Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, driven by increased demand in the synthetic resin and electronic materials sectors [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 5.35 billion yuan, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 500 million yuan, up 51.2% year-on-year [1]. - For Q2 2025, revenue reached 2.89 billion yuan, reflecting a year-on-year growth of 16.1% and a quarter-on-quarter increase of 17.6% [1]. Business Segments - The synthetic resin and electronic materials sectors saw increased production and sales, with advanced electronic materials and battery materials generating revenue of 850 million yuan in H1 2025, a 32.4% increase year-on-year [2]. - The synthetic resin segment reported revenue of 2.81 billion yuan in H1 2025, a 10.4% increase year-on-year, with sales volume rising by 15.5% to 392,000 tons [2]. - The biomass segment achieved revenue of 516 million yuan in H1 2025, reflecting a year-on-year growth of 26.5% [2]. Profitability - The company's gross margin improved to 24.8% in H1 2025, an increase of 1.66 percentage points year-on-year, attributed to a higher proportion of advanced products [2]. Product Development - The company has made significant advancements in electronic materials, achieving domestic substitution for upstream raw materials in the electronic packaging sector, with a growing market share [3]. - In the battery materials sector, the company developed phenolic resin-based porous carbon materials that enhance energy density in silicon-carbon anode batteries [3]. - The company plans to issue convertible bonds to fund the "Green New Energy Battery Material Industrialization Project," aiming for an annual production capacity of 10,000 tons of silicon-carbon anodes and 15,000 tons of porous carbon [3]. Market Position - The company is a leader in synthetic resins, with stable profit contributions from this segment, while electronic chemicals and biomass chemicals present significant growth opportunities [4]. - The expected performance for 2025-2027 is projected at 1.34 billion, 1.74 billion, and 2.25 billion yuan, respectively, indicating strong growth potential [4].