期内，境内项目坚持"稳经营、拓思路、促发展"的经营理念，持续推进污泥协同处置和供汽业务，不断 提升项目盈利能力。上半年污泥协同处置量达到49.71万吨，同比增长32.74%;供汽量达到18.6万吨，同 比增长180%。持续推进精细化管理，确保项目产能利用率和运行效率在较高水平。 2025年上半年，燕京啤酒（000729）实现啤酒销量235.17万千升，同比增长2.03%。燕京啤酒中高端产 品营收占比提升至70.11%，有效带动整体销量和盈利能力同步提升。 北京控股(00392)发布截至2025年6月30日止六个月的中期业绩，营业收入445.29亿元(人民币，下同)， 同比增加5.21%;股东应占溢利34.04亿元，同比增加8.07%;每股基本盈利2.71元;拟派发中期股息每股85港 仙。 公告称，期内，北京燃气的天然气分销主营业务稳步夯实，以一企一策为塬则，建立竞争区域的市场拓 展策略。 截至2025年6月30日，北京燃气于北京累计拥有管道燃气用户约756万户，运行天然气管线总长约2.95万 公里。期内，北京市内新发展家庭用户约5.92万户、商服用户1,036个。 北控水务持续聚焦打好回款攻坚战，积极处置低效 ...

Summary of Green Power's Conference Call Company Overview - **Company**: Green Power - **Industry**: Waste-to-Energy (Waste Incineration) Key Points and Arguments Financial Performance - **Q1 2025 Performance**: Revenue increased by 23 million yuan, driven by a doubling of heat supply (22.5 million tons) and a 3% increase in electricity generation [2][6] - **Cost Reduction**: Operating costs decreased by approximately 30 million yuan, and period expenses fell by 20 million yuan, benefiting from bulk procurement and reduced financial costs [2][9] - **Net Profit Growth**: Net profit rose by 33% in Q1 2025, with operating cash flow reaching 270 million yuan, a 21% increase year-on-year [2][11] - **Free Cash Flow**: Simplified free cash flow reached 157 million yuan, a 94% year-on-year increase [2][11] Operational Efficiency - **Mature Stage of Waste Incineration**: The waste incineration sector is entering a mature phase, characterized by declining capital expenditures and improved dividend capabilities [5][22] - **Return on Equity (ROE)**: Expected to continue rising from 2024 to 2025, with a dividend payout ratio exceeding 70%, the highest in A-shares [2][5] Growth Drivers - **Heat Supply and Electricity Generation**: Significant growth in heat supply and electricity generation has led to increased revenue, with heat supply nearly doubling year-on-year [3][6] - **Collaboration with IDC**: Partnerships with IDC are expected to enhance revenue streams, particularly in key regions [16][22] - **Cost Control Measures**: Initiatives such as supply chain integration and maintenance cost control are contributing to improved profitability [17][19] Future Outlook - **Projected Free Cash Flow**: Anticipated to reach 1.068 billion yuan in 2024, with further increases expected in 2025 [4][21] - **Long-term Dividend Capability**: Free cash flow is expected to support over 100% of dividends, ensuring long-term sustainability [19][21] - **Market Positioning**: Companies with strong operational capabilities and forward-looking strategies in heat supply and IDC expansion are likely to achieve superior returns and valuation premiums [5][22][23] Industry Trends - **Maturation of Waste Incineration Sector**: The sector is seeing a trend towards improved operational efficiency and increased dividends, with significant variations among companies due to management capabilities and project locations [5][22] - **Potential Areas for Exploration**: Opportunities exist in sludge treatment and kitchen waste processing, alongside cost reduction strategies [8][22] Investment Recommendations - **Attractive Dividend Yield**: Green Power's current dividend yield exceeds 4% in A-shares and around 8% in Hong Kong, making it an attractive investment [23] - **Continuous Monitoring**: Investors are encouraged to keep an eye on the company's developments and performance metrics [23] Additional Important Insights - **Debt Management**: The company has successfully reduced its comprehensive financing rate through debt replacement strategies [10] - **Profitability Recovery**: Improvements in hazardous waste project profitability and operational efficiency are key contributors to the company's financial recovery [13][14]