Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance is under short-term pressure, awaiting demand improvement [6] - The company reported a revenue of 151.66 billion yuan in the first half of 2025, a year-on-year decrease of 22.31%, and a net profit attributable to shareholders of 0.523 billion yuan, down 37.62% year-on-year [8] - The decline in performance is primarily due to fluctuations in commodity prices and adjustments in business strategy [8] - The company is actively optimizing its business structure and diversifying its service capabilities, which is expected to build a competitive moat [8] - Future growth is anticipated if global economic recovery aligns with increased demand for new energy [8] Financial Summary - Revenue projections for 2025-2027 are 368.72 billion yuan, 393.85 billion yuan, and 413.85 billion yuan respectively, with growth rates of 4.03%, 6.81%, and 5.08% [7] - Net profit attributable to shareholders is projected to be 1.24 billion yuan, 1.58 billion yuan, and 1.89 billion yuan for 2025-2027, with growth rates of 98.17%, 27.47%, and 19.53% respectively [7] - The current price-to-earnings ratio (P/E) is projected to be 10.69, 8.39, and 7.02 for 2025-2027 [7] - The company is considered a leader in the domestic bulk commodity supply chain industry, with long-term growth potential and a favorable valuation [8]