Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 44.16 billion yuan for the first half of 2025, a year-on-year decrease of 8.4%, while the net profit attributable to shareholders was 1.1 billion yuan, an increase of 2.9% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 24.74 billion yuan, down 8.7% year-on-year but up 27.4% quarter-on-quarter, with a net profit of 490 million yuan, which was stable year-on-year but down 20.5% quarter-on-quarter [2][6]. - The company has successfully entered the coal sector, acquiring high-quality coal resources in the Turpan region, which marks a strategic shift from oil and gas to coal [10]. Summary by Sections Financial Performance - In H1 2025, the company sold 5.953 million tons of polyester filament, a year-on-year increase of 1.3%, and 825,000 tons of PTA, an increase of 14.3% year-on-year [10]. - The gross margin for polyester filament was 7.3%, up 0.75 percentage points year-on-year, while the PTA gross margin was 0.6%, down 1.15 percentage points year-on-year [10]. Market Dynamics - The upcoming peak season in September and October is expected to improve market conditions, with increased operating rates in downstream sectors [10]. - The industry is experiencing a slowdown in capacity expansion, with a projected decrease in total capacity by 2.3% in 2024, leading to improved supply-demand dynamics [10]. Strategic Developments - The company has diversified its operations by entering the coal sector, which is expected to smooth out the cyclical nature of its business [10]. - The company is positioned to benefit from the recovery in the polyester filament market, with projected net profits of 2.74 billion yuan, 3.44 billion yuan, and 4.21 billion yuan for 2025, 2026, and 2027 respectively [10].