On the evening of April 24, Infore Enviro (stock symbol: 000967) announced its 2019 annual report. The annual report showed that it achieved operating income of about CNY 12.695 billion. The net profit attributable to shareholders of the parent company was approximately CNY 1.361 billion, with a year-on-year increase of 46.62%. The cash flow from operating activities was CNY 1.485 billion, with a year-on-year increase of 227.49%. Earnings per share were CNY 0.43. The cash dividend was CNY 348 million, accounting for 25.56% of the net profit. The business results were healthy and the finances were sound.

During the reporting period, Infore Enviro grasped the national economic situation and the development trend of the environmental protection industry, focused on the smart sanitation business with its own characteristics of "intelligent equipment, smart cloud platform and smart service", created a new model of innovation and development that is intelligent, refined, mechanized and economical, showing the leading development trend that environmental sanitation service rapidly grow and environmental sanitation equipment stays ahead.

 

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Rapid growth of environmental sanitation service

In 2019, Infore Enviro benefited from favorable policies such as the Blue Sky Protection Campaign, waste classification and rural habitat environment improvement. Relying on the service capacity of the entire industry chain "from front-end to back-end for processing", a unique smart sanitation system has been formed. The sanitation service sector has ushered in a new round of rapid growth.

As of the end of 2019, Infore Enviro operated a total of 57 sanitation service projects, with an annual operating income of CNY 1.001 billion. The in-hand annual contract amount was CNY 1.6 billion and the total contract amount reached CNY 25.2 billion. Among them, a total of 30 projects won the bid in 2019. The total value of newly added contracts was CNY 9.72 billion, with a year-on-year increase of 52%; the value of newly added annual contract was CNY 855 million, with a year-on-year of 119%. The total value of the newly added contract and the value of the newly added annual contract of Infore Enviro respectively ranked fifth in 2019. In the same year, the first batch of 5G + intelligent small environmental sanitation robotics of Infore Enviro were officially launched in Futian District of Shenzhen City. It is the first project which deeply applies small-scale operation equipment cluster in this industry and a new business card for the 5G commercial pilot city of Shenzhen as well.

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Continuous leading position of sanitation equipment

In 2019, Infore Enviro's sanitation equipment achieved sales of CNY 7.034 billion. The sales quantity was about 20,000 units, of which the new energy vehicles were 1,100, with a market share of 29% and a year-on-year increase of 500%. The market share of mid- to high-end products exceeded 30%, and the high-end product was close to 40%. In the past ten years, the total sales amount of sanitation equipment has reached CNY 50.95 billion. It has been ranking first in this industry in China in terms of sales for 19 consecutive years.

With the most complete product lines of environmental protection equipment and over 400 models of products, Infore Enviro met the needs of sanitation equipment in major application scenarios across the country and created a strong brand influence in the industry. At the same time, it firmly strengthened its investment in research and development to ensure its leading edge in technology. According to the data of the annual report, as of the end of the reporting period, the Company has obtained 773 independent patents, including 441 invention patents, with technology patents and invention patents ranking first in the industry. With the support of a number of leading technologies that represent the development direction of the industry, such as alternative energy-powered sanitation equipment, smart environmental sanitation robotics and unmanned sanitation vehicles, the Company has successfully entered the list of key innovation task enterprises of the China's new generation of artificial intelligence industry issued by the Ministry of Industry and Information Technology of People's Republic of China, and ranked among China's top AI camps, becoming a member of the "national team" of environmental sanitation robotics for innovation in this industry.

At present, Infore Enviro's first sanitation smart robotic cluster formation has been put into use in national 5A-level scenic spots, such as Changsha Orange Isle Scenic Spot and Yuelushan University Town. Taking advantage of the rapid development of 5G and AI technology, Infore Enviro has invested heavily in intelligent, flexible manpower and unmanned equipment research and development projects in recent years, which are increasingly bringing economic benefits to the Company.

 

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Refined management of full data activation project of smart cloud platform

In order to ensure the accuracy and efficiency of management and decision-making of environment protection sanitation project, Infore Enviro has invested over CNY 100 million and integrated 5G, AI, big data, cloud computing, edge computing and other advanced technologies. The self-developed domestic leading full-industry chain big data smart environmental sanitation cloud platform realized "full time, all-round, seamless connection between front and back, accurate and efficient" operation and maintenance services and remote monitoring and management to "human, vehicles, things and matters". Thus, the environmental sanitation project was smoothly upgraded from a "cleaner" to a "city steward".

Infore Enviro's smart environmental sanitation cloud platform has accumulatively applied for more than 20 software copyrights and patents in smart environmental sanitation platform, environmental sanitation APP, Internet of Things terminal equipment, etc. The number of IoT terminals installed has reached 58,800, and the data volume has reached PB level. It has accumulated rich experience in smart environmental sanitation. The smart environmental sanitation cloud platform has been implemented in more than 110 smart environmental sanitation projects in more than 40 cities across the country.

 

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Double growth of flow cash and profit withe improved performance

During the reporting period, Infore Enviro focused on the central task of "achieving high-quality development" and explored various ways to improve asset management capabilities around all aspects of production and operation. It aimed to reduce inventory and control increments, strengthened the classification and liability mechanism of contract risks, stepped up the recovery of loan, speeded up the operating turnover efficiency and forced the improvement of operating cash flow. As of the end of the 2019 reporting period, the Company's operating cash flow was CNY 1.485 billion, with a year-on-year increase of 227.49% compared to the previous year's operating cash flow of CNY -1.115 billion. The Company's operating cash flow has been greatly improved, which has promoted the improvement of operating quality and achieved quality and efficiency gains.

At the same time, with the smart, refined, mechanized operation and maintenance services and remote monitoring and management model, the net profit of Infore Enviro's 2019 smart environmental sanitation service has increased to a certain extent in the case of a substantial increase in the total amount of new contracts. During the reporting period, Infore Enviro's net profit attributable to shareholders of listed companies was approximately CNY 1.361 billion, with a year-on-year increase of 46.62%. The double growth of cash flow and profit provided a practical guarantee for the company's high-quality sustainable development.

 

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In 2019, Infore Enviro closely focused on the development strategy and annual business plan, emphasized the core strategic business, and actively promoted the development of smart environmental sanitation business, leading a new round of industrial innovation in the industry. In 2020, Infore Enviro will continue to focus on the core business of smart environmental sanitation, further strengthen and consolidate its advantages in sanitation equipment and its intelligent and interconnected environmental sanitation service, maintaining the leading trend in the industry. The Company will continue to increase resources investment in its strategic core business, smart environmental sanitation service, striving to be one of the best in the industry in the next five years.