Group 1 - The core viewpoint of the report is that despite short-term challenges, the company is expected to see a recovery in profitability, particularly with strong performance from its Thailand operations [2][3][4] - In H1 2025, the company reported revenue of 675 million yuan, a decrease of 4.6% year-on-year, and a net profit of 117 million yuan, down 14.8% year-on-year [2] - The company's Thailand base achieved revenue of 62 million yuan and profit of 14 million yuan in H1 2025, with a net profit margin of 23.2%, indicating superior pricing power compared to domestic operations [2][3] Group 2 - Domestic operations faced significant pressure, contributing 241 million yuan in revenue, a decline of 34.7%, and a profit of 22 million yuan, down 70.7% year-on-year [3] - The company maintained a gross margin of 28.5% and a net margin of 14.6% in Q2 2025, despite external challenges [3] - The company is projected to achieve net profits of 340 million yuan, 610 million yuan, and 780 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 19.5X, 10.8X, and 8.4X [4]