Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for its stock performance [3][7]. Core Views - The company has demonstrated stable profit growth, with a favorable demand for additives. The shift in strategy from single agents to composite agents is proving effective, capitalizing on the evolving market dynamics [5][7]. - The company reported a revenue of 1.662 billion yuan for the first half of 2025, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 370 million yuan, up 16.08% from the previous year [4]. Financial Performance - The average price of Brent crude oil in H1 2025 was $70.81 per barrel, down 15.11% year-on-year, while the price of base oil was 7805.66 yuan per ton, down 7.93% year-on-year [5]. - The company's gross margin for H1 2025 was 36.34%, an increase of 0.59 percentage points year-on-year, and the net profit margin was 22.34%, up 1 percentage point year-on-year [5]. - The company’s earnings per share (EPS) for 2025 is projected to be 2.98 yuan, with a price-to-earnings (P/E) ratio of 21.3 times [11][14]. Market Position - The company has successfully achieved breakthroughs in the certification of composite products, having developed various formulations for diesel and gasoline engine oils, among others, with several products receiving OEM certification [5][6]. - The domestic export volume of lubricating oil additives increased by 7.51% year-on-year in H1 2025, indicating a stable growth trend in the market [6]. Future Projections - The company’s projected net profits for 2025, 2026, and 2027 are 883 million yuan, 1.011 billion yuan, and 1.160 billion yuan, respectively, reflecting a consistent growth trajectory [7][9].

Group 1 - The core theme of the event is to celebrate the Party's founding spirit and enhance collective strength through a labor competition focused on non-oil sales performance [1] - The station manager, Liu Yuhua, organized a detailed division of tasks among employees to ensure accountability and a collaborative effort towards achieving sales targets [1][2] - Daily meetings are held to communicate the latest performance indicators, review previous sales data, and assign daily tasks based on employee strengths [1][2] Group 2 - The implementation of a strict data collection system has improved transparency and allowed employees to adjust strategies based on real-time performance [2] - Sales strategies are dynamically adjusted, including organizing experience-sharing sessions to boost sales of specific products, resulting in a 6% increase in average daily sales [2] - The competition has led to significant results, with non-oil revenue increasing by 41% year-on-year and gross profit rising by 14% [3] Group 3 - Liu Yuhua plans to continue breaking down targets in daily meetings and organizing weekly review sessions to address weaker areas in sales [3] - The event has reinforced the importance of party leadership, data management, and teamwork in driving performance [3]