FPI(300203)2022-11-11 03:31Group 1: Financial Performance - The revenue from environmental governance equipment and engineering has seen growth, but the gross profit margin has significantly declined due to increased market competition [2][3] - The revenue for the first half of the year from instruments is approximately 859 million, with growth in environmental monitoring and industrial monitoring segments [3][4] - The net profit for the subsidiary Puyue in the first half is -74 million, and for another subsidiary, it is -13 million, primarily due to ongoing project costs without new income [4] Group 2: Business Operations - The order growth rate for the subsidiary Puyue is faster than revenue growth, affected by project implementation delays due to the pandemic [3] - The company’s various business departments have shown growth in instrument sales, particularly in the environmental and industrial monitoring sectors [3][4] - The company is focusing on high-end analytical instruments, which typically experience a 3-5 year ramp-up period before significant revenue growth [5] Group 3: Market Trends and Strategy - The overall market demand for environmental and scientific instruments remains stable, despite the impact of the pandemic [4][5] - The company aims to leverage market opportunities and its strengths to shorten the ramp-up period and enhance competitive advantages across multiple technology platforms [5] - The financial reporting of PPP projects is reflected in non-current assets and long-term receivables on the balance sheet [4]