Group 1 - The core viewpoint of the report indicates that Beite Technology is expected to achieve a year-on-year revenue growth of 14.7% and a net profit growth of 61.3% in the first half of 2025 [1] - The company has successfully established the conditions for mass production in its screw rod business, which is seen as a new growth driver [1] - Beite Technology is actively developing key products such as star rolling screw rods and ball screw rods to cater to emerging industries like automotive, high-end equipment, and robotics [1] Group 2 - The company plans to invest 1.85 billion yuan and 350 million yuan to build factories in Kunshan, Jiangsu, and Thailand, respectively, to better serve domestic and international clients [1] - The report suggests that Beite Technology will benefit from its leading position in the screw rod sector, maintaining a "buy" investment recommendation [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported stable growth in its 2025H1 performance, with revenue reaching 716 million, a year-on-year increase of 2.73%, and a net profit attributable to shareholders of 148 million, up 3.30% year-on-year [6][12] - The automotive industry demand is improving, which, combined with the release of production capacity for new energy vehicle components, solidifies the company's revenue and performance growth [12] - The company's profitability remained stable in 2025Q2, with a gross profit margin of 35.21%, an increase of 1.03 percentage points year-on-year, and a net profit margin of 21.58%, up 0.56 percentage points year-on-year [12][12] - The company's screw rod business is progressing steadily, with successful batch deliveries of products such as ball screw assemblies and linear guide assemblies [12][12] - The company is accelerating its overseas business expansion, particularly in the construction of its subsidiary in Thailand, aiming to enhance its international competitiveness [12][12] Summary by Sections Financial Performance - In 2025H1, the company achieved revenue of 716 million, a year-on-year increase of 2.73%, and a net profit of 148 million, up 3.30% year-on-year [6][12] - For 2025Q2, revenue was 367 million, reflecting a year-on-year growth of 3.55%, and net profit was 79 million, up 6.15% year-on-year [6][12] Business Development - The screw rod business is advancing, with the company achieving significant technical breakthroughs and securing batch orders from well-known domestic machine tool manufacturers [12][12] - The company is focusing on enhancing its production processes and expanding its product offerings in the new energy vehicle sector [12][12] Market Expansion - The company is actively developing its overseas market, with plans for its Thailand subsidiary to be operational by Q4 2025, aiming to penetrate the Southeast Asian market and beyond [12][12]