Core Insights - The company reported a revenue of 430 million yuan for H1 2025, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 90 million yuan, down 27% year-on-year [1] - In Q2 2025, the company achieved a revenue of 230 million yuan, a year-on-year increase of 2% and a quarter-on-quarter increase of 11%, with a net profit of 40 million yuan, down 16% year-on-year but up 3% quarter-on-quarter [1] - The automotive market showed resilience with national sales reaching 15.65 million units in H1 2025, an increase of 11% year-on-year [1] Business Segments - Cleaning Business: Revenue was 200 million yuan, down 7% year-on-year, primarily due to intensified cost competition in the automotive sector. The company is advancing its proactive sensing cleaning systems and gradually commercializing autonomous driving applications [1] - Motor Business: Revenue was 190 million yuan, down 6% year-on-year. The company has expanded its product offerings in the fields of invisible door handles and charging doors, with future potential for higher integration system products and exploring "1+N" product opportunities in various applications [1] Cost Management - The company achieved a gross margin of 31.6% in H1 2025, a decrease of 4.9 percentage points year-on-year, and a net profit margin of 19.8%, down 5.2 percentage points year-on-year. In Q2 2025, the gross margin was 31.1%, down 1.2 percentage points quarter-on-quarter, and the net profit margin was 19.0%, down 1.6 percentage points quarter-on-quarter [2] - The company is implementing upstream integration to reduce costs, with a new magnetic material molding production line now capable of small-batch production, laying the foundation for new motor development [2] Industry Trends - The ADAS intelligent cleaning system is accelerating its industrialization, driven by the commercialization of L3+ level Robotaxi and unmanned logistics vehicles, leading to increased demand for the company's products [3] - The company is adapting its products for clients such as Waymo, Meituan, Xiaoma Zhixing, Didi, Cainiao, and North American new energy customers, with expectations for more models to enter the designated phase [3] - The company is also focusing on humanoid robots and robotic dogs, developing customized solutions based on harmonic magnetic field motor technology for various applications [3] Profit Forecast - Due to increased competitive pressure in the industry, the company's net profit forecasts for 2025-2027 have been revised down to 220 million, 270 million, and 340 million yuan, corresponding to PE ratios of 42, 35, and 28 times, respectively, while maintaining a "buy" rating [3]