CSEC Environmental Protection: The main reason for the decline in environmental protection equipment revenue by 2025 is that some projects have not reached the acceptance stage.

On April 7th, Zhongke Environmental Protection stated at the performance exchange meeting that the company's environmental equipment business order amount is expected to maintain fast growth in 2025 compared to the previous year, but its sales revenue has decreased. This is mainly because the delivery period of the company's environmental equipment sales orders generally ranges from 1 to 2 years. In addition to the normal supply cycle, revenue recognition is also affected by the overall plant acceptance of projects. The decrease in revenue in 2025 is mainly due to some projects not reaching the project's overall plant acceptance milestone, therefore the revenue has not been recognized. Subsequent revenues will be recognized gradually as orders are delivered and overall plant acceptance is achieved.