Core Viewpoint - Zhejiang Jiaokao (stock code: 002061) reported steady revenue and profit growth in the first half of 2025, driven by diversified business collaboration and refined management, while enhancing core competitiveness through mergers, technology development, and market optimization [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 18.647 billion yuan, a year-on-year increase of 1.12% [1] - Net profit reached 545 million yuan, up 6.43% year-on-year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 530 million yuan, reflecting a 6.19% increase year-on-year, indicating continuous improvement in profit quality [1] Business Operations - The company focuses on infrastructure engineering, extending its value chain around construction services, forming a diversified development pattern with transportation infrastructure as the mainstay [2] - In the transportation infrastructure sector, the company has integrated capabilities in investment, design, procurement, construction, and maintenance, covering various fields such as roads, bridges, ports, and rail transit [2] - New project contracts primarily consist of construction general contracting (over 50%) and engineering general contracting (approximately 30%), with ongoing expansion into franchise operations and integrated construction and maintenance models [2] Mergers and Subsidiary Operations - The company completed the acquisition of Zhejiang Yitong Special Foundation Engineering Co., Ltd. for 359 million yuan, obtaining a 51% stake and enhancing its competitive edge in the infrastructure sector [3] - Core subsidiary Zhejiang Jiaokong Group achieved operating revenue of 18.647 billion yuan and net profit of 555 million yuan during the reporting period, contributing significantly to overall performance [3] - The company invested 459 million yuan in R&D, a 13.58% increase year-on-year, focusing on high-strength rebound detection technology and self-developed anti-corrosion coatings [3] Market Expansion - The company has established 33 marketing agencies in Zhejiang and 20 in other provinces, covering over 30 provinces and municipalities nationwide [4] - Internationally, the company has expanded its business to 20 countries, generating 332 million yuan in overseas revenue despite geopolitical challenges [4] - The company actively participates in major projects aligned with national strategies, such as the "Transportation Power" initiative and the "Yangtze River Delta Integration Development" strategy [4] Future Outlook - The company plans to continue focusing on its core infrastructure business, deepen diversified business collaboration, and increase investments in technology development and digital transformation [4] - The strategy includes enhancing competitiveness through mergers and market optimization, aiming for significant breakthroughs in transportation infrastructure and related industries [4]