Core Insights - The company reported a revenue of 1.664 billion yuan for the first half of 2025, representing a year-over-year increase of 4.85%, while the net profit attributable to shareholders was 73 million yuan, down 23.78% year-over-year [1] - In Q2 alone, the company achieved a revenue of 949 million yuan, marking a year-over-year increase of 20.73% and a quarter-over-quarter increase of 32.67% [1] Revenue Breakdown - Continuous fiber laser revenue reached 1.363 billion yuan, up 7.93% year-over-year, accounting for 81.88% of total revenue [2] - Pulsed fiber laser revenue was 155 million yuan, down 19.13% year-over-year, making up 9.29% of total revenue [2] - Ultrafast laser revenue was 41 million yuan, up 34.48% year-over-year, contributing 2.47% to total revenue [2] - Overseas revenue grew nearly 40% year-over-year, indicating steady global sales growth [2] New Business Developments - The company is expanding into the consumer market, with over 10,000 units of laser devices sold in the consumer segment in the first half of 2025, responding to the trend of miniaturization and smart consumer products [3] - The company is entering the laser medical field with a specialized thulium laser targeting urology, having achieved import substitution and passed comprehensive performance tests [3] - The company is also advancing in the laser security sector, with a subsidiary showing over 420% year-over-year revenue growth in the first half of 2025 [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 178 million, 275 million, and 361 million yuan for 2025 to 2027, with corresponding P/E ratios of 103, 67, and 51 [4] - Given its leadership in the domestic fiber laser market and ongoing efforts in exports, precision manufacturing, and specialty fields, the company is expected to see sustained mid-to-high-speed growth in revenue and significant improvement in profitability [4]