Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q2 net profit attributable to shareholders increased by 26% year-on-year, exceeding expectations, with the integrated circuit testing segment showing remarkable growth [3] - In the first half of 2025, the company achieved total operating revenue of 990 million yuan, a year-on-year increase of 8%, and a net profit of 120 million yuan, up 14% year-on-year [3] - The company is expected to benefit from the demand recovery in special industries and the domestic semiconductor supply chain, with performance growth likely to continue [5] Financial Performance Summary - For the first half of 2025, the company's gross profit margin was 41.9%, a decrease of 3.2 percentage points year-on-year, while the net profit margin was 13.5%, an increase of 0.3 percentage points year-on-year [4] - The revenue from the environmental testing services segment was 490 million yuan, up 6% year-on-year, while the integrated circuit testing segment generated 160 million yuan, a growth of 21% year-on-year [3][4] - The company has adjusted its net profit forecasts for 2025-2027 to 2.8 billion yuan, 3.5 billion yuan, and 4.3 billion yuan respectively, with corresponding P/E ratios of 30, 24, and 19 [11]