Core Viewpoint - The report highlights the steady growth of Kaipu Testing's performance, driven by both testing services and equipment sales, with a recommendation to maintain an "accumulate" rating for the company [1][7]. Financial Performance - In the first half of 2025, the company reported revenue of 111 million yuan, an increase of 3.2% year-on-year; net profit attributable to shareholders was 40.79 million yuan, up 3.7% year-on-year; and net profit after deducting non-recurring gains and losses was 38.87 million yuan, rising 14.2% year-on-year [2][3]. - The second quarter saw a slight decline in revenue to 63.13 million yuan, down 0.1% year-on-year, and a net profit of 24.55 million yuan, down 6.3% year-on-year [2]. Business Segmentation - Testing services generated revenue of 105 million yuan, a decrease of 2.02% year-on-year, accounting for 94.15% of total revenue. Notably, revenue from power system protection and control equipment testing was 80 million yuan, up 7.23% year-on-year, while revenue from electric vehicle charging and swapping system testing fell by 55.33% to 8 million yuan [3][5]. - Revenue from testing equipment reached 5.12 million yuan, driven by a surge in customized demand from clients, leading to significant batch deliveries [3][6]. Profitability - The company's gross margin stood at 68.9%, a decrease of 1.72 percentage points year-on-year, while the net margin increased to 36.64%, up 2.18 percentage points year-on-year, primarily due to a significant reduction in income tax [4]. - The gross margin for the power system protection and control equipment testing business was 66.26%, down 1.28 percentage points year-on-year, while the electric vehicle charging system testing margin was 72.08%, down 5.47 percentage points [4]. Industry Outlook - The power equipment testing sector is characterized as a "long slope and thick snow" market, indicating stable growth potential due to low cyclicality and increasing economic and safety demands [5]. - The company is well-positioned in the power secondary equipment testing market, which has a relatively low concentration of leading firms, suggesting ample growth opportunities [5]. Future Projections - Revenue forecasts for the company are projected at 259 million yuan, 305 million yuan, and 361 million yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 101 million yuan, 123 million yuan, and 149 million yuan for the same years [7].