Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [20]. Core Insights - The company reported a revenue of 2.428 billion yuan for the first half of 2025, a year-on-year increase of 5%, with a net profit attributable to shareholders of 107 million yuan, up 14.38% year-on-year [2]. - The company is actively pursuing significant asset restructuring to enhance its equity stake in Nanfu Battery, which has been successfully completed, increasing its ownership to 93.25% [4]. - The OEM business has shown rapid growth, contributing to the company's competitive advantage in the battery industry, alongside a strong performance in its consumer battery brand matrix [3]. Financial Performance Summary - The gross profit margin for the first half of 2025 was 48.28%, a decrease of 0.93 percentage points year-on-year, while the net profit margin improved to 19.13%, an increase of 0.36 percentage points year-on-year [4]. - The company expects net profits for 2025-2027 to be 234 million, 439 million, and 485 million yuan respectively, reflecting year-on-year growth rates of 39%, 87%, and 11% [5]. - The total share capital increased from 211.12 million shares to 252.12 million shares following the asset restructuring [4]. Market Position and Strategy - The company has solidified its leading position in the domestic alkaline battery market and enhanced its technological advantages in the overseas OEM market through the launch of new battery products [3]. - The company is focusing on expanding its B2B market, with a continuous increase in orders and improved cost control measures [3].