Core Insights - The company reported a total revenue of 1.295 billion yuan for the first half of 2025, representing a year-on-year increase of 39.04% [1] - The net profit attributable to shareholders was 62.4643 million yuan, up 9.63% year-on-year, while the net profit after deducting non-recurring gains and losses was 62.6758 million yuan, an increase of 9.93% year-on-year [1] - However, the second quarter saw a decline in net profit attributable to shareholders, which was 33.513 million yuan, down 14.45% year-on-year, indicating volatility in quarterly performance [1] Financial Performance - The gross profit margin was 9.95%, a decrease of 26.15% year-on-year, while the net profit margin was 5.13%, down 15.96% year-on-year [6] - Earnings per share increased by 8.77% to 0.62 yuan, and net assets per share rose by 4.34% to 10.94 yuan [6] - Operating cash flow per share saw a significant increase of 211.46%, reaching 1.06 yuan [6] Cost and Expense Control - The ratio of three expenses to revenue was 1.66%, a decrease of 49.51% year-on-year, indicating improved cost control [3] Revenue Composition - The main business revenue was derived from cleanroom engineering, accounting for 64.36% of total revenue with a gross margin of 9.03% [6] - Other electromechanical installation projects contributed 31.78% of total revenue with a gross margin of 10.44% [6] - Equipment sales made up 3.74% of total revenue with a gross margin of 19.80% [6] Accounts Receivable Risk - The accounts receivable amounted to 525 million yuan, which is 459% of the latest annual net profit, indicating a significant amount that requires attention regarding its collection [4]

Group 1 - The company is named Both Engineering Technology Co., Ltd. and was established in accordance with the Company Law of the People's Republic of China [1] - The company was registered on March 16, 2023, and approved by the China Securities Regulatory Commission for the public issuance of 130 million shares [3] - The registered capital of the company is RMB 527,216,860 [6] Group 2 - The company operates as a limited liability company with permanent existence [1] - The legal representative of the company is the chairman of the board, who is responsible for executing company affairs [2] - The company’s assets are divided into equal shares, and shareholders are liable for the company's debts only to the extent of their subscribed shares [2] Group 3 - The company's business scope includes various engineering services such as electromechanical installation, building decoration, and environmental engineering [3][4] - The company is also involved in domestic trade and the import and export of goods and technologies [4] Group 4 - The company’s shares are issued in the form of stocks, and all shares have equal rights [6] - The total number of shares issued by the company is 527,216,860, all of which are ordinary shares [6] Group 5 - The company can provide financial assistance for others to acquire its shares under certain conditions, with a limit of 10% of the total issued capital [7] - The company may increase or decrease its registered capital as needed, following legal procedures [7][8] Group 6 - The company’s shareholders have rights to dividends, attend meetings, and supervise the company’s operations [13][14] - Shareholders can request the convening of shareholder meetings and have the right to propose agenda items [26][58]