Core Insights - The company reported a total revenue of 291 million yuan for 2024, marking a year-on-year increase of 10.24%, but still recorded a net loss of 69.34 million yuan, although this represented a 42.13% reduction in losses compared to the previous year [1] Group 1: Hazardous Waste Disposal Business - The hazardous waste disposal segment was a highlight, achieving revenue of 175 million yuan, a year-on-year increase of 51.58%, with gross profit reaching 36.23 million yuan, up 1501.02% [4] - The incineration disposal volume increased to 37,000 tons, a growth of 68.18%, while landfill disposal volume surged to 55,000 tons, up 259.48% [4] - Despite the growth in volume, the average disposal prices for hazardous waste have been declining, with incineration prices dropping nearly 22% and average disposal unit prices decreasing by about 24% [4] Group 2: Electronic Waste Disposal Business - The electronic waste disposal business saw a significant decline, with revenue falling to 68.93 million yuan, a decrease of 32.80%, and a gross profit of -8.38 million yuan, although this was a 43.45% improvement in loss [5] - The dismantling volume decreased to 515,300 units, down 28.68% year-on-year, primarily due to changes in subsidy policies and insufficient capacity utilization [5] Group 3: Scrap Automobile and Lithium Battery Business - The scrap automobile dismantling business generated revenue of 38.02 million yuan, a decline of 15.64%, with a net loss of 24.10 million yuan, showing a slight improvement in losses [6] - The dismantling volume for scrap automobiles fell to 6,667 units, down 14% year-on-year, influenced by increased market competition and fluctuating steel prices [6] - The lithium battery recycling business, operated by a subsidiary, generated revenue of 7.18 million yuan but incurred a net loss of 7.52 million yuan, indicating high costs during the trial operation phase [6] - Overall, while the hazardous waste disposal business contributed positively to revenue, the underperformance in electronic waste, scrap automobile dismantling, and lithium battery sectors left the company in a loss-making position [6]