Core Insights - The company reported a revenue of 26.985 billion yuan for the first half of 2025, representing a year-on-year growth of 12.82% [1] - The net profit attributable to shareholders was 856 million yuan, an increase of 3.88% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 583 million yuan, showing a decrease of 28.03% year-on-year [1] - Basic earnings per share were 0.47 yuan [1] - The company plans to distribute a cash dividend of 0.60 yuan per 10 shares (tax included) to all shareholders [1] Business Performance - The traditional core business of the company continued to develop steadily, with revenue from consumer lithium batteries maintaining growth [1] - The production scale of consumer battery cells gradually expanded, and an increase in self-supply ratio is expected to enhance product added value and overall profitability [1] - The global consumer battery market showed significant recovery and growth due to the increasing adoption of artificial intelligence applications and a replacement cycle [1] - The company achieved a notable increase in the shipment volume of mobile digital products as demand for traditional consumer electronics rebounded [1] Electric Vehicle Sector - The penetration rate of global new energy vehicles rapidly increased, with the company’s power battery shipment volume reaching 16.08 GWh in the first half of 2025, a year-on-year growth of 93.04% [1] - Revenue from power batteries amounted to 7.604 billion yuan, reflecting a year-on-year increase of 22.63% [1]

Core Viewpoint - The home appliance industry is a key area for boosting domestic demand, with the "old-for-new" policy driving significant consumer activity in the market [1][2] Group 1: Market Dynamics - The "old-for-new" policy has become a crucial engine for home appliance consumption, especially during the "May Day" holiday, leading to increased consumer purchases [1][2] - As of May 3, 2023, nearly 5.8 million orders have been placed under the "old-for-new" policy in Shanghai, generating sales exceeding 14.87 billion yuan, with mobile and digital products accounting for 32% of the total [1] Group 2: Events and Promotions - The "Shanghai Home Appliance and Home Renewal Carnival" integrates the national "old-for-new" policy with multi-level subsidies to stimulate consumer potential, involving nearly 200 brands and 3,000 participating stores [2] - The event focuses on smart and health-oriented appliances, promoting a dual discount policy from both government and enterprises to enhance green and intelligent home consumption [2] Group 3: Company Initiatives - Various home appliance brands are actively launching attractive products and promotions in response to the "May Day" holiday, with companies like Haier, Gree, and Midea implementing their own subsidy programs [3] - Haier's "New Replacement Journey" and Gree's health-focused initiatives offer significant savings for consumers, while Hisense anticipates a substantial increase in sales during the holiday period due to enhanced subsidy measures [3] Group 4: Retail Channel Activities - Retail channels, such as Suning, are also promoting the "old-for-new" initiative with various marketing activities, reporting over a 61% year-on-year increase in sales on the first day of the holiday [4] - Suning plans to invest over 100 million yuan during the "May 5 Shopping Festival" to provide multiple layers of discounts, enhancing consumer engagement [4] - The Shanghai Electrical Appliances Commercial Association aims to further promote the "old-for-new" initiative by collaborating with major retail platforms to offer community-based services [4]