Core Insights - The company's international business has shown significant growth, with project amounts reaching 5.0 billion yuan from January to September 2025, a year-on-year increase of 87.3%, surpassing the total overseas business orders for 2024 [1] - Domestic business shows structural differentiation, with industrial construction performing well, while public construction and EPC face challenges [1][2] International Business Performance - The international business segment achieved project amounts of 5.0 billion yuan, with industrial buildings at 2.52 billion yuan (up 64.3%) and public buildings at 2.47 billion yuan (up 118.4%) [1] - The company has established a solid foundation for international operations since the establishment of its international business department in 2008, with over 500 certified welders and multiple international certifications [2] - New contracts signed in the first half of 2025 include a 550 million yuan project for the Jeddah Sports Complex, contributing to the company's international recognition [2] Domestic Business Performance - Domestic industrial construction projects reached 7.42 billion yuan, a 9.1% increase, with a significant quarterly growth of 53.8% in Q3 [1] - Emerging businesses such as industrial chain and strategic alliances, as well as BIPV, have shown rapid growth, with amounts of 1.14 billion yuan and 280 million yuan respectively, both exceeding 2024's total orders [1] - However, domestic public construction and EPC businesses faced declines, with amounts of 2.25 billion yuan and 1.76 billion yuan, down 35.5% and 44.6% respectively [1]