Core Insights - The company has launched a 4G Smart Energy Management and Green Power Arbitrage Initiative to modernize grid management and enhance credit risk management while creating new revenue streams through green energy arbitrage [1][7] Group 1: Initiative Overview - The initiative upgrades traditional electricity meters to Advanced Metering Infrastructure (AMI) using 4G technology, aimed at improving operational efficiency and promoting sustainable energy adoption [1] - A digital pre-payment utility model is introduced to ensure that electricity consumption is funded in advance by tenants, reducing bad-debt exposure and improving cash flow visibility for property operators [3] Group 2: Target Markets and Revenue Model - The Smart Meter Project targets high-density, high-consumption environments such as commercial and residential mixed-use complexes and large-scale shopping malls [4] - The initiative features a diversified revenue framework, including a service fee of up to approximately 10% of total electricity charges, generating stable and recurring income [5] - The green energy arbitrage model allows the company to procure renewable electricity at approximately RMB 0.6/kWh and sell it at approximately RMB 0.8/kWh, potentially generating incremental margins while supporting decarbonization [6] Group 3: Management Commentary - The company views the integration of 4G smart metering as a natural evolution of its smart city strategy, aiming to enhance operational efficiency and align economic performance with environmental sustainability [7]