Core Insights - The company reported a significant increase in operational volume and revenue for the first half of 2025, achieving 67.73 million tons in operational volume, an increase of 33% year-on-year, and a revenue of 107.2 billion yuan, up 8.51% year-on-year [2] - The company is focusing on optimizing its business structure and expanding its energy and chemical supply chain, with energy chemical revenue increasing by 88% and accounting for 29% of total revenue [2][3] - The company is actively pursuing international expansion, with international business revenue reaching 36.3 billion yuan, a growth of 30.5%, and making up 33.9% of total revenue [3] Business Performance - The company achieved a total profit of 474 million yuan, with a 14% increase after excluding government subsidies [2] - The renewable energy sector is progressing steadily, with revenue from this segment reaching 6.8 billion yuan, a 27% increase, and a significant increase in household photovoltaic installations [2] - The company has diversified its product offerings, including new agricultural products, generating 1.5 billion yuan in revenue [2] Global Expansion - The company is implementing a "go global" strategy, establishing an office in South Korea and leveraging the Hainan Free Trade Port for crude oil imports [3] - A wholly-owned subsidiary has been established in the Zhoushan Free Trade Zone, which has begun operations [3] Future Outlook - The company aims to become a world-class supply chain manager, focusing on making the supply chain more efficient, greener, and smarter [4] - The company plans to continue its global strategy and enhance innovation to drive sustainable development [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 6.61 RMB [8][9]. Core Insights - The company reported a revenue of 201.9 billion RMB and a net profit of 3.7 billion RMB for 2024, reflecting a year-on-year decline of 0.6% and 46.0% respectively. The first quarter of 2025 showed a revenue of 50.73 billion RMB and a net profit of 1.9 billion RMB, with a year-on-year increase of 13.7% but a decline of 21.2% in net profit [1]. - The energy and chemical business experienced significant growth, with a revenue increase of 107.3% to 32.99 billion RMB and a gross profit surge of 2558.8% to 690 million RMB in 2024. The sales volume of energy products rose by 157.3% [2]. - The black and non-ferrous supply chains faced challenges, with revenues of 137.91 billion RMB and 1.68 billion RMB respectively, showing a decline of 11.7% and an increase of 88.8%. Gross profit for the black supply chain dropped by 63.3% [3]. - The new business segment, focusing on recycled resources, saw a revenue decrease of 8.2% to 14.12 billion RMB, but gross profit increased by 41.0% to 240 million RMB [4]. Summary by Sections Financial Performance - The company’s revenue is projected to reach 220.47 billion RMB in 2025, with a net profit forecast of 5.56 billion RMB, reflecting a decrease of 26.4% from previous estimates. The EPS is expected to be 0.79 RMB [5][7]. - The company’s revenue for 2024 is expected to be 201.9 billion RMB, with a slight decline of 0.57% compared to 2023 [7]. Business Segments - The energy and chemical supply chain is expected to continue its growth trajectory, with significant contributions from newly established teams [2]. - The black supply chain is facing a downturn, with a projected revenue drop due to weak demand [3]. - The new business segment is focusing on high-quality development in the recycled steel sector [4]. Valuation Metrics - The report assigns a PE ratio of 8.4x for 2025, aligning with industry averages, and sets a target price of 6.61 RMB, slightly above the previous estimate [5][9].