河南省人民代表大会常务委员会 2025年12月4日 第一章 总则 第一条 为了加强建筑市场监督管理，规范建筑市场秩序，保障建筑市场主体的合法权益，保证建 筑工程的质量和安全，促进建筑业高质量发展，根据《中华人民共和国建筑法》、国务院《建设工程质 量管理条例》等有关法律、行政法规，结合本省实际，制定本条例。 第二条 在本省行政区域内从事建筑市场活动，实施建筑市场监督管理，适用本条例。 河南省第十四届人民代表大会常务委员会 公告 第75号 《河南省建筑市场管理条例》已经河南省第十四届人民代表大会常务委员会第二十一次会议于2025年12 月4日审议通过，现予公布，自2026年3月1日起施行。 本条例所称建筑市场活动，是指在建设工程新建、改建、扩建及其相关的装修、拆除、修缮等过程中， 各方主体进行发包、承包、中介服务，订立并履行合同等活动。 本条例未作规定的，适用有关法律、法规的规定。 第三条 从事建筑市场活动应当遵守法律、法规，遵循诚实守信、公平竞争、规范有序、绿色低碳的原 则。 建筑市场管理应当坚持统一开放、公开公正、智慧高效、优化服务的原则。 第四条 县级以上人民政府住房和城乡建设主管部门负责本行政区域内建筑市 ...

Core Insights - Fluor reported a significant miss on both non-GAAP earnings per share and GAAP revenue for Q2 2025, with non-GAAP EPS at $0.43 versus an estimate of $0.55, and GAAP revenue at $4.0 billion compared to expectations of $4.5 billion [1][5][9] - The company has lowered its full-year 2025 adjusted EBITDA guidance from $575–$675 million to $475–$525 million and adjusted EPS guidance from $2.25–$2.75 to $1.95–$2.15 per share, indicating ongoing execution and market challenges [1][9] Financial Performance - Non-GAAP EPS decreased by 49.4% year-over-year, missing analyst estimates by 21.8% [2][5] - GAAP revenue fell nearly 6% year-over-year to $4.0 billion [5] - Adjusted EBITDA dropped 41.8% to $96 million from $165 million in Q2 2024 [2] - Total segment profit decreased by 59.8% to $78 million from $194 million in the previous year [2] Segment Analysis - Urban Solutions reported a profit of $29 million, down from $105 million, with margins compressing to 1.4% from 5.7% due to cost overruns [6] - Energy Solutions experienced a 28.3% decline in GAAP revenue year-over-year, with significant losses impacting segment profit [6] - Mission Solutions saw revenue increase to $762 million from $704 million, but profit decreased from $41 million to $35 million [6] Business Strategy - Fluor is diversifying away from traditional oil and gas markets, focusing on life sciences and infrastructure, and emphasizing risk management and reimbursable contract models [4][3] - Client relationships and consistent project execution are prioritized to enhance revenue predictability [4] Notable Events - The company reported a $3.2 billion pre-tax mark-to-market gain on its NuScale Power investment, affecting net earnings but not core operations [8] - Fluor repurchased $153 million in shares during the quarter, totaling $295 million in 2025 [8] Future Outlook - Management has reiterated operating cash flow guidance of $200 million to $250 million for FY2025, which is significantly lower than earlier projections [9] - Focus areas include margin recovery in Urban and Energy Solutions, new project awards, and resolution of legacy project cost issues [10]