Investment Rating - The investment rating for the company is "Accumulate" [6][13]. Core Views - The company's revenue has slightly slowed down, but the product structure has significantly optimized, leading to a rapid increase in net profit compared to Q2 2025, indicating high growth quality. The company is expected to benefit from the overseas expansion and domestic promotion of allulose, with accelerated growth anticipated [3][13]. - The company has adjusted its product structure, focusing on high-margin resistant dextrin customized products, while reducing the supply of low-margin glucose. This structural upgrade is expected to enhance gross margins significantly, with stable revenue growth and rapid profit release [13]. - The company has established subsidiaries in cities like Shanghai and Jinan, which is expected to strengthen its sales capabilities. The successful penetration of resistant dextrin into overseas markets is anticipated to further boost the sales of allulose products [13]. Financial Summary - Total revenue for 2023 is projected at 868 million, with a year-on-year growth of 20.3%. By 2025, revenue is expected to reach 1,384 million, reflecting a growth rate of 20.2% [5]. - Net profit attributable to the parent company is forecasted to be 193 million in 2023, with a growth of 28.0%. By 2025, it is expected to increase to 357 million, showing a significant growth of 45.2% [5]. - Earnings per share (EPS) is projected to rise from 0.46 in 2023 to 0.85 in 2025, indicating a strong upward trend [5]. Market Data - The target price for the company's stock is set at 30.24 yuan, with a current market capitalization of 9,081 million [6][7]. - The stock has a 52-week price range of 15.81 to 28.55 yuan, indicating a significant potential for growth [7]. Profitability Metrics - The return on equity (ROE) is expected to improve from 12.8% in 2023 to 20.6% by 2027, reflecting enhanced profitability [5][14]. - The gross profit margin is projected to increase from 32.7% in 2023 to 41.6% by 2027, driven by the optimization of the product mix [14].