Group 1: Company Performance Overview - The company reported a capital expenditure of approximately CNY 540 million for project construction and acquisitions in 2024, with an expected expenditure of CNY 1-1.3 billion in 2025, where 30% will be funded by internal resources and 70% through project loans [3] - As of the end of 2024, accounts receivable aging shows that about 74.6% of receivables are expected to be collected within one year, indicating a strong financial position [4] - The company has successfully completed a 72+24 hour full-load trial run for the Yuxi project, which has now entered the production phase [2] Group 2: Heating Supply and Market Expansion - The company has been focusing on green thermal energy utilization since 2010, with significant growth potential in heating supply due to stable demand from surrounding industrial enterprises [6] - The company’s heating projects in Ningbo and Hebei have covered over 50 industrial users, with plans to expand heating capacity and enhance collaboration with large chemical enterprises [8] - The company aims to accelerate the construction of heating networks in various regions, including Mianyang and San Tai, to improve heating efficiency and market coverage [8] Group 3: Investor Relations and Communication - The investor relations activity held on June 12, 2025, involved in-depth communication between the company and investors, focusing on operational highlights and future projects [1] - The company emphasized that the communication did not involve any undisclosed significant information, adhering strictly to regulatory requirements [8]

Group 1: Company Performance - The company achieved a total revenue of 41,190.76 million yuan in Q1 2025, representing a year-on-year growth of 14.08% [2] - The net profit attributable to shareholders was 7,767.43 million yuan, with a year-on-year increase of 7.11% [3] Group 2: Heat Supply Pricing and Market Position - Heat supply pricing is determined based on local market guidance and user demand, with costs significantly lower than coal and gas heating [4] - The company emphasizes the green attributes of waste incineration heating, which aids in carbon footprint management and energy savings [4] Group 3: Competitive Advantages - The company has a clear project location advantage, focusing on industrial parks since 2010, leading to sustained heat demand [6] - It possesses rich experience in green energy transformation and project operation, with a heat utilization efficiency of 60% in the Cixi project [6] Group 4: Future Growth Potential - The company expects a heat supply of 175.45 million tons in 2024, a year-on-year increase of 57.31%, primarily from the Shijiazhuang, Cixi, and Ningbo projects [8] - The company’s heat supply capacity exceeds current demand, indicating significant growth potential in green energy supply [9] Group 5: Strategic Focus - The company will implement a core strategy of optimizing green energy in the short term and aims for large-scale development of heat supply business [7] - Future projects will enhance collaboration with large chemical enterprises to expand heat supply in key regions [9]