Core Viewpoint - Shanghai Zhuoran Engineering Technology Co., Ltd. has significantly increased its revenue from EPC (Engineering, Procurement, Construction) services, with a reported income of 1.027 billion yuan in 2024, representing a year-on-year growth of 700.95% and accounting for 37.02% of its main business revenue [1][2]. Group 1: EPC Service Business Model - The company has actively expanded its EPC service business to enhance revenue and strategically transform its operations, moving from being a core supplier of large refining equipment to a comprehensive solution provider [2][3]. - The EPC model involves comprehensive project management, including design, procurement, construction, and post-service, ensuring quality, safety, and timely completion [3][4]. - The company has established a full lifecycle service system, integrating consulting, design, intelligent manufacturing, engineering implementation, and smart operation [2][3]. Group 2: Revenue Recognition and Accounting Standards - The company adopts the gross method for revenue recognition in EPC projects, as it acts as the primary responsible party in transactions with clients [6][8]. - Revenue is recognized based on the progress of completion, calculated as the ratio of costs incurred to the estimated total costs [10][11]. - The company has confirmed revenue from various projects, including a 55,000-ton carbon four deep processing and hydrogen comprehensive utilization project, with total contract amounts and timelines detailed [14][15]. Group 3: Project Execution and Risks - The company has successfully executed the Guangxi Hongkun project, which involves the production of 600,000 tons of bio-jet fuel, with significant strategic value and sustainable development potential [20][21]. - The project has received government approval and is aligned with national green development strategies, indicating strong policy support [21][22]. - The company has implemented a comprehensive risk management system to ensure project progress and financial security, including dynamic matching of funding plans with engineering progress [22].

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