Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a stable revenue growth with a 4.68% year-on-year increase in revenue for the first half of 2025, reaching 11.478 billion yuan. However, the net profit attributable to shareholders slightly decreased by 0.07% to 940 million yuan, and the net profit after deducting non-recurring gains and losses fell by 1.62% to 908 million yuan [2][5]. - In the second quarter of 2025, the company achieved a revenue of 5.691 billion yuan, with a year-on-year growth of 1.87%. The net profit attributable to shareholders decreased by 5.94% to 443 million yuan, and the net profit after deducting non-recurring gains and losses dropped by 8.21% to 424 million yuan [2][5]. - The company is actively promoting product innovation and optimizing channel layouts, maintaining a leading market share in domestic sales. It is expected to benefit from national subsidies for high-priced products, with strong growth in export orders [12]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved operating revenue of 11.478 billion yuan, with a year-on-year increase of 4.68%. The net profit attributable to shareholders was 940 million yuan, a slight decrease of 0.07%, and the net profit after deducting non-recurring gains and losses was 908 million yuan, down 1.62% [2][5]. - In the second quarter, the company reported operating revenue of 5.691 billion yuan, a year-on-year increase of 1.87%. The net profit attributable to shareholders was 443 million yuan, down 5.94%, and the net profit after deducting non-recurring gains and losses was 424 million yuan, down 8.21% [2][5]. Market Position and Strategy - The company has maintained stable revenue growth despite a complex domestic market environment. It has achieved this through continuous innovation and strong channel competitiveness, leading to an increase in market share for core product categories [12]. - The company’s export business has also seen good growth, with significant orders from major clients. The expected annual related transaction amount with SEB Group and its affiliates for 2024 is 7.136 billion yuan, a year-on-year increase of 20.30% [12]. Profitability and Future Outlook - The company's profitability has slightly declined, with net profit margins of 8.59% in Q1 and 7.79% in Q2 of 2025, both showing a year-on-year decrease. This decline is attributed to the impact of export business and lower investment income due to declining interest rates [12]. - The company is expected to maintain stable growth in scale while optimizing profitability efficiency. The projected net profits for 2025, 2026, and 2027 are 2.258 billion yuan, 2.523 billion yuan, and 2.758 billion yuan, respectively, with corresponding PE ratios of 18.97, 16.98, and 15.53 [12].