Group 1: Financial Performance - The company achieved a revenue of approximately 250 million CNY and a net profit of about 49.03 million CNY for the first half of 2025, with an overall gross margin of 39.14% [1] - As of June 30, 2025, the company had an order backlog of 558 million CNY, with overseas project orders amounting to 230 million CNY, accounting for 41.22% of the total, representing a year-on-year growth of 8.35% [1] Group 2: Impact of Trade Disputes - The company reported no direct revenue from exports to the United States in the first half of 2025, indicating that the Sino-U.S. tariff and trade disputes have limited and manageable direct impacts on its operations [1] Group 3: Market Position and Competition - The company holds a leading position in the carbon black industry, with significant advantages in technology, market presence, and qualifications compared to competitors, maintaining a high market share both domestically and internationally [3] - The company exports products to over 30 countries, including the U.S., Canada, Germany, and Japan, and serves as a supplier for major multinational corporations [3] Group 4: Product Quality and Market Stability - The company has a strong competitive edge in the ultra-high temperature heat exchange sector due to its material, design, and process advantages, ensuring high product quality and customer loyalty [4] - The manufacturing barriers are high, and the company maintains a stable market share due to strict quality control and a comprehensive quality assurance system [4] Group 5: Acquisition Progress - The company disclosed the acquisition of Haowei Technology on July 14, 2025, and is actively progressing with the transaction while fulfilling information disclosure obligations as per the developments [6]