Group 1: Company Performance Overview - The company reported a capital expenditure of approximately CNY 540 million for project construction and acquisitions in 2024, with an expected expenditure of CNY 1-1.3 billion in 2025, where 30% will be funded by internal resources and 70% through project loans [3] - As of the end of 2024, accounts receivable aging shows that about 74.6% of receivables are expected to be collected within one year, indicating a strong financial position [4] - The company has successfully completed a 72+24 hour full-load trial run for the Yuxi project, which has now entered the production phase [2] Group 2: Heating Supply and Market Expansion - The company has been focusing on green thermal energy utilization since 2010, with significant growth potential in heating supply due to stable demand from surrounding industrial enterprises [6] - The company’s heating projects in Ningbo and Hebei have covered over 50 industrial users, with plans to expand heating capacity and enhance collaboration with large chemical enterprises [8] - The company aims to accelerate the construction of heating networks in various regions, including Mianyang and San Tai, to improve heating efficiency and market coverage [8] Group 3: Investor Relations and Communication - The investor relations activity held on June 12, 2025, involved in-depth communication between the company and investors, focusing on operational highlights and future projects [1] - The company emphasized that the communication did not involve any undisclosed significant information, adhering strictly to regulatory requirements [8]