Investment Rating - The industry rating is maintained as "Outperform the Market" [7] Core Insights - The global semiconductor industry is experiencing structural prosperity driven by rapid growth in AI computing demand, accelerated terminal intelligence, recovery in automotive electronics, and deepening domestic substitution [2][5] - In Q2 2025, the semiconductor sector achieved revenue of 133.66 billion RMB and a net profit of 10.63 billion RMB, indicating a clear trend of profit recovery [2][32] - The electronic sector remains the top heavy allocation industry with a configuration ratio of 18.67%, while the semiconductor sub-sector leads with a holding ratio of 10.47% [2][19] Summary by Sections 1. Q2 2025 Semiconductor Performance Summary - The semiconductor industry saw significant growth across most sub-sectors, with integrated circuit manufacturing, packaging and testing, and chip design performing particularly well [3][15] - Major players like SMIC and Hua Hong Semiconductor reported revenue growth of 23.1% and 19.1% respectively, with capacity utilization exceeding 90% [3][15] - The advanced packaging demand is increasing, with leading companies like Longji Technology and Tongfu Microelectronics showing revenue growth of 20.1% and 17.67% respectively [3][15] 2. IC Design Sector - The SoC sector is leading with significant growth, driven by AIoT and new product launches from major companies [4][16] - Companies like Rockchip and Hengxuan Technology reported net profit growth of 191% and 106.45% respectively [4][16] - The ASIC segment, represented by companies like Cambricon, saw a staggering revenue increase of 4347.82% year-on-year [4][16] 3. Storage and Power Semiconductors - The storage sector is entering an upward price cycle, with companies like Jiangbolong and Baiwei Storage reporting significant revenue increases [4][16] - The power semiconductor sector is recovering, driven by demand from electric vehicles and industrial applications, with companies like Wentai Technology and Silan Microelectronics showing substantial profit growth [4][16] 4. Equipment and Materials - The equipment and materials sector is optimistic, with companies like North Huachuang reporting a revenue increase of 29.51% in H1 2025 [3][15] - The domestic substitution trend is accelerating, with a positive outlook for orders in the equipment materials sub-sector [3][15] 5. Market Outlook - The semiconductor industry is expected to maintain an optimistic growth trajectory in 2025, driven by AI and domestic substitution [5][17] - The report suggests focusing on storage, power, foundry, ASIC, and SoC sectors for performance elasticity, as well as the domestic substitution of equipment materials and computing chips [5][17]

Investment Rating - The report maintains a "Buy" rating for Wentech Technology (600745) [4][11] Core Views - The company is focusing entirely on semiconductors by divesting its ODM business. In the first half of 2025, it achieved revenue of 25.341 billion yuan, a year-on-year decrease of 24.56%, while net profit attributable to the parent company was 0.474 billion yuan, a year-on-year increase of 237.36% [2][3] - The company is undergoing a strategic business transformation and has completed the sale of three subsidiaries in the first half of 2025. The investment gains from these divestitures are expected to be reflected in the third quarter [3] - The semiconductor business generated revenue of 7.825 billion yuan in the first half of 2025, a year-on-year increase of 11.23%, with net profit of 1.261 billion yuan, up 17.05% year-on-year. The company has seen strong growth in the automotive, industrial, and consumer sectors [3] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 33.75 billion yuan, 18.54 billion yuan, and 21.69 billion yuan, respectively. Net profit forecasts for the same years are 1.86 billion yuan, 2.64 billion yuan, and 3.33 billion yuan [4][6] - The report indicates a significant decline in revenue for 2025, with a forecasted decrease of 54.15% compared to 2024, followed by a recovery in 2027 with a growth rate of 17.00% [6][10] Company Overview - The latest closing price for Wentech Technology is 43.43 yuan, with a total market capitalization of 54.1 billion yuan. The company has a debt-to-asset ratio of 53.5% [7][10]

Core Viewpoint - The semiconductor industry in A-shares has shown significant growth in revenue and profit for the first half of 2025, indicating a positive trend in the sector. Group 1: Revenue Growth - In the first half of 2025, 131 out of 163 semiconductor listed companies reported revenue growth, with total revenue reaching 320.63 billion yuan, an increase of 15.61% compared to the same period last year [1][2]. - Notable companies with significant revenue growth include: - North Huachuang: 161.42 billion yuan, up 30.86% [2] - Long Electric Technology: 188.05 billion yuan, up 20.14% [2] - SMIC: 323.48 billion yuan, up 23.14% [2] Group 2: Profit Growth - In the first half of 2025, 87 out of 163 semiconductor listed companies achieved profit growth, with total net profit amounting to 24.43 billion yuan, a year-on-year increase of 33.38% [4][5]. - Key companies with notable profit increases include: - North Huachuang: 3.21 billion yuan, up 15.37% [5] - SMIC: 2.30 billion yuan, up 39.76% [5] - Taiwei Group: 2.03 billion yuan, up 48.34% [5] Group 3: Return on Equity (ROE) - In the first half of 2025, 79 out of 163 semiconductor listed companies reported a return on equity (ROE) greater than 2% [7]. Group 4: Market Performance - As of August 31, 2025, 148 out of 163 semiconductor listed companies experienced stock price increases, with a total market capitalization of 5.88 trillion yuan, reflecting an overall increase of 43.77% [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][21]. Core Insights - The company's semiconductor business has shown outstanding performance, with a significant increase in gross margin and net profit. The revenue for the first half of 2025 reached 78.25 billion yuan, a year-on-year increase of 11.23%, and the gross margin for this segment was 37.89% [6][7]. - The company is strategically divesting its product integration business to focus entirely on semiconductor operations, which is expected to enhance its competitive position in the global power semiconductor industry [6][7]. - The company has successfully increased its market share in the automotive semiconductor sector, with revenue from this area rising from 44% in 2021 to 59.86% in the first half of 2025 [6][7]. Financial Summary - For the first half of 2025, the company reported total revenue of 253.41 billion yuan, a year-on-year decrease of 24.56%, but a net profit of 4.74 billion yuan, reflecting a year-on-year increase of 237.36% [6]. - The forecast for net profit for 2025-2027 has been adjusted to 18.01 billion yuan, 24.34 billion yuan, and 28.48 billion yuan respectively, based on the company's industry position and asset quality [6][7]. - The target price for the company's stock is set at 58.7 yuan, based on a price-to-earnings ratio of 30 times for 2026 [6][7].

Core Viewpoint - Wentech Technology has reported impressive interim results, indicating a significant recovery in the semiconductor industry, suggesting that the company's potential is just beginning to be recognized [1] Financial Performance - The company achieved operating revenue of 25.341 billion yuan and a net profit attributable to shareholders of 474 million yuan, marking a nearly 2.2 times increase [1] - The semiconductor business generated revenue of 7.825 billion yuan with a gross margin of 37.89%, and a net profit of 1.261 billion yuan, showing a quarter-on-quarter growth trend [2][4] - The net cash flow from operating activities increased by 61.28% year-on-year to 4.261 billion yuan, indicating improved financial health [3] Strategic Transformation - The company has successfully divested non-core ODM businesses, focusing entirely on the semiconductor sector, which is expected to enhance its growth potential [2][5] - The strategic shift has led to a clearer asset structure and improved cash flow, allowing for continued investment in the semiconductor business [3] Growth Drivers - The semiconductor business is showing clear signs of acceleration, with revenue and net profit increasing by 11.23% and 17.05% year-on-year, respectively [4] - The company is positioned to benefit from high-pressure products, with new high-voltage GaN devices being integrated into automotive applications [5][6] - The company is expanding production capacity, with significant advancements in its 12-inch wafer fab and plans for further production lines [5] Market Position and Future Outlook - Wentech holds the third-largest share in the global power device market and is well-positioned to capitalize on the growing demand for power chips in the automotive sector [6] - The company is also tapping into the AI and energy revolution, with a strong product lineup in SiC and GaN technologies, which are essential for modern applications [6][7] - The ongoing strategic transformation and focus on high-growth areas suggest that the company may be on the verge of significant value re-evaluation in the semiconductor industry [2][7]

Core Insights - Wentech Technology has reported impressive interim results, showcasing its strong performance amidst a recovering semiconductor industry, indicating that the company's potential is beginning to be recognized [1][2] Financial Performance - The company achieved a revenue of 25.341 billion yuan and a net profit of 474 million yuan in the first half of the year, marking a nearly 2.2 times increase [1] - The semiconductor business generated a revenue of 7.825 billion yuan with a gross margin of 37.89%, and a net profit of 1.261 billion yuan, with sequential growth in both revenue and profit in the second quarter [1][3] Strategic Shift - Wentech has decisively shifted its strategy by gradually divesting from ODM (Original Design Manufacturer) businesses, focusing entirely on its semiconductor core, which is expected to enhance its market valuation [2] - The company anticipates confirming investment gains in the third or fourth quarter, indicating that previous financial concerns have been largely addressed [2] Growth Drivers - The semiconductor business has shown clear signs of acceleration, with revenue and net profit increasing by 11.23% and 17.05% year-on-year, respectively [3] - The company is maintaining its leadership in traditional sectors while also entering high-value markets with new products, such as high-voltage GaN devices and 1200V automotive-grade SiC MOSFETs [4] Market Position and Opportunities - Wentech holds the third-largest share in global power devices and is the leading player in China, with significant growth in automotive revenue driven by increasing demand for power chips [5] - The company is well-positioned to benefit from geopolitical shifts favoring domestic supply chains, allowing it to compete directly with international giants [5] Future Outlook - The strategic focus on semiconductor applications in automotive electrification, AI computing, and energy revolution suggests that Wentech is poised for significant growth [6] - The company’s robust technology framework and production capacity are expected to enhance its market presence, potentially making it a standout player in the semiconductor industry [6]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Semiconductor Sector in China - **Recent Performance**: The A-share semiconductor sector experienced a rally of 13% last week, outperforming the CSI300 index by the same percentage in August [1][3] Core Insights and Arguments - **Drivers of Rally**: 1. Launch of DeepSeek's V3.1 model, which supports next-generation local AI chips [1][3] 2. China Mobile's announcement of a supplier list for its Rmb5 billion AI server tender [1][3] 3. Strong wafer fab equipment (WFE) imports in July, which increased by approximately 14% year-on-year and 11% month-on-month [3] - **Valuation Expectations**: - The semiconductor sector is expected to undergo a re-rating, with a preference for local AI, China WFE, and Apple supply chain stocks due to positive catalysts [1][3] - Current trading levels are about 20% above historical average price-to-earnings ratios (PER), but WFE and Apple supply chain stocks are trading at 0.5 standard deviations below average [3] - **Investment Preferences**: - Favorable outlook on server companies like Huaqin and Inspur within the local AI supply chain [3] - Preference for leading WFE companies such as AMEC and Apple supply chain players like Cowell and Luxshare [3] - Caution advised on Android smartphone component suppliers due to sub-seasonal demand in the second half of 2025 [3] Additional Important Information - **China Mobile's AI Server Tender**: - The tender includes various packages with specific volumes and candidate suppliers, indicating a strong demand for indigenous AI solutions [4] - Notable allocations include H3C and ZTE dominating several packages, with Inspur securing 100% of one package [4] - **WFE Import Data**: - The increase in WFE imports is seen as a positive indicator for the demand in China, with expectations of flat to single-digit growth year-on-year driven by advanced memory and logic capacity expansions [3][10] - **Market Dynamics**: - Despite the overall positive sentiment, there is caution regarding semiconductor price hikes from foundries and integrated device manufacturers (IDMs) [3] - **Performance of A-share WFE Names**: - A-share WFE companies have underperformed compared to tech and semiconductor indices year-to-date, despite guidance for 30-50% sales growth [3] This summary encapsulates the key points discussed in the conference call, focusing on the semiconductor sector's performance, investment preferences, and market dynamics.

Summary of Conference Call Records Company Overview - **Company**:闻泰科技 (WenTai Technology) - **Industry**: Semiconductor Key Points and Arguments Financial Performance - In the first half of 2025, the semiconductor business generated revenue of **78.25 billion** CNY, a year-on-year increase of **11%**. Net profit reached **12.61 billion** CNY, up **17%**. Excluding one-time gains, net profit increased by **39%** due to market demand recovery and cost reduction efforts [1][2] - Total revenue for the company was **253.41 billion** CNY, a decline of **25%** year-on-year. Net profit attributable to shareholders was **4.74 billion** CNY, a **2%** increase [2] Product Integration Business - The product integration business reported revenue of **174.85 billion** CNY but incurred a net loss of **6.85 billion** CNY, which included financial costs of **2.22 billion** CNY from convertible bonds. The company has received **53.6 billion** CNY from asset sales related to this business [5] Market Dynamics - The Chinese market accounted for over **48%** of total revenue, with a growth rate exceeding **20%**. The automotive sector saw nearly **40%** growth year-on-year [8] - The company is focusing on high-voltage, analog, and AI application areas, having completed a product range from **40V to 700V** in GaN products and launched a **1,200V** automotive-grade SiC MOS [9][10] Future Outlook - The company expects further recovery in the semiconductor market in the second half of 2025, with rapid revenue growth anticipated, particularly in the Chinese and Southeast Asian markets [6][7] - The automotive sector is expected to continue its growth trajectory, driven by increased penetration of new energy vehicles and new product introductions [30] Strategic Developments - A **$200 million** investment is being made in a Hamburg factory to build production lines for SiC and GaN, expected to be operational by the end of 2025 [11] - The company is actively pursuing strategic partnerships with leading automotive manufacturers and has entered the supply chain of major automotive clients [10][11] Competitive Position - 安世半导体 (Anshi Semiconductor) ranks third globally in the low to medium voltage power device sector and first in China, aiming to enter the top three in high-voltage power products [3][12] - The data power market is growing at over **30%**, with products widely used in AI data centers and server centers [3][13] Cost Management - The company has improved cost competitiveness by sourcing from Chinese suppliers and relocating some production to Shanghai, achieving cost savings of **20% to 30%** [22] Market Opportunities - The data center market is expected to grow significantly, with AI-related applications projected to increase by **30% to 40%** in the coming years [21] Product Development - The company has made significant advancements in GaN and SiC products, with plans for mass production in **2025-2026** [10][11] Revenue Projections - The company anticipates double-digit growth in revenue and profit for the year, excluding one-time impacts [7][32] Strategic Focus - The company is committed to focusing on its core semiconductor business, divesting non-core operations, and enhancing competitiveness in power devices and analog chips [33]

Suspension and Resumption of Trading - SMIC is planning to issue A-shares to acquire minority stakes in its subsidiary, SMIC North, leading to a suspension of its stock trading [1] - Huahong Semiconductor intends to issue shares and pay cash to acquire 97.5% of Huali Micro's equity and will resume trading [2] - Tailin Micro plans to acquire 100% of Panqi Micro, both companies operate in the low-power wireless IoT chip design sector, and will resume trading [2] Mergers and Acquisitions - Xingchen Technology plans to acquire 53.3087% of Furui Kun for 214 million yuan, aiming to enhance its capabilities in connectivity, audio, and low power, thereby strengthening its SoC self-developed IP platform [3] - Huijin Co. intends to cash purchase 20% of Cooper New Energy's equity, which is expected to constitute a major asset restructuring [3] Share Buybacks - Kweichow Moutai's controlling shareholder plans to increase its stake by purchasing 3 to 3.3 billion yuan worth of company shares [4] - Kaiying Network intends to repurchase shares worth 100 to 200 million yuan [4] Investment Cooperation and Operational Status - Jiayuan Technology plans to invest 500 million yuan to acquire a portion of Endatong's equity, which is related to the optical module industry [5] - Zhiyang Innovation plans to establish a wholly-owned subsidiary with an investment of 20 million yuan to promote embodied intelligence technology innovation [6] - Yunzhu Technology plans to raise no more than 876 million yuan through a private placement for the upgrade and expansion of chip insertion integrated (CMI) component projects [6] Performance Changes - Sails reported a net profit of 2.941 billion yuan for the first half of 2025, an increase of 81.03% year-on-year [8] - BYD's net profit for the first half reached 15.51 billion yuan, up 13.79% year-on-year [8] - Lanke Technology reported a net profit of 1.159 billion yuan for the first half, a significant increase of 95.41% year-on-year [8] - Yilake Co. reported a net profit of 2.515 billion yuan for the first half, up 13.69% year-on-year, with a lithium salt project expected to start trial operations by the end of September [8] - Haowei Group reported a net profit of 2.028 billion yuan for the first half, an increase of 48.34% year-on-year, and has entered NVIDIA's supply chain [9] - Tianqi Lithium reported a net profit of 84.41 million yuan for the first half, marking a return to profitability [10] - China Rare Earth reported a net profit of 162 million yuan for the first half, also returning to profitability [10] - BeiGene reported a net profit of 450 million yuan for the first half, returning to profitability [10] - Guoxuan High-Tech reported a net profit of 367 million yuan for the first half, an increase of 35.22% year-on-year, and plans to invest up to 4 billion yuan in a new lithium-ion battery manufacturing base [10] - Lingyi Technology reported a net profit of 930 million yuan for the first half, an increase of 35.94% year-on-year [10] - Shenwan Hongyuan reported a net profit of 4.284 billion yuan for the first half, an increase of 101% year-on-year [10] - Zhongtai Securities reported a net profit of 711 million yuan for the first half, an increase of 77.26% year-on-year [10] - Guotai Junan reported a net profit of 15.737 billion yuan for the first half, an increase of 213.74% year-on-year [10] - China Shipbuilding reported a net profit of 2.946 billion yuan for the first half, an increase of 108.59% year-on-year [10] - Yangtze Power reported a net profit of 13.056 billion yuan for the first half, an increase of 14.86% year-on-year [10] - TCL Technology reported a net profit of 1.883 billion yuan for the first half, an increase of 89.26% year-on-year [10] - ST Huatuo reported a net profit of 2.656 billion yuan for the first half, an increase of 129% year-on-year [10] - Wentai Technology reported a net profit of 474 million yuan for the first half, an increase of 237.36% year-on-year [10]