Core Viewpoint - The company reported a stable performance in the first half of 2025, with a slight increase in revenue and net profit, while facing challenges in the domestic market but showing strong growth overseas [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 4.08 billion, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 380 million, up 6.7% year-on-year [1]. - In Q2 2025, the company reported operating revenue of 1.79 billion, a decrease of 2.4% year-on-year, while net profit attributable to shareholders was 200 million, an increase of 5.5% year-on-year [1]. Regional Performance - Domestic revenue in H1 2025 was 2.27 billion, down 4.4% year-on-year, while overseas revenue reached 1.73 billion, up 26.5% year-on-year, indicating better performance in international markets [2]. - The company has positioned "global operations" as a strategic focus, with an investment of 604 million in its Thailand production base to optimize costs and expand overseas business [2]. Profitability Metrics - The overall gross margin for the main business in H1 2025 was 27.0%, a decrease of 1.8 percentage points year-on-year, with domestic gross margin at 33.1% (down 2.5 percentage points) and overseas gross margin at 18.9% (up 1.8 percentage points) [3]. - The net profit margin for H1 2025 remained stable at 9.3% year-on-year, while the non-recurring net profit margin decreased by 0.4 percentage points to 10.0% [3]. Strategic Initiatives - The company is actively pursuing marketing reforms, cost reduction in the value chain, and digital transformation, which have shown tangible improvements in financial performance [3]. - The company is also exploring opportunities in the new energy water heating industry and expanding its presence in overseas markets [3].