Core Viewpoint - The company achieved double-digit growth in net profit, with stable main business operations. For the first three quarters of 2025, the company reported operating revenue of 1.272 billion yuan, a year-on-year increase of 6.06%, and a net profit attributable to shareholders of 298 million yuan, a year-on-year increase of 13.21% [2][3] Financial Performance - In Q3 2025, the company recorded operating revenue of 424 million yuan, a year-on-year increase of 9.39%, and a net profit attributable to shareholders of 102 million yuan, a year-on-year increase of 2.35% [2] - For the first half of 2025, the company processed 2.1363 million tons of household waste, a year-on-year increase of 10.07%, and the heating volume reached 877,500 tons, a year-on-year increase of 12.01% [2] Business Development - The company is strengthening its leading position in the green thermal energy sector and is actively developing four core heating areas: Hebei, Sichuan, Guangxi, and Zhejiang. New projects in these regions are expected to enhance heating capacity and profitability [3] - The company has made breakthroughs in the green biogas sector and signed a strategic cooperation agreement with a commercial aerospace company to provide green energy solutions [3] Mergers and Acquisitions - The company has successfully acquired 100% equity of the Guigang project (1,500 tons/day) and the Pingnan project (1,200 tons/day) from Beikong Water Group at prices of 303 million yuan and 51.75 million yuan, respectively [3] - The company’s self-developed low-temperature flue gas waste heat utilization technology has been successfully implemented in the Jincheng project, which processes 800 tons of waste daily and can increase electricity generation by approximately 5 million kWh annually [3] Profit Forecast - The company is expected to achieve operating revenues of 1.911 billion yuan, 2.173 billion yuan, and 2.442 billion yuan for 2025-2027, with year-on-year growth rates of 14.93%, 13.69%, and 12.37%, respectively. Net profits attributable to shareholders are projected to be 404 million yuan, 483 million yuan, and 547 million yuan, with growth rates of 25.87%, 19.71%, and 13.12% [4]