Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable performance in Q2, with several self-developed technologies gradually being implemented. The long-term growth potential remains promising despite short-term profit pressures [4][6] - For H1 2025, the company achieved revenue of 90.901 billion yuan, a year-on-year decrease of 6.35%, and a net profit attributable to shareholders of 6.123 billion yuan, down 25.10% year-on-year. Q2 alone saw revenue of 47.834 billion yuan, a year-on-year decrease of 6.04% but an increase of 11.07% quarter-on-quarter [4][5] - The company is expected to benefit from the recovery in the chemical sector and the launch of new projects, which will drive performance growth [4][6] Financial Performance Summary - In H1 2025, the polyurethane segment saw a year-on-year sales increase of 14.49%, while the petrochemical segment faced profit pressure. The average market prices for key products were approximately 18,800 yuan/ton for pure MDI, 16,700 yuan/ton for polymer MDI, 12,400 yuan/ton for TDI, and 7,800 yuan/ton for soft foam polyether [5] - The company’s revenue projections for 2025-2027 are 135.57 billion yuan (down 10.06%), 173.88 billion yuan, and 204.36 billion yuan, respectively, with corresponding EPS of 4.33 yuan (down 0.32), 5.55 yuan, and 6.53 yuan per share [4][7] - The current stock price corresponds to P/E ratios of 14.5, 11.3, and 9.6 for the years 2025, 2026, and 2027, respectively [4][7] Technology and Market Position - The company has accelerated the conversion of various self-developed technologies, including successful industrialization of tert-butylamine and production of qualified sulfone polymers, enhancing its product offerings [6] - The company is expanding its high-value product lines, including battery materials and specialty amines, which are expected to support long-term growth [6]