Group 1: Market Expansion and Strategic Planning - The company focuses on water and environmental protection, aligning with urban development plans to enhance integrated supply and drainage systems, aiming to expand resources in Chengdu and surrounding areas [2] - The company is actively exploring strategic emerging markets in water and environmental protection, enhancing competitive advantages and brand value through chain extension and integration [2] Group 2: Project Operations and Capital Expenditure - Key projects expected to be operational within the year include Chengdu Water Plant Phase III (40,000 tons/day), multiple recycled water plants, and a kitchen waste treatment project, leading to a gradual decrease in capital expenditure [3] - The company emphasizes the importance of evaluating project profitability, quality of returns, future prospects, and risk control when selecting investment targets [3] Group 3: Market Value Management - The company prioritizes market value management to enhance intrinsic value, focusing on strategic layout and operational efficiency to drive value growth [3] - As ongoing projects are completed, the company anticipates increased free cash flow, which will support higher dividend levels while meeting operational funding needs [3] Group 4: Business Performance Metrics - In the first half of 2025, the company's water sales volume increased by 4.48% year-on-year, driven by rising regional demand, while sewage treatment volume grew by 2.06% due to increased processing in Chengdu [3] - The electricity generated from waste incineration remained stable compared to the previous year [3] Group 5: Accounts Receivable Management - The company has seen an increase in accounts receivable due to expanded business scale, and it has established a dedicated team to enhance collection efforts in line with local payment policies [4]