Performance Summary - In the first half of 2025, the company achieved revenue of 2.573 billion yuan, a year-on-year increase of 50.25% [1] - The net profit attributable to shareholders was 216 million yuan, up 17.54% year-on-year [1] - In Q2 2025, revenue reached 1.641 billion yuan, reflecting a year-on-year growth of 69.67%, with net profit of 168 million yuan, up 37.98% year-on-year [1] Operational Analysis - The company's performance in 1H25 was driven by the dual engines of room temperature control and cabinet temperature control, with revenue from room temperature control energy-saving equipment reaching 1.351 billion yuan, a year-on-year increase of 57.91%, and cabinet temperature control energy-saving equipment revenue at 926 million yuan, up 32.02% year-on-year [2] - The rapid expansion of the liquid cooling market was fueled by downstream computing power investments and high demand for data centers, with liquid cooling-related revenue exceeding 200 million yuan in 1H25 [2] - The company reported a significant increase in orders, with a merchandise account balance of 681 million yuan, up 67.78% from the beginning of the period, and advance sales receipts of 404 million yuan, up 76.25% [2] Business Structure and Competitive Factors - The overall gross margin for 1H25 was 26.15%, a decrease of 2.33 percentage points year-on-year, with room temperature control gross margin at 25.83% and cabinet temperature control gross margin at 28.09% [3] - Revenue from subway air conditioning and bus air conditioning was 24 million yuan and 19 million yuan, respectively, down 50.09% and 29.81% year-on-year, with bus air conditioning gross margin declining due to policy and macroeconomic impacts [3] - Despite short-term pressure on gross margins, the company is optimistic about a rebound as liquid cooling products gain traction in AI data centers [3] Profit Forecast and Valuation - The company forecasts revenues of 6.334 billion yuan, 8.887 billion yuan, and 11.748 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 914 million yuan, 1.352 billion yuan, and 1.960 billion yuan [4] - The current stock price corresponds to a PE valuation of 74.42, 50.31, and 34.71 times for the years 2025, 2026, and 2027 [4]