Core Viewpoint - The company experienced a decline in revenue and net profit in the first three quarters due to ongoing adjustments in the real estate market and a slowdown in infrastructure investment growth [2][4]. Financial Performance - The company reported a total revenue of 1,558.22 billion yuan in the first three quarters, a year-on-year decrease of 4.20% [1][2]. - The net profit attributable to shareholders was 38.18 billion yuan, down 3.83% year-on-year, while the net profit after deducting non-recurring items was 35.20 billion yuan, a decrease of 4.92% [1][2]. - In the third quarter alone, the company achieved a revenue of 449.91 billion yuan, a decline of 6.64% year-on-year, and a net profit of 7.78 billion yuan, down 24.14% [2]. Profitability Metrics - The overall gross margin for the first three quarters was 8.72%, a decrease of 0.11 percentage points year-on-year, while the gross margin for the third quarter was 6.98%, down 0.38 percentage points [3]. - The net profit margin for the first three quarters was 2.45%, an increase of 0.01 percentage points year-on-year, but the net profit margin for the third quarter fell to 1.73%, down 0.40 percentage points [3]. Cash Flow and Financial Health - The cash collection ratio improved to 98.96%, an increase of 2.30 percentage points year-on-year, with a net cash outflow from operating activities of 69.48 billion yuan, which was a reduction in outflow by 7.53 billion yuan [4]. - The asset-liability ratio decreased by 0.10 percentage points to 76.07%, while the accounts receivable turnover days increased by 11.97 days to 63.27 days [4]. Contracting and Growth - The company signed new contracts worth 3,038.3 billion yuan in the construction business, a year-on-year increase of 1.7%, with specific segments like industrial plants and educational facilities showing significant growth [4][5]. - The infrastructure business also saw new contracts amounting to 1,014.4 billion yuan, reflecting a year-on-year growth of 3.9% [5].