Core Viewpoint - Wuxin Tunnel Equipment (835174.BJ) reported a decline in overall revenue for the first half of 2025, despite significant growth in incremental markets such as mining and hydropower, with mining revenue increasing by over 180% year-on-year [1][2]. Incremental Market Revenue Growth - In the first half of 2025, Wuxin Tunnel Equipment's mining market revenue reached 45.82 million yuan, a year-on-year increase of 182.62%. The hydropower market generated 31.54 million yuan, up 72.61%, while the aftermarket revenue was 30.41 million yuan, growing by 19.57% [2]. - The company has positioned its aftermarket business, which includes remanufacturing and major repair services, as a strategic growth area, achieving rapid development despite pressure on its main business [2]. - In 2024, the revenues for the mining, hydropower, and aftermarket were 47.41 million yuan, 50.34 million yuan, and 57.61 million yuan, with year-on-year growth rates of 78.36%, 96.06%, and 102.60% respectively [2]. Focus on Hydropower Projects - Wuxin Tunnel Equipment has established a dedicated hydropower team to focus on major projects such as pumped storage power stations and the Yarlung Tsangpo River hydropower project [3]. - The company has been actively pursuing these projects since the previous year, indicating a long-term commitment to expanding its presence in the hydropower sector [3]. Pressure on Railway and Highway Markets - Despite growth in incremental markets, the railway and highway sectors remain under pressure, with railway revenue in the first half of 2025 declining by 17.73% to 189 million yuan and highway revenue decreasing by 16.10% to 115 million yuan [4][5]. - The revenue share from the railway market fell by 7.5 percentage points to 49.21%, while the highway market share decreased by 3.91 percentage points to 30.01% [4]. Regional Performance Variations - Revenue in the Northeast, Southwest, and Northwest regions declined due to fewer new projects and slower progress on existing projects, impacting equipment demand [5]. - Conversely, revenue in the North China, East China, South China, and Central China regions increased, driven by projects like the Changling Tunnel of the Hefei-Wuhan High-Speed Railway and the Shanghai-Chongqing Railway [6].