Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.34 billion CNY, a year-on-year increase of 9.93% [2] - The net profit attributable to shareholders was 69.81 million CNY, a decline of 70.03% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses was 88.49 million CNY, down 74.70% year-on-year [2] - As of June 30, 2025, total assets reached 9.25 billion CNY, an increase of 18.08% year-on-year, while net assets grew by 8.23% to 1.81 billion CNY [2] Product Sales and Market Position - The company sold 879.86 tons of photovoltaic conductive paste, a decrease of 22.28% year-on-year [2] - Sales of N-type TOPCon battery conductive paste reached 834.74 tons, accounting for 94.87% of total sales, maintaining a leading position in the industry [2] Technological Development and Future Plans - The company plans to enhance product technology research and market expansion to solidify its leading position in the photovoltaic battery conductive paste sector [3] - The high copper paste solution for TOPCon batteries has achieved mass production, with a clear timeline for large-scale production set for the second half of the year [4] - The silver nitrate project is expected to begin trial production in Q4 2025, which will enhance supply chain stability and reduce raw material costs [5] Cost Efficiency and Product Innovation - The high copper paste solution significantly reduces silver consumption by over 50% compared to standard processes [7] - The processing fees for TOPCon silver paste remain stable, while HJT and TBC paste processing fees are higher, indicating potential for improved profitability with the growth of new battery technologies [6] Semiconductor and Electronic Materials - The company’s sales revenue from storage chips reached 189 million CNY in the first half of 2025, with expectations for continued growth in the second half due to industry demand [9]