Group 1: Investor Relations Activity Overview - The investor relations activity was held on May 14, 2025, via an online platform, with participation from a wide range of investors [2] - Key company representatives included General Manager Zhou Wengang, Independent Director Wu Jinfeng, Board Secretary Lin Yuxing, and CFO Chen Yanping [2] - The company ensured compliance with its information disclosure management system, maintaining the accuracy and timeliness of disclosed information [2] Group 2: Biomass Pellet Project - The biomass pellet project is progressing according to schedule, currently in the equipment installation phase [3] - The project aims for completion and production within 13 months, targeting operational status by the end of 2025, though market conditions may affect this timeline [3] Group 3: Forest Management and Carbon Credits - The company is committed to disclosing forest stock volume rather than just acreage, with suggestions for future disclosures by tree species [4] - The cost of developing carbon sink forests was inquired about, with a note on potential expenditure reductions if no revenue is generated [4] Group 4: Harvest Quota and Policy - The "15th Five-Year" harvesting quota compilation has not yet started, based on the principle that timber consumption should be less than annual growth [4] - Current forestry policies emphasize total control and classification management, with a focus on protecting natural forests and limiting harvesting in ecologically sensitive areas [4] Group 5: Company Value and Market Performance - The company acknowledges that stock price fluctuations are influenced by macroeconomic factors and market conditions [5] - There is a commitment to enhancing company value and market performance through improved operational results and internal value [5] - The company is open to mergers and acquisitions to expand its scale and improve performance, with careful consideration of strategic alignment [5]