XREC(SZ:000598)2025-12-16 13:16Group 1: Company Operations - The company currently operates and has under construction water supply projects with a scale of approximately 4.3 million tons/day, wastewater treatment projects exceeding 12,000 tons/day, and waste incineration power generation projects with a scale of 480 tons/day [2] - The company focuses on integrated water treatment and environmental protection, emphasizing both organic growth and external acquisitions to expand its market presence [3] Group 2: Market Expansion Strategy - The company aims to enhance its market expansion by deepening cooperation within Sichuan province and exploring opportunities in external markets, leveraging economies of scale to create incremental performance [3] - Future strategic initiatives will align with national and local "14th Five-Year" plans, focusing on optimizing business structure and exploring new growth avenues to improve profitability and operational efficiency [3] Group 3: Financial Management - The company has established a dedicated team for managing accounts receivable, actively pursuing collection efforts, and integrating these efforts into performance assessments [5] - Capital expenditures have been significant due to multiple water supply and solid waste projects, but are expected to decrease as these projects become operational, leading to improved free cash flow [6] Group 4: Dividend Policy - The company is considering a sustainable profit distribution mechanism that takes into account operational funding needs, profitability, and cash flow status, with a focus on enhancing dividend levels to improve investor satisfaction [8]