Group 1: Procurement Strategy - The company implements a centralized procurement strategy, with a procurement team of over 100 members covering various provinces including Guangdong, Jiangxi, and Xinjiang [2][3] - The pricing of raw materials is determined based on metal content, market prices, and discount coefficients, with lower metal content and higher impurity levels leading to lower discount coefficients [2][3] Group 2: Hazardous Waste Management - The company has a licensed hazardous waste processing capacity of 1.21 million tons per year, with recent expansions including an additional 100,000 tons per year for waste circuit board processing [3] - Hazardous waste collection increased from approximately 370,000 tons in 2023 to about 400,000 tons in 2024, driven by new projects and expanded licenses [3][4] Group 3: Inventory and Financial Management - As of March 2025, the company's inventory value is approximately 4.37 billion yuan, with a focus on optimizing procurement to maintain reasonable inventory levels [4] - The inventory primarily consists of work-in-progress items, with a lower proportion of finished goods and outgoing products [4] Group 4: Future Outlook and Expansion Plans - The company currently focuses on enhancing operational efficiency at its domestic production bases and has no immediate plans for overseas expansion [4] - Future projects include the Ganzhou Feinan industrial waste salt resource utilization project and the Zhaoqing base for electronic waste and automotive dismantling, which are in the early stages of environmental assessments [4]