Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 3.854 billion CNY, representing a year-on-year growth of 9.01% [1] - The net profit, excluding non-recurring gains and losses, was 184 million CNY, with a year-on-year increase of 22.35% [1] - From July to September, the net profit attributable to shareholders decreased to 56.95 million CNY, primarily due to the absence of a 100 million CNY compensation received in the same period last year [1] Business Operations - The company’s hazardous waste resource utilization business focuses on recycling non-ferrous metals such as tin, copper, gold, silver, platinum, and palladium [2] - The company has a total production capacity of 358 MW, with 35 boilers and 23 turbines, and a steam evaporation capacity of 4,420 tons/hour [2] - The Hubei Yicheng cogeneration project involves an investment of approximately 385 million CNY, featuring two 100t/h high-temperature and high-pressure coal-fired circulating fluidized bed boilers and one 12 MW back-pressure unit [2] Market Strategy - Fluctuations in metal prices can impact the pricing of products and raw material costs; however, the company employs a pricing strategy to lock in profits and uses commodity futures for hedging against price volatility [2] - The company is committed to seeking investment opportunities both domestically and internationally while focusing on its core business [2] Dividend Policy - The company’s dividend policy stipulates that cash distributions over three years will not be less than 35% of the average distributable profit for those years [2] - Historically, the company has distributed cash dividends exceeding 50% of the annual net profit, with some years reaching 60-70% [2]