Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 7.035 billion yuan in the first half of 2025, representing a year-on-year growth of 17.40%, and a net profit attributable to shareholders of 352 million yuan, up 13.12% year-on-year [1]. - The company is actively expanding its domestic and international operations, with a focus on enhancing its core competitiveness through strategic investments and acquisitions [3]. - The report forecasts continued growth in the company's performance, driven by the increasing penetration of industrial IoT and the expansion of its business boundaries, with projected net profits of 686 million yuan, 803 million yuan, and 974 million yuan for 2025, 2026, and 2027 respectively [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 3.693 billion yuan, a year-on-year increase of 19.26%, and a net profit of 180 million yuan, reflecting a 12.27% year-on-year growth [1]. - The company's main business segments showed varied performance, with the global mobile business (MGM) experiencing a significant revenue increase of 50.94% year-on-year [2]. Business Development - The company is enhancing its operational density across six major regions in China and has initiated a global expansion strategy with subsidiaries established in multiple countries [3]. - New business initiatives include online logistics e-commerce and transaction platforms, aimed at filling operational gaps and creating a healthy ecosystem in the supply chain [3]. Earnings Forecast - The company is expected to achieve revenues of 14.282 billion yuan, 16.165 billion yuan, and 18.321 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profit growth rates of 21.3%, 17.1%, and 21.3% [5][8].