Hello, ladies and gentlemen. Thank you for standing by for Julong Holding Limited's first half of fiscal year 2025 earnings conference call. At this time, all participants are in a listen-only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host from Julong Holding Limited, Annie Tien. I am Manager for the company. Please go ahead, Annie. Thank you very much. Hello everyone, and welcome to Julong Holding Limited's earnings conference call for the first half of fiscal year 2025. The company's financial and operational results were released earlier today and are available online by visiting the IR section of our website at ir.julongcx.com. Please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, forward-looking statements involving higher risks and uncertainties. As such, the company's results may materially differ from today's views. Further information regarding these and other risks and uncertainties is included in the company's prospectus and other public filings as filed with the U.S. SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Participants on today's call will include our Founder, Chairman, and Chief Executive Officer, Mr. Jiaqi Hu, who will provide a company overview and update on our strategic initiatives with highlights from the period. Our Chief Financial Officer, Ms. Airu Chen, will then provide details on the company's financial results for the period. We will then open the call for questions. I will now turn the call over to Julong Holding Limited's Chief Executive Officer, Mr. Jiaqi Hu. Please go ahead, sir. 大家好, 感谢大家参加我们首次业绩报告电话会议。 Hello everyone, welcome to Julong Holding Limited's first earnings call. Thank you for joining us today. in the group's development history. Holding Limited listed on Nasdaq on June 26, 2025, marking a major milestone in the group's journey. Our successful IPO stands as a testament to the group's enduring strength and trusted reputation built over the years, and more importantly, paved the way for our rapid, high-quality future development. exceeding customer expectations, embracing innovation, investing in technology, and leading industry development. As a leading provider of intelligent integrated solutions in China, our business serves a diverse nationwide customer base, spanning public utilities, commercial properties, and multi-family residential properties operating at scale. Over the years, we have established a trusted reputation by ensuring the successful and on-time execution of complex projects through initiatives like deliveries before deadline and our customer-first approach. We have gradually developed three key business lines: engineering solutions for intelligent projects, operation and maintenance of intelligent projects, and sales of intelligent system equipment and materials. With a pioneering spirit, we aspire to lead China's intelligent integrated solutions industry, exceeding customers' expectations, embracing innovation, and investing in technology to define the industry's future. seizing the industry window to create long-term value. In the first half of fiscal year 2025, we achieved robust, high-quality growth in both revenue and profitability amid a surge in global demand for intelligent building solutions, harnessing our dual strengths of tech-powered execution prowess and strong credibility reinforced by our IPO. I am especially proud of our team's consistently exceptional execution in an ever-changing operating environment. Our business model's resilience and breadth of our diversified solutions empower us to adaptively navigate today's macroeconomic conditions while laying a solid foundation for long-term sustainable growth. Let me walk you through our business performance and strategic initiatives and share how Julong Holding Limited is seizing this window of industry opportunity to create long-term value. 今天我们公布了上市后的第一份业绩报告。在截止2025年3月31日止的6个月期间, 也就是2025财年上半年, 公司实现总收入超过¥100 million, 同比增长10%。主要得益于我们业务板块的结构优化。接下来请看我们每个业务板块的表现。 We released our first earnings report since our IPO earlier today. For the six months ending March 31, 2025, defined as the first half of fiscal year 2025, the company achieved a total revenue of over RMB 100 million, up 10% year over year, driven primarily by structural optimization across our business lines. Let's take a closer look at each segment. 首先是智能项目的工程解决方案业务，也是最为核心的业务板块，收入占比达到90%以上。2025财年上半年，工程解决方案业务收入实现了13.4%的同比增长，主要是由于项目规模化扶持能力的提升。具体表现为：一、新迁且已开工项目数量的增长，从去年同期的82个大幅增长至144个，增幅达到76%；二、高附加值定制化解决方案占比提升，带动平均活动金额同比上涨，印证了公司技术溢价能力已获得市场认可。例如，北京某国际机场智能安防项目、西南某商业银行、460家分支机构的系统运维升级均实现了技术溢价加长期服务双收益。 First, our engineering solutions for intelligent projects, the core of our operations and a contributor of over 90% of revenue, delivered 13.4% year-over-year revenue growth in the first half of fiscal year 2025. This was mainly driven by our enhanced ability to scale and replicate projects more effectively, reflected by two key metrics. First, our new contracts signed and under execution increased significantly from 82 for the same period of last year to 144 this year, up 76% year over year. Second, boosted by a higher proportion of high-value added customized solutions, our average contract value increased year over year, underscoring broad market recognition of our ability to connect a technology premium. Our intelligent security system project at a major international airport in Beijing and our system upgrade project across 460 branches of a leading commercial bank in Southwestern China are two prime examples. In both cases, we not only achieved technology premiums but also delivered the benefits of long-term service. 其次是智能项目的运营和维保业务。25财年上半年，我们战略性地将维保服务与新建项目进行了一体化整合。虽然由此造成了该业务板块短期内的收入波动，但有效提升了客户粘性与全生命周期价值。预计未来三年，运营和维保业务将持续贡献稳定现金流。 Next, let me turn to our operation and maintenance of intelligent projects segment. In the first half of fiscal year 2025, we strategically integrated maintenance services with new projects. While this caused some short-term revenue fluctuation for the segment, it has effectively strengthened the customer retention and overall lifecycle value. We expect the operation and maintenance business to remain a reliable source of cash flow over the next three years. 在智能系统设备与材料销售业务上，我们进行了战略性调整，将设备销售深度融入整体工程解决方案，避免了低毛利单一设备销售竞争，同时提升了整体项目的毛利水平和客户粘性。 Finally, for the sales of intelligent system equipment and materials, we strategically integrated equipment sales deeply into our overall engineering solutions. This adjustment allowed us to avoid competing on low-margin standalone equipment, boosting overall project margins and customer retention. 接下来跟大家分享我们的项目签署及执行情况。在新项目签署上，上半财年聚龙新签且已开工的工程解决方案项目为144个，上半财年聚龙新签署尚未开工工程解决方案项目25个，签署的合同总金额为人民币17.66 million，丰富的订单储备，夯实业绩增长的基础。在项目交付上，我们持续以强劲的执行能力保证项目高质量交付。 Next, let me share an update on project signing and implementation. In terms of new projects, we signed 144 new engineering solutions contracts and began execution during the first half of fiscal year 2025. In addition, during the first half of fiscal year 2025, we signed 25 new engineering solutions contracts that have not yet commenced, with a total contract amount of RMB 17.7 million, representing a healthy order backlog that will propel future revenue growth. Regarding project delivery, we continue to ensure high-quality execution thanks to our outstanding operational capabilities. 此外, 我们持续打造资质与品牌的双重优势, 构建差异化竞争壁垒。聚龙公司拥有电子与智能化工程专业承包一级资质, 消防设施工程专业承包一级资质, 安防工程设计施工维护一级资质, 上市信用加顶级资质的组合构成了聚龙与国内同行的关键差异。这一难以复制的竞争优势使我们有可能开拓海外市场的核心壁垒。在技术层面, 我们不断投入智能安防、消防物联网、应急指挥系统的研发。截止2025年3月31日, 公司累计获得23项专利权及28项软件著作权。在品牌建设与市场开拓层面, 纳斯达克上市带来了公司品牌影响力的显著提升, 为下一步在国际市场上开展合作奠定了信任基石。 Meanwhile, we constantly enhanced our credentials and brand reputation, deepening our differentiated competitive modes. Julong Holding Limited holds Class 1 licenses in electronic and intelligent engineering professional contracting, in fire protection engineering professional contracting, and in security system design, construction, and maintenance. Those top-tier qualifications, combined with our IPO-backed credibility, form a unique and hard-to-replicate advantage that will truly differentiate us from our domestic peers, serving as a key competitive barrier as we potentially expand into overseas markets. On the technology front, we have consistently invested in R&D for intelligent security, fire protection, IoT, and emergency command systems. As of March 31, 2025, the company had obtained a total of 23 patents and 28 software copyrights. In terms of brand building and market development, our Nasdaq listing has greatly elevated our brand visibility, creating a solid foundation of trust for future global partnerships. open and collaborative cooperation ecosystem platform. Strategically, we are actively capitalizing on the opportunities unleashed by China's tech-powered global trend, with the long-term goal of establishing our brand as a global benchmark in intelligent engineering, expanding into overseas markets in phases, while consistently strengthening our core domestic operations. At the same time, we will continue to drive innovation and upgrade our business model, fostering an open and collaborative ecosystem. existing customer service to ensure stable cash flow. In summary, we proved the resilience of our core strengths in the first half of fiscal year 2025, highlighted by 10% revenue growth and 30.2% net income growth. The global boom in intelligent buildings presents an opportunity for us to evolve from a China leading into a global benchmark. Moving forward, our strategy remains anchored in tech-driven execution as our foundation, now with IPO-backed credibility as our shield, capturing high margin returns while enhancing service for our domestic customer base to maintain stable cash flows. 我的分享到此结束, 接下来有请我们的首席财务官陈爱如女士为大家讲述公司的财务情况。 With that, I will turn the call over to our CFO, Ms. Airu Chen, who will discuss our key financial results. Please go ahead. below are in RMB. Thank you. Now, I'd like to discuss our financial results for the first half of fiscal year 2025. Please note all amounts are in RMB unless otherwise stated. company's transformation from scale expansion to quality growth, with scale effects and operating leverage beginning to emerge. We recorded strong financial results in the first half of fiscal year 2025, with significant year-over-year increases in revenue and profitability. Total revenue grew by 10% year over year, mainly driven by the 13.4% year-over-year revenue increase from our core engineering solutions for intelligent project business. Our gross profit rose 15.6% year over year, and gross margin improved 0.8 percentage points as we continue to reduce human resource costs through personnel structure and project management optimizations. We also enhanced our revenue mix and overall business structure by prioritizing high-margin software and services. Notably, operating income and net income increased by 30% and 30.2% year over year, respectively, outpacing revenue growth, demonstrating that our shift from scale expansion to quality growth has begun to deliver the benefits of scale and operating leverage. 接下来我将详细为大家讲述公司2025财年上半年的财务表现。 Looking at our financial results for the first half of fiscal year 2025 in more detail. service fees per project. Our total revenues increased by 10% to $102 million from $92.8 million in the same period of last fiscal year, primarily attributable to an increase in the number of intelligent projects for which we provided engineering solutions and an increase in the average service fee for engineering solutions for intelligent projects. period last year. Revenues from engineering solutions for intelligent projects increased by 13.4% to $97.9 million from $86.3 million in the same period of last fiscal year. year over year. Revenues from operation and maintenance of intelligent projects were $4.3 million compared with $4.9 million in the same period of last fiscal year, a decrease of $0.6 million year over year. year over year. Revenues from sales of intelligent system equipment and materials were $10,000 compared with $1.67 million in the same period of last fiscal year, a decrease of $1.66 million year over year. period last year. Cost of revenues increased by 9% to $85.5 million from $78.4 million in the same period of last fiscal year. period last year. Gross profit increased by 15.6% to $16.7 million from $14.5 million in the same period of last fiscal year. is being realized. Gross margin increased to 16.4% from 15.6% in the same period of last fiscal year, primarily due to the growing benefits of scale as revenues increased. reduction and efficiency improvement. Operating expenses decreased by 22.1% to $3.1 million from $4.0 million in the same period of last fiscal year, primarily due to our continuous efforts to reduce costs and improve efficiency. period last year. Operating income increased by 30% to $13.6 million from $10.5 million in the same period of last fiscal year. period last year. Net income increased by 30.2% to $11.6 million from $8.9 million in the same period of last fiscal year. 基本和稀释后每股净收益增长至0.58元, 去年同期为0.44元。 Basic and diluted net income per share increased to $0.58 from $0.44 per share in the same period of last fiscal year. more than three months. Moving to our balance sheet as of March 31, 2025, we had cash and cash equivalents and restricted cash of $21.4 million compared with $20.8 million as of September 30, 2024. Our cash and cash equivalents and restricted cash primarily consist of cash and time deposits with terms of three months or less. 总之, 聚龙上市以后, 首次业绩报告表现强劲, 我们对此深感欣慰。我们坚信凭借公司稳健的财务状况和不断增强的竞争力, 我们能够为股东创造长期价值。 To sum up, we were pleased to deliver a strong financial performance in our first earnings report as a public company. We remain confident that our solid financial position and growing competitiveness will empower us to deliver long-term value to our shareholders. session. Please, host. Okay, this concludes our prepared remarks today. We will now open the call to questions. Operator, please go ahead. Thank you. We will now begin the question and answer session. If you wish to ask a question, you will need to press *1 on your telephone and wait for your name to be announced. To withdraw your question, please press *1 again. For the benefit of all participants on today's call, if you wish to ask management your question in Chinese, please immediately repeat your question in English. Please stand by while we compile the Q&A roster. Once again, if you wish to ask a question, please press *1 on your telephone. There seems to be no questions. I will now hand the call back to management for closing remarks. Thank you once again for joining us today. If you have further questions, feel free to contact Julong Holding Limited's investor relations through the contact information provided on our website. This concludes this conference call. You may now disconnect your line. Thank you.