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Financial Information THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FINANCIAL INFORMATION You should read the following discussion and analysis of our Group’s financial information in conjunction with our Historical Financial Information as at and for each of the years ended 31 December 2017, 2018 and 2019, together with the accompanying notes, as set forth in “Appendix I — Accountants’ Report” to this document. The Historical Financial Information has been prepared in accordance with IFRS issued by the IASB. Any discrepancies in any table or elsewhere in this document between the totals shown and the sums of amounts are due to rounding adjustments. The following discussion and analysis contain certain forward-looking statements that reflect the current view with respect to future events and financial performance. The statements are based on assumption and analysis made by our Group in light of our Group’s experience in perception of historical trends, current conditions and expected future developments, as well as others factors our Group believes are appropriate. Our actual results could differ materially from those suggested in the forward-looking statements. For additional information regarding these risks and uncertainties, please refer to the section headed “Risk Factors” in this document. OVERVIEW We are an established service provider for landscaping and ecological restoration projects in the Three Northeast Provinces in the PRC with footprints covering 13 provincial-level regions encompassing, among others, Jilin, Beijing, Tianjin, Inner Mongolia and Xinjiang. According to the CIC Report, we ranked first among companies in the ecological restoration industry and second among companies in the landscaping industry in the Three Northeast Provinces, with market shares of approximately 6.7% and 1.3%, respectively, in terms of revenues generated from projects located in the Three Northeast Provinces in 2019. According to the CIC Report, our market shares in the landscaping and ecological restoration industries in the PRC were approximately 0.09% and 0.58%, respectively, in terms of revenue generated in 2019. Leveraging our reputation, professional qualifications and project experiences which accumulated over a decade, we offer a variety of services for landscaping and ecological restoration projects. Founded in 2008, we initially focused on landscaping and have placed increasing effort in developing our ecological restoration segment since 2016. As at the Latest Practicable Date, our business segments include (i) landscaping; (ii) ecological restoration; and (iii) others including investigation, survey, design and technical consultancy for municipal construction projects. – 273 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FINANCIAL INFORMATION During the Track Record Period, we were principally engaged in projects under the (i) traditional model; (ii) EPC model; and (iii) PPP model. Please refer to the paragraph headed “Business — Our Business Model and Operational Workflow — Project models” in this document for more details. Our customers primarily comprise public sector entities. We recorded revenues of approximately RMB655.5 million, RMB809.4 million and RMB897.5 million for FY2017, FY2018 and FY2019, respectively, or a growth of approximately 23.5% and 10.9% from FY2017 to FY2018 and further to FY2019, respectively. Out of our total revenue for FY2017, FY2018 and FY2019, approximately 49.7%, 57.4% and 49.0% were derived from our landscaping segment and approximately 45.4%, 35.4% and 44.9% were derived from our ecological restoration segment, respectively. During the same periods, our gross profit amounted to approximately RMB160.3 million, RMB196.4 million and RMB233.4 million for each of the aforementioned periods, representing gross profit margins of approximately 24.5%, 24.3% and 26.0%, respectively. We recorded revenues of approximately RMB294.8 million and RMB357.9 million for 6M2019 and 6M2020 respectively, representing an increase of approximately 21.4% over the same period. Out of our total revenue for 6M2019 and 6M2020, approximately 52.4% and 52.1% were derived from our landscaping segment and approximately 37.3% and 40.5% were derived from our ecological restoration segment, respectively. During the same periods, our gross profit amounted to approximately RMB72.3 million and RMB87.5 million, representing a growth of approximately 21.0% for 6M2020 and gross profit margins of approximately 24.5% and 24.5% for each of the aforementioned periods, respectively. BASIS OF PRESENTATION Our financial information for the Track Record Period has been prepared in accordance with International Financial Reporting Standards (“IFRSs”) which collective terms includes all individual International Financial Reporting Standards, International Accounting Standards (“IASs”) and Interpretations issued by the International Accounting Standards Board (“IASB”) and complies with applicable disclosure requirements of the Listing Rules. The financial information includes the consolidated financial statements of our Group. In preparation for the [REDACTED], we underwent the Reorganisation, which is detailed in the section headed “History, Reorganisation and Corporate Structure” in this document. As part of the Reorganisation, our Company was incorporated as an exempted company with limited liability in the Cayman Islands under the Companies Law on 8 March 2019, and became the holding company of all the subsidiaries currently as members in our Group. Our Group, structured with the – 274 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FINANCIAL INFORMATION Company holding the subsidiaries as resulting from the Reorganisation, is regarded as a continuing entity, our financial information for the Track Record Period hence has been prepared as a continuation of the existing group using the principles of merger basis of accounting. The consolidated statements of profits or loss, the consolidated statements of profit or loss and other comprehensive income, the consolidated statements of changes in equity and the consolidated statements of cash flows are prepared as if the current structure of our Group had been in existence during the Track Record Period (or where the companies were incorporated/established at a date later than 1 January 2017, for the period from the date of incorporation/establishment to 30 June 2020). Our consolidated statements of financial position as at 31 December 2017, 2018 and 2019 and 30 June 2020 present the assets and liabilities of the companies now comprising our Group as if the current structure of our Group had been in existence as at the respective dates, taking into account the respective dates of incorporation and establishment, when applicable. Intra-group balances, transactions and any unrealised profits arising from intra-group transactions, are eliminated in full in preparing the financial information. The adoption of IFRS 9, IFRS 15 and IFRS 16 does not have a significant impact on the Group’s financial position and performance (including the key financial ratios disclosed in the section headed “Financial Information — Key Financial Ratios” in the Document) throughout the Track Record Period when compared to those that would have been presented under IAS 39, Financial Instruments: Recognition and Measurement, IAS 18, Revenue and IAS 17, Leases. MAJOR FACTORS AFFECTING OUR RESULTS OF OPERATIONS Our results of operations and financial position have been, and are expected to continue to be, affected by a number of factors, many of which are beyond our control, including those set out in the section headed “Risk Factors” in this document and those discussed below: Overall economic conditions in the PRC The general economy in the PRC, such as the growth rate of the economy and the construction industries, which correlate with factors including GDP growth rate, urbanisation and government expenditure on environmental conservation and urban development in the PRC, have been affecting and may continue to affect our business and results of operation. According to the CIC Report, the PRC’s economy has experienced a significant growth over the past years, with its nominal GDP growing from approximately RMB69.9 trillion to approximately RMB95.5 trillion from 2015 to 2019 and the PRC’s nominal GDP is expected to grow and reach approximately RMB136.1 trillion by 2024. – 275 – THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THAT THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. FINANCIAL INFORMATION During the Track Record Period, a majority of our revenue was derived from our services for landscaping and ecological restoration projects. According to the CIC Report, the market size of landscaping industry in the PRC increased from approximately RMB506.7 billion in 2015 to approximately RMB517.6 billion in 2019, and the growing momentum of urbanisation in the PRC is expected to continue and the market size will reach approximately RMB596.9 billion in 2024, representing a CAGR of approximately 2.9% from 2019 to 2024. According to the CIC Report, the
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