Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 3.173 billion and a net profit of CNY 561 million, with a net profit margin of 17.66% despite a slight year-on-year decline due to receivables and asset impairments [2] - The net asset scale increased to CNY 6.682 billion, with a return on equity of 8.47% and operating cash flow of CNY 1.596 billion, reflecting healthy cash flow [2] - In Q1 2025, the company reported a revenue of CNY 874 million, a year-on-year increase of 11.12%, and a net profit of CNY 200 million, up 10.62% [2] Group 2: Business Strategy and Development - The company has shifted focus from scale expansion to high-quality operations and innovation, targeting four key areas: resource high-value utilization, green electricity value enhancement, light asset transformation, and international expansion [3] - The company is cautiously adjusting its strategy for battery recycling due to a sluggish market, with potential exit measures for underperforming segments [4] - The rubber recycling business saw a revenue of CNY 187 million in 2024, a growth of 81.45%, with plans to enhance sales, reduce costs, and improve technology [6] Group 3: Project Updates and Future Plans - The South Taihu Zero Carbon Calculation Center project was approved on March 4, 2025, laying the groundwork for future construction [7] - The company is expanding its kitchen waste processing capacity by 300-400 tons annually, aiming for a stable revenue and profit growth of around 20% [9] - The company is actively pursuing a share repurchase plan, having repurchased approximately CNY 140 million worth of shares, nearing the CNY 200 million limit [9] Group 4: Shareholder Returns and Capital Expenditure - The cash dividend and share repurchase totaled CNY 263 million in 2024, representing 46.82% of the net profit attributable to shareholders [2] - The company maintains a strong commitment to shareholder returns, with a focus on high-return investments and maintaining a healthy cash flow for future growth [8] - The heating business experienced a 30% growth in Q1, with pricing strategies in place to maximize profitability [9]