Core Viewpoint - The company has demonstrated resilience and growth in a challenging macroeconomic environment, focusing on innovation and operational efficiency to enhance its competitive advantage. Group 1: Company Overview - The company reported a sales volume of approximately 160,000 tons of adhesive products in the first half of 2025, representing a year-on-year increase of 25.56% [5] - The operating revenue reached 2,168.47 million yuan, an increase of 7.72% year-on-year, while the net profit attributable to shareholders was 142.51 million yuan, up 4.18% year-on-year [5] Group 2: Business Segments Performance - In the automotive sector, the company has significantly increased its market share in lithium battery adhesives, with sales revenue doubling year-on-year, and the passenger vehicle business growing over 30% [5] - The electronics sector saw a year-on-year sales volume increase of approximately 29%, driven by new opportunities in consumer and automotive electronics [7] - The photovoltaic business achieved a year-on-year sales growth of about 9.3%, maintaining a leading market position despite industry challenges [8] - The packaging segment reported a revenue increase of approximately 15% year-on-year, with a focus on environmentally friendly adhesive products [8] Group 3: Research and Development - The company invested approximately 85.22 million yuan in R&D during the first half of 2025, a year-on-year increase of 17.39%, with 22 new key projects initiated [9] - The company obtained 6 new invention patents and filed 11 new applications, indicating a strong commitment to innovation [9] Group 4: Supply Chain Management - The company has optimized its supply chain management to enhance operational efficiency and risk resilience, achieving record production and delivery levels [10] - Strategic partnerships with suppliers and digital tools have been employed to stabilize costs and improve delivery accuracy [10]