Company Overview - Victory Pipeline Holdings Limited is one of the largest manufacturers of oil and gas pipelines in China, primarily producing spiral submerged arc welded pipes (SAWH) and straight seam submerged arc welded pipes (SAWL) [3][4] - The company has over 40 years of experience in producing SAWH pipes and operates in key locations such as Zibo, Shandong Province, and Xiangtan, Hunan Province [3][4] Financial Performance - As of December 31, 2024, the company reported total revenue of 570 million yuan, a year-on-year decrease of 3.69%, while the net profit attributable to shareholders was -42.564 million yuan, showing a year-on-year increase of 56.75% [2] - The gross profit margin stands at 10.37%, and the debt-to-asset ratio is 59.86% [2] Production Capacity - The company operates 12 SAWH production lines with an annual capacity of 1.33 million tons and one SAWL production line with a capacity of 400,000 tons [4] - It also has five external anti-corrosion lines and four internal coating lines, capable of handling over 10 million square meters of anti-corrosion work annually [4] Industry Position - The average price-to-earnings (P/E) ratio for the oil and gas industry is -2.3 times, with a median of 1.73 times; Victory Pipeline's P/E ratio is -3.54 times, ranking 38th in the industry [3] - The company has participated in nearly all major long-distance oil and gas pipeline projects in China, providing over 3 million tons of quality welded pipes for significant domestic and international pipeline projects [4] Business Philosophy - The company emphasizes a customer-first philosophy and a continuous service model, which helps establish long-term customer relationships and sustain business operations [5] - It aims to collaborate with domestic and international partners to build a vast oil and gas pipeline network to meet the increasing energy demand and support national development [5]