Core Viewpoint - The company's revenue decline is primarily due to the contraction of its inorganic solid waste business, while losses are impacted by decreased feed gross margins and increased expenses, although operating cash flow has significantly improved [2] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 278 million, a year-on-year decrease of 21% [1] - The net profit attributable to shareholders was -57 million, a year-on-year decrease of 310% [1] - In Q1 2025, the company reported operating revenue of 63 million, a year-on-year decline of 7% [1] - The net profit attributable to shareholders for Q1 2025 was 1 million, a year-on-year decrease of 78% [1] Group 2: Business Segment Analysis - The biological fermentation feed business generated revenue of 217 million, a year-on-year increase of 10.19%, with sales volume rising to 112,600 tons, a 21% increase [3] - The gross margin for the biological feed business decreased by 7.76 percentage points to 22.04% due to price reductions and high-cost raw material inventory [3] - The inorganic solid waste treatment service business reported revenue of 41.19 million, a year-on-year decline of 72% [4] - The company has initiated a project in Lianyungang with a contract value of approximately 600 million, expected to contribute incremental revenue to the inorganic solid waste segment [4] Group 3: Capacity Expansion - The company has successfully launched new production capacities, with total production capacity reaching 470,000 tons per year [3] - Ongoing projects include the Suqian Road De (140,000 tons/year) and Xiangxi Road Kangde (40,000 tons/year), with a total planned capacity of 700,000 tons per year [3] Group 4: Profit Forecast - The company is projected to achieve operating revenues of 400 million, 609 million, and 821 million for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 44.24%, 52.03%, and 34.81% [4] - The net profit attributable to shareholders is expected to be 3 million, 12 million, and 20 million for the same years, with significant growth rates of 104.95%, 329.42%, and 145.62% [4]