Core Viewpoint - The company achieved a significant growth in revenue and net profit in H1 2025, driven by strong performance in storage and charging categories, and is optimistic about future product innovations and channel network development [1][2]. Financial Performance - In H1 2025, the company reported revenue of 3.86 billion yuan, a year-on-year increase of 40.6%, and a net profit attributable to shareholders of 275 million yuan, up 32.7%. The non-recurring net profit was 259 million yuan, reflecting a growth of 28.9% [2]. - The quarterly revenue growth rates for Q1 and Q2 were 42% and 39.4%, respectively, while net profit growth rates were 47.2% and 18.7%. The non-recurring profit growth rates were 44.5% and 13.8% [3]. - The gross margin for H1 was 37%, a decrease of 1.44 percentage points, with specific margins for various categories: charging (36.2%), transmission (40.1%), audio-video (40.8%), storage (27.7%), and mobile peripherals (35.6%) [3]. Product and Channel Development - The company launched several key products, including the energy-packed Pro series fast-charging power banks, a high-power 500W GaN desktop charger, and the HiTuneMax6 headphones featuring AI capabilities. Additionally, a new NAS private cloud model was introduced at an accessible price point [5]. - The company is expanding its channel presence internationally, having entered major retail chains such as Walmart, Costco, and Bestbuy in the US, as well as Media Markt in Europe and Bic Camera in Japan [5]. Segment Performance - In H1 2025, revenue by category showed strong growth: charging (1.43 billion yuan, +44.4%), transmission (1.03 billion yuan, +29%), audio-video (630 million yuan, +28.2%), storage (415 million yuan, +125%), and mobile peripherals (304 million yuan, +28.9%) [4]. - Revenue by channel indicated that Amazon generated 1.33 billion yuan (+42.2%), JD.com 513 million yuan (+20.2%), and Tmall 425 million yuan (+21.9%). Offline sales reached 1.01 billion yuan (+52.9%) [4]. - Geographically, domestic revenue was 1.56 billion yuan (+27.4%), while overseas revenue was 2.29 billion yuan (+51.4%) [4].