Core Viewpoint - The company is experiencing a significant decline in net profit for 2025, but it is maintaining a steady increase in new orders and has a robust order backlog, while also advancing strategic collaborations in the nuclear power sector [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders for 2025 to be between 10 million and 15 million yuan, representing a year-on-year decline of 75.97% to 83.98% [2]. - The decline in performance is primarily due to extended project lead times, increased costs, and asset impairment provisions [2]. Order and Project Status - In Q4 2025, the company secured new orders amounting to 483 million yuan, with total new orders for the year reaching approximately 1.062 billion yuan, showing a steady increase compared to 2024 [3]. - As of the end of 2025, the company has signed but uncompleted orders totaling 809 million yuan, indicating a strong order reserve mainly in geotechnical engineering, covering nuclear power and water conservancy sectors [3]. Contract Developments - In January 2026, the company won a bid for the foundation engineering of the Jiangsu Xuwei Nuclear Energy Heating Power Plant, valued at approximately 93.25 million yuan, although a formal contract has yet to be signed [4]. - The Zhejiang Jin Qimen Nuclear Power Project has a contract value of 159 million yuan, with 72.59% of the work completed by the end of 2025, expected to be finished in 2026, which may impact future performance [4]. Corporate Structure and Governance - The board of directors approved a capital reduction plan for its subsidiary, Tianjin Zhongyan Material Technology Co., Ltd., reducing its registered capital from 50 million yuan to 28.48 million yuan, increasing the company's ownership stake to 85.67% [5]. Strategic Initiatives - The company continues to deepen its engagement in the nuclear power sector, collaborating with enterprises like China General Nuclear Power Group, and is also exploring emerging areas such as controllable nuclear fusion [6]. - In 2025, the company signed an agreement with Jingtai Technology for AI-enabled material development, aimed at promoting the intelligent upgrade of geotechnical engineering [6].