Core Viewpoint - The company achieved a revenue of 5.458 billion yuan in the first half of 2025, representing a year-on-year growth of 4.79%, with a net profit of 130 million yuan, driven by accelerated investment in the power grid and demand in new energy and new infrastructure sectors [1] Group 1: Business Overview - The main business of the company is the distribution of industrial electrical products, covering low and medium voltage power distribution products and industrial automation products [1] - The company has established a stable customer base nationwide and maintains a leading position in a competitive market through a comprehensive operational strategy that includes industry, product, and regional coverage [1] Group 2: Competitive Advantages - The company's core competitiveness is summarized as a "3+1" network consisting of distribution network, logistics network, technical service network, and the integration of the internet [1] - The distribution network includes 53 subsidiaries and over 120 offices across major cities in China, providing stable and timely services to customers [2] - The logistics network features seven logistics centers and 50 distribution hubs, effectively shortening supply cycles and enhancing delivery and warehousing services [2] - The technical service network is built around a national industrial technical service network, offering pre-sales support, industry solutions, training, and after-sales services [2] - The integration of digital applications enhances the synergy between the distribution, logistics, and technical service networks, promoting differentiated development and strengthening core competitiveness [2] Group 3: Team Structure - The "3+1" team structure focuses on core customers such as complete manufacturers, OEMs, system integrators, and end-users, optimizing customer structure based on market conditions [3] - The small customer team targets small clients through a combination of online and offline strategies to cover fragmented markets and develop secondary market channels [3] - The technical service team provides value-added services by offering industry application solutions to emerging industry clients based on industrial electrical product services [3]