Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a revenue of 4.037 billion yuan for H1 2025, representing a year-on-year increase of 19.55%, while the net profit attributable to shareholders was 158 million yuan, a decrease of 31.79% year-on-year [2]. - The decline in profitability is attributed to unexpected credit impairment losses and an increased proportion of low-margin fixed supports in the product mix [2][3]. - Despite the profit decline, the company has a robust order backlog of approximately 7.29 billion yuan, which is expected to support future performance growth [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.478 billion yuan, a year-on-year increase of 58.63% and a quarter-on-quarter increase of 58.99%. The net profit attributable to shareholders was 48 million yuan, down 38.41% year-on-year and down 56.77% quarter-on-quarter [2]. - The company's support business generated revenue of 3.874 billion yuan in H1 2025, with tracking supports accounting for 2.876 billion yuan and fixed supports accounting for 999 million yuan [3]. Market Expansion - The company signed a significant order for a 2.3GW photovoltaic project in Saudi Arabia, showcasing its strong position in the Middle East market, where it holds the largest market share [4]. - The company has secured over 14GW of cumulative orders in the Middle East and has signed more than 4GW in 2025 alone, indicating strong growth potential in overseas markets [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 10.843 billion yuan, 13.141 billion yuan, and 15.074 billion yuan, respectively, with corresponding net profits of 649 million yuan, 800 million yuan, and 957 million yuan [5][7]. - The company is expected to maintain a leading position in the photovoltaic support industry, with continued growth in the tracking support market expected to enhance profitability [5].