Core Viewpoint - Jinrun Co., Ltd. has developed a strong foundation in emergency fire-retardant materials for nuclear power and civil protection, expanding its customer base to various infrastructure sectors, including state grid, wind power, energy storage, railways, hospitals, and schools [1] Financial Performance - In the first half of 2025, Jinrun achieved operating revenue of 99,229,918.23 yuan, a year-on-year increase of 44.18%, and a net profit of 21,468,162.25 yuan, up 75.75% year-on-year [1] - The company's gross profit margin improved to 51.25% from 44.93% in the same period last year [2] Revenue Breakdown - Revenue from fire protection products reached 85,155,242.31 yuan, with a gross margin of 54.82%, while fire engineering contributed 13,765,519.74 yuan with a gross margin of 30.58% [3] - The revenue from fire protection products grew by 54.77% year-on-year, driven by increased sales orders for nuclear-related products [3] Market Expansion and Contracts - Jinrun has secured significant contracts related to nuclear power projects, with new contracts primarily linked to nuclear power units approved in 2020 and 2021 [3] - The company has received multiple contracts for fire protection materials for various nuclear power projects, including significant amounts for the Changjiang and Tianwan nuclear power stations [4] Diversification Strategy - Jinrun is diversifying its product offerings beyond nuclear applications, developing innovative fire-retardant materials suitable for non-nuclear markets, including state grid and wind power sectors [5] - The company aims to transition its non-nuclear business towards high-end markets while maintaining a dual focus on both nuclear and non-nuclear innovations [6] Future Outlook - Jinrun's performance is expected to recover to a net profit level of around 50 million yuan, benefiting from the accelerated pace of national nuclear power construction and rapid development in civil business [8] - There is speculation about the potential for the company to restart its IPO process as its financial performance improves [8]