Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company's performance is under pressure, with a significant decline in revenue and net profit for the first half of 2025. Revenue reached 473 million yuan, down 16.44% year-on-year, and net profit attributable to shareholders was 52 million yuan, down 47.82% year-on-year [1][4]. - The company is actively expanding its domestic and international markets, particularly in the dry electrode and solid-state battery sectors, and has established a substantial order backlog of 2.01 billion yuan [4]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company reported revenue of 473 million yuan, a decrease of 16.44% compared to the same period last year. The net profit attributable to the parent company was 52 million yuan, down 47.82% year-on-year. The second quarter alone saw revenue of 240 million yuan, a year-on-year decline of 12.29% but a quarter-on-quarter increase of 3.00%. The net profit for Q2 was 21 million yuan, down 58.83% year-on-year and down 32.26% quarter-on-quarter [1][4]. - The gross profit margin for the first half of 2025 was 22.62%, a decrease of 0.94 percentage points from the previous year [4]. Business Segments - Revenue from smart devices decreased to 404 million yuan, down 26.00% year-on-year, while other revenue sources increased significantly to 69 million yuan, a growth of 237.70% [4]. Market Strategy - The company is enhancing its market development efforts both domestically and internationally. It is engaging in technical exchanges and collaborations with research institutions and clients, focusing on various manufacturing technologies. The company is also accelerating the research and validation of isostatic pressing equipment, with some products already delivered to customers [4]. - The company aims to adapt to market demand changes by increasing domestic market efforts, accelerating overseas expansion, and enhancing cost reduction and efficiency improvement initiatives to boost profitability and achieve sustainable development [4]. Earnings Forecast - The projected earnings per share for 2025 and 2026 are 1.10 yuan and 1.38 yuan, respectively, with corresponding price-to-earnings ratios of 52 times and 42 times [4][5].