Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved a revenue of 8.34 billion yuan, representing a year-on-year growth of 9.93%. However, the net profit attributable to the parent company was 70 million yuan, a significant decline of 70.03% year-on-year. In Q2 2025, the revenue was 4.284 billion yuan, with a year-on-year increase of 8.67% and a quarter-on-quarter increase of 5.62%. The net profit for Q2 was 35 million yuan, down 38.49% year-on-year but up 1.59% quarter-on-quarter [2][5]. Financial Performance - The company reported a total sales volume of 879.86 tons of photovoltaic paste in the first half of 2025, with 834.74 tons (94.87%) used for N-type TOPCon battery conductive paste products. The second quarter saw a good demand due to the industry's rush for installation, leading to an expected increase in shipments [10]. - In Q2 2025, the company recorded an investment net loss of 16 million yuan, primarily due to terminated bill discounting fees, and a credit impairment loss of 27 million yuan related to accounts receivable from downstream customers. The period expense ratio was stable at 6.01%, and the income tax expense was 21 million yuan [10]. - The company's R&D investment in the first half of 2025 was 239 million yuan, a slight decrease of 1.51% year-on-year, indicating stable R&D efforts to enhance core competitiveness [10]. Future Outlook - The company is focusing on high-copper paste with lower silver content, which is expected to help clients reduce costs and potentially bring about a premium in processing fees. The anticipated increase in high-copper paste production is expected to provide greater profit elasticity [10].