Core Viewpoint - During the "14th Five-Year Plan" period, the company has successfully transitioned to a resource recycling strategy, marking a shift from unrelated diversification to a focused approach on ecological and environmental protection [2][3]. Strategic Transformation - The company has committed to a strategic transformation from unrelated diversification to a "focused diversification" centered on ecological and environmental protection, aiming to strengthen its position in the "dual carbon" industry and cultivate new avenues in the circular economy [2][3]. - The company’s chairman emphasized that this strategic decision has led to two significant breakthroughs: a substantial increase in the ecological and environmental protection business scale and the establishment of its industry position [3]. Business Growth and Financial Performance - As of 2024, the total assets of the company's key subsidiary, Tianjin TEDA Environmental Protection, reached 14.991 billion yuan, a 172.49% increase from 2020, with a net profit attributable to shareholders of 186 million yuan, up 47.05% from 2020 [3]. - The company’s environmental protection business has expanded its coverage to 10 provinces and 21 cities, transitioning from a regional player to a national solid waste treatment company [3]. Asset Structure Optimization - The company is implementing a dual strategy of "external expansion + internal enhancement," focusing on acquiring environmental assets and divesting non-core assets [4]. - In 2024, the company successfully acquired the solid waste business from China Resources, resulting in a 40% year-on-year increase in environmental business revenue to 868 million yuan [4]. - The company completed the transfer of 100% equity in its regional development subsidiary for 2.593 billion yuan, marking a significant step in divesting from real estate-related businesses [4]. Technological Innovation - The company has increased its R&D investment by an average of 10.55% annually, focusing on the ecological and environmental protection industry [7]. - Significant technological breakthroughs have been achieved in waste gas purification and fly ash treatment, with new materials developed for various applications [7]. Global Expansion Strategy - The company plans to implement its first overseas project by 2025, focusing on key regions and adopting a "light asset" cooperation strategy [9][10]. - A memorandum of understanding has been signed with an Egyptian company to explore waste-to-energy projects and landfill closure projects in Egypt [10]. - The company leverages its experience in waste-to-energy projects and partnerships with state-owned enterprises to mitigate initial investment risks and enhance market integration [10].

Core Viewpoint - During the "14th Five-Year Plan" period, the company has successfully transitioned to a resource recycling strategy, marking a significant shift from unrelated diversification to focused diversification in the ecological and environmental protection sector [3][4]. Group 1: Strategic Transformation - The company officially changed its name to "Tianjin TEDA Resource Recycling Group Co., Ltd." in July 2025, solidifying its commitment to the resource recycling industry [3]. - The company has significantly increased its solid waste treatment capacity from 5,610 tons to 23,660 tons per day, representing a growth of over 400% [3]. - The strategic decision to focus on ecological and environmental protection has led to two major breakthroughs: a substantial increase in the scale of the ecological protection business and the establishment of its industry position [4]. Group 2: Financial Performance - By 2024, the total assets of the company's key subsidiary, TEDA Environmental Protection, reached 14.991 billion yuan, a 172.49% increase compared to 2020 [4]. - The net profit attributable to the parent company was 186 million yuan, reflecting a 47.05% increase from 2020 [4]. - The company has expanded its operations to cover 10 provinces and 21 cities, transitioning from a regional to a national solid waste treatment company [4]. Group 3: Asset Structure Optimization - The company is implementing a dual strategy of "external expansion + internal enhancement" to optimize its asset structure [5]. - In 2024, the company successfully acquired the solid waste business of China Resources, resulting in a 40% year-on-year increase in environmental business revenue to 868 million yuan [6]. - The company has divested non-core assets, including the transfer of 100% equity in its regional development subsidiary for 2.593 billion yuan [7]. Group 4: Technological Innovation - The company has increased its R&D investment by an average of 10.55% annually, focusing on the ecological and environmental protection industry [10]. - Significant technological breakthroughs have been achieved in solid waste treatment, including the development of a new type of chelating agent for fly ash treatment [12]. - The company has also made advancements in new materials, achieving large-scale production of crystalline thermoplastic polyester filament technology [12]. Group 5: Global Expansion - The company plans to launch its first overseas project by 2025, focusing on key regions and adopting a light asset cooperation strategy [14]. - A memorandum of understanding has been signed with an Egyptian company to explore waste-to-energy projects and landfill closure projects [15]. - The company leverages its experience in waste-to-energy projects in China to establish a strong brand presence and operational foundation for international projects [15].