Summary of the Conference Call on Jinlv Environment Industry Overview - The market potential for unmanned sanitation equipment is significant, with an estimated market space of approximately 40 to 50 billion by 2030 based on pure shipment volume. If considering the replacement of existing sanitation workers, the market space could be even larger. However, the current industry penetration rate is still below 3% [2][9] - Governments in first-tier cities like Shenzhen, Suzhou, and Guangzhou are actively promoting unmanned sanitation policies, gradually expanding to provincial capitals and second- and third-tier cities. Improvements in communication infrastructure and roadside license issuance are providing more scenarios for unmanned sanitation robots [2][3] Key Points and Arguments - Jinlv Environment's calculations in Hefei High-tech Zone indicate that unmanned operations can reduce personnel by 10-20% compared to mechanical operations, although equipment operating costs slightly increase. Over five years, this could save approximately 100,000 yuan annually in a 1 million square meter area [2][4] - The sanitation industry faces challenges such as labor shortages and difficulties in managing an aging workforce. Unmanned sanitation equipment can help reduce labor costs and improve operational efficiency, especially in 24-hour continuous operations and large-scale cleaning [2][6] - Jinlv Environment is advancing from mechanical replacement of labor to unmanned operations through a dual-track strategy, collaborating with external autonomous driving teams while also developing an internal autonomous driving R&D team [2][14] Future Developments - The company plans to launch an optimized 2.0 version of its unmanned sanitation product in Q3 2025, with a robot for litter collection expected by the end of 2025 or early 2026 [3][17] - Jinlv Environment is investing 1 billion yuan in Changzhou to expand production capacity to meet new market demands and reserve capacity for overseas markets [3][15] Market Trends - The future of the unmanned sanitation equipment market looks promising, with ongoing policy support from governments and improvements in infrastructure. As technology advances and applications expand, penetration rates are expected to increase, driving industry development and transformation [5][9] Challenges and Solutions - The industry faces significant pain points, including recruitment difficulties and the management of an aging workforce. Unmanned sanitation equipment is seen as a necessary trend to address these issues [6][18] - The current unmanned sanitation vehicles cannot fully replace human labor but emphasize human-machine collaboration. Future developments may include robots designed for specific tasks like litter collection [7][8] Company Strategy and Capabilities - Jinlv Environment has a strong foundation in the sanitation equipment industry, having started with waste transfer equipment and gradually transitioning to electric and automated vehicles since 2015. The company employs a dual-track strategy in autonomous driving, ensuring compatibility with industry needs [14][13] - The company is also developing a cloud platform to support the management of unmanned equipment, which will include data collection and remote control functionalities [19] Conclusion - Jinlv Environment is well-positioned to capitalize on the growing unmanned sanitation market through strategic investments, technological advancements, and a focus on addressing industry challenges. The company's plans for product development, capacity expansion, and cloud platform integration indicate a comprehensive approach to enhancing operational efficiency and market presence [10][12][15]

Group 1 - The A-share market experienced narrow fluctuations on May 28, but the sanitation robot concept emerged as a market focus, with several related stocks showing significant gains, including Qidi Environment, Jintai Environment, and Qiaoyin Co., which hit the daily limit, while Yuhua Tian and Hanjia Design also saw notable increases [1] - The sanitation industry is transitioning from a "labor-intensive" model to a "technology-intensive" model, driven by the deep integration of IoT, big data, AI, robotics, and autonomous driving technologies, creating unprecedented development opportunities for the sanitation robot market [1] - Hanjia Design's subsidiary, Futai Technology, is a leading player in the domestic sanitation robot sector, offering customized robotic solutions tailored to various urban governance scenarios, promoting intelligent, efficient, and sustainable urban management [1] Group 2 - 2024 is expected to be the year of large-scale application for unmanned and minimal human operation in sanitation, with Futai Technology launching urban intelligent operation services in economically developed regions, having over 20 implemented projects, leading the nation in application scale [2] - In the area of unmanned garbage classification operations, Futai Technology has established over 5,000 unmanned operation points and more than 120 projects, holding a market share of over 35%, ranking first in the industry [2] - The potential market size for unmanned cleaning scenarios is estimated at 68 billion yuan annually, with collection and transportation potential at 40 billion yuan, underground pipeline inspection and maintenance at 48 billion yuan, and urban management inspection at 18 billion yuan, indicating a total market size exceeding 100 billion yuan annually, showcasing significant market potential [2] - As smart city construction continues, unmanned robots are expected to integrate deeply into urban management, becoming a core engine for enhancing public service efficiency and reshaping urban governance systems, with Futai Technology poised to maintain its leading position in this expansive market [2]

Core Viewpoint - The market experienced a narrow fluctuation with the three major indices showing slight declines, while new consumption concept stocks surged against the trend [1] Market Overview - The total trading volume in the Shanghai and Shenzhen markets reached 1.01 trillion, an increase of 11 billion compared to the previous trading day [1] - Over 3,400 stocks in the market declined, indicating a broad-based downturn [1] Sector Performance - New consumption stocks, particularly in the beverage and IP economy sectors, led the gains, with several stocks, including Weiqishan, hitting the daily limit [1] - The concept of unmanned sanitation vehicles saw a collective rise, with companies like Jinglv Environment also reaching the daily limit [1] - Nuclear power stocks experienced a brief surge, with companies like Rongfa Nuclear Power hitting the daily limit [1] - In contrast, the pharmaceutical sector faced adjustments, with Haichen Pharmaceutical dropping over 10% [1] Leading and Lagging Sectors - The top-performing sectors included beverage manufacturing, controllable nuclear fusion, waste classification, and deep-sea technology [1] - The sectors that saw the largest declines included e-commerce, chemical raw materials, CRO, and paper manufacturing [1] Index Performance - By the end of the trading session, the Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index decreased by 0.26%, and the ChiNext Index dropped by 0.31% [1]

用人单位应当根据当地气象台当日发布的预报气温调整作业安排，采取轮换作业、错峰作业、避开 高温时段作业的方式，科学合理安排劳动者工作时间；对无法调整工作时间的，要采取减轻劳动强度、 缩短劳动者连续作业时间、适当增加劳动者休息时间和频次等措施安排生产经营；日最高气温达40℃以 上时应停止当日露天作业。用人单位要为从事高温作业劳动者提供符合要求的个人防护用品、防暑降温 饮料、保健用品和药品等，确保劳动者身体健康和生命安全。 记者了解到，市人社局将会同应急、卫生、工会等有关部门，加大对建筑、交通、物流、电力、通 信、环卫、餐饮等行业企业高温作业劳动者权益保障执法检查力度。劳动者可通过劳动保障监察机构投 诉举报窗口、12333咨询热线等渠道投诉维权。劳动者因高温作业或者高温天气作业引起中暑，按有关 规定诊断为职业病的，可依法申请工伤认定。 5月26日，记者从郑州市人力资源和社会保障局获悉，该局针对夏季高温期间劳动者权益维护工作 出台一系列保护措施，确保最大限度减少高温作业对劳动者身体健康带来的伤害。 据了解，用人单位安排劳动者在35℃以上高温天气从事室外露天作业，以及无法将工作场所温度降 至33℃以下的，须按每人每工作 ...

"随着人工智能、数字化技术等技术的发展，环卫行业和市场，也迎来了历史拐点。" 在近日的2024年 业绩说明会上，玉禾田（300815.SZ）董事长周平提到，未来将围绕"智能化升级"和"业务多元化"，实 现双轮驱动增长。智能化升级方面，该公司的"机器人+环卫"的探索已经初见成效。 玉禾田的主营业务包括城市运营与物业管理两大板块，城市运营为核心业务。在行业整体承压的背景 下，去年全年、今年一季度，该公司业绩表现增长仍较平稳。 郭瑾对此解释称，随着营业收入规模扩大，该公司应收账款金额有所提升，但整体可控，国家近期出台 的相关政策，也有助于企业应收账款回收。作为公司最重要的工作之一，每个项目公司都设有专门的应 收账款管理小组，保证应收账款的及时收回。今年一季度，该公司回款金额达17.74亿元，同比增长 21.26%，回款能力显著提升。 今年一季度，该公司经营性净现金流有所改善，季度净流入金额为1.02亿元，同比增长354.2%。去年全 年则为3.69亿元，同比增长12.58%。 郭谨说，将从业务模式优化、成本控制、运营效率提升以及财务策略等多方面综合施策，确保经营活动 现金流净额保持正向增长，具体包括提升核心业务毛利 ...

Core Viewpoint - The company, Yuhua Tian (玉禾田), has successfully implemented a "digital intelligence transformation" strategy, leading to significant growth in revenue and profit despite increasing competition in the sanitation industry. The company aims to continue expanding through intelligent upgrades and business diversification [1][4]. Financial Performance - In 2024, the company reported a revenue of 7.203 billion yuan, representing a year-on-year increase of 16.93% - The net profit attributable to shareholders reached 575 million yuan, with a growth rate of 10.40% - The return on equity remained high at 14.83%, indicating strong financial health [1]. Strategic Initiatives - The company has established a dual-core technology system that integrates a digital brain and vertical large models, enhancing service efficiency in urban operations through comprehensive monitoring and intelligent scheduling [2]. - Yuhua Tian has developed a collaborative innovation mechanism that combines hardware intelligence and software platformization, breaking traditional service boundaries and promoting smart transformation [2]. Market Expansion - The company's "City Steward" strategy has proven effective, with operations now covering 17 provincial-level administrative regions and 60 new projects added in the year - The total contract amount for urban operation business reached 8.34 billion yuan, with a new annualized amount of 2.071 billion yuan, marking a year-on-year growth of 43.10% [3]. Future Growth Drivers - The management team emphasized a dual strategy focusing on "intelligent upgrades" and "business diversification" to drive sustainable growth [4]. - The company plans to enhance management and operational efficiency through increased investment in AI algorithms and big data analysis, creating an integrated competitive advantage [4]. Automation and Efficiency - The company aims to reduce reliance on human labor and improve operational efficiency through the large-scale application of intelligent equipment, addressing industry challenges such as aging workforce and rising labor costs [5]. - Current projects show that labor costs account for 50% of operational expenses, with a total cash payment to employees reaching 3.864 billion yuan in 2024 [5]. Business Diversification - The company will pursue both vertical and horizontal expansion strategies, including acquiring regional sanitation peers and extending into high-value segments like waste classification and smart municipal services [6]. - Recent acquisitions, such as Shenzhen Yonghengguang Smart Technology Group, have generated significant revenue, contributing to the company's growth [6].

Core Viewpoint - The sanitation industry is undergoing a value reconstruction driven by "technology empowerment + service enhancement," as highlighted by the chairman of Yuhua Tian during the 2024 annual performance briefing [1]. Financial Performance - Yuhua Tian reported a revenue of 7.203 billion yuan for 2024, a year-on-year increase of 16.93%, and a net profit attributable to shareholders of 575 million yuan, up 10.40% year-on-year [1]. - The company's two main business segments both achieved revenue growth in 2024, with urban operations generating 6.109 billion yuan (85% of total revenue, up 20.57% year-on-year) and property management contributing 1.087 billion yuan (15% of total revenue, up 1.04% year-on-year) [2]. - In Q1 2024, Yuhua Tian's revenue was 1.882 billion yuan, a 10.58% increase year-on-year, with a net profit of 161 million yuan, up 9.2% [2]. Industry Context - The sanitation industry is facing intense price competition, with 14 listed sanitation companies reporting a total revenue of 21.963 billion yuan but experiencing a surge in accounts receivable to 25.161 billion yuan, exceeding the industry warning line by 3.8 times [3]. - Yuhua Tian's accounts receivable increased from 3.266 billion yuan at the beginning of the year to 4.218 billion yuan, accounting for 46.31% of total assets [3]. Strategic Initiatives - The company is advancing its "city management" strategy by leveraging technology to transform its business model, expanding traditional sanitation services into municipal management and comprehensive service areas [6]. - Yuhua Tian has fully acquired the unmanned cleaning vehicle manufacturer, Kandelar Intelligent, and has begun international sales of its "Kandelar Robot" [6]. - The company has launched six digital benchmark projects and is exploring the "robot + sanitation" field, with plans to implement customized "robot cluster" cleaning solutions in Southeast Asia and the Middle East [6]. Challenges and Opportunities - The sanitation industry is experiencing a shift from traditional labor to mechanization and automation, driven by the aging workforce and rising labor costs [5][7]. - The application of sanitation robots is expected to be gradual, with a focus on maintaining human oversight in complex tasks while integrating intelligent equipment in standardized operations [7].

Company Overview - In 2024, the company achieved a revenue of CNY 7.203 billion, a year-on-year increase of 16.93% [3] - The net profit attributable to shareholders was CNY 575 million, up 10.40% year-on-year [3] - The company's return on equity (ROE) stood at 14.83% [3] - Urban operations accounted for 85% of total revenue with a gross margin of 26.22% [3] Main Business Segments - The company operates in two main segments: urban operations and property management [3] - Urban operations are the primary revenue driver, while property management contributes 15% of revenue with a gross margin of 10.08% [3] Key Achievements - The company secured new contracts totaling CNY 8.34 billion in 2024, with an annualized new contract amount of CNY 2.071 billion, reflecting a 43.10% increase year-on-year [7] - The company has been recognized as a leading enterprise in the environmental sanitation sector, receiving multiple awards for its ESG performance [4][8] Strategic Focus Areas Digital Transformation - The company is enhancing its digital capabilities through the "Smart Brain + Big Model" strategy, aiming to establish a benchmark for smart urban sanitation services [5][12] - Over 100 patents have been applied for in the field of intelligent equipment, with successful product launches like the "Sunshine S200 Cleaning Robot" [5][13] Market Expansion - The company is expanding its market presence with a focus on a "City Steward" strategy, covering 17 provinces and adding 60 new projects [6][7] - The company has established a network layout of "dense points in the eastern coastal areas + strategic nodes in the central and western regions" [10] ESG Practices - The company integrates ESG principles into its operational strategy, focusing on employee care and green operations [8] - It has been recognized in various ESG rankings, including being listed in the top 20 for ESG performance in the public utility sector [8] Financial Performance - The company has maintained a cash dividend policy, with cumulative cash dividends reaching CNY 489 million from 2021 to 2024 [11] - The net profit margin is reported at 9.32%, with a consistent compound annual growth rate (CAGR) of 13.67% since its listing [11] Future Growth Directions - The company plans to drive growth through smart upgrades and business diversification, focusing on high-value areas such as waste classification and smart municipal services [15][16] - It aims to enhance operational efficiency by reducing reliance on manual labor through automation and smart equipment [15][21]

Strategic Layout - In 2025, the company will implement a "two verticals and three horizontals" development strategy, focusing on integrating main business with technology and expanding into new market areas [1] - The goal is to upgrade to a technology-enabled enterprise and establish a global development framework [1] 2024 Financial Performance - The company achieved a revenue of CNY 3.914 billion and a net profit of CNY 289 million in 2024 [3] - The gross profit margin was 26.86%, an increase of 0.82 percentage points year-on-year [3] - Total assets reached CNY 8.260 billion, a growth of 9.82% from the beginning of the year [3] Industry Overview - The sanitation industry is transitioning from mechanization to intelligent and digital transformation, with private enterprises holding a 62% market share [4] - The total contract amount for sanitation services exceeded CNY 246.5 billion, with an annualized amount of CNY 95.5 billion [4] - The market size is projected to reach CNY 644.2 billion by 2029, with a growth rate of 15% [4] Order Situation - New orders signed in 2024 amounted to CNY 5.222 billion, with a year-on-year increase in the fourth quarter of 56.67% [5] - The total amount of orders on hand reached CNY 42 billion, providing a solid foundation for future revenue and profit growth [5] Cost Control - The company achieved a management expense reduction of CNY 64.67 million, with a management expense ratio of 6.53%, down 1.59% year-on-year [6] - The three expense ratio was 13.23%, a decrease of 0.88 percentage points [6] Cash Flow and Debt Management - The company collected CNY 3.291 billion in payments in 2024, with a quarter-on-quarter increase of 5.13% in the fourth quarter [7] - The net cash flow reached CNY 158 million, a year-on-year increase of 98.29% [7] - The company is actively collaborating with local governments to improve accounts receivable through national debt policies [8] Digital Transformation Initiatives - The company established a smart city research institute in December 2023, focusing on AI technology for urban management [9] - By May 2024, the company had signed contracts totaling CNY 110 million for smart city projects [10] Future Collaborations - The partnership with the National Local Joint Human-shaped Robot Innovation Center aims to enhance urban service capabilities through resource integration and technology collaboration [11] - The focus will be on developing humanoid robots for various applications in urban management and home services [12] Fundraising and Financial Health - The company plans to raise CNY 900 million through a private placement, which will improve its financial stability and reduce debt ratios [13]

Group 1: Financial Performance - The company's gross profit margin increased to 26.53% in 2024, up by 1.80 percentage points from the previous year, primarily due to strict project quality control and enhanced operational efficiency [1] - The operating service gross profit margin reached 26.94%, an increase of 2.73 percentage points year-on-year [1] - R&D expenses for 2024 amounted to 24.97 million, focusing on autonomous cleaning machines, new energy sanitation vehicles, and smart sanitation systems [2] Group 2: Order and Revenue Insights - As of December 31, 2024, the company had a backlog of orders worth 9.38 billion, with 2.13 billion in contracts under 5 years, 3.96 billion between 5-10 years, and 3.3 billion over 10 years [2] - New contracts signed in 2024 totaled 1.73 billion, with an annualized amount of 290 million [2] Group 3: Accounts Receivable Management - The accounts receivable balance as of the end of 2024 was 1.117 billion, a 35% increase from the beginning of the year, attributed to increased sanitation revenue and macroeconomic factors affecting government payments [3] - The company is implementing measures to enhance accounts receivable management and optimize cash flow [3] Group 4: Market Strategy and Product Development - The company is focusing on low-cost operations and efficiency improvements to enhance profit margins in 2025 [2] - Plans to increase investment in product transformation and upgrades to improve competitiveness [4] - The company is actively developing overseas business, with ongoing research in Southeast Asia and the Middle East [5] Group 5: Technology and Automation - The cleaning efficiency of sanitation robots is significant, but challenges remain in areas like obstacle avoidance and edge cleaning in complex environments [4] - Current product planning includes vehicles ranging from 1.5 tons for sidewalks to 2.5 tons for larger areas, with potential savings of approximately 1.5 million in operational costs and a reduction of 10-12 sanitation workers per 100 square kilometers [4]