Core Viewpoint - Lijun Group's 2025 interim report shows stable revenue performance with a slight decrease in total revenue but an increase in net profit, indicating resilience in its business operations and growth potential in specific segments [1][2]. Revenue Performance - In the first half of 2025, Lijun Group achieved revenue of 6.272 billion yuan, a year-on-year decrease of 0.17%, while net profit attributable to shareholders reached 1.281 billion yuan, a year-on-year increase of 9.40% [1]. - The second quarter revenue was 3.091 billion yuan, reflecting a year-on-year growth of 1.71%, with net profit attributable to shareholders at 644 million yuan, up 14.42% year-on-year [1]. Business Segment Analysis - Chemical preparations generated revenue of 3.270 billion yuan (up 1.43% year-on-year), while traditional Chinese medicine revenue was 799 million yuan (up 7.31% year-on-year). However, raw material drug revenue decreased to 1.662 billion yuan (down 5.65% year-on-year) [2]. - Growth in chemical preparations was driven by gastrointestinal products (1.351 billion yuan, up 3.87%) and psychiatric products (317 million yuan, up 6.89%). The traditional Chinese medicine segment benefited from increased penetration in pharmacy channels [2]. Product Development and Pipeline - Lijun Group has a rich R&D pipeline, with products like Aripiprazole microspheres and progesterone injection approved for market launch. Ongoing clinical trials include an anti-IL-17A/F antibody for psoriasis and a gout medication showing promising results [3]. - The company employs a self-research and business development model to rapidly enhance its product pipeline, with products in the autoimmune and gastrointestinal fields expected to enter a harvest phase soon [3]. Future Outlook - The company maintains a "buy" rating, projecting revenues of 12.343 billion yuan, 12.926 billion yuan, and 13.573 billion yuan for 2025-2027, with respective year-on-year growth rates of 4.50%, 4.72%, and 5.00% [4]. - Net profit forecasts for the same period are 2.272 billion yuan, 2.457 billion yuan, and 2.646 billion yuan, with year-on-year growth rates of 10.23%, 8.16%, and 7.69% [4]. Investment Thesis - Given Lijun Group's strong sales capabilities and its strategy of rapidly supplementing its product pipeline through self-research and business development, the "buy" rating is maintained [5].