Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company reported a revenue of 2.96 billion yuan in H1 2025, representing a year-on-year increase of 6.82%, and a net profit attributable to shareholders of 272 million yuan, up 26.18% year-on-year [1][6]. - In Q2 2025, the company achieved a revenue of 1.607 billion yuan, with a quarter-on-quarter increase of 14.45% and a year-on-year increase of 18.70%. The net profit attributable to shareholders was 171 million yuan, reflecting a quarter-on-quarter increase of 68.79% and a year-on-year increase of 69.89% [1][6]. - The company's gross profit margin and net profit margin for H1 2025 were 20.68% and 9.22%, respectively, showing improvements compared to the previous year [1]. - The company is focusing on high-value products like the 800V vehicle power supply, which is expected to enhance profitability in the future [1][2]. Summary by Sections Financial Performance - H1 2025 revenue: 2.96 billion yuan, +6.82% YoY - H1 2025 net profit: 272 million yuan, +26.18% YoY - Q2 2025 revenue: 1.607 billion yuan, +14.45% QoQ, +18.70% YoY - Q2 2025 net profit: 171 million yuan, +68.79% QoQ, +69.89% YoY - H1 2025 gross profit margin: 20.68%, +0.05 pcts YoY - H1 2025 net profit margin: 9.22%, +1.25 pcts YoY [1][6]. Product Development - The company has secured multiple projects for its 800V vehicle power supply products with major clients including Xiaopeng Motors and Changan Automobile [2]. - The company is expanding its global strategy with the ongoing development of its Thailand production base and is actively engaging with international automotive manufacturers [2]. Future Projections - Revenue projections for 2025-2027 are 7.503 billion yuan, 8.865 billion yuan, and 10.518 billion yuan, respectively [2]. - Net profit projections for the same period are 605 million yuan, 755 million yuan, and 888 million yuan, respectively [2].