Core Viewpoint - The company operates primarily in the domestic market, focusing on smart energy solutions and public infrastructure construction, with significant changes in revenue and profit margins observed over recent years [9][11]. Financial Performance - The company's revenue and net profit growth rates have shown fluctuations, with a notable decline in 2023 compared to previous years [11][12]. - In the first half of 2025, the company reported a net profit margin of -0.46%, a decrease of 0.62 percentage points year-on-year [18]. - The operating cash flow for the first half of 2025 was 18.90 million, while financing and investment activities showed negative cash flows [22]. Revenue Composition - For the first half of 2025, the revenue composition was 40.4 million from smart energy business and 54.1 million from public construction business [13]. - In 2024, the revenue from public construction business was 20.287 million, indicating a significant contribution to overall revenue [15]. Asset and Liability Changes - As of the first half of 2025, fixed assets decreased by 5.49%, while contract assets increased by 3.68% [33]. - The company’s liabilities showed a 29.89% increase in accounts payable, while long-term loans decreased by 14.07% [36]. Financial Ratios - The company’s current ratio was reported at 5.17 and the quick ratio at 5.15 in the first half of 2025, indicating strong liquidity [40]. - The asset-liability ratio has been consistently below the industry average, recorded at 24.39% in 2023 [39].