Investment Rating - The investment rating for the company is "Buy" (maintained) [2][16] Core Insights - The company achieved a robust revenue growth of 32.73% year-on-year in H1 2025, with total revenue reaching 353 million yuan. The net profit attributable to the parent company was 24.76 million yuan, marking a 54.99% increase year-on-year. The non-recurring net profit was 20.16 million yuan, up 115.02% year-on-year [6][7] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 60 million yuan, 82 million yuan, and 114 million yuan respectively, with corresponding EPS of 0.43 yuan, 0.59 yuan, and 0.82 yuan. The current stock price corresponds to P/E ratios of 68.0, 49.8, and 36.0 for the respective years [6][9] - The front-end business is recovering steadily, with drug discovery and commercial production revenues of 186 million yuan and 123 million yuan respectively in H1 2025, reflecting year-on-year growth of 17.41% and 55.89% [7][8] Financial Summary - In H1 2025, the company reported total revenue of 353 million yuan, with a year-on-year growth of 32.73%. The net profit attributable to the parent company was 24.76 million yuan, a 54.99% increase year-on-year [6] - The company expects to achieve revenues of 723 million yuan in 2025, with a year-on-year growth of 32.8%. The projected net profit for 2025 is 60 million yuan, representing a significant increase of 252.4% year-on-year [9][11] - The gross margin is projected to be 28.2% in 2025, with a net margin of 8.3% [9][12] Business Development - The CADD/AIDD technology platform has supported 95 new drug projects, with 7 projects entering clinical trials. The company has also launched the DiOrion-GPT platform to enhance drug development efficiency [8][9] - The service segment secured new orders worth approximately 369 million yuan in H1 2025, reflecting a year-on-year growth of 31.46% and an increase in the customer base by about 40 [7][8]