Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company reported a revenue of 900 million in Q2 2025, representing a year-on-year increase of 132%, while the net profit attributable to the parent company was 46 million, up 37% [1]. - For the first half of 2025, the company achieved a revenue of 1.3 billion, a 52% increase year-on-year, but the net profit attributable to the parent company decreased by 31% to 60 million [1]. - The company is actively advancing the construction of a 5 billion sterile packaging material production project, focusing on high-quality and stable products [1]. - The company has completed the acquisition of a controlling stake in Fenmei Packaging, enhancing its control and integration capabilities [1][2]. Financial Performance - The adjusted profit forecast for the company estimates net profits attributable to the parent company for 2025, 2026, and 2027 to be 166.96 million, 208.22 million, and 256.37 million respectively, with corresponding P/E ratios of 24.88, 19.95, and 16.20 [3][8]. - The revenue projections for 2025, 2026, and 2027 are 2.56 billion, 2.94 billion, and 3.40 billion respectively, with growth rates of 49.79%, 14.87%, and 15.90% [3][8]. - The company’s total assets are projected to reach 3.87 billion in 2025, with a debt-to-asset ratio of 29.73% [9]. Business Integration - The company aims to strengthen business integration with Fenmei Packaging through management, team, and technology collaboration, enhancing operational efficiency and market competitiveness [2]. - The management integration includes maintaining Fenmei Packaging's Hong Kong listing status to enhance its international image and attract business opportunities [2]. - The technology integration focuses on collaborative research and development in filling machine technology and after-sales service, aiming to improve product competitiveness in the domestic market [2].