Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while the new energy business showed significant growth [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 8.17 billion, a year-over-year decrease of 2.6%, and a net profit of 2.06 billion, down 8.0% year-over-year [3]. - For Q2 2025, revenue was 4.25 billion, a year-over-year decline of 7.4%, and net profit was 1.08 billion, down 17.2% year-over-year [3]. - The company announced a share buyback plan of 250 to 400 million, with 4.97 million shares repurchased by the end of July, totaling 250 million [3]. Business Segments - Traditional business segments faced short-term pressure, while the new energy sector experienced robust growth, with revenue from electric connection products, smart electrical lighting, and new energy businesses at 3.66 billion, 4.09 billion, and 390 million respectively, showing year-over-year changes of -5.4%, -2.8%, and +33.5% [4]. - The electric connection product segment focused on high-end fashion, launching new products to enhance its portfolio, while the smart electrical business increased market share with new product launches [4]. - The new energy business introduced new charging pile products and upgraded its storage product matrix, focusing on European household storage [4]. Profitability and Cost Management - The gross margin for H1 2025 was 42.3%, a decrease of 0.6 percentage points year-over-year, while Q2 2025 gross margin was 43.5%, down 0.1 percentage points year-over-year [5]. - The company improved its gross sales difference by 0.6 percentage points year-over-year in H1 2025 and by 1.4 percentage points in Q2 2025 [5]. - The company maintained a strong cash position, with 13.0 billion in cash and cash equivalents at the end of H1 2025, representing 64.4% of total assets [5]. - Operating cash flow for H1 2025 was 2.38 billion, an increase of 0.7% year-over-year, with Q2 2025 operating cash flow at 970 million, up 14.6% year-over-year [5].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while the new energy business showed significant growth [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 8.17 billion yuan, down 2.6% YoY; net profit attributable to shareholders was 2.06 billion yuan, down 8.0% YoY; and net profit excluding non-recurring items was 1.84 billion yuan, down 3.2% YoY [1]. - In Q2 2025, revenue was 4.25 billion yuan, down 7.4% YoY; net profit attributable to shareholders was 1.08 billion yuan, down 17.2% YoY; and net profit excluding non-recurring items was 990 million yuan, down 9.1% YoY [1]. Business Segments - Traditional business faced short-term pressure, while the new energy business showed strong growth, with revenues of 3.9 billion yuan, up 33.5% YoY [2]. - The company launched new products in the converter, smart electrical, and new energy sectors, enhancing its product matrix and market presence [2]. Profitability and Cost Management - The gross margin for H1 2025 was 42.3%, down 0.6 percentage points YoY; Q2 2025 gross margin was 43.5%, down 0.1 percentage points YoY [3]. - The company maintained a good cash flow position, with operating net cash flow of 2.38 billion yuan in H1 2025, up 0.7% YoY, and 970 million yuan in Q2 2025, up 14.6% YoY [3]. Future Outlook - The company is expected to maintain its leading position in the civil electrical market while expanding into new energy sectors [4]. - Due to ongoing challenges in the real estate market, the company has adjusted its net profit forecasts for 2025 and 2026 downwards [4].