Core Viewpoint - 中油工程 reported a mixed performance in the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in profitability despite increased sales [1][3]. Financial Performance - The company achieved an operating revenue of 36.287 billion yuan, representing a year-on-year increase of 12.18% [1]. - The net profit attributable to shareholders was 470 million yuan, reflecting a year-on-year decrease of 10.87% [1]. - Profitability indicators showed a decline, with net profit margin dropping from 1.63% in the first half of 2024 to 1.31% in 2025, and gross profit margin decreasing from 8.86% to 8.01% [3]. Operational Efficiency - The inventory turnover days improved to 79.46 days, a decrease of 14.56% compared to the same period last year, indicating better inventory management [5]. - The net cash flow from operating activities was -1.533 billion yuan, although this was a significant improvement from -7.052 billion yuan in the same period of 2024, it still indicates a need for better cash flow management [5]. - The asset-liability ratio increased to 77.26%, up 1.45 percentage points year-on-year, suggesting a heavier debt burden [5]. Institutional Investment - As of the first half of 2025, the number of institutions holding shares in 中油工程 decreased to 8, down from 113 in the same period of 2024, indicating a significant drop in institutional investor participation [7]. - The company's market capitalization was reported at 20.044 billion yuan, significantly lower than its peak of 54.045 billion yuan in May 2017, requiring a 169.64% increase in stock price to reach historical highs [7].