Group 1: Research Basic Information - The research object is FusiDa, and the reception time is September 4, 2025. The listed company's reception staff includes the chairman Ge Shuifu, the director and general manager Ge Haojun, the independent director Liu Haining, the financial controller Huang Zhengjie, and the board secretary Zhang Yuanfei [16] Group 2: Detailed Research Institutions - The institution-related personnel are others, and the reception objects are the vast number of investors participating in the company's 2025 semi-annual performance briefing [19] Group 3: Main Content Overseas Market Expansion - In the reporting period, the company followed the national "Belt and Road" initiative, adopted the "pioneering - rooting - booming" strategy, successfully explored 2 new national markets, strengthened competitive advantages, developed high - quality customers, enhanced the stickiness of loyal customers, and built international brand advantages. It also actively promoted cooperation with international large - scale engineering companies, oil and gas companies, and gas companies [23] Second Growth Curve Layout - The company conducted in - depth market research according to business development needs, strengthened the layout in equipment for natural gas, hydrogen, and syngas, and the industrial gas field to expand business revenue and build a second growth curve [23][24] Future Strategic Planning - The company will focus on its main business, continue to delve into the cryogenic technology field, adhere to the brand positioning of "German - style quality, Zhejiang - enterprise style", increase R & D investment, improve product quality and core competitiveness, strengthen market promotion and brand building, expand domestic and international markets, and increase product market share. It will also strengthen the layout in the above - mentioned fields to build a second growth curve [24] Competitive Advantages Overseas - The company's large - and medium - sized air separation equipment, natural gas processing and liquefaction devices have reached the domestic advanced level in technology and quality, with a small technology gap compared with international peers and lower costs, giving it strong competitive advantages in the international market [24] Future Development Trend - The company achieved double - growth in revenue and net profit in the first half of the year. It will continue to focus on its main business, strengthen R & D investment, expand markets, and build a second growth curve to ensure high - quality sustainable development and create more value for shareholders [24][25] Response to Low Traditional Industry Utilization Rate - The company actively explored emerging fields and built a second growth curve. It relied on its cryogenic technology, expanded overseas markets following the "Belt and Road" initiative, and provided customized solutions to different customers, effectively hedging the risk of order acquisition caused by low traditional industry utilization rates. Its overseas business covers more than 70 countries and regions in Asia, Europe, America, and Africa [26] New Orders - For new - signed orders, please refer to the company's announcements. Currently, the company has sufficient on - hand orders and will actively strive for orders in the second half of the year [26] Impact of Reduced Sales Expenses - The reduction in sales expenses is due to organizational structure adjustment, with some functions and personnel transferred to other departments. Currently, it will not have an adverse impact on new - signed orders [26]