Core Viewpoint - The company has demonstrated strong growth in operating performance and profitability in the first half of 2025, driven by precise focus on core business, high-end product upgrades, and steady international expansion [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.836 billion yuan, a year-on-year increase of 28.81%, indicating significant market expansion [2]. - The net profit attributable to shareholders reached 54.6322 million yuan, a substantial increase of 57.02% year-on-year, while the net profit after deducting non-recurring items surged by 197.39% to 49.2156 million yuan, reflecting enhanced operational efficiency and product competitiveness [2]. - The net cash flow from operating activities improved significantly to 19.8312 million yuan, compared to a negative 295 million yuan in the same period last year, indicating better cash collection efficiency [2]. Business Segments - The power distribution and control equipment segment reported strong performance with revenue of 1.143 billion yuan, a year-on-year growth of 46.72%, becoming a key driver of overall revenue growth [3]. - The company capitalized on opportunities in the power investment sector, with sales of transformers and box-type substations thriving, particularly for 110kV and above transformers, which saw revenue increase from 201 million yuan to 506 million yuan, a growth of 151.74% [3]. Product Development - The oriented silicon steel segment maintained steady growth, with total production capacity reaching 180,000 tons and production volume of 84,600 tons, a year-on-year increase of 18.82% [4]. - The gross margin for oriented silicon steel improved by 5.73 percentage points, with high-end product ratios increasing, and the company achieved breakthroughs in ultra-high magnetic induction oriented silicon steel technology [4]. International Expansion - The company accelerated its internationalization strategy, successfully entering high-end global markets with its self-developed power transformer certified by the Netherlands KEMA laboratory [5]. - The company’s products have entered international infrastructure supply chains, completing significant projects in Malaysia and establishing stable partnerships with renowned international firms, thereby expanding its global business footprint [5].