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Public company info - Zhejiang Tengy Environmental Technology Co. Ltd- H Shares , 01527.HK
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Zhejiang Tengy Environmental Technology Co. Ltd- H Shares, 01527.HK - Company Profile
Chairman BIAN Yu
Share Issued (share) 35,000,000
Par Currency Renminbi
Par Value 1.0
Industry Environmental Goods
Corporate Profile Business Summary: The Group is a well-established integrated atmospheric pollution control solution provider, with a primary focus on particulate emission control by offering mega-size precipitators to customers in various industries. During the Year, the Group mainly offers three types of precipitators: electrostatic precipitators, bag filter precipitators and electrostatic-bag composite precipitators. Performance for the year: The revenue of the Group amounted to approximately RMB726.6 million for the Year representing a decrease of approximately 15.4% from approximately RMB858.8 million of the corresponding period of last year. The Group’s gross profit of the Year amounted to approximately RMB125.3 million, representing a decrease of approximately RMB15.9 million or 11.3% as compared with approximately RMB141.2 million of the corresponding period of last year. Business Review As one of the largest economies in the world, numerous environmental protection policies have been introduced in the PRC. Following the successive promulgation of related laws and regulations such as the “Ten Requirements Controlling Air Pollution”, China’s environmental protection industry revolution has continued to deepen, making the environmental protection industry to be one of China’s key strategic emerging industries with boundless prospects for development. From 2018 to 2019, China’s environmental protection efforts have been further strengthened. Environmental protection policies and measures have been extended from administrative means to legal, administrative and economic means, which has fully mobilized the proactiveness and initiatives of third parties for pollution control. Market-oriented approach such as environmental protection taxes and sewage permits have been introduced successively. Given the increasingly stringent environmental protection inspection in the PRC, the pace of upgrade and transformation of environmental equipment, which are not in line with the requirements, will surely speed up, creating certain demands for dust-removal equipment. As China’s key strategic industries, governments at all levels throughout the country also attach great importance to environmental protection industries in provinces and cities, and actively promote energy saving, emission reduction and environmental governance works. For example, Zhejiang Province issued the “Overall Plan for the Reform of Ecocivilization System in Zhejiang Province”（《浙江省生態文明體制改革總體方案》）in July 2017; Shaanxi Province issued the “13th Five-Year Plan for the Protection of Ecological Environment in Shaanxi Province”（《陝西省「十三五」生態環境保護規劃》）in October 2017; Beijing issued the“ Administrative Measures of Special Funds for Energy Saving and Emission Reduction and Environmental Protection Projects in Beijing”（《北京市節能減排及環境保護專項資金管理辦法》）in June 2018; and Jiangsu Province introduced the “Three-year Construction Plan for Environmental Infrastructure in Jiangsu Province (2018-2020)” （《江蘇省環境基礎設施三年建設方案（2018-2020年）》）in March 2019. Up to now, almost all provinces and cities in China have promulgated relevant policies, financial support or project management plans for ecological environment protection, providing strong support for China’s comprehensive promotion of the environmental protection industry. The Group believes that leveraging on its track record and advanced technologies together with its stable workplaces and staff, its ability to secure new projects will be improved. Moreover, the Group has completed substantial orders in respect of precipitators related works for different state-owned and private enterprises in 2019. This laid a solid foundation for the Group to secure orders in the environmental protection industry. For the Year, the revenue and total comprehensive income of the Group amounted to approximately RMB726.6 million and approximately RMB34.3 million respectively. During the Year, the Group’s gross profit amounted to approximately RMB125.3 million, representing a decrease of approximately 11.3% as compared with approximately RMB141.2 million of the corresponding period of last year; while the Group’s gross margin increased by approximately 16.4% from last year to approximately 17.2%. The increase in the gross margin for the Year of the Group was mainly attributable to the decrease in the price of raw materials of the products produced by the Group during the Year. For the Year, the value of the Group’s new contracts (which represents the aggregate value of the contracts it entered into during a specified period) was approximately RMB790 million. As at 31 December 2019, the Group’s backlog (including applicable value-added tax) (which represents the total estimated contract value of work that remains to be completed pursuant to outstanding contracts as of a certain date and assuming performance in accordance with the terms of the contract) was approximately RMB2,231 million. The Group’s profit before tax for the Year decreased to approximately RMB45.1 million while profits attributable to owners of the Company increased to approximately RMB34.3 million, representing a year-on-year decrease of approximately 2.8% and increase of approximately 9.9% respectively. The aforesaid increase in profits attributable to owners of the Company is mainly due to the decrease in the income tax during the Year to approximately RMB10.8 million. At the time of raising the amount of product sales, the Group spent great effort in enhancing cost management to make its products and solutions more cost competitive. The atmospheric pollution control solutions offered by the Group mainly comprise the atmospheric pollution control devices designed and manufactured on its own. The Group possesses the qualifications and expertise in manufacture and supply of the key atmospheric pollution control system of the projects it undertakes based on customised design proposals. The Group is dedicated to improving its manufacturing process and management system by managing the product quality and operation, reducing energy consumption and assessing the environmental impact in accordance with international standards. The quantitative management, environmental management and quality management systems of the Group were awarded with a number of ISO certificates. These systems help the company in estimating costs, smoothening project operations and improving operating efficiency. As at 31 December 2019, the Group had 35 registered patents (including 3 invention patents and 32 utility model patents) in the PRC. Based on its strong design and engineering capabilities, the Group primarily provides comprehensive atmospheric pollution control solutions to its customers. The Group offers a wide range of models of electrostatic precipitators which support electricity generators with capacity spanning from 6MW to over 1,240MW. The Group is one of the few manufacturers in the PRC which provides electrostatic precipitators for single generator unit with capacity of 1,000MW or above. As at 31 December 2019, the Group maintained a total of 550 full-time employees (2018: 617). The remuneration payable to the Group’s employees includes basic wages, bonuses and other staff benefit. The Group conducts periodic performance reviews for the employees and determine their remuneration based on factors including qualifications, contributions, years of experience and performance. Prospects: In active cooperation with the “Three-Year Action Plan for Winning the Battle for a Blue Sky”（《打贏藍天保衛戰三年行動計劃》）officially issued by the State Council on 27 June 2018, the Group will continue to enhance its research and development capabilities, develop new technologies and expand the Group's product portfolio (such as ash conveyers) to fight the atmospheric pollution control battle for the Group's country for protecting the Group's country’s blue sky and water, and give back to the society. Besides, the Group will actively seek appropriate acquisition projects to expand its capabilities of research and development, manufacturing and sales, as well as to access new domestic and international markets. The Group hopes to capture the growing opportunities in the atmospheric pollution control solution industry in the PRC through internal research and development and external expansion to consolidate the Group’s existing business, and enhance the Group’s national and international brand recognition in order to expand the its domestic and international market share. The Group believes that its established customer base in the PRC and its exposure to overseas markets could help it lay a solid foundation for future expansion in both domestic and overseas markets of the Group, and enable it to become the leading player in the atmospheric pollution control solution industry.

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