Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 438 million yuan, a year-on-year increase of 27.51%, with a net profit attributable to shareholders of -38 million yuan [1] - In Q2 2025, the company reported operating revenue of 272 million yuan, a year-on-year increase of 50.89%, with a net profit attributable to shareholders of -27 million yuan, overall performance met expectations [1] - The gross margin for H1 2025 was 25.69%, an increase of 1.51 percentage points year-on-year, while Q2 2025 gross margin was 26.54%, up 1.71 percentage points year-on-year and 2.26 percentage points quarter-on-quarter [1] Group 2: Research and Development - The company invested 38.13 million yuan in R&D in H1 2025, a significant increase of 43.06% year-on-year, with R&D expenses accounting for 8.71% of revenue [1] - The focus of R&D investments includes cutting-edge areas such as new energy battery materials, heat dissipation technology, and solid-state batteries, enhancing the company's ability to optimize and upgrade existing product performance [1] Group 3: Strategic Acquisitions - The company acquired a 51% stake in Sainogao, having obtained 49.90% by H1 2025, and completed the board and management changes, integrating Sainogao into the consolidated financial statements [2] - This acquisition expands the company's business into the heat dissipation sector, enhancing its ability to provide diversified products and services to clients, with expected gradual performance release from Sainogao's key projects [2] Group 4: Future Business Development - The company is optimizing its product system in H1 2025, collaborating with domestic new energy core clients on the development of next-generation battery CCS modules [3] - New product lines, such as high specific surface area carbon black, have been introduced to meet diverse conductive material needs of lithium battery clients, with initial mass production deliveries starting during the reporting period [3] - The company has also gained supplier codes from major North American clients for new generation smartphone heat dissipation components, indicating strong future growth potential in high-margin sectors [3] Group 5: Revenue Projections - Revenue projections for the company from 2025 to 2027 are estimated at 1.119 billion, 1.842 billion, and 2.271 billion yuan, with net profits attributable to shareholders projected at 113 million, 219 million, and 270 million yuan respectively [3]