图片来源：Getty Images 在关税压力与原油价格低迷的双重挑战下，康菲石油公司与其他美国石油生产商正着手削减成本。不 过，现阶段他们仅采取适度的成本削减策略，以此维系运营灵活性，同时避免流失大量经验丰富的钻井 及水力压裂作业人员。 美国最大的独立油气生产商康菲石油公司5月8日表示，将2025年资本支出削减3.5%，降至124.5亿美元 的中点指导值，即缩减4.5亿美元。这与本周公布财报的其他主要石油生产商将资本支出削减2.5%到 10%不等的做法不谋而合。 5月8日，美国基准油价略低于每桶60美元的关键阈值。兰斯认为，油价处于这一水平并不足以促使公司 采取重大调整举措。通常情况下，企业将每桶65美元视为相对健康的油价标准，而当油价低于每桶60美 元时，便会着手削减开支。 兰斯说："目前应克制过激行动。既不能反应过激，也不应逃避现实。" 康菲石油公司在去年11月完成了对马拉松石油公司（Marathon Oil）高达225亿美元的巨额收购，除了适 度削减开支外，其当前计划基本保持不变。这包括尽管资本支出和运营支出有所压缩，但仍维持此前设 定的石油产量目标。 康菲石油公司的削减措施主要集中在推迟部分业务的临 ...

Group 1: Company Performance - The company achieved a total revenue of 436.06 million yuan in 2024, representing a year-on-year growth of 3.42% [3] - The net profit attributable to shareholders decreased by 1.13% to 92.36 million yuan compared to the previous year [3] - The net profit after deducting non-recurring gains and losses increased by 3.09% to 68.70 million yuan [3] Group 2: Shareholder Engagement - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (including tax) for the 2024 fiscal year [3] - The company has maintained a consistent dividend payout of approximately 90% of profits to shareholders over the years [2] Group 3: Strategic Direction - The company aims to maintain its leading position in core equipment and continuously provide solutions for high-end clients [2] - The company is cautious about mergers and acquisitions, focusing on suitable targets and favorable conditions for growth [2] - The company is committed to expanding into new fields while leveraging existing advantages [2] Group 4: Market Position and Competition - The company holds a strong competitive position in the optical detection equipment industry, with no significant challenges from competitors [2] - The company has maintained a reasonable gross margin, reflecting its strong competitive and pricing power [2]

Core Viewpoint - Solventum reported strong financial performance in Q1 2025, with a revenue of $2.1 billion, a year-over-year growth of 2.7%, and an adjusted EPS of $1.34, exceeding market expectations, leading to a 5% increase in stock price [1][5]. Financial Performance and Future Outlook - In Q1 2025, Solventum's revenue breakdown by business segments showed strong performance: - MedSurg generated $1.281 billion (approximately 61% of total sales), with a 3.4% year-over-year increase driven by demand for V.A.C. negative pressure wound therapy systems and Tegaderm transparent dressings [3]. - Dental Solutions achieved $336 million (approximately 16% of total sales), with a 0.4% year-over-year increase, supported by the partnership with SprintRay for 3D-printed dental crowns [4]. - Health Information Systems reported $273 million (approximately 13% of total sales), with a 3.6% year-over-year increase, benefiting from hospital digital transformation and new AI-driven coding tools [4]. - Purification and Filtration generated $210 million (approximately 10% of total sales), with plans to divest this segment to optimize business structure [4]. - The company has raised its full-year organic sales growth forecast to 1.5% to 2.5% and expects adjusted EPS to reach $5.45 to $5.65 [6]. Strategic Progress and Transformation - Since its spin-off, Solventum has made significant strategic progress: - The company took on $8.3 billion in debt during its spin-off from 3M and secured $600 million in cash and equivalents to support independent operations [7]. - Solventum acquired MediWound, an Israeli wound care company, enhancing its market share in the MedSurg sector [8]. - The company announced the sale of its Purification and Filtration business for $4.1 billion to Thermo Fisher Scientific, aiming to optimize its business portfolio and focus on high-growth areas [8]. - Solventum plans to use proceeds from the sale for strategic acquisitions, targeting small medical technology companies with annual revenues between $50 million and $200 million [9]. Challenges and Risks - Solventum faces several challenges: - Tariffs and macroeconomic factors are expected to impact earnings by $80 million to $100 million in 2025, with foreign exchange fluctuations negatively affecting Q1 sales growth by 1.5 percentage points [10]. - The company carries a significant debt burden of $8.3 billion, which remains a financial challenge despite debt management efforts [11]. - Intense competition in the global medical market, particularly in the MedSurg and Health Information Systems sectors, necessitates ongoing innovation and enhancement of product and service competitiveness [12]. About Solventum - Solventum originated from 3M's healthcare business and became an independent medical technology company after its spin-off in 2024, inheriting over 20,000 employees and 6,500 patents, with a customer base in over 90 countries [13]. - The company's business composition includes: - MedSurg: 61% of total sales, focusing on wound care, infection prevention, and surgical supplies [13]. - Dental Solutions: 16%, offering dental restoration materials and digital dental technology [13]. - Health Information Systems: 13%, providing information management software and data analytics tools for hospitals [13]. - Purification and Filtration: 10%, specializing in water and air purification technologies [13].

Financial Data and Key Metrics Changes - First quarter revenue was $391 million, down from $425.6 million in the prior year, reflecting an 8% decrease [10][25] - Gross profit for the quarter was $102.8 million, with a margin of 26.3%, a slight increase of 10 basis points compared to the same period in 2024 [11] - Operating income was $44.5 million, with an operating margin of 11.4%, improving by 40 basis points year-over-year [11][25] - Net income for the first quarter was $31.8 million, or $2.64 per diluted share, compared to $32.1 million, or $2.57 per diluted share in the previous year [11][26] - Total debt was $216.8 million, with net debt of $16.5 million, a significant improvement of $83.2 million or 91.7% compared to the first quarter of 2024 [16] Business Line Data and Key Metrics Changes - The Industrial Equipment division reported record net sales of $227.1 million, representing 12.5% organic growth compared to the first quarter of 2024 [13][20] - The Vegetation Management division's net sales were $163.9 million, a 26.8% reduction year-over-year, but showed a 2.6% sequential improvement [12][21] - Operating income for the Industrial Equipment division was $31.2 million, or 13.7% of net sales, reflecting a 20 basis point improvement from the previous year [13][20] - The Vegetation Management division's operating income was $13.3 million, or 8.1% of net sales, down from $21.7 million and 9.7% in the prior year [21] Market Data and Key Metrics Changes - The backlog for the Industrial Equipment division was $513 million, down 8.3% year-over-year but up 6.6% sequentially [20] - Order bookings in the Vegetation Management division improved nearly 18% year-over-year and 3% sequentially [22] - Agricultural equipment orders in North America were up 26% year-over-year, indicating a recovery in demand [22][23] Company Strategy and Development Direction - The company is focused on driving growth and optimizing operations while maintaining a strong balance sheet [16][27] - There is an active pursuit of acquisition opportunities, with a notable increase in the number of meaningful scale opportunities available [27][28] - The company aims to achieve a 15% margin target in the Vegetation Management division as markets recover [67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the company's position and outlook for the remainder of 2025, despite ongoing risks from tariffs and global market uncertainties [26][27] - The governmental and industrial contractor markets are expected to continue strong, with no significant changes in spending patterns [38] - The company anticipates sequential improvements in both sales and margins for the Industrial Equipment and Vegetation Management divisions in Q2 [80] Other Important Information - The company approved a quarterly dividend of $0.30 per share, reflecting its commitment to delivering long-term value to shareholders [16] - Interest expense decreased by $2.9 million compared to the same period in 2024, driven by lower debt levels [11] Q&A Session Summary Question: What are the pain points from tariffs? - Management indicated that about 70% of consolidated revenue comes from the U.S., with minimal impact from tariffs on production shifts from Canada to the U.S. [30][31] Question: What is the impact of tariffs on customer demand? - Management noted that demand might change primarily in non-governmental markets, with governmental spending remaining strong [37][38] Question: What drove the 40 basis point increase in operating margin despite lower sales? - Cost reduction initiatives and facility consolidations were key drivers of the improved operating margin [44][49] Question: What is the outlook for M&A activity? - M&A remains the first priority, with several large transactions and smaller tuck-in opportunities actively pursued [50][51] Question: What is the expectation for vegetation revenues in the back half of 2025? - Management expressed optimism for a gradual increase in vegetation revenues, supported by improving order bookings and dealer restocking [55][56] Question: Are there further cost reduction initiatives planned? - While major cost reduction initiatives are complete, there are ongoing efforts to gain efficiencies from recent facility consolidations [63][65] Question: How will steel prices impact costs? - Management has largely passed on steel price increases to the market and closely monitors steel costs across facilities [76][77] Question: What is the outlook for Q2 relative to Q1? - Expectations for Q2 include sequential improvements in both sales and margins for the Industrial Equipment and Vegetation Management divisions [80]

Financial Data and Key Metrics Changes - Q1 2025 revenue was $154 million, a 7% sequential decline and 12% lower than Q1 2024 [12] - Consolidated adjusted EBITDA was $13.8 million with a 9% margin, down from 13.7% in Q4 2024 but up from 7% in Q1 2024 [12] - Adjusted EBITDA margin increased by 208 basis points year-over-year despite a 125% decline in revenue and rig count [6] Business Line Data and Key Metrics Changes - Southwest segment revenue was $65.2 million, with adjusted EBITDA at its highest level since Q3 2023, reflecting a 6% sequential increase [14][16] - Rockies segment revenue was $47.8 million, with adjusted EBITDA up 524% year-over-year despite a 13% decline in rig count [14] - Northeast Mid Con segment revenue was $41 million, with a sequential decrease of 18% primarily due to operational issues [16] Market Data and Key Metrics Changes - The Southwest represented 42% of Q1 revenue, up from 37% in Q4, while the Northeast Mid Con was 27%, down from 30% [9] - Drilling, completion, and production services contributed approximately 20%, 51%, and 29% of Q1 revenue, respectively [9] Company Strategy and Development Direction - The company is focused on cost controls and has implemented changes to its cost structure, expecting lower SG&A levels to continue [13] - KLX is developing a second-generation version of its Oracle SRT tool, which is gaining market acceptance [7] - The company is exploring strategic M&A opportunities to align with growth and deleveraging goals, despite market challenges [24] Management Comments on Operating Environment and Future Outlook - Management noted the macro environment remains volatile due to OPEC+ production increases and tariff policies impacting commodity prices [6] - For Q2 2025, the company anticipates modest revenue growth and margin expansion, particularly in the Southwest segment [21] - The company remains optimistic about the US natural gas market and its implications for service providers [22] Other Important Information - The company ended Q1 with $58.1 million in liquidity, including $14.6 million in cash and $43.5 million available on its revolving credit facility [17] - CapEx for Q1 was $15 million gross, with expectations to reduce full-year CapEx estimates to $40 million to $50 million [19] Q&A Session Summary Question: About the Q2 guidance and recovery in the Rockies - Management indicated that while the guidance may seem conservative, it is based on current forecasts and the unpredictable nature of the market [28] Question: Impact of lower oil prices on rig count - Management noted that smaller operators are more sensitive to commodity prices and may delay projects, impacting overall activity [32] Question: Flexibility of the PIK option and capital allocation - Management explained that the PIK option provides flexibility to manage cash flow, especially during uncertain market conditions [36] Question: Positioning for gas plays and asset relocation - Management confirmed that they are well-positioned for gas plays and can relocate assets if necessary [42] Question: M&A opportunities and geographic strategy - Management stated that they are being opportunistic regarding M&A and are not geographically focused, but rather looking for deleveraging opportunities [52]

Financial Data and Key Metrics Changes - Q1 2025 revenues were $328.6 million, reflecting a growth of 4.5% compared to $314.5 million in Q1 2024 [21] - Adjusted EBITDA for Q1 2025 was $100.2 million, slightly down from $100.8 million in the prior year, with an adjusted EBITDA margin of 30.5% [21][22] - Adjusted diluted EPS for Q1 2025 was $1.14, impacted by higher net interest expense and depreciation [22] Business Line Data and Key Metrics Changes - Tech and Shopping segment revenues grew nearly 18%, with adjusted EBITDA increasing nearly 44% [8] - Gaming and Entertainment revenues grew by nearly 4%, with a 7% increase in ad revenue, while subscription revenues were slightly down [9] - Health and Wellness revenues grew over 7%, with adjusted EBITDA growth of over 12% [10] - Connectivity revenues grew by 5%, with subscription and licensing growing by 7% [11] - Cybersecurity and Martech segment declined nearly 11% in revenues, attributed to timing benefits from the previous year [12] Market Data and Key Metrics Changes - Advertising and performance marketing revenue grew by 12.3% compared to the prior period, while subscription and licensing revenues declined by 2% [23] - The company noted strong performance in the advertising markets across tech and shopping, gaming and entertainment, and health and wellness [13] Company Strategy and Development Direction - The company is actively pursuing M&A opportunities, having completed two acquisitions in Q1 and another signed in early Q2 [7][15] - Focus remains on identifying compelling assets within verticals to leverage platforms and technology for value generation [15][16] - The company is committed to capital allocation strategies that include share repurchases and acquisitions to enhance shareholder value [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the advertising market, with expectations for continued growth despite potential recessionary risks [13][37] - The company reaffirmed its full-year guidance, expecting revenue growth of 5% and adjusted EBITDA growth of 6% at the midpoint [7][27] - Management highlighted the importance of maintaining a robust balance sheet while being active in M&A and share repurchases [25][27] Other Important Information - The company filed a lawsuit against OpenAI to protect its intellectual property and the integrity of journalism [17][18] - Management emphasized the need for a balanced digital ecosystem that respects copyrights and compensates content creators [18] Q&A Session Summary Question: Update on the overall ad market - Management noted strong Q1 performance with ad business growth of over 12%, with positive trends expected to continue [34][35] Question: Priorities for improving connectivity growth - Focus is on the Wi-Fi segment, anticipating strong demand with the rollout of Wi-Fi 7 [38][39] Question: Potential macro impacts on advertising demand - Management indicated low direct impact from tariffs, with optimism in health and wellness and gaming sectors [46][47] Question: Pipeline visibility for the rest of the year - Upfront commitments for pharma advertising were strong, with optimism for both direct-to-consumer and provider sides [56] Question: Update on generative AI impact - Approximately 35% of revenues depend on traffic, with AI overviews increasing but unclear on their overall impact [65][66] Question: Capital allocation and M&A market outlook - The M&A environment is favorable, with ongoing active participation across all divisions [78][82]

Financial Data and Key Metrics Changes - Q1 2025 revenues were $328.6 million, reflecting a growth of 4.5% compared to $314.5 million in Q1 2024 [20] - Adjusted EBITDA for Q1 2025 was $100.2 million, slightly down from $100.8 million in the prior year, with an adjusted EBITDA margin of 30.5% [20][21] - Adjusted diluted EPS for Q1 2025 was $1.14, impacted by higher net interest expenses and depreciation [21] Business Line Data and Key Metrics Changes - Tech and Shopping segment revenues grew nearly 18%, with adjusted EBITDA increasing nearly 44% [8] - Gaming and Entertainment revenues grew by nearly 4%, with a 7% increase in ad revenue, while subscription revenues slightly declined [9] - Health and Wellness segment revenues grew over 7%, with adjusted EBITDA growth exceeding 12% [10] - Connectivity revenues grew by 5%, with subscription and licensing growing by 7% [11] - Cybersecurity and MarTech segment declined nearly 11% due to timing benefits from the previous year [12] Market Data and Key Metrics Changes - Advertising and performance marketing revenue grew by 12.3% compared to the prior period, while subscription and licensing revenues declined by 2% [22] - The company noted strong performance in the advertising markets across tech and shopping, health and wellness, and gaming and entertainment [13] Company Strategy and Development Direction - The company is focused on M&A activity, having completed two acquisitions in Q1 and another signed in early Q2, with a pipeline of opportunities across all segments [7][15] - The strategy includes simplifying B2B product offerings and reducing expenses to improve margins [9] - The company aims to leverage its platforms and technology to identify compelling assets for acquisition [15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about Q2 growth, reaffirming full-year guidance of 5% revenue growth and 6% adjusted EBITDA growth at the midpoint [7][25] - The company has not experienced notable negative impacts from macroeconomic volatility or tariff discussions to date [25] - Management remains focused on long-term shareholder value rather than short-term quarterly results [27] Other Important Information - The company is actively managing operating costs and capital expenses while continuing share repurchases, having bought back 4.25 million shares over the last four quarters [14][24] - A lawsuit against OpenAI was filed to protect the integrity of journalism and the company's intellectual property rights [16][18] Q&A Session Summary Question: Update on the overall ad market - Management reported strong Q1 performance with ad business growth of over 12%, with positive trends expected to continue [32][33] Question: Priorities for improving connectivity growth - Focus is on the Wi-Fi segment, anticipating strong demand for better wireless networks and the upcoming Wi-Fi 7 deployment [36] Question: Potential macro impacts on advertising demand - Management feels insulated from direct tariff impacts, with optimism in health and wellness and gaming sectors [44][48] Question: Upfront commitments for pharma advertising - Upfront commitments for the year are strong, with optimism for both direct-to-consumer and provider advertising [52][54] Question: Impact of generative AI on business - Approximately 35% of revenues depend on traffic, with AI overviews now accounting for over 20% of top queries [63][66] Question: Capital allocation and M&A market outlook - The M&A environment is favorable, with ongoing active participation across all divisions, and the company is inclined to leverage its position for acquisitions and buybacks [74][80]

Group 1: Dividend Plans - The company has developed a mid-term dividend plan for 2025, which has been approved by the board and will be submitted for review at the 2024 annual shareholders' meeting [2] - If the mid-term dividend is implemented, the company will disclose information in accordance with disclosure requirements [2] Group 2: Project Involvement - The company provides high-quality welding materials for nuclear fusion projects, specifically participating in the compact superconducting nuclear fusion experimental device project [2] Group 3: Market Value Management - The company aims to enhance operational efficiency and profitability while focusing on strategic planning and industry layout for market value management [3] - Plans include cash dividends to improve investor returns and enhance investor satisfaction [3] Group 4: Mergers and Acquisitions - Currently, there are no specific merger plans, but the company is actively looking for quality projects domestically and internationally to enhance competitiveness [3] - The company emphasizes internal growth and product structure adjustment as primary strategies [3] Group 5: Subsidiary Management - The company strengthens management of its subsidiaries by appointing key personnel to oversee operations and establishing internal reporting mechanisms for significant matters [3]

Financial Data and Key Metrics Changes - Total assets reached a new quarterly high of $1.8 trillion, with record organic net new assets of $71 billion, representing a 16% annualized growth rate [5][14] - Adjusted EPS for Q1 was a record $5.15, with gross profit of $1.273 billion, up $45 million sequentially [6][15] - Adjusted pretax margin was approximately 40%, reflecting strong organic growth and expense discipline [15] Business Line Data and Key Metrics Changes - Recruited assets for Q1 were $39 billion, with $16 billion from WinTrust, contributing to a record $167 billion for the trailing twelve months [8][15] - Traditional independent market added approximately $20 billion in assets during Q1, marking a record for the first quarter [8] - Service and fee revenue was $145 million, up $6 million from Q4, driven by strong organic growth and higher IRA fees [17] Market Data and Key Metrics Changes - Overall asset retention remained industry-leading at 98% for Q1 [9] - Client cash balances ended the quarter at $53 billion, down $2 billion sequentially, primarily due to advisory fees paid during the quarter [16] - ICA yield was 337 basis points in Q1, up two basis points from Q4, driven by higher yields on fixed rate contract renewals [17] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on pursuing novel strategies, creating an extraordinary employee experience, and leading with operational excellence [6][7] - The planned acquisition of Commonwealth Financial Network is expected to enhance service offerings and maintain high advisor satisfaction [10][11] - The company is committed to preserving the Commonwealth community while leveraging LPL's resources to enhance the advisor experience [11][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging operating backdrop with rising macroeconomic uncertainty but emphasized the value of professional advice [5] - The company remains optimistic about its growth prospects, driven by strong organic growth and successful onboarding of new businesses [13][24] - Management expressed confidence in maintaining operating leverage while investing in service platforms and supporting the Commonwealth experience [41][45] Other Important Information - The company expects to close the acquisition of Commonwealth in the second half of the year, with a projected leverage ratio of approximately 2.25 times post-acquisition [22] - Core G&A expenses for 2025 are now anticipated to be in the range of $1.73 billion to $1.765 billion, reflecting improved efficiency [19] - The company paused share repurchases following the announcement of the Commonwealth acquisition, with plans to revisit this after onboarding [22][23] Q&A Session Summary Question: Update on Commonwealth acquisition and advisor reactions - Management reported that the transaction is progressing well, with a retention target of 90% and positive engagement with Commonwealth advisors [30][36] Question: Context on expense efficiencies and operating leverage - Management highlighted a focus on automating processes and reducing friction, leading to improved client and employee experiences while maintaining cost efficiency [41][43] Question: Recruiting pipeline outlook in a volatile market - Management noted a new normal in advisor movement around 5%, with confidence in maintaining industry-leading capture rates despite market volatility [50][54] Question: Update on integration and onboarding of Atria and Prudential - Management confirmed that onboarding is on track, with expectations for significant asset retention and EBITDA contributions from both acquisitions [70][74] Question: Internal capacity for onboarding deals and partnerships - Management indicated that while current focus is on Atria and Commonwealth, the team is well-equipped to handle ongoing and future integrations [90][91] Question: Activity in annuity sales and impact from recent acquisitions - Management noted strong annuity sales driven primarily by the onboarding of Prudential, which significantly contributes to overall sales performance [94][95]

Summary of McGrath RentCorp (MGRC) FY Conference Call Company Overview - McGrath RentCorp specializes in renting and selling modular offices, classrooms, portable storage containers, and electronic test equipment [2][5] - The company has a 45-year history and is recognized for exemplary service [5] Revenue Breakdown - Approximately 80% of revenues come from modular buildings and portable storage fleets [6] - Modular buildings provide temporary to permanent space for various organizations, allowing quick setup [6] - The remaining 20% of revenues are generated from TRS RenTelco, which offers high-end electronic test equipment for sectors like semiconductor and aerospace [9][10] Market Demand and Trends - The modular building segment serves diverse markets, including commercial, government, and education [11] - There is a consistent demand for modernization projects in education, as many school facilities are outdated [12] - Growth in student populations leads to increased demand for temporary classrooms, particularly in states like Florida and Texas [13] - Modular construction is gaining momentum, although it still represents a small percentage of overall construction projects [14] Business Environment - The company is well-positioned to win both large and small projects due to its scale and geographic reach [19] - Current business conditions are somewhat sluggish, with macroeconomic uncertainties affecting project start dates [20] - Monthly revenue per unit on rent grew 8% year-over-year, with units going out on rent increasing by 12% [21] Pricing and Revenue Growth - Revenue per unit has been a focus area, with technology aiding in appropriate pricing strategies [21] - The increase in operating costs post-pandemic has necessitated higher pricing to protect economics [22] - The average monthly revenue per unit for units going on rent is approximately $1,200, significantly higher than the overall average of $800 [25] Value-Added Services - Initiatives like Mobile Modular Plus and site-related services are aimed at enhancing profitability and customer value [30] - These services include furniture, utilities, and construction activities necessary for site preparation [31] Tariffs and Cost Impact - Tariffs are not expected to significantly impact the company, as most equipment has already been purchased [33] - However, there is uncertainty regarding customer demand due to potential project hesitance in the current economic climate [35] TRS RenTelco Segment - TRS RenTelco has shown a rebound in rental revenues, particularly in the computer and semiconductor markets [40] Acquisition Strategy - McGrath is open to M&A opportunities, actively engaging in discussions for potential acquisitions to enhance growth [42][43] Free Cash Flow Generation - The company has a strong free cash flow generation capability, with significant investments in the asset fleet and a history of returning value to shareholders through dividends [46][48] Capital Allocation Framework - The capital allocation strategy prioritizes organic investments, followed by strategic M&A, dividends, and opportunistic share repurchases [51][54] Construction Spending Insights - There are indications of potential delays in non-residential construction spending due to economic uncertainties, although a solid pipeline of committed projects exists [57][58] Education Funding Dynamics - Funding for educational projects primarily comes from state and local sources, with no significant changes expected in funding dynamics [61][62] Conclusion - McGrath RentCorp is positioned for growth with a strong focus on modular solutions, value-added services, and strategic capital allocation, despite facing some macroeconomic challenges and uncertainties in the construction sector [42][46]