Core Viewpoint - The company plans to list on the A-share market to expand its business and optimize its capital structure, with significant cash flow improvement expected starting in 2024 due to accelerated subsidy recovery and cost reduction measures [1][2]. Group 1: A-Share Listing and Fundraising - The company intends to issue up to 800 million shares, representing no more than 11.52% of the post-issue share capital, and list on the Shenzhen Stock Exchange. The raised funds will be used for business development and general working capital [1]. Group 2: Cash Flow Improvement - The company is projected to achieve a free cash flow of approximately 4 billion yuan in 2024, marking its first positive cash flow since 2003. By the first half of 2025, operational and financial income is expected to account for 87% of main revenue, a 10 percentage point increase year-on-year [2]. Group 3: Cost Reduction and Profitability - The environmental energy segment is expected to contribute 2.567 billion HKD (+12%) to group profit in the first half of 2025, driven by cost reduction measures and improved core operational metrics. The water segment is projected to contribute 409 million HKD (-4%), while the green environmental segment is expected to see a significant profit increase of 30% [3]. Group 4: Profit Forecast and Valuation - The company maintains profit forecasts of 3.337 billion, 3.564 billion, and 3.831 billion HKD for 2025-2027, with year-on-year growth rates of -1%, 7%, and 7% respectively. The current stock price corresponds to P/E ratios of 9.1x, 8.5x, and 7.9x, with a maintained "buy" rating [4].