Core Viewpoint - The company maintains a "buy" rating and has a target price of 29.93 yuan, supported by stable performance in the first half of 2025 and active expansion into liquid cooling and humanoid robot joint assembly businesses [2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.85 billion yuan, a year-on-year increase of 2% - The net profit attributable to shareholders was 817 million yuan, a year-on-year increase of 14% - The net profit margin stood at 8.3% [2] - In Q2 2025, revenue was 4.99 billion yuan, with no year-on-year growth but a quarter-on-quarter increase of 3% - The net profit for Q2 was 410 million yuan, a year-on-year increase of 17% and a quarter-on-quarter increase of 3% [2] Business Development - The company is actively expanding its thermal management solutions for energy storage and supercomputing centers, having launched a series of liquid cooling units and immersion cooling units [2] - The main product for supercomputing center thermal management is the CDU (Cold Liquid Distribution Unit), with plans to gradually apply immersion technology based on actual needs [2] - The company has secured approximately 7.1 billion yuan in orders for its thermal management systems as of the first half of 2025 [2] Humanoid Robot Joint Assembly - The company is focused on developing production capabilities for humanoid robot joint assemblies through subsidiaries like Anhui Ruisi Bo and Xinghui Sensor [3] - The company has completed the industrial layout for products such as joint assemblies, harmonic reducers, planetary reducers, and force sensors [3] - Strategic cooperation agreements have been signed with companies like Zhongqing Robot and Aifute, as well as a project intention cooperation agreement with Shenzhen Zhujidong Technology Co., Ltd., to enhance the upstream and downstream industrial chain [3]

Core Points - The document outlines the annual report work system for Hangzhou Kaierda Welding Robot Co., Ltd, emphasizing the responsibilities of independent directors in the preparation and disclosure of the annual report [1][2][3] - It establishes a communication mechanism involving the board chairman, securities department, internal audit, and finance department to facilitate the independent directors' oversight [1][2] - Independent directors are required to ensure the accuracy and completeness of disclosures in the annual report and to maintain confidentiality during the reporting process [2][3] Summary by Sections - **Responsibilities of Independent Directors**: Independent directors must fulfill their duties diligently, ensuring that all necessary disclosures are made accurately and completely in the annual report [1][2] - **Communication and Coordination**: The board secretary is responsible for coordinating communication between independent directors, the accounting firm, and the management team, ensuring that independent directors have the necessary conditions to perform their duties [2][3] - **Management's Role**: The management team is required to cooperate with independent directors, providing timely and accurate information regarding the company's operations and financial status [2][3] - **Meetings and Supervision**: Independent directors must meet with the annual audit accountants to understand any issues discovered during the audit process and must review the board meeting procedures and documentation before the annual report is approved [3][4] - **Annual Report Confirmation**: Independent directors are required to sign a written confirmation of the annual report, and if they have objections, they must state their reasons and disclose them [4] - **External Audits**: If independent directors have objections to specific matters in the annual report, they can independently hire external audit and consulting firms with the agreement of a majority of independent directors [4]