其四，治理升级，练好"内功"夯实发展根基。企业规模扩大的背后，必然是治理能力的同步提升。部分"小巨人"企业需 从"家族式管理""粗放式运营"向现代化企业治理转型：建立健全决策、执行、监督闭环机制，提升运营效率；完善人才培养与 激励体系，打造稳定且专业的核心团队；强化合规管理与风险防控，防范市场、财务、法律等各类风险；践行绿色发展理念， 推动生产流程节能降耗，实现可持续发展。唯有练好"内功"，才能让企业在规模扩张中保持稳健，为"由小变大"提供制度保 障。 专精特新"小巨人"的成长之路，是创新驱动、生态赋能、市场导向、治理升级的协同之路。"小巨人"企业若能在这四个维 度持续发力，必将以"小身躯"扛起"大责任"，书写高质量发展新篇章，为区域产业升级与经济增长注入持久动能。 其一，技术攻坚，锚定"卡脖子"难题筑牢核心壁垒。专精特新的核心竞争力源于技术深耕。"小巨人"企业需聚焦主业赛 道，将研发投入转化为实质创新力：一方面紧盯产业链关键环节，针对"卡脖子"技术开展定向攻关，把单一产品的技术优势升 级为系列化解决方案；另一方面建立灵活高效的研发机制，通过产学研协同、核心人才持股等方式，保持技术迭代与市场需求 同频，让"独 ...

Financial Data and Key Metrics Changes - EBITDA for Q2 2025 was BRL 1.3 billion, representing a growth of 4.2% compared to the same quarter last year [3] - Recurring net income was above BRL 450 million, reflecting a decrease of 9.5% compared to the previous year [17] - Total net debt stood at BRL 16.6 billion, with leverage at 2.9 times net debt over recurring EBITDA, excluding the effects of the acquisition of Baixo Iguacu [19] Business Line Data and Key Metrics Changes - Copel G and T reported recurring EBITDA of BRL 761.4 million, up 12.6% year-over-year, driven by better results in the short-term market and lower generation deviation in wind complexes [12] - Copel Distribution posted recurring EBITDA of BRL 569.3 million, a slight increase of 0.6% compared to the previous year, primarily due to tariff adjustments [13] - Copel Trading saw a 21% increase in sales compared to the previous year, although margins were impacted by market factors [14] Market Data and Key Metrics Changes - The average tariff adjustment in June 2024 was 2.7%, but the impact was neutralized by a 2.6% drop in the build grid market [13] - The company experienced a 38.7% increase in financial expenses due to rising debt levels and higher CDI rates [17] Company Strategy and Development Direction - The company is migrating to Novo Mercado to unify share classes and increase liquidity, which is expected to attract new investors, particularly foreign ones [6][8] - The divestment of small hydro assets and the completion of asset swap operations with Eletrobras are part of the strategy to optimize the portfolio [4] - Future focus includes digital transformation, restructuring, and maintaining an optimal capital structure while delivering on commitments made to shareholders [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the timeline for the migration to Novo Mercado despite a recent delay due to regulatory issues [23] - The company is committed to improving operational efficiency and customer service while navigating the challenges posed by tariff pressures and market dynamics [43][44] - Management emphasized the importance of disciplined capital allocation and the potential for future growth opportunities without immediate M&A plans [35] Other Important Information - The company received recognition for excellence in ESG practices and ranked first in Annelle's Ombudsman award for the third consecutive year [5] - Total CapEx for the quarter was approximately BRL 975 million, in line with the annual projection of over BRL 3 billion [3][18] Q&A Session Summary Question: Can you provide more details about the trading strategy for the quarter? - Management indicated that the trading strategy focused on selling longer-term contracts, with significant price improvements compared to previous sales [25] Question: Is the migration to Novo Mercado still feasible by the end of the year? - Management believes that if the regulatory issues are resolved promptly, the timeline for migration can still be maintained [23] Question: What is the strategic view looking forward, particularly regarding M&A? - Management stated that there are no immediate plans for M&A, focusing instead on internal growth and efficiency improvements [35] Question: Can you elaborate on the measures being taken for cost efficiency? - Management highlighted ongoing efforts in procurement, digital transformation, and operational efficiency to achieve a 20% cost reduction commitment [42] Question: How are tariff pressures affecting the company's trading policy? - Management acknowledged the concern over tariffs but emphasized the importance of maintaining customer service quality while managing costs [44]