Core Insights - The company reported a revenue of 183 million yuan for the first half of 2025, representing a year-on-year growth of 19.77% [1] - The net profit attributable to shareholders reached 54 million yuan, with a year-on-year increase of 40.91% [1] - The company achieved a non-recurring net profit of 47 million yuan, reflecting a year-on-year growth of 22.08% [1] Financial Performance - In Q2 2025, the company generated a revenue of 99 million yuan, marking a year-on-year growth of 30.81% and a quarter-on-quarter increase of 18.49% [2] - The net profit attributable to shareholders for Q2 was 30 million yuan, showing a significant year-on-year increase of 110.68% and a quarter-on-quarter growth of 25.94% [2] - The rapid growth in net profit is attributed to increased revenue and effective dilution of fixed costs due to business scale expansion, leading to a notable improvement in overall net profit margin [2] R&D and Innovation - The company is accelerating its R&D efforts, optimizing various coating and modification processes for its products [3] - New products developed during the reporting period have been successfully applied in clinical and production replacement projects [3] - The company has established a unique core technology platform encompassing microbead synthesis, surface modification, and functional modification technologies related to pharmaceutical separation and purification [3] Investment Outlook - The company is rated as "Accumulate," with expected EPS of 0.23 yuan and 0.29 yuan for 2025 and 2026, respectively [3] - The company is one of the few globally with advanced R&D and large-scale production capabilities in both analytical chromatography and industrial purification media [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Insights - The company reported a revenue of 183 million yuan for the first half of 2025, representing a year-on-year growth of 19.77%. The net profit attributable to shareholders was 54 million yuan, up 40.91% year-on-year, and the net profit excluding non-recurring items was 47 million yuan, reflecting a 22.08% increase [3][6]. - In Q2 2025, the company achieved a revenue of 99 million yuan, which is a 30.81% increase year-on-year and an 18.49% increase quarter-on-quarter. The net profit attributable to shareholders for Q2 was 30 million yuan, showing a remarkable year-on-year growth of 110.68% and a quarter-on-quarter increase of 25.94% [6]. - The rapid growth in net profit is attributed to increased revenue and effective cost absorption due to business scale expansion, leading to a significant improvement in overall net profit margin [6]. - The company is focused on providing comprehensive analytical chromatography and industrial purification solutions for global biopharmaceutical companies, aiming to become the most trusted partner in the biopharmaceutical sector [6]. - The company is accelerating its R&D innovations, optimizing various coating and modification processes, and has developed new products that meet market demands, showcasing its unique core technology platforms in chromatographic media preparation [6][7]. Financial Projections - The company is projected to achieve total revenue of 384 million yuan in 2025, with net profit expected to reach 97 million yuan, and EPS forecasted at 0.23 yuan. For 2026, total revenue is estimated at 468 million yuan, with net profit of 120 million yuan and EPS of 0.29 yuan [7].