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]