Core Viewpoint - The company maintains an optimistic outlook on future order growth, supported by government initiatives and strategic adjustments in response to macroeconomic conditions [2][3]. Group 1: Future Order Outlook - The company aims for stable growth in order volume, leveraging support from local government and strategic planning based on market analysis [2]. - The company plans to actively participate in major government projects to secure high-quality orders [2]. Group 2: Profitability and Margins - The bidding gross margin has remained stable as of mid-year, but upcoming regulatory changes in bidding practices are expected to positively impact margins [3]. - The company is committed to enhancing its bidding margins by focusing on high-quality major project orders [3]. Group 3: Technological and Strategic Development - The company is investing in green building, prefabricated construction, and digital transformation initiatives to enhance productivity and sustainability [4]. - Ongoing projects include the "5G+ Smart Construction" initiative and the establishment of digital facilities to improve project management [4]. Group 4: Financial Management and Convertible Bonds - The company has adjusted the conversion price of its convertible bonds to 4.07 CNY per share and has decided not to further lower this price in the next five months [5]. - Financial strategies include optimizing existing assets and utilizing various financing tools to manage upcoming payment obligations [5]. Group 5: M&A and Strategic Expansion - The company is exploring opportunities for mergers and acquisitions while focusing on digital and intelligent transformation of its traditional construction business [6]. - Future disclosures regarding any significant M&A activities will comply with legal requirements [6]. Group 6: Financial Performance - In Q1 2025, the company reported a revenue of 6.953 billion CNY, a year-on-year decrease of 6.27%, and a net profit loss of 429.709 million CNY, down 196.27% [7]. - The company’s debt ratio stands at 90.52%, with a gross margin of 5.55% [7].