Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a revenue of 9.15 billion yuan for the first half of 2025, representing a year-on-year increase of 63.8%, and a net profit attributable to shareholders of 500 million yuan, up 22.0% year-on-year [2][8]. - The acquisition of 60% of Dalian Changzhilin Technology Co., Ltd. for 1.02 billion yuan is expected to enhance the company's defense equipment segment and overall competitiveness in the military industry [14]. Financial Performance - In Q2 2025, the company achieved a revenue of 5.5 billion yuan, a year-on-year increase of 64.9% and a quarter-on-quarter increase of 50.4% [2][8]. - The company's mining service revenue for the first half of 2025 was 6.44 billion yuan, a year-on-year growth of 48.7% [14]. - The gross margin for the mining service segment was 16.5%, a decrease of 1.9 percentage points year-on-year [14]. Business Segments - The company’s revenue from civil explosives products reached 1.38 billion yuan, a year-on-year increase of 40.31%, primarily due to the consolidation of Changzhilin's revenue [14]. - The overseas business revenue totaled 720 million yuan, accounting for 7.9% of total revenue, with an 18.9% year-on-year growth [14]. Future Outlook - The company expects net profits attributable to shareholders to be 1.13 billion yuan, 1.34 billion yuan, and 1.69 billion yuan for the years 2025, 2026, and 2027, respectively [14].