Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.43 billion yuan for the first half of 2025, representing a year-on-year increase of 14.6%. The net profit attributable to shareholders was 190 million yuan, up 19.1% year-on-year, and the net profit after deducting non-recurring gains and losses was 160 million yuan, reflecting a significant increase of 45.3% year-on-year [2][7]. - In Q2 2025, the company achieved a revenue of 1.3 billion yuan, which is a 7.9% increase year-on-year and a 14.3% increase quarter-on-quarter. The net profit attributable to shareholders was 100 million yuan, down 9.8% year-on-year but up 7.1% quarter-on-quarter [2][7]. Company Overview - The company focuses on new insulation materials and is developing a range of products including optical films, electronic materials, and environmentally friendly flame-retardant materials. These products are widely used in various sectors such as power generation, smart grids, new energy vehicles, and consumer electronics [12]. - The company has seen a reduction in losses in its photovoltaic PET and specialty epoxy resin businesses, while high-end optical films and high-frequency, high-speed resins have experienced rapid growth [12]. - The company is actively optimizing its product and order structure to enhance market share in emerging applications such as new generation servers and new energy vehicles [12]. Financial Performance - The company expects net profits attributable to shareholders to be 470 million yuan, 1.18 billion yuan, and 1.63 billion yuan for the years 2025, 2026, and 2027, respectively [12]. - The company has established stable supply relationships with major domestic manufacturers for its electrical insulation materials and composite materials for new energy drive motors [12]. - The company is expanding its market applications for electronic materials in artificial intelligence and low-orbit satellite communications [12].