Core Viewpoint - Beijing High Energy Times Environmental Technology Co., Ltd. (referred to as "High Energy Environment") has announced a significant increase in its 2025 performance forecast, projecting a net profit attributable to shareholders of 750 million to 900 million yuan, representing a growth of 131.63% to 177.95% compared to the previous year [1][5][24]. Group 1: Performance Forecast - The company expects to achieve a net profit of 750 million to 900 million yuan in 2025, an increase of approximately 268 million to 418 million yuan from the previous year, with a growth rate of 55.66% to 86.79% [5][26]. - The forecasted net profit excluding non-recurring gains (扣非净利润) is also projected to be between 750 million and 900 million yuan, indicating a substantial increase of 426 million to 576 million yuan, with a year-on-year growth of 131.63% to 177.95% [5][26][29]. Group 2: Historical Context - High Energy Environment has experienced a challenging three-year period of "increasing revenue without increasing profit," with the last positive net profit growth recorded in 2021 [9][30]. - In 2022, the company reported a 12.10% increase in revenue but a 10.38% decline in net profit. In 2023, revenue grew by 20.58%, yet net profit decreased by 27.13%. In 2024, revenue increased by 37.04%, but net profit again fell by 4.52% [10][11][33][34][35]. Group 3: Factors Contributing to Performance Improvement - The turnaround in performance is attributed to a combination of internal factors such as technological upgrades and capacity optimization, as well as external factors like rising metal prices [14][38]. - Technological advancements, particularly in the precious metal recovery processes at its subsidiary, have significantly increased production and profitability [16][38]. - The successful launch of the Zhuhai New Rainbow project, which focuses on hazardous waste resource utilization, has expanded production capacity and is expected to yield substantial annual revenue [18][40]. - External market conditions, including global metal price increases driven by supply constraints and rising demand from sectors like AI and renewable energy, have further enhanced profitability [20][42].