Core Viewpoint - The company, Deepwater Haina, reported a revenue of 166 million yuan and a loss of 15.68 million yuan in the first half of the year, but shows positive signs of recovery due to state-owned capital support [2][3]. Group 1: State-Owned Capital Involvement - In 2025, Deepwater Haina will undergo a significant transformation by joining the Maoming Development Group, a local state-owned platform, which will provide strong capital backing and open strategic channels for regional resource coordination and policy alignment [3]. - The Maoming State-owned Assets Supervision and Administration Commission possesses rich industrial and governmental resources that can help Deepwater Haina gain advantages in project acquisition, approval, land acquisition, and policy support [3]. - The state-owned background is expected to enable Deepwater Haina to secure more favorable loan conditions from banks, reducing financing costs for new projects in wastewater treatment and water supply [3]. Group 2: Digital Transformation and Technological Innovation - The environmental water service industry is undergoing profound changes due to digital transformation, with Deepwater Haina leveraging the KaihongOS technology to upgrade its Hy-Smart smart water platform into a "cloud-edge-end" integrated digital ecosystem [4]. - The platform aims for full-chain technological autonomy and deep integration of scenarios, covering water plants, sewage plants, pipelines, and watershed environments, promoting "unmanned operation and smart decision-making" [4]. - The company has established a research center for smart environmental energy technology, collaborating with several prestigious universities and research institutions on significant projects related to the removal of difficult-to-degrade organic compounds from reclaimed water [4]. Group 3: Business Strategy and Future Outlook - As accounts receivable pressure eases and the asset-light operation model (such as EPC+O projects) is optimized, the company's asset structure is expected to improve, laying a solid foundation for long-term stable development [5]. - With the support of state-owned capital, the opening of the Hongmeng ecosystem, and strategic expansion into the marine economy, Deepwater Haina is poised to transform from a traditional water service provider into an integrator of ecological environment smart governance [5].