Core Viewpoint - Longjiang Transportation is focusing on the implementation of its "one body, two wings" strategy, aiming to strengthen its core business while expanding into new energy and graphite industries, which are expected to drive sustainable growth [1][2]. Financial Performance - In the first half of 2025, Longjiang Transportation achieved operating revenue of 244 million yuan, a year-on-year increase of 8.74% - The net profit attributable to shareholders was 95 million yuan, up 19.12% year-on-year, with basic earnings per share of 0.072 yuan, reflecting a growth of 20% [1]. - As of the end of June 2025, the net assets attributable to shareholders were 4.685 billion yuan, and total assets reached 5.511 billion yuan [1]. Business Segments - The core highway business remains stable, with toll revenue reaching 163 million yuan, an increase of 4.85% compared to the same period last year [2]. - The new energy sector is expanding, with 139 distributed photovoltaic project sites established in Heilongjiang Province, achieving an installed capacity of 17.13 MW [2]. - The graphite integration project is progressing, with the company actively advancing preliminary work for mining operations and deepening project engineering studies [2]. Shareholder Activity - On September 3, 2025, the company announced that Suinong Holdings completed its share reduction plan, selling a total of 38.07 million shares, which is 2.89% of the total share capital [3]. - Following a share transfer agreement in January 2024, Suinong Holdings became a significant shareholder, holding 4.16% of the total share capital after the reduction [3]. Strategic Acquisitions - The company plans to acquire 100% of the equity of Heilongjiang Water Transport Construction Development Co., Ltd. for a price not exceeding 157 million yuan, which is part of its strategy to enhance its clean energy assets [4]. - The target company operates a hydropower plant with a total installed capacity of 66,000 kW, contributing to the company's strategic transformation and sustainable development [4].