Ge Long Hui A P P·2025-08-29 08:12Core Viewpoint - Dongwu Securities report indicates that XINWANDA's net profit attributable to shareholders for H1 2025 is 860 million yuan, representing a year-on-year increase of 3.9% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is 470 million yuan, showing a quarter-on-quarter decrease of 7.1% but a year-on-year increase of 21.5% [1] Market Trends - The demand for batteries is expected to increase due to AI, with a clear trend towards integration of cell and Pack [1] - The company is anticipated to benefit significantly from its advantages in the Pack segment [1] Future Projections - It is estimated that XINWANDA will contribute a profit of 2.5 billion yuan in 2025, with a year-on-year growth of 10-20% [1] - In June, the monthly shipment volume reached 4 GWh, with an expected total shipment of nearly 40 GWh for the year, including approximately 10 GWh for energy storage [1] Customer and Product Insights - The product structure for dynamic storage customers is improving, and losses are expected to continue narrowing in the second half of the year [1] Investment Rating - Given the company's leading position in the consumer market, a "Buy" rating is maintained [1]