Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 270 million yuan, a year-on-year increase of 19.2%, while net profit attributable to shareholders was 30 million yuan, a year-on-year decrease of 28.4% [1] - In Q2 2025, the company reported operating revenue of 140 million yuan, a year-on-year increase of 42% and a quarter-on-quarter increase of 12.7%, with net profit attributable to shareholders at 10 million yuan, down 48.7% year-on-year [1] Group 2: Profitability and Cost Management - The gross margin for H1 2025 was 31.6%, an increase of 1.2 percentage points year-on-year, while the net margin was 12.8%, a decrease of 8.8% year-on-year, primarily due to significant increases in sales and R&D expenses, as well as substantial credit impairment provisions [2] - The company's expense ratio for H1 2025 was 17.7%, up 2.4 percentage points year-on-year; R&D expense ratio was 9.8%, up 1.6 percentage points year-on-year; sales expense ratio was 3.4%, down 0.9 percentage points; management expense ratio was 5%, down 0.3 percentage points; financial expense ratio was -0.6%, showing a slight increase due to reduced interest from time deposits [2] Group 3: Industry Outlook and Competitive Position - The company's CNC roller grinding machine business is positioned to benefit from a recovery in the steel industry, which is currently at the bottom of the cycle, with potential performance improvement as the industry recovers [2] - In the humanoid robot sector, the company has achieved breakthroughs in product and order volume, with the screw as a core component accounting for over 20% of costs, and there is strong demand for grinding machines in the domestic market due to limited capacity in planetary roller screws and ball screws [3] - The company has developed a full suite of products for planetary roller screw grinding machines and signed an order for 100 units with Fuliwang, indicating a strong competitive position in a market currently dominated by foreign companies [3] Group 4: Revenue and Profit Forecast - The company forecasts operating revenues of 560 million, 700 million, and 910 million yuan for 2025, 2026, and 2027, respectively, with a CAGR of 28% from 2025 to 2027; net profits attributable to shareholders are projected to be 120 million, 160 million, and 210 million yuan for the same period, with a CAGR of 34% [4]