Zheng Quan Zhi Xing·2025-09-01 02:08Core Viewpoint - The company is experiencing a decline in profits due to increased operational costs associated with strategic investments in the wind power gearbox business, but anticipates improvements as production scales up and operational efficiencies are realized [2][5]. Financial Performance - For the first half of 2025, the company reported a main revenue of 350 million yuan, a year-on-year increase of 113.17%, while the net profit attributable to shareholders was -43.51 million yuan, a decline of 343.76% [7]. - In Q2 2025, the company achieved a main revenue of 239 million yuan, up 76.83% year-on-year, but the net profit attributable to shareholders was -25.96 million yuan, down 201.33% [7]. - The company's gross margin stood at 11.51% [7]. Operational Developments - As of August 29, 2025, the company has invested 1.23 billion yuan in the construction of the wind power gearbox smart factory, with all civil engineering work completed and equipment installation progressing smoothly [3][4]. - The factory is currently in a critical construction phase, with production capacity expected to gradually ramp up as operational efficiencies are achieved [4]. Product Advantages - The company's gearboxes are characterized by smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and high-quality materials [6]. - The smart factory is expected to enhance gross margins through product value addition and economies of scale, with the potential for higher pricing due to the high-tech nature of the wind power gearbox [5]. Market Engagement - The company has engaged with various institutional investors during a recent research meeting, indicating a proactive approach to maintaining transparency and communication with stakeholders [1][6].