Core Insights - The company experienced significant growth in H1 2025, primarily due to a turnaround in investment income and revenue from the acquisition of Shenzhen JianYuan in the pharmaceutical sector [1][2]. Financial Performance - Adjusted revenue and net profit for H1 2025 were 665 million and 129 million yuan, respectively, reflecting year-on-year increases of 65% and 13% [2]. - Investment income, including investment gains and fair value changes, reached 36 million yuan, recovering from a negative 79 million yuan in the same period of 2024 [2]. - Private equity management fee income decreased by 5.07% to 210 million yuan, while revenue from the building materials segment grew by 4.88% to 274 million yuan [2]. - Revenue from the biopharmaceutical segment was 145 million yuan, driven by the acquisition of Shenzhen JianYuan, which contributed to both business and investment income growth [2]. Strategic Moves - The acquisition of Shenzhen JianYuan represents a deepened commitment to the biopharmaceutical industry, focusing on the research and sales of peptide products, which is expected to drive future revenue growth [3]. - The company is also looking to enhance its project portfolio by focusing on innovative technology sectors such as new industrialization and artificial intelligence [3]. Market Outlook - Recent improvements in the capital market are favorable for the company's project exits, which will accelerate the realization of returns from follow-on investments and performance compensation [3][4].

Core Viewpoint - Chengdu Sanno Biological Technology Co., Ltd. expects significant growth in net profit for the first half of 2025, driven by market expansion and increased sales efforts in the peptide industry [1][2]. Financial Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company between 77.03 million yuan and 102.36 million yuan, representing an increase of 253.54% to 332.10% compared to the previous year [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 77.35 million yuan and 94.53 million yuan, reflecting a year-on-year increase of 304.49% to 394.38% [1][2]. - For reference, the net profit for the same period last year was 21.79 million yuan, with a net profit of 19.12 million yuan after deducting non-recurring gains and losses [1]. Reasons for Performance Change - The company is closely following the development trends in the peptide industry and is actively expanding its marketing efforts both domestically and internationally, which has significantly boosted net profit [2].