Core Viewpoint - The company reported steady revenue growth in the first half of 2025, driven by strong performance in energy, water resources, and strategic emerging industries, with a focus on core business areas [2][4]. Financial Performance - The company achieved operating revenue of 212.09 billion yuan in the first half of 2025, a year-on-year increase of 9.18%, with a second-quarter revenue of 111.72 billion yuan, up 15.35% year-on-year [2][3]. - The net profit attributable to shareholders was 2.80 billion yuan, reflecting a year-on-year growth of 0.72%, while the net profit after deducting non-recurring items was 2.52 billion yuan, up 8.32% year-on-year [1][2]. Business Segments - Core businesses in energy and water resources saw revenue growth of 18.58%, with strategic emerging industries growing by 14.6% [2]. - The company signed new contracts worth 775.36 billion yuan in the first half of 2025, a year-on-year increase of 4.98%, with overseas contracts growing by 13.74% [4]. Profitability and Margins - The overall gross margin for the first half of 2025 was 11.29%, a decrease of 0.91 percentage points year-on-year, primarily due to declining margins in engineering construction and investment operations [3]. - The net profit margin for the first half of 2025 was 1.32%, down 0.11 percentage points year-on-year [3]. Project and Capacity Development - As of the end of the reporting period, the company had a total installed capacity of 20.29 million kilowatts, with significant contributions from renewable energy sources [5]. - The company is expected to benefit from major infrastructure projects, including the Yarlung Tsangpo River downstream hydropower project and the South-to-North Water Diversion West Line project [5].