Group 1: Project Updates - The Chengdu Xiwayan Reclaimed Water Plant, Chengdu Sludge Phase III Project, and Qionglai Kitchen Waste Project have been put into operation in the first half of 2025 [2] - The Chengdu Water Supply Plant Phase III (remaining capacity of 40,000 tons/day) has entered trial operation, with other ongoing projects expected to be operational between 2025 and 2026 [2][3] Group 2: Pricing Mechanisms - The water supply pricing mechanism allows for adjustments based on national policies and agreements, requiring government approval after cost audits and hearings [3] - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 CNY/ton for the central urban area of Chengdu for the 2024-2026 period [3] Group 3: Waste-to-Energy Project - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a waste processing capacity of 5,100 tons/day, sludge processing capacity of 800 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3] Group 4: Accounts Receivable Management - The company has seen an increase in accounts receivable due to market expansion and is actively managing collections [4] Group 5: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and market presence [4] Group 6: Capital Expenditure and Dividends - Significant capital expenditures are expected due to multiple water supply and waste projects, with a gradual decrease anticipated as projects are completed and begin to generate returns [4] - The company is committed to increasing cash dividend ratios as major projects come online and capacity is released [4]