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Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 511.09 billion yuan for the first half of 2025, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 11.83 billion yuan, down 17.17% year-on-year [7][8] - The company is expected to achieve net profits of 26.36 billion yuan, 27.96 billion yuan, and 30.04 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 5.3, 5.0, and 4.6 [7][8] Financial Performance Summary - Revenue for 2023 was 1,260.84 billion yuan, with a growth rate of 9.5%. For 2024, revenue is projected to decline by 8.2% to 1,157.44 billion yuan, and further decrease by 3.5% in 2025 to 1,117.34 billion yuan [6][9] - The net profit for 2023 was 33.48 billion yuan, with a growth rate of 7.1%. The net profit is expected to decline by 16.7% in 2024 to 27.89 billion yuan and by 5.5% in 2025 to 26.36 billion yuan [6][9] - The company's gross margin for the first half of 2025 was 8.53%, a decrease of 0.3 percentage points year-on-year [8] Business Segment Performance - The company’s revenue from infrastructure, design consulting, equipment manufacturing, and real estate development for the first half of 2025 was 436.25 billion yuan, 8.91 billion yuan, 13.75 billion yuan, and 15.61 billion yuan respectively, with year-on-year changes of -7.78%, -0.60%, +14.39%, and +7.83% [7][8] - The gross margins for these segments were 7.37%, 24.80%, 18.16%, and 9.15% respectively, with slight declines in margins for infrastructure and design consulting [7][8] Regional Performance - Domestic revenue was 475.53 billion yuan, down 6.83% year-on-year, while overseas revenue was 36.97 billion yuan, up 8.34% year-on-year [7][8] New Contracts - The company secured new contracts worth 1,108.69 billion yuan in the first half of 2025, an increase of 2.8% year-on-year, with domestic and overseas new contracts at 983.82 billion yuan and 124.87 billion yuan respectively [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to increased competition in the API and formulation business, as well as price impacts from centralized procurement [5] - The CDMO business is expected to drive future growth, with a significant increase in ongoing projects and revenue [5] - The company is focusing on stabilizing its formulation business and has completed several key product approvals, which are anticipated to contribute positively to future revenue [5] Financial Performance Summary - For 2023A, the company reported revenue of 11,474 million yuan, with a year-on-year growth rate of 8.81% [2] - The projected revenue for 2025E is 12,815 million yuan, with a growth rate of 6.59% [2] - The net profit for 2023A was 1,055 million yuan, with a year-on-year growth rate of 6.69% [2] - The projected net profit for 2025E is 1,119 million yuan, with a growth rate of 8.55% [2] Business Segment Analysis - The API intermediate segment reported a revenue of 3,603 million yuan in 2025H1, down 23.41% year-on-year [5] - The CDMO segment showed a revenue increase of 20.32% in 2025H1, reaching 1,236 million yuan [5] - The formulation segment generated revenue of 583 million yuan in 2025H1, a decrease of 14.2% year-on-year [5] Future Projections - The company expects revenues of 12,815 million yuan, 14,218 million yuan, and 15,941 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.6%, 11.0%, and 12.1% [5] - The projected net profit for the same years is 1,119 million yuan, 1,270 million yuan, and 1,462 million yuan, with growth rates of 8.55%, 13.50%, and 15.06% respectively [5]

Core Viewpoint - The article emphasizes the importance of conducting thorough due diligence before making investment decisions, highlighting that past performance does not guarantee future results [2][3]. Group 1 - The content is based on personal thoughts and research, indicating that it is not financial or investment advice [2][3]. - There is a clear disclaimer that the author has no financial interest in the companies mentioned, ensuring objectivity in the analysis [1][2]. - The article notes that all investments carry risks, including the potential for total loss [2][3].

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