事件：公司发布2025 年半年度业绩预告。2025H1 公司预计实现营业收入26.8-28 亿元，同比+15.72%至 +20.90%，中值27.4 亿元，同比+18.31%；预计实现归母净利润0.90-1.02 亿元，同比+228.03%至 +271.77%，中值0.96 亿元，同比+249.90%；预计实现扣非归母净利润0.70-0.82 亿元，同比+308.80%至 +378.88%，中值0.76 亿元，同比+343.84%。分季度看，预计25Q2 公司实现营业收入14.55-15.75 亿元， 同比+10.04%至+19.12%， 环比+18.81%至+28.61%，中值15.15 亿元，同环比+14.58%/+23.71%；实现归 母净利润0.58-0.70 亿元，同比+139.77%至+189.22%，环比+82.90%至+120.62%，中值0.64 亿元，同环 比+164.49%/+101.76%。；实现扣非归母净利润0.45-0.57 亿元，同比+135.33%至+198.23%，环比 +78.83%至+126.62%，中值0.51 亿元，同环比+166.78%/+102.72%。业绩略超市 ...

Group 1: Business Performance and Strategy - The company reported solid and stable operations in the first half of 2025, with core business growth meeting expectations and promising developments in AI+ edge-side new businesses, which are expected to drive future growth [3] - The company is focusing on four core R&D directions: high voltage positive materials, silicon-based negative materials, innovative stacked steel shell technology, and solid/semisolid battery technology, aiming to enhance battery energy density, cycle life, and safety [3][4] - The company has successfully integrated and upgraded its Tonghu Lake production base, enhancing its efficient production capabilities to meet the explosive demand from international top brand clients [3] Group 2: Market Opportunities and Product Development - The company anticipates a surge in demand for AI+ edge-side batteries in the second half of 2025, with significant opportunities in three application scenarios: AI glasses, AI PCs, and AI companion robots [5] - The AI penetration rate in PC products is leading, with other AI+ edge-side products set to begin trial and mass production in the second half of 2025 [5] - The company has established a differentiated competitive advantage in the consumer battery sector, leveraging its deep experience and forward-looking layout in the AI+ edge-side trend [4] Group 3: Financial Outlook and Profitability - The increase in AI+ edge-side product share is expected to reshape the company's profitability model, with new application scenarios and technological upgrades driving price increases [7] - The company’s previous R&D investments are entering a harvest phase, with new materials and processes supporting product performance and creating scale efficiencies [7] - The company aims to optimize its overall profitability structure through a positive cycle of technological breakthroughs, premium capabilities, and capacity collaboration [7] Group 4: Product Structure and Innovation - The product structure is evolving along the path of solidifying the core business, strategic upgrades, and nurturing new forces, with notebook batteries remaining a key area due to strong demand [8] - The smart wearable business is expected to grow significantly, driven by the mass production of AI glasses, AI hearing aids, and AI headphones [8] - Emerging directions such as gaming consoles, AI toys, and companion robots, while currently having a smaller revenue base, show strong growth potential [8] Group 5: Employee Incentives and Market Resilience - The employee stock ownership plan targets key personnel in R&D, manufacturing, sales, and management, with performance assessments linked to company growth and strategic project execution [10] - The company has a diversified customer base across Europe, North America, and Asia, reducing reliance on any single market and enhancing risk resilience [12] - The establishment of overseas production bases aims to improve supply chain resilience and meet global brand clients' shipping needs [12]