[年报]盈峰环境(000967):2021年年度报告（英文版）
原标题:盈峰环境:2021年年度报告（英文版） April 2022 Part I Important Notice, Table of Contents and Definitions The Board of Directors, the Supervisory Committee as well as the directors, supervisors and senior management of Infore Environment Technology Group Co., Ltd. (hereinafter referred to as "the Company") hereby guarantee that the information presented in this report is free of any misrepresentations, misleading statements or material omissions, and shall be jointly and severally liable for the truthfulness, accuracy and completeness of its contents. Ma Gang, the Company's legal Representative, Lu Anfeng, the Company's Chief Financial Officer, and Wu Shanshan, the Head of the Company's Accounting Department (equivalent to Financial Manager) hereby guarantee that the financial statements carried in this report are truthful, accurate and complete. All directors of the Company attended the Board meeting to review this report. Any forward-looking statements such as future plans mentioned in this report shall not be considered as promises to investors. Investors are advised to pay attention to possible investment risks. The Board has approved a final dividend plan as follows: based on the total share capital (minus shares in the Company's repurchase account) on the date of record for the 2021 final dividend plan, a cash dividend of RMB 1.00 (tax inclusive) per 10 shares will be distributed to the shareholders, with no bonus Table of Contents Part I Important Notice, Table of Contents and Definitions .......................................................... 2 Part II Company Profile and Principal Financial Indicators ........................................................ 6 Part III Management Discussion and Analysis ............................................................................. 12 Part IV Corporate Governance ...................................................................................................... 49 Part V Environmental and Social Responsibility .......................................................................... 72 Part VI Significant Events ............................................................................................................... 80 Part VII Share Changes and Shareholder Information ............................................................... 96 Part VIII Information on Preference Shares ............................................................................... 106 Part IX Information on Bonds ...................................................................................................... 107 Part X Financial Report ................................................................................................................ 110 Documents for Reference (I) Financial statements with signatures and seals of the legal representative of the company, principal officer in charge of accounting and principal officer of the accounting division. (II) Original audit report with seal of the accounting firm and signature(s) and seal(s) of CPA(s). (III) Originals of all company documents and announcements publicly disclosed on the website appointed by China Securities Regulatory Commission (CSRC) within the reporting period. The original and notarized photocopies of the abovementioned documents are available at the company and the stock exchange for investors' reference. Definitions
I. Company Profile
The auditor engaged by the company
√ Applicable □ Not Applicable
√ Applicable □ Not Applicable
Indicate whether there is any retrospectively restated datum in the table below □ Yes √ No
losses was negative for the last three accounting years and that there was uncertainty about the Company's ability to continue as a going concern in the latest independent auditor's report. □ Yes √ No Indicate whether the lower of the net profit attributable to the listed company's shareholders before and after non-recurring gains and □ Yes √ No VII. Accounting Data Differences Arising from Domestic/Overseas Accounting Standards 1. Net Profit and Net Assets Under China Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) □ Applicable √ Not Applicable No such differences for the reporting period. 2. Net Profit and Net Assets under CAS and Overseas Accounting Standards □ Applicable √ Not Applicable No such differences for the reporting period. VIII. Quarterly Key Financial Indicators Unit: RMB
disclosed in the Company's quarterly or interim reports □ Yes √ No IX. Non-recurring Gains and Losses Items and Amounts √ Applicable □ Not Applicable Unit: RMB
Gain/loss from the disposal of Guangdong Liangke Environmental Protection Engineering Co., Ltd.'s creditors' rights: RMB 8,999,098.81; original shareholders of Greenlander Environmental's compensation for failing to meet committed business performance: RMB 163,460,620.00 The explanation for why the Company reclassified an item defined as an non-recurring gain/loss item in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Non-recurring Gain/Loss Items as a recurrent item √ Applicable □ Not Applicable
I. Industry Performance During Reporting Period 1. Overview The sanitation industry in which the Company operates is classified as a public services industry. The sanitation industry is typically divided into two parts: sanitation equipment and sanitation services. The year 2021 is the inaugural year for the 14th Five-Year Plan. Municipal governments have been facilitating plans for development over the next five years and intensively launching various policies. Some sanitation projects were rescheduled for deferred implementation. The recurring pandemic and other factors such as rising costs of raw materials have resulted in relatively significant fluctuations in the overall sanitation industry in the short term. However, as a provider of essential public services that are closely intertwined with the daily livelihood of the people, the sanitation industry is resilient against the short-term macroeconomic fluctuations, which pose little impact to the long-term development of the sanitation industry. The long-term development of the domestic economy, government policies, expectations of standards of sanitation and the people's standard of living, on the other hand, will determine the growth of the industry. The intensive demand and implementation of plans for sanitation by municipal governments in 2021 will pave the way for an early resurgence of the sanitation industry. The overall industry is set for continual growth in the long run. 2. Development Trends (1) As separation of government and enterprise accelerates, marketization is becoming the mainstream in the industry The marketization of China's sanitation industry refers to municipal governments' gradual withdrawal from the actual management and operation in the sanitation industry and a shift towards an operational model in which governments source services and allow service providers to openly bid for such sourcing of services. Under such model, municipal governments make use of the competitive market, constant supervision and other means to effectively boost the operational efficiency and quality of sanitation services provided. The government's continual investment and implementation of policies that promote urban environmental development have maximized the domestic sanitation industry's potential for growth. The marketization of our domestic sanitation industry will further expand the industry's room for growth in the future. Players in sanitation industry with competitive advantages such as an established working relationship with the government, capital, management experience, strong brand and cost synergy are well positioned to seize the opportunities granted by the current phase of marketization and enjoy the benefits of rapid growth. The domestic sanitation industry is set for growth in the future. Increasing market concentration is also to be expected. (2) Rapid development of IoT technologies and increased adoption of smart sanitation Smart sanitation primarily relies on intelligent equipment and the Smart Sanitation Cloud Platform to achieve smart operation of environmental sanitation, reduce reliance on human labor and material resources and boost operational efficiency. It continues to be the future trend of the sanitation industry. Intelligent equipment: The increased adoption of 5G sanitation robots, autonomous sanitation vehicles, and small smart sanitation robots continues to expand the frontiers of the sanitation equipment industry and offer highly promising market prospects. Thus, the future of urban/rural sanitation services is increasingly steered towards one that is smart, requires less or even no human labor. Small intelligent equipment and autonomous vehicles will present the next breakthrough and revolutionize the industry. Smart Sanitation Cloud Platform: a platform that relies on IoT and mobile Internet technologies and integrates data generated from all aspects involving sanitation equipment and services, such as R&D, manufacturing, logistics, vehicle operation, project management, after-sales services, etc., in order to achieve a 24/7, all-round integration of four key elements - humans, vehicles, objects and events- within the operating environment alongside backend and frontend platforms, delivering a precise and highly effective model of operation, maintenance and remote monitoring. Such platform will boost the overall standards of urban management and governmental services in the city comprehensively, from management and governance, to provision of services and operation. (3) Growing investment in the sanitation industry and continual expansion of market size As an important part of public services, the sanitation industry obtains its funds mainly from allocation of government financial expenditure. The infrastructure investment in the sanitation industry typically has a longer payback period and requires a large scale of resources and capital. Nevertheless, as a necessary public expenditure, the industry is assured with a guaranteed and relatively stable source of funds. In general, there has been an increase in the funds invested in the domestic sanitation industry from 2016 to 2020. There has been a gradual increase in the number of sanitation facilities and equipment, the area of roads and streets being cleaned as well as the volume of domestic waste being collected. These indicators point to the sustained expansion of our domestic sanitation industry, a trend that is expected to persist in the future. For a detailed analysis on the industry, please refer to Discussion and Analysis on the Future Development of the Company II. Principal Business During the Reporting Period 1. Principal activities Infore Enviro is a leading investor and operator in the environmental sanitation services industry. With "smart sanitation" at the core of its business, the Company employs a flexible business model for investment and operation and integrates new energy equipment, autonomous vehicles and other smart sanitation equipment with a smart platform that is empowered by IoT, big data and advanced industry-specific technologies to improve segmented full cycle dynamic control. The Company provides customers with integrated IoT applications and a smart platform for operations and services across the full life cycle in areas such as cleaning and disinfection in urban and rural areas, domestic waste sorting, collection, transportation and disposal of solid waste, personnel management, collection and transportation of food waste, supervision of dirt transportation, leachate treatment and smart city development. In 2021, the Company rose swiftly to become a strong competitor in the sanitation services industry, ranking second in terms of annualized new contract value. In terms of sales of sanitation equipment, the Company was ranked No.1 for the 21st consecutive year. 2. Principal products In terms of intelligent equipment, leveraging its leading position in sanitation equipment industry, strong R&D and manufacturing capabilities and a well-established nation-wide sales network, the Company forged a comprehensive suite of sanitation equipment of over 400 models, providing customers with a wide range of solutions including a variety of sanitation and Company's range of products spans from 5G sanitation robots, autonomous sanitation vehicles, small smart sanitation robots, new energy sanitation equipment, waste collection and transportation equipment, separate stations to sanitation and cleaning equipment, showcasing its leading R&D capabilities in intelligent equipment. Smart Sanitation Cloud Platform is a big data smart cloud platform that the Company developed independently and a pioneering platform in the domestic sanitation industry that encompasses the full industrial chain. The platform is worth of RMB 150 million investment, supported by over 20 smart sanitation-related copyrighted software and patents and integrating 5G, AI, big data, cloud computing, edge computing and other advanced technologies to form an immersive framework and develop core technologies such as integrated IoT applications, data communication, video command and control, safe driving tests, IoT software and hardware compatible technologies and big data applications. Through the platform, the Company can monitor all humans, vehicles, objects and events related to the management of environmental sanitation on a real-time basis and design sanitation management models accordingly, boosting operational quality, reducing operating costs and promoting effective management of environmental sanitation with statistical data and assessment. Currently, the platform has provided smart services to local customers for over 50,000 products. In the future, the Company will continue to deploy digital technologies and innovate new intelligent equipment and smart services. By synergizing with broader development of smart city, it will continue to promote the intensive application of its smart cloud platform as well as steer and drive the digital transformation of the environmental sanitation industry. In terms of smart services, the Company's "Environmental Sanitation APP" supports remote monitoring, data collection and procedural approval for its line-up of smart equipment and products during operations. Through visualized data and automatic analysis, the Smart Sanitation Cloud Platform is able to facilitate the online digitalized management of equipment, sophisticated management of processes and quantified management of materials and achieving the operationalization of "smart services". The entire process is smart, informatized and integrated, and its management is digitalized. 3. Performance in Key Markets (1) Ranked second for annualized new contract value of sanitation services in 2021 According to statistics from Environmental Compass, a total of 75 new contracts for sanitation services were signed during the reporting period. The projects are located across 25 provinces with a total contract value of RMB 8.435 billion and an annualized contract value of RMB 1.228 billion, placing the Company as the first runner up in the industry. The Company's operating revenue for sanitation services in 2021 was RMB 3.025 billion, a YoY increase of 53.66%. As of the end of the reporting period, Infore Enviro is operating 179 sanitation services projects with an annualized contract value of RMB 4.068 billion and a cumulative contract value of RMB 45.884 billion. The total value of the Company's executory contracts reached RMB 38.273 billion. The Company ranks second place in the industry and has performed excellently in terms of the ability to continue as a going concern. According to statistics from Environmental Compass, amidst the marketization of the domestic sanitation industry, the total value of projects that were successfully bid for reached RMB 216.3 billion in 2021, with an annualized new contract value of RMB 71.6 billion. (2) Ranked first in terms of sales of sanitation equipment in 2021 According to the China Banking and Insurance Regulatory Commission's statistics on mandatory traffic accident liability insurance for motor vehicles, the Company was ranked first in terms of sales of sanitation equipment in 2021 for the 21st consecutive year. In 2021, the Company recorded sales of 16,521 units of sanitation equipment for a total of RMB 6.212 billion. Among the products sold, 744 units were electric-only vehicles, which accounted for 18.37% of the market share. According to the abovementioned statistics from the China Banking and Insurance Regulatory Commission, as of December 31, 2021, a total of 104,601 sanitation vehicles were sold in China. Among these, 4,050 were electric-only vehicles, amounting to a market penetration rate of 3.87%. 4. Technological accumulation and innovation (1) Cumulative R&D capabilities Infore Enviro's R&D team comprises of experts from national research institutes. The company has innovation written into its DNA. The Company has applied for 123 patents, including 69 utility patents. As of the end of the reporting period, it obtained 1,051 independent patents, of which 555 were utility patents, 415 were utility models and 81 were design patents. The Company ranked first for the highest number of technical patents and utility patents in the industry, took the leading role in the establishment of multiple national, industrial as well as local standards and established provincial research centers. It was granted the honorary title of "Top 10 Enterprises of Intellectual Property Rights in Hunan Province" and awarded the China Machinery Industry Science and Technology Award, the Hunan Provincial Science and Technology Progress Award, and the China Award for Science and Technology in Construction. The Company was the first company in the environmental sanitation industry to be granted a license for autonomous driving road testing by the government. It was also included in the Ministry of Industry and Information Technology's list of key enterprises for China's new-generation AI industrial innovation, marking the Company as one of China's top AI research teams and the "national team" when it comes to innovation in the field of smart sanitation robots. (2) Innovation of cloud platform Smart Sanitation Cloud Platform is a big data smart cloud platform that was independently developed by the Company and supported by 14 software copyrights. By integrating advanced underlying technologies such as big data, cloud computing, IoT, mobile Internet and AI into the platform, the Company developed core technologies such as integrated IoT applications, data communication, video command and control, safe driving tests, IoT software and hardware compatible technologies and big data applications. The seamless integration of sanitation equipment and operations allows the platform to achieve real-time connectivity between humans, vehicles, objects and events involved in the provision of environmental sanitation services as well as standardized, digitalized and smart operation and management. In terms of smart governance, the Company established a digital operation and management system for plants, stations and equipment on the cloud platform. Through smart and safe operation that requires less labor and energy consumption, the Company strives to develop competitive advantages with smart governance. The platform is supported by over 20 smart sanitation-related software copyrights and patents and has won accolades such as the Ministry of Industry and Information Technology's 2019 Pilot Demonstration of the Integration of Key Industries and the Internet, 2021 Outstanding Cases of Mobile IoT, 2021 Excellent Industrial App of Hunan, 2022 Changsha's Key R&D Project ? Garbage Classification Collection and Transportation System Based on Image Recognition and CNN Deep Learning Algorithm and 2022 Changsha, Hunan's Torch Plan for an Intelligent Vehicle Industry. Currently, the platform has provided smart services to loca l customers for over 50,000 products. (3) Leader in new energy The Company was the first to pioneer the development of new energy in the industry and offers the most comprehensive portfolio of new energy products in the industry. Infore Enviro started the research and development of new energy-powered sanitation equipment in 2007 and successfully developed the first full-electric sweeper truck in China in July 2008. The Company was tasked with the cleaning and sanitation of the streets during the 2008 Beijing Olympics. Three decades of sustained R&D in sanitation vehicles and over a decade of hard work has led Infore Enviro into developing over 40 types of new energy vehicles for cleaning, washing, waste collection and urban sanitation. Its nearly 200 vehicle models form the most comprehensive suite of new energy-powered sanitation vehicles in China. During the reporting period, Infore Enviro launched its fifth-generation of new energy sanitation vehicles. This new series is the most comprehensive array of sanitation vehicles available in the industry. The fifth-generation products have three main features: they are safer and more reliable; more efficient and environmentally friendly, and more intelligent and energy-saving. Safe and reliable: whole-vehicle competitiveness is improved and meets the strictest regulations of European ECE R45-04; the braking performance exceeds the industry standard by 20%, which leads the industry standard of alternative energy sanitation equipment; the driving assistance system is launched to allow comprehensive monitoring and ensure safety. Efficient environmental protection: light-weighted environmental protection design and upgraded operation system result in over 10% increase of the operating effect; the combination of active and passive noise reduction design successfully reduced vehicle noise by 5 decibels. Intelligent and energy-（未完）  |