Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [18]. Core Insights - The company reported a revenue of 1.746 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.78%. The net profit attributable to shareholders was 183 million yuan, up 1.72% year-on-year [3]. - The company is experiencing strong growth in its film materials segment, particularly in high-value and differentiated products, with significant expansion in overseas markets [4]. - The company announced a mid-term dividend plan, proposing a cash dividend of 2.80 yuan per 10 shares, totaling 171 million yuan, which represents a payout ratio of 93.58% [5]. Financial Performance Summary - For the first half of 2025, the company's revenue from various product segments was as follows: color printing composite packaging (1.219 billion yuan, +2.6%), plastic flexible packaging (369 million yuan, +20.3%), inks (74 million yuan, +3.8%), and vacuum aluminum packaging (35 million yuan, +22.3%) [4]. - The company’s gross margin and net margin for the first half of 2025 were 21.18% and 10.55%, respectively, showing a slight decline compared to the previous year [5]. - The company’s revenue projections for 2025-2027 are 3.795 billion yuan, 4.141 billion yuan, and 4.504 billion yuan, respectively, with expected net profits of 504 million yuan, 551 million yuan, and 635 million yuan [5][6].