Group 1: Financial Performance - The company achieved a revenue of 1.478 billion yuan in the first half of 2025, representing a year-on-year increase of 33.07% [2] - The net profit attributable to shareholders reached 400 million yuan, with a year-on-year growth of 49.23% [2] - The earnings per share and total assets also showed an upward trend [2] Group 2: Operational Efficiency - The amount of household waste processed reached 1.861 million tons, a year-on-year increase of 10.7% [3] - The electricity generated from waste was 886 million kWh, growing by 26.21% [3] - The electricity generated per ton of waste was 476.27 kWh, reflecting a year-on-year increase of 9.7% [3] - The company also handled 395,100 tons of kitchen waste and 1.6069 million tons of municipal waste transfer [3] Group 3: International Projects - The company is constructing a waste disposal power generation project in Bishkek, Kyrgyzstan, expected to be operational by the end of this year [3] - Framework agreements for waste disposal projects have been signed with Osh City and Issyk-Kul region in Kyrgyzstan, as well as preliminary agreements with Kazakhstan [3] - The Bishkek project has a planned waste processing capacity of 3,000 tons per day, with the first phase set at 1,000 tons per day [3] Group 4: Dividend Policy - The company has maintained stable operating performance and cash flow, supporting a consistent dividend plan [4] - The dividend payout ratio for the last two years exceeded 70% of the net profit attributable to shareholders, higher than industry peers [4] - A long-term dividend return plan was established, ensuring at least 50% of the net profit is distributed in cash annually [4] Group 5: Accounts Receivable - The primary source of accounts receivable comes from service fees owed by local governments for waste treatment and subsidies for waste-to-energy projects [4] Group 6: Technological Advancements - The company’s high electricity generation per ton of waste is attributed to advanced equipment and continuous technological innovations [5] - Improvements include optimized waste pit management, boiler capacity upgrades, and low-nitrogen combustion technology [5] - The operational efficiency is enhanced by the scale of the waste-to-energy projects located in Changsha [5] Group 7: Hong Kong Listing Progress - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025, and is actively advancing related work [6]