Group 1 - The world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," was officially launched in Liupanshui, Guizhou, showcasing a revolutionary thermal power conversion technology [1] - "Super Carbon No. 1" achieves over 85% improvement in power generation efficiency and over 50% increase in net power output compared to existing waste heat steam power generation technologies [1] - The system is simplified with reduced equipment, easier operation and maintenance, and a 50% reduction in space requirements, significantly enhancing the depth of industrial waste heat utilization [1] Group 2 - The demonstration project of "Super Carbon No. 1" opens a new avenue for deep energy utilization, supporting the future engineering applications of advanced energy conversion technologies in thermal power generation and solar power generation [1] - Hai Lian Xun has absorbed and merged with Hangzhou Turbine to conduct research on the supercritical carbon dioxide Brayton cycle power generation system [1] - Zhongmi Holdings has been developing a supercritical carbon dioxide energy storage system since 2017, focusing on high-speed, high-temperature, and complex medium dry gas seals, and has established a testing platform for supercritical carbon dioxide dry gas seals [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in H1 2025 met expectations, with total revenue of 28.503 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of 2.323 billion yuan, a year-on-year increase of 1.17% [6] - The company announced a cash dividend plan of 2.252 billion yuan, with a dividend payout ratio of 97% [6] - The company is expected to maintain strong competitive advantages in the meat products industry, with a low valuation and high dividend yield, projected at 5.67% for 2024 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [5] - Net profit attributable to shareholders for 2025 is projected at 5.040 billion yuan, with a year-on-year growth rate of 1% [5] - Earnings per share for 2025 is estimated at 1.45 yuan [5] - The gross profit margin is expected to be 16.8% for 2025 [5] - Return on equity (ROE) is projected at 23.9% for 2025 [5] Business Performance Insights - In Q2 2025, the company's meat product revenue was 5.623 billion yuan, with a year-on-year increase of 0.77% [6] - The volume of meat products sold in Q2 2025 was 328,700 tons, a year-on-year increase of 0.62% [6] - The average selling price for meat products in Q2 2025 was 17.1 yuan/kg, a year-on-year increase of 0.16% [6] - The company has implemented a sales system reform, leading to improved sales performance in Q2 2025 [6] - The slaughtering business generated revenue of 6.767 billion yuan in Q2 2025, with a year-on-year increase of 0.6% [6] - The breeding segment turned profitable in Q2 2025, with revenue of 2.49 billion yuan, a year-on-year increase of 28.42% [6]