Performance Summary - In the first half of 2025, the company reported a revenue of 9.41 billion yuan, a year-on-year decline of 5.6%, and a net profit attributable to shareholders of 2.42 billion yuan, down 11.8% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.62 billion yuan, a significant year-on-year decline of 28.7%, with a net profit of 1.21 billion yuan, down 19.2% year-on-year [1] Revenue Breakdown - The decline in overall revenue was primarily due to a decrease in construction revenue, with a 0.99% decline when excluding construction income. However, toll revenue increased by 1.65%, with the average daily toll revenue on the Hu-Ning Expressway rising by 8.18% due to the impact of the Hu-Wu Expressway expansion [1] - Revenue from ancillary businesses decreased by 2.15%, despite an increase in oil sales volume, which was offset by a decline in sales price [1] - Revenue from the new energy sector fell by 3.7%, mainly due to reduced offshore wind power generation from the Yunshan Qingneng company's project in the Jiangsu region [1] - Real estate revenue plummeted by 84.9%, attributed to a decrease in delivery scale [1] Profitability and Costs - The company's gross margin for H1 2025 was 33.2%, an increase of 3.1 percentage points year-on-year, mainly due to a decrease in the proportion of zero-margin construction period revenue [2] - The company's expense ratio remained stable at 5.87%, with financial expenses decreasing by 0.11 percentage points to 4.7% due to lower interest rates [2] - Investment income fell to 700 million yuan, a decline of 33.2% year-on-year, primarily due to adjustments in the dividend cycle from Jiangsu Bank and the absence of asset disposal gains recorded in the previous year [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 5.04 billion yuan, 5.42 billion yuan, and 5.85 billion yuan, respectively, down from previous estimates [3] - The company continues to focus on cost reduction and efficiency improvements, optimizing existing road operations and utilizing diverse financing methods to lower financial costs [2]