Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue for the first half of 2025 reached 2.163 billion yuan, a year-on-year increase of 14.35%, with a net profit attributable to the parent company of 255 million yuan, up 16.49% year-on-year [1]. - The data center business is expanding rapidly in overseas markets, achieving revenue of 1.299 billion yuan in the first half of 2025, an increase of 8.05% year-on-year, despite a slight decline in gross margin [2]. - The company's energy storage and charging business is recovering, with revenue of 804 million yuan in the first half of 2025, a year-on-year increase of 28.20% [2]. - R&D investment continues to grow, with expenses totaling 132 million yuan in the first half of 2025, a year-on-year increase of 1.51% [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 1.219 billion yuan, a year-on-year increase of 15.00%, and a net profit of 144 million yuan, up 51.58% year-on-year [1]. - The company expects net profits for 2025-2027 to be 563 million, 773 million, and 969 million yuan respectively, with upward adjustments of 6%, 10%, and 10% [3]. Business Segments - The data center business is focusing on overseas expansion, particularly in North America, Europe, and Southeast Asia, while also developing new areas such as edge computing [2]. - The energy storage business is collaborating with major clients and making progress in large-scale storage applications [2]. R&D and Innovation - The company holds a total of 616 valid patents and has been involved in drafting or revising 133 national and industry standards [3]. - The R&D strategy emphasizes market orientation and technology-driven innovation to enhance product competitiveness [3].