Core Insights - The company reported a 12.92% year-on-year decline in revenue for the first three quarters, with a net loss of 21.22 million yuan attributable to shareholders, and a significant loss of 45.36 million yuan in the third quarter, marking a 223.92% increase in loss compared to the previous year [1][2] Financial Performance - Revenue decreased by 12.92% year-on-year in the first three quarters [1] - Net loss for the first three quarters was 21.22 million yuan, with a third-quarter loss of 45.36 million yuan [1] - The company attributed the losses to delayed receivables from the Tangshan Huahai project, which accounted for the largest share of accounts receivable [1] Operational Challenges - The company faced operational challenges due to adverse weather conditions affecting construction activities during the rainy season [1] - Significant investments in R&D for AI applications in ecological projects have not yet generated revenue [1][2] Strategic Focus - The company aims to focus on core business areas, particularly "ecological infrastructure," and target the "Beijing-Tianjin-Hebei and nearshore governance" markets [1] - Plans to enhance R&D investment in collaboration with national research institutions to improve the quality of ecological infrastructure projects [2] Future Plans - The company intends to upgrade its business model from EPC to a full lifecycle service model (R&D-Design-Construction-Operation) [2] - Aiming for a total of 900 million yuan in receivables for the year, with increased efforts on projects in Tangshan and Taiyuan [2] - Continued investment in technology R&D and AI applications to ensure stable business operations [2]

市场布局方面，公司以北京为根据地，聚焦国家水网建设工程、幸福河湖项目。近岸海域治理围绕海堤 生态化改造、海洋生态修复、沙滩修复工程，以基于自然的解决方案（NbS）实现海洋防灾减灾能力提 升。 当前生态环保行业面临多重困境，地方财政收紧、项目回款周期延长，叠加市场竞争激烈，众多上市环 保企业被动转型。正和生态面对挑战，不退缩不回避。2025年下半年，正和生态领导班子围绕"聚焦主 业、迎接挑战、上下同心、开启新征程"谋篇布局，突出绿色、特色、创新，优化布局生态型基础设施 业务，全面推进《生态型水利基础设施战略制定与执行（BLM）》，并于10月20日正式发布。 公司通过差距分析，精准定位企业的核心问题，并提出针对性解决方案。突破技术壁垒、重构商业模 式，凝心聚力，达成目标。从"看趋势、看行业、看竞争、看客户、看自己"五大维度，全面剖析行业现 状，依托我国水利行业连续3年突破万亿元的投资规模和以水安全、水资源利用为导向的国家战略，果 断聚焦核心业务"生态型基础设施"，聚焦"京津冀和近岸海域治理"市场，并形成分阶段目标，最终实 现"国内生态型基础设施行业领军企业"的发展战略。同时，公司创新性地构建以水安全为基础层，聚焦 ...