Core Insights - The company reported a revenue of 238 million yuan in the first half of 2025, representing a year-on-year growth of 48.77%, indicating continuous improvement in operational status and strong momentum in core business development [2] Business Segments - In the anti-corrosion segment, revenue increased by 60.63%, with the company solidifying its leading position in the rail transit industry and winning several key projects [2] - The company achieved a technological breakthrough in environmentally friendly water-based coatings, successfully winning bids for projects such as the water-based coating for Nanjing Puzhen Railway Passenger Car Maintenance [2] - The anti-corrosion business also made significant progress in various industrial sectors, including containers, new energy equipment, petrochemicals, steel structures, and shipbuilding [2] Waterproof Segment - In the waterproof segment, the company maintained its advantages in the rail transit field while strictly controlling business risks in real estate and related industries [2] - In the first half of 2025, the company secured new bids worth approximately 86 million yuan in the waterproof business, with successful applications in major hydraulic dam projects in Pingxiang City, Jiangxi Province [2] New Energy Business - The company is actively promoting the deep integration of new energy materials and anti-corrosion business [3] - In the first half of 2025, adhesive products were applied and sold in the energy storage and power battery sectors, forming a matrix of various functional coating products, including fireproof, thermal reflective, flame-retardant insulation, and thermal insulation coatings [3]

Core Insights - Feilu Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 238 million yuan, a 48.77% increase year-on-year, indicating strong business development momentum [1] Business Segments Summary Anti-corrosion Business - The anti-corrosion segment experienced a year-on-year growth of 60.63%, solidifying the company's leading position in the rail transit industry [1] - Feilu Co., Ltd. expanded its competitive advantage in the rail transit equipment anti-corrosion niche market, winning key projects such as the first batch of freight car paint joint procurement from China National Railway Materials Co., Ltd. [1] - The company achieved breakthroughs in environmentally friendly water-based coatings, successfully winning projects like the water-based coating for Nanjing Puzhen Railway Passenger Car Maintenance, promoting large-scale application in the rail transit sector [1] Waterproofing Business - The waterproofing segment saw a 115% increase in total new bid amounts compared to the previous year, with over 60 million yuan in bids for rail transit waterproofing materials [2] - Feilu Co., Ltd. successfully applied its waterproof products in major hydraulic projects, such as the dam and power plant of the Shankouyan Hydraulic Hub in Pingxiang City, Jiangxi Province [2] - The company is actively seizing opportunities in national major hydraulic infrastructure projects, including the墨脱 hydropower station, to expand its business [2] New Energy Business - The new energy segment is emerging as a new growth driver, with the company integrating new energy materials with its anti-corrosion business [3] - During the reporting period, adhesive products were applied and sold in energy storage and power battery fields, creating a matrix of functional coating products [3] - Feilu Co., Ltd. established deep business cooperation with clients like Desay Battery for its tape products, and is advancing verification work with major domestic chip manufacturers for chip packaging materials [3]