CITIC Securities has released a research report stating that after CONCH VENTURE (00586) spins off its solid waste business and focuses on its core operations, its strong cash flow generation ability is becoming increasingly evident. Although the company has chosen a differentiated competitive strategy by expanding capacity in county markets, its operating results surpass the industry average, demonstrating robust operational capabilities. Looking ahead to 2025, the company is expected to further reduce capital expenditure intensity and adopt a more proactive dividend policy. The firm forecasts dividend yields of 5.2%/6.7%/8.2% for the years 2025-2027 (as of the closing price on October 13, 2025). The target price for 2025 is set at HKD 14, maintaining a "Buy" rating.