Core Insights - Company reported strong financial performance for H1 2025, with revenue of 43.53 billion yuan, a year-on-year increase of 40.3%, and a net profit of 7.73 billion yuan, up 56.0% year-on-year [1] - The company continues to deepen its global layout in the inverter business, achieving revenue of 15.33 billion yuan, a 17.1% increase year-on-year [2] - The energy storage segment showed remarkable growth, with revenue reaching 17.80 billion yuan, a 127.8% increase year-on-year, contributing 40.9% to total revenue [4] Financial Performance - H1 2025 revenue reached 43.53 billion yuan, with a net profit of 7.73 billion yuan, and a gross margin of 34.4%, up 1.9 percentage points year-on-year [1] - Q2 2025 revenue was 24.50 billion yuan, a 33.1% year-on-year increase and a 28.7% quarter-on-quarter increase, with a net profit of 3.91 billion yuan, up 36.5% year-on-year [1] Inverter Business - The inverter and power electronics segment generated 15.33 billion yuan in revenue, with a gross margin of 35.7%, down 1.9 percentage points year-on-year [2] - The company launched the modular inverter 1+X 2.0 version, enhancing its technological competitiveness [3] Energy Storage Growth - The energy storage systems business achieved 17.80 billion yuan in revenue, with a gross margin of 39.9%, slightly down by 0.2 percentage points year-on-year [4] - The company introduced the "Stem Cell Network Technology 2.0 White Paper," creating a three-level collaborative architecture for customized network solutions [4] R&D Investment - R&D investment reached 2.04 billion yuan, a 37.1% increase year-on-year, focusing on new technologies including modular inverters and energy storage systems [5] - The establishment of the AIDC division aims to provide comprehensive green energy system solutions, particularly targeting overseas markets [5] Profit Forecast - Projected revenues for 2025-2027 are 94.61 billion yuan, 107.93 billion yuan, and 122.34 billion yuan, with year-on-year growth rates of 21.5%, 14.1%, and 13.4% respectively [6] - Expected net profits for the same period are 14.57 billion yuan, 15.98 billion yuan, and 17.41 billion yuan, with growth rates of 32.0%, 9.7%, and 9.0% respectively [6]