Group 1 - Company Zhongnan Media signed a government procurement contract worth 1.009 billion yuan for the supply of free textbooks and related teaching resources in Hunan Province for 2025, ensuring stable revenue for the company [1] - Company Zhongnan Media was established in December 2008, focusing on the publishing, distribution, and printing of publications [2] Group 2 - Company Tongling Nonferrous Metals announced the resignation of its general manager and deputy general manager due to higher-level assignments [3] - Company Tongling Nonferrous Metals was founded in November 1996, primarily engaged in the mining and processing of copper, iron, and sulfur gold [4] Group 3 - Company Xinyi Co. plans to reduce its shareholding by no more than 1% due to personal asset allocation needs [5] - Company Xinyi Co. was established in April 1996, specializing in the research, production, and sales of functional new materials based on organic synthetic resins [6] Group 4 - Company Xinhua Pharmaceutical received approval for the registration of ibuprofen suspension drops, a non-prescription drug for relieving fever and mild to moderate pain in children [7] - Company Xinhua Pharmaceutical was founded in November 1998, focusing on the sales of raw materials and intermediates, as well as chemical products [8] Group 5 - Company Emei Mountain A elected Tong Jianming as a director and appointed him as the general manager [9] - Company Emei Mountain A was established in October 1997, primarily engaged in tourism services, including ticket sales and hotel operations [10] Group 6 - Company Heng Rui Medicine announced the approval of its innovative drug, Regaglitin Metformin tablets, for market launch, aimed at improving blood sugar control in type 2 diabetes patients [11] - Company Heng Rui Medicine was founded in April 1997, focusing on the research, production, and sales of pharmaceuticals [12] Group 7 - Company Chongqing Rural Commercial Bank announced the approval of Tang Li's qualification as vice president [13] - Company Chongqing Rural Commercial Bank was established in June 2008, focusing on inclusive finance and corporate financial services [14] Group 8 - Company Weili Medical received certification from the Canadian Ministry of Health for its extraction bag, allowing legal sales in the Canadian market [15] - Company Weili Medical was founded in April 2004, specializing in the research, production, and sales of medical devices in various fields [16] Group 9 - Company Ailis received approval for its KRAS G12C inhibitor, a new drug for treating advanced non-small cell lung cancer [17] - Company Ailis was established in March 2004, focusing on innovative drug research and development in oncology [18] Group 10 - Company Renfu Pharmaceutical received registration certificates for two new drugs, including methylprednisolone tablets and hydrocodone ibuprofen tablets [19] - Company Renfu Pharmaceutical was founded in March 1993, focusing on the research, production, and sales of pharmaceuticals [20] Group 11 - Company Siwei Tuxin received multiple invention patent certificates from the National Intellectual Property Administration [21] - Company Siwei Tuxin was established in December 2002, focusing on navigation maps, intelligent driving, and automotive electronic chips [22] Group 12 - Company Changhong High-Tech received a warning letter from the Ningbo Securities Regulatory Bureau for failing to disclose related party transactions [23] - Company Changhong High-Tech was founded in June 2012, focusing on the research, production, and sales of styrene thermoplastic elastomers [24] Group 13 - Company Gansu Energy Chemical announced the resignation of its director and general counsel due to organizational adjustments [25] - Company Gansu Energy Chemical was established in December 1996, focusing on coal mining and sales [26] Group 14 - Company Shanghai Construction received land use rights for a residential project in Tianjin, with a total investment of approximately 330 million yuan [27] - Company Shanghai Construction was founded in June 1998, focusing on construction, design consulting, and real estate development [28] Group 15 - Company Chengdu Xian Dao announced that a major shareholder plans to increase its stake in the company by 25 to 50 million yuan [29] - Company Chengdu Xian Dao was established in February 2012, focusing on drug research and development services [30] Group 16 - Company Hunan Silver announced the resignation of its deputy general manager due to organizational adjustments [31] - Company Hunan Silver was founded in November 2004, focusing on the smelting and sales of silver and other precious metals [32] Group 17 - Company China Chemical reported a total contract amount of 123.017 billion yuan for the first four months of the year [33] - Company China Chemical was established in September 2008, focusing on construction engineering and modern services [34] Group 18 - Company Borui Pharmaceutical received a registration certificate for iodinated contrast agent injection [35] - Company Borui Pharmaceutical was founded in October 2001, focusing on the research and production of pharmaceutical intermediates and raw materials [36] Group 19 - Company Wanhua Chemical announced a technical transformation of its ethylene unit, aiming to diversify raw materials and enhance competitiveness [37] - Company Wanhua Chemical was established in December 1998, focusing on the research, production, and sales of polyurethane and fine chemicals [38] Group 20 - Company ST Houlv received approval for its injectable cephalosporin sodium to pass the consistency evaluation for generic drugs [39] - Company ST Houlv was founded in June 2005, focusing on drug research, production, and sales [40] Group 21 - Company Anka Intelligent announced a targeted reduction of capital for its subsidiary [41] - Company Anka Intelligent was established in May 2004, focusing on the research and development of power system solutions [42] Group 22 - Company Huaming Intelligent announced financial support for its subsidiary [43] - Company Huaming Intelligent was founded in August 2001, focusing on intelligent systems and services [44] Group 23 - Company Foton Motor received a central subsidy of 124 million yuan for promoting new energy vehicles [45] - Company Foton Motor was established in August 1996, focusing on vehicles and mobile equipment [46] Group 24 - Company Guangsheng Tang received a registration certificate for ritonavir tablets, used in HIV treatment [47] - Company Guangsheng Tang was founded in June 2001, focusing on the research and production of antiviral drugs [48] Group 25 - Company Kexing Pharmaceutical received FDA approval for clinical trials of its GB18 injection in the United States [49] - Company Kexing Pharmaceutical was established in August 1997, focusing on the research and production of recombinant protein drugs [50] Group 26 - Company Heng Rui Medicine announced the final price for its H-share public offering at 44.05 HKD per share [51] - Company Heng Rui Medicine was founded in April 1997, focusing on the research, production, and sales of pharmaceuticals [52] Group 27 - Company Wandong Medical elected a new chairman following the resignation of the previous chairman [53] - Company Wandong Medical was established in May 1997, focusing on the research, production, and sales of medical imaging equipment [54] Group 28 - Company Qixia Construction announced a plan to reduce its shareholding by no more than 3% [55] - Company Qixia Construction was founded in December 1999, focusing on real estate development and management [56] Group 29 - Company Dasheng Intelligent signed a contract worth 11.5 million yuan for a high-efficiency machine room project [57] - Company Dasheng Intelligent was established in March 1995, focusing on AIoT intelligent management platforms [58] Group 30 - Company Huashi Technology announced an extension of the detention period for its actual controller [59] - Company Huashi Technology was founded in June 1998, focusing on information system integration and technical services [60] Group 31 - Company Tianzhihang announced plans to increase capital for its subsidiary [61] - Company Tianzhihang was established in October 2010, focusing on orthopedic surgical navigation robots [62] Group 32 - Company Pingzhi Information signed a procurement framework agreement with China Mobile for base station antennas [63] - Company Pingzhi Information was founded in November 2002, focusing on communication equipment and services [64] Group 33 - Company Mengke Pharmaceutical received acceptance for its new drug application for a new antibacterial drug [65] - Company Mengke Pharmaceutical was established in August 2012, focusing on small molecule drug research [66] Group 34 - Company Kede Education announced a change in its actual controller to a state-owned asset supervision committee [67] - Company Kede Education was founded in January 2003, focusing on education services [68] Group 35 - Company Jinlong Automobile elected a new chairman following the board meeting [69] - Company Jinlong Automobile was established in October 1996, focusing on the production and sales of buses [70] Group 36 - Company Jushen Co. received dividends totaling 95.7 million yuan from its subsidiaries [71] - Company Jushen Co. was founded in November 2011, focusing on logistics and warehousing services [72] Group 37 - Company Qingyun Technology announced plans for shareholders to reduce their holdings by up to 4.5% [73] - Company Qingyun Technology was established in April 2012, focusing on cloud computing products and services [74] Group 38 - Company Shengdexintai received a procurement notice from Dongfang Electric for a project worth 234 million yuan [75] - Company Shengdexintai was founded in October 2001, focusing on the production and sales of energy equipment [76] Group 39 - Company Juzhi Technology announced a plan for a director to reduce his holdings by up to 400,000 shares [77] - Company Juzhi Technology was established in November 2007, focusing on machine vision equipment [78] Group 40 - Company Sanrenxing announced plans for shareholders to reduce their holdings by up to 3% [79] - Company Sanrenxing was founded in August 2003, focusing on integrated marketing services [80] Group 41 - Company Transsion Holdings announced plans to increase capital for its subsidiary by 70 million yuan [81] - Company Transsion Holdings was established in August 2013, focusing on smart terminal design and sales [82] Group 42 - Company Jinling Pharmaceutical received approval for its raw material drug for iron deficiency anemia [83] - Company Jinling Pharmaceutical was founded in September 1998, focusing on drug manufacturing and healthcare services [84] Group 43 - Company Xiyu Tourism announced plans for shareholders to reduce their holdings by up to 3% [85] - Company Xiyu Tourism was established in January 2001, focusing on tourism and scenic area management [86]

Investment Rating - The report maintains a "Buy" rating for the company [7][18] Core Views - The company's performance is under pressure due to impairment losses, but its business outside the province and overseas is showing strong growth [1][2] - Revenue for 2024 is projected at 151.14 billion, a year-on-year decrease of 16.29%, with a net profit of 2.96 billion, down 25.3% year-on-year [2] - The company plans to distribute a cash dividend of 525 million for 2024, with a dividend payout ratio of 17.74% [2] Financial Performance - In Q1 2025, the company achieved revenue of 23.24 billion, a decline of 16.3% year-on-year, and a net profit of 417 million, down 24.5% year-on-year [1] - The gross profit margin for 2024 is reported at 11.7%, an increase of 1.11 percentage points year-on-year [3] - The company’s cash flow from operations (CFO) for 2024 was -8.19 billion, a year-on-year increase in outflow of 717 million [5] Business Development - New contracts signed in Q1 2025 were 75.1 billion, remaining stable year-on-year, while total new contracts for 2024 were 346.94 billion, down 12.48% [4] - The company aims to achieve a signed contract amount of 390.8 billion in 2025, expecting a year-on-year growth of 12.6% [4] - The company’s revenue from overseas markets grew by 58.19% year-on-year, while domestic revenue decreased by 16.87% [3] Valuation Metrics - The projected PE ratios for 2025, 2026, and 2027 are 4.5, 4.1, and 3.6 respectively [2][6] - The company’s total assets for 2024 are estimated at 353.19 billion, with a debt-to-asset ratio of 88.68% [12][13]

Investment Rating - The report maintains a "Buy" rating for the company [7][18] Core Views - The company's performance is under pressure due to impairment losses, but its business outside the province and overseas is experiencing significant growth [1][2] - For 2024, the company is expected to achieve a revenue of 151.14 billion, a decrease of 16.29% year-on-year, with a net profit of 2.96 billion, down 25.3% year-on-year [2] - The company plans to distribute a cash dividend of 525 million for 2024, with a dividend payout ratio of 17.74% [2] - The company aims for a new contract signing target of 390.8 billion for 2025, representing a year-on-year growth of 12.6% [4] Financial Performance - In Q1 2025, the company reported a revenue of 23.24 billion, down 16.3% year-on-year, and a net profit of 417 million, down 24.5% year-on-year [1] - The gross profit margin for 2024 is reported at 11.7%, an increase of 1.11 percentage points year-on-year [3] - The company’s cash flow from operations (CFO) for 2024 was -8.19 billion, a year-on-year increase in outflow of 7.17 billion [5] Business Segmentation - In 2024, the construction engineering segment generated revenue of 140.27 billion, down 14.75% year-on-year, while the petrochemical engineering segment saw a revenue of 9.095 billion, down 28.6% year-on-year [3] - The company’s domestic revenue was 148.36 billion, down 16.87% year-on-year, while overseas revenue increased by 58.19% to 2.228 billion [3] Future Projections - The company forecasts net profits for 2025, 2026, and 2027 to be 3.26 billion, 3.62 billion, and 4.06 billion respectively, with corresponding P/E ratios of 4.5, 4.1, and 3.6 [2][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 8.02%, 9.38%, and 9.58% respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main business shows steady growth, with emerging and overseas momentum accelerating [4] - The company achieved a revenue of 555.34 billion yuan in Q1 2025, a year-on-year increase of 1.10%, and a net profit attributable to shareholders of 15.01 billion yuan, up 0.61% year-on-year [5] - The company continues to optimize its business structure, with strategic emerging industries achieving a revenue of 45.3 billion yuan, a year-on-year increase of 34.2% [5] - New contracts signed in Q1 2025 totaled 1,203.7 billion yuan, a year-on-year increase of 8.4%, with overseas contracts increasing significantly by 178.5% [5] - The company maintains a strong cash flow management, with a net cash outflow of 95.85 billion yuan in Q1 2025, a decrease of 7.43 billion yuan year-on-year [5] Financial Performance Summary - Revenue forecast for 2025 is 2,243.13 billion yuan, with a year-on-year growth rate of 2.56% [4] - Net profit attributable to shareholders for 2025 is projected at 47.54 billion yuan, with a growth rate of 2.93% [4] - The company's earnings per share (EPS) for 2025 is estimated to be 1.15 yuan [4] - The price-to-earnings (P/E) ratio for 2025 is projected at 4.79 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6][18]. Core Views - The company has shown steady revenue growth in Q1 2025, with operating income reaching 555.34 billion yuan, a year-on-year increase of 1.1%. The net profit attributable to shareholders was 15.01 billion yuan, up 0.6% year-on-year [1]. - The company has experienced a significant increase in new orders, with a total of 1,203.7 billion yuan in new contracts signed in Q1 2025, representing an 8.4% year-on-year growth. Key sectors contributing to this growth include industrial plants, energy engineering, and water conservancy [1][2]. - The company is expanding its overseas business, with new contracts amounting to 67.4 billion yuan in Q1 2025, a year-on-year increase of 150%. Revenue from overseas operations also grew by 8.5% to 23.9 billion yuan [2]. - The strategic emerging industries of the company reported revenue of 45.3 billion yuan in Q1 2025, marking a 34.2% year-on-year increase, contributing to 8.2% of total revenue [2]. Financial Performance Summary - The gross profit margin for Q1 2025 was 7.85%, a slight decrease of 0.24 percentage points year-on-year. The net profit margin was 3.23%, down 0.02 percentage points year-on-year [3]. - The company reported a cash flow from operations (CFO) net outflow of 95.85 billion yuan in Q1 2025, which is a reduction in outflow by 0.74 billion yuan compared to the previous year [3]. - The company’s long-term profit forecasts for 2025 to 2027 are 47.52 billion yuan, 48.73 billion yuan, and 50.02 billion yuan respectively, indicating a gradual increase in profitability [4][5]. Business Segment Performance - In Q1 2025, the revenue from the construction business was 364.9 billion yuan, a slight decrease of 0.2% year-on-year. The infrastructure segment saw a revenue increase of 0.5% to 128.3 billion yuan, while the surveying and design segment experienced a decline of 11.3% to 2.3 billion yuan [2]. - The real estate development segment achieved a revenue of 53.7 billion yuan, up 15.5% year-on-year, although the contracted sales decreased by 14.5% to 66.5 billion yuan [2]. - The company’s land reserves increased to 76.25 million square meters by the end of Q1 2025, with an addition of 1.95 million square meters during the quarter [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][26][31] Core Views - The company demonstrates strong leadership advantages and continuous improvement in cash flow despite a slight decline in revenue and increased collection pressure affecting profitability [1][2][3] - New contract signings have shown resilient growth, with a total of 40,808 billion yuan in new contracts for 2024, reflecting a year-on-year increase of 5.4% [2][10] - The company maintains a stable gross margin, with an overall gross margin of 9.86% for 2024, which is a slight increase from the previous year [2][16] - Operating cash flow has been positive for five consecutive years, with a net cash flow from operating activities of 15.77 billion yuan in 2024 [3][19] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 21,871 billion yuan, a year-on-year decrease of 3.5%, and a net profit attributable to shareholders of 462 billion yuan, down 14.9% [1][9] - The fourth quarter of 2024 saw revenue of 5,606 billion yuan, a decline of 5.7% year-on-year, with a net profit of 65 billion yuan, down 38.9% [1][9] Order and Sales Performance - The company secured new contracts worth 40,808 billion yuan in 2024, with infrastructure contracts increasing by 21.1% year-on-year [2][10] - In the real estate sector, the company reported a contract sales amount of 4,219 billion yuan, a decrease of 6.5% year-on-year, with sales area down 21.2% [2][10] Profitability and Cost Management - The overall gross margin for 2024 was 9.86%, with specific margins for housing construction, infrastructure, and real estate at 7.40%, 10.03%, and 17.28% respectively [2][16] - The company’s expense ratio for 2024 was 4.95%, reflecting a slight increase of 0.24 percentage points year-on-year [2][16] Cash Flow and Investment - The net cash flow from operating activities was 15.77 billion yuan, marking the fifth consecutive year of positive cash flow [3][19] - The company has improved its investment income ratio, with a net cash outflow from investment activities of 25.1 billion yuan, the smallest since 2006 [3][19] Future Outlook - The company has adjusted its profit forecast downward but maintains an "Outperform the Market" rating, projecting net profits of 493 billion yuan, 507 billion yuan, and 520 billion yuan for the next three years [26][29]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company achieved a revenue of 2,187.15 billion yuan in 2024, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion yuan, down 14.88% year-on-year. The decline in performance is attributed to intensified competition in the construction market and a deep adjustment in the real estate sector [1][4]. - The company has increased its cash dividend payout ratio to 24.29%, up by 3.47 percentage points year-on-year, with a corresponding dividend per share of 2.715 yuan, resulting in a dividend yield of 5.05% as of April 15 [1][4]. Revenue and Orders - In 2024, the company signed new construction contracts totaling 40,808 billion yuan, reflecting a year-on-year increase of 5.4%. The revenue breakdown shows that the building construction, infrastructure, and design services generated revenues of 13,218 billion, 5,509 billion, and 108 billion yuan, respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2][4]. - The company’s focus on industrial buildings and public facilities has led to a significant increase in new contracts, with industrial buildings alone accounting for 7,216 billion yuan, a 16.0% increase year-on-year [2]. Profitability and Cash Flow - The gross profit margin for 2024 was reported at 9.86%, a slight increase of 0.02 percentage points year-on-year. The net profit margin was 2.87%, down 0.38 percentage points year-on-year [3][4]. - The company reported a cash flow from operations (CFO) of 157.74 billion yuan, an increase of 47.43 billion yuan year-on-year, with a cash collection ratio of 102.38% [3]. Financial Forecast - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated at 475 billion, 487 billion, and 500 billion yuan, respectively, reflecting a downward revision from previous estimates [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [7][18]. Core Views - The company is expected to enhance its market share during the industry downturn, despite 2024's performance being below expectations. Projected net profits for 2025-2027 are 475 billion, 487 billion, and 500 billion respectively [4][5]. Financial Performance - In 2024, the company achieved operating revenue of 2,187.15 billion, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion, down 14.88% year-on-year [1][5]. - The cash dividend per 10 shares is set at 2.715 yuan, with a cash dividend ratio of 24.29%, an increase of 3.47 percentage points year-on-year, resulting in a dividend yield of 5.05% as of April 15 [1]. - The gross profit margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [3]. Business Segments - The company’s revenue from construction, infrastructure, and design services in 2024 was 13,218 billion, 5,509 billion, and 108 billion respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2]. - The company signed new contracts worth 40,808 billion in 2024, reflecting a year-on-year increase of 5.4% [1][2]. Cash Flow and Profitability - The net cash flow from operations in 2024 was 15,773.54 million, an increase of 47.43 million year-on-year, with a cash collection ratio of 102.38% [3][5]. - The company recorded a net profit margin of 2.87% in 2024, a decrease of 0.38 percentage points year-on-year [3]. Market Position - The company is focusing on high-demand sectors such as industrial plants, energy, and water conservancy, with significant contract growth in these areas [2]. - The strategic emerging industries accounted for 10.25% of total revenue in 2024, indicating diversification in business operations [2].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company aims to maintain a stable total dividend amount of 11.2 billion, with a dividend rate of 24.29%, which is a substantial increase of 3.5 percentage points from the previous year [1] - The business structure in the construction sector continues to optimize, with notable performance in energy engineering and water infrastructure [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from the construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] - The infrastructure segment, particularly in energy engineering and water environmental protection, maintained high growth rates of 86% and 76% respectively [1] Cash Flow and Investment - The company reported a net cash inflow from operating activities of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net cash outflow from investing activities to 2.511 billion, down 240 billion year-on-year [3] - The total net cash inflow from operating and investing activities was 13.3 billion, an increase of 28.7 billion year-on-year, attributed to improved cash collection measures and reduced investment expenditures [3] Future Outlook - The company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 44.837 billion, 45.374 billion, and 45.641 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 yuan per share [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025, indicating potential for investment [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company plans to distribute a total dividend of 11.2 billion, maintaining stability in dividend payout [1] - The construction business structure continues to optimize, with strong performance in energy engineering and water infrastructure sectors [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net outflow from investment activities to 2.511 billion, down 24 billion year-on-year [3] - The total net cash inflow from operating and investment activities was 13.3 billion, an increase of 28.7 billion year-on-year [3] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 44.8 billion, 45.4 billion, and 45.6 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025 [3]