Investment Rating - The report maintains a "Buy-B" rating for the company [3][7]. Core Views - The original drug market is recovering, and the Liaoning Youchuang project is gradually releasing additional capacity [5]. - The company achieved a revenue of 6.234 billion yuan in H1 2025, a year-on-year increase of 9.38%, with a net profit of 806 million yuan, up 5.6% year-on-year [4]. - The company is expanding its market share in Southeast Asia, increasing from 5% to approximately 70% [5]. Financial Performance - For Q2 2025, the company reported a revenue of 2.993 billion yuan, with a year-on-year growth of 18.63% [4]. - The basic earnings per share (EPS) for the year ending June 30, 2025, is 2.00 yuan, with a net asset return rate of 7.24% [2]. - The projected net profits for 2025, 2026, and 2027 are 1.48 billion, 1.70 billion, and 1.97 billion yuan, respectively, with corresponding P/E ratios of 20, 17, and 15 times [7]. Market Dynamics - The original drug sales volume in Q2 2025 reached 28,037 tons, a year-on-year increase of 12%, primarily due to the capacity release from the Ning Youchuang project [5]. - The sales price of original drugs was 65,900 yuan per ton, reflecting a year-on-year increase of 3.2% [5]. - The insecticide market is recovering due to the demand for preventing diseases like Chikungunya and Dengue fever, with the company's products being favored for their efficiency and low toxicity [6].