首创环保(600008) - 首创环保投资者关系活动记录表（2024年9月）

Group 1: Financial Performance - The company's capital expenditure in 2023 was approximately CNY 45 billion, with a trend towards positive free cash flow expected in the future [4] - Free cash flow from 2019 to 2024 showed a gradual improvement from -83 billion to -14 billion in the first half of 2024 [5] - Accounts receivable increased by CNY 19 billion (15.83%) in the first half of 2024, reaching a total of CNY 139 billion [9] Group 2: Water Pricing Adjustments - The company successfully adjusted water prices for 11 projects, including 3 water supply companies and 8 wastewater treatment companies, primarily in Henan, Hebei, Shandong, Anhui, and Xinjiang [6] - Price adjustments were based on rising costs or new business launches, not on a uniform increase standard [6] Group 3: Capital Expenditure and Dividends - Current capital expenditure is expected to remain around CNY 50-60 billion, with a gradual decrease anticipated from 2026 onwards [7] - The company has been increasing its dividend payout ratio in response to investor demand, with plans to enhance flexibility in dividend policies as cash flow turns positive [7] Group 4: Green Certificate Initiatives - In the first half of the year, the company generated 1.287 billion kWh of electricity, a 7.18% increase year-on-year, and is actively pursuing green certificate applications [8] - The company has issued 6,188 green certificates for the Lushan project and is in the process of applying for 29,572 certificates for the Qixian project [8] Group 5: Industrial Wastewater Treatment Strategy - The company focuses on industrial wastewater treatment, particularly in the coal chemical and steel industries, leveraging its brand reputation and specialized teams [11] - The chemical industry is identified as a key target market due to its significant scale and stability [11] Group 6: Accounts Receivable Management - Approximately 80% of the company's accounts receivable are owed by local governments, with urban water services accounting for about 60% of the total [14] - The overall recovery rate for accounts receivable is over 80%, with strategies in place to manage and reduce outstanding debts [9][10] Group 7: Mergers and Acquisitions - Mergers and acquisitions remain a critical strategy for the company to expand its scale and enhance competitiveness [15] - The company plans to carefully select new acquisition opportunities in line with market dynamics and existing business strategies [15] Group 8: Financing Cost Reduction - The company has successfully reduced its overall financing cost by 15 basis points to 3.37% as of mid-2024 [16] - Ongoing efforts include negotiating lower loan costs and refinancing existing debts at more favorable rates [16]