Financial Data and Key Metrics Changes - Revenue for Q4 2025 was nearly $4 billion, a 16% year-over-year increase, bringing full-year revenue to $14.3 billion, also a 16% increase, marking a new record high [5][6] - Adjusted EBITDA for Q4 was $338 million, a 25% year-over-year increase, with full-year EBITDA of $1.15 billion, a 14% increase from the prior year [6][7] - Adjusted earnings per share was $2.07, a 44% increase compared to $1.44 in the prior year quarter [6] Business Line Data and Key Metrics Changes - Communications segment revenue increased 23% year-over-year in Q4, with full-year growth rates for revenue and EBITDA at 32% and 41% respectively [12][21] - Power delivery segment revenues increased 13% year-over-year in Q4, with EBITDA growing by 9% [13][14] - Clean energy and infrastructure segment saw a 15% revenue growth for the full year, with Q4 revenue slightly exceeding expectations [24][25] - Pipeline infrastructure segment revenue increased 50% year-over-year for Q4, with an EBITDA margin of 18.5% [16][27] Market Data and Key Metrics Changes - Backlog for the full year was up over $4.5 billion, a 33% annual increase, with a sequential increase of over $2 billion [7][8] - Communications backlog totaled $5.5 billion, an 8% sequential increase and a 20% year-over-year increase [21] - Power delivery backlog increased 17% year-over-year, ending the year at $5.6 billion, a new record [15] Company Strategy and Development Direction - The company is focused on organic growth while also pursuing strategic acquisitions to enhance its growth profile [10][31] - Recent acquisitions include NV2A, a construction management services firm, and McKee Utility Contractors, aimed at enhancing infrastructure capabilities [10][11] - The company anticipates double-digit growth in 2026 across all segments, with significant contributions from data center work [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term market conditions across all end markets served, with a strong backlog and visibility for future growth [7][8] - The company expects to achieve double-digit margins in communications and mid-teens margins in pipeline infrastructure by 2026 [18][32] - Management highlighted the importance of optimizing margins while continuing to grow organically [72][76] Other Important Information - The company generated cash flow from operations of $373 million in Q4, with free cash flow of $306 million, bringing the full year totals to $546 million and $342 million respectively [30] - Total liquidity at year-end was approximately $2.1 billion, with net leverage of 1.7x [30] Q&A Session Summary Question: Can you elaborate on the new language on power delivery segment approaching double-digit margins? - Management indicated that the goal for the power delivery segment is double-digit margins, with ongoing focus on execution and larger projects expected to contribute positively [39] Question: Can you provide details on the turnkey data center project? - The $1 billion figure includes various data center works, with expectations for significant growth in this area moving forward [40] Question: What is the visibility beyond the 18-month backlog? - Management noted that visibility is strong, with significant projects and opportunities expected to contribute to backlog expansion [56] Question: Can you provide more details on the Greenlink project? - Management confirmed that permitting issues have been resolved, allowing work to resume on the project, which is expected to progress well [61] Question: What are the expectations for margins in the communications segment? - Management expects continued margin improvement in the communications segment, driven by maturing businesses and strong growth [82]

Group 1 - The core viewpoint of the article is that Tongyou Technology (300302.SZ) has not yet participated in the construction of data centers in the Hainan Free Trade Port, but the company is open to exploring related business opportunities in the future [1] Group 2 - The company is currently not involved in any projects related to the Hainan Free Trade Port [1] - If relevant business opportunities arise, the company will actively seek to expand its operations [1]

Core Insights - The company, Jiechuang Intelligent, identifies major internet companies as key clients and partners, specifically mentioning collaborations with Tencent and NetEase for data center construction services [2] - A strategic partnership has been established with Xin Feng Wei Technology, a joint venture with Alibaba, focusing on AI digital ecosystem development and urban digital transformation [2] - The collaboration aims to promote the deployment of secure and reliable computing infrastructure and the implementation of intelligent applications to support high-quality urban digital transformation [2]