Summary of Conference Call Company and Industry - The conference call pertains to the engineering and construction industry, specifically focusing on the company "汇生工程" (Hui Sheng Engineering) and its activities in the energy and chemical sectors. Key Points and Arguments 1. **New Orders and Contracts**: The company secured new orders amounting to 10.87 billion, including significant contracts in Nigeria for PDH and PP projects, a technical service contract for a biomass formaldehyde project in Turkey, and a major MTO project in Guangxi, China [1] 2. **Technological Innovations**: The company reported 15 new patent applications and 13 new authorized patents in 2024, indicating a strong focus on technological advancement [1] 3. **Project Progress**: - The Guangxi MTO project is 100% designed, 67% procured, and 50% constructed, with major equipment installation completed [3] - The Saudi Arabia projects (DBCU and Flarabi) are progressing well, with design and procurement nearing completion [3] - The Qatar ETC project is 57% complete, with design at 96% and procurement at 69% [4] 4. **Financial Performance**: - New signed orders for 2024 are expected to significantly increase compared to 2023, reaching 10.87 billion [4] - The company achieved a positive operating cash flow of 3.08 billion in 2024, marking a significant improvement [5] - Total assets have increased, while total liabilities have also risen, primarily due to contract liabilities [5] 5. **Market Expansion**: The company plans to expand into emerging markets, particularly in Africa, Southeast Asia, the Middle East, and Europe, focusing on new energy sectors [4] 6. **Future Business Outlook**: The company aims to enhance profitability through entering new energy industries and improving internal management processes [6] 7. **Challenges in New Energy Sector**: The financial contribution from the new energy business is currently minimal, with challenges including high costs and intense market competition [7] 8. **Internationalization Efforts**: The company has established an international transformation office to enhance its global presence and align with public company standards [8] 9. **2025 Performance Outlook**: The company is committed to sustainable growth, focusing on product innovation, market expansion, customer experience, and corporate social responsibility [9] Other Important Content - The company emphasized the importance of technological innovation and ecosystem building for long-term development in the new energy sector [7] - The management expressed confidence in achieving performance growth and delivering better returns to shareholders through strategic initiatives [9]