Performance Summary - In the first half of 2025, the company reported revenue of 10.89 billion, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 144 million, a year-on-year decrease of 2.6% [1] - In Q2, the company achieved revenue of 6.88 billion, a year-on-year increase of 41.2% and a quarter-on-quarter increase of 71.7%, with a net profit of 85 million, a year-on-year increase of 10.4% and a quarter-on-quarter increase of 44.2% [1] Operational Analysis - The wind turbine gross margin has significantly improved, with the company benefiting from the non-seasonal rush in wind power installations due to the implementation of the "Document 136". In the first half of the year, the company sold 6.3 GW of wind turbines, a year-on-year increase of 55.6%, generating revenue of 9.54 billion, a year-on-year increase of 47.1%. The gross margin for wind turbines was 7.27%, an increase of 2.15 percentage points year-on-year and 0.66 percentage points quarter-on-quarter [1] - The company has a cumulative grid-connected capacity of approximately 1.2 GW, with an increase of about 182 MW compared to the beginning of the period. The power generation revenue for the first half of the year was approximately 220 million, a year-on-year increase of 31.1%. Due to policy uncertainties from the "Document 136", there were no new power station transfer revenues in the first half [2] - The company is actively developing its "two seas" business, with significant progress in overseas projects. In the first half of the year, two 6 MW overseas turbine models were developed, and a 9 MW prototype has been operational for six months. The company successfully connected the world's largest 16 MW floating offshore wind turbine prototype to the grid, which has been operating without faults for over 100 days [2] Profit Forecast, Valuation, and Rating - The company is a leading player in the domestic turbine manufacturing industry, with a high proportion of revenue from turbine manufacturing compared to similar companies. It is expected to benefit from rising turbine prices, leading to significant earnings elasticity. The forecast for net profit attributable to shareholders for 2025-2027 is 620 million, 1.28 billion, and 1.76 billion, corresponding to PE ratios of 21, 10, and 7 times, respectively. The rating is maintained as "Buy" [3]