Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported its 2025 semi-annual results, which met market expectations. In the first half of 2025, the company achieved total revenue of 54.715 billion yuan, a year-on-year decrease of 4.02%, while the net profit attributable to shareholders was 2.798 billion yuan, a year-on-year increase of 2.67% [6] - The company's special steel business is operating steadily, with a high profit per ton. Under the backdrop of reduced raw material costs, profit levels increased year-on-year. In the first half of 2025, the company sold 9.82 million tons of special steel products, a year-on-year increase of 3.23% [6] - The company continues to optimize its product structure, with high-end product sales growing steadily. The sales of key developed "little giant" products reached 3.688 million tons, and bearing steel sales were 1.146 million tons, a year-on-year increase of 13.2% [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 107.648 billion yuan, with a year-on-year growth rate of -1.4% [2] - Net profit attributable to shareholders for 2025 is forecasted at 5.463 billion yuan, with a year-on-year growth rate of 6.6% [2] - Earnings per share for 2025 is projected to be 1.08 yuan [2] - Gross margin is expected to be 13.4% in 2025 [2] - Return on equity (ROE) is forecasted at 12.5% for 2025 [2] Market Data - As of August 26, 2025, the closing price of the stock is 13.33 yuan, with a price-to-book ratio of 1.6 and a dividend yield of 3.81% [3] - The market capitalization of circulating A shares is 67.279 billion yuan [3] - The company's net asset per share is 8.10 yuan, with a debt-to-asset ratio of 60.13% [3]