Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company has entered a profit harvest period with significant growth in operating profit, driven by the expansion of high-quality high-speed rail services [3][4]. - In the first half of 2025, the company achieved operating revenue of 13.969 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 1.109 billion yuan, up 21.55% year-on-year [3][4]. - The company is transitioning from resource provider to operator, enhancing its business model and valuation [4]. Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 7.073 billion yuan, an increase of 11.84% year-on-year, and a net profit of 641 million yuan, a substantial increase of 75.38% year-on-year [3][4]. - The gross profit for the first half of 2025 increased by 5.7% to 1.454 billion yuan, indicating a positive trend in profitability [4]. Operational Changes - The company is actively increasing cross-line train services, which has led to a 37.1% increase in operating revenue despite a decrease in passenger volume compared to 2019 [4]. - The company has integrated its stations and lines with the Guangzhou-Shenzhen-Hong Kong high-speed rail, marking a shift from being a resource provider to an operator [4]. Future Projections - The company expects to see continued profit growth, with projected net profits of 1.44 billion, 1.65 billion, and 1.77 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 15.8, 13.8, and 12.9 [4].