Group 1: Company Overview and Financial Performance - The company reported a gross profit margin decline for 2024, particularly in the landscaping business, which experienced a negative margin due to significant cost reductions in completed projects [2] - As of the end of 2024, the accounts receivable balance was CNY 607 million, with a provision for impairment losses of CNY 124 million, representing a 20.47% provision rate [3] - The company expects to achieve revenue between CNY 200 million and CNY 300 million in 2025, reflecting a growth of 40% to 110% compared to the previous year [4] Group 2: Project and Order Status - In 2024, the company signed new contracts and bids totaling CNY 1.52 billion, with a significant portion from comprehensive land remediation projects amounting to CNY 655 million [4] - The revenue from land remediation projects accounted for 6.65% of total revenue in 2024, with a gross margin of 42.13% [4] Group 3: Accounts Receivable and Impairment - The aging structure of accounts receivable shows that 44.32% are within one year, 20.51% between one to two years, 12.98% between two to three years, and 22.18% over three years [3] - The company anticipates improvements in cash collections in 2025, which may stabilize the provision for bad debts [3] Group 4: International Expansion and Strategy - The company has established an office in Kyrgyzstan to expand its business in Central Asia and has begun local nursery construction [5] - Future plans include building overseas operational entities, exporting seedlings, and collaborating with local governments for nursery base construction [5] Group 5: Competitive Advantages - The company possesses unique soil preparation and spraying technologies, particularly effective in challenging environments where competitors may struggle [6] - Continuous investment in R&D has led to superior ecological restoration technologies compared to conventional methods, enhancing efficiency and application speed [6]