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Yangtze Business Daily News● Yangtze Business Daily reporter Xu Jia

China Science and Technology Environmental Protection (301175.SZ), a listed environmental protection company under the Chinese Academy of Sciences, uses its technological advantages to drive economic benefits.

The semi-annual report shows that in the first half of 2024, Zhongke Environmental Protection achieved operating income of 812 million yuan, a year-on-year increase of 10.08%; net profit attributable to shareholders of listed companies (net profit, the same below) was 164 million yuan, a year-on-year increase of 17.97%; net profit after deducting non-recurring gains and losses (net profit after deducting non-recurring gains and losses, the same below) was 161 million yuan, a year-on-year increase of 22.78%. Since 2018, Zhongke Environmental Protection has achieved performance improvement for six and a half consecutive years.

A reporter from the Yangtze Business Daily noticed that as an environmental protection industry platform within the Chinese Academy of Sciences system that is led by scientific and technological innovation, China Science and Technology Environmental Protection has continuously consolidated and expanded its technological advantages by leveraging the scientific and technological resource advantages of the Chinese Academy of Sciences.

In the first half of 2024, Zhongke Environmental Protection's R&D investment amounted to RMB 18.2927 million, a year-on-year increase of 55.22%. During the reporting period, the company was granted 13 patents, including 10 inventions and 3 utility models.

The semi-annual report shows that based on the characteristics of the company's independently developed products such as strong automation level, high efficiency and strong adaptability, in the first half of 2024, Zhongke Environmental Protection signed a total of 13 sets of core equipment supply contracts with a contract value of approximately 180 million yuan.

It is worth noting that two years after its listing, the IPO-funded projects of Zhongke Environmental Protection have gradually realized benefits. In the first half of 2024, among the IPO-funded projects of Zhongke Environmental Protection (including over-funded projects), three major IPO-funded projects, including the Jincheng Municipal Domestic Waste Incineration Power Generation Project, realized a total benefit of 53.2586 million yuan.

Net profit increased for six and a half years

In recent years, with the orderly advancement of urbanization, the scale of urban domestic waste collection and transportation has increased, driving the continued strong demand for overall domestic waste treatment.

A reporter from the Yangtze Business Daily noticed that before the IPO, from 2018 to 2021, Zhongke Environmental Protection's operating income and net profit increased from 534 million yuan and 66 million yuan to 1.516 billion yuan and 173 million yuan respectively.

In July 2022, Zhongke Environmental Protection was listed on the Growth Enterprise Market. In 2022 and 2023, Zhongke Environmental Protection achieved operating income of 1.597 billion yuan and 1.404 billion yuan, respectively, a year-on-year increase of 5.34% and -12.07%; net profit of 212 million yuan and 270 million yuan, a year-on-year increase of 22.47% and 27.12%; non-net profit of 198 million yuan and 257 million yuan, a year-on-year increase of 16.95% and 29.6%.

Recently, the semi-annual report released by Zhongke Environmental Protection showed that in the first half of 2024, the company achieved operating income of 812 million yuan, a year-on-year increase of 10.08%; net profit and non-net profit were 164 million yuan and 161 million yuan respectively, a year-on-year increase of 17.97% and 22.78%. So far, Zhongke Environmental Protection has achieved performance improvement for six and a half years in a row.

Among them, in the first two quarters of 2024, Zhongke Environmental Protection achieved operating income of 361 million yuan and 451 million yuan, respectively, a year-on-year increase of 15.97% and 5.77%; net profit was 72.5181 million yuan and 91.2741 million yuan, a year-on-year increase of 19.83% and 16.53%.

It is worth noting that two years after its listing, the IPO investment projects invested and constructed by Zhongke Environmental Protection have gradually realized benefits.

According to the data, in June 2022, Zhongke Environmental Protection issued 367 million new shares for the first time, raising a total of 1.403 billion yuan. The net amount of funds raised after deducting related expenses was 1.35 billion yuan, which were invested in Jincheng City's urban domestic waste incineration power generation project, the government and social capital cooperation model to build Mianyang City's second domestic waste incineration power generation project, Haicheng City's domestic waste incineration power generation project, to supplement working capital and repay debts.

As of the end of June 2024, the above four major IPO investment projects of Zhongke Environmental Protection have invested 317 million yuan, 250 million yuan, 318 million yuan and 250 million yuan respectively, with investment progress of 93.16%, 100%, 90.87% and 100% respectively.

Among them, in the first half of 2024, the Jincheng City Urban Domestic Waste Incineration Power Generation Project and the Mianyang City Second Domestic Waste Incineration Power Generation Project built under the government and social capital cooperation model achieved benefits of 9.8787 million yuan and 16.4857 million yuan respectively.

In addition, as of the end of June 2024, among the projects raised by the over-subscribed funds of Zhongke Environmental Protection IPO, Phase 1 of the Phase III grate furnace project of Cixi Municipal Waste Incineration Power Generation Project has also invested 112 million yuan, and generated benefits of 26.8941 million yuan in the first half of the year.

In summary, in the first half of 2024 alone, the above three IPO fundraising projects of Zhongke Environmental Protection achieved a total benefit of 53.2586 million yuan.

However, since the Haicheng Municipal Waste Incineration Power Generation Project was put into operation in December 2022, it has not yet been included in the national renewable energy power generation project subsidy catalog. As of now, the project's revenue has not yet reached the expected revenue. In the first half of 2024, the project's revenue was -4.8023 million yuan.

R&D investment increased by 55.22% in the first half of the year

As an environmental protection industry platform within the Chinese Academy of Sciences that is led by scientific and technological innovation, Sino-Sci-Tech Environmental Protection leverages the scientific and technological resource advantages of the Chinese Academy of Sciences to establish an all-round innovative research and development system with "independent research and development as the core, cooperation between institutes as the support, and introduction of innovation as the supplement" to continuously consolidate and expand its technological advantages, drive scientific and technological innovation, and thus significantly improve technical and economic benefits.

According to Zhongke Environmental Protection, the company is one of the few enterprises in the industry that has both the ability to operate household waste incineration power generation and the ability to design and supply advanced technical equipment. Among them, the self-developed automatic combustion control system (ACC) has completed the scientific and technological achievement evaluation and has been recognized as "domestic leading" level, and some key equipment has reached the "international advanced" level.

The Yangtze Business Daily reporter noted that in the first half of 2024, Zhongke Environmental Protection's R&D investment amounted to 18.2927 million yuan, a year-on-year increase of 55.22%. During the reporting period, the company was granted 13 patents, including 10 inventions and 3 utility models. It took the lead or participated in the formulation of 10 national/industry/group standards, of which 6 have been issued, and 1 national standard, 1 industry standard and 2 group standards are still in the process of preparation.

The semi-annual report shows that based on the strong automation level, high efficiency and strong adaptability of the company's independently developed products, in the first half of 2024, Zhongke Environmental Protection signed a total of 13 sets of core equipment supply contracts with a contract value of approximately 180 million yuan, including but not limited to the "thousand-ton" grate supply contract that represents the industry's high-end technical level-5 sets of core equipment supply for the Circular Economy Industrial Park in Xinzhou District, Wuhan City, and the core equipment supply for the projects in Chainat, Chumphon, Ratchaburi, Sa Kaeo Province in Thailand and Palembang in Indonesia.

By business line, in the first half of 2024, among the three major business segments of Zhongke Environmental Protection, the domestic waste treatment business, environmental protection equipment sales and technical services, and project construction business achieved operating income of 584 million yuan, 105 million yuan, and 92.8484 million yuan, respectively, a year-on-year increase of 15.17%, 278.55%, and -48.59%; the gross profit margins were 49.86%, 7.98%, and 2.21%, with year-on-year changes of -0.64, -7.79%, and 0.37 percentage points.

During the reporting period, the scale of garbage treatment by Zhongke Environmental Protection's operating projects reached 2.1702 million tons, an increase of 24.68% over the same period last year; the online power supply reached 497 million kWh, an increase of 7.89% over the same period last year; and the heat supply reached 783,400 tons, an increase of 59.71% over the same period last year.

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