Group 1: Project Updates - The Chengdu Xiwayan Reclaimed Water Plant, Chengdu Sludge Phase III Project, and Qionglai Kitchen Waste Project have been put into operation in the first half of 2025 [2] - The Chengdu Water Supply Plant Phase III (remaining capacity of 40,000 tons/day) has entered trial operation, with other ongoing projects expected to be operational between 2025 and 2026 [2][3] Group 2: Pricing Mechanisms - The water supply pricing mechanism allows for adjustments based on national policies and agreements, requiring government approval after cost audits and hearings [3] - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 CNY/ton for the central urban area of Chengdu for the 2024-2026 period [3] Group 3: Waste-to-Energy Project - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a waste processing capacity of 5,100 tons/day, sludge processing capacity of 800 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3] Group 4: Accounts Receivable Management - The company has seen an increase in accounts receivable due to market expansion and is actively managing collections [4] Group 5: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and market presence [4] Group 6: Capital Expenditure and Dividends - Significant capital expenditures are expected due to multiple water supply and waste projects, with a gradual decrease anticipated as projects are completed and begin to generate returns [4] - The company is committed to increasing cash dividend ratios as major projects come online and capacity is released [4]

Group 1: Water Supply and Waste Management Projects - The company operates and is constructing water supply projects with a scale of approximately 4.3 million tons/day, with a key project in trial operation at 400,000 tons/day [2] - The company has wastewater treatment projects exceeding 480,000 tons/day, with over 450,000 tons/day already in operation and additional projects expected to be operational within 1-2 years [2] - The company’s waste incineration power generation projects have a total scale of 12,000 tons/day, with 5,100 tons/day already operational and an ongoing project (Wangxing Phase III) of 6,900 tons/day planned for operation in 2026 [3] Group 2: Sludge Disposal Business - The company has a total sludge disposal project scale of 3,116 tons/day, including operational projects such as Chengdu First City Sewage Sludge Treatment Plant (1,400 tons/day) and Wangxing Environmental Power Plant (820 tons/day) [3] - An ongoing project at Chengdu Wangxing Environmental Power Plant (Phase III) will have a sludge treatment capacity of 800 tons/day [3] Group 3: Accounts Receivable and Market Expansion - The company has seen an increase in accounts receivable due to market expansion and business growth, with a strong focus on managing and collecting receivables [3] - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and industry positioning [3] Group 4: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to decrease as these projects become operational within the next 1-2 years [4] - The company emphasizes shareholder returns and has been increasing cash dividend ratios, with plans to further enhance returns once major projects are operational and capacity is released [4]

Group 1: Business Overview - The company's water supply business operates in Sichuan, Jiangsu, and Hainan, with a total capacity of approximately 4.3 million tons/day, including a project in Chengdu currently in trial operation with a capacity of 400,000 tons/day [2] - The wastewater treatment business spans Sichuan, Gansu, Ningxia, Shaanxi, Jiangsu, Hebei, Shandong, and Tibet, with over 4.8 million tons/day in total capacity, of which over 4.5 million tons/day are operational [2] - The waste incineration power generation business has a total capacity of 12,000 tons/day, with 6,900 tons/day currently operational; a project with a capacity of 5,100 tons/day is planned to be operational by 2026 [3] Group 2: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and industry segmentation [3] Group 3: Operational Advantages - The company boasts nearly 80 years of water supply operation experience and over 30 years in wastewater treatment, leading to superior operational management capabilities [3] - The company implements standardized and refined management practices, leveraging operational innovations and digital empowerment to reduce costs and improve efficiency [3] Group 4: Pricing and Capital Expenditure - Water pricing adjustments are subject to national policies and must go through cost audits and public hearings before implementation [4] - The company has significant capital expenditures due to multiple ongoing projects, but these are expected to decrease as projects come online in the next 1-2 years, allowing for increased shareholder returns [4]

Group 1: Pricing Mechanisms - The water pricing adjustment mechanism allows the company to submit requests to the government for price changes, subject to cost audits and public hearings [2] - The sewage treatment service fee is set at a tentative average price of 2.63 RMB per ton for the 2024-2026 period, with adjustments occurring every 2 to 3 years based on specific conditions [3] Group 2: Accounts Receivable - The company has seen an increase in accounts receivable due to market expansion and is actively managing collections [4] Group 3: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons per day, sludge treatment of 800 tons per day, and kitchen waste processing of 800 tons per day, expected to be operational by 2026 [5] Group 4: Capital Expenditure and Dividends - The company has significant capital expenditures due to multiple water supply and waste projects, which are expected to decrease as projects come online in the next 1-2 years [5] - The company is focused on increasing cash dividend ratios and aims to enhance shareholder returns once major projects are operational [5]

Group 1: Water Supply and Wastewater Treatment Projects - The company operates and is constructing water supply projects with a capacity of approximately 4.3 million tons per day and wastewater treatment projects exceeding 4.8 million tons per day, with most projects expected to be operational between 2025 and 2026 [2][3]. Group 2: Accounts Receivable Management - The company has seen an increase in accounts receivable due to expanded business operations, and it places a high priority on managing accounts receivable and actively pursuing collections [2]. Group 3: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons per day, sludge co-processing capacity of 800 tons per day, and kitchen waste processing capacity of 800 tons per day, expected to be operational in 2026 [3]. Group 4: Pricing Mechanism for Water Supply - The company can submit water price adjustment requests to the government price administration department based on national policies and relevant agreements, with adjustments subject to cost monitoring and public hearings [3]. Group 5: Future Capital Expenditure and Dividends - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to decrease as these projects become operational in the next 1-2 years. The company is focused on increasing cash dividend ratios and will consider further enhancing shareholder returns once major projects are operational [3].

Group 1: Accounts Receivable and Project Development - The company has seen an increase in accounts receivable due to expanded business scale and is actively managing collections [2] - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day, sludge treatment of 800 tons/day, and kitchen waste processing of 800 tons/day, expected to be operational by 2026 [2][3] Group 2: Market Expansion and Pricing Mechanisms - The company aims to be a national comprehensive water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [3] - The water pricing adjustment mechanism is based on national policies and agreements, requiring government approval after cost audits and hearings [3] - The temporary adjustment of sewage treatment prices can occur due to significant cost changes, with the average sewage treatment service fee in Chengdu's central urban area set at 2.63 CNY/ton for 2024-2026 [3][4] Group 3: Capital Expenditure and Shareholder Returns - Recent capital expenditures have been significant due to multiple water supply and waste projects, but these are expected to decrease as projects become operational within the next 1-2 years [4] - The company is committed to increasing cash dividends for shareholders, with plans to enhance returns once major projects are completed and operational [4]

Group 1: Pricing Mechanisms - The water pricing adjustment mechanism is based on national policies and agreements, requiring approval from government price authorities after cost audits and hearings [3] - The sewage treatment service fee is adjusted every 2 to 3 years, with a temporary adjustment possible due to significant cost changes; the average sewage treatment fee for 2024-2026 is set at 2.63 CNY per ton [3] Group 2: Project Developments - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day and sludge treatment capacity of 800 tons/day [3] - The company operates and is constructing water supply projects with a total capacity of approximately 4.3 million tons/day and sewage treatment projects with a capacity of about 4.8 million tons/day [3] Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion CNY, reflecting an increase due to market expansion [4] - The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [4] Group 4: Cost Reduction and Efficiency Improvement - The company implements refined management and innovation to reduce costs and improve efficiency, including standardization and the establishment of a smart cloud control center [5] - The "Digital Strong Enterprise" initiative aims to enhance operational efficiency through the creation of five centralized management centers [5] Group 5: Market Expansion Strategy - The company focuses on becoming a national water and environmental service provider, expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [6]

Group 1: Water Supply and Wastewater Projects - The company is currently constructing several water supply and wastewater projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day), Xiwayan Reclaimed Water Plant, and the second phase of Chengdu's Fifth and Sixth Reclaimed Water Plants, which are in debugging or trial operation stages [2][3]. Group 2: Waste Incineration Power Generation Projects - The Chengdu Wanxing Environmental Power Plant Phase III is under construction, with a household waste processing capacity of 800 tons/day, sludge co-processing capacity of 5,100 tons/day, and kitchen waste processing capacity of 800 tons/day, expected to be operational by 2026 [3]. Group 3: Accounts Receivable Management - As of the end of 2024, the company's accounts receivable balance is approximately 4 billion yuan, reflecting an increase due to market expansion. The company emphasizes accounts receivable management and has integrated collection efforts into performance assessments [3]. Group 4: Market Expansion Strategy - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while actively exploring resource integration and niche markets nationwide [3]. Group 5: Capital Expenditure and Dividend Policy - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to be operational within 1-2 years, leading to a gradual decrease in capital spending. The company is committed to increasing cash dividend ratios as major projects come online and generate capacity [3].

Group 1: Project Development - The company is currently constructing several water supply and drainage projects, including Chengdu Water Plant Phase III (remaining capacity of 400,000 tons/day) and multiple recycled water plants, which are in the debugging or trial operation stages [2][3]. Group 2: Pricing Mechanisms - The water pricing adjustment mechanism requires submission to government authorities, with adjustments contingent on cost audits and public hearings. Changes in upstream resource pricing will trigger synchronized adjustments [3]. - The sewage treatment service fee is typically adjusted every 2 to 3 years, with a current tentative price of 2.63 RMB/ton for the central urban area of Chengdu for the 2024-2026 period [3]. Group 3: Accounts Receivable Management - As the company expands its market presence, accounts receivable have increased, totaling approximately 4 billion RMB by the end of 2024. The company emphasizes the management of accounts receivable and has improved collection efforts [4]. Group 4: Business Expansion Strategy - The company aims to deepen its market presence in Chengdu and surrounding areas, optimize resource allocation, and explore mergers and acquisitions to strengthen its national market position. It also plans to extend into niche areas such as direct drinking water and waste disposal [4]. Group 5: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing projects, which are expected to decrease as projects are completed within the next 1-2 years. The company is committed to increasing cash dividends for shareholders as projects come online and capacity is released [4].