Core Viewpoint - The company has experienced rapid growth in its overseas business, achieving significant revenue and profit increases in the first half of 2025, primarily driven by the expansion of its offshore wind market presence [1][2]. Financial Performance - In H1 2025, the company reported revenue of 2.84 billion yuan, a year-on-year increase of 109.5%, and a net profit of 550 million yuan, up 214.3% [1]. - The gross margin was 28.2%, a slight decrease of 0.4 percentage points, while the net margin improved to 19.2%, an increase of 6.42 percentage points [1]. - Revenue from wind turbine tower business reached 2.69 billion yuan, a year-on-year increase of 119.5%, accounting for 94.5% of total revenue [2]. Market Dynamics - The overseas market contributed 2.24 billion yuan in revenue, a year-on-year increase of 195.8%, representing 79% of total revenue [2]. - The company is the only supplier in the Asia-Pacific region delivering offshore products to the European market, which is expected to see significant growth in offshore wind installations [2][3]. - The European offshore wind market is projected to add 126 GW from 2025 to 2034, with an annual average of 12.6 GW, significantly higher than the previous five years [2]. Strategic Initiatives - The company has signed new export orders for offshore products totaling 3 billion yuan in H1 2025, with cumulative export orders exceeding 10 billion yuan [3]. - It is expanding its production capacity and establishing offshore bases in regions like Europe and Southeast Asia, aiming for over 3 million tons of global capacity [3]. - The company is transitioning from a product supplier to a system service provider, enhancing its service offerings in the offshore wind sector [3]. Project Developments - As of H1 2025, the company has 500 MW of self-owned and invested renewable energy projects in operation, with an additional 950 MW of onshore wind projects under construction [4]. - The company has initiated a mid-term dividend policy, distributing 0.86 yuan per share, totaling approximately 54.84 million yuan, which is 10.04% of net profit [4].