CHINA CRSC (03969) released its 2025 interim report. In the first half of 2025, the company maintained a working approach of prioritizing stability while pursuing progress, with key financial indicators remaining essentially stable. During the reporting period, the company achieved operating revenue of RMB 146.65 billion, representing a 2.91% increase compared to the same period last year. This comprised: Railway sector RMB 83.24 billion, down 7.87% year-on-year; Urban rail sector RMB 39.16 billion, up 12.85% year-on-year; Overseas sector RMB 9.44 billion, up 55.92% year-on-year; Engineering contracting and other sectors RMB 14.80 billion, up 29.93% year-on-year. Net profit attributable to shareholders reached RMB 16.205 billion, increasing 1.34% year-on-year, with basic earnings per share of RMB 0.15. In the first half of 2025, cumulative new contract signings totaled RMB 175.68 billion, down 16.44% compared to the same period last year. This included: Railway sector RMB 111.4 billion, up 12.64% year-on-year; Urban rail sector RMB 37.74 billion, up 26.51% year-on-year; Overseas sector RMB 18.75 billion, down 47.16% year-on-year; Engineering contracting and other sectors RMB 7.48 billion, down 83.74% year-on-year; Low-altitude economy sector secured new contracts worth RMB 0.3 billion. Meanwhile, the company is actively positioning itself in strategic emerging industries, accelerating its entry into the new low-altitude economy sector, and building an industrial framework of "three businesses, one ecosystem" encompassing low-altitude airspace management and control, drone manufacturing, and service operations. As the low-altitude economy-related industries develop and the company's strategic emerging industries advance further, these initiatives are expected to have a positive impact on the company's operating performance in the future.