Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to disruptions in orders and impairment losses, but new order growth and improved cash flow are promising for future performance [1][2]. Financial Performance - 1H25 revenue was 2.687 billion yuan, down 23% year-over-year, with a net profit of 338 million yuan, down 10.1% year-over-year [1]. - New orders in 1H25 reached 6 billion yuan, an increase of 89.5% year-over-year, with backlog orders at 10.6 billion yuan, up 20.4% year-over-year, marking a historical high [1]. Sector Performance - The biopharmaceutical sector saw revenue of 797 million yuan in 1H25, up 20% year-over-year, driven by successful project completions in North Africa [1]. - The green energy sector is expected to become a new growth driver, with 1H25 revenue from other fields at 288 million yuan, up 18% year-over-year [2]. Future Outlook - For 2H25, the company anticipates strong revenue growth, supported by a significant backlog of orders and a recovery in overseas CAPEX demand [2]. - The modular data center technology is expected to enhance collaboration with downstream operators, potentially driving mid-term growth [3]. Capacity Expansion - The company is expanding its international production capacity, with ongoing projects in Nantong, Malaysia, and potential new facilities in Thailand, which will support long-term growth [3]. Earnings Forecast - The company projects EPS of 0.61, 0.76, and 0.97 yuan for 2025-2027, with a target price of 13.41 HKD for 2025, reflecting an increase in the valuation due to the recovery in the pharmaceutical sector [3].