Core Insights - Company achieved revenue of 3.794 billion yuan in H1 2025, a year-on-year increase of 13.09%, and a net profit of 602 million yuan, up 70.96% [1] - In Q2 2025, revenue reached 2.276 billion yuan, growing 16.25% year-on-year and 50% quarter-on-quarter, with net profit of 407 million yuan, a year-on-year increase of 22.75% and a quarter-on-quarter increase of 109.27% [1] Inverter Business - In H1 2025, inverter sales reached 466,000 units, with expected growth in both grid-connected and energy storage inverters in Q2 [2] - The gross margin for grid-connected inverters was 26.1%, up 7.6 percentage points year-on-year, while energy storage inverters had a gross margin of 30.3%, an increase of 2.7 percentage points year-on-year [2] - The previous year's H1 gross margins were lower due to raw material procurement timing, which has now normalized [2] Power Station Business - Revenue from the power station business in H1 2025 was 1.11 billion yuan, with a slight year-on-year increase, and expected revenue growth in Q2 due to peak generation season [2] - The gross margin exceeded 55% in H1 2025, with a slight year-on-year decline, but Q2 margins are expected to remain strong due to scale effects [2] Financial Metrics - The expense ratio for H1 2025 was 19.5%, with Q2 at 18.7%, showing a decrease of 2.0 percentage points quarter-on-quarter and 1.6 percentage points year-on-year, marking the lowest level since Q3 2023 [2] - The reduction in expense ratio is attributed to effective cost control and increased revenue scale [2] - In Q2, asset impairment of 17 million yuan and credit impairment of 14 million yuan impacted profit release [2] Future Outlook - Company anticipates maintaining a relatively full production schedule, with European demand potentially fluctuating due to holidays, while Australia and Asia-Africa-Latin America show strong performance [3] - The company expects industrial storage to double year-on-year over the next two years, with revenue gradually catching up to household storage [3] - Household storage is also projected to continue steady growth [3] Profit Forecast - Company is expected to achieve profits of 1.3 billion yuan and 1.6 billion yuan in 2025 and 2026, respectively, corresponding to PE ratios of 20 and 16 [4]