Core Viewpoint - Sanhe Pile (003037) has diversified its revenue sources, with over 50% coming from industrial projects, while also expanding into real estate, public construction, and photovoltaic projects [1] Revenue Sources - The company's revenue is primarily derived from industrial projects, accounting for more than 50% of total revenue [1] - Significant contributions also come from real estate, public construction, and photovoltaic projects [1] Emerging Applications - In recent years, the company has been expanding into emerging application scenarios such as photovoltaic, wind power, and water conservancy, leading to an optimized revenue structure [1] - By the first half of 2025, photovoltaic piles accounted for 15.63% of the total sales of pile products, while water and wind power piles represented 3.17% and 0.51% respectively [1] Regional Revenue Distribution - The company's revenue is mainly concentrated in the East China and Central South regions, with East China accounting for 49.27% and Central South for 43.78% of total revenue in the first half of 2025 [1] - The company also has business operations in Northeast, North China, Northwest, and overseas regions [1]

Core Viewpoint - The company reported significant growth in both revenue and profit for the first half of 2025, driven by a dual strategy of upgrading traditional businesses and breaking into emerging markets, showcasing its resilience amid policy benefits and market demand [1] Revenue and Profit Analysis - The company achieved a revenue of 3.039 billion yuan, an increase of 11.31% year-on-year, while net profit surged to 66.444 million yuan, a staggering increase of 3433.46% compared to the previous year's 1.8804 million yuan [1][2] - The growth in revenue and profit is attributed to an increase in high-value-added products and effective cost control across the supply chain [2] Business Structure Optimization - The company focused on new energy sectors such as photovoltaics, water conservancy, and wind power, which have become the core growth engines [3] - Sales of photovoltaic piles reached 3.385 million meters, up 50.58%, while water conservancy piles saw a dramatic increase of 191.96% to 686,700 meters [3] - The wind power sector experienced growth in both piles and components, with pile sales increasing by 35.21% and PC component sales skyrocketing by 1392.16% [3] Growth Drivers - The company's performance is a result of the synergy between policy support, expanding market demand, and its core competitive advantages [4] - National policies promoting green building materials and significant investments in infrastructure projects have created a favorable environment for the company [4][5] - The company has a strong technological foundation with 226 patents and over 20 core technologies, enhancing its competitive edge [5] Cost Control Measures - The company implemented a comprehensive cost reduction strategy, achieving a high capacity utilization rate of 87.61%, which significantly improved overall profitability [6][7] Strategic Initiatives - The company adopted a dual strategy of stabilizing traditional businesses while expanding into new markets, focusing on high-diameter and high-strength products [8] - It has established strategic partnerships with leading firms in the industry to enhance its presence in emerging sectors [8] - The company is actively developing a market-oriented R&D innovation system to improve its responsiveness to customer needs [8] Capacity Expansion - The company is strategically expanding its production capacity to meet the growing demand in key markets, with new facilities coming online in various regions [9] - Ongoing projects are expected to further enhance the company's capacity and support future growth [9]