Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown steady growth in revenue and profit when excluding the impact of the wireless vehicle business, with a 23.49% year-on-year increase in revenue and a 6.54% increase in net profit [1] - The company is focusing on the development of edge AI and robotics, with 55% of future H-share fundraising allocated to these areas, indicating a commitment to long-term growth opportunities [2] - The overseas 5G Fixed Wireless Access (FWA) market presents significant growth potential, particularly in North America and India, where current penetration rates are low [3] - The company is expected to achieve revenue of 82.2 billion, 99.0 billion, and 117.4 billion yuan from 2025 to 2027, with corresponding net profits of 5.4 billion, 7.0 billion, and 8.6 billion yuan [4] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 37.07 billion yuan, a year-on-year decrease of 9.02%, and a net profit of 2.18 billion yuan, down 34.66% [1] - The gross profit margin for the first half of 2025 was 16.42%, a decline of 5.16 percentage points year-on-year, while the net profit margin was 5.89%, down 2.39 percentage points [1] Business Development - The company established an AI research institute in 2024 to focus on foundational and cutting-edge technology development for edge AI applications [2] - A dedicated robotics team was formed to work on lawn mowing robots and embodied intelligent robots, with successful product launches and collaborations with leading clients [2] Market Opportunities - The company is actively expanding its FWA product offerings in overseas markets, particularly in North America and India, where there is substantial room for growth [3] - The domestic vehicle-mounted module market is expected to expand due to the transition from 4G to 5G technology and the increasing penetration of smart and connected vehicles [3]