Core Viewpoint - The company achieved significant revenue growth in 2024, but reported a net loss primarily due to litigation provisions, while operational cash flow improved substantially [2][3] Financial Performance - In 2024, the company reported revenue of 448 million yuan, a year-on-year increase of 45% [1] - The net profit attributable to shareholders was a loss of 86 million yuan, with a non-recurring net profit loss of 99 million yuan, mainly due to provisions related to the Xingyun Lake project litigation [2] - For Q1 2025, the company achieved revenue of 46 million yuan, a year-on-year growth of 21%, with a net profit loss of 5 million yuan [1][2] Business Segments - The technical equipment integration business saw revenue of 281 million yuan, a 93% increase year-on-year, with a gross margin improvement of 0.97 percentage points to 33.55% [3] - The blue algae governance operation and maintenance business generated revenue of 190 million yuan, a 17% increase year-on-year, with a gross margin increase of 8.45 percentage points to 49.67% [3] - The company successfully commercialized a new sediment dredging technology, securing contracts worth approximately 29.37 million yuan during the reporting period [3] Order Growth and Future Prospects - The company continued to secure new orders, including a 3.5 million yuan contract for the Xingyun Lake pollution sediment removal pilot project and an estimated 87.85 million yuan for the Xingyun Lake water quality improvement project [4] - Revenue projections for 2025-2027 are estimated at 514 million yuan, 589 million yuan, and 675 million yuan, with year-on-year growth rates of 14.71%, 14.62%, and 14.54% respectively [4] - Expected net profits for the same period are projected at 10 million yuan, 24 million yuan, and 44 million yuan, with significant growth rates of 112.00%, 131.90%, and 82.84% respectively [4]