2 September 2025 | 3:09PM HKT China Industrial Tech 2Q25 wrap: Buoyant outlook in AIDC supply chain; downside surprise from PA; 3 rating changes Our coverage companies all reported 1H25/2Q25 results which look in-line overall while we see the most buoyant 2H25-2026E or even 2027E outlook in the AIDC supply chain (Envicool/Kstar/Kehua/Jianghai/Sungrow/Han's Laser) and the biggest downside surprise coming from process automation players (Baosight 2Q25 revenue/net profit -35%/-63% vs. GSe; and Supcon 2Q25 reve ...