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]