Core Viewpoint - The company, Huisheng Engineering, has demonstrated significant financial improvement in the first half of 2025, with a revenue increase of 98.8% year-on-year, driven by enhanced project quality and efficiency, marking a strategic transformation from a traditional energy service provider to a global environmental solutions provider [1][6]. Financial Performance - Revenue for the first half of 2025 reached 3.65 billion RMB, with a gross profit increase of 134.0% to 270 million RMB, and a net profit of approximately 77.6 million RMB, reversing a loss of about 41 million RMB in the same period last year [1]. - The net profit margin improved from -2.2% to 2.1%, indicating a solid recovery in financial fundamentals [1]. - The company maintained a strong cash reserve of 2.77 billion RMB, accounting for about 37.3% of current assets, providing liquidity for strategic transformation and project execution [1]. Order Backlog - The company secured new contracts worth approximately 511 million RMB in the first half of 2025, with a total uncompleted contract value of about 22.1 billion RMB as of June 30, 2025, indicating a robust order backlog [2]. - Key projects such as Yangmei Chemical and Qatar EPC4 are in advanced stages of construction, ensuring a clear revenue conversion path for the coming years [2]. International Strategy - Huisheng Engineering achieved a milestone in its global expansion, particularly in the Middle East, signing a significant EPC contract worth approximately 700 million USD, the largest single contract in the region [3]. - The company is also engaged in multiple potential projects worth hundreds of billions, expected to materialize in the second half of 2025, enhancing market expansion opportunities [3]. Transition to New Energy - The company has made substantial progress in transitioning to new energy and green technologies, exemplified by the launch of the "MegaFlex" large-scale green hydrogen production solution [4]. - Successful early work contracts for large green hydrogen and ammonia projects in Europe, along with participation in various bids for green hydrogen and carbon capture projects, indicate a growing global footprint in the new energy sector [4][5]. Future Outlook - Looking ahead to the second half of 2025, the company is positioned for significant opportunities, with a strong order backlog providing high revenue certainty [6]. - The combination of breakthroughs in new energy technologies and deep penetration into international markets, particularly in high-end oil and gas engineering in the Middle East, opens up vast long-term growth potential [6]. - The company's core competencies in modular engineering, proven project delivery capabilities, and forward-looking technology in green hydrogen and carbon capture are expected to drive sustainable high-quality growth [6].
惠生工程中期业绩透视：财务筑底回升，新能源与国际化双翼驱动成长新周期