Core Viewpoint - Marco Polo Holdings Co., Ltd. has successfully listed its shares on the Shenzhen Stock Exchange, with a total of 119.492 million new shares issued at a price of 13.75 yuan per share, resulting in a diluted price-to-earnings ratio of 14.27 times for 2024, which is lower than the industry average [1][2]. Financial Performance - The company reported a net profit of 65.47 million yuan for the first half of 2025, with a year-on-year decline of 7.90%, and a revenue of 321.82 million yuan, down 11.82% year-on-year [12]. - For the first nine months of 2025, the company expects revenue between 485 million yuan and 510 million yuan, representing a year-on-year decline of 11.79% to 7.25% [7]. - The company’s net profit for the same period is projected to be between 100 million yuan and 105 million yuan, with a year-on-year decline of 12.06% to 7.66% [7]. Market Environment - The construction ceramics industry is facing intensified competition, with the number of large-scale enterprises decreasing from 1,093 in 2020 to 993 in 2024, a reduction of 100 companies [8]. - The average selling price of the company’s products has been declining, with prices per square meter recorded at 41.62 yuan, 39.48 yuan, and 37.72 yuan over the past three years [11]. Risk Factors - The company is exposed to risks from market competition, particularly in the construction ceramics sector, where it holds a market share of only 3.27% as of 2024 [8]. - The real estate market's volatility poses a risk to the company's performance, as the construction ceramics industry is closely linked to real estate development [8]. - The company faces potential risks related to accounts receivable, with significant amounts owed by real estate clients, which could impact cash flow and operational efficiency [9]. Audit and Compliance - The company has engaged Rongcheng Accounting Firm to audit its financial statements for the years ending December 31, 2022, 2023, and 2024, receiving an unqualified opinion [3]. - As of the date of the announcement, the company has not disclosed any significant undisclosed matters that could impact its financial standing [2].