Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.935 billion yuan, with a net profit attributable to shareholders of 23.76 million yuan, representing an increase of 0.60% and 48.57% year-on-year respectively [1] - The significant growth in net profit is attributed to the low base from the previous year, as the subsidiary, Shangzi Company, reported a net loss of 54 million yuan in the current period compared to a loss of 61 million yuan in the same period last year [1] - The company's net profit after deducting non-recurring gains and losses was -17 million yuan, a decrease of 6 million yuan year-on-year, primarily due to an increase in government subsidies and other non-recurring gains [1] Investment Cash Flow - The company's investment cash flow for the first half of 2025 was -765 million yuan, a decline of 565 million yuan compared to the previous year, mainly due to increased acquisition payments [2] - The increase in cash outflow was driven by 352 million yuan in structured deposits and 240 million yuan in payments for acquiring equity stakes in Sichuan Helix Construction Engineering Testing and Consulting Co., Ltd. and the phased equity transfer of Shangzi Company [2] Subsidiary Performance - Shangzi Company, included in the consolidated scope in January 2025, reported operating revenue of 224 million yuan and a net loss of 54 million yuan in the first half of 2025, with new contract amounts showing a year-on-year growth trend [3] - The company is focusing on integrating Shangzi's investment decision-making consulting services with its construction and operation consulting services to enhance overall consulting capabilities [3] Profitability Metrics - The company's gross margin and net margin for the first half of 2025 were 27.92% and 1.28%, respectively, an increase of 0.99 percentage points and 0.33 percentage points compared to the same period last year [5] - The growth in profitability is attributed to steady revenue growth and enhanced cost management [5] Accounts Receivable Management - As of June 30, 2025, accounts receivable amounted to 1.773 billion yuan, an increase of 196 million yuan or 12.43% from the beginning of the period, primarily due to seasonal characteristics in cash collection [5] - The company is implementing measures to improve accounts receivable management, including revising management systems and enhancing customer credit management [5] Business Expansion in Tibet - The company has been actively involved in supporting Tibet through planning research, evaluation, engineering supervision, and technical consulting services [6] - Following the earthquake in Tibet, the company mobilized a team to conduct emergency assessments and oversee reconstruction projects [6] International Business Development - Since the 14th Five-Year Plan, the company has been exploring overseas markets, providing project management, supervision, design, consulting, and inspection services for various international projects [7] - The company aims to enhance its international business capabilities during the 15th Five-Year Plan period [7] M&A Strategy - The company is pursuing a growth strategy that combines organic growth with external expansion through investments and acquisitions, focusing on engineering consulting and inspection services [8] Shareholder Information - As of June 30, 2025, the company had 18,665 shareholders, with a significant shareholder reducing their stake by approximately 0.9759% [9] - The reduction in shares is attributed to the shareholder's personal funding needs and is not expected to impact the company's governance or operations significantly [10]