XREC(SZ:000598)2025-06-11 09:30Group 1: Accounts Receivable and Project Development - The company has seen an increase in accounts receivable due to expanded business scale and is actively managing collections [2] - The Chengdu Wanxing Environmental Power Plant (Phase III) is under construction, with a waste processing capacity of 5,100 tons/day, sludge treatment of 800 tons/day, and kitchen waste processing of 800 tons/day, expected to be operational by 2026 [2][3] Group 2: Market Expansion and Pricing Mechanisms - The company aims to be a national comprehensive water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while exploring niche markets nationwide [3] - The water pricing adjustment mechanism is based on national policies and agreements, requiring government approval after cost audits and hearings [3] - The temporary adjustment of sewage treatment prices can occur due to significant cost changes, with the average sewage treatment service fee in Chengdu's central urban area set at 2.63 CNY/ton for 2024-2026 [3][4] Group 3: Capital Expenditure and Shareholder Returns - Recent capital expenditures have been significant due to multiple water supply and waste projects, but these are expected to decrease as projects become operational within the next 1-2 years [4] - The company is committed to increasing cash dividends for shareholders, with plans to enhance returns once major projects are completed and operational [4]