Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment.

Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements.

As of December 31, 2022, the Group’s two reportable operating segments are summarized below:

- Wastewater treatment segment, which consists of sales of assembled equipment, provision of construction service and participating in PPP projects as operator;

- Exploration and mining segment, which consists of the exploration of lead, silver and other metals in the Inner Mongolia Autonomous Region of the PRC and the trading of copper ores products;

Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sales of products nor provisions of services between the operating segments.

Schedule of segment results
	Year Ended December 31, 2020
	Wastewater treatment			Exploration and mining			Corporate activities			Total
	CNY			CNY			CNY			CNY

Revenues from external customers		35,631			6,867			—			42,498

Segment (loss)/profit before income tax		(112	)		(682	)		24,973			24,179

Income tax expense											(1,258	)

Profit for the year											22,921

Other items
Depreciation of property, plant and equipment		(500	)		(62	)		(3	)		(565	)
Depreciation of right-of-use assets		(687	)		—			(976	)		(1,663	)
Amortization of intangible assets		(156	)		—			—			(156	)
Impairment (losses)/reversal on financial assets
- Trade receivables		(4,544	)		—			—			(4,544	)
- Contract assets		(172	)		—			—			(172	)
- Amounts due from related companies		334			—			220			554
Fair value gain on financial instrument		—			—			31,334			31,334
Other income		1,415			200			1			1,616
Finance costs		(3,687	)		(1	)		(61	)		(3,749	)
Finance income		15,449			1			18			15,468

As of December 31, 2020

Segment assets		337,050			39			190,047			527,136

Unallocated assets:
Deferred tax assets											2,920

Total assets											530,056

Segment liabilities		116,140			3,013			90,066			209,219

Unallocated liabilities:
Deferred tax liabilities											10,426
Income tax payable											18,612

Total liabilities											238,257

For the year ended December 31, 2021, the segment results were as follows:

Year Ended December 31, 2021

Wastewater treatment Exploration and mining Corporate activities Total

CNY CNY CNY CNY

Revenues from external customers 18,735 —   —   18,735

Segment (loss) before income tax (7,216 ) (161 ) (45,459 ) (52,836 )

Income tax expense (2,135 )

(Loss) for the year (54,971 )

Other items

Depreciation of property, plant and equipment (445 ) (62 ) (3 ) (510 )

Depreciation of right-of-use assets (647 ) —   (719 ) (1,366 )

Amortization of intangible assets (884 ) —   —   (884 )

Impairment (losses)/reversal on financial assets

  - Trade receivables (3,840 ) —   —   (3,840 )

- Contract assets (357 ) —   —   (357 )

  - Other receivables —   —   (239 ) (239 )

  - Amounts due from related companies 775 —   331 1,106

Fair value loss on financial instrument —   —   (38,349 ) (38,349 )

Other income (782 ) 600 (1 ) (183 )

Finance costs (4,192 ) (1 ) (166 ) (4,359 )

Finance income 13,537 1 3,397 16,935

As of December 31, 2021

Segment assets 390,895 321 22,166 413,382

Reconciliation:

Elimination of inter-segment receivables (80,000 )

Unallocated assets:

Deferred tax assets 66

Total assets 333,448

Segment liabilities 113,124 3,294 103,195 219,613

Reconciliation:

Elimination of inter-segment payables (80,000 )

Unallocated liabilities:

Deferred tax liabilities 2,544

Income tax payable 9,254

Total liabilities 151,411

For the year ended December 31, 2022, the segment results were as follows:

Year Ended December 31, 2022

Wastewater treatment Exploration and mining Corporate activities Total

CNY CNY CNY CNY

Revenues from external customers 20,306 —   —   20,306

Segment profit/(loss) before income tax 9,758 (39 ) (26,151 ) (16,432 )

Income tax expense (5,864 )

(Loss) for the year (22,296 )

Other items

Depreciation of property, plant and equipment (275 ) (28 ) (1 ) (304 )

Depreciation of right-of-use assets (713 ) —   (700 ) (1,413 )

Amortization of intangible assets (813 ) —   —   (813 )

Impairment (losses)/reversal on financial assets

  - Trade receivables 3,989 —   —   3,989

- Contract assets (171 ) —   —   (171 )

  - Other receivables —   —   (2,745 ) (2,745 )

Fair value gain on financial instrument —   —   1,007 1,007

Consultants shares option expense —   —   (16,152 ) (16,152 )

Other income 206 697 1 904

Finance costs (3,582 ) (1 ) 188 (3,395 )

Finance income 15,594 —   13 15,607

As of December 31, 2022

Segment assets 312,229 286 87,476 399,991

Reconciliation:

Elimination of inter-segment receivables (80,000 )

Total assets 319,991

Segment liabilities 107,096 3,298 96,140 206,534

Reconciliation:

Elimination of inter-segment payables (80,000 )

Unallocated liabilities:

Deferred tax liabilities 5,276

Income tax payable 10,732

Total liabilities 142,542

Year Ended December 31, 2022

Wastewater treatment Exploration and mining Corporate activities Total

US$ US$ US$ US$

Revenues from external customers 2,944 —   —   2,944

Segment profit/(loss) before income tax 1,414 (6 ) (3,791 ) (2,383 )

Income tax expense (850 )

(Loss)/Profit for the year (3,233 )

Other items

Depreciation of property, plant and equipment (40 ) (4 ) —   (44 )

Depreciation of right-of-use assets (104 ) —   (101 ) (205 )

Amortization of intangible assets (118 ) —   —   (118 )

Impairment (losses)/reversal on financial assets

  - Trade receivables 578 —   —   578

  - Contract assets (25 ) —   —   (25 )

  - Other receivables —   —   (397 ) (397 )

Fair value gain on financial instrument —   —   146 146

Consultants shares option expense —   —   (2,342 ) (2,342 )

Other income 30 101 —   131

Finance costs (519 ) —   27 (492 )

Finance income 2,261 —   2 2,263

As of December 31, 2022

Segment assets 45,264 41 12,682 57,987

Reconciliation:

Elimination of inter-segment receivables (11,599 )

Total assets 46,388

Segment liabilities 15,526 478 13,938 29,942

Reconciliation:

Elimination of inter-segment payables (11,599 )

Unallocated liabilities:

Deferred tax liabilities 765

Income tax payable 1,556

Total liabilities 20,664

Geographical information

(a) Non-current assets

Schedule of non-current assets

December 31,

2021 2022 2022

CNY CNY US$

Mainland China 22,905 21,790 3,159

Hong Kong 360 1,012 147

Total 23,265 22,802 3,306

The non-current assets information above is based on the locations of the assets and excludes financial instruments and deferred tax assets.

Information about major customers

For the year ended December 31, 2020, revenue of approximately CNY24,405 and CNY6,867 were derived from services provided by the wastewater treatment segment to a single customer and sales by the exploration and mining segment to a single customer, respectively.

For the year ended December 31, 2021, revenue of approximately CNY6,439 and CNY5,915 were derived from the services under service concession arrangement and services under a construction contract provided to their respective single major customer by the wastewater treatment segment, respectively.

For the year ended December 31, 2022, revenue of approximately CNY5,512 (US$799) and CNY3,842 (US$557) were derived from services under service concession arrangement and the services under a construction contract provided to their respective single major customer by the wastewater treatment segment, respectively.