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]