Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 15, 2025, from 15:00 to 17:00 at the Shanghai Securities News Roadshow Center [3] - Participants included investors engaging in an online exchange, with key company representatives present: Chairman and President Wei Yantian, Vice President and CFO Liu Ling, and Board Secretary Lin Zhimei [3] Group 2: Company Transformation and Technology Development - In 2024, the company initiated a major technology project in Chongqing focused on smart sanitation systems, collaborating with Chongqing University of Posts and Telecommunications [4] - The project aims to develop smart cleaning technologies and a cloud control platform, enhancing digital management in sanitation operations [4] Group 3: Investment in Resource Utilization Project - The company has invested CNY 110 million in a resource utilization project in Xinjiang, with a construction timeline of 1-2 years, currently progressing as planned [5] - As of now, the project has secured land and environmental approvals, and construction work has commenced [5] Group 4: Accounts Receivable Management - As of December 31, 2024, the company reported accounts receivable of CNY 638 million, with aging distribution: CNY 99 million (within 3 months), CNY 145 million (4-12 months), CNY 124 million (1-2 years), CNY 89 million (2-3 years), and CNY 180 million (over 3 years) [6] - Bad debt provisions amount to CNY 172 million, representing 27.03% of total accounts receivable, with specific provisions detailed for various aging categories [6] Group 5: Debt Collection Efforts - The company is actively managing accounts receivable through a structured approach, implementing a "four-category" management system and legal measures for debt recovery [7] - The government has introduced regulations to facilitate the payment of debts owed to small and medium enterprises, which the company is leveraging to enhance its collection efforts [7]