构负责人(会计主 管人员)刘彦山声明：保证季度报告中财务报表的真实、准确、完整。 2 天壕环境股份有限公司 2017 年第三季度报告全文 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 8,242,870,811.37 | 7,597,722,802.32 | | 8.49% | | 归属于上市公司股东的净资产 | 3,368,036,034.86 | 3,327,450,805.54 | | 1.22% ...

Business Operations and Strategy - The company reported a reliance on cooperative enterprises for its waste heat power generation contract energy management business, which is primarily distributed across high-energy-consuming industries such as cement and glass, facing fluctuations due to overcapacity and macroeconomic slowdown[6]. - The company has established strict standards for selecting cooperative enterprises, focusing on industry-leading firms with strong sustainability, which may enhance competitiveness as domestic reforms progress[6]. - The company plans to actively explore new businesses in energy conservation, environmental protection, and clean energy, leveraging both internal growth and external acquisitions[14]. - The company has strengthened its acquisition efforts in the energy conservation and environmental protection sectors, enhancing its competitive advantages through synergies[12]. - The company aims to provide integrated environmental solutions encompassing water, electricity, and gas, further strengthening its market competitiveness[46]. - The company is actively pursuing mergers and acquisitions in the energy sector to enhance competitive advantages and is focused on improving integration capabilities[91]. - The company has established three main business segments: water treatment engineering services and membrane product sales, clean energy supply and pipeline transportation, and energy-saving solutions focusing on industrial clients[92]. Financial Performance - Total revenue for the reporting period reached ¥758,091,183.38, an increase of 19.40% compared to ¥634,903,820.59 in the same period last year[30]. - Net profit attributable to shareholders decreased by 72.07% to ¥16,508,290.78 from ¥59,105,944.46 year-on-year[30]. - Net profit after deducting non-recurring gains and losses fell by 78.50% to ¥7,646,974.76 from ¥35,564,355.91 in the previous year[30]. - Operating cash flow increased significantly by 367.67% to ¥57,250,795.32 compared to ¥12,241,672.27 in the same period last year[30]. - Basic earnings per share decreased by 76.03% to ¥0.0186 from ¥0.0776 year-on-year[30]. - The company's operating costs increased by 18.76% to ¥602.21 million from ¥507.09 million year-on-year[61]. - The company reported a total non-operating income of CNY 8,861,316.02, which includes government subsidies and investment gains[34]. Risks and Challenges - The company faces risks related to the pricing model of natural gas, which is subject to government pricing policies that could impact profitability if adjustments occur[9]. - The water treatment industry exhibits seasonal revenue patterns, with most project income recognized in the second half of the year, leading to potential volatility in financial performance[11]. - The company has a significant dependency on downstream customers in the natural gas sector, particularly large aluminum enterprises, which could affect performance if demand declines due to macroeconomic factors[8]. - The company faces risks related to reliance on cooperative enterprises for waste heat resources, which could impact operational efficiency if production conditions decline[87]. - The company has a significant dependency on downstream customers in the aluminum industry, which could affect performance if demand decreases due to macroeconomic factors[88]. Investments and Acquisitions - The company’s investment in joint ventures amounted to CNY 63,560,700 during the reporting period[40]. - The company has established a green industry fund in partnership with Hubei State Capital and Beijing Yunhe Fangyuan, focusing on investments in energy-saving and environmental protection projects[59]. - The company plans to leverage its proximity to abundant natural gas resources to expand its gas pipeline network in Shanxi and North China markets[53]. - The company has successfully signed contracts for significant projects, including a 10.86 million yuan seawater desalination project, enhancing its market position in the water treatment sector[49]. - The company’s cash consideration for the acquisition of Sainuo Water is CNY 35,584.1 million, with 46.41% of the investment completed[75]. Shareholder Commitments and Compliance - The company will not distribute cash dividends, issue bonus shares, or increase capital through public reserves for the half-year period[96]. - The company has committed to compensating for any losses incurred by Sainuo Water due to rental issues[102]. - The company has outlined specific measures to ensure that any compensation due is handled primarily through shares, with cash as a secondary option[109]. - The company has established a clear framework for managing shareholder commitments and responsibilities in relation to profit guarantees[107]. - The company is committed to adhering to legal regulations and internal rules regarding share transfer and trading post-lockup period[106]. Market Expansion and Future Outlook - The company expects a revenue growth guidance of 10-15% for the second half of 2017[114]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2019[112]. - The company is actively pursuing market expansion, targeting a 10% increase in market share within the next year through strategic partnerships and marketing initiatives[121]. - Future guidance includes maintaining a minimum growth rate of 20% annually over the next three years, supported by ongoing product innovation and market expansion efforts[120]. - The company provided a positive outlook for the second half of 2017, projecting a revenue growth of 25% based on current market trends and demand[118]. Research and Development - Research and development expenses surged by 116.59% to ¥14.53 million, primarily due to the acquisition of Sino Water[61]. - The company has allocated 200 million RMB for research and development in the next fiscal year, focusing on sustainable technologies[114]. - The company is focusing on enhancing its R&D capabilities, with an investment of 100 million RMB allocated for new technology initiatives in 2017[117]. - New product development includes the launch of an advanced water treatment technology, projected to reduce operational costs by 25%[111]. - New product development efforts have led to the introduction of three innovative environmental solutions, expected to contribute an additional 300 million RMB in revenue[125].

Financial Performance - The company's operating revenue for 2016 was ¥1,688,224,239.74, representing a 77.07% increase compared to ¥953,430,244.44 in 2015[25]. - The net profit attributable to shareholders decreased by 58.44% to ¥58,372,612.02 in 2016 from ¥140,445,459.65 in 2015[25]. - The net cash flow from operating activities increased significantly by 221.97% to ¥143,942,860.97 in 2016, compared to ¥44,707,503.26 in 2015[25]. - The total assets of the company reached ¥7,597,722,802.32 at the end of 2016, an increase of 82.21% from ¥4,169,715,322.48 at the end of 2015[25]. - The company's net assets attributable to shareholders increased by 47.46% to ¥3,327,450,805.54 at the end of 2016 from ¥2,256,551,200.88 at the end of 2015[25]. - The basic earnings per share decreased by 61.90% to ¥0.08 in 2016 from ¥0.21 in 2015[25]. - The company reported a non-operating income of ¥20,137,359.34 in 2016, compared to ¥5,568,485.66 in 2015[32]. - Total revenue for 2016 reached ¥1,688,224,239.74, representing a 77.07% increase compared to ¥953,430,244.44 in 2015[59]. - The gas industry accounted for ¥1,040,139,249.31, or 61.61% of total revenue, with a year-on-year growth of 134.20%[59]. - The energy-saving and environmental protection industry generated ¥424,331,252.67, a decrease of 7.99% from the previous year[59]. - The gross profit margin for the gas industry was 12.79%, slightly down by 0.07% year-on-year[62]. - The North China region contributed ¥1,362,583,845.34, which is 80.71% of total revenue, showing a growth of 122.11% compared to the previous year[59]. Dividends and Shareholder Returns - The company reported a cash dividend of 0.15 yuan per 10 shares (including tax) for all shareholders, with no bonus shares issued[12]. - The cash dividend policy aligns with the company's articles of association and has been executed transparently, ensuring the protection of minority shareholders' rights[112]. - The company has a history of consistent cash dividends, with 2014, 2015, and 2016 distributions being 23.49%, 22.05%, and 23.17% of the respective net profits attributable to shareholders[115]. - The company distributed cash dividends of RMB 0.15 per share, totaling RMB 13,524,030.96, which accounts for 23.17% of the net profit attributable to shareholders in 2016[114]. - A shareholder return program is planned, with a proposed dividend payout ratio of 30% of net profits for the fiscal year 2016[131]. Mergers and Acquisitions - The company has strengthened its merger and acquisition efforts, enhancing its competitive advantages in the energy conservation and environmental sectors[9]. - The company has accumulated rich experience in merger integration since its listing, continuously improving its investment management capabilities[9]. - The company completed the acquisition of Sainuo Water, which will fully contribute to the consolidated financial statements in 2017[68]. - The company completed the acquisition of 100% equity of Sino Water with cash and share issuance, involving related party transactions[185]. - The company acquired 51% of Bazhou Zhengmao for CNY 204 million in 2016[169]. - The company has entered various sectors, including water treatment, urban gas supply, and industrial flue gas governance, enhancing its competitive advantage in the environmental market[48]. - The company is actively pursuing mergers and acquisitions of urban gas companies in Hebei and Shandong to strengthen its gas segment[52]. Market Expansion and New Opportunities - The company is actively expanding into new industries related to energy conservation, environmental protection, and renewable energy, while carefully assessing investment risks[10]. - The company aims to leverage its existing business to explore new opportunities through both organic growth and strategic acquisitions[10]. - The company is focusing on optimizing existing technologies and increasing market promotion efforts in the flue gas treatment market, which has significant growth potential due to stricter environmental standards[56]. - The company is planning to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[142]. - The company is focusing on developing new business areas related to energy conservation, environmental protection, and new energy[104]. Research and Development - The company is actively engaged in R&D projects, including the development of advanced MD technology for reverse osmosis concentrated saline water treatment, which addresses significant environmental issues in China[74]. - R&D investment in 2016 amounted to ¥17,736,811.51, representing 1.05% of operating revenue[77]. - The number of R&D personnel decreased to 45 in 2016, accounting for 4.00% of the total workforce[77]. - The R&D investment increased by approximately 6.03% from ¥16,730,516.68 in 2015 to ¥17,736,811.51 in 2016[77]. - The company is exploring zero discharge technology for desulfurization wastewater, aiming for experimental zero discharge[76]. - The company is conducting research on supercritical carbon dioxide power generation and heat pump technology[76]. Operational Risks and Challenges - The company’s main business in waste heat power generation management is heavily reliant on the operational status of cooperative enterprises, which may affect profitability[4]. - The company holds natural gas franchise rights, providing it with a certain degree of pricing power, but is exposed to risks from potential government pricing policy changes[7]. - The company’s operations in the natural gas sector are concentrated among a few large customers, which poses risks if demand significantly declines due to macroeconomic factors[6]. - The company’s performance may be adversely affected if policies to eliminate excess capacity are not effectively implemented or if the economy experiences a severe downturn[5]. - The company reported a significant asset impairment provision in 2016, impacting the net cash flow from operating activities[81]. Financial Management and Compliance - The company has committed to maintaining a debt-to-equity ratio below 0.5 to ensure financial stability[123]. - The company has no significant litigation or arbitration matters during the reporting period[175]. - The company has no major related party transactions during the reporting period[179]. - The company has committed to achieving net profits of CNY 70 million and CNY 100 million for 2017 and 2018, respectively, for Beijing Sainuo[169]. - The company has outlined its strategy to avoid any related party transactions that could compromise its operational integrity[145].

天壕环境股份有限公司 2017 年第一季度报告全文 天壕环境股份有限公司 2017 年第一季度报告 2017 年 04 月 1 天壕环境股份有限公司 2017 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人陈作涛、主管会计工作负责人李江冰及会计机构负责人(会计主 管人员)刘彦山声明：保证季度报告中财务报表的真实、准确、完整。 2 天壕环境股份有限公司 2017 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 349,189,803.81 | 316,677,322.01 | 10.27% | | 归属于上市公司股东的净利润（元） | 2,821,257.11 | 2 ...

Financial Performance - Total operating revenue for the period was CNY 325,007,652.56, representing a year-on-year growth of 20.21%[7] - Net profit attributable to shareholders decreased by 12.41% to CNY 28,165,730.72 compared to the same period last year[7] - The net profit after deducting non-recurring gains and losses was CNY 25,059,903.56, down 17.38% year-on-year[7] - The basic earnings per share decreased by 21.44% to CNY 0.0370[7] - Operating revenue increased by 87.77% year-on-year, mainly due to the full consolidation of Beijing Huasheng[27] - Operating costs rose by 122.13% year-on-year, also due to the full consolidation of Beijing Huasheng[28] - Net profit for the period was ¥25,391,718.66, down from ¥32,195,739.25, a decrease of around 21.2%[69] - The company reported a total comprehensive income of ¥25,391,718.66, compared to ¥32,195,739.25 in the previous period, reflecting a decline of around 21.2%[70] - Net profit for the current period was ¥87.12 million, compared to ¥91.31 million in the previous period, reflecting a decrease of approximately 4.8%[77] Assets and Liabilities - Total assets increased by 28.77% to CNY 5,332,161,660.71 compared to the end of the previous year[7] - Current assets rose to CNY 1,002,811,999.76, up from CNY 651,787,314.23, marking a 53.6% increase[60] - Total liabilities rose to CNY 2,758,910,647.65 from CNY 1,783,538,470.64, an increase of 54.6%[62] - Short-term borrowings increased to CNY 365,002,320.00 from CNY 199,985,928.00, a growth of 82.7%[62] - Long-term borrowings increased by 48.12% from the beginning of the year, reflecting an expansion in financing scale[26] Cash Flow - The company reported a significant increase in cash flow from operating activities, up 508.37% to CNY 65,413,469.02 year-to-date[7] - Cash and cash equivalents increased by 37.55% from the beginning of the year, primarily due to increased cash flow from operating activities and reduced cash flow from investing activities[23] - The net cash flow from operating activities was -60,463,351.08 yuan, a decrease compared to 12,343,521.45 yuan in the previous period[88] - The net cash flow from investing activities was -202,413,422.96 yuan, a significant decrease from -688,138,167.57 yuan in the previous period[88] Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,833[15] - Tianhao Investment Group holds 21.26% of shares, amounting to 164,660,000 shares, with 132,800,000 shares pledged[15] - The company has a total of 141,034,368 shares under lock-up for management and core technical personnel[20] - The company has not conducted any repurchase transactions among the top ten shareholders during the reporting period[17] Business Strategy and Risks - The company is focusing on expanding its energy management business in high-energy-consuming industries such as cement and glass, which are currently facing operational fluctuations due to overcapacity[10] - The company plans to actively explore new business areas in energy conservation, environmental protection, and new energy, leveraging its existing capabilities[12] - The company faces risks related to reliance on cooperative enterprises for its energy management projects, which could impact operational efficiency if those enterprises underperform[10] - The company is exposed to risks from government pricing policy changes for natural gas, which could adversely affect its sales performance[40] Mergers and Acquisitions - The company has strengthened its merger and acquisition strategy to enhance its competitive advantage in the energy sector[13] - The company is in the process of acquiring 100% of Sino Water's equity, which will strategically enter the water treatment service industry[37] - The company is pursuing mergers and acquisitions in the energy-saving, environmental protection, and new energy sectors to enhance its competitive advantages[36] Compliance and Governance - The company emphasizes compliance with the regulations set by the China Securities Regulatory Commission regarding corporate governance[47] - The company has committed to strict compliance with laws and regulations regarding related party transactions[46] - The company will ensure that all related party transactions are conducted in accordance with legal and regulatory requirements[48]