Core Viewpoint - 嘉元科技 (688388) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 3.963 billion yuan, a year-on-year increase of 63.55% [1]. - Net profit attributable to shareholders was 36.7541 million yuan, up 134.94% year-on-year [1]. - In Q2 2025, total revenue was 1.982 billion yuan, reflecting a 32.75% increase year-on-year, while net profit for the quarter was 12.2977 million yuan, up 121.42% [1]. - Gross margin improved to 5.08%, a year-on-year increase of 198.53%, and net margin reached 0.85%, up 119.16% [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 143 million yuan, accounting for 3.6% of revenue, a decrease of 19.42% year-on-year [1]. - Operating expenses decreased due to reduced business entertainment and employee compensation costs [5]. Cash Flow and Assets - Operating cash flow per share was 0.13 yuan, a significant increase of 106.46% year-on-year [1]. - Cash and cash equivalents increased by 21.96% to 2.367 billion yuan [1]. - Accounts receivable decreased by 12.37% to 1.01 billion yuan, indicating improved collection efficiency [1]. Debt and Liabilities - Interest-bearing liabilities rose by 30.43% to 5.137 billion yuan [1]. - The company has a healthy cash position, but attention is needed on debt levels and financial expenses [9]. Business Model and Future Outlook - The company is focusing on solid-state battery technology, having developed products that meet various technical requirements [10]. - Future production and sales will align with market demand for solid-state battery copper foil [10].