Business Situation - The main business of the company is solid waste treatment and resource utilization, with significant revenue growth in 2023 due to the operation of the petroleum coke hydrogen ash comprehensive utilization project [2] - The company's net profit attributable to shareholders, excluding non-recurring gains and losses, was 4.67 million, -8.03 million, 139.54 million, and 34.42 million yuan for the respective reporting periods [2] - Revenue from sales to China Petroleum accounted for 69.12% and 62.75% of the main business revenue in 2023 and the first nine months of 2024, respectively [2] - The gross profit margin of the main business fluctuated significantly, recorded at 27.82%, 21.41%, 32.37%, and 24.80% [2] Financial Situation - As of the end of 2023, fixed assets increased by 1.32 billion yuan, a growth of 268.22%, mainly due to multiple projects being put into production [3] - As of September 30, 2024, the value of construction in progress was 748.13 million yuan, with short-term loans at 246.76 million yuan and long-term loans at 1.29 billion yuan, resulting in a debt-to-asset ratio of 66.12%, higher than comparable companies in the industry [3] - Inventory values over the last two years and the current period were 106.84 million, 193.57 million, and 279.93 million yuan, with an increase in inventory due to preparations for deep catalytic cracking of waste plastics [3] - Sales expenses in 2023 increased by 13.11 million yuan, a rise of 97.93%, primarily due to increases in agency fees, hospitality expenses, and employee salaries [3] - The value of trading financial assets at the end of the reporting period was 12.15 million yuan, representing the company's purchased financial products [3] Risks and Responses - The company faces risks including reliance on a single customer, declining performance and gross margins, impairment of fixed assets and construction in progress, inventory depreciation, and debt repayment issues [4] - The company plans to steadily advance related projects, expand steam sales channels, rationally plan equipment updates and maintenance, strengthen cost control, and explore domestic and international markets [4] - The actual controller of the company is taking measures to maintain control stability, and the company does not hold significant financial investments, complying with relevant regulations [4]