Core Viewpoint - WaterBridge Infrastructure has increased the size of its initial public offering (IPO) to raise $634 million by offering 31.7 million shares at $20 each, which is at the high end of the previously announced price range of $17 to $20 per share [1] Company Overview - WaterBridge Infrastructure, founded in 2016, is based in Houston, Texas, and is the largest operator of produced water infrastructure networks in the United States [1] - The company has approximately 2,500 miles of pipeline and 196 produced water treatment facilities, with a daily processing capacity exceeding 2.6 million barrels and a total treatment capacity of over 4.5 million barrels [1] Financial Projections - For the 12 months ending June 30, 2025, WaterBridge Infrastructure is projected to achieve revenues of $722 million [1] Clientele - The company's clients include notable firms such as Permian Resources, Devon Energy, EOG Resources, and Chevron [1]

Financial Performance - The company reported a basic earnings per share of 0.0149 yuan for Q1 2025, a significant increase of 138.8% compared to -0.0384 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.05 billion yuan, marking a 141.67% increase from -0.12 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 0.44% in Q1 2025 from -1.09% in Q1 2024, reflecting a positive turnaround [1] - Operating revenue slightly decreased to 1.15 billion yuan in Q1 2025, down 0.86% from 1.16 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 73.175 million shares, accounting for 33.08% of the circulating shares, with an increase of 3.4963 million shares compared to the previous period [1] - Notable shareholders include Zhou Jinming with 32.935 million shares (14.89%) and Zhou Zilong with 17.07 million shares (7.72%), both of whom did not change their holdings [2] - New entrants to the top ten shareholders include Yin Hua Needy Selected Mixed Fund with 4.94 million shares (2.23%) and Ma Junhua with 2.3005 million shares (1.04%) [2] Dividend Policy - The company has decided not to distribute dividends or bonus shares this time [3]