Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year increase of 24.9%, and a net profit attributable to the parent company of 61.2 million yuan, up 30.8% year-on-year [1]. - Despite a decline in revenue in Q2 2025, the net profit increased significantly by 79.4% compared to Q1 2025, with a gross margin reaching 18.26%, the highest in nearly three years [1][2]. - The growth in revenue is primarily driven by a 122.33% increase in catalyst product sales, particularly in the pharmaceutical and basic chemical sectors, which saw sales growth of 49.26% and 185.54% respectively [2]. - The company has made significant advancements in catalyst research and development, with 23 new invention patents filed in the first half of 2025, and several projects in the basic chemical sector achieving breakthroughs [3]. Financial Data and Forecast - The company is projected to achieve net profits of 174 million yuan, 241 million yuan, and 404 million yuan for the years 2025, 2026, and 2027 respectively, reflecting a positive growth trajectory [4][3]. - The expected revenue for 2025 is 2.266 billion yuan, with a growth rate of 34.33% compared to 2024 [4]. - The company's earnings per share (EPS) is forecasted to be 1.33 yuan in 2025, increasing to 3.09 yuan by 2027 [4]. Market Position and Competitive Advantage - The company has strengthened its market position in the pharmaceutical sector due to increased demand from core customers and enhanced competitiveness, leading to a rise in market share [2]. - In the basic chemical sector, the company has achieved a 113.22% increase in sales of mercury-free PVC catalysts, supported by the launch of multiple new products [2]. - The environmental and new energy sectors have also seen remarkable growth, with sales increasing by 1497.06% due to advancements in hydrogen energy catalysts and partnerships with leading hydrogen production companies [2].