Core Viewpoint - The "Yarlung Tsangpo River Hydropower" concept has gained renewed attention, significantly impacting the stock performance of related companies like Shen Shui Gui Yuan, which has seen a stock price increase of over 90% since July 21 [2][4]. Company Overview - Shen Shui Gui Yuan is a state-owned enterprise under the Shenzhen State-owned Assets Supervision and Administration Commission, specializing in providing surveying, design, planning consulting, and project management services for water engineering [4]. - The company holds various qualifications, including Class A in water conservancy engineering design and comprehensive Class A in engineering surveying, as well as Class B in hydropower engineering design [4]. Financial Performance - For the fiscal year 2024, Shen Shui Gui Yuan reported total revenue of 855 million yuan, representing a year-on-year growth of 11.14%. The net profit attributable to shareholders was 52.83 million yuan, a substantial increase of 278.10% year-on-year, while the net profit excluding non-recurring items was 48.10 million yuan, up 206.42% [4]. - In the first quarter of this year, the company experienced a decline in performance, with total revenue of 96.52 million yuan, a year-on-year decrease of 11.40%. The net profit attributable to shareholders was a loss of 29.46 million yuan, down 125.25% year-on-year [4]. Project Involvement - The groundbreaking ceremony for the Yarlung Tsangpo River hydropower project took place on July 19, with a total investment of approximately 1.2 trillion yuan. The project will construct five cascade power stations with an expected installed capacity of 60 to 81 million kilowatts and an annual power generation of 300 billion kilowatt-hours, equivalent to "recreating three Three Gorges" [4]. - Shen Shui Gui Yuan has relevant experience in water surveying and design, particularly in the Tibet region, where it has previously completed the Dangdui Hydropower Station, a key water conservancy project in Tibet [4][5]. - The company has indicated that it is closely monitoring developments related to the Yarlung Tsangpo River hydropower project but has not yet participated in its construction. However, it possesses the qualifications to undertake hydropower station projects [5].