Core Viewpoint - The company's performance in 1H25 is strong, driven by the growth in sales of Xiaomi's supporting models and a decline in raw material prices [4][5]. Financial Performance - In 1H25, the total operating revenue increased by 15.2% year-on-year to 1.29 billion yuan, accounting for approximately 38% of the annual forecast, while the net profit attributable to shareholders rose by 27.2% to 200 million yuan, representing about 40% of the annual forecast [4]. - In 2Q25, the operating revenue grew by 9.5% year-on-year and 14.4% quarter-on-quarter to 690 million yuan, with net profit increasing by 31.9% year-on-year and 13.0% quarter-on-quarter to 110 million yuan [4]. Profitability and Cost Management - The gross profit margin in 1H25 improved by 4.5 percentage points to 29.0%, with 2Q25 gross profit margin increasing by 6.2 percentage points year-on-year and 1.8 percentage points quarter-on-quarter to 29.9% [5]. - The expense ratio for selling, general, and administrative expenses decreased by 0.9 percentage points year-on-year to 6.6% in 1H25, with 2Q25 showing a decrease of 0.8 percentage points year-on-year and 0.3 percentage points quarter-on-quarter to 6.4% [5]. Business Opportunities - The company is well-positioned in the stamping business, currently supplying major clients such as SAIC, Tesla, Xiaomi, and Li Auto, with strong sales momentum from these clients expected to enhance business scale and profitability [6]. - The electroplating business is also set to expand, with the subsidiary Wuxi Kaixiang being the only qualified supplier in the domestic precision electroplating field and a key production base for Bosch globally. New contracts in 2024 are anticipated to drive growth in the automotive electronics sector [6].