Event Overview - The company disclosed its 2025 semi-annual report, showing H1 2025 revenue of 9.75 billion yuan, a year-on-year increase of 27.2%, and a net profit attributable to shareholders of 1.07 billion yuan, up 82.3% year-on-year. Q2 2025 revenue reached 5.11 billion yuan, a year-on-year increase of 16.8% and a quarter-on-quarter increase of 9.9%, with a net profit of 570 million yuan, up 71.0% year-on-year and 11.9% quarter-on-quarter [2]. Performance Highlights - Q2 2025 revenue growth was driven by multiple business synergies, with motorcycle sales contributing significantly. The "Wujie" brand achieved revenue of 1.12 billion yuan in Q2 2025, a year-on-year increase of 22.6% and a quarter-on-quarter increase of 31.0%, accounting for 21.9% of total revenue. The power machinery segment saw H1 2025 revenue of 2.19 billion yuan, up 52.8% year-on-year, with home generator sales surging by 142.0% and riding lawnmower sales increasing by 94.2% due to strong demand in Europe and the US [3]. - The company's Q2 2025 net profit was 570 million yuan, with a gross margin of 19.7%. Key factors for profit growth included the contribution of the "Wujie" brand, which accounted for approximately 24% of revenue, improved product mix in motorcycle engines and tricycles, and the release of cost-saving potential due to scale effects [3][4]. Cost Structure - In Q2 2025, the company's sales, management, R&D, and financial expense ratios were 1.1%, 2.4%, 1.9%, and -0.7%, respectively, showing a year-on-year decrease of 0.9%, 1.1%, and 1.3%, while financial expenses remained stable. The optimization of the cost structure under scale effects further enhanced profit margins [4]. Brand and Channel Development - The "Wujie" brand showed strong growth in H1 2025, achieving revenue of 1.98 billion yuan, a year-on-year increase of 30.2%. Export sales reached 1.19 billion yuan, a significant increase of 83.3%, accounting for 60.1% of total revenue, up 17.4 percentage points year-on-year. The company expanded its domestic sales network to 1,053 outlets and established 1,292 overseas sales points, with a notable increase in exposure in Europe [5]. Global Expansion - The company’s mid-to-large displacement motorcycles (over 250cc) saw sales of 108,000 units in 2024 and 68,000 units in H1 2025, representing year-on-year increases of 43.1% and 32.8%, respectively. Export sales accounted for 51,000 units in 2024 and 48,000 units in H1 2025, with year-on-year increases of 24.8% and 69.4%. The "Wujie" brand played a crucial role in this growth, particularly in the European market, where sales in Spain surged by 113.5% [6]. Future Outlook - The company is expected to continue benefiting from the dual expansion of the "Wujie" brand in both product and channel segments, leading to accelerated growth. Revenue projections for 2025-2027 are 20.16 billion yuan, 23.41 billion yuan, and 27.05 billion yuan, with net profits of 1.88 billion yuan, 2.28 billion yuan, and 2.66 billion yuan, respectively. The EPS is projected to be 0.91 yuan, 1.11 yuan, and 1.29 yuan, corresponding to PE ratios of 14, 12, and 10 [7].