Dynagreen Environmental Protection : FIRST QUARTER REPORT OF 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

綠色動力環保集團股份有限公司

Dynagreen Environmental Protection Group Co., Ltd.*

(a joint stock limited liability company incorporated in the People's Republic of China)

（Stock Code: 1330）

FIRST QUARTER REPORT OF 2021

SUMMARY

The Board of Dynagreen Environmental Protection Group Co., Ltd.* hereby announces the first quarter report of 2021 of the Company. The financial data contained in the Report has been prepared in accordance with PRC GAAP and is unaudited. This announcement is made pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

The board of directors (the "Board") of Dynagreen Environmental Protection Group Co., Ltd.* (the "Company") hereby announces the unaudited results of the Company for the three months ended 31 March 2021 (the "Report"). The financial data contained in the Report has been prepared in accordance with China Accounting Standards for Business Enterprises ("PRC GAAP") and is unaudited. This announcement is made pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

The Report is written in both Chinese and English. In the case of any discrepancies, the Chinese version of the Report shall prevail.

- 1 -

1. IMPORTANT NOTICE

1. The Board, the supervisory committee and the directors, the supervisors and the senior management of the Company hereby warrant the truthfulness, accuracy and completeness of the contents of the Quarter Report, guarantee that there are no false representations, misleading statements or material omissions contained in this Quarter Report, and are jointly and severally responsible for the liabilities of the Company.
2. Directors who were not present at the Board meeting

Name of absent	Title of absent
Director	Director	Reason of absence	Name of proxy
Cheng Suning	Director	Business engagements	Qiao Dewei

1. Qiao Dewei, an officer of the Company; Yi Zhiyong, the Chief Financial Officer; and Zhao Linbin, the Chief Accountant, declare that they warrant the truthfulness, accuracy and completeness of the financial statements in the Quarter Report.
2. The first Quarter Report of the Company is not audited.

II.	COMPANY PROFILE
2.1	Major accounting data
				Unit: RMB
				Increase/decrease
		As at the		for the end of the
			reporting period
		end of the	As at the	over the end of
		reporting period	end of last year	last year
				(%)
Total assets	17,526,980,143.16	17,446,071,422.38	0.46
Net assets attributable to	5,668,523,497.80	5,487,665,900.26	3.30
shareholders of the Company
		From the beginning	From the beginning	Increase/decrease
		of the year to the	of last year to the	as compared to
		end of the	end of the reporting	the corresponding
		reporting period	period of the last year	period of last year
				(%)
Net cash flows from operating activities	21,004,668.68	12,634,490.11	66.25

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1. COMPANY PROFILE (CONTINUED)

2.1 Major accounting data (continued)

	From the beginning	From the beginning	Increase/decrease
	of the year to the	of last year to the	as compared to
	end of the	end of the reporting	the corresponding
	reporting period	period of the last year	period of last year
			(%)
Operating income	597,920,313.95	432,945,663.95	38.11
Net profit attributable to	182,864,212.83	94,409,909.74	93.69
shareholders of the Company
Net profit excluding extraordinary
gain and loss attributable to the	180,908,387.64	91,103,338.09	98.57
shareholders of the Company
			Increased by
Weighted average return on	3.28	2.82	0.46 percentage
net assets (%)	point
Basic earnings per share	0.13	0.08	62.50
(RMB/share)
Diluted earnings per share	0.13	0.08	62.50
(RMB/share)

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1. COMPANY PROFILE (CONTINUED)

2.1 Major accounting data (continued) Extraordinary gains and losses items and amounts

✓ Applicable □ Not applicable

		Unit: RMB
	Amount for
Item	the period Description
Gains and losses from disposal of non-current assets	-4,490.13
Government grants recognised through
profit or loss (excluding those having close
relationships with the Company's operation and
enjoyed in fixed amount or quantity according to
uniform national standard)	1,370,804.15
Fund usage fees received from
non-financial institutions recognised
in profit or loss	72,226.42
Other non-operating income and
expenses besides items above	657,261.04
Effects on non-controlling shareholders (after-tax)	-54,049.97
Effects on income tax	-85,926.32
Total	1,955,825.19

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1. COMPANY PROFILE (CONTINUED)

2.2 Table of total number of shareholders, and shareholdings of the top ten shareholders and the top ten holders of tradable shares (or shareholders not subject to selling restrictions) as at the end of the reporting period

						Unit: share
Total number of shareholders (Person)				43,822
	Shareholding of the top ten shareholders
	Number of
Name of shareholder	shares held as		Number of shares
at the end of		held subject to	Pledged or frozen	Nature of
(full name)	the period	Percentage	selling restrictions	Status	Number	shareholder
		(%)
BEIJING STATE-OWNED ASSETS	594,085,618	42.63	594,085,618	Nil		State-owned
MANAGEMENT CO., LTD.						legal person
HKSCC NOMINEES LIMITED	379,477,000	27.23	0	Unknown		Overseas legal
						person
THREE GORGES CAPITAL	77,633,314	5.57	76,726,342	Nil		State-owned
HOLDINGS CO., LTD.						legal person
GUANGDONG YUEAO	38,361,892	2.75	38,361.892	Nil		State-owned
COOPERATION AND						legal person
DEVELOPMENT FUND
MANAGEMENT CO., LTD-
ZHUHAI FUHENG INVESTMENT
PARTNERSHIP (LIMITED
PARTNERSHIP)
BEIJING STATE-OWNED ASSETS	24,859,792	1.78	0	Nil		Overseas legal
MANAGEMENT (HONG KONG)						person
COMPANY LIMITED
BEIJING HUITAI HENGRUI	18,000,707	1.29	0	Nil		Domestic non-
INVESTMENT						state-owned
GUANGDONG HENGJIAN ASSET						legal person
12,787,723	0.92	12,787,723	Nil		State-owned
MANAGEMENT CO., LTD -						legal person
GUANGDONG HENGHANG
INDUSTRIAL INVESTMENT
FUND PARTNERSHIP (LIMITED
PARTNERSHIP)
GONGQINGCHENG JINGXIU	8,832,378	0.63	0	Nil		Domestic non-
INVESTMENT PARTNERSHIP						state-owned
(LIMITED PARTNERSHIP)						legal person
FIRST CAPITAL SECURITIES-	6,393,861	0.46	6,393,861	Nil		Other
ESSENCE SECURITIES-FIRST
CAPITAL FUJIE COLLECTIVE
ASSET MANAGEMENT
PROGRAM
ANHUI JIANGHUAI GROWTH	3,000,000	0.22	0	Nil		Domestic non-
INVESTMENT FUND CENTRE						state-owned
(LIMITED PARTNERSHIP)						legal person

- 5 -

1. COMPANY PROFILE (CONTINUED)

2.2 Table of total number of shareholders, and shareholdings of the top ten shareholders and the top ten holders of tradable shares (or shareholders not subject to selling restrictions) as at the end of the reporting period (Continued)

			Unit: share
Top ten holders of shares not subject to selling restrictions
	Number of
	tradable shares
	not subject
	to selling	Class and number of shares
Name of shareholder	restrictions held	Type	Number
HKSCC NOMINEES LIMITED	379,477,000	Overseas listed foreign	379,477,000
		shares
BEIJING STATE-OWNED	24,859,792	Overseas listed foreign	24,859,792
ASSETS MANAGEMENT		shares
(HONG KONG) COMPANY
LIMITED
BEIJING HUITAI HENGRUI	18,000,707	RMB ordinary shares	18,000,707
INVESTMENT	8,832,378	RMB ordinary shares	8,832,378
GONGQINGCHENG JINGXIU
INVESTMENT PARTNERSHIP
(LIMITED PARTNERSHIP)	3,000,000	RMB ordinary shares	3,000,000
ANHUI JIANGHUAI GROWTH
INVESTMENT FUND CENTRE
(LIMITED PARTNERSHIP)	2,541,038	RMB ordinary shares	2,541,038
SHENZHEN XIAOXI BUSINESS
MANAGEMENT CONSULTING
CO., LTD.	1,944,100	RMB ordinary shares	1,944,100
INDUSTRIAL AND COMMERCIAL
BANK OF CHINA
CO. LTD. - HUITIANFU CSI
ENVIRONMENTAL
GOVERNANCE INDEX
SECURITIES INVESTMENT
FUND (LOF)
ZHANG XIN	1,932,000	RMB ordinary shares	1,932,000
SHENZHEN FUXIAO	1,871,344	RMB ordinary shares	1,871,344
INVESTMENT CO., LTD.
(深圳市拂曉投資有限公司)
SHU QINGQING	1,500,000	RMB ordinary shares	1,500,000
Particulars of related party	Beijing State-owned Assets Management (Hong Kong) Company
relationship or concert party	Limited is a wholly-owned subsidiary of Beijing State-owned
arrangement among the	Assets Management Co., Ltd.
shareholders above

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1. COMPANY PROFILE (CONTINUED)

2.3 Table of total number of holders of preferred shares, and shareholdings of the top ten holders of preferred shares and the top ten holders of preferred shares not subject to selling restrictions as at the end of the reporting period

□ Applicable ✓ Not applicable

III. SIGNIFICANT EVENTS

3.1 Material changes in major accounting statement items and financial indicators of the Company and the reasons thereof

• Applicable □ Not applicable

As at the end of the Reporting Period, the cash balance of the Company amounted to RMB1,124,112,037.82, representing a decrease of 30.10% compared to the end of the previous year, mainly due to the net outflow from investment activities of RMB518,012,481.08 in the period, which was mainly used to pay for engineering construction; as at the end of the reporting period, the accounts receivable of the Company amounted to RMB989,406,294.95, representing an increase of 25.93% compared to the end of the previous year, mainly due to the increase in the accumulated balance of receivables from national renewable energy subsidies as a result of the extension of account receivable settlement cycles, the inclusion of Tongzhou, Miyun and Jurong projects in the directory of national renewable energy subsidies in February 2021 and the transfer of the income from national renewable energy electricity subsidy from the contract assets into the accounts receivable; as at the end of the reporting period, the contract assets of the Company amounted to RMB363,093,266.97, representing a decrease of 22.41% compared to the end of the previous year, mainly due to the inclusion of Tongzhou, Miyun and Jurong projects in the directory of national renewable energy subsidies in February 2021 and the transfer of the income from national renewable energy electricity subsidy into the accounts receivable; as at the end of the reporting period, the employee benefits payable of the Company amounted to RMB34,859,821.97, representing a decrease of 63.52% compared to the end of the previous year, mainly due to the payment of year-end bonus provided for at the end of the last year in the current period; the operating income for the period amounted to RMB597,920,313.95, representing an increase of 38.11% as compared to the corresponding period last year, mainly due to that Hong'an, Yichun, Haining Expansion, Huizhou Phase II and other projects were successively put into operation in May 2020; the gross profit margin for the period was 59.09%, representing an increase of 4.07% as compared to the corresponding period last year, mainly due to that the new operating projects including Huizhou Phase II and Haining Expansion had a higher gross profit margin and a large increase in the gross profit margin of Shantou Project for the period as compared to the corresponding period last year due to the operation and cost control of the phase II project ; the net cash flows from financing activities for the period amounted to RMB8,564,601.85, representing a decrease of 98.53% as compared to the corresponding period last year, mainly due to that the Company completed the non-public issuance of A shares at the end of 2020 and according to the plan on use of proceeds, the cash received from borrowings during the period decreased by 36.48% as compared to the corresponding period last year, while the cash paid for repayment of debts increased by 140.28% as compared to the corresponding period last year.

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III. SIGNIFICANT EVENTS (CONTINUED)

1. Analysis of the developments of significant events and their impacts and solutions
2. • Applicable ✓ Not applicable
3. Undertakings that have not been fulfilled during the reporting period
4. • Applicable ✓ Not applicable
5. Warning and explanation on the reasons for the forecast of any possible loss in accumulated net profit from the beginning of the year to the end of the next reporting period or any material changes compared to the corresponding period last year
6. • Applicable ✓ Not applicable

Company Name	Dynagreen Environmental Protection Group Co., Ltd.
Legal Representative	Qiao Dewei
Date	29 April 2021

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IV. APPENDIX

4.1 Financial Statements

Consolidated Balance Sheet

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
Item	31 March 2021 31 December 2020
Current assets:
Cash at bank and on hand	1,124,112,037.82	1,608,061,795.80
Bills receivable	26,850,000.00	27,687,500.00
Accounts receivable	989,406,294.95	785,699,955.92
Receivables under financing	-	2,000,000.00
Prepayments	19,532,015.01	15,139,014.07
Other receivables	44,586,320.76	42,029,816.24
Inventories	36,953,656.70	37,184,080.74
Contract assets	363,093,266.97	467,951,853.72
Non-current assets due within one year	138,111,645.31	135,193,612.91
Other current assets	190,044,608.75	208,380,072.22
Total current assets
2,932,689,846.27	3,329,327,701.62

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Balance Sheet (Continued)

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
Item	31 March 2021 31 December 2020
Non-current assets:
Long-term receivables	5,448,410,686.56	5,239,640,603.64
Long-term equity investments	68,475,565.03	66,190,681.00
Fixed assets	51,721,552.39	53,174,313.11
Construction in progress	215,688,841.57	184,879,239.06
Right-of-use assets	692,025.14	781,466.98
Intangible assets	7,649,290,814.66	7,366,230,070.06
Goodwill	43,910,821.67	43,910,821.67
Long-term deferred expenses	226,434.13	402,028.28
Deferred tax assets	209,479,434.24	207,536,077.65
Other non-current assets	906,394,121.50	953,998,419.31
Total non-current assets
14,594,290,296.89	14,116,743,720.76
Total assets
17,526,980,143.16	17,446,071,422.38

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Balance Sheet (Continued)

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
Item	31 March 2021 31 December 2020
Current liabilities:
Short-term loans	2,461,064,156.61	2,495,169,633.87
Accounts payable	1,124,286,591.07	1,291,193,658.66
Contract liabilities	29,239,948.61	26,043,106.14
Employee benefits payable	34,859,821.97	95,551,982.29
Taxes payable	54,607,238.63	47,874,599.04
Other payables	65,487,530.26	101,598,868.06
Non-current liabilities due within one year	696,601,283.69	674,419,529.18
Total current liabilities
4,466,146,570.84	4,731,851,377.24
Non-current liabilities:
Long-term loans	6,525,339,013.53	6,414,689,592.99
Lease liabilities	445,121.76	515,729.38
Long-term payables	288,127,074.72	289,389,673.47
Deferred income	103,524,609.07	78,431,192.88
Deferred tax liabilities	156,619,379.04	150,915,654.85
Total non-current liabilities
7,074,055,198.12	6,933,941,843.57
Total liabilities
11,540,201,768.96	11,665,793,220.81

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Balance Sheet (Continued)

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

			Unit: RMB Unaudited
Item		31 March 2021 31 December 2020
Owners' equity (or Shareholders' equity):
Paid in capital (or share capital)		1,393,440,000.00	1,393,440,000.00
Capital reserve		2,412,410,905.73	2,412,410,905.73
Other comprehensive income			8,466,734.66	10,473,349.95
Surplus reserve		101,862,397.11	101,862,397.11
Retained earnings		1,752,343,460.30	1,569,479,247.47
Total equity attributable to owners of
the Company (or Shareholders' equity)	5,668,523,497.80	5,487,665,900.26
Non-controlling interests		318,254,876.40	292,612,301.31
Total owners' equity (or Shareholders' equity)
5,986,778,374.20	5,780,278,201.57
Total liabilities and owners' equity
(or Shareholders' equity)		17,526,980,143.16	17,446,071,422.38
Officer of the Company:	Chief Financial Officer:	Chief Accountant:
Qiao Dewei	Yi Zhiyong		Zhao Linbin

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Balance Sheet

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
Item	31 March 2021 31 December 2020
Current assets:
Cash at bank and on hand	129,529,112.49	439,958,075.95
Accounts receivable	111,969,781.14	107,336,363.20
Prepayments	670,825.22	833,325.22
Other receivables	1,363,978,849.50	1,189,714,812.51
Including: Interest receivable	45,598,081.64	40,370,526.16
Dividends receivable	81,000,000.00	96,000,000.00
Non-current assets due within one year	146,490,427.49	196,727,227.49
Other current assets	506,167.61	1,267,822.89
Total current assets
1,753,145,163.45	1,935,837,627.26
Non-current assets:
Long-term receivables	250,244,200.00	261,664,200.00
Long-term equity investments	5,577,136,432.24	5,509,051,548.21
Fixed assets	2,406,964.91	2,360,453.27
Intangible assets	1,374,598.42	1,356,377.85
Deferred tax assets	2,162,021.11	1,925,917.36
Other non-current assets	5,860,000.00	9,860,000.00
Total non-current assets
5,839,184,216.68	5,786,218,496.69
Total assets
7,592,329,380.13	7,722,056,123.95

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Balance Sheet (Continued)

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
Item	31 March 2021 31 December 2020
Current liabilities:
Short-term loans	2,443,094,833.85	2,484,118,926.91
Accounts payable	188,971.24	172,721.24
Contract liabilities	25,559,321.99	25,864,406.74
Employee benefits payable	3,054,623.55	20,060,092.10
Taxes payable	1,802,463.33	243,209.46
Other payables	202,176,052.50	242,880,113.84
Non-current liabilities due within one year	112,255,411.06	108,475,385.22
Total current liabilities
2,788,131,677.52	2,881,814,855.51
Non-current liabilities:
Long-term loans	370,900,304.30	388,354,927.77
Total non-current liabilities
370,900,304.30	388,354,927.77
Total liabilities
3,159,031,981.82	3,270,169,783.28

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Balance Sheet (Continued)

31 March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

			Unit: RMB Unaudited
Item		31 March 2021 31 December 2020
Owners' equity (or Shareholders' equity):
Paid in capital (or share capital)		1,393,440,000.00	1,393,440,000.00
Capital reserve		2,459,501,733.70	2,459,501,733.70
Surplus reserve		101,862,397.11	101,862,397.11
Retained earnings		478,493,267.50	497,082,209.86
Total owners' equity (or Shareholders' equity)
4,433,297,398.31	4,451,886,340.67
Total liabilities and owners' equity
(or Shareholders' equity)		7,592,329,380.13	7,722,056,123.95
Officer of the Company:	Chief Financial Officer:	Chief Accountant:
Qiao Dewei	Yi Zhiyong		Zhao Linbin

- 15 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Income Statement

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

		Unit: RMB Unaudited
		First Quarter of	First Quarter of
Item		2021		2020
I.	Total operating income	597,920,313.95		432,945,663.95
	Including: Operating income	597,920,313.95		432,945,663.95
II.	Total operating cost
391,672,648.21		324,219,087.47
	Including: Operating cost	244,610,824.12		194,747,953.08
	Taxes and surcharges	10,848,244.25		8,724,194.80
	General and administrative
	expenses	33,997,639.70		25,954,039.59
	Research and development
	expenses	1,076,887.72		1,170,872.98
	Financial expenses	101,139,052.42		93,622,027.02
	Including: Interest expenses	104,426,948.85		95,178,383.50
	Interest income	1,666,779.26		1,010,283.14
	Add: Other income	16,902,292.09		19,867,867.43
	Investment income
	("-" indicating loss)	2,357,110.45		-12,475.83
	Including: Income from investment in
	associates and joint ventures	2,284,884.03		-12,475.83
	Impairment loss of credit
	("-" indicating loss)	-13,330,206.57		-9,670,994.26
	Impairment loss of assets
	("-" indicating loss)	8,330,959.23		-
	Gains on disposal of assets
	("-" indicating loss)	-4,265.39		49,073.38

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IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Income Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

		Unit: RMB Unaudited
		First Quarter of	First Quarter of
Item		2021		2020
III. Operating profit ("-" indicating loss)	220,503,555.55		118,960,047.20
	Add: Non-operating income	672,331.46		343,039.24
	Less: Non-operating expenses	15,295.16		10,845.75
IV.	Total profit ("-" indicating total loss)
221,160,591.85		119,292,240.69
	Less: Income tax expenses	28,853,803.93		24,263,742.38
V.	Net profit ("-" indicating net loss)
192,306,787.92		95,028,498.31

1. By business continuity
   1. Net profit from continuing operations

	("-" indicating net loss)	192,306,787.92	95,028,498.31
2.	Net profit from discontinued operations
	("-" indicating net loss)	-		-
(2) By ownership
1.	Net profit attributable to shareholders of
	the Company ("-" indicating net loss)	182,864,212.83	94,409,909.74
2.	Non-controlling interests ("-" indicating
	net loss)	9,442,575.09	618,588.57

- 17 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Income Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
	First Quarter of	First Quarter of
Item	2021		2020
VI. Other comprehensive income, net of tax	-2,006,615.29		-1,013,503.56
(1) Other comprehensive income attributable
to owners of the Company, net of tax	-2,006,615.29		-1,013,503.56
1. Other comprehensive income that
cannot be reclassified to profit or loss	-	-
2. Other comprehensive income to be
reclassified to profit or loss	-2,006,615.29		-1,013,503.56
(1) Conversion differences arising from
the conversion of foreign currency
financial statements	-2,006,615.29		-1,013,503.56
(II) Other comprehensive income attributable
to non-controlling interests, net of tax
VII. Total comprehensive income	190,300,172.63		94,014,994.75

1. Total comprehensive income

	attributable to owners of the Company	180,857,597.54		93,396,406.18
(II)	Total comprehensive income
	attributable to non-controlling interests	9,442,575.09		618,588.57
VIII. Earnings per share:
(I)	Basic earnings per share (RMB/Share)	0.13		0.08
(II)	Diluted earnings per share (RMB/Share)	0.13		0.08

For the Business merger involving entities under common control during the current period, the net profit recorded by the merged party before the merger was RMB0, and the net profit recorded by the merged party in the prior period was RMB0.

Officer of the Company:	Chief Financial Officer:	Chief Accountant:
Qiao Dewei	Yi Zhiyong	Zhao Linbin

- 18 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Income Statement

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
	First Quarter of	First Quarter of
Item	2021		2020
I. Total operating income	10,939,795.72		2,606,959.08
Less: Operating cost	1,690,770.60		1,515,127.37
Taxes and surcharges	79,762.30		74,772.27
General and administrative expenses	7,554,845.89		6,384,008.71
Research and development expenses	1,076,887.72		1,170,872.98
Financial expenses	30,384,788.36		42,179,194.93
Including: Interest expenses	31,143,659.65		42,163,522.31
Interest income	916,651.41		497,073.05
Add: Other income	212,653.02		86,391.13
Investment income ("-" indicating loss)	11,758,240.42		107,633,810.48
Including: Income from investment
in associates and joint
ventures	2,284,884.03		-12,475.83
Impairment loss of credit
("-" indicating loss)	-944,415.01		-451,069.68
Gains on disposal of assets
("-" indicating loss)	-4,265.39		49,073.38
II. Operating profit ("-" indicating loss)
-18,825,046.11		58,601,188.13
Add: Non-operating income	-	-
Less: Non-operating expenses	-	4.01
III. Total profit ("-" indicating total loss)
-18,825,046.11		58,601,184.12
Less: Income tax expenses	-236,103.75		-67,660.45

- 19 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Income Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
	First Quarter of	First Quarter of
Item	2021		2020
IV. Net profit ("-" indicating net loss)	-18,588,942.36		58,668,844.57

1. Net profit from continuing operations

	("-" indicating net loss)		-18,588,942.36	58,668,844.57
(II)	Net profit from discontinued operations
	("-" indicating net loss)			-	-
V. Other comprehensive income, net of tax		-	-
VI. Total comprehensive income		-18,588,942.36	58,668,844.57
VII. Earnings per share:
(I)	Basic earnings per share (RMB/Share)		-	-
(II)	Diluted earnings per share (RMB/Share)		-	-
Officer of the Company:	Chief Financial Officer:	Chief Accountant:
	Qiao Dewei	Yi Zhiyong		Zhao Linbin

- 20 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Cash Flow Statement

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

		Unit: RMB Unaudited
		First Quarter of	First Quarter of
Item		2021		2020
I.	Cash flows from operating activities:
	Cash received from sale of goods and
	rendering of services	576,989,368.91		466,558,815.12
	Refunds of taxes	18,304,998.61		11,098,229.47
	Cash received from other operating activities	32,435,228.61		7,298,903.22
	Sub-total of cash inflows
	from operating activities	627,729,596.13		484,955,947.81
	Cash paid for goods and services	161,853,660.25		163,479,418.06
	Increase of principal of BOT and
	BT long-term receivables	247,102,736.36		140,205,244.98
	Cash paid to and for employees	138,797,840.68		112,763,652.41
	Payments of various taxes	49,547,823.34		45,178,808.40
	Cash paid for other operating activities	9,422,866.82		10,694,333.85
	Sub-total of cash outflows for operating
	activities	606,724,927.45		472,321,457.70
	Net cash flows generated from operating
	activities	21,004,668.68		12,634,490.11
II.	Cash flows from investing activities:
	Cash received from investments	-	-
	Cash received from investment income	-	-
	Net cash received from disposal of fixed assets,
	intangible assets and other long-term assets	8,288.50		102,913.58
	Cash received from other investing activities	5,200,000.00		-
	Sub-total of cash inflows from investing
	activities	5,208,288.50		102,913.58

- 21 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Cash Flow Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
	First Quarter of	First Quarter of
Item	2021		2020
Cash paid for acquisition of fixed assets,
intangible assets and other long-term assets	479,084,772.48		393,866,980.57
Cash paid for investments	-	-
Net cash paid for acquisition of
subsidiaries and other companies	35,182,997.10		11,332,500.00
Cash paid for other investing activities	8,953,000.00		6,000,000.00
Sub-total of cash outflows for investing
activities	523,220,769.58		411,199,480.57
Net cash flows generated from investing
activities	-518,012,481.08		-411,096,566.99
III. Cash flows from financing activities:
Cash received from investments	16,200,000.00		15,600,000.00
Including: Cash received from non-controlling
shareholders of subsidiaries	16,200,000.00		15,600,000.00
Cash received from loans	536,574,929.14		844,673,601.51
Cash received from other financing activities	-	-
Sub-total of cash inflows from financing
activities	552,774,929.14		860,273,601.51
Cash paid for repayment of loans	444,496,365.94		184,988,651.24
Cash paid for distribution of dividends and
profit or payment of interests	99,364,404.32		92,247,773.73
Including: Dividends and profits paid for
non-controlling shareholders of
subsidiaries	-	-
Cash paid for other financing activities	349,557.03		1,490,802.88
Sub-total of cash outflows for financing
activities	544,210,327.29		278,727,227.85
Net cash flows generated from financing
activities	8,564,601.85		581,546,373.66

- 22 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Consolidated Cash Flow Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

			Unit: RMB Unaudited
		First Quarter of		First Quarter of
Item			2021	2020
IV. Effect of foreign exchanges rate changes on
cash and cash equivalents			-6,547.43	-168,008.24
V. Net increase in cash and cash equivalents
-488,449,757.98	182,916,288.54
Add: Balance of cash and cash equivalents at
the beginning of the period	1,592,968,039.86	351,983,418.55
VI. Balance of cash and cash equivalents at the
end of the period		1,104,518,281.88		534,899,707.09
Officer of the Company:	Chief Financial Officer:	Chief Accountant:
Qiao Dewei	Yi Zhiyong		Zhao Linbin

- 23 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Cash Flow Statement

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

		Unit: RMB Unaudited
		First Quarter of	First Quarter of
Item		2021		2020
I.	Cash flows from operating activities:
	Cash received from sale of goods and
	rendering of services	7,089,172.69		2,724,327.85
	Cash received from other operating activities	8,509,821.54		8,408,365.57
	Sub-total of cash inflows from operating
	activities	15,598,994.23		11,132,693.42
	Cash paid for goods and services	393,140.67		313,698.11
	Cash paid to and for employees	22,726,942.24		24,182,676.30
	Payments of various taxes	79,762.30		129,297.28
	Cash paid for other operating activities	33,163,857.67		24,114,083.89
	Sub-total of cash outflows for operating
	activities	56,363,702.88		48,739,755.58
	Net cash flows generated from operating
	activities	-40,764,708.65		-37,607,062.16
II.	Cash flows from investing activities:
	Cash received from investment income	15,000,000.00		63,700,000.00
	Net cash received from disposal of fixed assets,
	intangible assets and other long-term assets	8,288.50		102,495.88
	Cash received from other investing activities	178,800,540.91		216,292,992.70
	Sub-total of cash inflows from investing
	activities	193,808,829.41		280,095,488.58

- 24 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Cash Flow Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

	Unit: RMB Unaudited
	First Quarter of	First Quarter of
Item	2021		2020
Cash paid for acquisition of fixed assets,
intangible assets and other long-term assets	119,480.08		496,678.57
Cash paid for investments	65,800,000.00		196,057,500.00
Net cash paid for acquisition of subsidiaries and
other companies	35,182,997.10		11,332,500.00
Cash paid for other investing activities	280,700,000.00		255,029,200.00
Sub-total of cash outflows for investing
activities	381,802,477.18		462,915,878.57
Net cash flows generated from investing
activities	-187,993,647.77		-182,820,389.99
III. Cash flows from financing activities:
Cash received from investments	-	-
Cash received from loans	150,000,000.00		395,000,000.00
Cash received from other financing activities	-	-
Sub-total of cash inflows from financing
activities	150,000,000.00		395,000,000.00
Cash paid for repayment of loans	207,047,248.67		42,547,248.67
Cash paid for distribution of dividends and
profit or payment of interests	28,887,726.87		32,648,148.94
Cash paid for other financing activities	235,849.06		1,364,094.92
Sub-total of cash outflows for financing
activities	236,170,824.60		76,559,492.53
Net cash flows generated from financing
activities	-86,170,824.60		318,440,507.47

- 25 -

IV. APPENDIX (CONTINUED)

4.1 Financial Statements (Continued)

Company Cash Flow Statement (Continued)

January to March 2021

Prepared by: Dynagreen Environmental Protection Group Co., Ltd.

			Unit: RMB Unaudited
		First Quarter of		First Quarter of
Item			2021	2020
IV. Effect of foreign exchanges rate changes on
cash and cash equivalents			217.56	1,098.06
V. Net increase in cash and cash equivalents
-314,928,963.46	98,014,153.38
Add: Balance of cash and cash equivalents at
the beginning of the period	430,958,075.95	35,174,478.11
VI. Balance of cash and cash equivalents at the
end of the period		116,029,112.49		133,188,631.49
Officer of the Company:	Chief Financial Officer:	Chief Accountant:
Qiao Dewei	Yi Zhiyong		Zhao Linbin

- 26 -

IV. APPENDIX (CONTINUED)

1. Adjustments to the first adoption of the relevant financial statements at the beginning of the then year due to the first adoption of new lease standard since 2021
2. • Applicable ✓ Not applicable
3. The explanation of previous comparison data on retrospective adjustment for the first adoption of new lease standard since 2021
4. • Applicable ✓ Not applicable
5. Audit report
6. • Applicable ✓ Not applicable

By Order of the Board

Dynagreen Environmental Protection Group Co., Ltd.*

Qiao Dewei

Chairman

Shenzhen, the PRC

29 April 2021

As at the date of this announcement, the executive directors of the Company are Mr. Qiao Dewei and Mr. Hu Shengyong; the non-executive directors of the Company are Mr. Liu Shuguang and Mr. Cheng Suning; and the independent non-executive directors of the Company are Mr. Ou Yuezhou, Ms. Fu Jie and Mr. Xie Lanjun.

• For identification purposes only

- 27 -