Shandong HiSpeed New (1250.HK) Q2 2025 Earnings Report

There is no explicit forward guidance for QQ3 2025 or beyond in the provided data. Based on the QQ2 2025 results and the observed business dynamics, the following view is prudent: while revenue growth is robust on a YoY basis, QQ2 QoQ stability suggests a moderation in quarterly growth, with the trajectory likely dependent on the pace of PV project monetization and capex cadence. Key factors investors should monitor include: (1) project backlog progression and procurement/SAP efficiency to sustain gross margins around ~50%; (2) capex intensity and step-down in new PV capacity additions versus completed projects; (3) funding and refinancing conditions given high leverage (net debt ~HKD 26.0B) and FX exposure (significant negative impact from forex movements in the period); and (4) regulatory/policy developments in China affecting subsidies, feed-in tariffs, and grid connection for renewables. In the absence of stated targets, the qualitative outlook remains contingent on successful project execution, favorable financing terms, and a stable macro backdrop for renewable integration.