Core Viewpoint - The report from Dayuan Pump Industry reveals a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit, attributed to the absence of prior asset disposal gains and challenges in certain product segments [2][3]. Financial Performance - The company achieved a revenue of 9.65 billion yuan, representing a year-on-year increase of 14.55% [2]. - The net profit attributable to shareholders was 1.01 billion yuan, down 27.99% year-on-year [2]. - The non-recurring net profit was 930.09 million yuan, a decrease of 10.67% compared to the previous year [2]. Business Segments - Dayuan Pump Industry's products are categorized into three main types: - Civil products - Commercial products, primarily used in sectors like new energy vehicles, wind power, energy storage, and data centers - Industrial products, applied in chemical, refrigeration, hydrogen production, and semiconductor industries [3]. Liquid Cooling Business - The company’s liquid cooling temperature control business saw significant growth, with revenue reaching 70 million yuan, a year-on-year increase of approximately 105% [3]. - The company has made breakthroughs in liquid cooling projects for mining machines, marking a new application scenario [3]. Agricultural Pump Segment - The agricultural pump segment reversed the decline seen in 2024, achieving a revenue of approximately 340 million yuan, up 17.6% year-on-year [4]. - The household shield pump segment showed mixed performance, with domestic sales slightly declining due to external market pressures, while exports recovered after a prolonged downturn [4]. Accounts Receivable - As of the end of the first half of 2025, the total accounts receivable amounted to 479 million yuan, indicating a high level of receivables [4].