XREC(SZ:000598)2025-04-24 12:04Group 1: Business Performance - In 2024, the company's water supply volume increased by 7.62% year-on-year due to new supply areas and growing demand [2] - The sewage treatment volume in 2024 grew by 9.72% year-on-year, primarily due to the gradual release of capacity from new projects [2] Group 2: Ongoing Projects - Current ongoing projects include Chengdu Water Plant Phase III (remaining 400,000 tons/day), Xiwayan Reclaimed Water Plant, and Chengdu First Urban Sewage Sludge Treatment Plant Phase III, among others [3] - Projects such as Chengdu Fifth and Eighth Reclaimed Water Plants (Phase II) and Chengdu Wanxing Environmental Power Plant (Phase III) are progressing steadily [3] Group 3: Pricing Mechanisms - The water pricing mechanism allows for adjustments based on national policies and agreements, requiring approval from government price authorities [3] - The sewage treatment service fee is subject to periodic adjustments, typically every 1 to 3 years, with a current tentative price of 2.63 CNY per ton for the 2024-2026 period [3] Group 4: Accounts Receivable - As of the end of 2024, the accounts receivable balance was approximately 4 billion CNY, reflecting the company's market expansion efforts [4] - The company emphasizes accounts receivable management and actively engages in collection efforts, integrating this into performance assessments [4] Group 5: Business Expansion - The company focuses on becoming a national water and environmental service provider, expanding both vertically and horizontally along the business chain [4] - Efforts are concentrated on integrating water and environmental resources in Chengdu and surrounding areas while expanding operations nationwide [4] Group 6: Dividend Policy - The company has increased its cash dividend ratio from approximately 20% in 2022 to 27% in 2023, with a proposed 28% for 2024 [4] - Future dividend increases are anticipated as major ongoing projects are completed and capacity is released [4]