Snowwave Environment: Revenue of 428 million yuan and net loss of 232 million yuan in 2025.

Snow Wave Environmental announced that in 2025, the company achieved operating income of 428 million yuan, a decrease of 28.69% compared to the same period last year; with a net loss of 232 million yuan, a decrease of 50.02% compared to the same period last year. This was mainly due to the manufacturing sector projects not meeting expectations and the hazardous waste operation sector undergoing a deep adjustment phase. In 2025, the company's board of directors held a total of 12 meetings, with several supplementary director elections. In January 2026, Cai Daoyuan was elected as a non-independent director and chairman of the board. In 2026, the board of directors will strengthen risk prevention and internal management, and promote pre-restructuring related work.