Core Viewpoint - *ST Jianyi reported a decline in revenue due to market conditions and a decrease in orders, while actively restructuring its client base to focus on quality clients [1][2] Group 1: Financial Performance - In the first three quarters of 2025, *ST Jianyi achieved a revenue of 2.666 billion yuan [1] - The company has signed uncompleted contracts worth 2.2 billion yuan for the first half of 2025, including projects in Hong Kong and the renewable energy sector [1] Group 2: Strategic Adjustments - Since 2022, *ST Jianyi has been restructuring its operations to navigate challenges in the construction decoration market, shifting towards a diversified strategy and aiming to become a comprehensive urban construction service provider [2] - The company has initiated an asset revitalization plan to optimize asset allocation and enhance risk resistance, supported by its controlling shareholder [2] Group 3: Shareholder Changes - On September 26, *ST Jianyi announced the transfer of its controlling shareholder's equity to Guangdong Xiangshan Holding Group, which is expected to provide more opportunities for the company without changing its controlling shareholder or actual controller [2]

Core Insights - *ST Jianyi reported a revenue of 1.958 billion yuan for the first half of 2025, with the construction engineering business contributing 1.355 billion yuan, accounting for 69.23% of total revenue, and the decoration engineering business contributing 435 million yuan, accounting for 22.24% of total revenue [1][2] Group 1 - The company is leveraging its brand advantage to steadily grow its decoration business while utilizing its top-tier construction qualifications to expand its general contracting business [1] - The company aims to develop two core businesses, covering the entire construction industry chain, including investment, technology research, design, supply chain, construction, and smart management [1] - The company’s subsidiary, Jianxing Construction Group, received several awards for its projects, indicating strong performance in construction quality [1] Group 2 - Recently, the company secured over 350 million yuan in new orders, including projects in the Hong Kong market and related to renewable energy [2] - As of the report date, the company had signed contracts worth 2.2 billion yuan that are yet to be completed [2] - The company is transitioning from a single decoration business to a diversified strategy, focusing on large engineering platforms and expanding into five major regional markets across China [2]