Summary of Key Points Core Viewpoint - The company, Shihua Machinery (000852), expects a significant decline in net profit for the first half of 2025, primarily due to changes in product delivery cycles and revenue structure [1] Financial Performance - The projected net profit attributable to shareholders for January 1, 2025, to June 30, 2025, is estimated to be between 26 million to 30 million yuan, representing a decrease of 55% to 60% compared to the same period last year, which was 65.69 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between 12 million to 15 million yuan, down 68% to 75% from 46.63 million yuan in the previous year [1] - Basic earnings per share are projected to be between 0.0276 yuan to 0.0319 yuan, a decline from 0.0698 yuan per share in the same period last year [1] Business Segment Analysis - The decline in performance is attributed to a decrease in revenue from high-margin products such as oil machinery equipment, while revenue from lower-margin products like oil and gas steel pipes has increased [1]