A-share Code: Dynagreen Environmental Protection Group Co.Ltd(601330) A-share abbreviation: Dynagreen Environmental Protection Group Co.Ltd(601330)
H-share Code: 1330 H-share abbreviation: Dynagreen Environmental Protection Group Co.Ltd(601330) environmental protection convertible bond Code: 113054 convertible bond abbreviation: Green convertible bond
Dynagreen Environmental Protection Group Co.Ltd(601330)
Summary of annual report 2021
Section I important tips
1 the summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plan, investors should go to the Shanghai Stock Exchange at www.sse.com com. cn. Stock Exchange: www.hkexnews.com HK website carefully read the full text of the annual report. 2. The board of directors, the board of supervisors and the directors, supervisors and senior managers of the company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and there are no false records, misleading statements or major omissions, and bear individual and joint legal liabilities.
3. Directors not present
Position of director not present name of director not present reason for director not present name of principal
Director Li Lei’s official reasons Qiao Dewei
Director Liu Shuguang official reasons midsummer
4 KPMG Huazhen Certified Public Accountants (special general partnership) issued a standard unqualified audit report for the company. 5. The profit distribution plan or the plan of converting accumulation fund into share capital adopted by the board of directors during the reporting period intends to distribute a cash dividend of RMB 0.1 per share (before tax) to all shareholders based on the total share capital on the date of equity registration of profit distribution, and the remaining undistributed profits will be carried forward to the next year. In 2021, the company did not convert capital reserve into share capital or give bonus shares. This plan needs to be submitted to the general meeting of shareholders of the company for deliberation.
Section II basic information of the company
1 company profile
Company stock profile
Stock type stock exchange stock abbreviation stock abbreviation before stock code change
A-share Shanghai Stock Exchange Dynagreen Environmental Protection Group Co.Ltd(601330) Dynagreen Environmental Protection Group Co.Ltd(601330)
H-share stock exchange of Hong Kong Dynagreen Environmental Protection Group Co.Ltd(601330) environmental protection 1330
Contact person and contact information secretary of the board of directors securities affairs representative
Name: Zhu Shuguang, Li Jian
Office address: Jiuzhou electric appliance, Keji South 12th Road, Nanshan District, Shenzhen, 2nd floor, Jiuzhou electric appliance building, 2nd floor, Keji South 12th road building, Nanshan District, Shenzhen
Tel: 0755368076888010 0755368076888010
E-mail [email protected]. [email protected].
2. Introduction to the company’s main business in the reporting period
With the steady growth of China’s population, the continuous promotion of urbanization and economic development, China’s domestic waste generation continues to increase and the demand for treatment is growing. According to the statistical yearbook of China’s urban construction, from 2008 to 2020, the number of harmless treatment plants for urban domestic waste in China increased from 509 to 1287, and the daily treatment capacity increased from 315200 tons to 963500 tons, with a compound growth rate of 9.76%. The daily treatment capacity, actual treatment capacity and treatment rate of harmless treatment increased significantly. The harmless treatment of waste is mainly divided into three ways: incineration, landfill and composting. Incineration has the advantages of obvious reduction effect, small floor area and relatively small impact on the environment. It is the fastest-growing subdivision field. From 2008 to 2020, the number of municipal solid waste incineration plants in China increased from 74 to 463, an increase of 525.68%. The daily treatment capacity increased from 51600 tons to 567800 tons, and the annual actual treatment capacity increased from 15.697 million tons to 146 million tons. The compound growth rate of daily treatment capacity and annual actual treatment capacity of waste incineration was more than 20%. Compared with developed countries, the proportion of waste incineration treatment in China is still relatively low. The national 14th five year plan proposes that by the end of 2025, the national urban domestic waste incineration capacity will reach about 800000 tons / day, and the urban domestic waste incineration capacity accounts for about 65%, with great growth potential.
The domestic waste incineration power generation industry has the characteristics of policy encouragement, regional monopoly, capital intensive, and no obvious seasonal and periodic fluctuations, as follows:
(1) In recent years, with the continuous advancement of China’s industrialization and urbanization, China is facing increasingly severe environmental problems. The country has raised the construction of ecological civilization to an unprecedented height. The energy conservation and environmental protection industry, including waste treatment, ranks first among China’s seven strategic emerging industries. Under the background of small per capita land occupation in China, waste incineration power generation is an important means to realize the “reduction, recycling and harmless” treatment of waste and improve the ecological environment. Due to the large initial investment and high operating cost of waste incineration power generation, the state has issued preferential policies from the aspects of on grid electricity price and tax to promote the rapid development of waste incineration power generation industry. For example, for the part where the on grid electricity of each ton of domestic waste is less than 280 kwh, the national unified benchmark electricity price of waste power generation is 0.65 yuan per kwh; Eligible waste incineration power generation projects shall be exempted from enterprise income tax from the first year to the third year from the tax year in which the first production and operation income is obtained, and the enterprise income tax shall be reduced by half from the fourth year to the sixth year; The value-added tax on electricity revenue is levied and refunded immediately, and 70% of the value-added tax on garbage disposal fee revenue is levied and refunded immediately.
(2) China’s waste incineration power generation projects usually adopt the franchise mode, and the franchise period is generally 25 to 30 years.
Under this mode, the relevant government departments grant the franchise right to the investors or operators of the waste incineration power plant, and the franchisee monopolizes the domestic waste treatment right in a certain area during the franchise period.
(3) Waste incineration power generation is a capital intensive industry. The project requires large initial investment. The capital investment of a waste incineration power plant with a daily processing capacity of 1000 tons is generally 400 million yuan to 600 million yuan. At the same time, the investment recovery cycle of waste incineration power generation projects is long, generally 8-12 years.
(4) The raw material of waste incineration power plant is domestic waste, which is directly related to the local population, the output is relatively stable, and the seasonal and periodic fluctuations are not obvious.
Business of the company during the reporting period:
1. Main business of the company
The company is one of the earliest enterprises engaged in domestic waste incineration power generation in China. It is mainly engaged in the investment, construction, operation, maintenance and technical consulting business of domestic waste incineration power plant in the form of BOT and other franchises. Focusing on the broad market space of the economically developed Yangtze River Delta, Pearl River Delta and Bohai rim economic circle, the company extends its business layout to Anhui, Hubei, Guizhou, Shanxi, Guangxi, Jiangxi, Hunan, Shaanxi, Henan, Sichuan and other central and western regions, forming a market layout based on the Yangtze River Delta, Pearl River Delta and Bohai rim and radiating the whole country. As of December 31, 2021, the company has operated 31 projects and 5 projects under construction in the field of domestic waste incineration power generation, with a waste treatment capacity of 34000 tons / day and an installed capacity of 699.5mw. The number of projects and waste treatment capacity of the company are among the forefront of the industry.
2. Main business model
The company mainly adopts BOT mode to operate domestic waste incineration power generation business, which is as follows: the government department responsible for waste treatment selects service providers through bidding or other means to build and operate waste incineration power plant in BOT mode. After obtaining the project, the company signed a franchise agreement with relevant local government departments and established a project company to carry out business. According to the franchise agreement signed with relevant local government departments, the project company is responsible for raising construction funds and building and operating the whole waste incineration power plant. The franchise period is usually 25 to 30 years. The relevant government departments shall pay the waste treatment fee to the project company at the agreed price, and the project company sells the power, steam or hot water generated in the process of waste incineration. After the expiration of the franchise right, the company needs to hand over the relevant infrastructure to the concession grantor.
The upstream industries of the company include construction enterprises, installation enterprises, suppliers of waste treatment and power generation equipment (such as incinerators, flue gas treatment systems, steam turbine generator units, waste heat boilers, etc.), etc. the company selects suppliers through bidding. Downstream industries mainly include local government departments and power grid companies. The company provides waste incineration treatment services to local governments and collects waste treatment fees; Sell electricity to power grid companies and obtain electricity sales revenue.
3. Main process and technology
The process flow of waste incineration power plant is as follows:
The core equipment of the waste incineration power generation system is the incinerator. The company mainly uses the self-developed three drive reverse push grate furnace. This kind of incinerator has a unique integrated three-stage design. The drying, combustion and burning sections are equipped with independent driving mechanisms, which can flexibly adjust the operation speed of each section according to the combustion conditions, so as to better control the distribution of the fire bed and lower the reduction rate of ash burning. 3 main accounting data and financial indicators of the company 3.1 main accounting data and financial indicators in recent three years
Unit: yuan currency: RMB
20212020 compared with 2019 of the previous year
Increase or decrease (%)
Total assets 20214466018971744607142238 15.871367078740447
Attributable to listed companies 652808959066548766590026 18.96329622891735
Net assets of shareholders of the company
Operating income 505688942565227761881500 122.03175244908897
Attributable to listed companies 6977858767950338554361 38.6241608847360
Net profit of shareholders of the company
Attributable to listed companies 6861165372148469969957 41.5538831303827
Net profit of shareholders of the company after deducting non recurring profit and loss
Generated from operating activities: 514917738842 Hpf Co.Ltd(300350) 7455 123.84 – 4818953555
Net cash flow
The weighted average net capital was 11.06 13.8, a decrease of 2.74 percent and 13.23 percent
Yield (%) points
Basic earnings per share 0.5 0.43 16.28 0.36
(yuan / share)
Diluted earnings per share 0.5 0.43 16.28 0.36
(3) quarterly report data
Unit: yuan currency: RMB
First quarter second quarter third quarter fourth quarter
(January March) (April June) (July September) (October December)
Operating income 116349648327134252659638135253210603119833423998
Shares attributable to listed companies 209434657222281013330226701330098 – 6
