Core Viewpoint - Dongwu Securities report indicates that Haixing Electric's overseas revenue collection pace and increased investment have slightly pressured performance, with profitability improving on a quarter-on-quarter basis, but overall performance slightly below market expectations [1] Group 1: Business Performance - The company has accelerated marketing channel deployment in key countries, new markets, and new businesses by increasing market investments [1] - In the first half of 2025, the company's South African smart ultrasonic water meter factory commenced operations [1] - The launch of the Orca platform has enhanced the company's comprehensive capabilities in system solutions [1] Group 2: Market Expansion - The company has achieved large-scale bidding for distribution network products in Asia, Africa, and Latin America, and successfully secured transformer product orders in Central Asia and Africa [1] - The distribution business has entered phase 1-10 of its overseas expansion [1] Group 3: Future Outlook - Domestic electric meter bidding prices continue to decline, while overseas microgrid demand is expected to drive breakthroughs in the renewable energy business [1] - Short-term performance is affected by demand fluctuations and increased investments, but the company has significant growth potential in the long term by focusing on overseas markets and expanding downstream [1] - The rating is maintained at "Buy" [1]