Investment Rating - The report does not specify an explicit investment rating for the company [1] Core Insights - The company reported a total operating revenue of 3.118 billion yuan in H1 2025, a year-on-year decrease of 6.92%. The net profit attributable to the parent company was 266 million yuan, down 19.71% year-on-year [1] - The company's overseas business sales increased by over 30%, indicating a successful implementation of its "going global" strategy despite a slowdown in domestic downstream demand [4][5] - The company is actively expanding into the data center market, which is expected to provide new growth opportunities. Its products have been recognized in the national green data center technology product catalog [4][5] - The company is developing a comprehensive industrial thermal control solution, focusing on energy efficiency and low-carbon technologies, aligning with national dual carbon strategies [5] Financial Summary - For 2025, the company is projected to achieve operating revenues of 6.971 billion yuan, with a growth rate of 5.1%. The net profit attributable to the parent company is expected to be 665 million yuan, reflecting a growth rate of 5.8% [7] - Key financial metrics for 2023A to 2027E include: - Total operating revenue: 7,495 million yuan (2023A), 6,635 million yuan (2024A), 6,971 million yuan (2025E), 7,932 million yuan (2026E), 9,011 million yuan (2027E) - Net profit attributable to the parent company: 659 million yuan (2023A), 628 million yuan (2024A), 665 million yuan (2025E), 762 million yuan (2026E), 923 million yuan (2027E) - Gross margin: 25.3% (2023A), 27.6% (2024A), 26.6% (2025E), 27.5% (2026E), 28.9% (2027E) [6][7]