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Good evening, investors. I am Cai Yi, the CEO of Xinye Securities.
We can see that the overall performance of the company is very fast, and it has maintained a high-speed growth for many years. We have also followed the long-term maintenance of Wenren Environmental Protection, and we can see that the company's business scale and asset scale are gradually growing. Today, we still follow the usual process, we invited the general secretary of Wenren Environmental Protection, Chen Pengzong, and then based on the company's situation,
Okay. Thank you. Thank you, Mr. Cai.
Good evening, investors. I'm very happy to be here. Today is the first day of the Spring Festival Gala. I'm going to give you a talk on Friday night. The Spring Festival Gala will be held this afternoon, so we don't have much time. I will briefly introduce some of the main data. The first one is the company's revenue in the first half of the year. The annual income is 4.1 billion yuan.
This has increased by 42%. The scale of net profit is 14.23 billion yuan, which has increased by 38.68%. This is basically the same scale as the local net profit in the first quarter. The net profit in the second quarter is about the same as the first quarter. The net profit in the first quarter is 13.13 billion yuan, which has increased by 42%. This is the same growth as the revenue. The total revenue of the company is 260.5 billion yuan.
It grew by 8.09% compared to the end of last year. The net market cap has reached 135.92 billion yuan. It grew by 8.43% compared to the end of last year. The company's market share is 47.83%. We have also specifically calculated the company's game share. It is about 22.23% of the total turnover. In terms of the overall operating situation, one is the operating income of the environmental protection project.
In the first half of the year, we achieved 16.11 billion yuan, which is 10.65% of the total growth. We have four projects in the first quarter of the year. In total, at the end of the year, there are three projects to invest in empty-storage waste disposal and power generation. The scale of the project is 360,000 tons per day. There are four more projects to be built, which are empty-storage waste disposal and power generation projects. We have 18 waste disposal projects at the end of the year. There are four more projects to be built.
All the business data should also be listed in this year. The overall growth is relatively good. Basically, the indicators are growing. In this year, we have listed all the business data of the last three years. The investors can see it more clearly. In the first half of the year, we have added
in the
In terms of equipment manufacturing and service business, the revenue is now 24.85 billion yuan. This is a relatively large growth compared to the previous year. The growth of equipment manufacturing business led to a relatively high growth in company business. The growth of equipment manufacturing business is 74.5 billion yuan. The two new material projects that everyone is concerned about are currently in the final stages of construction. The first phase of the project is the final stage.
But by June 2030, I don't think we will be able to do that. Another thing is that our subcontractor, a construction company, has also acquired the second-level capital of the General Stock Exchange. In addition, the company's headquarters also plans to build a headquarters building in Wenzhou. The amount of investment is not more than 400 million yuan. In the first half of the year, we also acquired a lot of human resources, including investment in Guangxi Guangli Qianmajia,
In terms of social responsibility, we also won the ESG New Standard Entrepreneur Award. The ESG bottleneck of Huazheng is A-level. This is the summary of our overall business data and some discussions and analysis of the business situation. I just gave you a brief introduction. I won't introduce the rest.
Okay, Mr. Chen, let's start from the trash can. Now the company has about 53 projects, and the scale is about 36,000 tons per day. In the first half of this year, it was a formal operation, and in the second half of this year, there are four projects that are still in operation, and they should also be turned into formal operations. What about the scale and project behind it?
In the past few years, we have seen that Hainan has made a lot of investments in the environment. Do you have any plans for this area?
the situation of Shenyun and Guoyuan, because everyone is more concerned about Guoyuan, because Shenyun's project has actually been handled relatively smoothly as the person in charge, and the situation of the rest of Guoyuan's project, and the cooperation with Shaanxi Environmental Protection Group, will it be further expanded? And then, is there any other possibility to add some cooperation with other provinces, including private enterprises or some state-owned enterprises related to environmental protection projects? This is probably the case.
Yes, yes, yes. Thank you, President Tsai. Anyway, let's talk about the overall situation of environmental protection and the future. Yes, the garbage bin. Let's talk about some of our ideas. Yes. One is that we are now building four more projects. These four projects should have a total scale of about 4,000 tons. So, including Kunshan, which has 2,000 tons. So, the Kunshan project should be in the first half of next year. So, by the first half of next year,
The total number of waste recycling projects is about 40,000 tons. Of course, we will consider some existing projects, such as recycling and expansion. Some projects are slow to promote due to the selection process. Some projects may not be able to be implemented until a certain stage due to the local waste volume in the second phase.
In my opinion, we should still have 50,000 tons. If we include some coal-fired projects, we will exceed 50,000 tons. In terms of large-scale coal-fired projects, we do not have any statistics in the data. We do not have that kind of table. So, purely from the domestic stock market, we are still actively tracking.
We have a lot of large-scale projects, and we will definitely invest in projects with a volume of more than 500 tons. If the border conditions are good, we will still consider investing. If the scale is relatively small, we will consider cooperating with others, more in the form of equipment sales. In the first half of last year and the second half of this year, there were several projects that cooperated with others. The scale should be less than 500 tons. We will not invest.
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We are still paying attention to the mass market. With the decline of the state-owned enterprises and many companies, there are fewer and fewer projects to be built. Construction income is decreasing. The main income and profit come from operation. If the quality of operation is not good,
the profit and income of the project will be under pressure. In the market, we also see some companies making some equity deposits. We also keep in touch in the market. As a company with a relatively influential industry, we still have similar exchanges. So we hope that in the future, in terms of full cooperation,
and we hope to expand it. In 2021, we also invested in Shengyun. We also invested in Guoyang. Shengyun's operating situation has been quite good in the first half of this year. Our expansion in Taili has also been successful in the first half of this year. The volume of operation of Shengyun has also increased slightly.
In the first half of this year, Sheng Yun's net profit reached more than 60 million yuan, which is less than half a year. So the development of Sheng Yun is also good. I also see that Sheng Yun's report is now more and more like Wei Ning's report in the future, and the entire Mao profit rate is increasing. I believe this will be similar to Wei Ning's project in the future. It also shows that after our management system is introduced, the entire operating model is changing.
In terms of state-owned enterprises, as a public-private partnership project, in the past two years, we have been promoting project construction on the one hand, and on the other hand, we have been constantly optimizing and adjusting the management team. At present, the entire state-owned enterprises headquarters should be under our control, and the cost is constantly decreasing.
The next project is the Baoji project, which is also planned to be completed this year. As a warehouse company with a large scale, it should also be used for national resource creation and revenue. The Yan'an project is still under construction. It may not be completed this year, but it may be planned to be completed next year. The next project is the Yuling project.
Through our two or three years of integration, Yulin has managed the amount of garbage and the relationship with the local shareholders quite well. The local government has also communicated quite well. Yulin has a relatively abundant amount of garbage. The local revenue is ranked second in the entire Shaanxi Province.
So the economic situation is also very good. So it's a very good location. It's just that at the beginning, this cloud project, because the technical route is a streamlined ship, so the whole power generation and power outage situation will be worse. The failure rate of the equipment will be higher, so it will bring a similar loss of power. But after we go in, the overall situation is normal and stable. So with the growth of waste electricity,
I hope we can achieve this goal in the coming months. This is the situation of Shunying and Guoyuan. We have talked about the future of environmental planning. We hope that by 2030, on the basis of the current 40,000 tons, the scale of the project can be expanded. We have this idea.
from the integration of mass production and mass production projects, as well as the expansion of the overseas market. Recently, we have also significantly increased the expansion and communication of the overseas market, especially in the Indonesian market. After investing in high-end projects in Indonesia, we have become more and more familiar with the local business environment and business relations.
Thank you, Mr. Chen.
Okay, Mr. Cheng, I'm a researcher at the Center for Environmental Protection. I have three questions for you. The first question is related to the business data. I did a simple calculation. In the first half of this year, the industrial power generation rate of our garbage plant was 17.72%, and the water level was 23.85% in the same period last year. There are many advantages. So I want to ask you,
I'd like to ask Mr. Cheng about the reason for the decrease in the growth rate. In the first half of this year, the number of people working in the warehouse increased by 13.9%. In the second half of this year, the number of people working in the warehouse increased by 6.82%. The increase in the number of people working in the warehouse is faster than the increase in the number of people working in the warehouse.
Does this mean that this year's waste capacity is relatively ideal? And the reason for this and the subsequent sustainability, has our company made an overall judgment? This is my first small question. I would like to ask you first. Yes, yes, yes. The regular electricity bill has dropped a lot. Anyway, this reason is also quite comprehensive. I didn't look at it carefully. In short, it means that our operating efficiency in the first half of the year is improving. This time, compared with the previous
the growth of the garbage chain, and as you just said, one is 6.8 and the other is 3.9. I don't know what you just said. In other words, the total garbage volume has increased compared to the same period last year. Yes, we have actually analyzed this internally. Some of the original ones are volume-increasing projects. I won't talk about the volume-increasing projects. The projects that have been invested in the same period last year compared to the same period in the first half of this year. In fact, we can see that the garbage volume of these projects has increased overall.
This is actually related to several factors. One is that some projects were just launched last year. The production capacity is indeed in the process of climbing. More is mainly due to the harvest of rubbish. The supply may not have caught up yet, which means that there is relatively little rubbish in the warehouse, especially in projects in our northern region. We feel this more deeply. In the case of projects in the northeast, including projects in Hebei,
Last year, the amount of waste in Tongxi Mountain was relatively low. Even in winter last year, there was no electricity in Shuangya Mountain. So the power generation was relatively poor. In the second half of last year, we strengthened the operation management of these projects. The project in the northern area was significantly improved.
the amount of waste has increased a lot compared to the same period last year. This has also led to an increase in the number of people using the Internet. So I think we still have to work on the management aspect of this. And indeed, in the North, for all the citizens, the operational experience is not rich enough. There may be some experience and lessons at the beginning. So as we have invested a year
Hello, please do not hang up. The number you have dialed is currently busy. Please do not hang up. Can you hear me? Yes, I can hear you. As I said, the project in the North has been improved by management. The amount of garbage has increased. The number of online stores has also increased.
the operating data of the entire company in the first half of this year has improved and improved compared to the same period last year. Because there is no problem with the equipment, the main problem is the outside garbage organization supply. These are the main reasons. Because the South Africa project, of course, is also this year. In my impression, there is also some growth in some projects compared to the same period last year.
In the first half of this year, or the year before last year, there were quite a lot of similar projects. After one or two years of adjustment, the amount of waste has indeed increased, and the corresponding efficiency is increasing. So, at present, the productivity efficiency of the same project should be improved. Okay, then I will summarize it like this.
Okay, thank you Mr. Chen. I have another question. In the first half of this year, Yongfeng's waste processing fee was increased by 8.86%. What is the background of this? What kind of policy is it? Or what is the basis for negotiating with the government? Will there be some arrangements for adjusting the waste processing fee for other waste power generation projects?
Yes, because our special economic agreement is quite clear. Every project has a corresponding bargaining mechanism. In Jiangsu area, last year, we also strengthened the processing of these projects. That is, according to the special economic agreement, we triggered the corresponding bargaining mechanism. We also need to strengthen communication with the government and approve corresponding bargaining applications.
At present, the Yongfeng project has been successfully negotiated with the government. I think the negotiation process started on January 1st this year, right? So for this project, we can increase the revenue by several million yuan throughout the year. I believe that this is also a good opportunity to increase the company's profits. At the same time, we should say that there are still many projects in communication.
to the general manager of the project company in the area. They will be in charge of promoting the project. I think this is also a result of the contract travel. In the first half of this year, the project has been approved. We are also working on it. In the future, I think there will definitely be some projects.
Thank you, Mr. Cheng, for your answer. Next, we will give the time to the investors to ask questions.
Thank you for your answer. Next, I would like to invite participant number 0872 to ask a question. Please speak. Thank you. Good evening, Mr. Chen. I am Huatai Huzhi. I have three questions to ask. If we apply for a green card, if it is subsidized, after getting the green card, there is no national subsidy at all? Or is there a difference in deducting the green card? This is the first question.
Yes, I have read about it. I think it was last year or the day before. Anyway, these waste disposal projects can be certified. But we have to pay attention to the specific transactions. Some of them have already been withdrawn by the Ministry of National Defense.
After the price of 6 cents and 5 cents, there were 4 or 5 projects that we couldn't get rid of. We could only use the standard price. I think we can completely trade off the profits of these projects. After trading off the profits, it has no effect on its enjoyment of national subsidies. But there are some projects that we can enjoy the subsidies and electricity costs of 6 cents and 5 cents. We believe that we may even put the profits on the transaction. Because we understand that if the profits are traded off, we may not be able to enjoy
In other words, if the price is higher than the green market price, the price will be higher.
the price, then we may still be the priority, or to get the national insurance will be more beneficial to the project. Indeed, this is what I understand at present. So in our internal operations, the application is the application, but in the actual transaction process, we are still more cautious. Understand this policy clearly. If this has no impact on the national insurance, then we will sell it. If it has an impact, then we may put it down first.
Okay, thank you, Mr. Chang. The second question is about the overseas market, especially the Indonesian market. Is there any progress in the business of our waste power investment operation? Well, this year we have also increased the strength of communication. We have also published some new articles in the company's official account, including some officials in Indonesia, or some of their ministers have also come to our company.
We will also have meetings with the board of directors. This means that we are in close communication with the local government in terms of the implementation of the project. We will continue to promote it in the future. We hope that the project will be completed soon.
Okay, thank you. The third question is also the last one. Our Yaman project and Weimin Shengxin have not released any products yet. How is their promotion going? At the moment, we haven't released any products yet. But we are indeed working on improving the project on the one hand. As for some of the particular devices, the system may start debugging. The overall debugging is definitely not finished yet. Some of the devices may not be installed yet.
There are some systems that have been installed. We may have to start testing the independent layer systems. Some are still being installed, right? We have already started purchasing raw materials, especially in Wenzhou. We have also purchased the corresponding raw material high-gluten flour. Overseas, we have also purchased the corresponding red clay masonry and coal. So these, including the recruitment and training of personnel, are also underway. So we are all
Okay, thank you, Mr. Cheng. I don't have any other questions. Okay, thank you. Okay, please let the meeting assistant give us more information.
Thank you for your answer. Next, we have a question from the audience on the website. Hello, Mr. Chen. I'm from Changxintang. I have a question. Is the Jiamen project going to be launched in the third quarter? Thank you for your answer. The Jiamen project was originally planned to be launched in the third quarter. However, the construction of the project was slowed down last year due to the adjustment of the project in the same industry.
This year, in January, we started to speed up the development. Our current plan is to launch a product in the third quarter of this year. But this year, we don't have a plan or budget for how much revenue we will receive. We hope to launch a product this year.
The whole process of additional face-to-face projects is also very innovative from a global perspective. Some time ago, you can see that the whole of Indonesia produces iron ore for the traditional RTF process. However, there is a limit to the process of turning iron ore into high-grade iron. For the process of producing high-grade iron in one step, it is very encouraging.
In terms of the position of the supply chain, our supply chain is very advanced, and it is more advanced. And indeed, in terms of the supply chain for the rejuvenation vehicle and the wild chain for the red soil hunting group, there are only two cases in total in the world. We can say that this is the third case.
The scale is relatively large. There are many differences between our technology and the two projects that were introduced earlier. From our team's point of view, these differences have been made to improve efficiency and save energy, right? So in terms of technological advancements, we think we can stand at the forefront of the world, right?
Therefore, we hope that the testing will be successful. Of course, we have to be well-prepared in all aspects. After all the systems are ready, we will conduct the overall testing. We hope that in March, we will be able to conduct the overall testing and produce the corresponding products. As I have just introduced,
At the moment, we have already purchased the mine. We are also starting to prepare for the corresponding raw materials. Okay, thank you. Okay, thank you for your leadership. The next question is from the moderator of G338. Please speak. Thank you.
Hello everyone, I'm Hu Bingqing from Tianfeng. Thank you very much for taking the time out of your busy schedule to give us an interview. Thank you. I would like to ask you a few questions. First, I would like to know if you can give us a brief description of the order.
What is the difference between new energy and environmental protection? What is the difference between domestic supply and export from the customer's point of view? Thank you. We didn't talk much about equipment orders in the past. Now that we have entered the new material, we have signed the main equipment order for new materials.
We also made some disclosures last year. So in general, in the first half of this year, I think our half-year report is more than 1.2 billion. There are still more new orders in this area. There are fewer orders in Guangzhou. And then the whole revenue must be the same. In the first half of this year, we still have more than 20 revenue.
I can't tell you the exact proportion, but most of the orders are from the new industry. In the first half of this year, the execution of environmental protection orders will be better than last year. Because we have some foreign orders and our own projects are also under construction. This will also bring the increase in environmental protection orders. In the first half of this year, after the Kunshan project is fully built,
So for the second half of the year, the order support for the equipment is also relatively large. Anyway, the main order of the outside is still Qingmei, that is to say, some of the companies that are related to them, including overseas Qimei 8. We supply these companies to them, and the profit is relatively low, so it will also include the future, including cooperation with Xinshang.
So at the moment, the scope of the equipment is relatively clear. It used to be environmental protection equipment. At the moment, especially last year and this year, the new equipment will be higher in proportion. Of course, in the first half of the year, the overall scale will probably be more than 100 million. But it doesn't count. Let's see in the second half of the year. Overall, we are still more confident in the future to work with the current circle of friends.
to receive new orders, including our own new environmental protection projects, such as starting construction, external sales and internal sales. So there is still a guarantee for the orders for the second half of this year. As for the orders for next year, there are indeed some orders for this year that will stay until next year, and some of them still need to depend on the new order situation for the second half of this year to decide the revenue of the entire equipment business next year.
Okay, thank you. I understand. Yes, because this year, the distribution of orders is particularly bright. I would also like to ask the company, for the entire second half of the year, including next year, is there any guidance on the direction of continuous acquisition of orders and continuous acquisition of high-yield products? That is, what factors do we use to achieve a continuous order and a continuous growth? Thank you.
As I just said, we believe that the environmental protection order will be stable this year and last year. How about next year and this year? It really depends on us. On the one hand, there are some domestic projects in which we sell our equipment. If these orders are not executed this year, we will have to wait until next year. And we also have to do some of our own infrastructure projects.
or the expansion of overseas production. All of this is supported by our environmental protection orders. The rest are customers in the field of new energy, in the field of the wild chain. Currently, as we, especially in the first half of the year, when we are able to start the recycling process,
It is very ideal to have the corresponding data. This may also promote investment in the entire industry. We also hope to provide more equipment support and services in the construction of similar projects in the same industry. Of course, we also hope that in the future, not only will we have the opportunity to expand the field chain or the new material chain,
We hope that next year we will be more stable.
The market is at least stable at this level this year, right? So according to the new order situation, is there a boost, right? So in terms of next year's business structure, we certainly hope that next year's new material business will be able to make a greater contribution to the company's revenue contribution, right? Because this year we are still in the second production stage, the adjustment stage.
So next year, we hope to have a full-scale operation. This will also contribute positively to the company's revenue and profits. I see, I see. Thank you very much. Thank you very much. I have a question. In fact, some of our Fenshao projects have been listed earlier. I would like to ask about projects that have been listed for more than 10 years or even 15 years.
How big is the difference between the maintenance cost and the delivery time? How much do we need to pay for a big repair like this? Thank you. In the first three years of delivery, the maintenance cost and the repair time are relatively low, right? We pay for all the maintenance costs.
Therefore, we have already considered the re-investment in the construction of the whole building. So, overall, the construction of the whole building will not have a big impact on us in the future. The fluctuation between the years will not affect the overall work performance. In terms of the overall trend, of course, we should focus on the maintenance in the future. But we can't say it's significantly improved.
Each system will have a certain ratio, like a stove. Every year, a certain ratio of stoves will be changed, right? It will be changed normally. As time goes by, we also feel that the technological progress of the entire industry will have a greater impact. With the increase in the flow rate or the increase in the pressure level of new projects, its power generation efficiency has indeed increased. When we look back to the early days,
For example, in the early days of 0.1T and 5.1T, the efficiency was very high. We could reach 280 degrees at that time. At that time, 280 degrees was still considered the ceiling of the industry. But now, there are more and more large-scale furnaces, 500 tons, 600 tons, 750 tons. Large furnaces are indeed more efficient. Therefore, if many projects are equipped with traditional equipment,
It's not a matter of simple maintenance or overhaul. It can't solve the problem of efficiency. So I just said that some of our projects may need to be completely remodeled. This remodeling means that the old furnace must be dismantled and replaced with a new, larger furnace. In recent years, many domestic waste projects have continued to improve the standard of disposal. Some traditional old processes may not be able to
to meet the demand for new emissions, we can only stop or even make a thorough reduction. So in the future, I think this kind of change will be relatively large. Of course, when making such a change, we have to talk to the local government about the corresponding commercial conditions, and then implement them.
We also hope that the economic forecast can bring some growth after such a change. At least your power generation efficiency will improve, and the price of waste disposal may also improve. In the end, the revenue of this project, income, scale, even if the return is not changed, the scale can be improved.
If you can do it well, you can also improve the ability to respond, or the probability, of course, it is better. So this should also be the trend of the entire industry at present. Early, especially those that have been in operation for more than 15 years, more or less face this kind of relatively large change, this kind of assessment.
Yes, I understand. After we do some of these changes, is the gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold-plated gold
We need to discuss this with the government. As for enterprises, we want to make it a brand new project and re-give it to our special economic rights. Can we extend the term of the special economic rights? We can even make it 40 years according to the new regulations. I think the government may also have this intention. Because the cycle is longer, the project revenue is more, and the mutual subsidy may also be reduced appropriately.
It seems that there is a lot of pressure in the local economy. Maybe the government is also willing to make such a commercial negotiation. Of course, we also hope that through such a reform, we can ensure that our long-term operating rights will be recovered in the future. There was another question, why did I forget?
Yes, I would like to ask, if we do this type of land renovation, what will be the end of the construction of LuTang? Yes, what will be the end of the construction of LuTang? There are several types of land renovations. One is that the original factory does not change. Yes, the factory does not change, that is to say, the investment of the factory may be more frugal. Then just do land renovation in the original factory, and update a large number of equipment.
In this case, there will be less investment. In other cases, it may be completely independent. It may be built on the spot, or built outside the existing factory, or the original project is too close to the city, so it is completely moved away. Then it is equivalent to building a new project, right? In this case, it is completely the same as investment. So each place is different. I think according to the local situation,
I think
So this project may be more thorough. The structure of the factory will be more beautiful, right? So the government has to choose. If it is willing to choose a thorough improvement, then we can also do this. I see, I see. I'm particularly interested. I have one last question here. I also saw that you just mentioned that we are going to burn the whole thing here. The standard of atmospheric emissions is actually the current demand and demand is
I would like to ask, what impact will the improvement of the large-scale distribution standard have on our current production and management, as well as the transformation of our future projects? For example, how much will the total cost of a single project related to an update of our logistics and transportation equipment cost? Thank you. At the moment, we are still looking for ideas. Of course, there are many businesses in the industry.
In terms of project operation, we prefer not to raise the standard too high. Because after you raise it here, the added energy consumption and energy reduction effect will even decrease. This is also a matter of life, right? But if you really raise the standard so high, there is no problem with the implementation of this technology, right? You don't have to add the corresponding process, right? Add the corresponding equipment and then
Of course, the consumption of raw materials will increase, and the cost of transportation will also increase. In the end, the government will have to pay a corresponding amount of money. The cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation will increase, and the cost of transportation
After the production, no matter what the result is, there will be a transition period, right? So for these projects, if you want to reach a new standard, then you have to implement it within the transition period, right? Also do the corresponding negotiations within the limit. I understand, I understand. I have no other questions. Thank you, Mr. Cheng. Thank you. Okay, thank you.
Okay, thank you for your answer. The next question is from the Internet. Hello, Mr. Chen. How likely is it to sell the green cards in your hands? What is the probability of revenue? Thank you. We didn't do much work last year. In the first half of this year
to do related work and apply for some green certificates. So for the current market, I think it is completely a policy-oriented market. At present, the policy is not conducive to the sale of green certificates issued by垃圾, and there are not many buyers. Of course, according to the market
So we don't have a very high estimate of this area. On the other hand, there are still several right-wing parties. Other right-wing parties, especially those in Beijing and Taiwan, may have their own needs for green policies. Because they still need to consume energy, right?
Okay, that's all. Okay, thank you.
Okay, Mr. Chen, I have a small question that I would like to ask you. I found out that when we were disclosed in the Chinese newspaper, the price of the Yingshe account has reached 2.78 billion yuan, which is close to 3 billion yuan. Last year, it was only 2.71 billion yuan, which is quite a large amount.
I'd like to ask Mr. Cheng about the process, how much does it cost to get the subsidy, how much does it cost to get the equipment, and how do you plan to pay it back in the future? Mr. Cheng, could you please tell us about it? Yes, the process of getting the subsidy, I can't tell you the details until the end of June. The main thing is to get the equipment for the garbage disposal project.
This operation has brought us a lot of national subsidies, right? Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of them may be put into the revenue account. Some of
And of course, in terms of the overall revenue of the company, the revenue is big now, we have a revenue of 4 billion in half a year, so there is a certain revenue account, especially equipment, EPC, there is still a revenue account for this area, right? But I think we are still relatively normal in the follow-up repayment situation, because these customers are garbage,
In terms of operations, we haven't had any problems in recent years, although there have been some problems. As for our environmental protection customers and new material customers, we are still relatively good. These are some of the leading companies in the industry, as well as some of our partners, and some of the listed companies.
So the risk of receiving and withdrawing money is actually not big. So far, we think it's normal to receive money. Of course, in the future, we also hope to reduce the amount of money we receive. But in the same time, I think the amount of money we pay is also increasing.
I remember that in terms of customer accounts, we are basically at a new high. This means that there are two aspects. On the one hand, our customers may have some debt, but I have a large purchasing power in the supply chain. There is also a certain period of time. It's not a long period of time, it's a normal period of time. So there will be a customer account. So from the comparison of these two aspects, I think it should also be a reasonable phenomenon for an enterprise.
Thank you, Mr. Chen. Thank you, Mr. Chen, and thank you to all the online investors. It's very late now. We don't see any more questions from the audience. We've had a good conversation today. If you have any further questions, we can keep in touch with Mr. Chen or our team after the meeting. Let's end the meeting here, Mr. Chen.
Okay, okay. If you have any questions after the meeting, we can talk about it, okay? Okay. Thank you, Mr. Chen. Thank you, leaders. Goodbye, everyone. Have a nice weekend. Thank you, everyone. Have a nice weekend. Goodbye. Goodbye. Thank you, everyone, for attending this phone conference. The conference is over. Have a nice weekend. Goodbye.