Financial Performance - The company reported total revenue of 326 million yuan for the first half of 2025, an increase of 18.25% year-on-year [1] - The net profit attributable to shareholders was -88.78 million yuan, a decline of 63.5% compared to the previous year [1] - In Q2 2025, total revenue reached 190 million yuan, showing an impressive growth of 83.33% year-on-year [1] - The gross margin improved to 5.49%, up 27.99% year-on-year, while the net margin decreased to -26.86%, down 26.99% year-on-year [1] - The company’s operating cash flow per share increased significantly by 274.51% to 0.16 yuan [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 0.89% last year, indicating weak capital returns [3] - The historical median ROIC over the past decade was -0.02%, with a particularly poor performance in 2022 at -8.51% [3] - The ratio of accounts receivable to net profit reached an alarming 3268.72%, highlighting potential liquidity issues [1][3] Business Model and Operations - The company focuses on water environment management, urban water system services, sponge city construction, municipal design, EPC contracting, and engineering consulting [4] - It is actively expanding its business scope through acquisitions and integrating digital technologies to enhance traditional operations and explore new profit growth avenues [4]