Group 1 - The 2025 China International Service Trade Fair (CIFTIS) will be held from September 10 to 14 in Beijing, focusing on service trade development trends and featuring various activities such as global service trade summits, exhibitions, forums, and promotional events [1] - The exhibition will include thematic and specialized exhibitions that integrate technology elements with display content and application scenarios, particularly in telecommunications, computing, and information services [2][3] - Nearly 100 Fortune 500 companies and industry leaders are expected to participate, showcasing cutting-edge technologies and solutions while highlighting new trends in industry development [4] Group 2 - The fair will feature a digital platform that enhances service capabilities, allowing for streamlined registration and participation processes, with 20 functional developments already completed [4][5] - The event will provide trade matching services, including features to find enterprises, services, and partners, along with an innovative AI assistant named "Smart Fuyan" to facilitate user engagement [5]

Financial Data and Key Metrics Changes - Revenues totaled $548 million, down approximately 4% on an organic basis after adjusting for FX translation and business divestitures [20] - Adjusted EBITDA was $67 million, with year-over-year comparisons affected by negative FX and divestiture impacts of $7 million [21] - Adjusted diluted loss per share was $0.18, excluding the impact of special items [21] Business Line Data and Key Metrics Changes - Harsco Environmental segment revenues totaled $243 million, with adjusted EBITDA of $39 million, impacted by lower volumes due to site exits and closures [23] - Clean Earth achieved revenues of $235 million and adjusted EBITDA of $38 million, with EBITDA increasing by 12% supported by revenue growth of 4% [25] - Rail revenues totaled $70 million, with an adjusted EBITDA loss of $2 million, in line with expectations [26] Market Data and Key Metrics Changes - Steel production at customer locations declined less than 1% compared to the prior year, with production weakest in Asia, the Middle East, and Latin America [23] - The U.S. dollar strength has negatively impacted Harsco Environmental's revenues and EBITDA by approximately $100 million and $25 million over the past three years [13] - Recent dollar weakness is seen as a potential tailwind for Harsco Environmental, which generates roughly 80% of its revenues outside the U.S. [13] Company Strategy and Development Direction - The company is focused on expanding service capabilities and business growth, particularly in Clean Earth, which is expected to outpace other segments [10][11] - Harsco Environmental is managing through a difficult period in the global steel industry, with expectations for stable performance on a like-for-like basis [17] - The company anticipates earnings growth and completion of ETO contracts in Rail, aiming for annual free cash flow of $150 million in the future [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant macroeconomic uncertainty due to ongoing global trade issues but does not expect a material direct impact from tariffs [9][19] - The outlook for Clean Earth's earnings, margins, and free cash flow is positive, tracking ahead of financial targets established previously [11] - Management expects a stronger second half for Harsco Environmental, driven by new site ramp-ups and operational improvements [58] Other Important Information - Cash flow was ahead of expectations, supporting full-year cash flow guidance of $30 million to $50 million [7] - The company completed the rebuild of the Rail leadership team with new appointments [8] Q&A Session Summary Question: Thoughts on steel production and the economy going forward - Management expects a little bit of volume growth for Harsco Environmental, with efficiency and cost reduction programs mitigating impacts from site shutdowns [35] Question: Clean Earth's performance and volume assumptions - Management sees volume as a larger contributor to earnings growth this year, with no signs of economic slowdown yet [38][40] Question: Status of Rail ETO contract renegotiation - The amendment recognizes cost inflation and includes a new delivery schedule, reducing future penalty risks [46] Question: Sustainability of Clean Earth margin expansion - Management expects margins in Clean Earth to exceed previously projected levels, with ongoing efficiency initiatives contributing to margin growth [48][49] Question: Pressure in the steel industry and underlying market changes - Management notes that excess capacity in the steel industry remains a factor, but there are encouraging signs in the EU that may improve customer profitability [55]

Group 1 - The core viewpoint of the news is that Hanlan Environment is actively pursuing the acquisition of Yuefeng Environmental, with all prerequisites for the deal already met, and the transaction is expected to be completed in the first half of 2025 [1][2] - The major asset restructuring initiated by Hanlan Environment aims to privatize Yuefeng Environmental, enhancing the company's waste management operational scale and creating greater value for shareholders [2] - Hanlan Environment reported a net profit of 1.664 billion yuan for 2024, representing a year-on-year increase of 16.39%, and a net operating cash flow of 3.273 billion yuan, up 31.85% [3][4] Group 2 - In 2024, Hanlan Environment achieved significant results in digital intelligence construction, technological innovation, and lean management, which are expected to contribute to cost reduction and efficiency improvement [4] - The company plans to focus on strategic breakthroughs and high-quality development in 2025, including completing strategic acquisition projects and addressing accounts receivable issues [4] - Hanlan Environment emphasizes shareholder returns, with a cash dividend payout ratio of 39.20% of the net profit attributable to shareholders in 2024, and plans to increase cash dividends by no less than 10% annually for 2025 and 2026 [4]

Core Viewpoint - 福龙马集团股份有限公司 has established multiple subsidiaries in Hainan, Beijing, and Guangdong to expand its environmental services and technology offerings, reflecting a strategic move to enhance its operational footprint in the waste management and environmental sectors [1][2][3][4] Group 1: Investment Matters - 福龙马环境服务（五指山）有限公司 was registered with a capital of 5 million RMB, focusing on urban waste management and environmental services, established on March 6, 2025 [1] - 福龙马环境科技（北京）有限责任公司 was registered with a capital of 1 million RMB, specializing in technology services related to artificial intelligence and waste management, established on March 17, 2025 [2][3] - 福龙马环境工程（揭西）有限公司 was registered with a capital of 5 million RMB, offering services in urban waste management and environmental protection, established on March 19, 2025 [3] Group 2: Company Structure - 福龙马环境服务（五指山）有限公司 is a wholly-owned subsidiary of 福建福龙马环境服务有限公司, which holds 100% of the shares [1] - 福龙马环境科技（北京）有限责任公司 is fully owned by 福龙马集团股份有限公司, with a 100% shareholding [2][3] - 福龙马环境工程（揭西）有限公司 has a shareholding structure where 福建福龙马环境服务有限公司 owns 60% and 揭西县棉湖领航贸易有限公司 owns 40% [3][4]