China Biomass Power Generation Industry Scale Status and Leading Enterprise Operational Analysis Report, 2023 vs. 2029

(3) Enterprise Equipment and Technological Level (4) Enterprise Operational Analysis 1) Analysis of Key Economic Indicators 2) Analysis of Enterprise Profitability 3) Analysis of Enterprise Operational Efficiency 4) Analysis of Enterprise Solvency 5) Analysis of Enterprise Growth Capacity (5) Analysis of Enterprise Operational Strengths and Weaknesses (6) Enterprise Investment Projects and Investment Planning (7) Analysis of Enterprise’s Latest Development Trends 8.1.14 Lianyungang GCL Biomass Power Generation Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Analysis of the Enterprise’s Operational Status (4) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.15 Baoying GCL Biomass Power Generation Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Analysis of the Enterprise’s Operational Status (4) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.16 Tianjin TEDA Environmental Protection Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.17 Everbright Environmental Energy (Suzhou) Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses (6) Enterprise Investment Projects and Investment Planning (7) Analysis of Enterprise’s Latest Development Trends 8.1.18 Shandong Shifang Environmental Energy Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses (6) Enterprise Investment Projects and Investment Planning (7) Analysis of Enterprise’s Latest Development Trends 8.1.19 Changqing Environmental Energy (Zhongshan) Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.20 Shandong Pingyuan Hanyuan Green Energy Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.21 Dongping Guangyuan Thermal Power Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.22 Shenzhen Damao Environmental Investment Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.23 Dongguan Bohai Environmental Resource Development Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise (2) Analysis of the Enterprise’s Core Business (3) Enterprise Equipment and Technological Level (4) Analysis of the Enterprise’s Operational Status (5) Analysis of the Enterprise’s Operational Strengths and Weaknesses 8.1.24 Hunan Huiming Environmental Energy Co., Ltd. Operational Analysis (1) Brief Development Overview of the Enterprise

At what time are financial reports released? Verify pre-market/post-market labels using SEC Form 8-K receipt timestamps.

In my backtesting events, roughly half have unknown timing (i.e., blank or labeled 'intraday'). The engine defaults to treating all such events as pre-market, entering positions at market open on the announcement date. This default appears harmless—but if a substantial proportion of these 'unknown' events are actually post-market releases, returns will be systematically inflated. (Real-time trading is unaffected: live signals are triggered only after EPS is officially released, making pre-release buying impossible. The problem lies solely in backtesting evidence—which, ironically, is precisely the basis for deciding whether to deploy a strategy live.) Method: Assign timing to each event using Form 8-K receipt timestamps. U.S. public companies file an 8-K to report earnings; the relevant item is Item 2.02. EDGAR records the exact second each filing is received. This timestamp serves as an upper bound on the release time: press releases may precede the 8-K, but never follow it. Each event undergoes four steps: 1. Identify the filing: Within a window spanning one trading day before the announcement date to one trading day after the entry date, select the original 8-K (excluding amendments, i.e., no 8-K/A) containing Item 2.02 that is closest in time to the event date. Do not use filingDate, because filings received after 17:30 ET have their filingDate rolled forward to the next business day. 2. Assign timing: Filings received before 9:30 ET are classified as pre-market; those between 9:30 ET and market close as intraday; and those at or after market close as post-market. Market close is typically 16:00 ET, but 13:00 ET on half-days (e.g., day after Thanksgiving, Christmas Eve). Receipts occurring on weekends or market holidays are assigned to the post-market period of the preceding trading day. 3. Compare with backtest entry timing: If the 8-K was submitted before market open on the entry date, classify as 'pre-entry'—this conclusion remains valid even if submission was delayed. If submitted after market close on the entry date—or later—classify as 'post-entry'; unless the press release predates the 8-K by a full trading session, this constitutes look-ahead bias. 4. If no Item 2.02 is found: First search other 8-Ks, 10-Qs, or 10-Ks within the same window. If timing still cannot be determined, examine price reaction (intraday move on announcement day and overnight gap). A strict precision threshold applies to price-based classification: the Wilson lower bound for pre-market precision must reach 0.95; otherwise, the event remains 'undetermined'. Round One: I stratified by year and daily dollar volume and sampled 200 'timing-unknown' events. Of these, 95 matched an Item 2.02 filing; additionally, I sampled 40 events each from the pre-market and post-market labeled groups as controls. Round Two: I timed all 3,203 remaining 'timing-unknown' events (7,203 API requests, zero failures), and re-verified timing for all 3,585 events with known timing. Result One: Among 'timing-unknown' events, ~60% were filed after market close. Of the 95 'timing-unknown' events matched to Item 2.02 in Round One, 56 (58.9%, 95% CI: 48.9%–68.3%) were submitted after market close on the backtest entry date; 8 were submitted during market hours; and only 31 (32.6%) were confirmed submitted before market open.