Core Insights - The company achieved a revenue of 183 million yuan, representing a year-on-year growth of 19.76%, and a net profit of 53.66 million yuan, with a year-on-year increase of 40.91% in the first half of 2025 [1][2] Business Performance - The two core business segments, industrial purification and analytical chromatography, showed differentiated growth, with industrial purification becoming the main driver of revenue growth, generating 120 million yuan in sales, a year-on-year increase of 28.59%, accounting for 65.97% of total revenue [2] - The customer structure improved, with a significant increase in the number of major clients, and over 60% of the revenue from products used in pharmaceutical companies' production or phase III clinical trials [2][3] Technological and Competitive Advantages - The company possesses core technologies in microsphere preparation, surface modification, and functional group-based materials, allowing it to provide comprehensive technical services and maintain a competitive edge over foreign counterparts [3][4] - The company's products have been registered with the FDA DMF, meeting high domestic demand and supporting international expansion [4] R&D and Capacity Expansion - In the first half of 2025, the company invested 23.90 million yuan in R&D, with an R&D expense ratio of 13.09%, enhancing its product line and launching several new industrial purification products [5] - The production capacity at the Yangzhou facility, which began operations in 2021, reached 24,800 liters per year, with a 100% delivery rate and 113 clients audited [5][6] Market Outlook - The global market for analytical chromatography is expected to grow, with an estimated production of 4.5 million chromatography columns and a market size of 3.03 billion USD by 2025 [7] - The company plans to focus on analytical chromatography and industrial purification, increasing R&D investment and expanding global presence to sustain growth and maintain industry leadership [7]