Core Viewpoint - CITIC Securities reports that Conch Venture (00586) is focusing on its main business after the spin-off of its hazardous waste business, showcasing a gradually improving cash flow generation capability [1] Group 1: Company Performance - The company adopts a differentiated competitive strategy by expanding production capacity in county-level markets, achieving operational results that exceed industry averages [1] - The company's operational capabilities are strong, indicating effective management and execution [1] Group 2: Financial Outlook - Capital expenditure intensity is expected to further decline by 2025, which may enhance financial flexibility [1] - The dividend policy is anticipated to become more aggressive, with projected dividend yields of 5.2%, 6.7%, and 8.2% for the years 2025, 2026, and 2027 respectively, based on the closing price as of October 13, 2025 [1] Group 3: Investment Rating - The target price for the company in 2025 is set at HKD 14, maintaining a "Buy" rating [1]