Core Viewpoint - *ST Zhongzhuang has officially begun substantive business cooperation with Kangheng Environment by winning a property service procurement project for Kangheng's global headquarters, marking a significant step in their strategic partnership [1][2]. Group 1: Business Cooperation - *ST Zhongzhuang's subsidiary, Shenzhen Technology Park Property Group, won a bid for a property service project valued at 31.9743 million yuan, indicating a formal start to collaboration with Kangheng Environment [1]. - A comprehensive strategic cooperation agreement was signed between *ST Zhongzhuang and Kangheng Environment, establishing a foundation for long-term development and enhancing the intrinsic value of *ST Zhongzhuang [1][2]. - The project is located in the core area of the Hongqiao International Central Business District in Shanghai and will serve as a benchmark for showcasing digital management capabilities [2]. Group 2: Financial Performance and Growth Potential - *ST Zhongzhuang has been deepening its investment in the property management sector, with increasing revenue and profit contributions from this segment [2]. - The property management sector is viewed as a crucial supplement to the company's future business development, with potential for significant cash flow improvement and innovation in service offerings [2]. Group 3: Environmental and Energy Initiatives - The strategic cooperation includes exploring green electricity supply for AIDC (Artificial Intelligence Data Center) business, aligning with national policies promoting renewable energy [4]. - Kangheng Environment has invested in 90 waste-to-energy projects, processing approximately 120,000 tons of waste daily, which represents 10% of the national total [4]. - The collaboration aims to integrate green electricity supply with AIDC services, creating a unique business model that combines environmental protection, energy, and computing power [4]. Group 4: Restructuring and Investment - Kangheng Environment's involvement in *ST Zhongzhuang's restructuring process began with their selection as a pre-restructuring investor, indicating a deep commitment to the company's turnaround [5]. - The restructuring agreement was signed in March, with the Shenzhen Intermediate People's Court initiating the restructuring process in August [5]. Group 5: Industry Position and Technological Advancements - Kangheng Environment is recognized as the largest provider of waste incineration equipment and technology globally, with a market share exceeding 40% [6]. - The company is advancing technologies such as supercritical waste heat boilers and AI applications in waste incineration, positioning itself at the forefront of the industry [6]. - The collaboration with *ST Zhongzhuang is expected to enhance Kangheng Environment's ability to support the latter's restructuring and long-term value enhancement [6].