Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported strong performance in its 2025 H1 results, achieving revenue of 43.533 billion yuan, a year-on-year increase of 40.34%, and a net profit attributable to shareholders of 7.735 billion yuan, up 55.97% year-on-year [2][4]. - In Q2 2025, the company generated revenue of 24.497 billion yuan, reflecting a year-on-year growth of 33.09% and a quarter-on-quarter increase of 28.68%. The net profit for Q2 was 3.908 billion yuan, up 36.53% year-on-year and 2.15% quarter-on-quarter [2][4]. - The company plans to issue H shares following approval from the board of directors [4]. Financial Performance Summary - In the inverter business, revenue for H1 2025 was 15.3 billion yuan, a year-on-year increase of 17%. The gross margin for inverters was 35.7%, down 1.9 percentage points year-on-year [10]. - The energy storage business saw revenue of 17.8 billion yuan in H1 2025, a significant year-on-year increase of 128%, with a gross margin of 39.9%, remaining stable year-on-year [10]. - The power station development segment reported revenue of 8.4 billion yuan in H1 2025, a decline of 6% year-on-year, but with an improved gross margin of 18.1%, up 1.2 percentage points year-on-year [10]. - The company incurred asset impairment losses of 440 million yuan and credit impairment losses of 250 million yuan in Q2, but the actual operating performance remains strong after adjustments [10]. - R&D expenses reached a record high of 1.24 billion yuan in Q2, reflecting the company's commitment to innovation and development, particularly in the AIDC sector [10]. Future Outlook - The company is expected to experience both performance and valuation recovery, with anticipated net profits of 14 billion yuan and 15 billion yuan for 2025 and 2026, respectively, corresponding to P/E ratios of 14 and 13 times [10].