sunresin(SZ:300487) Xin Lang Cai Jing·2025-08-20 06:36Core Viewpoint - The company is experiencing growth driven by high-margin businesses, with plans for new capacity expected to further support growth, maintaining a "buy" rating. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 3.64%, while net profit attributable to shareholders was 445 million yuan, an increase of 10% [1] - Q2 2025 revenue reached 671 million yuan, a year-on-year increase of 1% and a quarter-on-quarter increase of 16%, with net profit attributable to shareholders at 251 million yuan, up 7% year-on-year and 30% quarter-on-quarter [1] - The company's revenue growth was hindered by the lack of income recognition from the lithium extraction project, but the increase in high-margin businesses and a decline in raw material prices contributed to profit growth [1] Group 2: Margin and Sales Growth - In H1 2025, the company sold 33,400 tons of adsorption materials, a year-on-year increase of 8.35%, with a comprehensive gross margin of 51.26%, up 3.8 percentage points year-on-year [2] - The gross margin for adsorption materials was 54.27%, an increase of 3.2 percentage points year-on-year [2] - The life sciences segment saw a revenue increase of 12.43% year-on-year, with strong growth in the polypeptide solid-phase synthesis carrier business [2] Group 3: Future Growth Prospects - The company is focusing on expanding its life sciences segment, with plans to invest 1.15 billion yuan in a high-end materials industrial park, which is expected to drive future growth [3] - The company has made progress in clinical trials and regulatory approvals for various antibody projects, which may become new growth points for performance [3] - The company is also expanding its global marketing and technical service network to support the development of its life sciences segment [3]