Core Viewpoint - The company reported a decline in net profit for the first half of 2025, indicating ongoing challenges despite revenue growth, primarily due to increased R&D investments [1][3]. Financial Performance - In 1H25, the company achieved revenue of 239 million, a year-on-year increase of 5.4%, with Q2 revenue reaching 113 million, up 10.4% year-on-year [1]. - The net profit attributable to shareholders for 1H25 was 5 million, reflecting a significant year-on-year decline of 86.3%, with Q2 net profit at 3 million, down 53.2% year-on-year [1]. - The gross margin for 1H25 was 43.2%, a decrease of 6.4 percentage points year-on-year, while Q2 gross margin improved to 45.2%, an increase of 0.8 percentage points year-on-year [1]. R&D and Market Development - The company is focusing on expanding its applications in the 3D printing technology sector, addressing diverse customer needs across various industries [2]. - Significant advancements have been made in the aerospace sector, with successful breakthroughs in material support for lightweight designs [2]. - In the consumer goods sector, the company has developed high-performance nylon materials suitable for high-temperature applications [2]. - Collaborations with major automotive clients, including Volkswagen, have been established to utilize the company's 3D printing technology for metal parts and tooling [2]. Profit Forecast and Valuation - Due to slower-than-expected industrialization in the 3D printing sector, the company's net profit forecast for 2025 has been reduced by 67% to 87 million, with a new forecast for 2026 at 107 million [3]. - The company is expected to benefit from market demand changes over the next 3-5 years, leading to a potential rapid release of performance [3]. - A long-term valuation method has been adopted, projecting a P/E ratio of 38x for 2029, with a target price set at 53 yuan, indicating a 105% increase and a 12% upside from the current stock price [3].