Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" and is maintained [7] Core Views - Zhuhai Guanyu reported a revenue of 6.098 billion yuan for the first half of 2025, representing a year-on-year increase of 14.03%. The net profit attributable to shareholders was 117 million yuan, up 14.77%, while the net profit excluding non-recurring items reached 45 million yuan, showing a significant growth of 73.55% [2][5] - In Q2 2025, the company achieved a revenue of 3.599 billion yuan, marking a year-on-year increase of 28.62%. The net profit attributable to shareholders was 141 million yuan, up 53.09%, and the net profit excluding non-recurring items was 94 million yuan, reflecting a remarkable growth of 122.94% [2][5] Summary by Sections Financial Performance - The company’s revenue for H1 2025 was 6.098 billion yuan, with a year-on-year growth of 14.03%. The net profit attributable to shareholders was 117 million yuan, a 14.77% increase, and the net profit excluding non-recurring items was 45 million yuan, up 73.55% [2][5] - For Q2 2025, revenue reached 3.599 billion yuan, a 28.62% increase year-on-year. The net profit attributable to shareholders was 141 million yuan, reflecting a 53.09% growth, while the net profit excluding non-recurring items was 94 million yuan, up 122.94% [2][5] Business Segments - The company’s consumer battery sales volume increased by 43.28% year-on-year in H1 2025, driven by ongoing collaborations with downstream mobile phone manufacturers. The self-supply rate for battery packs was 44.43%, an increase of 3.68 percentage points year-on-year [11] - The energy storage business generated revenue of 973 million yuan in H1 2025, a significant year-on-year increase of 139.8%, with automotive low-voltage lithium batteries and drones accounting for 85.76% of this revenue [11] Profitability Outlook - The gross margin for Q2 2025 was 24.65%, an increase of 3.27 percentage points from the previous quarter, although still lower than the level in H2 2024. This was primarily affected by export tax rebates and rising cobalt prices [11] - The company expects profitability to improve starting from Q3 2025, as it anticipates a recovery in gross margins due to inventory adjustments and the impact of new business developments [11]