Group 1: Financial Performance - As of September 30, 2025, the total assets of the company reached 42.968 billion CNY, a year-on-year increase of 7.25% [2] - The operating revenue for the first three quarters of 2025 was 3.9 billion CNY, a decrease of 4.6% compared to the previous year [2] - The net profit attributable to the parent company was 1.027 billion CNY, an increase of 2.86% year-on-year [2] - Basic earnings per share were 1.0206 CNY, a decrease of 0.33% year-on-year [2] - In Q3 2025, operating revenue was 1.459 billion CNY, a year-on-year increase of 24.52% [3] - The net profit for Q3 2025 was 323 million CNY, a year-on-year increase of 9.93% [3] Group 2: Business Development and Strategy - The company aims to become a leading environmental protection industry group, focusing on technological and industrial innovation [2] - The business layout is structured as "1+2+N," emphasizing wastewater treatment, sludge disposal, and recycled water utilization [3] Group 3: Financial Management and Challenges - The current asset-liability ratio is 72.07%, a decrease of 1.15 percentage points from the end of 2024, aligning with the company's strategic development [4] - The company is actively working to reduce financial costs through debt replacement and optimizing financing methods [4] - Measures include replacing high-interest debt and utilizing low-cost financing tools like bank acceptance bills and perpetual bonds [4] Group 4: Future Outlook and Investor Relations - The company plans to continue focusing on its core business and expanding into quality projects based on market conditions [4] - Future dividend policies will consider operational performance, cash flow, funding needs, and investor demands [4]

Core Viewpoint - Konka Group is reducing its stake in Wuhan Tianyuan to optimize asset allocation and improve liquidity, planning to sell up to 3% of its total shares by 2025 [1] Group 1: Investment and Strategic Shift - Konka's investment in Wuhan Tianyuan dates back to 2017, marking a pivotal year for the company's strategic transformation from a traditional electronics manufacturer to a diversified entity [2] - In 2018, Konka set ambitious revenue goals and established environmental protection and semiconductor industries as key growth drivers, aiming to become a leading comprehensive environmental service provider [2] - The company has made significant investments and acquisitions in the environmental sector, including a 51% stake in Yikang Technology and Jiangxi Konka New Materials [2] Group 2: Financial Performance - In 2018, Konka's environmental business generated revenue of 3.02 billion yuan, accounting for 6.55% of total revenue, while traditional electronics revenue fell by 18.44% [3][4] - The environmental segment peaked in 2019 with revenue soaring to 7.08 billion yuan, a 134.4% increase, and winning contracts exceeding 10 billion yuan [3][4] - However, after 2019, the environmental business faced declining performance, with revenue dropping by 26.01% to 1.15 billion yuan in 2023, representing only 6.42% of total revenue [4][5] Group 3: Current Challenges and Future Outlook - Konka has been divesting its environmental assets, including a previous plan to sell up to 6% of its shares in Wuhan Tianyuan, which was not realized [5] - The company's financial health has deteriorated, with a 37.73% drop in revenue to 11.11 billion yuan in 2024 and a net loss of 3.30 billion yuan [6] - Despite a reported profit in Q1 2025, the improvement was largely due to accounting changes rather than operational recovery, with underlying losses still significant [6]