军信股份公告，下属公司军信环保（吉尔吉斯）投资有限公司与吉尔吉斯共和国内阁和奥什市市政府签 署了《吉尔吉斯共和国内阁与外国企业军信环保（吉尔吉斯）投资有限公司关于在奥什市建设基于垃圾 科技处置发电综合体投资项目的投资协议》和《吉尔吉斯共和国奥什市垃圾科技处置项目特许经营协 议》。项目规划垃圾处理规模为2000吨/日，初期建设一个处理规模为850吨/日的垃圾科技处置发电 站，总投资金额约9500万美元。 ...

Core Viewpoint - The company has signed an investment agreement for a waste technology disposal project in Issyk-Kul, Kyrgyzstan, marking a significant achievement in its overseas market expansion and providing new growth opportunities amid a saturated domestic market [1][2]. Group 1: Project Details - The waste disposal project has a planned processing capacity of 2000 tons per day, with initial construction of two waste-to-energy plants, each with a capacity of 600 tons per day [2]. - The total investment for the project is no less than 140 million USD [2]. Group 2: Strategic Importance - Successful implementation of this project follows previous achievements, including a waste-to-energy project in Bishkek with a processing capacity of 3000 tons per day and a framework agreement for a project in Osh with a capacity of 2000 tons per day [1]. - The project is expected to enhance the company's profitability and core competitiveness by expanding its overseas waste management and green energy business [1].

Financial Performance - The company achieved a revenue of 2.163 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 23.21% [2] - The net profit attributable to shareholders reached 605 million yuan, with a year-on-year increase of 48.69% [2] - The volume of household waste processed reached 270,040 tons, up 7.89% year-on-year [2] - The electricity generated from waste was 1.294 billion kWh, reflecting a growth of 17.53% [2] - The electricity generated per ton of waste was 479.10 kWh, an increase of 4.72% [2] Overseas Projects - The Bishkek waste-to-energy project in Kyrgyzstan is expected to be completed by the end of 2025, with a planned processing capacity of 3,000 tons per day [3] - Framework agreements for waste disposal projects have been signed in Osh and Issyk-Kul, with each project planned for 2,000 tons per day [3] - An investment agreement for a waste disposal project in Almaty, Kazakhstan, has also been established [3] Dividend Policy - The company has maintained a stable cash flow, with dividends in the last two years exceeding 70% of the net profit attributable to shareholders [3] - A long-term dividend plan has been established, ensuring at least 50% of the net profit will be distributed in cash annually [3] Accounts Receivable - Accounts receivable primarily stem from service fees owed by local governments and national subsidies for waste-to-energy projects [4] - Approximately 81 million yuan in national subsidies was collected in the first three quarters, with expectations for improved collection in the future [4] Energy Efficiency - The company maintains a leading position in electricity generation per ton of waste due to advanced equipment and continuous technological innovations [4][5] - Future improvements in energy efficiency are anticipated through ongoing technological upgrades and operational optimizations [5] Hong Kong Listing Progress - The company submitted an application for H-share listing on the Hong Kong Stock Exchange on August 13, 2025 [5] Synergy and Future Growth - The acquisition of Hunan Renhe Environmental Technology has led to significant operational synergies and exceeded performance commitments for 2023 and 2024 [5] - Future growth is expected from increased capacity utilization, technological innovations, and the development of overseas projects [5] - Strategic cooperation agreements have been signed to explore new areas such as "waste-free cities" and digitalization in the environmental industry [5]