Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company is expected to achieve rapid growth in H1 2025, with projected revenue between 2.68 billion to 2.80 billion yuan, representing a year-on-year increase of 16% to 21%. The net profit attributable to shareholders is expected to be between 90 million to 102 million yuan, showing a significant year-on-year growth of 228% to 272% [1][3] - The company's Q2 2025 performance indicates a continuous improvement in capacity utilization and profitability, driven by domestic consumption policies and strong demand in portable energy storage and overseas commercial sectors [2] - The company is actively investing in R&D, focusing on advanced technologies such as silicon anodes, steel shell stacking, and solid-state batteries, which positions it well for future growth [3] Summary by Sections Financial Performance - For H1 2025, the company anticipates revenue of 26.8-28.0 billion yuan, with a net profit of 0.90-1.02 billion yuan, and a non-GAAP net profit of 0.70-0.82 billion yuan, reflecting substantial growth rates [1] - In Q2 2025, the expected revenue is 14.55-15.75 billion yuan, with a net profit of 0.58-0.70 billion yuan, indicating a year-on-year growth of 142%-192% [1][2] Capacity Utilization and Market Demand - The company has seen a steady increase in capacity utilization in Q2 2025, supported by the domestic consumption electronics upgrade policy and strong demand in the portable energy storage market [2] - The company has successfully expanded its customer base in the AI sector, with applications in AI PCs, headphones, glasses, and toys, which is expected to drive revenue growth in H2 2025 [2] R&D and Technological Advancements - The company is prioritizing R&D investments in key areas such as high-voltage cathode materials and solid-state battery technologies, which are crucial for enhancing product safety and performance [3] - The company has completed validation of high-safety solid-state batteries and is actively engaging with clients for prototype designs and sample testing [3]