机构：中金公司 研究员：Shuwei ZHANG/Yan CHEN 1H25 results in line with our expectation The firm announced its 1H25 results: Revenue fell 7.3% YoY to Rmb2.34bn and net profit attributable to shareholders grew 6.8% YoY to Rmb204mn, in line with our expectations. 1) Sales volume of products fell slightly. Sales volume of high-speed steel, die steel, cutting tools, and titanium alloys -10.4%, -5.2%, -20.4%, and +65.2% YoY to 7,000t, 68,000t, 95mn units, and 5,000t, mainly due to falling orders from overseas clients amid h ...