Core Insights - In H1 2025, the company reported a revenue of 404 million yuan, a decrease of 24.8% year-on-year, and a net profit attributable to shareholders of 35 million yuan, down 66.27% year-on-year, primarily due to increased investment in AI power business and adjustments in traditional operations [1] - The construction and operation business saw significant growth, with revenue of 98 million yuan, an increase of 60.59% year-on-year, becoming a key growth driver [1] - The company has made substantial progress in its AI business, with R&D investment of 29.62 million yuan in H1 2025, focusing on power AI and intelligent inspection systems [2] Financial Performance - H1 2025 revenue breakdown: - Construction and operation: 98 million yuan (+60.59% YoY) - System integration: 293 million yuan (-32.25% YoY) - Power design: 11 million yuan (-74.59% YoY) [1] - Regional performance: - Jiangsu: 200 million yuan (+27.61% YoY, 49.56% of total revenue) - Guangdong: 70 million yuan (+446.77% YoY, 17.34% of total revenue) - Beijing: 46 million yuan (+5.51% YoY, 11.45% of total revenue) [1] Business Development - The company has accumulated 202 million yuan in revenue from AI-related products and services since the launch of its power AI business [2] - The company has a strong order reserve with inventory at 511 million yuan and contract liabilities at 174 million yuan, indicating sufficient capacity for future growth [2] - The company is expected to achieve net profits of 222 million yuan, 266 million yuan, and 322 million yuan from 2025 to 2027, with corresponding EPS of 0.55, 0.66, and 0.80 yuan [2]