Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's revenue for the first half of 2025 was 6.735 billion yuan, a year-on-year decrease of 35.34%, while the net profit attributable to shareholders was 309 million yuan, down 42.71% year-on-year [2][6] - The decline in performance is primarily attributed to falling coking coal prices and a decrease in revenue from the integrated mining project in Mongolia [12] - Despite the challenges, the company's profitability improved, with a gross margin of 13.09%, an increase of 3.00 percentage points year-on-year [12] - The company experienced a significant increase in cash flow, with a net cash inflow from operating activities of 147 million yuan, turning positive year-on-year [12] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 6.735 billion yuan, a decrease of 35.34% year-on-year, and a net profit of 309 million yuan, down 42.71% year-on-year [2][6] - The revenue breakdown by segments showed engineering construction and services at 3.099 billion yuan (-24.91%), resource supply chain at 2.663 billion yuan (-50.88%), power operations at 325 million yuan (+55.16%), and industrial manufacturing at 619 million yuan (-0.89%) [12] Coking Coal Market - Coking coal prices have significantly declined, with the price of Mongolian 5 raw coal at the Ganqimaodu port at 735 yuan/ton as of June 30, 2025, down 43.02% year-on-year [12] - The company’s coking coal sales volume decreased, impacting overall revenue [12] Operational Highlights - The company signed new projects worth 402 million USD in the first half of 2025, a decrease of 44.76% year-on-year [12] - Key operational projects include the Croatian wind power project, which generated 215 million kWh (+20.79% year-on-year), and the Laos South Power Station, which generated 214 million kWh [12] Future Outlook - The company anticipates improvements in coking coal supply and demand dynamics, with the main contract price recovering from a low of 741.50 yuan/ton to 1295 yuan/ton [12] - The Bangladesh project is expected to enter the operational phase in the second half of 2025, potentially contributing positively to future performance [12]