Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 1.671 billion yuan for H1 2025, reflecting a year-on-year growth of 16% and a net profit of 309 million yuan, up 25% year-on-year [8] - The sales volume of long-chain dicarboxylic acids, particularly sebacic acid, reached a historical high, with the company maintaining a global leading position in this product line [8] - The company is actively building an ecosystem for bio-based polyamide and its composite materials, with several strategic partnerships and projects underway to enhance production capacity and market reach [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.539 billion yuan, with a year-on-year growth rate of 19.6% [7] - The forecasted net profit for 2025 is 648 million yuan, representing a year-on-year increase of 32.4% [7] - The company's gross margin for Q2 2025 was reported at 34.03%, showing a slight increase compared to previous periods [8]
凯赛生物(688065):癸二酸放量带动长链二元酸销量创新高,生物基聚酰胺复材商业化持续推进