Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 5.813 billion yuan for H1 2025, representing a year-on-year increase of 61.70%. The net profit attributable to shareholders was 174 million yuan, up 32.41% year-on-year, while the net profit after deducting non-recurring items was 121 million yuan, a slight increase of 2.66% year-on-year [2][4] - In Q2 2025, the company achieved a net profit of 51 million yuan and a net profit after deducting non-recurring items of 38 million yuan [4] - The company has seen significant growth in the production of lithium iron phosphate materials, with an output of approximately 105,000 tons in H1 2025, indicating a substantial year-on-year improvement in profitability per ton [10] - The automotive parts business generated revenue of 1.837 billion yuan in H1 2025, with a gross margin of 22.68%, although profitability slightly declined due to price pressures from end customers [10] - The company is focusing on expanding its robot business, collaborating with partners in humanoid robots and robotic dogs, and has begun mass shipments [10] Summary by Sections Financial Performance - For H1 2025, the company achieved total revenue of 58.13 billion yuan, a 61.70% increase year-on-year, and a net profit of 1.74 billion yuan, reflecting a 32.41% increase year-on-year. The net profit after deducting non-recurring items was 1.21 billion yuan, up 2.66% year-on-year [2][4] - In Q2 2025, the company reported a net profit of 0.51 billion yuan and a net profit after deducting non-recurring items of 0.38 billion yuan [4] Business Segments - The company’s lithium iron phosphate material production reached approximately 105,000 tons in H1 2025, with significant year-on-year improvement in profitability per ton. The high-pressure dense lithium iron phosphate materials have been applied in the mid-to-high-end passenger car market [10] - The automotive parts segment generated revenue of 1.837 billion yuan in H1 2025, with a gross margin of 22.68%. The slight decline in profitability is attributed to price pressures from end customers [10] - The robot business is focused on joint module components and has begun mass shipments in collaboration with partners [10] Future Outlook - The company anticipates price increases for lithium iron phosphate products in Q3, with a gradual increase in the proportion of high-pressure dense products, supporting an upward trend in profitability per ton. The robot business is expected to continue expanding, with ongoing collaborations with key manufacturers [10]