Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 2.45 billion yuan for the first half of 2025, representing a year-on-year increase of 12.4%. The net profit attributable to shareholders reached 270 million yuan, a significant increase of 140.8% year-on-year [2][6] - The company's fluorocarbon chemical segment saw a substantial increase in gross margin due to the rising prices of refrigerants, driven by supply constraints and improved industry competition [12] - The outlook for refrigerant prices is positive, with expectations for continued upward trends in both domestic and international markets [12] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 1.31 billion yuan, a year-on-year increase of 12.4% and a quarter-on-quarter increase of 15.0%. The net profit for the quarter was 170 million yuan, reflecting a year-on-year increase of 130.5% and a quarter-on-quarter increase of 78.6% [2][6] - The average gross margin for the fluorocarbon chemical segment was 32.4%, up by 12.2 percentage points year-on-year, despite a 5.5% decline in sales volume [12] - The company expects net profits to reach 710 million yuan, 950 million yuan, and 1.24 billion yuan for the years 2025, 2026, and 2027 respectively [12]