Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company has expanded its sales channels and enriched its product categories, resulting in a 65% quarter-on-quarter increase in net profit attributable to the parent company in Q2 2025 [2] - In H1 2025, the company achieved revenue of 375 million yuan, a year-on-year increase of 20.77%, and a net profit of 49 million yuan, up 27.18% year-on-year [2] - The growth in performance is attributed to the company's strategic focus on diversifying product offerings and expanding sales channels amid a complex international economic environment [2][3] Financial Performance - For H1 2025, the company reported a gross profit margin of 29.01%, an increase of 1.19 percentage points year-on-year, and a net profit margin of 13.16%, up 0.65 percentage points year-on-year [2] - The company’s revenue from non-automotive products grew by 183% year-on-year in H1 2025, with significant contributions from household products [3] - The company has shifted towards self-manufacturing high-end automotive electronic products, with a notable increase in cross-border e-commerce orders [4] Revenue and Profit Forecast - The forecast for net profit attributable to the parent company has been raised to 132 million yuan, 160 million yuan, and 191 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.00, 14.92, and 12.49 [4]