Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's performance in the first half of 2025 met expectations, with a significant increase in revenue and net profit driven by rising refrigerant prices and strong demand [6][5] - The company is expected to benefit from the new dual-phase cold plate technology, particularly with the potential adoption by Nvidia, which could enhance the demand for R134a refrigerant [6] - The company is investing in the fourth-generation refrigerant project to strengthen its integrated supply chain in the fluorochemical industry [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 6,569 million yuan, with a year-on-year growth rate of 62.6% [5] - The net profit attributable to the parent company is expected to reach 2,212 million yuan in 2025, reflecting a year-on-year growth of 184.1% [5] - The earnings per share (EPS) forecast for 2025 is 3.62 yuan, with a price-to-earnings (PE) ratio of 15 [5][6]