Financial Situation - The company has implemented measures to collect accounts receivable and is actively coordinating with local governments to shorten payment times [1] - As of mid-2025, accounts receivable amounted to 4.416 billion CNY, with 60% attributed to government entities [1] - The company has not triggered any delisting or risk warning clauses from the Shenzhen Stock Exchange [3] Operational Highlights - As of June 2025, the annual contract value for integrated environmental sanitation services is 2.475 billion CNY, with a total contract value of approximately 28.63 billion CNY [5] - The company operates 30 wastewater projects with a design capacity of 2.2073 million tons/day and 3 water supply projects with a design capacity of 535,000 tons/day [5] - The daily processing capacity for waste incineration projects is 5,600 tons, with organic waste processing at 1,460 tons/day and medical waste at 60 tons/day [5] Strategic Development - The company is focused on enhancing project standardization and smart operations in response to new national environmental standards [7] - Demonstration operations of unmanned sanitation vehicles are underway, with plans to expand digital and intelligent development in sanitation services [7] Shareholder Information - As of August 30, 2025, the total number of shareholders is 76,134 [8] - The largest shareholder, Tianfu Qingyuan (formerly Tsinghua Holdings), holds 8% of the company's shares, with no controlling shareholder currently [7]

Group 1: National Infrastructure Investment Policy - The Peruvian government has officially introduced the "National Public Investment Policy Guidelines" to guide departments and local governments in expanding infrastructure investment and reducing regional disparities in infrastructure [1] - The latest regional competitiveness index indicates that infrastructure levels in areas outside of Lima and its surroundings are low, particularly in energy production, road traffic, tourism facilities, and communication networks [1] - The government previously launched the "2022-2025 National Sustainable Infrastructure Competitiveness Plan" in 2019, proposing investments in 72 projects across 10 sectors, with a total investment exceeding 180 billion Peruvian soles (approximately 50 billion USD) by July 2024 [1] Group 2: Private Sector Involvement - To encourage private capital in infrastructure, Peru implemented the "Work in Lieu of Tax" mechanism in 2008, allowing companies to offset taxes by executing public investment projects, significantly increasing private sector participation from 2 companies in 2009 to 107 in 2024, with a cumulative investment of 4.204 billion Peruvian soles [2] - The road network has been a significant shortcoming in Peru's infrastructure, with only 25% of roads paved in the early 1990s; however, from 2003 to 2023, Peru attracted 4.8 billion USD in private investment for the construction of 2,163 kilometers of national roads [2] Group 3: Telecommunications and Water Infrastructure - Peru is actively improving its telecommunications infrastructure, with 30 telecom operators and 1,096 service companies, and a total fiber optic network length of 13,500 kilometers; internet users grew by 33% and 46% for mobile and web users respectively from 2018 to 2023 [3] - There is a funding gap of up to 15 billion USD for water supply and sewage treatment infrastructure, prompting the government to simplify financing and management processes [3] - Chinese enterprises have been actively involved in Peru's infrastructure projects, such as the Garido Hospital benefiting over 100,000 residents and water projects in Lima addressing water issues for over 400,000 people [3]