Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by rapid expansion in the smart logistics sector and ongoing innovation in product development [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 9.302 billion yuan, representing a year-on-year increase of 8.74%, and a net profit attributable to shareholders of 1.121 billion yuan, up 11.38% year-on-year [1]. - In Q2 2025, revenue reached 4.796 billion yuan, with a year-on-year growth of 9.43%, and net profit of 685 million yuan, reflecting a 9.08% increase year-on-year [1]. Smart Logistics Expansion - The smart logistics business experienced explosive growth in H1 2025, with significant increases in revenue and new orders, totaling over 7,000 AGVs deployed across more than 20 industries, including photovoltaic and lithium battery sectors [1]. - The company achieved technological breakthroughs, including the development of a millimeter-level navigation precision system, and the "Zhongce Future Factory" project was recognized as an industry benchmark [1]. - The North American team is promoting AGV and 5G technology overseas, with customized solutions improving customer warehouse efficiency by 50% [1]. Innovation and Product Development - The company has launched multiple new products, including high-pressure lithium battery off-road forklifts and various specialized forklifts, with over 20 projects either launched or set to be launched [2]. - Key technological developments include a regional adaptive control system, high-protection charging machines, and the world's first mass-produced 309V diesel-electric hybrid forklift [2]. Overseas Market Expansion - The company is enhancing its overseas network, focusing on "local production + global market + localized service," with a production base in Thailand expected to be completed in Q4 2025 [3]. - The company is expanding its business footprint in Europe, Vietnam, Malaysia, Indonesia, and the United States, while solidifying partnerships with top global enterprises in various sectors [3]. - In H1 2025, the company achieved a record high of nearly 60,000 units sold in overseas markets, with a year-on-year increase of over 25% [4]. Profit Forecast - The company projects net profits attributable to shareholders of 2.230 billion yuan, 2.484 billion yuan, and 2.839 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining a "recommended" rating [5].