HENGTONG TECH.(SZ:300374) Xin Lang Cai Jing·2025-09-11 11:24Core Viewpoint - The company is focusing on technological innovation, effective receivables management, and improving revenue and profitability while navigating industry risks and enhancing its core business capabilities [1][4]. Group 1: Technological Innovation and R&D Investment - The company plans to increase innovation and R&D investment in structural systems, enclosure systems, and interior and exterior decoration systems, with a focus on prefabricated steel structures and integrated housing as key future R&D directions to maintain technological leadership and enhance core competitiveness [2]. Group 2: Receivables and Cash Flow Management - The company places high importance on receivables management, implementing targeted collection strategies for key projects, and monitoring revenue collection rates as a key performance indicator to ensure normal cash flow and enhance financial stability and risk resistance [3]. Group 3: Revenue and Profitability - In the first half of 2025, the company achieved operating revenue of 871 million yuan, a year-on-year increase of 5.73%, while the net loss attributable to shareholders was 37 million yuan, a year-on-year reduction in loss of 24.35%. Despite a decrease in management and financial expenses, the company remains in a loss position due to industry risks and the need for time to realize scale benefits [4]. Group 4: Order Conversion and Business Segments - The company is solidifying its development foundation, deepening local market engagement, leveraging core technological advantages, and improving project delivery quality and compliance to enhance order conversion rates. In the first half of 2025, revenue from prefabricated building services was 714 million yuan, and revenue from prefabricated building products was 147 million yuan, with rapid growth in steel structure processing and installation. The company is focusing on four core business areas: prefabricated EPC projects, prefabricated steel structures, prefabricated building materials, and integrated housing [5]. Additional Points of Interest - In the third quarter of 2025, the company signed new overseas orders worth 114 million yuan from newly developed Central Asian markets. A personnel change occurred with the resignation of the deputy general manager and chief economist due to normal personnel arrangements within the China Railway system. The company is actively participating in urban renewal projects and has ongoing projects in Xinjiang [5].