Financial Performance - The company reported a total revenue of 1.035 billion yuan for the first half of 2025, representing a year-on-year increase of 33.52% [1] - The net profit attributable to shareholders reached 164 million yuan, up 72.07% year-on-year [1] - In Q2 2025, total revenue was 534 million yuan, a 48.55% increase compared to the same quarter last year, with net profit of 86.3 million yuan, up 78.14% year-on-year [1] - The gross margin improved by 11.71% to 26.69%, while the net margin increased by 29.86% to 15.85% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 49.43 million yuan, accounting for 4.77% of revenue, which is a decrease of 26.23% year-on-year [1] - Earnings per share (EPS) increased by 75.86% to 0.51 yuan, with operating cash flow per share at 0.66 yuan, up 18.89% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 7.21% last year, indicating average capital returns [2] - The historical median ROIC since the company went public is 12.02%, with the lowest ROIC recorded in 2022 at 2.94% [2] Cash Flow and Receivables - The cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 48.08% [3] - Accounts receivable have reached 296.18% of profit, indicating potential issues with cash collection [3] Fund Management - The company is held by a prominent fund manager, Liu Changchang from Huazhang Fund, who has recently increased his holdings [3][4] - The largest fund holding the company is Yongying Low Carbon Environmental Smart Selection Mixed Fund, with a scale of 177 million yuan and a recent net value increase of 1.67% [5]