[年报]盈峰环境(000967):2023年年度报告（英文版）
原标题:盈峰环境:2023年年度报告（英文版） PartIImportantNotice,TableofContentsandDefinitions TheBoardofDirectors,theBoardofSupervisorsaswellasthedirectors,supervisorsandseniorofficersofInforeEnvironmentTechnologyGroupCo.,Ltd.warrantthattheinformationinthisreportcontainsnomisrepresentations,misleadingstatementsormaterialomissions,andjointlyandseverallyacceptliabilityforthetruthfulness,accuracyandcompletenessofinformationinthisreport. Ma Gang, the Company's legal representative, Wang Qingbo, theCompany'sprincipalofficerinchargeofaccounting,andWuShanshan,theprincipalofficeroftheCompany'saccountingdivision(headofaccounting)warrant that the financial statements contained in this report are truthful,accurateandcomplete. AlldirectorsoftheCompanyattendedtheBoardmeetingtoreviewthisreport.Anyforward-lookingstatementssuchasfutureplansmentionedinthisreportshallnotbeconsideredaspromisestoinvestors.Investorsareadvisedtopayattentiontopossibleinvestmentrisks. TheBoardhasapprovedaproposalondividendplanasfollows:Basedon thetotalsharecapital(minussharesintheCompany'srepurchaseaccount)onthedateofrecordforthe2023finaldividendplan,acashdividendofRMB1.25(taxinclusive)per10shareswillbedistributedtotheshareholders,withnocapitalizationofthecapitalreservetosharecapital. Contents PartIImportantNotice,TableofContentsandDefinitions..................................................................................2 PartIICompanyProfileandPrincipalFinancialIndicators................................................................................6 PartIIIManagementDiscussionandAnalysis......................................................................................................12 PartIVCorporateGovernance...............................................................................................................................42 PartVEnvironmentalandSocialResponsibility..................................................................................................64 PartVISignificantEvents.......................................................................................................................................73 PartVIIShareChangesandShareholderInformation.......................................................................................85 PartVIIIInformationonPreferenceShares.........................................................................................................93 PartIXInformationonBonds................................................................................................................................94 PartXFinancialReport...........................................................................................................................................97 DocumentsAvailableforReference (I)FinancialstatementswithsignaturesandsealsofthelegalrepresentativeoftheCompany,principalofficerinchargeof accountingandprincipalofficeroftheaccountingdivision. (II)Originalauditreportwiththesealoftheaccountingfirm,andsignedandstampedbycertifiedpublicaccountants(CPAs). (III)OriginalsofallcorporatedocumentsandannouncementspubliclydisclosedonthewebsitedesignatedbytheCSRCduring thereportingperiod. TheoriginalsandlegallyeffectivephotocopiesoftheaforesaiddocumentsareavailableattheCompanyandthestockexchange forinspectionbyinvestors. Definitions
I.CompanyInformation
TheaccountingfirmengagedbytheCompany
□Applicable ?NotApplicable VI.MajorAccountingDataandFinancialIndicators WhethertheCompanyneedstoretrospectivelyadjustorrestateaccountingdatainpreviousyears□Yes ?No
auditor'sreportshowsthereisuncertaintyastotheCompany'sabilitytocontinueasagoingconcern.□Yes ?No Thelowerofnetprofitbeforeandafternon-recurringgainsandlossesisnegative.□Yes ?No VII.AccountingDataDifferencesArisingfromDomestic/OverseasAccountingStandards1. Differences in net profit and net assets under Chinese Accounting Standards and InternationalAccountingStandards □Applicable ?NotApplicable Nosuchdifferencesduringthereportingperiod. 2.DifferencesinnetprofitandnetassetsunderChineseAccountingStandardsandOverseasAccountingStandards □Applicable ?NotApplicable Nosuchdifferencesduringthereportingperiod. VIII.QuarterlyKeyFinancialIndicators Unit:RMB
reports □Yes ?No IX.Non-recurringGainsandLossesItemsandAmounts ?Applicable□Notapplicable Unit:RMB
Nosuchcasesduringthereportingperiod. Explanationofclassificationofnon-recurringgainsandlosseslistedintheExplanatoryAnnouncementNo.1onInformation DisclosurebyCompaniesOfferingSecuritiestothePublic—Non-recurringGainsandLossesasrecurringgainsandlosses □Applicable ?NotApplicable Nosuchcasesduringthereportingperiod. PartIIIManagementDiscussionandAnalysis I.IndustryPerformanceDuringReportingPeriod 1.Industryoverview InforeEnviroisaleadinginvestorandoperatorinthesmarturbanserviceindustry,primarilyengagingintwoareas:urban cleaningservicesandenvironmentalprotectionequipment.Urbancleaningservicesrefertothecomprehensiveactivitiesofcollecting, comprehensivelytreatingandrecyclingdomesticandindustrialwaste,andmanagingrelatedsocialactivitiestominimizethe environmentalimpactofurbanwasteandensureacleanandhygienicworkingandlivingenvironmentforcitydwellers.Specifically, these services include cleaning, maintenance and watering of urban roads, squares, and other public spaces; collecting and transportingdomesticwastefromresidentialareasandpublicspaces;construction,maintenance,andserviceofsanitationfacilities suchaspublictoilets,wastebins,andgarbagetransferstations;terminalharmlesstreatmentofurbanwasteandspecialwaste; planning,construction,andmaintenanceofurbanlandscapesandgreenspaces. 2.Developmenttrends 2023markedthebeginningoffullimplementationoftheguidingprinciplesofthe20thCPCNationalCongress,andwasa crucialyearforimplementingChina's14thFive-YearPlan.Theurbanservicemarketmaintainedrobustmomentumthankstothe sanitationmarketizationreformandthe"urbansteward"model.Drivenbypolicyincentives,demandforenvironmentalprotection equipmentremainedhigh,indicatingapositiveoutlookoverthelongterm.However,themarketexperiencedacontinueddecline fromthepreviousyearduetomacroeconomicchallenges,declineingovernment'sfiscalpayment capacity,anddownturnin customers'budgets. Increaseinannualamountandtotalamountofurbanservicescontractsinthepasteightyears:Totalsalesofenvironmentalprotectionequipment,andsalesofpure-electricenvironmentalprotectionequipmentinthepast eightyears:Urbanserviceisanessentialitemofgovernmentspending,asitiscloselyrelatedtopeople'slivelihoods.Thesector'slong-term growthisnotentirelyconnectedwithshort-termeconomicvolatility,anditistiedwithlong-termeconomictrends,policydirectives, environmentalrequirements,andpeople'slivingstandards,withoutnotableseasonalandregionalfeatures.Astheexistingsanitationequipmentgraduallyentersareplacementcycleandthesupportivepoliciesfornewenergyincreasein 2024,thenewenergysanitationmarketinChinawillreachaneconomicinflectionpoint.Withtheintroductionoffranchise managementmeasuresandsupportivepolicies,thesanitationfranchisemarketwillfullyexpand.Itisexpectedthattheoverallgrowth trendofthesanitationindustrywillremainunchanged. 3.Developmentpriorities (1)Comprehensiveadoptionofnewenergy-poweredandsmartenvironmentalprotectionequipmentAsChinaadvancesecologicalconstruction,achievingcarbonpeakandneutralityhasbeenincludedinthenationalplanfor ecological endeavors. Against this backdrop, more and more cities are launching large-scale initiatives to transition their environmentalprotectionequipmenttowardnewenergysources,particularlytheincreasedadoptionoflow-noiseandless-emissions newenergy-poweredsanitationvehicles.Thepenetrationrateofnewenergysolutionsintheenvironmentalprotectionequipment sectorreached8.4%in2023.Asthemarketscalesupandcostsdecrease,thelife-cyclecostofnewenergysanitationvehicleshas becomesignificantlylowerthanthatofoil-poweredvehicles.Thissignifiesthatthecomprehensivetransitionofenvironmental protectionequipmenttonewenergysourcesisenteringaphaseofrapidacceleration.Thetraditionalsanitationindustryischaracterizedbyitslabor-intensivenature.Withtheagingpopulationandthechanging careerpreferencesofyoungergenerations,labordemandisskyrocketing,andlaborcostsremainhigh.Thishasgivenrisetothe developmentofsmartenvironmentalprotectionequipment.Sanitationcleaningandmaintenanceisalow-growthareaofapplication, andthetechnologyisrelativelymatureandhasbeguntoshoweconomicviability.Currentautonomoussanitationvehiclescan replacecertainhumanoperationsonclosedandsemi-closedroads.Theycanautomaticallyperformscheduledcleaningtasksduring off-peakhoursoftrafficinparksandotherareas.Managerscanremotelymonitorthestatusoftherobotsinrealtime.This significantlyreducestheworkloadofsanitationworkers,andminimizestheirexposuretoharshworkingenvironmentwhilereducing managementcostsandalleviatinglaborshortages.Asasignificantpartoftheoptimizationofurbanmanagementmodels,thefuture ofurban/ruralservicesisincreasinglysteeredtowardsonethatissmart,andrequireslessorevennohumanlabor,signifyingavast developmentspaceandapplicationprospectsinthissector. (2)Smarturbanservices Asurbanizationaccelerates,thegradualtransitionfromtraditional"sanitationintegration"toasmarter,moreprecise,andmore efficient "urban steward" model has become a consensus in the new round of urban service reform. Traditional sanitation managementmodelscannolongermeetthedemandformodernurbandevelopment.Theemergenceofsmarturbanservicesoffersa solutionforsustainableurbandevelopment.ByleveragingInternetofThings(IoT)andmobileInternet,smarturbanservicesenable full-processandreal-timemonitoringofallenvironmentalsanitationservicepersonnel,vehicles,objects,andevents,assistin rationallydesigningsanitationmanagementmodels, boostingoperatingquality,reducingoperatingcosts,andmakingsanitation management effective through statistical data and assessments.All smart urban services are deployed on the Smart Urban ManagementCloudandconnectedtotheSmartCityNetwork,andareprovidedtomanagersandworkersinacloud-basedmanner anytime.Astechnologycontinuestoadvanceandapplicationscontinuetoexpand,smarturbanserviceswillplayamoreimportant roleinthefuture,drivingcitiestowardsagreener,lower-carbon,andmoresustainablefuture.Drawingonitsinsightsintothecurrentstateoftheenvironmentalprotectionindustry,InforeEnvirobeganitsforayintothefield ofurbanstewardshipin2021withaforward-lookingperspective.Incorporatingsophisticatedtechnologiesin"intelligentequipment, smartservices,andSmartSanitationCloudPlatform",InforeEnvirohascreatedan"InforeMode"encompassing"fullseriesof intelligentequipment+full-scenariosmarturbanservices".TheCompany's5Gintelligentcleaningrobotscanworkthroughhuman- machinecollaborationandautodriving,andhavestrongcleaningcapabilities.Theycancompletehigh-precisionautomatedcleaning tasks,basedonreal-timepositioning,autonomousnavigation,obstacleavoidanceanddetour,andautonomoussafeoperation,on complexoutdoorroadsandunderdynamicallychangingscenarios.Incollaborationwiththenewdigitalandintelligentmanagement modelandtheremotemonitoringandmanagementmodeloftheSmartSanitationCloudPlatform,theyarecapableof24/7,all-round, seamless,precise,andefficientoperation,maintenance,supervision,andmanagementofservicepersonnel,vehicles,objects,and events.Ontopofthesestrengths,theCompanyprovidescustomerswithtailoredsmartsolutionstourbanservicesincluding"smart supervision,smartoperation,smartservice",aswellasanewmodelfeaturing"management+service+operation"forthewhole processofurbanpublicspace,publicresources,andpublicprojects,whichenablesrealtransitionfrommanagementtoservice,and fromgovernancetooperation,tomeettheneedsforrefinedurbanmanagement.Foradetailedanalysisontheindustry,pleaserefertoDiscussionandAnalysisontheFutureDevelopmentoftheCompany. II.PrincipalBusinessDuringtheReportingPeriod 1.Principalactivities Intermsofurbanservicebusiness,InforeEnvirohascreatedan"InforeMode"encompassing"fullseriesofintelligent equipment+full-scenariosmarturbanservices"byincorporatingsophisticatedtechnologiesin"intelligentequipment,smartservices, andSmartSanitationCloudPlatform".Theservicesrangefromroadcleaningandmaintenance,snowandiceremoval,waste collectionandtransportation,wastesorting,municipalinfrastructuremaintenance,urbanlandscaping,waterareacleaningtomarine sanitation.TheCompanyalsoofferscustomersone-stopservicesincludingplanning,design,investment,construction,andoperation of environmental sanitation projects. In terms of business scope, the Company implements an "urban steward + sanitation integration"dualstrategy.Regardingbusinessmodel,theCompanypursuesdiversificationthrough"governmentprocurement", "franchising",and"equitycooperation".Assuch,ithasconsistentlymaintaineditsindustry-leadingpositioninthelong-cycleurban servicemarket. In2023,theCompanyrankedNo.2forincreaseinannualamountofurbanservicecontracts,andrankedNo.3fortotalamount ofurbanservicecontracts.TheCompanyrankedNo.1intermsofsalesofenvironmentalprotectionequipmentin2023forthe23rd consecutiveyearinChina. 2.Principalproducts Intermsofintelligentequipment,leveragingitsleadingpositionintheenvironmentalprotectionequipmentindustry,strong R&Dandmanufacturingcapabilitiesandawell-establishednationwidesalesnetwork,theCompanyforgedamostcomprehensive suiteofenvironmentalprotectionequipmentofover400modelswithintheindustry,providingcustomerswithawiderangeof solutionsincludingvarioussanitationandcleaningequipment,wastecollectionandtransportationequipment,andnewandclean energyenvironmentalprotectionequipment.TheCompany'srangeofproductsspansfromcleaningandmaintenanceequipment, wastecollectionandtransportationequipment,wastecompressionstationequipment,kitchenfoodwasterecyclingequipment, municipalandlandscapingequipment,toemergencysnowandiceremovalequipment.Anindustryleaderinintelligentequipment R&D,theCompanydeveloped5Gintelligentcleaningrobots,autonomoussanitationvehicles,smallsmartcleaningrobots,smart energystorageequipmentforindustrialandcommercialuse,etc. SmartSanitationCloudPlatformisabigdatasmarturbanservicecloudplatformdevelopedin-houseandapioneeringplatform inChina'ssanitationindustrythatencompassesthefullindustrialchain.Theplatform,withaninvestmentofnearlyRMB200million, supportedbyover25smarturbanservice-relatedcopyrightedsoftwareandpatentsandintegrating5G,AI,bigdata,cloudcomputing, edgecomputingandotheradvancedtechnologiestoformanimmersiveframeworkanddevelopcoretechnologiessuchasintegrated IoTapplications,datacommunication,videocommandandcontrol,safedrivingtests,IoTsoftwareandhardwarecompatible technologiesandbigdataapplications.Throughtheplatform,theCompanycan monitorall environmentalsanitationservice personnel,vehicles,objects,andeventsonareal-timebasis.TheCompanyhasdesignedrobustsanitationmanagementmodelsto boostoperatingquality,reduceoperatingcosts,andmakesanitationmanagementeffectivethroughstatisticaldataandassessments. Atpresent,theplatformisprovidingintelligentservicesformorethan80,000productsofcustomersacrossChina,withover40,000 dailyactiveusers.Inthefuture,theCompanywillcontinuetoapplydigitaltechnologiesandcreateinnovativeintelligentequipment andsmartservices.Moreover,throughin-depthintegrationintosmartcitydevelopment,itwillcontinuouslyboosttheapplicationof smartcorporatecloudplatformstobecomealeaderandenablerinthedigitaltransformationoftheenvironmentalsanitationsectorby dintofintelligence. Intermsofsmartservices,theCompany's"EnvironmentalSanitationAPP"enablesremotemonitoring,datacollectionand proceduralapprovalforitsline-upofsmartequipmentandproductsduringoperations.Throughvisualizedoperationaldataand automaticbusinessanalysis,theSmartSanitationCloudPlatformiscapableofdigitalizedequipmentmanagement,sophisticated process management, and quantified materials management. This drives a digitalized, intelligent, IT-based, and integrated managementapproachthroughouttheentiresanitationprocess. 3.Technologyaccumulationandinnovation (1)CumulativeR&Dcapabilities InforeEnviro'sR&Dteamofenvironmentalprotectionequipmentcomprisesexpertsfromnationalresearchinstitutions,who havealongtrackrecordinscientificresearch.BasedonChina'sstatusofenvironmentalgovernance,theCompanyhasbuiltthemost comprehensiveenvironmentalindustrysysteminChina,providingcustomerswithcompletesetsofequipmentandsolutionsforroad cleaningandmaintenance,solidwastecollectionandtransportation,municipalemergencyrescue,landscapingandmaintenance, snowandiceremoval,kitchenfoodwastetreatment,environmentalgovernanceandwatertreatment.TheCompany'sadvanced technologiesinenvironmentalprotectionequipmentpoweredbynewenergyandhydrogenenergyareattheforefrontoftheindustry. TheCompanyowns1,155patents,including599utilitypatents,447utilitymodelpatents,and109designpatents.Itleadsthe industryintermsofthenumberoftechnicalandutilitypatents.Manynational,industry,andlocalstandardshavebeenmadeunder thedirectionofInforeEnviro.Withprovincialresearchcenters,theCompanyhasbeenrecognizedasaNationalIntellectualProperty ModelEnterprise,andaNationalIntellectualPropertyCompetitiveEnterpriseandreceivednumerousawards,includingtheChina PatentExcellenceAward,ChinaMachineryIndustryScienceandTechnologyAward,HunanProvincialScienceandTechnology ProgressAward,andHuaxiaConstructionScienceandTechnologyAward.Ithasobtainedthefirstautonomousdrivetestlicensein sanitation.Furthermore,theCompanywasidentifiedbytheMinistryofIndustryandInformationTechnology(MIIT)asaleading enterprisewithkeytasksinnew-generationAIindustryinnovation,makingitatopplayerinChina'sAIdomainandamemberofthe "nationalteam"ofintelligentcleaningrobotinnovators. Duringthereportingperiod,theCompanyinvestedRMB353millioninR&Dforcontinuousimprovementandinnovationin producttech,with353patentapplications,including95utilitypatents,197utilitymodelpatents,and61designpatents.Ithasmade remarkableR&Dresultsandisleadingtheindustryinthisregard. (2)Innovationofcloudplatform SmartSanitationCloudPlatformisabigdatasmartcloudplatformthatwasdevelopedin-housebytheCompany.Byintegrating advancedunderlyingtechnologiessuchasbigdata,cloudcomputing,IoT,mobileInternetandAIintotheplatform,theCompany developedcoretechnologiessuchasintegratedIoTapplications,datacommunication,videocommandanddispatch,safedrivingtests, IoTsoftwareandhardwarecompatibletechnologiesandbigdataapplications.Theseamlessintegrationofenvironmentalprotection equipmentandoperationsallowstheplatformtoachievereal-timeconnectivitybetweenurbanservicepersonnel,vehicles,objects, andeventsaswellasstandardized,digitalizedandsmartoperationandmanagement.TheCompanyestablishedadigitaloperation andmanagementsystemforsmartservices,which,throughsmartandsafeoperationthatrequireslesshumanlaborandenergyconsumption,enablesittodevelopcompetitiveadvantageswithsmartservices.Theplatformissupportedbyover20urbanservice-relatedsoftwarecopyrightsandpatentsandhaswonaccoladessuchasthe MIIT's2019PilotDemonstrationoftheIntegrationofKeyIndustriesandtheInternet,2021OutstandingCasesofMobileIoT,2021 ExcellentIndustrialAppofHunan,2022Changsha'sKeyR&DProject?GarbageClassificationCollectionandTransportation SystemBasedonImageRecognitionandCNNDeepLearningAlgorithm,and2022ChangshaTorchPlanforIntelligentVehicle IndustryEcosystem.Theplatformhasprovidedsmartservicestoover80,000productsofcustomers.(3)Leaderinnewenergy Pioneeringthedevelopmentofnewenergyinthesanitationindustry,theCompanyoffersthemostcomprehensiveportfolioof newenergyproductsintheindustry.InforeEnvirostartedtheresearchanddevelopmentofnewenergy-poweredenvironmental protectionequipmentin2007andsuccessfullydevelopedthefirstpure-electricsweepertruckinChinainJuly2008.TheCompany wastaskedwiththecleaningandsanitationofthestreetsduringthe2008BeijingOlympics.OverthreedecadesofsustainedR&Din sanitationvehiclesandoveradecadeofhardworkhaveledInforeEnvirointodevelopingover40typesofnewenergyvehicles (NEV)forcleaning,washing,wastecollectionandurbansanitation.TheCompany'snearly200vehiclemodelsformthemost comprehensivesuiteofnewenergy-poweredsanitationvehiclesinChina.TheCompanylauncheditsfifthgenerationofnewenergy- poweredenvironmentalprotectionequipment,astheindustry'smostcomprehensiverangeofproducts,includingover100varieties that cover roadsweeping and washing, garbage transportation, urban landscape, solar power cleaning, andmobilecharging. Additionally,itunveiledtheindustry'sfirstdomaincontrollerplatformtofullyintegratethechassis-controlsystemofthechassisand upperinstallation,withplatformizedhardware,integratedsoftware,modularfunctionalityandscene-basedproducts.TheCompany hasreducedsystemcostsby9%whileincreasingsystemperformanceby15%,leadingtheinnovativedevelopmentofnewenergy sanitation.Thishelpscustomerslowerpurchasingandoperatingcosts.TheCompanysold1,974pure-electricpoweredsanitation vehiclesin2023,withamarketshareof32.4%,rankingNo.1intheindustry,accordingtothemotorvehicleaccidentliability insurancedatareleasedbytheNationalFinancialRegulatoryAdministration.(4)Pioneerinintelligentcleaningrobots TheCompanyhasindependentlydevelopedover10modelsofintelligentcleaningrobots(bothbasicand5Gsmartmodelsare available)andoffersthemostcomprehensivesuiteofcutting-edgeintelligentcleaningrobotsinthemarket.Theentireseriesof productsareintegratedwithcoretechnologiessuchasgreennewenergy,5G+AIOTclustercontrol,AI,machinevision,360-degree imagerecognitionandareequippedwithsensorssuchaslaserradar,ultrasonicradar,highprecisiondifferentialGPS,360-degree cameras,allowingforsmartoperationsandsmartnavigationofintelligentcleaningrobotsaswellaspavingthewayforamore diverseoperationalcapacityinawiderangeoflocationsandscenarios.TheCompany'sfirst"5GCloud+IntelligentCleaningRobot" isasmartremoteclustermodelofoperationthatredefineshowsanitationiscarriedout.Byraisingthestandardsofdigitalizationand efficiencyintheindustrydrasticallyandreducingsafetyriskstosanitationpersonnelaswellaslaborcosts,thenewmodelof operationpresentsremarkableeconomicandsocialbenefitsforthecommunityandeconomy.TheCompany's5GintelligentcleaningrobotcrewhasbeendeployedinShenzhen,ChangshaandSuzhou.Thecrewhasbecome anewbenchmarkforsmarturbanservicesandhasbeenrepeatedlyrecognizedbygovernmentagenciesandotherassociationsasa modelfortechnologicalinnovationthatbreathesnewlifeintothetraditionalsanitationindustrywithAI.The5Gsmartsanitation robotcrewdigitalizesandinformatizesurbansanitation,raisesthecapabilitiesforandstandardsofinformatizationinthesanitation industryandimprovesthestandardsofsophisticatedmanagementofurbanpublicservices,creatingabetterlivingenvironmentfor thepeople. OtherbusinessesoftheCompanyprimarilyincludeenvironmentalmonitoring,solidwastetreatment,andventilatorequipment manufacturing. TheCompany'senvironmentalmonitoringbusinesscoversthemonitoringofsmoke,airquality,haze,waterquality,water conservation,soilanddustandtheprovisionofanintegratedone-stopserviceforenvironmentalprotection,waterconservation, watersupplyandsmartcities.Productsalesarethemainbusinessoperations,supplementedbytheprovisionofservicesforoperation andmaintenance. TheCompany'ssolidwastedisposalbusinessprimarilyencompassestheincinerationofdomesticwastetogenerateenergy,the landfillingofdomesticwaste,therecyclingoffoodwasteandtheutilizationofsolidwasteinindustrialparks.Withwaste-to-energy projectsasthecore,theindustrialparksofsolidwasterecyclingareequippedwithtreatmentfacilitiesfordomesticwastedisposal, hazardouswastedisposal,sludgetreatment,foodwastetreatment,sewagetreatment,constructionwastewatertreatment,ecological restorationoflandfills,leachatetreatmentandflyashdisposal.Theiroperatingmodelispublic-privatepartnership(PPP). TheCompany'sventilationmachinerymanufacturingcoversventilators,mufflers,dampers,refrigerators,magneticlevitationfans, blowersandnuclear-gradedampersfornuclearpower,subways,tunnels,railtransportation,industrialandcivilconstructionand otherareas.Itsfansaremainlysoldviaacombinationofdirectsalesandretailers.III.AnalysisofCoreCompetitiveness 1.Industryleaderinsanitationequipment TheCompanysold1,974pure-electricpoweredsanitationvehiclesin2023,withamarketshareof32.4%,rankingNo.1inthe industry, according to the motor vehicle accident liability insurance data released by the National Financial Regulatory Administration.AsaleaderinChina'ssanitationequipmentsector,rankingNo.1intermsofsalesofsanitationequipmentforthe 23rdconsecutiveyear,theCompanyownsstate-of-the-arttechnologiesandoffersthemostcomprehensiverangeofenvironmental protection equipment. In terms of R&D, the Company has mastered industry-leading technologies in new energy-powered environmentalprotectionequipment,intelligentcleaningrobotsandautonomousenvironmentalsanitationvehicles,andobtainedthe firstdrivetestlicenseinenvironmentalsanitationfromthegovernment.TheCompanydevelopedtheworld'sfirstintelligentcleaning robotcrewandsuccessfullydeployedthecrewinOrangeIsle,a5AlevelnationalscenicspotinChangshaCity,HunanProvince.The Company's5GautonomousintelligentcleaningrobotcrewhasalsobeendeployedinthecollegetowninChangsha.TheCompany hasdevelopedacomprehensivesuiteofenvironmentalprotectionequipmentthatspansover400modelsandallowstheCompanyto meetthediversesanitationdemandacrossthecountry.Asoneofthepioneersinenvironmentalprotectionequipment,theCompany developedthefirstwetanddryvacuumsweepertruck,thefirstfullyhydraulicminiroadsweeper,thefirsttunnelroadwasher,the firstpure-electricroadsweeperandthefirstnaturalgas-poweredroadwasherinChina.TheCompanyhasextensiveproven experienceintheenvironmentalsanitationindustryandbecomethemostinfluentialbrandintheindustry.2.Fast-growingurbanserviceswithstandardizedmanagement The Company established a new sanitation ecosystem with its operational model of "mechanized production+smart operation+standardizedservice".Withitsnewoperationalmodel,theCompanyaimsforthecentralizedmanagementofservicesand planning,visualmonitoringoftheentireprocessofsanitation,swiftresponsetoemergenciesandclosed-loopmanagement.With smartanalysisperformedonalldataandimprovementstomanagementandcontrolsthatarebasedonevidenceandrigorousscience, theCompanystrivestostandardizeservices,refinesanitationmanagementbyvirtueofsmarttechnologies,growbusinessrapidly, buildkeycompetitiveadvantages,andleadintheneweraofsmarturbanservices.From2016to2023,theCompanyrecordedacontractamountofRMB1.237billion,RMB5.561billion,RMB8.711billion,RMB9.72billion,RMB12.574billion,RMB8.435billion,RMB9.251billion,andRMB7.652billionrespectivelyandanannual servicecontractamountofRMB55million,RMB305million,RMB429million,RMB855million,RMB1.248billion,RMB1.228 billion,andRMB1.819billion,andRMB1.553billion,respectivelyforurbanservices.TheCompany'soperatingrevenuefrom urbanservicesincreasedby35.38%YoYtoRMB5.63billionin2023. 3."Directrepair+"after-salesservice After-salesserviceisacriticaltouchpointforcompaniestoconnectwithcustomers,andhigh-qualityafter-salesserviceisa（未完）  |