杭汽轮Ｂ: 2025年半年度报告（英文版）

Company Profile & Financial Highlights - Hangzhou Turbine Power Group Co., Ltd. is a leading provider of turbo machinery equipment in China, specializing in the design and production of industrial steam turbines and gas turbines [10][11] - The company reported an operating revenue of approximately RMB 2.45 billion for the first half of 2025, a decrease of 6.30% compared to the same period last year [10][23] - The net profit attributable to shareholders decreased by 18.75% to RMB 0.13 per share [10][17] Management Discussion & Analysis - The company's main business model remains unchanged, focusing on customized solutions for clients in various industrial sectors [10][12] - The company has maintained a leading market share in the domestic industrial drive sector, with a strong reputation and brand influence [16][20] - The gas turbine business has expanded through collaboration with Siemens, enhancing the company's capabilities in distributed energy solutions [12][15] Financial Performance - The cash flow generated by business operations improved by 49.77%, indicating better recovery of goods payments [10][17] - The company experienced a significant increase in income tax expenses, rising by 403.94% due to deferred income tax expenses [10][17] - The total operating revenue composition shows that industrial steam turbines accounted for 80.99% of revenue, while gas turbines saw a significant decline of 65.94% [23] Key Events and Developments - The company has established strategic partnerships with major customers, enhancing its market position and customer value [20][22] - The company is actively involved in technological innovation and has established collaborations with universities and research institutions to advance its R&D capabilities [18][22] - The company has implemented cost control measures and optimized business processes to improve profitability amidst declining product margins [17][19]