Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.599 billion yuan for the first half of 2025, representing a year-on-year growth of 11.99%. The net profit attributable to shareholders was 374 million yuan, up 26.16% year-on-year, while the net profit after deducting non-recurring gains and losses was 372 million yuan, reflecting a growth of 27.24% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 775 million yuan, which is a 2.60% increase year-on-year. The net profit attributable to shareholders for this quarter was 192 million yuan, showing a year-on-year growth of 25.20%, and the net profit after deducting non-recurring gains and losses was 190 million yuan, up 28.30% year-on-year [2][4]. Financial Performance - The company’s core products, including the Wuling series and the Bailing series, have shown significant growth, with increases of 7.23%, 38.51%, and 56.60% respectively in H1 2025, contributing to the overall revenue growth [10]. - The gross profit margin for H1 2025 was 63.01%, an increase of 0.39 percentage points year-on-year, while the net profit margin was 23.35%, up 2.62 percentage points year-on-year [10]. - The company’s sales expenses were 500 million yuan, a year-on-year increase of 2.31%, with a sales expense ratio of 31.23%, down 2.96 percentage points year-on-year. Management expenses decreased by 9.15% year-on-year to 49 million yuan, with a management expense ratio of 3.03% [10]. Future Outlook - The company expects to achieve net profits of 660 million yuan, 845 million yuan, and 1.084 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.94 yuan, 1.21 yuan, and 1.55 yuan [10].