Core Viewpoint - Guoneng Rixin has achieved rapid growth in both revenue and profit in the first half of 2025, with improving profitability [1] Group 1: Financial Performance - In the first half of 2025, the company experienced a significant increase in revenue and profit, benefiting from the rapid growth of the overall installed capacity of renewable energy and new market opportunities arising from distributed management requirements [1] - The net increase in the number of power station users reached 1,116, representing a 26% growth compared to the service scale at the end of 2024, significantly exceeding historical levels [1] Group 2: Technological Advancements - The company completed the iteration upgrade of the "Kuangming" renewable energy model to version 2.0 in May 2025, enhancing model technology, stability, and overall performance, which improved the comprehensive accuracy of renewable energy forecasting across the network [1] Group 3: Market Outlook - The company primarily provides information technology products and related services for the electricity market, and with the rapid development of the renewable energy industry in China, it is poised for substantial growth opportunities in the future [1] - Given the growth potential of the industry and the company's ongoing business development, a "buy" rating is maintained [1]

Group 1 - The company achieved operating revenue of 321 million yuan in the first half of 2025, representing a year-on-year increase of 43.15% [1] - The net profit attributable to shareholders reached 45.9732 million yuan, up 32.48% year-on-year [1] - The company’s power prediction service scale rapidly increased, with a net addition of 1,116 new power station users, a growth rate of 26% compared to the end of 2024 [1] Group 2 - The revenue from the company's new energy power prediction products was 205 million yuan, reflecting a year-on-year growth of 55.14% [1] - The company has optimized its high-precision meteorological intelligent prediction platform and core algorithms, enhancing its core capabilities [1] - The company completed the iteration upgrade of its "Kuangming" new energy model to version 2.0 in May 2025, improving the overall accuracy of new energy predictions [1] Group 3 - In the field of intelligent control for new energy grid connection, the company optimized its AGC products and introduced a "big data + neural network" solution [2] - The sales area of the company's distributed grid integration terminal products has expanded to over ten provinces, achieving compatibility with 380V low-voltage grid-connected distributed power stations [2] - The company has focused on the field of new energy information management for over ten years, achieving significant R&D results and holding 108 invention patents and 131 software copyrights as of June 30 [2]