[年报]盈峰环境(000967):2024年年度报告（英文版）
原标题:盈峰环境:2024年年度报告（英文版） Part I Important Notice, Table of Contents and Definitions The Board of Directors, the Board of Supervisors as well as the directors, supervisors and senior officers of Infore Environment Technology Group Co., Ltd. warrant that the information in this report includes no misrepresentations, misleading statements or material omissions, and jointly and severally accept liability for the truthfulness, accuracy and completeness of information in this report. Ma Gang, the Company's legal representative, Wang Qingbo, the Company's principal officer in charge of accounting, and Wu Shanshan, the principal officer of the Company's accounting division (head of accounting) warrant that the financial statements in the Annual Report are true, 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 proposal on 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 2024 final dividend plan, a cash dividend of RMB 1.89 (tax inclusive) per 10 shares will be distributed to the shareholders, with no conversion of the capital reserve to share capital. 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 .................................................................................................................... 48 Part V Environmental and Social Responsibility ....................................................................................... 69 Part VI Significant Events ............................................................................................................................ 84 Part VII Share Changes and Shareholder Information ............................................................................. 97 Part VIII Information on Preference Shares ............................................................................................ 106 Part IX Information on Bonds ................................................................................................................... 107 Part X Financial Report ............................................................................................................................... 111 Documents Available 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 the seal of the accounting firm, and signed and stamped by certified public accountants (CPAs). (III) Originals of all corporate documents and announcements publicly disclosed on the website designated by the CSRC during the reporting period. The originals and legally effective photocopies of the aforesaid documents are available at the Company and the stock exchange for inspection by investors. Definitions
Part II Company Profile and Principal Financial Indicators I. Company Information
The accounting firm engaged by the Company
? Applicable □ Not Applicable
□ Applicable ? Not Applicable VI. Major Accounting Data and Financial Indicators Whether the Company needs to retroactively adjust or restate previous years' accounting data ? Yes □ No Reasons for retrospective adjustments or restatements Change in Accounting Policies
a Single Performance Obligation" in Interpretation No. 18 of the Accounting Standards for Business Enterprises promulgated by the Ministry of Finance since January 1, 2024, and has made retroactive adjustments to the information of the comparable period. The lower of net profit before and after non-recurring gains and losses is negative for the most recent three fiscal years, and the latest auditor's report shows there is uncertainty as to the Company's ability to continue as a going concern □ Yes ? No The lower of the net profit before and after non-recurring gains and losses is negative □ Yes ? No VII. Accounting Data Differences Arising from Domestic/Overseas Accounting Standards 1. Differences in net profit and net assets under Chinese Accounting Standards and International Accounting Standards □ Applicable ? Not Applicable No such differences during the reporting period. 2. Differences in net profit and net assets under Chinese Accounting Standards and Overseas Accounting Standards □ Applicable ? Not Applicable No such differences during the reporting period. VIII. Quarterly Principal Financial Indicators Unit: RMB
reports □ Yes ? No IX. Non-recurring Gains and Losses Items and Amounts ? Applicable □ Not Applicable Unit: RMB
No such cases during the reporting period. Explanation of classification of non-recurring gains and losses listed in the Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public — Non-recurring Gains and Losses as recurring gains and losses □ Applicable ? Not Applicable No such cases during the reporting period. Part III Management Discussion and Analysis I. Industry Performance During Reporting Period 1. Industry overview Infore Enviro (Stock code: 000967) is a technology-based enterprise in the field of urban cleaning services in China. The Company's main business is urban cleaning services. Relying on "intelligent equipment, Smart Sanitation Cloud Platform, and smart services", it creates a new urban service model that combines ecology and technology, and builds a full-chain service system of "front- end intelligent operation, middle-end intelligent dispatching, and back-end lean management" in the industry, empowering the intelligent and refined operation of urban cleaning services all day long, in all aspects, and throughout the whole process. Urban cleaning services are an important part of the modern environmental management and operation system, covering multiple fields such as road cleaning and maintenance, snow and ice removal, waste collection and transportation, waste sorting, municipal infrastructure maintenance, urban landscaping, water area cleaning and marine sanitation. The Company adopts diversified business models, commonly including "government procurement", "franchising", and "equity cooperation". By providing a full-cycle solution including planning, investment, construction and operation, it comprehensively maintains a clean, sanitary, and beautiful urban environment and creates a healthy and comfortable living and working space for residents, effectively supporting the improvement and sustainable development of the human settlement environment. 2. Industry development 2024 marked a crucial year for fully implementing the guiding principles of the 20th CPC National Congress and for carrying out the "14th Five-Year Plan". The urban service market has maintained robust growth thanks to the sanitation marketization reform and the "urban steward" model. Although the environmental protection equipment market has maintained a relatively high total demand in the long term driven by policies, affected by the approval of special treasury bond projects and the disbursement of funds concentrated in the fourth quarter, equipment procurement will be postponed to 2025. Coupled with factors such as the weakening of local fiscal payment capabilities and the reduction of customers' budgets, the industry continues the downward trend of the previous year. It is worth noting that new energy-powered environmental protection equipment has achieved a rapid growth of 45% against the trend, becoming a prominent highlight in the market. The growth in both the annual value and the total value of urban service contracts in China over the past nine years: The total sales of environmental protection equipment and sales of pure electric new energy-powered environmental protection equipment in the past nine years: Urban service is an essential item of government spending, as it is closely related to people's livelihoods. The sector's long-term growth has little to do with short-term fluctuations in the macro economy, and it is tied to long-term economic trends, policy directives, environmental requirements, and people's living standards, without notable seasonal and regional features. Looking ahead to 2025, policy drivers and industry cycles are expected to align closely. The urban services market is likely to maintain steady growth, supported by the ongoing deepening of the sanitation marketization reform and the "urban steward" model. In addition, the environmental protection equipment market is poised for growth, supported by multiple drivers. From the perspective of policy support, the report on the work of the government for 2025 proposed to raise the deficit ratio to 4%, issue over RMB 300 billion of ultra-long-term special treasury bonds and RMB 500 billion of local government special bonds. In addition, the RMB 12 trillion "debt resolution" plan in 2024 is expected to improve local financial resources, providing financial guarantees for the procurement of environmental protection equipment. From the perspective of the industry cycle, the expansion of the large-scale equipment renewal policy, coupled with the delayed implementation of the funded projects issued in 2024 and the natural renewal demand of environmental protection equipment, will boost the industry back onto the growth track. It is worth noting that as the penetration rate of new energy- powered environmental protection equipment breaks through the critical point of 10% where demand explodes, with the support of policies such as the expansion of the pilot program for full electrification of public service vehicles, the demand for new energy equipment will enter a period of rapid growth. 3. Development trends (1) Urban services: Deepening of the intelligent transformation The urban service scenarios continue to expand. Relying on technologies such as the Internet of Things, big data, and AI, it realizes the upgrade from single sanitation management to comprehensive urban operation, promoting a systematic innovation in the service mode and management efficiency. With the acceleration of the urbanization process, the traditional sanitation management mode has been difficult to meet the transformation demand from the "sanitation integration" to the "urban steward" model, and the intelligent urban service system has emerged as the times require. Based on the Internet of Things and mobile Internet, this system conducts full- process and dynamic monitoring of all sanitation management elements such as personnel, vehicles, objects, and tasks. By optimizing the management mode, it improves the operation quality, reduces the operation cost, and builds a digital management evaluation system. Its service architecture adopts a cloud-based deployment model, deeply integrating with the smart city management network, and using the cloud service platform as the carrier to deliver service capabilities to both the management and operation ends. With technological iteration and the extension of application scenarios, the smart urban services will become a key support for promoting the green, low- carbon and sustainable development of cities. (2) Environmental protection equipment: Accelerated integration of new energy and intelligence The environmental protection equipment sector is rapidly shifting towards greener and more efficient solutions, with new energy technologies like electrification and hydrogen energy gaining significant traction. These innovations are being further enhanced by innovative technologies such as intelligent sensing and autonomous operations. Against the backdrop of China's "dual carbon" strategy, which is deeply embedded in the broader vision of ecological civilization, policies promoting new urbanization and the pilot program for full electrification of public service vehicles are working in tandem to accelerate the transition to new energy solutions in environmental protection equipment. By 2024, the sector's penetration of new energy technologies has reached 14.9%, and the lifecycle cost advantages driven by economies of scale are further accelerating the substitution process. The synergy between policy guidance and market forces is driving this transformation. In response to structural labor shortages and rising costs in traditional environmental protection sectors, smart equipment has emerged as a crucial solution. Guided by national strategies such as "vehicle-road-cloud integration" and "artificial intelligence+", the development of smart city infrastructure and the deployment of intelligent connected vehicles are becoming increasingly integrated. This creates large-scale opportunities for the application of intelligent environmental protection equipment and other equipment. A shift toward more automated, labor-light operations driven by technological iteration is reshaping the industry. II. Principal Business During the Reporting Period (I) Principal activities Infore Enviro has 315 subsidiaries, establishing 3 major industrial bases in Changsha, Foshan and Shaoxing across the country, and 2 overseas factories in Thailand and Italy. Equipped with 22 R&D platforms and 361 service outlets, it forms a comprehensive support system. The Company focuses on urban service business, with "intelligent equipment, Smart Sanitation Cloud Platform, and smart services" as the core drivers. Relying on the most complete equipment matrix in the industry as the foundation and taking the digital platform as the hub, it forms intelligent solutions covering all scenarios of urban environmental cleaning. The services range from road cleaning and maintenance, snow and ice removal, waste collection and transportation, waste sorting, municipal infrastructure maintenance, urban landscaping, water area cleaning to marine sanitation. The Company also offers customers one-stop services including planning, design, investment, construction, and operation of environmental sanitation projects. In terms of business operation, the Company implements an "urban steward + sanitation integration" dual strategy, and adapts to the needs of different projects through diversified channels such as government procurement, franchising, and equity cooperation. The intelligent system deeply integrates Internet of Things technology and municipal facility data, and conducts digital control over all elements of "personnel, vehicles, objects and tasks" in sanitation operations. With the service capabilities of the entire industrial chain In 2024, the Company ranked No.1 for the increase in the annual contract amount of the Company's urban service projects under operation and ranked No.3 for total contract amount of urban service projects under operation in the same industry. The Company ranked No.1 in terms of sales of environmental protection equipment in 2024 for the 24th consecutive year in China. (II) Principal products 1. Intelligent equipment The Company has the most comprehensive suite of environmental protection equipment of over 500 models within the industry, providing customers with a wide range of solutions including various traditional cleaning equipment, new energy cleaning equipment, and cleaning robots. The Company's products cover cleaning and maintenance equipment, waste collection and transportation equipment, waste compression station equipment, kitchen food waste recycling equipment, municipal and landscaping equipment, municipal emergency equipment, photovoltaic cleaning equipment, aerial work equipment, integrated solutions for photovoltaics, energy storage and charging, as well as intelligent small unmanned cleaning robots and other intelligent environmental protection equipment. Market performance: In 2024, the Company's sales volume of environmental protection equipment reached 12,173 units, and the market share reached 19.3%. Both the sales volume and the market share of the environmental protection equipment ranked first in the market of the same industry. The Company's sales amount of environmental protection equipment has been ranked first in the domestic industry for 24 consecutive years. 2. Smart Sanitation Cloud Platform The Smart Sanitation Cloud Platform developed by the Company is a pioneering platform in China's sanitation industry that encompasses the full industrial chain, with an investment of nearly RMB 250 million. Based on multi-modal large model technology, it builds a dual intelligent engine of "equipment networking + operation management", forming a technical foundation that covers vertical industry data, intelligent algorithms, and AI-driven large models. By deploying the independently developed T-BOX remote control terminal, a “terminal, pipeline and cloud" collaborative system covering autonomous cleaning equipment and traditional operation vehicles is established. It enables real-time interconnection of the four-dimensional elements of personnel, vehicles, objects, and tasks in urban services, achieving standardized, digital, and intelligent sanitation operation management. Market performance: The Company's Smart Sanitation Cloud Platform integrates more than 40 software copyrights and patents related to smart cities. The number of daily active users exceeds 70,000. It has connected 168,000 Internet of Things devices (sanitation vehicles/sensors/intelligent terminals), and the online rate of the devices is 90%. The big data middle platform processes more than 260 million pieces of data per day, successfully establishing the largest database of sanitation operation conditions in China. 3. Smart services The Company implements the “digitalization and intelligence-driven" strategy, deeply integrating Internet of Things, big data, and artificial intelligence technologies, and builds an innovative smart city service operation system featuring "mechanized production + smart operation + standardized service". Through the three core carriers of intelligent equipment, the Smart Sanitation Cloud Platform, and the Environmental Sanitation APP, it realizes the closed-loop management of the whole process of sanitation operation, such as intelligent dispatching, real-time monitoring, and emergency response. The system integrates intelligent algorithms and multi-source data, establishes a "standardized" service model, promotes the digital collaboration of personnel, vehicles, objects, and tasks, empowers the refined management of urban services, and achieves intelligent and safe operation with fewer people and low energy consumption. Market performance: The Company began its foray into the field of urban intelligent cleaning services in 2021 with a forward- looking perspective. From 2021 to 2023, the Company recorded a contract amount of RMB 8.435 billion, RMB 9.251 billion, and RMB 7.652 billion respectively and an annual service contract amount of RMB 1.228 billion, RMB 1.819 billion, and RMB 1.553 billion, respectively for urban services. In 2024, the Company's operating revenue from intelligent services increased by 14.41% YoY to RMB 6.441 billion. The contract amount was RMB 4.447 billion, and the annual service contract amount was RMB 1.486 billion. Other business of the Company primarily includes ventilator equipment manufacturing, environmental monitoring, and solid waste treatment. The Company's ventilation machinery manufacturing covers ventilators, mufflers, dampers, refrigerators, magnetic levitation fans, blowers and nuclear-grade dampers for nuclear power, subways, tunnels, rail transportation, industrial and civil construction and other areas. Its fans are mainly sold via a combination of direct sales and retailers. The Company's environmental monitoring business mainly covers the monitoring of smoke, air quality, haze, water quality, water conservation, soil and dust and the provision of an integrated one-stop service for environmental protection, water conservation, water supply and smart cities. Product sales are the main business operations, supplemented by the provision of services for operation and maintenance. The Company's solid waste disposal business primarily encompasses the incineration of domestic waste to generate energy, the landfilling of domestic waste, sewage treatment, the recycling of food waste, low-carbon recycling and utilization of renewable resources, and the utilization of solid waste in industrial parks. With waste-to-energy projects as the core, the industrial parks of solid waste recycling are equipped with treatment facilities for domestic waste disposal, hazardous waste disposal, sludge treatment, food waste treatment, construction wastewater treatment, ecological restoration of landfills, leachate treatment and fly ash disposal. All of these are organically coordinated to solve solid waste problems in a package. Their operating model is a public-private partnership (PPP). (III) Principal technical achievements 1. Upgrading of cleaning robots The Company's independently developed 5G intelligent cleaning robot has the capabilities of human-machine collaborative operation and autonomous driving. Through the high-precision automated cleaning system, it can achieve real-time positioning, autonomous navigation, and intelligent obstacle avoidance in complex scenarios. Relying on the digital management system of the Smart Sanitation Cloud Platform, an all-weather intelligent monitoring and precise operation and maintenance service system has been built. Since the first-generation product was launched in 2017, continuous technological breakthroughs have been achieved. In 2019, it was identified by the Ministry of Industry and Information Technology (MIIT) as a leading enterprise with key tasks in AI industry innovation, making it a top player in the innovation of intelligent cleaning robots; in 2021, it was rated as the excellent enterprise for its second-generation model in the special evaluation of "Intelligent Sanitation Operation Robots". In 2024, the Company's upgraded third-generation product reached the Level 4 autonomous driving. After testing and verification, it has the ability of large-scale commercial use. Currently, it has carried out regular operations in limited scenarios and is planned to be fully launched on the market in 2025. This equipment supports the time-sequence management of preset tasks, conducts off-peak and garbage removal, realizing unmanned operation of the whole process. The remote management platform can monitor the equipment status in real time, implement remote control and environmental modeling. While reducing management costs and alleviating the problem of labor shortage, it effectively improves the working environment of sanitation workers, shortens the exposure time under harsh working conditions, and provides a replicable solution for the intelligent transformation of the industry. In addition, the Company's photovoltaic cleaning robot was promoted through long-term trials in 8 photovoltaic power stations such as Changsha in Hunan, Binzhou in Shandong, and Wuhai in Inner Mongolia in 2024. The longest trouble-free operation time has exceeded 12 months, and it has been widely recognized by customers. It is expected to achieve large-scale market application in 2025. 2. Innovation of new energy products and technologies In December 2024, the Company's 9,000th new energy-powered environmental protection equipment rolled off the production line. Since successfully developing the first domestic new energy road sweeper in 2007, the Company has leveraged its 18 years of experience in the new energy market and 39 years of expertise in environmental protection equipment technology. Its new energy products now cover more than 40 categories such as sweeping, cleaning, garbage collection and transportation, and municipal services, with nearly 200 vehicle models. It has formed the most complete combination of new energy-powered sanitation vehicles in terms of （未完）  |