事件：8 月25 日晚，公司发布2025 年半年度报告。1H25 公司实现营业总收入42.48 亿元，同比 +18.58%；实现归母净利润4.84 亿元，同比+16.36%；实现扣非归母净利润4.66 亿元，同比+8.16%。 2Q25 公司实现营业总收入22.46 亿元，同比+8.65%；实现归母净利润2.54 亿元，同比+1.27%；实现扣 非归母净利润2.44 亿元，同比-1.23%。 有机氟业务持续放量，完善产业链布局打开远期成长空间。报告期内，公司涉及的下游医药健康领域的 需求增加，带动了公司含氟医药中间体的销量增长。新能源、数据中心、数字基建等产业的发展，带动 了相应氟材料的配套需求。同时，受某国际主流氟化工企业退出市场的影响，全球电子氟化液市场处于 供应切换窗口，公司氟化液产品客户认证基本完成，市场需求增长。进而带动公司有机氟化学品持续放 量，1H25 公司实现营业收入7.22 亿元，同比+1.37%。未来公司将持续推进氟化工产业链强链补链，三 明海斯福年产3 万吨高端氟精细化学品项目（三期）和三明海斯福氟新材料研究中心项目一方面将提升 部分产品产能，另一方面推动部分研发新产品实现工业化生产，进 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant year-on-year revenue growth of 32.1% in Q1 2025, achieving a total revenue of 2 billion yuan. However, there was a quarter-on-quarter decline of 8.1% [2][6]. - The net profit attributable to shareholders reached 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [2][6]. - The company’s organic fluorine chemical products are expected to continue their high growth trajectory, driven by stable demand for fluorinated pharmaceutical intermediates, cleaning agents, cooling fluids, and modified copolymers [7][13]. - The company is expanding its production capacity overseas, with plans to invest up to 26 million USD in a new electronic chemical production base in Malaysia to meet the growing demand in the Southeast Asian market [13]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross profit margin of 24.6%, down 2.7 percentage points year-on-year and 0.4 percentage points quarter-on-quarter. The net profit margin was 11.6%, up 0.8 percentage points year-on-year and 0.3 percentage points quarter-on-quarter [7][12]. - The company expects a decline in revenue and profit margins primarily due to the pressure on electrolyte sales and market conditions [7]. Product Development and Market Position - The company is implementing a "production generation + research generation + reserve generation" strategy to enhance its product offerings. The first-generation products maintain stable market share, while second-generation products are experiencing strong demand and rapid sales growth [7][13]. - The global electronic fluorinated liquid market is currently in a supply transition phase, providing growth opportunities for the company's fluorinated liquids [7][13]. Future Outlook - The company forecasts net profits attributable to shareholders of 1.2 billion yuan, 1.46 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively [13].