Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with a focus on acquiring an antibacterial peptide new drug to accelerate its innovation transformation [5] - The company reported a revenue of 1.512 billion yuan in the first half of 2025, a year-on-year increase of 10.67%, and a net profit attributable to shareholders of 291 million yuan, up 2.57% year-on-year [7] - The company is enhancing its innovative drug pipeline by acquiring the antibacterial peptide new drug JIJ02 gel, which is currently in clinical phase I [7] Financial Summary - Revenue forecast for 2023 to 2027 is as follows: 2,693 million yuan (2023), 2,931 million yuan (2024), 3,288 million yuan (2025E), 3,606 million yuan (2026E), and 3,945 million yuan (2027E) with corresponding growth rates of 15.75%, 8.85%, 12.19%, 9.67%, and 9.41% [6] - Net profit attributable to shareholders is projected to be 368 million yuan (2023), 512 million yuan (2024), 572 million yuan (2025E), 607 million yuan (2026E), and 687 million yuan (2027E) with growth rates of 36.54%, 39.13%, 11.55%, 6.16%, and 13.25% respectively [6] - Earnings per share (EPS) is expected to be 0.74 yuan (2023), 1.02 yuan (2024), 1.14 yuan (2025E), 1.21 yuan (2026E), and 1.37 yuan (2027E) [6]