0 1 从深交所主持人到董秘：高起点跨界，厚植职业发展根基 董秘的核心价值，在于成为连接资本逻辑与企业肌理的 "翻译官"。李睿希的职业路径为此提供了生动 注脚：从财经媒体跨界实业董秘，她始终以 "解决实际问题" 为导向 —— 在融资中摒弃概念包装，用 可量化的业务模型让投资者看见价值落点；在信息披露中拒绝套路化表述，通过场景化沟通让市场读 懂企业战略肌理。她主导的定增项目不追求规模噱头，而是精准匹配公司发展需求；搭建的投资者关 系体系不局限于流程合规，而是将路演现场搬进项目一线，让资本直观感受项目落地的商业价值。这 种务实思维，让她打破了传统董秘 "传声筒" 印象，真正成为战略落地的参与者 ——正如她所践行 的：董秘的终极价值，不在于编织故事，而在于让资本看见企业脚踏实地的每一步成长，让产业耕耘 获得应有的市场回响。 李睿希的卓越表现得到业界广泛认可，荣获第二十届、第二十一届"新财富金牌董秘"、新浪财经金麒 麟金牌董秘、界面新闻年度董事会秘书、同花顺上市公司年度评选TOP300 最受欢迎董秘、中国上市 公司金梧桐奖最佳董事会秘书、中国品牌博鳌峰会新锐董秘杰出董秘等荣誉。 0 2 资本运作精耕细作：打造融资"组 ...

Financial Data and Key Metrics Changes - In Q1 2025, consolidated revenues totaled $550.1 million, a 4.2% increase from Q1 2024 [20] - Consolidated gross profit was $20.3 million, reflecting a 53.1% increase year-over-year, with a gross profit margin of 3.7% compared to 2.5% in Q1 2024 [20] - The net loss attributable to common stock improved to $17.9 million, or a diluted loss per share of $0.20, from a net loss of $25.1 million, or $0.35 per share, in the same period last year [21] - Adjusted EBITDA was $24.2 million, approximately 20% higher than the prior year, with an adjusted EBITDA margin of 4.4%, up from 3.8% [21] Business Line Data and Key Metrics Changes - The U.S. Gas segment revenue totaled $197.7 million, a year-over-year decrease of 12.7%, with a gross profit margin declining to -7.5% from -1.8% due to weather disruptions [22][23] - The Canadian Gas segment revenue was $39.8 million, down 2.9% year-over-year, but the segment margin improved to 17.8% from 7.5% [24] - Union Electric segment revenue increased by 7.1% to $175.5 million, with core Union Electric growth of 32.7% driven by increased bid project activity [25] - Nonunion Electric segment revenue rose by 41.9% to $137.1 million, with gross profit increasing to 11.9% from 2.9% due to higher crew counts and work hours [26] Market Data and Key Metrics Changes - The U.S. Gas segment faced adverse weather conditions impacting performance, but March showed significant improvement [18] - The nonunion electrical segment benefited from strong market trends in the Sunbelt and Southeast, driven by storm damage recovery efforts [19] Company Strategy and Development Direction - The company is focused on implementing a unified business development strategy aimed at high growth pipeline development and securing new awards [10][12] - There is an emphasis on enhancing capital efficiency and improving free cash flow through better management of capital equipment and working capital [28] - The company aims to grow its customer base and expand market presence, leveraging its scale and capabilities in utility services [9][10] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate significant impacts from the global trade war or tariffs in 2025, citing a resilient business model [7][29] - The outlook for full-year 2025 remains unchanged, with expectations to deliver revenues between $2.6 billion and $2.8 billion [28][29] - Management expressed confidence in achieving a book-to-bill ratio exceeding 1.1 times for the year, supported by a strong sales pipeline [13][29] Other Important Information - The company reported a record booking quarter with new bookings totaling $1.2 billion in Q1 2025, significantly up from $221 million in Q4 2024 [13] - The backlog increased to $4.5 billion as of Q1 2025 from $3.7 billion at the end of 2024 [13] Q&A Session Summary Question: How will the company achieve the upper end of revenue guidance despite a weaker Q1 in U.S. Gas? - Management noted that the gas business experienced a slow start due to weather but recovered in March and April, with work under contract supporting the guidance [34][35] Question: What were the key findings from the strategic review? - The review highlighted the need for a fully integrated sales pipeline, improved cross-selling capabilities, cultural shifts towards growth, and alignment of KPIs with profitability goals [37][40] Question: How does the U.S. Gas segment's loss compare to expectations? - Management acknowledged that Q1 is typically slow for the gas segment due to weather, but they are working to mitigate impacts by expanding operations in warmer regions [44][45] Question: What is the expected cadence for bookings throughout the year? - Management anticipates some lumpiness in bookings, with Q2 and Q4 expected to be strong, while Q3 may be quieter [50][51] Question: Can you provide details on the new MSAs and their risk profile? - The new work involves familiar services and customers, maintaining the same risk profile as previous contracts [59][60] Question: What is the outlook for EBITDA margins? - Management expects to achieve full-year guidance without needing significant changes, as the business is on track to meet budget expectations [66][67]