XREC(SZ:000598)2025-07-11 09:32Group 1: Water Supply and Waste Management Projects - The company operates and is constructing water supply projects with a scale of approximately 4.3 million tons/day, with a key project in trial operation at 400,000 tons/day [2] - The company has wastewater treatment projects exceeding 480,000 tons/day, with over 450,000 tons/day already in operation and additional projects expected to be operational within 1-2 years [2] - The company’s waste incineration power generation projects have a total scale of 12,000 tons/day, with 5,100 tons/day already operational and an ongoing project (Wangxing Phase III) of 6,900 tons/day planned for operation in 2026 [3] Group 2: Sludge Disposal Business - The company has a total sludge disposal project scale of 3,116 tons/day, including operational projects such as Chengdu First City Sewage Sludge Treatment Plant (1,400 tons/day) and Wangxing Environmental Power Plant (820 tons/day) [3] - An ongoing project at Chengdu Wangxing Environmental Power Plant (Phase III) will have a sludge treatment capacity of 800 tons/day [3] Group 3: Accounts Receivable and Market Expansion - The company has seen an increase in accounts receivable due to market expansion and business growth, with a strong focus on managing and collecting receivables [3] - The company aims to be a national water and environmental service provider, focusing on expanding its market presence in Chengdu and surrounding areas while pursuing acquisitions to enhance resource integration and industry positioning [3] Group 4: Capital Expenditure and Shareholder Returns - The company has significant capital expenditures due to multiple ongoing water supply and waste projects, which are expected to decrease as these projects become operational within the next 1-2 years [4] - The company emphasizes shareholder returns and has been increasing cash dividend ratios, with plans to further enhance returns once major projects are operational and capacity is released [4]