China Catalyst (SH:688267) Shenwan Hongyuan Securities·2025-08-07 09:13Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has seen a steady increase in orders for denitrification molecular sieves and a significant rise in HPPO catalyst orders, contributing to profit growth [1][6] - The company reported a revenue of 461 million yuan for the first half of 2025, representing a year-on-year growth of 16.5%, and a net profit of 127 million yuan, up 31.5% year-on-year [6] - The second quarter of 2025 showed a revenue of 262 million yuan, with a year-on-year increase of 33% and a quarter-on-quarter increase of 31.7% [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 853 million yuan, with a year-on-year growth rate of 27.9% [5] - The net profit for 2025 is forecasted to be 225 million yuan, reflecting a year-on-year increase of 54.4% [5] - The gross profit margin is expected to be 44.7% in 2025, with a return on equity (ROE) of 7.7% [5] - The company anticipates a cash and trading financial assets balance of approximately 1.145 billion yuan by mid-2025 [6]