Group 1 - Company achieved revenue of 101 million yuan and net profit of 22.33 million yuan in H1 2025, with a year-on-year increase in operating cash flow by 64.36% [1] - In Q2 2025, revenue reached 59 million yuan, showing a quarter-on-quarter increase of 41%, while net profit increased by 38.48% [1] - Overall revenue and profit faced pressure in H1 2025, but Q2 showed improvement in both revenue and profit [1] Group 2 - The company launched high-pressure winch products for the domestic market and continued to expand electric winch and electric pedal products in the overseas market [2] - In H1 2025, the main off-road product business generated revenue of 87.08 million yuan with a gross margin of 43.68%, while other accessory products generated 13.87 million yuan with a gross margin of 28.58% [2] - The domestic modified vehicle market is expected to reach a scale of 160 billion yuan in 2025, with a nearly 100% annual growth rate for customized modifications [2] Group 3 - The company signed agreements for key technology research and development in robot-driven joints and electric pedal-driven joints, aiming to create a second growth curve [3] - The electric pedal-driven joint has completed vehicle verification and is ready for small batch supply after acceptance [3] - New products such as air compressors are expected to enter trial production by the end of 2025, facilitating large-scale market promotion [3] Group 4 - The company forecasts net profits of 63 million yuan, 80 million yuan, and 101 million yuan for 2025-2027, with corresponding PE ratios of 29.8, 23.4, and 18.6 times [3] - As a rare player in the off-road modification market, the company has strong competitiveness in electric pedals and domestic off-road vehicle pre-installation markets [3] - The company maintains a positive outlook on growth potential in the off-road modification market [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue and profit improved quarter-on-quarter in Q2 2025, with new products like robotic drive joints expected to create a second growth curve [5][8] - The domestic modified vehicle market is projected to reach a total scale of 160 billion RMB in 2025, with a nearly 100% annual growth rate for customized modifications [8] - The company has established strategic partnerships with major domestic automotive manufacturers, enhancing its market presence [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 101 million RMB and a net profit attributable to shareholders of 22.33 million RMB, with a year-on-year increase in operating cash flow of 64.36% [8] - Q2 2025 revenue was 59 million RMB, reflecting a quarter-on-quarter increase of 41%, while net profit rose by 38.48% [8] - Revenue forecasts for 2025-2027 are 314 million RMB, 391 million RMB, and corresponding net profits of 80 million RMB and 101 million RMB, indicating strong growth potential [7][8] Product and Market Development - The company is launching high-pressure winch products suitable for new energy vehicles in the domestic market and expanding its electric winch and electric pedal products in overseas markets [8] - New products such as robotic drive joints and electric pedal drive joints are expected to significantly contribute to future growth [8] - The company has completed multiple rounds of small-batch trials and tests for its new products, achieving key performance targets [8]