Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported its 2025 H1 results, which were in line with expectations, achieving a revenue of 4.713 billion yuan (YoY +20%) and a net profit of 409 million yuan (YoY +16%) [8] - The mining service segment showed significant growth, with new orders signed amounting to nearly 8 billion yuan in H1 2025, benefiting from the construction of the Yarlung Tsangpo River hydropower project [8] - The company has a robust order backlog, with total new mining service orders reaching 79.91 billion yuan in H1 2025, indicating sustainable future revenue growth [8] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 10.076 billion yuan in 2025, 11.721 billion yuan in 2026, and 13.376 billion yuan in 2027, with respective YoY growth rates of 17.9%, 16.3%, and 14.1% [7] - The forecasted net profit for 2025 is 885 million yuan, with a growth rate of 24.2% YoY, and projected to reach 1.281 billion yuan by 2027 [7] - The company’s gross margin is expected to improve to 26.4% in 2025, with a return on equity (ROE) of 10.9% [7]