Core Viewpoint - Company reported a decline in revenue and net profit for H1 2025, primarily due to impairment losses and investments in new businesses, but anticipates potential recovery in the second half of the year [1][3]. Financial Performance - H1 2025 revenue was 6.248 billion, a year-on-year decrease of 9.28%, with a net profit of -0.068 billion, marking a shift to a loss [1]. - Q2 2025 revenue reached 3.285 billion, showing a 3% year-on-year increase and an 11% quarter-on-quarter increase, but net profit was -0.053 billion, indicating a worsening loss [1]. - After excluding investments in new industries, the actual profit from the ternary business was approximately 0.077 billion [1]. Sales and Market Dynamics - Sales volume of ternary materials in H1 2025 was 50,000 tons, affected by U.S. subsidies and tariffs, with a slight increase in Q2 sales compared to Q1 [1]. - Anticipated sales growth in the second half of 2025 as tariff policies become clearer and new overseas battery cell factories commence production [1]. New Business Developments - Sodium battery products are positioned for growth in various sectors, with production expected to scale up in H2 2025 and 2026 [2]. - The company has initiated a 6,000-ton production line for polyacrylate cathodes in Xiantao [2]. - The manganese iron lithium product line has seen significant sales in the commercial vehicle sector, with plans for new capacity [2]. Technological Advancements - The company is advancing in solid-state battery technology, with high nickel and ultra-high nickel cathodes meeting industry standards for energy density [2]. - A pilot line for sulfide electrolyte materials is under construction, expected to be completed by Q4 2025 [2]. Production Capacity and International Expansion - The first phase of the Korean factory, with a capacity of 20,000 tons/year for high nickel cathodes, has passed international customer certification [1]. - Plans to establish the first lithium iron phosphate production line in Poland to meet local supply chain demands in Europe [1]. Profitability Outlook - Due to impairment and new business investments, net profit forecasts for 2025-2027 have been significantly reduced [3]. - The company is expected to experience a turning point with new business developments, particularly in manganese iron lithium and sodium battery cathodes [3].