Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [5]. Core Insights - The company reported a revenue of 945 million yuan for the first half of 2025, a year-on-year decrease of 19.53%, and a net profit attributable to shareholders of 210 million yuan, down 32.60% year-on-year [1][2]. - The average price of functional silanes was 16,381 yuan per ton in the first half of 2025, reflecting a 14% decline compared to the previous year, with prices expected to stabilize as demand recovers [2][3]. - The company is focusing on research and development, holding 68 granted patents and actively expanding its product range, which is expected to enhance product value and market position [3]. Financial Summary - The company’s revenue is projected to decline slightly in 2025 to 2,165 million yuan, with a net profit of 526 million yuan, reflecting a decrease of 12.58% year-on-year [4][10]. - The earnings per share (EPS) is expected to be 1.41 yuan in 2025, with a price-to-earnings (P/E) ratio of 18.14 [4][10]. - The company’s gross margin is projected to be 33.3% in 2026, with a net profit margin of 25.7% [10].