China’s leading waste incineration power generation (“WTE”) operator China Jinjiang Environmental Holdings Co., Ltd. (“Jinjiang Environment” together with its subsidiaries, collectively referred to as “Group”; stock code: BWM), announced its closing as of December 31, 2017 Unaudited results for the twelve months. In the face of escalating industry competition and the rapid growth of waste disposal needs, Jinjiang Environment has steadily advanced the established policy of upgrading and upgrading the industry in advance, and seized market development opportunities at home and abroad. With advanced technology and a mature investment, construction, and operation management system, all main business operations during the period maintained a good momentum of development.

In 2017, the Group's revenue reached RMB2.715 billion, an increase of 3.16% over the same period of last year. Gross profit reached 10.346 billion yuan, and the after-tax profit attributable to owners of the company amounted to approximately 601 million yuan. The revenue from waste incineration power generation business (excluding services provided under the BOT concession agreement) increased by 9.07% from the same period of last year to RMB 1.768 billion. In the year, a total of 8.395 million tons of waste was disposed of, representing an increase of 3.2% year-on-year in 2016. The annual power generation and air supply volume increased by 2.2% and 20.7% respectively, reaching 2.34 billion kWh and 2.504 million tons. Basic earnings per share were 49.35 cents. In order to reward shareholders for their support to the group, the board of directors proposed to issue a final dividend of 5.1 Singapore cents per share.

Annual power generation, power supply, air supply and garbage disposal in 2017

In 2017, the Group had several major projects completed and put into production: In January, the Shandong Gaomingli Langming Municipal Solid Waste Incineration Project was completed and put into trial operation. The waste disposal capacity reached 800 tons/day, and the estimated power generation was 104 million kwh/year; In May, Heilongjiang Qitaihe Municipal Solid Waste Incineration Project was built and put into trial operation. The waste treatment capacity reached 1,000 tons/day, and the estimated power generation was 110 million kWh/year. In November, the west suburbs of Inner Mongolia Hohhot Municipal Solid Waste Incineration Project was put on-line. For trial operation, the waste disposal capacity reaches 1,000 tons/day, and the estimated power generation capacity is 120 million kWh/year. By the end of 2017, the Group had already operated 20 waste-to-energy projects (except for the Yuhang Power Plant in Hangzhou), which had a total capacity of 28,280 tons on the day of operation, with an installed capacity of 521 MW/day.

In order to cope with the ever-increasing demand for waste disposal and clean energy, the Group also has a number of projects under construction and expansion projects are steadily advancing: In April, Ningxia Yinchuan's domestic garbage recycling and expansion project for the second phase of the incineration and power generation project will start to realize the life in Yinchuan. Garbage is 100% incinerated; another Linyi waste incineration power generation project under construction and Phase II expansion project of Zhejiang Zhuji Bafang Cogeneration. These projects will be put into operation one after another in the first, second and third quarters of 2018. It is expected that the above-mentioned projects under construction will have an additional waste disposal capacity of 3,000 tons/day and an installed capacity of 107 MW/day.

Due to the constraint on the use of land resources in urban areas, in order to meet the ever-increasing demand for waste disposal and to meet the boiler requirements raised by the increase of waste heat value after pretreatment, the Group continues to advance the established strategic objectives of technological upgrading. As of the end of December 2017, the Group has completed a capacity expansion and transformation scheme for eight operating power plants with a long operating time and a relatively large waste increase. The corresponding equipment procurement, civil construction and installation work have also been steadily progressing in accordance with the established target plan. Advance. After the upgrade is completed, the operational efficiency will be significantly improved. At that time, the capacity is expected to increase by 5,000 tons/day.

At the same time, the Group further expanded the diversity of waste incineration power generation business and actively developed a contract energy management business with high profitability, which will provide beneficial supplements to the waste incineration power generation business and create a synergy effect. Revenue from the Group's project technology and management services and EMC business increased from RMB 283 million in 2016 to RMB 391 million in 2016, representing a year-on-year increase of 38.0%. As of December 31, 2017, the Group has accumulatively implemented [25] A contractual energy project and cumulative implementation of [25] technical advisory service projects.

Relying on Ecogreen, a company that completed the acquisition in the first quarter of 2017, the Group won bids for three waste incineration power generation projects in Lucknow, Gwalior and Gurgaon in the second and third quarters. With a daily processing capacity of 3,271 tons and an installed capacity of 55MW, it has taken the first step in opening up overseas markets. Among them, the Lucknow City Project is the group's first overseas project and will also be the first waste incineration power plant in China to use China's fluidized bed technology. In May, it successfully won the bid for the MBT project in Singapore. The project uses MBT treatment technology. It has a daily disposal capacity of 500 tons and a franchise period of 20 years, helping the Group to establish itself in the Singapore market.

The Group's existing 21 domestic preparatory construction projects are actively advancing all preparatory work before the commencement of work as planned. Currently, Hebei Shijiazhuang Project, Kunming Wuhua Relocation Project, Hebei Tangshan Project, Zhejiang Wenling Waste Power Plant Expansion Project, Henan Linzhou Project, and Hunan Yueyang Project have basically completed preliminary preparations and approvals. It is expected that construction will begin in the first half of 2018. Construction. The Shaanxi Yulin Project, the Yan'an Shaanxi Project, and the Ningxia Zhongwei Project are actively advancing preliminary preparations and approvals for the start of construction. After all domestic preparatory construction projects are completed, it is expected to add 21,550 tons/day of waste disposal capacity and 462 MW/day of installed capacity.

The Group accelerated the pace of technological upgrading, introduced advanced European “pre-treatment” technologies, and integrated its own research and development to convert waste into high-quality refuse-recovery fuels or waste-derived fuels, improve the operational efficiency of waste incineration power generation facilities, and reduce emissions. The Group continued to promote the implementation of resource projects. At present, seven resource projects have been under construction and preparations in Jiangsu, Shandong, Hebei, Hubei, and Heilongjiang, which will add 3,160 tons of new waste to the Group after completion.

At that time, after Jinjiang Environmental's all the construction and preparatory construction projects in operation and domestic and overseas were completed, the Group's garbage disposal capacity will reach 59,261 tons/day to maintain its leading position in the industry.

The Group has always emphasized technological innovation and actively promoted technological R&D and cooperation through a variety of means such as production, research, and research. The National Engineering Laboratory for Garbage Incineration Technology and Equipment jointly established with Zhejiang University and other organizations was formally established in March. The only state-level engineering laboratory in the waste incineration field approved by the National Development and Reform Commission is an important base for integrating innovation resources, strengthening technology supply, coordinating basic research and industrial research and development, and bringing together and cultivating innovative talents.

During the period under review, the Group successfully issued three years of senior unsecured bonds with a consideration of US$200 million and a coupon rate of 6.0%, and was rated “Ba2” and “BB” by Moody's and Standard & Poor's respectively. The rating outlook is “stable”. This is the first time that China's waste-to-energy industry has issued international bonds, and it is also the first time that China's waste-to-energy power companies have conducted international ratings.

Ms. Wang Yuanyu, Chairman of China Jinjiang Environmental Holdings Co., Ltd., said: “2017 is the year that Jinjiang Environmental strives for a foothold both domestically and internationally. During the year, many key projects of the Group have been put into operation in line with the network, and we have systematically promoted multiple projects under construction and expansion. With a continuously high level of processing capability, the Group continues to strengthen its leading position in the domestic industry, deepening the core competitiveness of technological innovation, and expanding and diversifying its business into the industry chain, which has helped improve the scale of business and the strength of the company. At the national policy level, it has just been held. The 19th National Congress of the People's Republic of China has raised the construction of ecological civilization to an unprecedented height, reaffirmed the basic national policy of environmental protection and the important goal of improving the quality of the environment, and further clarified the strategic concept of 'Green Mountain is Jinshan Yinshan'. The rising trend of the industry is very obvious. As China’s environmental protection supervision continues to increase, the environmental protection industry is facing new challenges and shuffles.

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