Investment Rating - The investment rating for the company is "Buy-A" with a target price of 22.18 CNY, maintaining the rating [4]. Core Insights - The company has established a joint venture with Leju Intelligent to enter the robotics sector, aiming to enhance future competitiveness through a cluster strategy [2]. - The company has a strong order backlog, with significant growth in international markets, particularly in the Middle East and Southeast Asia [3]. - The company is actively expanding its production capacity, with several projects underway to increase output in various segments [3]. Summary by Sections Joint Venture and Market Expansion - The company has formed a joint venture named Dongfang Yuanqi Intelligent Robotics (Guangdong) Co., Ltd. with Leju Intelligent, focusing on service consumer robots and smart home devices [1]. - The partnership leverages the company's expertise in high-end intelligent equipment manufacturing and Leju's advanced technology in robotics [2]. Order Backlog and Financial Performance - The company reported a robust order backlog, which supports revenue growth for 2025. The international market has seen a significant increase in orders compared to the previous year [3]. - The subsidiary Fosber Asia has achieved record-high new orders and revenue in the first half of 2025, marking the best performance in nearly five years [3]. Capacity Expansion Projects - The company is progressing with multiple capacity expansion projects, including a green intelligent factory for high-end water propulsion products, expected to be operational in 2025 [3]. - The new factory for Fosber Asia, which commenced operations in June 2025, is designed to double production capacity [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 54.50 billion, 63.08 billion, and 73.28 billion CNY, with year-on-year growth rates of 14.07%, 15.75%, and 16.15% respectively [9]. - Net profit forecasts for the same period are 7.04 billion, 8.32 billion, and 10.07 billion CNY, reflecting growth rates of 40.60%, 18.29%, and 20.98% respectively [9].

Core Viewpoint - The company reported a stable growth in operating performance for the first half of 2025, with a slight decrease in overall revenue but a significant increase in net profit and net profit excluding non-recurring items [5][6]. Financial Performance - For the first half of 2025, the company achieved total operating revenue of approximately 2.159 billion yuan, a year-on-year decrease of 0.1% [5]. - The net profit attributable to shareholders was approximately 397 million yuan, representing a year-on-year increase of 142.52% [5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 256 million yuan, showing a year-on-year growth of 12.12% [5]. Business Segment Overview Waterborne Power Equipment Segment - The subsidiary, Baisheng Power, achieved operating revenue of 485 million yuan, a year-on-year increase of approximately 28%, and a net profit of 58 million yuan, up 13% [6]. - Baisheng Power became the first company in China to mass-produce a 300-horsepower gasoline outboard motor, marking a significant milestone in the industry [6][7]. - The company launched its first intelligent top-flow machine product, which is the first foldable structure top-flow machine in China, entering mass production [7][10]. - Operational efficiency improved significantly with the implementation of the U9 EPR system, leading to a notable decrease in inventory turnover days and a substantial increase in operating cash flow [8]. Intelligent Packaging Equipment Segment - The Fosber Group maintained a stable order intake in the first half of 2025, with a focus on expanding into emerging markets like Latin America and Africa [11][12]. - Fosber Asia achieved record-high performance in the domestic market, with significant growth in new orders and revenue [13]. - The new factory of Fosber Asia, with an annual production capacity of 40 lines, was successfully launched, supporting the growth of its business [13]. Digital Printing Equipment Segment - The subsidiary, Wande Digital, launched an upgraded "digital printing all-in-one machine," which gained popularity in the domestic market [15]. External Business Development - The company is focusing on external growth through strategic investments, particularly in the fields of "artificial intelligence + robotics" and "controlled nuclear fusion key structural materials + nuclear power equipment" [16][18]. - The company increased its stake in Guizhou Aerospace New Power Technology Co., Ltd. to 19.89%, recognizing its strong technological capabilities in nuclear power components [21][23]. - The company is also investing in sectors with significant technological barriers and future growth potential, such as aerospace and new materials, to explore new directions for development [24].