Core Viewpoint - The company Pinggao Electric (600312.SH) continues to experience rapid growth in its operating performance, driven by increased investment in the domestic power grid and strong order backlog [1][5]. Financial Performance - In the first half of 2025, Pinggao Electric achieved operating revenue of 5.696 billion yuan, a year-on-year increase of approximately 13% [1][3]. - The net profit attributable to shareholders reached 666 million yuan, reflecting a year-on-year growth of about 25% [1][3]. - The company has seen continuous growth in revenue and net profit for three consecutive years from 2022 to 2024 [5]. Order Backlog and Contracts - As of June 30, 2025, the company's contract liabilities amounted to 1.715 billion yuan, representing a year-on-year increase of 39.89% [1][7]. - The company has secured significant contracts, including a recent win of approximately 1.45 billion yuan from State Grid and Henan Electric Power Company [6]. Industry Context - In the first half of 2025, national key surveyed enterprises completed a total investment of 654.6 billion yuan in electricity, marking a year-on-year increase of 9.6% [5]. - The investment in power grid engineering reached 291.1 billion yuan, up 14.6% year-on-year, with equipment investment in the grid increasing by 39.6% [5]. Research and Development - The company invested 239 million yuan in R&D in the first half of 2025, a year-on-year increase of 48.32% [2][9]. - Pinggao Electric has achieved significant breakthroughs in product development, including the world's first 550 kV bypass triggering gap device and 550 kV C4 environmentally friendly GIL [9]. - The company has received numerous awards for its technological innovations, with 10 provincial and ministerial-level awards in the first half of 2025 and 9 new products passing national-level certification [9]. Financial Health - As of June 30, 2025, the company had sufficient liquidity, with monetary funds of 6.49 billion yuan and interest-bearing liabilities of only 44 million yuan [10].