Financial Data and Key Metrics Changes - The company reported quarterly revenue exceeding $2 billion for the first time, with earnings per share of $6.53, a 75% increase year-over-year [6][14] - Same store revenue growth was 19% for the quarter, with a 20% increase in total revenue for 2025 compared to the previous year [10][14] - EBITDA reached over $300 million for the first time, marking a 50% increase from the same quarter last year [10][14] - Free cash flow for the quarter was over $220 million, with a net cash position exceeding $250 million [15][17] Business Line Data and Key Metrics Changes - The electrical segment revenue grew by 49%, while the mechanical segment revenue increased by 13% [10] - Service revenue increased by 10%, contributing to 15% of total revenue, with strong profitability in this segment [21] - The gross profit margin improved to 23.5% from 20.1% year-over-year, with the mechanical segment margin at 22.9% and electrical segment margin at 25.3% [11][12] Market Data and Key Metrics Changes - Industrial customers accounted for 63% of total revenue, with technology representing 40% of revenue, up from 31% the previous year [19] - Institutional markets, including education and healthcare, contributed 24% of revenue, while the commercial sector provided about 13% [20] - The backlog at the end of the quarter reached a record $8.1 billion, a 41% increase year-over-year [18] Company Strategy and Development Direction - The company plans to continue incremental capacity expansion in its modular business while focusing on productivity and automation [24] - The acquisition of Rightway Plumbing is expected to generate $60 million to $70 million in annual revenue [7] - The company remains optimistic about strong demand for large and complex projects despite economic uncertainties [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing strong results for 2025 and into 2026, supported by robust demand and a healthy project pipeline [9][34] - The company anticipates maintaining gross profit margins in strong ranges, with a focus on project selection and operational efficiency [12][38] - Management noted that the recent tax reform legislation is not expected to significantly impact operating results or cash flows [14] Other Important Information - The company increased its quarterly dividend by 5 cents to 50 cents per share and actively repurchased shares during the first half of 2025 [8][17] - The company has over 2.7 million square feet of building capacity dedicated to its modular business, with plans to expand to around 3 million square feet by early next year [21] Q&A Session Summary Question: Modular capabilities expansion and potential third location - Management indicated a focus on measured incremental capacity expansion and improving productivity rather than prioritizing a third location at this time [24][26] Question: Impact of bonus depreciation on customer conversations - Management acknowledged that while bonus depreciation helps customers, it is not a significant driver of demand given the current strong market conditions [27] Question: Growth confidence for the remainder of 2025 - Management expressed optimism about robust future pipelines and continued growth, with service revenue showing consistent growth [33][36] Question: Modular revenue proportion in backlog - Management indicated that modular is expected to grow but emphasized that it is part of a broader strategy to meet demand across various sectors [49][90] Question: Competitive landscape in modular - Management noted that customers are encouraging competitive capacity development, but the focus remains on delivering superior service and quality [82] Question: Healthcare market opportunities - Management highlighted ongoing strength in the healthcare sector, particularly in new hospital builds and expansions [84] Question: Pricing dynamics and supplier cost pressures - Management acknowledged that while suppliers may seek to pass on costs, the company is well-positioned to negotiate and maintain margins [94][98]

在具体措施上，意见稿还提出，从2026年起全市出让的居住用地100%实施装配式建筑；每年度出让用 地中实施模块化建筑的建筑面积占新建筑总面积的比例不低于10%；新出让的商服用地，公共部分应采 用装配式装修。 此外，意见稿还提出，政府投资的学校、医院病房等公共建筑原则上均应实施模块化建筑，城中村改造 项目和公租房项目实施模块化建筑面积占项目新建建筑总面积的比例原则上不低于15%。政府投资或参 照政府投资管理的新建装配式建筑项目应采用装配式装修。城中村改造项目中建筑高度超过120米的新 建建筑工程应使用造楼机，鼓励其他高层建筑项目应用造楼机、建筑机器人等智能建造装备。上述对于 装配式建筑和模块化建筑的实施要求将纳入供地方案，落实到土地出让合同中，并纳入审批流程进行把 关。 白云机场三期扩建工程安置区项目的装配式建筑吊装现场。 南都讯 记者魏凯 在中央大力推广装配式建筑，提倡"像造汽车一样造房子"的背景下，广州拟从2026年 起要求全市出让的居住用地全部实施装配式建筑。日前广州市住建局在《关于大力发展智能建造与工业 化建筑加快建设建筑业现代产业的实施意见（征求意见稿）》中提出了上述要求。 因为存在上述优势，目前装配 ...