Core Viewpoint - Dongfang Cable reported a decline in net profit for H1 2025, with a significant drop in Q2, but anticipates a recovery in profitability due to a surge in cable deliveries in the second half of the year [1] Financial Performance - The company achieved a net profit attributable to shareholders of 473 million yuan in H1 2025, a year-on-year decrease of 26.6% [1] - In Q2 2025, the net profit attributable to shareholders was 192 million yuan, reflecting a year-on-year decline of 49.6% and a quarter-on-quarter decline of 31.6% [1] Operational Highlights - Inventory and contract liabilities reached historical highs, indicating strong demand and backlog [1] - Major projects such as Yangjiang Fanshi No. 1, Qingzhou No. 5/7, Shandong Peninsula North L site, and the UK InchCape project are fully underway, with concentrated deliveries expected in Q3 [1] Future Outlook - The company is entering a dual peak period for orders and deliveries, with expectations for record-high orders and deliveries in H2 2025 and 2026, particularly for 500kV and overseas orders [1] - The company has invested in a local UK firm and is deepening its presence in Europe, which is expected to further expand market opportunities [1] Investment Recommendation - The company maintains its profit forecast and continues to hold a "buy" rating [1]