张森和工友搭建脚手架。 记者一摸钢管，瞬间收回手。"小心点，现在钢管的温度就跟热锅盖差不多。"张森告诉记者，在烈 日下暴晒的钢管表面温度经常超过50℃，干活时即使隔着手套，仍会感受到钢管的烫手。 工人们在驿站喝水。 "但最怕的不是烫，是急。"张森一边擦汗一边说，架子工承担着车站主体结构施工的前置任务，一 旦脚手架体系没有搭设好，后续工序就没法展开，"工人走的梯子、绑钢筋的平台、防止跌落的护栏， 全是我们先搭好，他们才能上工，架子搭太慢会直接影响工程的进度。" 上午9点30分，走进杭州地铁18号线一期工程莫邪塘站施工现场，热浪扑面而来。混凝土围护墙将 高温牢牢封存在地下空间里，仿佛形成了一个巨型"蒸笼"。基坑深处，架子工张森手拿扳手，熟练地穿 梭在滚烫钢管间，正忙着搭建操作平台。 "越热越要沉住气，不能图快，出不得一点差错，必须保证不变形，不倾斜，不摇晃。"张森解释 道，车站主体结构的高支模架子搭设属于超危大工程，"如果架子搭得质量不行，不但会直接影响结构 质量，还会造成严重的安全隐患，后果不堪设想。" 张森左手抓住脚手架上横着的一根钢管，右脚攀住一根纵向钢管，一跃身就爬上高处并动态调整安 全绳，利落地安装横杆 ...

Group 1 - The Changsha Beichen New River Delta Project A2 Zone has completed the main structure of Building 1 ahead of schedule, marking a significant milestone in the construction process [1][3] - The project covers a total construction area of approximately 236,000 square meters and includes seven individual buildings, featuring high-end apartment-style offices, boutique commercial spaces, and river-view residences [3] - Building 1, as the core structure, employs a frame core tube structure and has faced significant challenges due to its deep foundation pit of nearly 17 meters and a 45-meter high steel structure crown on the roof [3][5] Group 2 - The project team has actively applied intelligent construction technologies and equipment, emphasizing technological innovation to drive construction transformation [5] - A newly developed adjustable height platform for attached lifting scaffolding has been implemented, allowing workers to easily and accurately adjust protective heights in response to varying floor heights, significantly enhancing safety [7] - The project also utilizes BIM technology to create a three-dimensional digital model, addressing complex construction challenges and improving efficiency by 20% through the use of laser leveling robots and increasing quality inspection efficiency by four times with cloud measurement robots [7]

Company and Industry Summary Company Overview - The company is a leading player in the equipment operation service industry in China, with total assets reaching 36.4 billion RMB by the end of last year, including a management asset scale of 216,000 high-altitude equipment platforms and nearly 145,000 tons of new capture materials and approximately 70,000 tons of new mold materials [1][2] Strategic Vision - The long-term vision is to become a world-class comprehensive equipment operation service provider, aiming to establish a strong presence in Southeast Asia and North Africa over the next decade [2] Financial Performance - In 2024, the company reported a revenue growth of over 20%, reaching 11.58 billion RMB, while EBITDA increased slightly by 3%. However, net profit saw a slight decline due to asset layout and increased shipping costs for second-hand assets [12][18] Domestic Business Insights - The company maintained a market share of over 30% in the high-altitude equipment sector during a decade of rapid growth from 2013 to 2023. In response to a recent adjustment in the domestic rental market, the company is implementing strategies to enhance asset operational efficiency [3][4] - New business expansion stores have been established to better serve end customers in sectors such as mining and steel [4] Product and Service Expansion - The company is diversifying its product offerings, with new categories generating approximately 220 million RMB in revenue, reflecting an over 800% year-on-year growth [4] - The company is also optimizing its asset structure by transferring traditional equipment overseas and enhancing digital operations to improve efficiency [5][6] International Expansion - The company follows a "3+3+3" strategy for overseas business development, focusing on countries along the Belt and Road Initiative. The demand for equipment operation services in Southeast Asia, the Middle East, and North Africa is expected to grow [7][8] - By mid-2024, the company had established 53 outlets in seven countries, employing around 700 staff, with an asset scale exceeding 3 billion RMB [8][9] Revenue Structure - The overseas revenue accounted for only 3.4% of total revenue, but it is expected to grow rapidly in the future. The company aims to enhance its multi-product operation model in existing markets [13][11] Market Challenges - The average output rate declined by 6 percentage points year-on-year, with rental prices for construction machinery dropping by 20%. The company's rental prices also fell by about 10% [14][15] - The company is facing challenges in maintaining rental rates and operational efficiency due to market fluctuations and competition from local rental companies [31][32] Future Outlook - The company anticipates a stable rental price environment in 2025, with an expected increase in utilization rates to offset potential price declines [38] - The focus will be on optimizing asset combinations and enhancing operational capabilities to improve overall asset returns and shareholder value [43][44] Key Financial Metrics - Total assets reached 36.4 billion RMB, with liabilities at 25 billion RMB, reflecting a 22% increase. The company maintains a debt ratio below 70% [20][19] - The company has established partnerships with eight overseas institutions, securing 1.66 billion RMB in foreign financing [18] Conclusion - The company is strategically positioned for growth in both domestic and international markets, with a focus on enhancing operational efficiency, diversifying product offerings, and expanding its global footprint while navigating market challenges and optimizing financial performance [42][43]