Investment Rating - The report maintains a "Buy" investment rating for the company [3][5] Core Insights - The company achieved a revenue of 12.867 billion yuan in H1 2025, representing a year-on-year increase of 33.4%, with a net profit attributable to the parent company of 1.167 billion yuan, up 33.8% year-on-year [1] - The company continues to see high growth across all business lines, driven by the launch of new products and an increase in global penetration [2] - The three main business segments are smart power (53% of revenue), smart audio-visual (25%), and smart home automation (22%) [2] - The company’s gross margin for H1 2025 was 44.7%, slightly down by 0.45 percentage points year-on-year due to changes in product mix [1] Revenue Breakdown - Smart power revenue reached 6.8 billion yuan, up 37% year-on-year, with the F3800 Plus product winning a major award in North America [2] - Innovative products generated 3.3 billion yuan in revenue, a 38% increase, with the eufyMake E1 3D texture UV printer breaking crowdfunding records [2] - Smart audio-visual revenue was 2.8 billion yuan, up 21% year-on-year, with new product launches catering to various user scenarios [2] Market Performance - Domestic revenue was 450 million yuan, up 19.5%, while overseas revenue was 12.42 billion yuan, up 33.9%, with Europe leading growth [3] - Online channel revenue was 8.7 billion yuan, up 29%, and offline channel revenue was 4.2 billion yuan, up 44% [3] - The company’s brand strength has enhanced its pricing power and customer loyalty, contributing to robust revenue and performance [3] Financial Forecast - The company is projected to achieve net profits of 2.713 billion yuan in 2025 and 3.319 billion yuan in 2026 [3] - Revenue is expected to grow to 32.161 billion yuan in 2025, with a year-on-year growth rate of 30.15% [4] - The report anticipates a return on equity (ROE) of 25.79% in 2025 [4]