Core Viewpoint - The company, Boying Special Welding (博盈特焊), highlighted its significant projects and collaborations in the field of waste-to-energy solutions, emphasizing its role in major international projects and partnerships with renowned EPC contractors [1] Group 1: Key Projects - The company has been involved in several representative projects, including the HZI Dubai project, which is the largest waste incineration power facility globally, covering an area of 400,000 square meters [1] - Other notable projects include the HZI Australia Rockingham project, SBE Finland Vantaa project, SBE Germany Ludwigshafen project, and the Westlake Clean Energy (西子洁能) UK Lostock project [1] Group 2: Partnerships - The company has collaborated with prominent EPC contractors such as General Electric (GE), Shimizu Corporation (住重福惠), Oschatz, Babcock & Wilcox (巴威), Hitachi (HZI), Stantec (斯坦米勒巴高克环境), and Mitsubishi [1]

Group 1: Company Overview and Market Position - Guangdong Boying Special Welding Technology Co., Ltd. focuses on welding technology and has been operational since 2007, initially serving North American clients in the offshore drilling platform welding sector [1] - The company successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in July 2023, emphasizing its commitment to both domestic and international markets [1] - The company aims to maintain its leading position in the domestic market while actively expanding into overseas markets, particularly through investments in a production base in Vietnam [1] Group 2: Business Performance and Market Demand - As of September 30, 2025, the company's products are primarily used in the waste-to-energy sector, accounting for approximately 58.99% of revenue, with significant contributions from the chemical, paper, coal power, and gas turbine industries [5] - The company's overseas revenue represents about 54.28% of total income, with exports primarily directed to Asia, the USA, South America, and Europe [5] Group 3: Production Capacity and Expansion Plans - The Vietnam production base has four HRSG production lines in its first phase, with plans to expand to a total of 12 lines based on market demand [6] - The second phase of the Vietnam base is under construction and is expected to commence production in the second quarter of the following year [6] Group 4: International Projects and Partnerships - Notable international projects include the HZI Dubai project, which is the largest waste-to-energy facility globally, enhancing the company's visibility and order acquisition capabilities in international markets [3] - The company collaborates with major EPC contractors such as General Electric, Hitachi, and Mitsubishi, strengthening its position in the global market [4] Group 5: Future Market Outlook - The HRSG market in the USA is expected to grow due to structural increases in electricity demand driven by factors such as the expansion of AI data centers and the return of manufacturing [8] - The transition to cleaner energy sources in the USA further enhances the market potential for HRSG, as it improves the efficiency of gas-fired power generation and reduces carbon emissions [8]