Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][15]. Core Insights - The company achieved a revenue of 11.742 billion yuan in the first half of 2025, representing a year-on-year increase of 76.1%, with a net profit of 1.242 billion yuan, up 108.5% year-on-year [1]. - In the second quarter of 2025, the company reported a revenue of 6.630 billion yuan, with year-on-year and quarter-on-quarter growth of 61.5% and 29.7%, respectively [2]. - The electric two-wheeler business continues to show high growth, with a net profit margin reaching a historical high of 11.8% in Q2 2025 [2]. Financial Performance Summary - Revenue projections for the company are as follows: 21.527 billion yuan in 2025, 28.795 billion yuan in 2026, and 35.512 billion yuan in 2027, with respective growth rates of 51.6%, 33.8%, and 23.3% [1][8]. - The net profit is expected to reach 2.021 billion yuan in 2025, 2.638 billion yuan in 2026, and 3.570 billion yuan in 2027, with growth rates of 86.4%, 30.5%, and 35.3% respectively [1][8]. - The company’s return on equity (ROE) is projected to be 24.5% in 2025, 24.2% in 2026, and 24.7% in 2027 [1][8]. Business Segment Performance - In Q2 2025, the revenue breakdown by business segment shows electric two-wheelers generating 3.960 billion yuan, self-branded retail scooters 0.929 billion yuan, and all-terrain vehicles 0.323 billion yuan, with year-on-year growth rates of 80.6%, 27.6%, and 10.6% respectively [2]. - The company has launched the Lingbo OS, an intelligent ecological operating system for short-distance transportation, which is expected to enhance its market position [7]. Market Position and Future Outlook - The company is a leader in the domestic high-end smart electric market, with cumulative shipments of smart electric two-wheelers exceeding 8 million units as of July 18, 2025 [7]. - The upcoming implementation of new national standards for electric bicycles in the second half of 2025 is anticipated to accelerate market share consolidation among leading companies with technological, scale, and brand advantages [7].